While the demand backdrop has been challenging, notably in self-tan, strategic prioritisation of reducing/eliminating losses has continued to advance following the successful integration of InnovaDerma, and realisation of targeted cost savings/synergies. The pre-tax loss in Jun’23 was £0.2m better than forecasts that were upgraded £0.5m in July. Sales and profit forecasts in Jun’24/Jun’25 remain unchanged today with costs and interest offsetting softer short term assumptions in Skinny Tan. We remain at Hold, awaiting evidence of the inflection to profit.