MASS contract win MASS has been awarded a four-year contract, valued at £15.7m, to provide airborne countermeasures and associated services to a UK defence prime contractor for an international end customer. Our view No changes to our estimates but the news highlights a strong niche position, in countermeasures development and the spectrum warfare sector. Growth from this high-margin subsidiary has been subdued of late and so this news is particularly encouraging. It also marks a positive start for the new MD, who joined from L3 Harris earlier this year. Prospects remain strong. We suspect meaningful upside from counter-drone systems and naval communications. Recent trading update The AGM update, on 25 September, reaffirmed FY expectations. The order book provides nearly 90% FY revenue cover in month five, like last year. Prospects for significant orders remain strong. Valuation: The shares are on a CY26 P/E of 21.8x, falling to 19.5x in CY27E, and EV/EBITDA of 12.6x, falling to 11.0x.