As flagged with the trading statement, Diaceutics reported a 40% YoY increase in revenue to £19.5m generating EBITDA of £3.6m, up 53% YoY with diluted EPS of 0.84p, up 27% YoY. More important in our view, was the structural change in revenue generation to a recurring revenue model with platform-based subscription contracts accounting for 35% of revenue up from 3% in 2021, driving the development of a meaningful forward order book of £16.9m (FY21 £1.7m) for the first time. Cash and net cash ended the year at £19.8m. Given the success of the strategy to date, Diaceutics has previously announced its intention to ramp up investment over the next two years. We expect that to restrict earnings and cash flow in the near term but maintain the compound rate of revenue growth in constant currency at well over 20% over the next two years.