Diaceutics continues to progress well in the face of FX and macro pressures. Its focus on high ROI commercialisation solutions that allow pharma companies to capture lost revenue and improve profitability should resonate in the current environment and this appears to hold true. Revenues increased by 22% on a CER basis in H1 and the business moved back to Adj EBITDA breakeven, with (proper) net profitability a key objective for FY25E. We make no change to our forecasts and continue to be attracted to this high-quality growth story. The shares have finally begun to perform as the inflection to profitability grows ever closer and as the market is more fully appreciating of the potential, but we see plenty more to go for and reiterate our conviction Buy recommendation and 210p TP.