A strong end to the year capped another period of strong growth and strategic progress, with 24% CER revenue growth and the signing of a second PMx enterprise deal in Q4. The outlook remains positive, with a 48% increase in the orderbook to £38.6m and a strong sales pipeline reported. Our forecasts are broadly unchanged, with management again targeting 25% growth in FY26, with improved margin and an inflection into positive cash generation. We retain our conviction Buy recommendation with an increased TP of 243p.
