FY’22 revenue a touch ahead, with a Windrush EBITDA windfall Revenue for the period was £140m (-2% YoY), at touch ahead of our and consensus estimates and guidance at the interim stage that suggested a broadly flat HoH top-line performance (H1: £64.0m, -21% YoY). Adjusted (operating) EBITDA for the period was £1.6m, importantly including a larger than expected (£21.4m) gain from the sale & leaseback of property (Windrush Court), with adj PBT of £(46.0)m. Performance dominated by services provision Revenue from bioprocessing and commercial development (which included vaccine vector revenue of >£40m) was flat YoY at £128m, whilst Licensing revenue declined by 17% YoY to £11.9m. The integration of Oxford Biomedica Solutions (OBS) was completed over the period. We remain positive on the outlook for OBS and the added AAV capability. For 2023, OXB is targeting double-digit growth in manufacturing and commercial development revenue. Our view Although the company remained loss-making in FY’22, in spite of a significant Covid-related contribution from AstraZeneca early in the year, we continue to expect an improving financial performance over FY’23e and beyond, primarily driven by rising core services business revenue at a commercial margin in the UK and, particularly, in the US. Our stance remains cautious against a backdrop of uncertainty regarding the timeframe over which improved cash returns on the substantial investment in Oxbox (UK) and OBS (US) can be achieved. We place our forecasts and target price under review.