The FY25 trading update confirms the ongoing success of the December 2023 strategic review, with the Group achieving increasingly ambitious consensus estimates over the subsequent two years. The pipeline for new business remains positive, indicating a promising start for FY26. Cash reserves have risen to £3.0m, up from £2.4m at the half-year point, facilitating investment in both additional experts and digital systems to support revenue growth and enhance operational efficiency. Our FY26 estimates suggest that the Group is trading on 4.2x EBIT multiple, ex-cash. Additionally, our fair value / share of 35p which is based on peer group comparison models, stands at more than twice the current share price. The dividend of 1.5p / share, that is backed by the £3m of net cash, represents a yield of 8.8%.