Following the group’s recent trading update, which indicated that it had seen some delay in project awards in the defence sector partly relating to the SDR, we reduced our FY25E forecasts to align with the TU guidance (revenues: £4.0m, Adj PBT loss £1.0m) and we placed our FY26E forecasts under review. Management has reviewed its sales pipeline and provided us with a further update. We therefore reinstate our FY26E forecasts with a lower revenue of £8.4m (from £17.0m) and realign our target pric ....
