The year ended Jan’25 marked another year of challenging end market markets, with adj PBT declining 64% to £4m (or £nil adjusted for record accelerated licensing income) and net cash reducing to £5m. Self-help has been accelerated, though, more cost savings realised, and Tariffs are not expected to have a material impact. FY PBT guidance has been reiterated, which is reassuring, and we introduce forecasts showing 15%/30% PBT growth over the next 2 years, with net cash rebuilding to £9m. Includin ....