Strong underlying licensing income, reduced manufacturing losses and a focus on stock control mean SDG has successfully started to rebuild its net cash position. SDG is also on track to meet FY expectations after trading improved in in the last 9 weeks. The wide range of self-help initiatives are clearly bearing fruit, and there are more cost savings to come. With a £28m EV and on just 3.5x Jan’27 adjusted EV/EBITDA, the shares are too cheap. We reiterate Buy.