FY25E results are expected to be in line with our forecasts (PAT: £19.1m, -16% YoY). Volumes are reported to be slightly up YoY with the market for panels and timber remaining competitive. Service levels are at the core of the LTHM offering and the company continues to invest in this area. We forecast the business to be free cash flow positive in H2 meaning that £67.5m of net cash balances as at H1A should improve sequentially.
