Trading volumes were up in H1A but the market's appetite for lower priced, commodity product reduced reported revenues by 2% YoY. This substitution effect led to slightly softer gross margins which in turn leads us to marginally reduce our forecasts. Expectations for a recovery in FY25E have been deferred with market confidence impacted by the UK budget. These results suggest LTHM is outperforming its peers and this creates confidence in its future performance.
