Key highlights: Record revenue of £500m, 70bps margin improvement on OCC to 17.7%, strong visibility for the year ahead Numbers: Revenue £500m +6.5% CCY (a beat to both INVe £487.1m and Cons £496.7m), adj. EBIT £82.2m +10.8% CER (INVe £79.9m; Cons £81.3m) which implies a margin of 16.4% on a reported basis and 17.7% on OCC compared to 17.1% in FY24, adjusted PBT of £83.4m (INVe £81.1m; Cons £82.4m), adjusted EPS 112.4p (INVe 104p; Cons 106.2p), Dividend 22.2p +6.7% yoy (INVe 21.3p; Cons 21.7p), Net cash £84.4m (Cons £87.7m). Trading summary: A strong performance considering the macro backdrop, with revenue improved 6.5% CCY to £500m (first time >£500m), which includes growth in semicon offsetting continued weakness in healthcare and lifesciences. Momentum continues to build as the order book provides decent visibility for FY26: 5 months cover for Imaging & Analysis and 9 months cover for Advanced Technologies. The underlying book-to-bill remains in positive territory at 1.02x (FY2024: 1.03x). Net cash: £84.4m of net cash (FY24: £83.8) following £15.4m of acquisitions. Spend and cash conversion improved considerably, to 89% from 64% in the prior year. Margins: Adjusted EBIT improved 10.8% OCC to £82.2m, supported by operational efficiencies and simplified group structure. Margins reached 17.7% on OCC and 16.4% on reported basis, reflecting margin progression across both divisions and progressing towards the group's medium target of >20%. Divisionally, Imaging & Analysis reached a 24.7% margin on OCC basis (+60bps yoy), reflecting a strong start to strategic initiatives. Advanced technology reported a margin of 4.5% which implies a 360bps improvement yoy and a strong performance following the implementation of the fix and improve strategy. Outlook: Whilst acknowledging the level of macro uncertainty, management highlight a strong and more focused business with a lot in their control, and well placed to mitigate any direct impact from tariffs. There are further benefits to be realised from strategic initiatives, and revenue visibility is healthy. The balance sheet, and proceeds to come from the sale of the quantum business, allows the share buyback. Overall, they are confident that their differentiated, higher-margin business will continue to deliver attractive profitable growth. We expect consensus will adjust for the sale of Oxford Instruments NanoScience, which will provide a margin uplift of >150bps on a reported basis, but no other changes are expected. Valuation: Shares trade on 16.5x FY26E P/E and 9.5x EV/EBITDA falling to 15.2x and 8.3x respectively in FY27E