The trading update released today confirms results for FY25 in line with consensus at the adjusted EBIT level, with a return to revenue growth. The Smart Manufacturing strategy is showing traction, while, ex US academia, Vicon has delivered a resilient performance. Given the economic and political backdrop, and uncertainty regarding US academic funding, we regard this as a highly creditable and reassuring outcome for FY25. The cash balance underpins a major portion of the current share price, while much of the growth potential is not reflected in the short-term forecasts.