SDI delivered a robust first half to 31 October 2025, with revenue up 10.1% despite challenging market conditions, supported by 3.2% organic growth and 6.9% from acquisitions. Gross margins improved to 66.3%, and adjusted operating profit rose 17.7% to £4.6m. Significant contract wins across the portfolio, coupled with ongoing progress in product innovation and operational efficiencies, reinforce confidence in an H2 weighting similar to last year. Management notes that while trading conditions are not expected to improve significantly in the near term, FY26 should be in line with market expectations, and we maintain our estimates for the full year.