SDI’s FY24 results, released this morning, confirm that while markets have experienced headwinds from inflationary pressures, and customer destocking issues linger, overall performance has been resilient. We note improving cash generation, with £3.8m of free cash flow in H2. Net debt was flat at £13.2m (FY23: £13.3m) after acquisition spend of £3.4m. Despite the unwinding of inflated Covid demand, SDI has made strategic and operational progress, with a strong team in place to support the next phase of growth. CEO Stephen Brown has conducted an operational review, addressing underperforming businesses and focusing on organic growth. This will be coupled with value-enhancing acquisitions, where the pipeline is strong. We remain confident for the long term given the track record demonstrated by SDI’s ‘buy and build’ model. SDI has the finances in place and strong cash flow generation to support its growth plans.