SDI Group expects revenue for the year to 30 April 2023 to be c.£69m, slightly ahead of market expectations. We estimate that this reflects high single-digit organic growth, excluding the ‘one-off’ Atik PCR contract (c.£8.5m in FY23). Adjusted PBT is expected to be in the region of £11.8m (FY22: £11.8m), in line with our forecast. Strong organic growth and outperforming acquisitions highlight management’s ability to consistently deliver, despite a difficult economic backdrop and supply-chain pressures (which are easing). Atik has fulfilled its Covid-related order for PCR cameras, and no further contracts from this particular OEM customer are expected in FY24. We have therefore reduced our FY24E adjusted EBIT from £13.1m to £11.0m to reflect the short-term impact, coupled with the increased contribution from lower-margin recent acquisitions. However, we increase revenue for FY24E from £68.8m to £71.0m, building on FY23 organic growth and acquisition performance. SDI continues to deliver on its buy and build strategy, while its M&A pipeline offers upside potential to FY24 forecasts.