SDI Group has delivered an exceptional performance for FY22, following a succession of upgrades prompted by the trading update in May and acquisitions of Safelab Systems in March and Scientific Vacuum Systems in January. Atik Cameras benefits from significant Covid-19 related demand, expected to continue into the first half of FY23E. Despite macro volatility and Covid disruption, SDI has achieved another record year by some margin. Capital employed has grown 35% compound over the past six years, delivering ROCE of 34% in FY22. Cash generation and balance sheet strength underpin the group’s acquisition strategy and investment for growth. We upgrade our FY23 estimates and introduce FY24 figures. We look forward to further positive updates as management continues to deliver profitable growth through its ‘buy and build’ strategy.