Controls momentum is improving, Q1 CY26 volumes up YoY in the seasonally weakest quarter, despite a slower China recovery. New low‑cost controls are reopening price‑competitive markets, with OEM adoption of next‑gen controls supporting market share rebuild and future revenue protection. Water filtration remains the strategic growth lever, higher margin profile, structural market growth at 2.5x–3x GDP. LAICA’s product innovation, chemical and bacteria exclusion and mineral enhancement underpin a positive medium‑term outlook. Cost pressures persist but are actively managed. January price rises are offsetting earlier copper and silver inflation, while plastics now present a risk amid Middle East disruption. A further £2m gross annual cost reduction plan targets delivery by mid‑CY27. Capital discipline and valuation stand out. The £10m tender offer was oversubscribed, reducing share count and lifting adj. EPS to 2.5p. Estimates are otherwise unchanged, net cash still strong, with the shares trading at a 33% discount to the unchanged 62p fair value.