FY17 was a pivotal year for Windar. An order for 300 units towards the year-end helped drive a doubling in revenues and suggests that the wind turbine industry is beginning to adopt its wind measurement technology. We leave our estimates and indicative valuation of 125p/share broadly unchanged, noting the potential for a substantial rise in indicative valuation once management is able to announce that the technology has been designed-in by turbine manufacturers, which is a key catalyst for volume deployment.