Post period update The Company has provided a further post period-end trading update ahead of FY results on 21 March. At interims on 27 September, the Company guided to revenues in the range of £50-60m. This was refined to £55-60m with a gross margin of 78-80% in the update on 29 January. As the audit is being finalised, there is now some uncertainty over whether a single £5m contracted milestone payment should be recognised in 2024 or whether it is more appropriate to recognise it in 2025. This does not impact the total revenue recognised under the contract or the company’s cash position. To remove any uncertainty, and whilst the Company is working to clarify the correct accounting treatment under IFRS 15, Ceres is reverting to the original revenue guidance of £50-60m and confirms that its gross margin will be over 75% for the year. Our view While this implies a downgrade to FY24E, but an upgrade to FY25E, debate with the auditor risks further unnerving investors following the Bosch announcement that it would end its partnership with Ceres and that it intends to divest its minority holding of 17.4% (released late last month when we placed our forecasts, rec and TP under review). We await further clarity with FY results next Friday.