FY25 results were ahead of our revised expectations. The results reflect a ‘gap year’ between significant communications systems contracts, resulting in unflattering comparison with a record year in FY24, while the normalised performance is more resilient, showing softer demand in Industrial markets. The postponed £19m communications equipment order was recently re-awarded, boosting FY26 prospects. We make no changes to our recently upgraded FY26 forecasts and introduce FY27 forecasts, rolling o ....