40% organic growth in FY24A was driven by strong increases in both meter points and volume of energy supplied. The contracted order book for FY25E stands at over £0.5bn. We upgrade our FY25E revenue forecast to the bottom end of the range of guidance which pulls through an additional £1m upgrade to Adj. EBITDA. We forecast the business to have over £96m of net cash on the balance sheet this year. Buy.
