Accsys positively surprised the market by raising its guidance for FY25 after a strong H125 despite challenging market conditions. Volume growth was better than expected and volumes should maintain momentum due to increasing sales and marketing efforts, which should also benefit margins. Manufacturing performance at the new plant in the US is progressing well, with rapidly improving results expected after the first year of start-up costs. Accsys has simplified and de-risked its business with the decision to discontinue the project in Hull. On higher margin estimates, our discounted cash flow (DCF) rises to €0.95 per share (was €0.92 previously).