A pleasing set of numbers with 9% organic sales growth in the mature Engineering division, an excellent outturn in the current climate. Despite ongoing investments in the early stage Medical business, group EBITDA increased +3% to £14m. AVG looks well set for another year of progress supported by an order book cover of c.90% FY25e. Our FY25e EBITDA forecasts move 8% higher, led by Engineering. With a number of Engineering businesses moving towards the “E” of the Pinpoint-Invest-Exit (PIE) strategy, we expect to see further proof points of management’s skill in creating value for shareholders. Our 525p TP (up from 510p) is based on our view of value for the core Engineering business and, at this stage, makes no allowance for the building value in Medical despite ongoing progress in gearing up for commercial launch. This suggests further upside beyond our stated target price