The group’s AGM update continues to see good momentum in its key target markets of oil & gas, aerospace, and industrial products with the Board cautious optimistic in its outlook. Near term economic headwinds are causing some specific customer projects to be delayed into H1 FY24. As such, we trim our revenue expectations for FY23. With management having already taken measures to protect cash flow and improve profitability by £0.4m, existing expectations for EBITDA breakeven are maintained.