A strong end to the year has confirmed the group has traded in-line with expectations with revenues of $88.9m (Cav est $90m). This was helped by a stronger 2H, seasonality and new product launches as expected, delivering adj EBITDA of $17.5m (versus Cav est $18.0m). Cash generation has been stronger than expected with year-end cash of $33.2m (up on our forecast of $24.0m). The outlook remains mixed and FY26 trading is expected to be similar to FY25. The shares remain good value and the update is ....
