Results summary. Revenues declined 13% y-o-y to £61.4m due to the ongoing decline of the legacy ceramics business; this offset the progress made in the new printhead business which delivered growth of 23%. Gross profit declined 17% to £22.2m, resulting in a gross profit margin decline of 200bps to 36%; this was driven by reduced overhead absorption and higher energy costs, while operational efficiency actions reduced operational expenses by 16% to £21.6m. Adjusted PBT of £0.3m returned to positive territory. Net cash increased by 23% to £8.7m. Positive outlook. new products should more than offset the declining revenues in legacy products in FY25. Ceramics should trough in FY25, given most of the decline has already happened, removing a current headwind to revenues. Whilst end market dynamics and OEM customer product adoption plays out, management will continue to manage operating costs and cash tightly and maintain a strong balance sheet. Forecasts. We lower our FY25E forecasts to reflect current market conditions and effectively move our previous FY25E expectations to FY26E. Multiple growth opportunities. There are compelling growth opportunities emerging as customers continue to validate Xaar technology, evidenced by multiple new product launches scheduled during 2025. Therefore, we are confident in the growth prospects of the group and believe Xaar is well positioned to capture new revenue opportunities and gain market share. Valuation. A positive trajectory in its end markets, complemented by new product launches, should start to de-risk our FY25E forecasts. On this basis, an FY26E EV/EBITDA multiple of 3.8x could provide good value.