1H outturn: Revenue was £2.9m ahead of our expectations, at £26.3m, up 20% y-o-y on strong growth in several end markets, especially Ceramics and Glass. Investment in capacity and capability has increased costs as expected and profits were in line with our estimates. Management have prudently taken a £1.0m non-cash impairment in the EPS division above the line. This is for obsolete inventory following a new EPS management team being put in place. Underlying results without this impairment would have been materially better and ahead of our forecasts. We continue to forecast a positive EBITDA inflection in FY22E. Printhead volumes and capacity utilisation: The 1H revenue beat was driven by recovering Ceramic volumes into Asia as previous Xaar customers re-engage. Other end markets were broadly as expected (see figure 1). New Irix products: These new Printhead variants are targeting Coding & Marking end markets and, while not expected to ‘game changing’ in our printhead volume growth assumption, they show delivery of the new product roadmap remains on track. More encouragingly for us is the recent delivery of aqueous printhead variants to Alpha phase testing partners. We estimate first commercial sales of these aqueous printheads in FY23E. Cash generation/balance: Inventory levels increased by £2.7m on higher safety stock of key components given current shortages. Finished goods increased as several deliveries were delayed by Covid-19 restrictions in Asia. Net cash was £17.1m, broadly as we estimated, and provides sufficient M&A firepower. 3D sale: Advanced negotiations continue with completion anticipated in 4Q21. Cautiously optimistic outlook: Near-term challenges from increased Asian Covid-19 disruption hold back a more positive view on 2H21. The medium-term opportunity from delivery of the 5-year strategy remains firmly in place. Despite the strong share price performance, we see further re-rating potential.