FY20 in line: Trading in 2H20 was in line with the Board’s expectations. FY20 revenue is expected to be c.£48m, 3% ahead of our £46.6m. We estimate that this higher revenue has also reduced the expected loss for the year and upgrade our adjusted LBT estimate by 9.6% to -£9.6m. Printhead momentum: Further progress has been made by re-engaging with previous customers, especially in ceramics. We understand several returning OEM customers have launched new printing machines, with Xaar printheads, in recent months. Management continue to develop their new product development pipeline with key new products now in beta machine testing. Product Print Systems: Progress has been made with the strategy to develop a modular and scalable approach to printing machine design and manufacture. This will, in time, improve profitability and aid higher volume sales. Customer activity and product development has been impacted by CV19. Xaar 3D: While there have been some CV19-related delays, further progress has been made in developing the larger-scale beta testing machines, with several sold to customers in 2H20. Management continue to work closely with Stratasys to maximise the commercial application of this technology. We continue to expect Stratasys to exercise its put option in FY22E. Net cash stronger than expected: Year-end net cash was £20.2m, ahead of our £17.2m, aided by positive cash generation in both the printhead and Product print Systems businesses, and an ongoing focus on operating costs. Forecasts: We increase FY20E revenue closer to the £48m guidance and reduce our expected FY20E losses (see figure 1). We increase our net cash in line with the year-end outturn. This net cash equates to 26p per share, underpinning 16% of the current share price. We leave our headline outer year P&L forecasts unchanged. Our TP remains 190p and we reiterate our Buy.