FY24 profit and cash as expected. FY24 revenue is expected to be c.£62.7m, 11.2% lower y-o-y, driven by significant weakness in Ceramics, particularly in H2. Gross margins were robust and cost actions helped a return to profitability in H2 giving a modest FY24 profit overall, in-line with expectations. FY24 net cash of £8.2m (FY23 £5.7m) reflects cash actions. CFO appointment. Paul James (joined as Interim CFO in November) has been appointed on a permanent basis, offering stability at the start of FY25. Outlook. Management remains optimistic on future growth; however given the uncertainty in end market recovery and the exact timing of new application commercial adoption there is a wide range of potential outcomes for FY25. With greater visibility towards the end of Q1, management expects to provide an FY25 outlook at the FY24 results on 25 March. Forecasts. We adjust our FY24E revenue to reflect trading and leave our profit forecast unchanged on higher gross margin assumptions. We leave our FY25E profit forecast unchanged underpinned by sequential improvement in H2’24 continuing and the realistic contribution potential from new product introductions in the battery, jewellery, 3D printing and textiles end markets. 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 FY25E EV/EBITDA multiple of 4.7x could provide good value.