Xaar has delivered a strong FY22, in line with our expectations (or better) at all levels of profitability and with good cash generation. We make no changes to our FY23 revenue and profit estimates; a strong reopening of China could prompt upgrades but is likely to take time, and a general macro caution precludes our taking action at this point. We look forward to further positive developments as the year progresses, notably around the new Aquinox product, and hope to introduce FY24 estimates as global market conditions become more predictable in coming months.