Xaar’s trading in H1 23 remained steady, with adjusted profit buoyed by the sale of non-core IP. We would hope that this might allow upward revisions to forecasts, but hold back for now pending full H1 results in September when the pace and scale of the expected recovery in trading with China will be more apparent. Despite a slight decrease in revenue to £34.7m (H1 22: £36.6m), reflecting current economic conditions, we anticipate FY23 overall will benefit from the China reopening, as well as the increase in customer product launches that are expected to drive demand across H2.