Xaar’s update for the year ended 31 December 2022, issued today, states that revenue is expected to be c.£74m and adjusted PBT ‘on track’. This revenue figure is slightly ahead of our estimate but more importantly 24% ahead of the prior year, with much of this growth having been organic. We adjust our expectations for FY23 to reflect an element of ongoing caution on China, as well as cost increases across the business. However, with its aqueous printhead, Aquinox, successfully launched and the factory reorganisation expected to be complete by March, Xaar remains on the front foot from strategic, operational and financial perspectives. Nothing has fundamentally changed within the business – our new outlook for FY23 is more prudent, but hopefully allows for strong growth in FY24 estimates, which we expect to introduce with results in March.