FY25 results have come in as guided at the pre-close update in January, with revenue from continuing operations +12% (constant currency) to £60.3m, and adj. PBT £0.8m “marginally ahead” of our £0.7m forecast (FY24 £1m loss). FY26 has started well, with further stabilisation in the legacy businesses (ceramics) and sustained high levels of activity and interest in new areas for the group (eg Jewellery Wax). The FY25 performance in printhead (+22%, all driven by new business) shows the strategy is delivering and gives weight to our view that FY26 and FY27 will be pivotal for the group. We leave our forecasts, 150p TP and Buy recommendation unchanged.
