1H24 EBITDA reduced from £-4.2m to £-0.5m - reflecting a renewed focus on profitability, while ARR stabilised (following -9% in the PY). Headline revs however fell by -5% cc., as non-recurring (installation) services declined -35%, driven by a capital constrained market a trend we expect to continue, hence reduce FY24e revs 13% to £23.1m, though keep cash expectations materially unchanged. We also update FY25e sales (for this same reason) and to reflect a greater focus on essensys Platform (and pivot away from essensys Cloud - a low margin, utility-like service). Despite this short-term revenue drag now, we are reassured that plans to generate profit and cash are materially unaffected (as we still expect +ve EBITDA and cash flow in FY25e) further, ESYS should become a more scalable and more focussed organisation once complete.