Shearwater Group has released a trading update following the profits downgrade which was issued on 31 March 2023. The company reiterates FY23E guidance, and we maintain our FY23E forecasts for revenue and EBITDA. Today's statement confirms the company is experiencing improved trading in the current financial year. We have reviewed our assumptions and we introduce FY24E and FY25E forecasts, reflecting a recovery in revenue generation and profits. We maintain a BUY rating and 105p fair value.