Trading in line with recently revised expectations Revenue for the period was £26.9m (-28% YoY) with underlying (non-Covid) revenue of £24.9m (+7% YoY) and adjusted EBITDA of £4.4m vs. £9.7m in H1’22. Today’s results follow post-period trading updates on 26th July and 12th September, highlighting a strong point-of-care (POC) performance (H1’23 revenue £16.6m, +10% YoY) during and after the period, with trading in the Life Science division (£8.5m, -44% YoY) supported by continued strong Beta-Hydroxybutyrate (BHB) reagent sales. As previously announced, however, only limited revenue from the fermentation capacity scale-up project is anticipated during the current financial year (although a first purchase order has been signed), with a steady build-up of fermentation revenue expected over FY’24. Guidance (issued on 12th September) for FY’23 revenue and adjusted EBITDA of around £53m and around £10m, respectively, remains in place. Reiterate Hold Today’s well-flagged results are in line with our expectations, and we are not making any changes to our estimates at this time. We look forward to higher visibility on the fermentation revenue trajectory in due course. We reiterate Hold, target price 25p.