FY25 results are in line with the Jan TU, with Adj EBITDA +9% to £12.4m and continued strong cash generation. Revenues were +3% to £51.6m, driven by growth in core Point-of-Care (PoC) and Life Sciences, slightly offset by the exit from low margin, non-core activities. Gross margins improved materially to 51% (FY24, 48%), reflecting mix benefits and portfolio simplification. Y/e net cash was £15.8m, despite a £5m return via buybacks. All in all, FY25 demonstrated early successes of the five-year plan, focused on the seeding of analysers, ongoing capacity expansion and new product development. We reiterate our Buy, and 35p TP (from 37p).
