For the six months to 31 October 2022 Kromek reported revenue of £6.8m, +44.1% YoY, gross profit of £2.74m, +24.3%YoY, a 40.4% margin compared to 46.8% a year earlier, and an (adj.) EBITDA loss of £(2.666)m attributable to a combination of inventory build – offsetting components supply chain factors – cost inflation and a £0.5m $:£ currency move. The loss before tax (reported) was £(5.671)m. As of 31 October 2022 the cash position was £0.96m, with net debt at £8.30m. Kromek reports that by 23 January the cash position had improved to £1.3m. Kromek reported an order book with 84% of revenue reported to be either contracted or already shipped, 5% under negotiation and 2% arising from repeat business; leaving 9% to be filled by new opportunities, underpinning confidence in the full year outlook. The Advanced Imaging segment has benefitted from significant contracts and customer engagement in key target areas, notably SPECT (single photon emission computed tomography) and CT (computed tomography). Continued geopolitical uncertainty underpins demand for Kromek’s range of D3 and D5 radiation detectors in the CBRN segment, evident in the major post period-end £4.9m UK government contract for development of biological threat-detection systems. Our FY23 revenue outlook remains unchanged at £18.0m +49%YoY (E). For FY24 we anticipate healthy revenue growth of 16.7%YoY, and an (adj.) EBITDA profit of just under £1.0m. We also maintain our Fair Value at 26p/share.