In line FY26 trading update, with company expecting to report revenue of £27.2m (SCM, £27.3m) and adj. PBT of £2.2m (SCM, £2.4m). As we expected, growth was driven by both the CBRN division and the ramp-up of supply contracts, incl. Siemens. Whilst there were some supply chain disruptions from ongoing geopolitical tensions, this was mitigated by securing a major order from an existing customer. Management has reaffirmed conviction in the ongoing transition to Photon-Counting CT, an opportunity we described at initiation as 15x the size of Kromek's established nuclear medicine market. We make no changes to forecasts at this time and will revisit in due course. We reiterate our BUY and 19p TP.
