Circassia has delivered a strong outturn to FY21, with revenues 2% ahead at £27.9m (+17% YoY) and a maiden positive adj EBITDA, ahead of our expectations of a small loss, which had already been upgraded during the year. Gross margins remained steady at 68% and 84% recurring revenues was also consistent with the previous year. Net cash was also ahead at £12.6m, with the underlying NIOX business generating £1.1m of cash in H2, another notable milestone. We leave our outer years forecasts prudently ....
