NIOX has delivered a broadly positive FY trading update coupled with an upbeat financial and operational outlook. FY revenues are expected to come in at £36.8m (+22% CER vs FY22); slightly lower than cons. £37.6m and SCMe £37.9m but net cash ahead of market expectations at £19.9m (vs cons. £18.9m & SCMe £19.3m). Furthermore, margins are expected to improve to 72% resulting in FY23E adj. EBITDA coming in line with cons. at £11.4m. We make no changes to forecasts today, as we await full detail from the March results, but with yet another positive update and continued revenue/margin growth today, we reiterate our BUY, PT 73p.
