Companies growing revenues at 20% and EBITDA at 30% with a high level of recurring revenues and a multi-year growth runway are rare beasts and should be regarded as exceptional. NIOX falls squarely into this category and has again delivered in H1. The outlook remains positive, supported by the expected launch of the upgraded NIOX PRO device in H2 and redoubled commercial efforts in the large US market. We make no changes to headline forecasts at this stage, despite the implied H1 weighting. We stay at BUY, with a TP of 12m 75p and can see a clear path to >100p over the next couple of years. Core Holding.