Flat H1 revenues were impacted by ongoing macro challenges and portfolio transition, which masked underlying progress. EBITDA improved to £0.37m, benefitting from self-help measures, with more to come. The full benefit of these should be apparent in 2026. The board has been refreshed to focus down on creating shareholder value in the medium term and we look forward to further updates in due course. The shares remain lowly valued on 0.6x EV/Sales, offering a rerating opportunity as the group further improves margins and starts generating cash once again.
