FY24 results are broadly in line with the well flagged trading update. Revenue of £12.0m (SCMe £12.4m) and adj. EBITDA of £0.1m (SCMe £0.5m), with the latter primarily a consequence of NHS disruption in the UK. Given the challenging market however, it was positive to see sales growth across key segments and geographies (notably SI branded +7% in EU, APAC & RoW). With restructuring efforts now complete, new UK distribution agreements secured (Microline Surgical and Peters Surgical), and further operational streamlining initiatives planned, SUN is well positioned for growth over the coming year. Our FY25 forecasts and updated valuation will be released in due course, but for now we reiterate our BUY and TP of 1.9p.
