The group performed very much as expected in 1H25 (sales -17% to £5.4m, LBITDA of £1.3m) with contract phasing holding back short-term financial performance. Strong order intake YTD and strong order book coverage (>95%) supports expectations of a sales pick-up in 2H and return to EBITDA profitability for the FY (SCMe £0.4m). We leave our forecasts unchanged and continue to highlight the scope for significant value creation as management makes progress on its mid-term strategic objectives.