FY24 results are slightly ahead at the Adj EBITDA and Cash levels, a very creditable achievement in the face of substantial FX headwinds and ongoing macro pressures in China. The new product development programme remains on track to deliver the first commercial launch in 2025. We make no material change to estimates at this stage and continue to see asymmetric returns potential given the undervalued core business and transformational upside potential from the pipeline. ECO is a Best Idea for 2025 and we stay at Buy with a 284p TP.
