The TU released today highlighted continued positive progress on the operational aspects of the business, although dampened to a degree by a slight miss on the top-line. We are not unduly concerned at this point as the Company stated that the miss was due to timing of orders. We trim FY25 revenue by 10% to £4.6m, reflecting the midpoint of management’s revised guidance, which subsequently means the FY25 y/e cash balance is now expected to be c. £4.8m. We leave our outer year forecasts unchanged, noting the Group in FY26 will benefit from FY trading from BTS, the Superdrug launch of AxisBiotixTM, and potential royalty income from the Croda partnership. We reiterate our BUY recommendation and PT of 29p.
