As noted in the October trading update, SRT’s big Systems project milestones will be booked in H2, leaving just the growing Transceivers revenue in H1. This business jumped 15% YoY and drove an overall 10% YoY growth in group revenue. Management is comfortable in delivering major milestones on the Philippines MDA deployment, which will see SRT achieve record H2 results and we therefore reiterate our FY forecasts and TP of 75p.