Haydale has announced it is in the process of raising £5.0m (gross) through a placing and subscription (and an open offer raising up to £1.0m) to fund ongoing activities and working capital as revenue continues to ramp up. Our new FY2025E forecasts anticipate revenue scaling from £4.3m in FY2023E to £9.9m and adj. LBITDA narrowing from £3.4m to £1.0m over the same period. The outlook is promising and we can envisage an upside scenario in which c.10% outperformance at the revenue line in FY2025E ....