TET had already released a detailed H125 trading update, so the key numbers are as expected. Revenue fell by 11% to £64.2m, due to weaker US consumer confidence and the impact of high citrus oil prices. TET was therefore adversely affected by lower consumer demand for its Premium portfolio, and by lower demand for citrus flavourings as customers changed buying patterns and reformulated. TET has supported customers with the latter, but this has only ever been a partial mitigation. H125 PBT was £3.6m, down from £7.6m in H124, reflecting a 290bps fall in gross margin and some growth in administrative expenses from investment in sales capability. TET has maintained its FY25 revenue guidance of £146-153m. Our forecast is unchanged at £146m, requiring 1% growth in H225. This is already 50% covered, and TET expects 35% to be delivered through repeat customer business based on previous trends and current indicators. The remaining 15%, a similar level to last year, is expected to be delivered through existing pipeline opportunities. The indications here, and for future years, are encouraging, with a potentially significant new customer win in North America, and 27 new customer wins overall with a bias towards China/Asia. The investments that TET has made in its sales capability are paying off. FY25 PBT guidance is unchanged at £16-18m (our forecast remains £16m). TET is relatively sanguine on the potential impact from tariffs, with its global supply chain giving it flexibility and potentially the ability to win new business and mitigate any negative impacts. However, the situation remains fluid. As previously announced, TET’s balance sheet continued to strengthen, ending H125 with £0.9m of net cash, facilitating a £5m share buyback programme across FY25/FY26, in line with its capital allocation framework.