With results well trailed, there are no surprises in today’s FY25 numbers which cover a period of significant operational change. Under a refreshed leadership team, the business has been stabilised. Management attention is now shifting to growth, with a strategy focused on deepening existing customer relationships and expanding into new markets, underpinned by product innovation. Reflecting management’s increasing confidence in the road ahead, and after a 5-year hiatus, we are now in a position to provide forecasts. These show FY25-FY27 sales increasing >20% LfL and EBITDA doubling, with a small net profit expected in FY26. As such, we believe there is scope for significant shareholder value creation from successful strategic execution. Our TP is 12p (3.5x EBITDA, peer group derived) supporting a BUY recommendation.