Headline numbers are moving in the right direction with 1H24 sales up 7.5% to £11.7m and adj. EBITDA more than doubling, from £0.36m to £0.81m. This reflects both a more supportive automotive market backdrop as well as self-help initiatives bearing fruit. Cash generation is also much improved, driving net debt down to just £0.93m ex leases liabilities (£2.42m 1H23). Management’s focus on developing the group’s commercial capabilities is paying off with some major contract wins (LTV +£13m, c.£2m p.a). Further, a nomination on a newly launched product line seems imminent. This supports mid-term sales growth with projects due to start in 2025 and 2026. Tempering this positive outlook somewhat is a change in model mix by a key UK OEM and a European EV manufacturer halting production. This will impact 2H24 and 1H25 sales and profits. Notwithstanding this, lenders remain supportive with revised facility agreements signed. Management is guiding to FY24 sales to be similar to FY23 with adj. EBITDA slightly lower YoY. Our forecasts and recommendation remain withdrawn.