A new CEO is driving good operational progress against a challenging automotive backdrop. Today’s FY25 (March Y/E) trading update shows most key metrics tracking in the right direction with gross and EBITDA margins up and net debt down. 4Q saw a small net profit, a significant milestone. Tariff risk brings some short-term uncertainty but recent contract awards support expectations of a return to top-line growth in 2H26. Our forecasts and recommendation remain withdrawn, but we expect market guid ....