Full-year results were as expected, following the pre-close update and after deducting IntelliSAW’s trading. While trading has remained tough in the mineral market, commercial progress has started to regain traction with a couple of noteworthy new customer agreements. Losses should be progressively eliminated. We make no change to our forecasts. After a period of underperformance, there is significant scope for the shares to stage a recovery over time.
