Some of today’s headlines were trailed at the pre-close, but key to 51% EBITDA growth (200bps margin gain) has been substantial gross margin and structural/variable cost progress. These position ASC for a geared uplift in profitability when sales return to growth, and the key take-away today is optimism on the timeline for this, given a rapidly improving trajectory on active customers. Alongside reassuring comments about Middle East mitigations, FY guidance has been reiterated, implying risk to the upside vs consensus (low end of range). Very much a Buy.