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A strong set of results showing that the turnaround is well underway as expected. Lower revenues from the expected reversal in last year’s H1 vs H2 trend (where customers accelerated orders given the global supply chain issues) and more cautious markets were more than offset by margin improvements. Net debt levels have been reset and the company has now provided specific targets, namely a 2025 revenue aspiration of $825m and adjusted margin of 5%. The revenue target is broadly in line with our forecast with e margin target being ahead of our timing expectations. The update also provides more detail on the updated strategy and in our view, the management have set a very sensible course. With the shares looking even cheaper given the increasing confidence in the turnaround performance, we will look to add to the model portfolio position
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