Whilst the interims largely confirmed the May trading update, the outlook statement carried a warning that adjusted EBITDA and year-end cash are projected to be below the pre-existing consensus, driven by an unfavourable H2 product mix. We have cut our 2026E estimates and introduce 2027E for the first time. Our 12-month 22p valuation (from 29p) applies an unchanged c10x EV/EBITDA target multiple (the average NTM EBITDA rating of the past 5 years) to our new IFRS 2027E EBITDA of £1.1m. However, we believe there could be scope for the valuation to improve as we near the year- end as 2027E numbers firm up and some contract opportunities may come to fruition. The medium-term investment case: rising civil and defence aerospace production rates, a growing US pipeline, the product being a more cost effective outsourced solution, and a leaner cost base remains intact. We stay at Buy.