Platform reset completed, now the delivery phase. Speedy has materially upgraded its operating platform through the Enable phase of Velocity, with FY26 marking the transition to proving operational leverage and margin delivery. ProService leading growth despite weak backdrop. FY26 trading was softer than expected, with EBITDA down to £85.4m and a c.£11m pre‑tax loss, but ProService and contract wins provided a clear growth offset in difficult end markets. Operational gearing now the key test. Near-term momentum from ProService and new contracts should support above-market growth, but delivery of margin accretion will be the acid test of Velocity’s success. Valuation discounts execution risk, offers potential upside. With the shares trading c.19–20p, little growth appears priced in versus our unchanged 61p fair value, leaving potential upside if operational progress converts into earnings and cash flow delivery.