DAVY VIEW

Trading in the period was strong, with revenue up c.10% and order intake +3%. There were improvements in Quantum Tech and expected H2 shipments to aid the H2 profit weighting along with increasing demand for semi-con products. FX headwinds continue to build, as expected, with a further £1.5-2.0m impact for FYMar25. Previous conservative FY guidance was maintained at constant currency, which is encouraging. We expect consensus to move downwards on the FX impact. Interim results are due on November 12th.