FY21 underlying EBITDA (pre-reported) doubled y/y to £2.2m, as top-line growth returned to pre-COVID levels and supply chain efficiencies delivered further gross margin gains despite external headwinds. This resilience reassures that SiS now has the building blocks in place to drive long-term profitable growth. YTD trading has started well and we leave our forecast trading assumptions unchanged. Our published forecasts now reflect changes to cloud-based software accounting and higher IFRS 16 D&A/interest due to the transition to the new Blackburn site. Management has retained its medium-term ambition of £100m of profitable, highly cash generative sales. The current valuation (CY22 EV/sales 1.3x) remains too cheap for a vertically integrated, branded and digital-led model that has pricing power and a significant global growth opportunity.