• Revenue down 2.1% to $62.9m
• Profit after tax down 58.2% to $4.1m
• Interim dividend of 2.00 cents per share

During the half year, the Group has continued with its previously announced commitment to strategic diversification focusing on defence and aerospace applications, in addition to maintaining and where possible growing existing core market segments. Revenue decreased by 2.1% compared to the previous corresponding period, with growth across the Aerospace and Defence and Motorsports segments offset by lower Automotive OEM and Automotive Aftermarket revenue. EBITDA decreased by 40.2% to $11.0 million, mainly due to lower revenue, investment in headcount and operating costs, and changes to the product and service sales mix. Net profit after tax was $4.08 million, a decrease of 58.2% on the prior corresponding period. The Group's balance sheet remains strong, with cash of $11.5 million and borrowings of $5.5 million. Capital expenditure of $14.2 million was incurred during the period for additional equipment and the new headquarters.

The Group expects to generate revenue and profit growth in the second half of the financial year, with the full impact of recent organisational and cost measures yet to be reflected in the financial results.