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FY25A revenues were 4% ahead of our forecast. H2A saw significant momentum in activity levels supported by a material expansion of the client base. The acquisition of Mineloader brings with it expertise in the console market ahead of a cyclical upturn driven by prospective next (10th) generation hardware releases. M&A execution is a priority for management given the opportunities in overseas markets. With the stock trading below the IPO price, we are Buyers.
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