Shearwater yesterday issued a trading update further to its previous trading update for the year ending 31 March 2023. Shearwater continues to expect revenue of c.£27.0m (FY22: £35.9m) with adjusted EBITDA at around breakeven (FY22: £4.4m), but net cash at year-end is expected to be around £4.0m, ahead of the previous guidance of £3.4m. Importantly, the company has seen an improving outlook and order pipeline since the year-end. In Q4 the business was impacted by delays and deferrals of orders and work in both the Software and Services businesses, leading to significant cuts to expectations. With the recent launch of new software products and a robust balance sheet, the statement suggests that the company has regained its poise and is positioned to move forward. We are publishing revised forecasts, and look forward to more detail on management plans to drive growth and profits at the results in August.