This morning SyntheticMR announced preliminary Q4 figures amid the ongoing rights issue. These showed organic sales growth of +14%, thus breaking a six-quarter negative trend. Total growth was +42% y/y, leading to sales 36% ahead of SEBe. EBIT losses were only slightly below expectations, as opex increased. Cash outflow was -6m and cash position was 7m at end of Q4. We believe the return to growth is positive, although more improvements are needed to get to positive FCF.

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