XRF Scientific (ASX:XRF) delivered a fiscal third-quarter trading update broadly in line with expectations, supporting unchanged full-year estimates, driven by strength in consumables and momentum in capital equipment, Euroz Hartleys said in a Wednesday note.

The company reported that pre-tax profit for the March quarter rose nearly 11% to AU$3.7 million from AU$3.4 million a year earlier, while revenue increased 14% to AU$15.8 million from AU$13.9 million.

The firm noted that consumables drove the quarter, with revenue of AU$4.8 million supported by strong Asian demand, record March volumes, and a healthy AU$1 million order book expected to roll into the fourth quarter due to near-immediate fulfilment.

The firm highlighted that capital equipment revenue rose 20% year-on-year to AU$5.4 million, driven by strong Orbis crusher activity contributing AU$2.5 million, with gold sector demand supporting continued momentum into the next quarter.

The firm stated that precious metals sales rose 14% year-on-year to AU$5.6 million, helped by stronger period-end demand as platinum prices eased, with softer pricing supporting new product sales.

The firm remained positive on the stock, citing sustained growth prospects supported by rising production, stronger international demand, a solid equipment pipeline, and potential accretive acquisitions.

Euroz Hartleys maintained its buy recommendation and AU$2.21 price target on XRF Scientific.