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Apr 15 2021, 07:00 IST/BST
We update our C&C model to reflect (i) an elongated and uneven re-opening schedule in FY22 and (ii) an accelerated rebuild of revenue and margin from FY23. The net result is EBIT forecast adjustments of -41.5% (to €33.1m), +15.2% (to €95.3m) and 19.3% (to €108.9m) for FY22/23/24 respectively. Management actions will enable C&C to quickly rebuild profitability in a post-lockdown environment — we anticipate that model relevancy and scale will translate into market share and productivity gains through the next phase.