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Nov 12 2021, 07:00 GMT
Following a stronger-than-expected revenue and profit rebuild through H1-22, we upgrade our outer year revenue and profit forecasts. For FY23 and FY24, we model EBIT of €103.3m (previously €95.6m) and €121.9m (previously €108.6m). Our FY24 EBIT forecast is now modestly ahead of pre-COVID levels. Strong operational discipline, allied with a more focused strategy, underpins the investment case – as such, we expect platform attributes to translate into a higher quality earnings stream. We reiterate our ‘Outperform’ rating.