Trading in Q420 has proven to be more resilient than management expected despite the national lockdown during November. As a result, following the strong Q320 performance and a continued outperformance of its markets so far in Q420, management now expects to achieve an adjusted PBT of at least £19m, c 27% higher than October’s guidance.
We have increased our estimates to reflect the uplift and now expect an improved cash performance as inventory management remains robust. Challenges remain for 2021, not least Brexit and COVID-19, and we assume a relatively flat year overall with less marked disruption in H121.
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