The group has published its FY20 preliminary figures, which were broadly in line with our estimates. The strong growth of the social commerce business, and rapid recovery of the social media marketing business, especially in the ongoing pandemic environment, have laid an encouraging start for the group and enhanced the group’s confidence in the outlook. The group is now targeting 74% top-line growth and expects EBITDA to reach €18m for FY21, both above our current expectations.