FY’19 results are ahead of expectations beating our PBT forecast by 5%. Joules finished the year with a clean inventory position and the FY'20 trading continues to be robust irrespective of the backdrop. We have left forecasts unchanged which suggest 10.8% sales and PBT 3-yr CAGR. There are numerous new initiatives launching over the next few months that should not only drive incremental business but we see a broader leverage of the Group’s key strengths. These will encompass further licensing a ....