Adverse weather has compounded weak spending patterns, and forecasters now expect the cold to last into April. With Easter falling early we therefore believe it is prudent to make pre-emptive downgrades. PBT is reduced 4% this year, and 6% next year given the lower base and less Financial Services growth in outer years. Given weather factors are not permanent, and could even accelerate offline capacity withdrawal, we are not minded to alter our stance (see detailed note, 15 Feb) albeit our TP reduces 5% to 275p. Prelims in April will be key to rebuilding sentiment.