Set against a tough consumer / inflationary backdrop today’s finals are satisfactory and in line with previous guidance – revenue +5% and PBT +11%. Higher net debt is the main forecast variance, reflecting elevated inventory but we expect most of this to unwind in FY23. The outlook is cautiously optimistic and whilst prudence dictates holding fire on forecasts, the risk is on the upside. Our conservatively pitched numbers imply a 3 year EPS CAGR of 14%. The equity story is all about delivering a ....
