PROC has seen the positive momentum build, with sales growth of 25.1% (+12.2% LFL) in Q2 vs +13.7% (+2% LFL) in Q1). Gross margin is also still expanding. The team’s broadly based strategy to enhance the brand proposition and increase market penetration is clearly gaining traction. FY guidance has been reiterated, and it now looks well on track to deliver its medium-term plan. On continued good execution, this could deliver a 3x return. We re-iterate Buy.
