Year-end comments confirm FY19 results are expected to be in line with management estimates. Strong Licensing performance is likely to have contributed meaningfully to this outcome and towards an ungeared balance sheet position. UK market trends remain weak and cause us to reduce our earnings estimates by 20–25% for FY20 and FY21 although, in the absence of fresh guidance, we have assumed that DPS is maintained at FY18 levels ahead of FY19 results, which are scheduled for 10 April.