When management guided FY22E EBITDA up to £32m in its trading update in January – see our report incorporating the 13% implied upgrade for detail (DOWNLOAD) – we would not have had in mind that the eventual ‘flash' outcome would be another 19% higher. The first upgrade reflected an easing of earlier precaution over weather, lumber pricing and a combination of general market threats around pricing, supply chain and Covid disruption. Today's further upgrade to a minimum £38m EBITDA reflects the d ....