We make small updates to our forecasts, posting a +0.5%/-2.6% change to our FY19/20e PBT estimates to reflect the recent H1 19 interims and IFRS 16 changes. We retain our Neutral stance given the absence of definitive near-term catalysts. IFRS 16. We update our numbers for IFRS 16, which sees a £0.9m tailwind to FY19/20e op. profit, but a £0.8m headwind to PBT (double the ~£0.4m impact incurred in H1 19).
