The group has announced a positive trading update in advance of its March year-end. The update highlights that despite the various challenges of the past year, profit for the year is ahead of market expectations and has creditably exceeded the record profit performance of FY20. As such, we are upgrading our FY21 EPS by 10.2%. Noting some areas of caution, we introduce FY22 forecasts which conservatively factor in slight growth. We raise our price target from 720p to 835p, with a target FY22 P/E ....