We have adjusted our estimates following FY23/24 and Q1-24/25 results. Results were reasonably inline with our expectations therefore our forecasts are little changed. Due to the sale of Tesco bank earlier in the year, the largest change was made to the banks operating profit forecasts, where we now sit in line with guidance at GBP80m for FY24/25.
We do not consider the changes to be material; our rating is unchanged.
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