The positive start to FY22E outlined at the June prelims has continued with the Group reporting strong LFL sales growth of 25% for the first four months to 31 July. Cash generation and management remain strong with net debt of $5m at end July, compared with net debt of $29m last year. This welcome news is tempered however by operating cost headwinds, most notably sea freight and other ongoing adverse effects of Covid on global supply chains. The combination of revenue momentum and cost mitigation translates into earnings to date being in line with expectations. Our forecasts are unchanged, with the full year outlook however now more finely balanced.