FY25 results were in line with its year-end trading update, although ahead of our forecast at the PBT and EPS levels. Challenging market conditions were offset by strategic action on underperforming operations and NPD driving product differentiation, together resulting in a record operating profit in the UK and group margins up 0.7pp to 11.7%, progress towards its mid-term target of 15%. Despite market challenges, guidance for FY26 is unchanged. We introduce new prudently based FY27 forecasts an ....
