The FY23 trading update is slightly better than February’s guidance, with Adj PBT slightly ahead of £9.0m guidance, and the outlook looks to FY24 giving a ‘marked improvement in performance’. It is a more positive update, highlighting new management’s vigorous and comprehensive plan to return the group to previous margin targets of 10-13% and reduce inventory to historic levels. The slight beat on guidance results in a 2% EPS upgrade, with a 5% dividend increase and much better debt levels. We r ....
