Playing a bit of catch up, we update our estimates for the recent positive Q2/H1 statement. Bringing our forecasts into line with new guidance, we lift revenue in FY25E by 4.3% and adjusted operating profit by 10%. FY26-FY27E estimates are lifted too. The operating margin rises from 11.5% in FY24A to 12.9% by FY27E. Net debt should be c.£5m lower across our forecasting period. With higher forecasts we lift our target price to 1,500p from 1,450p. Driving this improved performance is higher revenu ....
