Full year results to Jan 2023 are in-line with our revenue expectations but are +2% ahead for PBT. Net cash of £26.1m is also better than originally expected. Despite a clearly challenging macro backdrop; the robustness of the H2 performance and a solid start to FY24 leads us to leave our FY24E profit expectations largely unchanged, although we are marginally reducing our revenue estimate, primarily due to the likely lack of an FX tailwind.
