As announced on 17 February 2025, trading was very strong during for the first 9 months of the year, with a positive performance across each of the group’s 5 service pillars, and boosted in particular by significant contributions from The Body Shop and a large Corporate Finance project. Consequently, we upgraded our forecasts at the time (FY25E adj. EBITDA raised from £40.1m to £43.0m). However, 4Q saw a notable increase in macroeconomic volatility, particularly related to US tariff announcement ....
