The full year trading update confirmed that trends outlined at the H1 results have been maintained with the information and data core of the business actually ahead YoY and margin benefits from digital event transition offsetting lower face to face revenues. Overall, the full year performance is now expected to be ahead of prior expectations, and we are upgrading our estimates accordingly for FY21E and beyond. We also note the materially better than expected balance sheet outcome; with working capital benefits and a small asset disposal driving a £17.7m net debt outcome, some £10m better than expected