FY results are in line with guidance that was upgraded in Sept. Trading so far in FY26 has been in line with expectations, which assume an acceleration in growth and higher profitability via scale economies, automation/AI and a growing high-margin digital mix having completed its digital transformation. FCF is benefiting from productivity in tech spend, an RCF is in place and high-cost loan notes have been repaid. The outlook is bright, but not priced in on 5x EV/AOP.
