Significantly improved guidance in today’s FY20 trading update has resulted in adj PBT expectations rising for a second time within three months. The strong finish to the year was driven by the CEE businesses, toys (ISL), and Freight Forwarding - alongside cost savings. The healthy post-COVID recovery across Freight Forwarding and Logistics & Warehousing generally offset the weaker Transport Services and fashion businesses. In line with a 20% upgrade in adj. PBT expectations, we have raised our view on fair value / share to 60p (previously 50p).
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Strong end to 2020: profits upgraded
- Published:
29 Jan 2021 -
Author:
Hannah Crowe | David O’Brien -
Pages:
7
Significantly improved guidance in today’s FY20 trading update has resulted in adj PBT expectations rising for a second time within three months. The strong finish to the year was driven by the CEE businesses, toys (ISL), and Freight Forwarding - alongside cost savings. The healthy post-COVID recovery across Freight Forwarding and Logistics & Warehousing generally offset the weaker Transport Services and fashion businesses. In line with a 20% upgrade in adj. PBT expectations, we have raised our view on fair value / share to 60p (previously 50p).