Expectation of a step change in profit over the medium term is not mere pre-season whimsy but justified by confidence in management’s positive development of its powerful worldwide brand, on a platform of sustained playing success. A proliferation of commercial initiatives, allied with favourable media deals, is reinforcing a growth message, while alleviating risk. This is evident in the company’s resilience last year without European competition and in its recent transformative refinancing to 2025-27 at attractive rates.
