“An increase in activity”. Though clearly early-days, today’s statement flags an encouraging increase in HORECA volumes post the relaxation of government restrictions (12-Apr onwards). The Group has traded in-line with our expectations for Apr-21 at c.30% of normalised volumes (up from c.11% in Q1/21) with “further increases in volumes expected as restrictions, particularly on hotel stays, are relaxed” (17-May at the earliest) - underpinning our expectations for the half and as per the Group’s Base-case scenario (c.50% of normalised levels by H1/21). Positive read-across from WTB. Given recent contract wins, the Group now services c.50% of the entire UK Premier Inn estate; we note the positive read-across from Whitbread’s (WTB.L, N/R) FY21 results (Apr-21) i.e. an expectation for “strong demand for 'staycations' in UK tourist destinations over summer”. Workwear (unsurprisingly) resilient. Encouragingly, Workwear volumes have continued to hold up well at c.96% of normalised levels in Mar-21 and with a slight - but continuous - improvement throughout April as more businesses reopened. On our current forecasts, Workwear represents c.51% of Group revenue and we expect it to generate c.£22.5m adj EBITA in FY21E. Strategic positioning. Poised for an expected further snap-back in volumes, the Group has commenced the commissioning of Leeds (capable of c.1m pieces/week); it is expected to be operational by 17-May and facilitate the transfer of work for Yorkshire-based customers currently processed in Wales (bringing about associated margin benefits, given reduced trunking). Furthermore, we flag that the factories mothballed during Q4/20 are now also operational (albeit with reduced headcount to match demand) and that the Exeter site fit-out remains on track for a Q4/21 completion (as modelled).