This month we analyse consensus estimates and movements over a busy Q3 reporting period. Perhaps surprisingly these point to a more stable near-term outlook across the sector compared to the same period in 2024. Despite continued pressure from national insurance increases, tariff uncertainty and low business and consumer confidence, FY25 and FY26 consensus forecasts were comparatively settled. This contrasts to a dismal Q3 ’24 which saw overall 37% companies within our peer group downgrading exp ....