The trading update was positive, with the stronger-than-expected performance reinforcing confidence in FY consensus estimates, RBC Capital Markets says. Liberum slightly upgrades its forecasts for FY 2023 with revenue expectations of GBP200 million, up from GBP199.2 million, and adjusted pretax profit of GBP41.9 million, up from GBP41.1 million. Liberum also forecasts capital expenditure of GBP28.7 million, down from a previous forecast of GBP36.7 million, which improves expectations of full-year net cash excluding leases. "Comparatives get tougher into the second half, but our slightly raised forecasts remain highly prudent allowing for a like-for-like pull back in 2H," the analysts say. We suspect this will be a surprise for investors," the analysts say.

Source: Wall Street Journal May 31, 2023 13:29 UTC