Judges has delivered a strong recovery in FY21, with adj. PBT up 31.7% and EPS up 35.0%. This was achieved despite ongoing COVID and supply chain challenges. FY22E has started well, with a very strong order book (22.6 weeks) and order intake tracking slightly ahead of last year. We make no change to FY22E adj. PBT at this early stage, but see scope for upgrades during the year. We maintain our view that Judges is a high quality business, with excellent long-term growth, high margins, FCF and return on capital. Maintain DCF-based TP of 9000p and Buy.