GB : Knights - FY 21 pre-close guides to in line earnings and better net debt

Full year pre-close guides to trading in line, which we believe is a very commendable result given the number of acquisitions integrated in the period. We make no changes to numbers given the in line statement and expect further guidance on outer years in July. Net debt (exc leases) is expected to be £21.2m for FY 21, helped by strong collections in H2, and is slightly better than our estimate of £22.4m. Knights has a large exposure to real estate and corporate, which both saw an improvement in market activity in H2. We retain our BUY recommendation with a 500p target price.

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