Following the Q1 update, we increase FY21E EBIT by 56%, putting us c. 2% ahead of the top-end of guidance. The strength of March led to high productivity and EBIT drop-through. That may continue in Q2, before headcount increases more substantially in H2. We think the valuation captures shorter-term estimate upside and would need to see more on the scope for longer-term productivity improvements to turn more positive on the shares. TP raised from 460p to 550p. Maintain Hold.