Equity Analysis /
United Kingdom

GB : Science in Sport - Greater optimism leads to upwards forecast revisions

    Adam Tomlinson
    Adam Tomlinson

    Analyst - Consumer Discretionary

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    Wayne Brown
    Wayne Brown

    Analyst - Consumer

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    CGS-CIMB
    1 April 2022
    Published byCGS-CIMB

    Recent results showed a very strong return to growth, the delivery of further gross margin gains and increased optimism on the outlook, with YTD trading being strong. We have now spent more time with management and are confident that the capex projects underway will deliver benefits earlier than we had previously expected. This drives upwards revisions to our EBITDA and cash flow projections from FY23E onwards.