Market ConditionsManagement are not anticipating any material market improvement in the second half, and Manufacturing PMI data remains subdued.
Profit ExpectationsThe softer-than-expected Q3 revenues and weak business confidence in EMEA will likely result in FY25E adj. PBT being around the bottom-end of the consensus range (£247m to £274m, consensus £261m).
Revenue PerformanceRevenue in 3Q was -3%, with LFL's improving sequentially to -1% in the quarter (vs -3% in 1H).