Results are in line with recent upgrades at the EBITDA level and, while the pre-tax loss was still £17m, this marked a substantial reduction YoY and puts it on track to inflect to profit in the current year. Guidance has been reiterated and we see risk to the upside on our above consensus estimates driven by 1) the profitable growth trajectory at Debs and PLT, and 2) improving trajectory from the wider brand portfolio. The shares have started to perform, and we expect this to continue as confidence/visibility in the growth trajectory builds.