Our FY20 EPS estimate increases on the back of higher top-line expectations for the Healthcare Solutions division (€335m versus €312m previously) and a narrower than expected sales contraction for Protective Films (-8.0% versus -15.0% previously), both supported by the performance shown over Q3. The improved revenue expectations mechanically result in a higher recurring operating result, from €68m prior to €71.8m; the latter falling in line with Chargeurs' upgraded 2020 guidance of +€70m.
These increases are slightly offset by lower FY20 top-line expectations of €52.2m for Museum Solutions, down 12.6% compared to our previous forecast and explained by the weaker than expected performance from the technical substrates business in H2. Our FY21 outlook for the group remains mostly unchanged, with a slight increase to our top-line expectations of €647.9m, and a conservative €38.1m recurring operating profit forecast.