Pizza Express - results are spot on

All,

The PE results are stable. There are no surprise.

The company has made £4m more cash than we had expected - representing an inflow of ca. £5m for the year.

Compared to model:

Sales were 1m lower,

GM was 1m higher,

Ebitda was1m higher,

WC was 4m better,

CapEx was on target,

Interest was on target.

The company recognised a total of £6.7m of PP&E impairments. There has been no write-down of Goodwill or similar.

The RCF is not drawn after all. 

The presentation is not up yet. 

Wolfgang