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