Stonegate - comment

We suspect more details will emerge on the call at 4 pm today, EBITDA has come in slightly higher than our model at £98m.  The discrepancy is mainly in energy costs, which is lower than expected.  Top-line Revenue is marginally behind our assumptions.  Recent Christmas trading has seen strong LFL sales growth, which will lead to profit growth in Q1.  Trading for the 5 weeks to 7th January was up c.10% across the differing formats.  

Call, via Zoom is at 4 pm.