Takko - comment

The company has reported very strong results that have beat our expectations. With record sales (up 17%) the underlying EBITDA of €132m is up YoY as the company has been able to more than pass on its cost rises. It is worth keeping in mind the cold weather this spring, however, which could have sunk the Q1 performance. Management believes to be “still up for the year”. The restructuring is waiting for Merger Control clearance in three markets in Europe.