DAVY VIEW

Headline FY 2021 results were pre-announced on October 1st and highlighted an improving trendline through Q4 as the operating environment continued to normalize. Adjusted operating profit was broadly in line with expectations. The statement notes top-line momentum in the key food-to-go category, although with margin friction a consequence of unprecedented supply chain challenges. All else equal, the FY 2022 out-turn is expected to be in line with current expectations (Davy: £77.9m) and thus we envisage no material changes to our forecasts. The suggested return of surplus capital to shareholders is noteworthy.