Member Info for Okehurst1

The £170M covenant lite plus the £44M is going to be enough to get them to cash flow positive

Back to gross profit and bridge to 7% EBITA

Looks like Nutrition was the area H1 ( cost of whey)

H2 margin progression
April was the peak and it’s coming down

Gross margin going up

Covenant lite - that’s very good news guys
£170m plus £44M from prop sales looks like it’s enough

Not expected to draw the £500M term loan B but in place just in case

Barclays Bank on targeting debt

This call is what will effect the share price

The big banks asking the right questions and Tbf they are dealing with

Eye ..: worth listening in

If your short or long

Reoccurring revenue up in this division
They are targeting the big boys rather than lots of smaller companies - Ingenuity

Ingenuity

Fintech guys have withdrawn from the market
My take they are focusing on ‘ whales ‘ ( their name for big customers )

Focusing on big names and growing revenue from these clients

Capex question ( again )
City defo wants comfort Capex controlled

Capex reducing as major projects complete

BNP now

Major shareholders wouldn’t take the £1.70
Looks like bids were leveraged

Now valued at .2 x sales ( yeah .2 x sales )

A competitor just bought out at 5X sales

11X sales value in USA

Wider market 4 to 5 times U.K.

THG have the best brand at .2 it’s nuts !

Been mutiple bids many more than disclosed

On the bid

They have had to fill the distribution centres

This has been a big chunk of cash but will work through

Bottom of RNS

Ring the dial in

Say your from xxxxx investment house

Costs expected to drop 50% - guess Whey

Capex coming to end of growth

Mid teen growth 15%
Margin EBITA 7%

Worth getting on this call guys

Q@A here we go

Personal view - Capex is all targeted on this division
as they develop the automated distribution centres to drive next day delivery

30% of all orders now handled by automation in house / Ingenuity

70% of their client base on next day delivery