The YE update shows that strong LFL and operational momentum was sustained in H2. Overall FY22 system sales grew by 20% and LFLs by 21%, led by volume/mix as the new CEOs actions begin to take effect. We make no forecast changes, but the positive H2 profitability trend cited is an important inflection point in the context of DPP now moving to sustainable profits. A well-capitalised balance sheet also means expansion is firmly on the agenda. The key point is that international evidence shows once ....
