Conviviality has capped off a hugely positive year from a strategic perspective with a solid year-end trading update. Retail commentary is better than anticipated and Matthew Clark has traded strongly since acquisition. This all translates into management guiding to a full year EBITDA outcome marginally ahead of market expectations. We are already at the top-end so make no changes but anticipate 3% consensus upgrades. The strength of today’s update is supportive of our Buy stance.