A solid H1 trading update with 8% LFL in company owned hotels underlying the positive momentum under the new and strengthened management team. New site news flow is positive, bar a modest timing slip for the Manchester opening. The shares have had a strong run since the December finals, but the tenor of today’s update should continue to underpin the improving sentiment. We see modest upside risk to forecasts. Overall, this is an early stage growth story which we are backing as we have high conviction of a meaningful value creation over the next 3-years.
