XPF has continued to prove its concepts appeal and slick execution with positive momentum in LFL, site numbers and margin. This has resulted in FY24 being ahead of our estimates. With no change to management expectations, we hold our 2-year EBITDA forecasts and introduce FY27. Whilst current LFL’s have moderated from historical highs, this is in keeping with the wider sector, against which it continues to outperform. Critically, forward bookings for peak December trading are at record highs. Add ....
