Today’s AGM signals a good start to FY22. Q1 trading in the UK has been strong, with Vimto value growth an excellent 10.8% whilst OoH continues to show good recovery momentum. International sales after a robust start, softened towards the end of the period. This chiefly reflects a very strong comp and temporary transport logistics disruption to canned drink supplies into Africa in March – now resolved. Overall, the top-line picture is solid. Inflation however remains a concern but to date it is being best managed. The other main news this morning is that long standing Chairman, John Nichols, is retiring. There is no change to full year PBT expectations and the shares on a FY22 EV/EBITDA of 14x vs the sector on 17x are attractively valued. We stay at Buy with a 1625p TP
