The Q1 update shows the business to continue to trade in line with expectations. We make two key points: (1) UK trading remains robust whilst International continues to make good strategic progress. (2) Tariff risk is relatively limited given <2% revenue exposure to the US; good mid-term supply contracts should mitigate any inflation headwinds whilst from a demand perspective, soft drinks are a defensive category. We leave our forecasts unchanged which show a 3-year EPS CAGR of 6% on prudent ass ....
