Clariane - comment

Clariane only releases top-line revenue numbers in Q1 and Q3, so there are not many new details in their Q3 release.  Revenue has grown in line with our expectations across all segments, at 6.3% for the YTD, with occupancy now above 90% for the 9 months.  The Company has made further progress on their disposal plans, with €480m completed (an additional €80m sold in Q3).   The Group has not changed their guidance for 2024, which is 5% organic revenue growth and EBITDA stable, excluding IFRS 16 and disposals.  

With no costs or profit numbers released, the numbers are not hugely informative.  However, the release does confirm our projections of improving occupancy rates which is one of the main influences on profitability and cashflow generation.