Matalan - comment

Q4 saw lower revenue than we had modelled, but at even better margin, which is consistent with management’s strategy. The real beat came in Q1, for which we only have rudimentary data. LTM IAS17 EBITDA has now recovered to £63.5m, dropping leverage down to 4.3x. Most of the improvement will be down to the termination of supply surcharges that were levied last year. The call is at 11am this morning.