Pizza Express - comment

Operationally Britains favourite pizza chain remained well on forecast. The only major differences were in Working Capital, which produced a €7m higher outflow this quarter than we had modelled and €3m of extra exceptional items, which seem to have become seasonal in Q1. We like management and think the company is well run (administered), but it’s a plain leveraged macro bet from here. The call is at 9.30 today.