United Group - comment

United’s 23Q1 numbers were slightly below our forecasts but demonstrated that inflationary rises are successfully being passed to customers via higher pricing. Management is delivering what it promised in challenging markets. Revenue Generating Unit growth in the quarter was slow. The 6% rise in revenue in the quarter, was mainly driven by price increases. The €7m revenue shortfall passed straight through to lower EBITDA. However, OCF and FCF were in line with our model. We are again looking at the PIYCs, which PIK’d interest this quarter.