Strong trading continues
Kape’s H1 20E trading update continues the run of positive news from the Group with confirmation of strong trading through the whole of the first half. There is no change to guidance for revenue and Adjusted EBITDA for the current financial year which management outlined at the time of the transformational acquisition of PIA last December. Likewise, the integration of PIA is set to yield the anticipated synergies. The recent Capital Markets Day (CMD) emphasised the excellent progress made in broadening Kape’s offer to consumers. We leave our estimates unchanged while noting the positive momentum in the business.