SandpiperCI Group - Growing undeterred
SandpiperCI Group’s FY22 results confirm another outstanding performance following a year that was once again affected by pandemic-related challenges. The food retail side of the business continued its industry beating performance; the non-food shops were affected by some forced closures but showed significant growth versus the prior year, and footfall trends have continued to improve. We expect FY23 to be characterised by an underlying slowdown in food retail and a further improvement in non-food, as shopping habits return to normal. The inflationary environment is likely to provide a tailwind to revenues, though we broadly maintain our profit forecasts at this juncture given the prevalence of cost inflation, which is likely to adversely affect margins.
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