SandpiperCI Group - Powering ahead
SandpiperCI’s FY21 results demonstrate the group’s resilience. In spite of lockdown-related store closures and significant extra pandemic-related costs such as PPE and social distancing measures, gross revenues were up 6% and trading EBITDA was up by 3%. We note FY20 was a 53-week year, therefore if the base is adjusted, the growth was 7% and 6% respectively. Trading has been better than expected at the newly-acquired Le Cocq’s Stores in Alderney, and it is too early to comment on trading in the new Isle of Man territory owing to lockdowns. We leave our estimates for the group broadly unchanged and continue to see upside to the current share price.
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