reports
- Kate Heseltine
SandpiperCI Group - Termination of coverage
Edison Investment Research is terminating coverage on SandpiperCl (SANDPI), Mirriad Advertising (MIRI), Trackwise Designs (TWD), Lookers (LOOK) and BerGenBio (BGBIO). Please note you should no longer rely on any previous research or estimates for this company. All forecasts should now be considered redundant.
- Kate Heseltine
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-fo...
- Kate Heseltine
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...
- Kate Heseltine
SandpiperCI Group - An island of opportunity
SandpiperCI is the leading Channel Island retailer, primarily operating franchise stores and a number of its own food convenience stores. It operates a high-quality portfolio of brands covering food, clothing and specialist products. Sandpiper has been able to leverage its long relationships with major retailers to open their brands in Gibraltar and, more recently, in the Isle of Man. It owns a high-quality freehold property portfolio, which provides a barrier to entry for the competition and wa...
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