SNH GR reports neutral organic growth of 7.6% y/y in Q1 17A

SNH group revenue grew by 45.5% y/y (slightly below ACe: +46.6% y/y) to EUR 5.33bn (ACe: EUR 5.38bn) in Q1 17A, driven by the inclusion of Mattress Firm - MFRM (c.17.0% of revenue) and Poundland (c.8.0% of group revenue) contributing c.35% y/y to SNH’s 45% y/y top-line growth (ACe: 35% y/y). The group reported organic growth of 7.6% y/y.·General Merchandise - GM (c.27% of group revenue) growing by 66.0% y/y (ACe: 52.0% y/y) mainly driven by the Poundland acquisition. organic growth for the se...