TWE +2.05%: Held their AGM today + also gave a 1Q23 trading update that was in line with company expectations, saying demand has been consistent in Premium / Luxe segments. They reiterated FY22 guidance for top-line growth and high single-digit average earnings growth over the long-term. They said that costs were expected to remain in line with FY22 although they talked to a likely improvement from FY24 onwards – i.e. not a short term influence. They also went on to highlight their expectations for solid growth and EBITS margin expansion towards the 25%+ Group target in FY23. All in all, a good update and while this is a stock we don’t own, we like the cut of their jib!
MM is bullish TWE ~$13
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