Cash GenerationYear-end leverage was 1.9x and is expected to fall to less than 1.5x by year-end FY25E due to strong cash generation.
Growth PotentialThe current valuation is seen as compelling, with potential for the company to reach a medium-term market cap of £702m to £810m, significantly higher than the current level.
Strategic InitiativesThe 'One Franchise Brands' strategic initiative is making good progress to enhance sales, create an efficient overhead structure, and drive operational gearing.