In line with guidance so not a bad result in this environment....

In line with guidance so not a bad result in this environment.

Currently valued at an EV/EBITDA multiple of ~3x on arguably a cyclical low point in earnings. If they can just show steady growth in EBITDA to ~$15M over the next couple of years I think they'll get a multiple re-rate to closer to 5x EBITDA which will turn this into a 3 to 4 bagger..

I'm happy to wait as they continue to reinvest with balance sheet flexibility (no debt). First two months and like for like growth up 1.5%....not a bad start for the recovery.

Hopefully they get something out of the white runway business to redeploy in other areas (Jets International)