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I think the biggest positive of today's announcement was that their most mature stores are delivering higher sales and EBITDA than their original "mature store" model predicted. If non-Warsaw stores can eventually follow this path then that is massive for future value. But I agree with you coffe911 that the capex lighter franchise led roll-out seems to be taking a back seat pending a more mature estate. This means higher upfront capex. With available cash of £4.5m and likely 2018 burn at a similar level (I'm assuming the new commissary spiked spend last year) then another placing is clearly coming in the next [6] months. Hopefully that should take them to c. 85 stores by end of 2019 and operating cash flow break even as the estate matures
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