A solid update by TPW today reconfirming guidance and launching a new online business that will cater to the home improvement sector currently valued at ~$16B. I have taken a new position after selling out a few month back.

Like the business and imo it's current trading price is very, very attractive.

Trading update The second half of FY22 continues to trade well and in line with management’s expectations with YoY revenue growth of 23% for the period 1st January to the 30th of April vs. the same period in 2021, and up 116% vs 2020.

The full year FY22 EBITDA margin range of 2-4% is reaffirmed and is expected to be ~3% (excluding The Build investment).

As previously stated, our diversified supply chain, including both private label and drop ship, continues to hold up well and underpin growth, and we are in a strong stock position for Q4FY22.

We continue to invest into areas that are building key strategic moats around the business (data, personalisation, AR/AI, logistics) and we will continue to use our strong balance sheet position to further grow organic opportunities, such as our private label offering, whilst leaving room for opportunistic inorganic activity.