Announcement • Aug 09
Caffyns plc Approves to Declare Final Dividend Caffyns plc at Annual General Meeting held on August 6, 2026 approved to declare final dividend of 5.0 per Ordinary Share. Declared Dividend • Jun 24
First half dividend of UK£0.05 announced Dividend of UK£0.05 is the same as last year. Ex-date: 9th July 2026 Payment date: 11th August 2026 Dividend yield will be 2.5%, which is lower than the industry average of 3.7%. Sustainability & Growth Dividend is being paid despite the company being loss-making over the last 12 months and having no free cash flows available, indicating it may be using cash reserves or debt to pay the dividend. The dividend has decreased over the past 10 years, indicating a lack of growth and stability in payments. Announcement • Jun 20
Caffyns plc, Annual General Meeting, Aug 06, 2026 Caffyns plc, Annual General Meeting, Aug 06, 2026. New Risk • Jun 16
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended September 2025. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. Currently, the following risks have been identified for the company: Major Risks Dividend is not well covered by earnings and cash flows. Paying a dividend despite being loss-making. Paying a dividend despite having no free cash flows. Earnings have declined by 42% per year over the past 5 years. Minor Risks Latest financial reports are more than 6 months old (reported September 2025 fiscal period end). Market cap is less than US$100m (UK£10.9m market cap, or US$14.6m). Announcement • Jan 09
Caffyns Public Limited Company Announces Termination of Director Appointment , Effective January 5, 2026 CAFFYNS PUBLIC LIMITED COMPANY terminated the appointment of Mr. Michael Warren as director, effective January 5, 2026. The termination was authorised and authenticated by one of the following roles: Director, Secretary, Person Authorised, Liquidator, Administrator, Administrative Receiver, Receiver, Receiver Manager, Charity Commission Receiver and Manager, CIC Manager, or Judicial Factor. The document was filed electronically on January 8, 2026. Board Change • Jan 07
High number of new directors CFO & Director Joelle Timperley was the last director to join the board, commencing their role in the last week. Declared Dividend • Dec 01
First half dividend of UK£0.05 announced Dividend of UK£0.05 is the same as last year. Ex-date: 11th December 2025 Payment date: 7th January 2026 Dividend yield will be 2.4%, which is lower than the industry average of 3.7%. Sustainability & Growth Dividend is being paid despite the company being loss-making over the last 12 months and having no free cash flows available, indicating it may be using cash reserves or debt to pay the dividend. The dividend has decreased over the past 10 years, indicating a lack of growth and stability in payments. New Risk • Nov 30
New major risk - Revenue and earnings growth Earnings have declined by 42% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Dividend is not well covered by earnings and cash flows. Paying a dividend despite being loss-making. Paying a dividend despite having no free cash flows. Earnings have declined by 42% per year over the past 5 years. Minor Risk Market cap is less than US$100m (UK£11.6m market cap, or US$15.3m). Reported Earnings • Nov 30
First half 2026 earnings released: UK£0.26 loss per share (vs UK£0.056 profit in 1H 2025) First half 2026 results: UK£0.26 loss per share (down from UK£0.056 profit in 1H 2025). Revenue: UK£134.0m (down 2.7% from 1H 2025). Net loss: UK£702.0k (down UK£856.0k from profit in 1H 2025). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 95 percentage points per year, which is a significant difference in performance. Announcement • Nov 28
Caffyns plc Declares an Interim Dividend, Payable on January 7, 2026 Caffyns plc declared an interim dividend of 5.0 pence per Ordinary share and will be paid to shareholders on 7 January 2026 to those shareholders on the register at the close of business on 12 December 2025. Board Change • Aug 28
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 1 experienced director. 5 highly experienced directors. Senior Independent Non-Executive Director Steve Bellamy was the last director to join the board, commencing their role in 2019. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Board Change • Jun 26
Less than half of directors are independent No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 1 experienced director. 5 highly experienced directors. 2 independent directors (4 non-independent directors). Senior Independent Non-Executive Director Steve Bellamy was the last independent director to join the board, commencing their role in 2019. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Declared Dividend • Jun 14
Final dividend of UK£0.05 announced Dividend of UK£0.05 is the same as last year. Ex-date: 10th July 2025 Payment date: 8th August 2025 Dividend yield will be 2.2%, which is lower than the industry average of 3.7%. Sustainability & Growth Dividend is not covered by earnings (155% earnings payout ratio) and the company has no free cash flows available, indicating it may be using cash reserves or debt to pay the dividend. The dividend has decreased over the past 10 years, indicating a lack of growth and stability in payments. The company's earnings per share (EPS) would need to grow by 72% to bring the payout ratio under control. However, EPS has declined by 24% over the last 5 years so the company would need to reverse this trend. Reported Earnings • Jun 13
Full year 2025 earnings released: EPS: UK£0.065 (vs UK£0.44 loss in FY 2024) Full year 2025 results: EPS: UK£0.065 (up from UK£0.44 loss in FY 2024). Revenue: UK£275.5m (up 5.1% from FY 2024). Net income: UK£176.0k (up UK£1.38m from FY 2024). Profit margin: 0.1% (up from net loss in FY 2024). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 88 percentage points per year, which is a significant difference in performance. Board Change • Apr 03
Less than half of directors are independent No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 1 experienced director. 5 highly experienced directors. 2 independent directors (4 non-independent directors). Senior Independent Non-Executive Director Steve Bellamy was the last independent director to join the board, commencing their role in 2019. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Declared Dividend • Dec 02
First half dividend of UK£0.05 announced Dividend of UK£0.05 is the same as last year. Ex-date: 12th December 2024 Payment date: 10th January 2025 Dividend yield will be 2.2%, which is lower than the industry average of 3.7%. Sustainability & Growth Dividend is being paid despite the company being loss-making over the last 12 months and having no free cash flows available, indicating it may be using cash reserves or debt to pay the dividend. The dividend has decreased over the past 10 years, indicating a lack of growth and stability in payments. New Risk • Dec 01
New major risk - Revenue and earnings growth Earnings have declined by 1.2% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (0.7x net interest cover). Dividend is not well covered by earnings and cash flows. Paying a dividend despite being loss-making. Paying a dividend despite having no free cash flows. Earnings have declined by 1.2% per year over the past 5 years. Minor Risk Market cap is less than US$100m (UK£12.3m market cap, or US$15.6m). Reported Earnings • Dec 01
First half 2025 earnings released: EPS: UK£0.056 (vs UK£0.011 in 1H 2024) First half 2025 results: EPS: UK£0.056 (up from UK£0.011 in 1H 2024). Revenue: UK£137.7m (up 2.6% from 1H 2024). Net income: UK£154.0k (up 413% from 1H 2024). Profit margin: 0.1% (up from 0% in 1H 2024). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 69 percentage points per year, which is a significant difference in performance. Announcement • Nov 29
Caffyns plc Announces an Interim Dividend, Payable on 10 January 2025 Caffyns plc announced an interim dividend of 5.0 pence per Ordinary share has been declared and will be paid to shareholders on 10 January 2025 to those shareholders on the register at the close of business on 13 December 2024. The Ordinary shares will be marked ex-dividend on 12 December 2024. An interim dividend of 5.0 pence per Ordinary share was declared in respect of the half-year ended 30 September 2023. No final dividend was declared in respect of the year ended 31 March 2024. Upcoming Dividend • Jul 04
Upcoming dividend of UK£0.05 per share Eligible shareholders must have bought the stock before 11 July 2024. Payment date: 09 August 2024. The company is not currently making a profit and is not cash flow positive. Trailing yield: 2.2%. Lower than top quartile of British dividend payers (5.7%). Lower than average of industry peers (3.6%). Declared Dividend • Jun 10
Final dividend reduced to UK£0.05 Dividend of UK£0.05 is 67% lower than last year. Ex-date: 11th July 2024 Payment date: 9th August 2024 Dividend yield will be 2.2%, which is lower than the industry average of 3.7%. Sustainability & Growth Dividend is not covered by earnings (dividend approximately 8x earnings) and the company has no free cash flows available, indicating it may be using cash reserves or debt to pay the dividend. The dividend has increased by an average of 1.1% per year over the past 10 years. However, payments have been volatile during that time. The company's earnings per share (EPS) would need to grow by 817% to bring the payout ratio under control, which is more than the 27% EPS growth achieved over the last 5 years. Reported Earnings • Jun 09
Full year 2024 earnings released: UK£0.44 loss per share (vs UK£0.94 profit in FY 2023) Full year 2024 results: UK£0.44 loss per share (down from UK£0.94 profit in FY 2023). Revenue: UK£262.1m (up 4.2% from FY 2023). Net loss: UK£1.20m (down 148% from profit in FY 2023). Over the last 3 years on average, earnings per share has fallen by 33% per year but the company’s share price has increased by 2% per year, which means it is well ahead of earnings. Announcement • Jun 08
Caffyns plc Declares Final Dividend for the Year Ended March 31, 2024, Payable on 9 August 2024 Caffyns plc declared a final dividend for the year ended March 31, 2024 of 5.0 pence per Ordinary share (2023: 15.0 pence). This will be paid on 9 August 2024 to shareholders on the register at close of business on 12 July 2024. The Ordinary shares will be marked ex-dividend on 11 July 2024. Valuation Update With 7 Day Price Move • Apr 22
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to UK£5.25, the stock trades at a trailing P/E ratio of 11.1x. Average trailing P/E is 14x in the Specialty Retail industry in the United Kingdom. Total returns to shareholders of 52% over the past three years. Upcoming Dividend • Dec 07
Upcoming dividend of UK£0.05 per share at 4.1% yield Eligible shareholders must have bought the stock before 14 December 2023. Payment date: 12 January 2024. Payout ratio is a comfortable 42% and this is well supported by cash flows. Trailing yield: 4.1%. Lower than top quartile of British dividend payers (6.0%). Higher than average of industry peers (3.2%). Reported Earnings • Dec 03
First half 2024 earnings released: EPS: UK£0.011 (vs UK£0.47 in 1H 2023) First half 2024 results: EPS: UK£0.011 (down from UK£0.47 in 1H 2023). Revenue: UK£134.3m (up 13% from 1H 2023). Net income: UK£30.0k (down 98% from 1H 2023). Profit margin: 0% (down from 1.1% in 1H 2023). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 13% per year whereas the company’s share price has increased by 11% per year. New Risk • Dec 03
New minor risk - Profit margin trend The company's profit margins are lower than last year and have reduced by more than 30%. Net profit margin: 0.5% Last year net profit margin: 1.0% This is considered a minor risk. A large drop in profit margin could indicate the company does not have strong competitive advantages or it is yet to establish itself and its core business. Even if it is a well established business, this may make it a much riskier investment than one that has a combination of proven competitive advantages and a stable or growing profit margin. Currently, the following risks have been identified for the company: Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Profit margins are more than 30% lower than last year (0.5% net profit margin). Market cap is less than US$100m (UK£14.2m market cap, or US$18.0m). Announcement • Dec 01
Caffyns plc Announces Interim Dividend, Payable on January 12, 2024 Caffyns plc announced an interim dividend of 5.0 pence per Ordinary share has been declared and will be paid to shareholders on 12 January 2024 to those shareholders on the register at the close of business on 15 December 2023. The Ordinary shares will be marked ex-dividend on 14 December 2023. An interim dividend of 7.5 pence per Ordinary share was declared in respect of the half-year ended 30 September 2022 and a final dividend of 15.0 pence per Ordinary share was declared in respect of the year ended 31 March 2023. New Risk • Aug 20
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of British stocks, typically moving 6.9% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risk Interest payments are not well covered by earnings (2.8x net interest cover). Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Share price has been volatile over the past 3 months (6.9% average weekly change). Market cap is less than US$100m (UK£14.6m market cap, or US$18.5m). Announcement • Aug 06
Caffyns plc Approves Final Dividend Caffyns plc announced that at its AGM held on 3 August 2023, the shareholders approved final dividend of 15.0 pence per share. Valuation Update With 7 Day Price Move • Aug 06
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to UK£5.80, the stock trades at a trailing P/E ratio of 6.2x. Average trailing P/E is 13x in the Specialty Retail industry in the United Kingdom. Total returns to shareholders of 134% over the past three years. Upcoming Dividend • Jul 06
Upcoming dividend of UK£0.15 per share at 4.5% yield Eligible shareholders must have bought the stock before 13 July 2023. Payment date: 11 August 2023. Payout ratio is a comfortable 24% and this is well supported by cash flows. Trailing yield: 4.5%. Lower than top quartile of British dividend payers (6.0%). Higher than average of industry peers (3.2%). New Risk • Jun 10
New major risk - Financial position The company's interest payments are not well covered by earnings. Net interest cover: 2.9x This is considered a major risk. If the company is unable to fund interest repayments on its debt through profits, it may be forced into reducing its debt burden through selling assets, undertaking a potentially costly capital raising or even into bankruptcy in the worst case scenario. Currently, the following risks have been identified for the company: Major Risk Interest payments are not well covered by earnings (2.9x net interest cover). Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Market cap is less than US$100m (UK£12.8m market cap, or US$16.1m). Reported Earnings • Jun 02
Full year 2023 earnings released: EPS: UK£93.60 (vs UK£1.11 in FY 2022) Full year 2023 results: EPS: UK£93.60. Revenue: UK£251.4m (up 12% from FY 2022). Net income: UK£2.52m (down 16% from FY 2022). Profit margin: 1.0% (down from 1.3% in FY 2022). The decrease in margin was driven by higher expenses. Upcoming Dividend • Dec 01
Upcoming dividend of UK£0.075 per share Eligible shareholders must have bought the stock before 08 December 2022. Payment date: 09 January 2023. Payout ratio is a comfortable 25% but the company is paying out more than the cash it is generating. Trailing yield: 3.0%. Lower than top quartile of British dividend payers (5.7%). In line with average of industry peers (3.0%). Reported Earnings • Nov 26
First half 2023 earnings released: EPS: UK£0.47 (vs UK£0.70 in 1H 2022) First half 2023 results: EPS: UK£0.47 (down from UK£0.70 in 1H 2022). Revenue: UK£119.0m (up 7.4% from 1H 2022). Net income: UK£1.27m (down 33% from 1H 2022). Profit margin: 1.1% (down from 1.7% in 1H 2022). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 82% per year but the company’s share price has only increased by 10% per year, which means it is significantly lagging earnings growth. Announcement • Nov 25
Caffyns plc Declares Interim Dividend, Payable on 9 January 2023 Caffyns plc declared an unchanged interim dividend of 7.5 pence per ordinary share (2021: 7.5 pence per ordinary share). This will be paid on 9 January 2023 to shareholders on the register at close of business on 9 December 2022. The ordinary shares will be marked ex-dividend on 8 December 2022. Board Change • Nov 16
Less than half of directors are independent No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 2 experienced directors. 4 highly experienced directors. 2 independent directors (4 non-independent directors). Senior Independent Non-Executive Director Steve Bellamy was the last independent director to join the board, commencing their role in 2019. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Announcement • Sep 23
Caffyns plc Announces Director and Committee Changes Caffyns plc announced that the Board has resolved to appoint Stephen Bellamy as Senior Independent Non-Executive Director and Chair of the Audit and Risk Committee. Nigel Gourlay, Non-Executive Director has been appointed as Chair of the Remuneration Committee. Both appointments are effective from 26 September 2022. Announcement • Aug 03
Caffyns plc Approves Final Dividend Caffyns plc at its AGM held on August 2, 2022 approved final dividend of 15.0 pence. Reported Earnings • Jul 08
Full year 2022 earnings released: EPS: UK£1.11 (vs UK£0.52 in FY 2021) Full year 2022 results: EPS: UK£1.11 (up from UK£0.52 in FY 2021). Revenue: UK£223.9m (up 36% from FY 2021). Net income: UK£3.00m (up 113% from FY 2021). Profit margin: 1.3% (up from 0.9% in FY 2021). Over the last 3 years on average, earnings per share has increased by 104% per year but the company’s share price has only increased by 10% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • Jun 30
Upcoming dividend of UK£0.15 per share Eligible shareholders must have bought the stock before 07 July 2022. Payment date: 09 August 2022. Payout ratio is a comfortable 20% and this is well supported by cash flows. Trailing yield: 4.1%. Lower than top quartile of British dividend payers (5.2%). Higher than average of industry peers (3.2%). Reported Earnings • May 29
Full year 2022 earnings released: EPS: UK£1.11 (vs UK£0.52 in FY 2021) Full year 2022 results: EPS: UK£1.11 (up from UK£0.52 in FY 2021). Revenue: UK£223.9m (up 36% from FY 2021). Net income: UK£3.00m (up 113% from FY 2021). Profit margin: 1.3% (up from 0.9% in FY 2021). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 104% per year but the company’s share price has only increased by 14% per year, which means it is significantly lagging earnings growth. Announcement • May 28
Caffyns plc Proposes Final Dividend, Payable 9 August 2022 The board of Caffyns plc is also declaring a final dividend for the year of 15.0 pence (2021: Nil pence per ordinary share) which will be paid on 9 August 2022 to those shareholders on the register at close of business on 8 July 2022, subject to shareholder approval at the 2022 Annual General Meeting. The ordinary shares will be marked ex-dividend on 7 July 2022. Announcement • May 27
Caffyns plc, Annual General Meeting, Aug 02, 2022 Caffyns plc, Annual General Meeting, Aug 02, 2022. Board Change • Apr 27
Less than half of directors are independent Following the recent departure of a director, there are only 2 independent directors on the board. The company's board is composed of: 2 independent directors. 4 non-independent directors. Independent Non-Executive Director Steve Bellamy was the last independent director to join the board, commencing their role in 2019. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Upcoming Dividend • Dec 02
Upcoming dividend of UK£0.075 per share Eligible shareholders must have bought the stock before 09 December 2021. Payment date: 10 January 2022. Trailing yield: 3.0%. Lower than top quartile of British dividend payers (4.1%). Higher than average of industry peers (1.9%). Reported Earnings • Nov 28
First half 2022 earnings: Revenues and EPS in line with analyst expectations First half 2022 results: EPS: UK£0.70 (up from UK£0.52 in 1H 2021). Revenue: UK£110.8m (up 30% from 1H 2021). Net income: UK£1.89m (up 34% from 1H 2021). Profit margin: 1.7% (in line with 1H 2021). Revenue was in line with analyst estimates. Over the last 3 years on average, earnings per share has increased by 75% per year but the company’s share price has only increased by 7% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Sep 16
Investor sentiment improved over the past week After last week's 17% share price gain to UK£5.25, the stock trades at a trailing P/E ratio of 10x. Average trailing P/E is 14x in the Specialty Retail industry in the United Kingdom. Total returns to shareholders of 33% over the past three years. Reported Earnings • Jun 28
Full year 2021 earnings released: EPS UK£0.52 (vs UK£0.094 loss in FY 2020) The company reported a decent full year result with improved earnings and profit margins, although revenues were weaker. Full year 2021 results: Revenue: UK£165.1m (down 16% from FY 2020). Net income: UK£1.41m (up UK£1.66m from FY 2020). Profit margin: 0.9% (up from net loss in FY 2020). The move to profitability was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 15% per year but the company’s share price has remained flat, which means it is significantly lagging earnings. Reported Earnings • Jun 04
Full year 2021 earnings released: EPS UK£0.52 (vs UK£0.094 loss in FY 2020) The company reported a decent full year result with improved earnings and profit margins, although revenues were weaker. Full year 2021 results: Revenue: UK£165.1m (down 17% from FY 2020). Net income: UK£1.41m (up UK£1.66m from FY 2020). Profit margin: 0.9% (up from net loss in FY 2020). The move to profitability was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 15% per year but the company’s share price has remained flat, which means it is significantly lagging earnings. Announcement • Jun 02
Caffyns plc Decides Not to Recommend A Final Dividend in Relation to the Year Ended 31 March 2021 Caffyns plc announced that the board has decided not to declare a final dividend in relation to the year ended 31 March 2021. For the same reasons, no interim dividend was declared (2020: 7.5 pence per Ordinary share) during the year. The total dividend for the year was therefore nil pence per ordinary share (2020: 7.5 pence). However, the board remains committed to restarting the payment of dividends to shareholders as soon as it deems it is appropriate to do so. Valuation Update With 7 Day Price Move • Mar 05
Investor sentiment deteriorated over the past week After last week's 17% share price decline to UK£3.45, the stock is trading at a trailing P/E ratio of 8.2x, down from the previous P/E ratio of 9.9x. This compares to an average P/E of 20x in the Specialty Retail industry in the United Kingdom. Total return to shareholders over the past three years is a loss of 9.4%. Is New 90 Day High Low • Mar 05
New 90-day low: UK£3.45 The company is down 10.0% from its price of UK£3.85 on 04 December 2020. The British market is up 4.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Specialty Retail industry, which is up 5.0% over the same period. Announcement • Nov 27
Caffyns plc Not Proposing Interim Dividend The board of Caffyns plc is not proposing an interim dividend (2019: 7.5 pence per ordinary share) due to current levels of uncertainty. Is New 90 Day High Low • Nov 17
New 90-day high: UK£2.85 The company is up 6.0% from its price of UK£2.70 on 19 August 2020. The British market is also up 6.0% over the last 90 days, indicating the company’s price trend is similar to the market over that time. However, it underperformed the Specialty Retail industry, which is up 20% over the same period.