Nation Backyard’s H1/22 outcomes had been consistent with our expectations. Contracted gross sales plunged 40% y-o-y, consistent with the trade common of 30-40%. Positively, the corporate managed to keep up the money assortment fee at above 90%, and the leverage metrics remained broadly secure. That mentioned, the H1/22 gross margin got here beneath strain at 11% (decrease than most friends). Moreover, the typical sell-through fee stood at solely 50%, which might end in money being trapped in developments with low demand.