– 20.5p

4 April 2013 – trading statement

The company has said that trading has continued to be difficult since its last update on 20 February 2013.  However, there has been been strong growth in sales volumes through the new online and template initiatives although this has required an increase in marketing expenditure.  The shares are at a new low on the back of the news and may potentially have further to fall in the near term.  However, looking at the fundamentals of the business there is potential for significant growth moving forward.  It has always been managed sensibly and those prepared to sit out the current tough patch should ultimately be well rewarded.  BUY.


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