15 October 2013 – interim management statement
The company has traded in line with expectations since the start of July despite a tough market for managed procurement. It has traded profitably, generated cash and managed down debt further. The share price continues to represent a remarkably low multiple of anticipated earnings but it is difficult to see what will act as a stimulus for a sharp recovery in the company’s valuation given the ongoing challenges it faces. Ultimately we see potential for strong capital growth from the current level for those willing to wait if necessary and therefore keep our LONG TERM BUY rating.