3 January 2014 – trading update
The company has revealed in a trading update that it expects profits for 2013 to be in line with expectations, whilst net debt at the end of the year is expected to have fallen to under £25m. Pre-tax profits for the year are expected to come out at about £13m for earnings per share of 3.7p. The current year should see these figures increase to £14.6m and 4.1p respectively. The shares have had a strong run though and we reduce our recommendation to HOLD