15 May 2014 – interim management statement
A trading update covering the period from 1 February has been released. This is somewhat mixed and although the broad message is positive, with the recovery in performance maintaining momentum, there are hints of some problems which need to be addressed. The North America region has been weak and is expected to trade below expectations for the rest of the year. Net cash was £12.8m (2013: £13.7m) at the end of the first quarter, so the business remains well financed. Like-for-like sales are up but it is noted that comparatives in the second half are tougher. On balance, given the strong rise in the share price since our tip, we feel now is the right time to TAKE PROFITS.