3 July 2014 – trading update
A trading update for the year ended 28 June 2014 has revealed that full year pre-exceptional profit before tax is expected to be in line with the market expectation of £7.1m compared with £4.7m (restated) last year. A refinancing has also been agreed with existing lenders. On balance, with further improvement in profitability anticipated, we rate the shares as a BUY.