18 July 2013- trading update
The group has issued an interim management statement covering the period 1 March to 17 July and this has revealed that trading is in line with expectations. Improving prospects in both its operating divisions are likely to mean a return to growth in the year to 31 august 2014 after this year’s lacklustre performance. The group’s balance sheet remains in good shape and this more confident outlook has led to a 20p jump in the share price today. Even after this the shares look good value though and we re-iterate our recommendation of BUY.