23 July 2013 – trading update
A pre-close trading update covering the year ended 31 May 2013 confirmed that results are expected to be in line with expectations. Net debt as at 31 May 2013 was £77.8m, which was slightly higher than management expectations. However, this can be attributed to significant purchases of around £30m of coke at the end of the financial year and this will be sold in the first half of the current financial year. The company has confidence in the current year and beyond. We continue to rate the shares as a BUY.