24 July 2013 – trading statement
The group has published an interim management statement covering the 3 months to the end of June and this has revealed a 14.4% rise in revenue on a constant currency basis although on a like-for-like basis revenues were 0.7% lower. Market conditions remain challenging in the UK, with a resilient trade sector being offset by weaker retail sales. Revenues at both Triton and Johnson Tiles fell during the period, although costs are being cut at the latter with the benefits likely to be seen in the second half. The integration of Vado is continuing to plan and the business is performing well with revenue ahead of last year. Despite these slightly disappointing revenue figures, the group remains confident of the full year outcome – with earnings per share forecast to be 2p for the current financial year we maintain our recommendation of BUY.