18 September 2013 – interim results
The Chinese sportswear group has announced impressive results for the six months to 30 June with revenues up by some 20% to £100.8m and pre-tax profits rising by over 16% to £22.8m. Earnings per share emerged at just over 30p and an interim dividend of 2p was proposed. Net cash balances at the period end were £41m. During the period the group opened 104 new Naibu-branded stores taking the total to 3,144. The group looks well-placed to benefit from growth in the Chinese sportswear market both in the short and long term with scope to expand into more cities and provinces in the coming months. We maintain our recommendation of BUY.