30 April 2012 – trading update

The company has confirmed that headline profit before interest and taxation for the full year ended 31 March 2012 is due to be in line with expectations.  Full year revenue of £75m is anticipated, up 11% on the previous year.  Recent acquisition The Corkery Group is said to be performing well.

The necessary actions required to reduce operating costs, as detailed previously, have been completed.  The company expects to be broadly debt free at the year-end and in a net cash position as at 27 April 2012, which is ahead of expectations.  Results for the year ended 31 March 2012 are due out on 13 June.  The latest news is very reassuring in the near term but we retain our SPECULATIVE BUY rating.