4 August 2011 – AGM statement
At the AGM today, the group will confirm that it has made a satisfactory start to the financial year despite tough trading conditions. In Home Shopping, Express Gifts and Kitbag are doing well, with the latter benefiting from contracts with Sunderland football club and rugby club Leicester Tigers. However, Kleeneze is finding trading more difficult. Education Supplies is seeing mixed results although the Healthcare business is seeing steady growth. The group has further strengthened its financial position with funding headroom at the end of July ahead of plan. Although early days in the group’s recovery, this is at least a start. Although it is too early to buy the shares they are a HOLD.