14 January 2010 – trading update

It is disappointing to report that the company has issued a profit warning for the year to 31 December 2019, with disappointing trading in the last quarter of the year having a negative impact on results.  Underlying pre-tax profit for the year is expected to be not less than £9.0m, a decline on last year’s £10.7m.  Expectations for 2020 have also been reviewed and although the group will benefit from investments made in 2019, the challenging trading conditions which are being experienced will make the first half of the year difficult.  Looking further ahead the company is well placed and the fall in the share price after today’s statement has probably been overdone.  The shares are a SPECULATIVE BUY.