29 July 2010 – trading update

Sales in the first half of 2010 were £9.62m, up 9% on last year’s figure of £8.85m. Demand for the Lees range of products continues to be strong, and both Lees of Scotland and The Waverley Bakery achieved record sales for the first half of the year.

Pre-tax profits for the first half of 2010 are expected to be significantly ahead of last year’s figure of £394k and both sales and pre-tax profits are now expected to be ahead of market forecasts for the full year. Interim results are due out on 29 September and we rate the shares as a BUY below 200p.