3 May 2012 – interim trading statement
The group has reported a strong first quarter with revenues up by 75% to £58.9m, with the increase being 26.1% on a like-for-like basis. The group has delivered strong results, notably in the AgriBusiness and Transportation divisions. Net debt at the end of March stood at £85.1m compared with £102.8m at the end of December, helped by the equity fund raising of £26.9m. The group continues to invest heavily in its business and with trading in the second quarter continuing to be in line with management expectations we continue to rate the shares as a BUY.