29 June 2021 - AGM trading update

The company has issued a trading update to coincide with its AGM and this has merely confirmed that trading remains in line with previous guidance.  We therefore retain our forecast of adjusted pre-tax profit of £25m for the full year for earnings per share of 18.1p.  The second half of the year should see an improvement in performance as the economy returns to more normal conditions and standing on a prospective p/e ratio of around 10x we believe the shares are too cheap.  They are a BUY

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