25 July 2019 – trading update

The company has issued a trading update for the six months ended 30 June 2019, ahead of publishing interim results on 24 September.  Current trading is in line with expectations and further growth is anticipated in the remainder of the financial year.  As at 30 June 2019 the cash position was over £24m, including over £11m of unrestricted cash balances.  Revenue for the six months ended 30 June 2019 increased by 5% to £61m, driven primarily by a 13% increase in the average number of Advisers to 1,242 over the period.  We continue to rate the shares as a BUY.