3 October 2013 – trading update
A trading update covering the 26 weeks to 30 September has been released. Group revenue is expected to be in the region of £116m (2012: £106.3m), representing an increase of 9.1% on a reported basis and 15.5% on a constant currency basis. Underlying profit before taxation is expected to be approximately £6.0m (2012: £6.0m). Closing net debt is in line with expectations at around £29.5m (2012: £19.6m) following the initial cash outflow of £10.6m associated with the acquisition of Vado earlier in the year. The shares have had a good run and although there is plenty of scope for further upside in the long run, there are better opportunities elsewhere. At this level the shares are a HOLD.