3 July 2013 – trading update
The company has announced that profit for the current year will be significantly below current market expectations. In spite of this net debt as at the end of June had fallen from the year end level. The update was announced after the market closed yesterday and this timing is generally frowned upon. Unsurprisingly the share price has slumped today and there may be further weakness in the near term. However, we feel that there is scope for strong recovery over the medium to long term from the current level and therefore rate the shares as a LONG TERM BUY.