22 July 2014 – interim results
Results for the six months ended 30 June have been released. Sales were 6.1% lower, attributable to challenging market conditions. Underlying business trading profit was 2.1% higher at £48.1m. Net debt at 30 June 2014 was £571.9m, down from £830.8m at 31 December 2013. Profit expectations for the year are unchanged, so the shares look extremely good value. BUY.