14 July 2011 – trading statement
In the last issue of cityconfidential, we said that readers who bought ahead of today’s trading statement could be well rewarded. As the shares have risen by almost 10.7% since last week this has proved correct and yet there may be more to go for. The trading statement covers the year to 30 June and has confirmed that revenues were around £250m as expected with underlying profit also expected to be in line with market expectations. Net debt had reduced to under £68m at the year end compared with £73.3m at the end of December and this is after paying out £10m in dividends and deferred consideration during the period. Although full year results will not be out until 14 September the trading statement seems pretty positive and the shares are a BUY.