17 January 2011 – trading update

The group has issued a trading update for the year that has just ended before entering its close period.  Revenues for 2010 are likely to be ahead of market expectations, whilst profits for the year will be just in line with forecasts.  Despite significant one-off expenditure on the development of its websites, international marketing campaigns  and database management system, the group continues to grow opersting profits.  The group completed the refurbishment of its flagship retail store at 399 Strand in April and the development of trading relationships in China should help the group gain access to this market, which is the largest in the world.  The new financial year will benefit from a strong order book and the launch of new websites, while the Royal Wedding will also provide additional opportunities for business.  The shares remain ATTRACTIVE.