30 August 2013 – AGM trading statement
A very positive trading statement from the company has revealed that current trading remains very strong and, as a result, the profits for the year to 31 March will exceed management expectations. The current order book is £102.5m (August 2012: £90.2m). The group continues to make strong progress driven by a combination of factors including focused management, execution of the 3 year strategic plan and improved market conditions. Pre-tax profits for the current financial year are now more likely to be closer to £4.0m than the £3.0m we forecast back in July (see issue 82) for earnings per share of around 4.4p. With net debt declining and further profit progress likely next year we re-iterate our buy recommendation despite the rise in the share price. BUY.