6 October 2011 – trading update
An update for the half year ended 30 September has been provided. Overall performance in the first half of the year is anticipated to be in line with expectations, with a more challenging second quarter being a worry and these conditions are likely to persist for the rest of the financial year.
year. The company currently expects underlying operating profit for the half year to be broadly in line with last year, after adjusting for the profit impact of one less working day, estimated at £500k.
Two depots have been closed and this, along with some restructuring in a number of other areas of the business, will result in one off costs of around £700k. Investment in the future continues and the company has stated that it remains in a sound financial position. Interim results are due out on 16 November, ahead of which we keep our HOLD rating.