24 January 2012 – interim results

On the face of it interim results from the confectionary and snack foods group are reassuring. Adjusted diluted earnings per share were 15.7p (2010: 13.8p) and that makes the full year forecast of around 40p look sensible.  Nevertheless, the shares have moved lower in early trading, presumably due to the company’s comment that there is potential for lower Easter sales than last year.

There now looks to be potential for a bounce and based on fundamentals we rate the shares as a BUY.