27 February 2012 – trading update

Although sales and adjusted profit before tax for the nine months ended 31 January 2012 are ahead of last year, there has been further pressure on Easter orders.  This means that the company now expects adjusted profit before tax for the current financial year to be approximately £5.5m.  Net debt remains in line with current market expectations.

Since the Interim Statement both the Group’s Confectionery and Natural Snacks divisions have received confirmation of significant new all year round business, with a number of customers for both branded and private label products.  A cost reduction plan has been implemented, which will benefit the next financial year.  Assuming flat seasonal sales, the outlook for the financial year ending 30 April 2013 remains in line with current market expectations.  The shares look cheap and we retain our BUY rating.