30 April 2015 – resignation and trading update
There has been some surprising news with the resignation of Chief Executive Officer Nigel Rogers. Fortunately this was accompanied by a reassuring trading update. In the year to 28 March 2015 Group revenues are expected to be approximately 5% ahead of the previous year, or 3% on a like-for-like basis excluding the effect of the acquisition of TYKMA Inc. in February 2015. Total group profit before taxation (including the effects of pension credits, pension credit interest, amortisation and the costs attributable to the acquisition and associated fund raising) is expected to be over £3m (2014: £2.48m). Results are expected to be released at the end of June 2015. We rate the shares as a BUY.