22 January 2015 – trading update
For the year to 31 December 2014 profitability will be slightly ahead of market expectations. The company expects adjusted profit before tax growth of around 13%, with net fee income approximately 3% ahead of the prior year. Total net debt has been reduced by 36% from £15.2m to £9.8m. Full year results are due to be released on 5 March and ahead of the announcement we keep our BUY rating.