7 October 2015 – trading statement
In a trading statement covering the six months to 30 September, the group has revealed that overall revenues in the period were down 5% with higher revenues in the USA and China helping to offset lower demand predominantly in the UK transportation business. Despite this, the company expects adjusted pre-tax profits to be significantly higher than the corresponding period in 2014 helped by improvements in productivity. A further update will accompany the interim results’ announcement due on 2 December, but we re-iterate our recommendation of BUY.