21 July 2016 – trading update
Net fee income for the first six months of the year was approximately 13% ahead of prior year. There has been notably strong trading in the Continental Europe, Asia Pacific and Americas regions, especially in Germany, Japan, India, Chile and China. The investment in USA based Pharmaceutical Strategies is said to be performing in line with the company’s expectations. In the UK there was a slowdown during May and June in the run up to the EU referendum but this was mitigated by stronger trading across the rest of the group. Following the referendum sales pipelines are holding up well. Current exchange rates should be helpful with overseas earnings being translated into Sterling. Interim results are scheduled for 18 August and ahead of the announcement we maintain our BUY rating.