23 January 2017 – trading update
A trading update has been released ahead of preliminary results for the year ended 31 December 2016, which are due out on 20 March. Underlying profit before tax is expected to be in line with consensus market expectations. Strong net operating cash flows during 2016 meant that as at 31 December 2016 net debt was £10.8m. This is £2.3m better than expected. Given the nature of the business and low share price we now rate the shares as a STRONG BUY.