11 May 2017 – trading update
The company has issued a very positive trading statement covering the first four months of the year with both revenues and pre-tax profit coming in well ahead of expectations. The group has also successfully renegotiated the terms of a contract at the German retail division and this will result in lower rental payments for the group. The combined effect of increased sales and lower costs means that pre-tax profits for the year to 31 December 2017 are likely to be £1.1m for earnings per share of 4.5p. As we only tipped the shares last month at 21p, we reduce our recommendation to HOLD