12 June 2017 – trading update
A very strong trading update has been released. Earnings per share from continuing operations for the year to 31 March 2017 were ahead of the previous year and management expectations following another strong year of trading. There was a net positive cash position as at 31 March 2017 (31 March 2016: £2.5m net bank debt). The progressive dividend policy is set to continue with an increase on the 2016 total payment of 2.0p per share. We rate the shares as a BUY.