22 June 2017 – AGM statement
At its AGM today, the group will report that revenues have risen by 5.5% in the 24 week period to 16 June with the sports, leisure and toys businesses all reporting growth. Although revenue from the group’s bicycles and mobility businesses was lower than the comparable period last year, the bicycle business has now moved back into profit following the restructuring in the last quarter of last year. The group believes it will be able to maintain profitability for the full year helped by the launch of new ranges. Although the group is only cautiously optimistic over prospects for the second half due to currency concerns, the order book is 35% higher than this time last year. This is a typically cautious statement from the company and we continue to rate the shares as a BUY.