1 September 2017 – trading update
Since the trading update provided at the Annual General Meeting held on 26 July 2017, trading has continued in line with the trends set out in the update and in line with market expectations. On 31 August 2017 the company disposed of its freehold Jaguar Land Rover dealership property in Leeds for £14m in cash and the book value of the property was £10m. The profit on the sale will be accounted for as an exceptional profit. Results for the six months ended 31 August 2017 are due to be released on 11 October 2017. We believe that the share price fails to reflect the value of the business and retain our BUY rating.