2 August 2018 – trading update
Trading in the six months ended 31 July 2018 continued to reflect the difficult marketplace covered in the company’s trading update announced on 24 July. Total brand sales in the half year were down 5.7% per cent in reportable currency versus the first half of last year. Brand sales in the UK were down 6.8% and international brand sales were down 4.4% in reportable currency. Licensing income performed notably well and was up approximately 40.4% in reportable currency. In manufacturing, third-party sales were up 11.1%, helped by strong growth in exports. Expectations for the full year remain unchanged following the trading update issued on 24 July, in which it was stated that adjusted profit before tax for the year ending 31 January 2019 is likely to be in the range of £9.5m to £10.0m. Interim results are due out in early October and ahead of that news we keep our HOLD rating.