25 September 2018 – trading update
A trading update has been released to coincide with the company’s Annual General Meeting. Revenue and operating profit (before separately disclosed items and share-based payments) for the half year should be broadly in line with the comparative period for the prior year. Expectations for the full year are unchanged, with revenues set to be at a similar level to last year and there should be a modest improvement in operating profit for the year as a whole. Current net debt is approximately £15.0m including a £3.0m receivable where receipt of the outstanding balance is expected very shortly. Expectations for year end net debt are also unchanged from previous guidance. The Group’s order book of secured contracts stood at £161.3m as at the end of August. We keep our BUY rating.