27 November 2018 – interim results
Interim results for the 28 week period ended 11 October 2018 have been released. Although group revenue was 6.7% higher at £499m versus £468m last year, underlying profit before tax slipped from £41.8m to £37.9m. Underlying profit for the period, after tax, was £30.6m versus £33.4m and underlying basic earnings per share fell from 6.7p to 6.1p. Statutory basic earnings per share were 1.2p, down from 6.5p, but the interim dividend was held at 2.5p per share. There is some hard work ahead to drive the business forwards. However, we feel that the niche retailer is well positioned and rate the shares as a BUY.