7 May 2019 – AGM statement
The company has issued a trading update to coincide with its AGM and this has confirmed that in the first quarter of 2019 the group has delivered year on year growth in net fee income. Although the group remains on track to meet full year market expectations, the group’s profit contribution is likely to be more second half weighted due to previously highlighted additional staff costs and the cost of opening new branches. In addition, the businesses in Japan and Germany started the year from a lower base. Overall though this was an encouraging statement and the shares remain a BUY.