10 July 2017 – trading update and acquisition
The company has reported that revenue during the first half of the current year increased by 24.7%. Growth is being driven by the continued momentum across all the business divisions as well as the contribution from new subsidiaries. It is on track to meet expectations for the full year. The acquisition of Orange County Limited, a company which achieved sales of £4.1m and EBIT of £1.0m in 2016. The maximum consideration payable is £9.0m. A sum of £1.7m, equivalent to the net cash resources held by Orange County Limited, will also be paid. Interim results are due out on 12 September and we continue to rate the shares as a BUY in the meantime.