31 January 2019 – trading update

A trading update had been released ahead of final results being announced on 16 April.  Group revenue for the year ended 31 December 2018 was around 42% higher than in 2017.  After stripping out acquisitions, organic sales growth in the year was approximately 6%.  Profit before tax for 2018 is expected to be between £10.6m and £10.8m.  However, stock levels were above long-term averages and net debt of £19.9m is above market expectations.  On balance we still rate the shares as a BUY.