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.