17 July 2018 – trading update
The company has issued a trading update covering the first half of 2018. Revenue increased by 66%, of which 9.1% was organic with the balance coming from operations acquired recently. General conditions in the UK, the company’s main market, are said to remain positive with recent reported growth from industry body BFPA of 6.7%. The increase was driven by product price increases across the sector. Similar conditions are also being experienced in Europe. Gross margins have remained strong and in line with market expectations. Interim results are due to be released on 18 September. We believe that the shares remain ATTRACTIVE at the current level.