5 July 2017 – trading update
The group has issued a positive trading update for the year to 31 May with underlying pre-tax profits for the year expected to be slightly better than previously expected due to a lower than expected financing charge for the year. Net debt at the year end was £15.7m, much reduced from the level of £36.9m last November. The results for the year are expected to be published in August but ahead of that announcement we maintain our recommendation of BUY.