18 January 2018 – trading update
A trading update has been released along with news of some Board changes. The update relates to the financial year ended 31 December 2017 ahead of results for this period being released in March. The first four months of the second half of 2017 were characterised by weaker markets but trading performance improved in November and December 2017 relative to the first four months of the second half. Overall there was a positive result for the year, with total revenue growth of 2.1% and like-for-like revenue growth of 0.5% in the UK and 4.2% in Continental Europe. Underlying profit before tax for the year is set to be in-line with consensus market expectations of profit before tax of £42.5m.
In terms of board changes, Amanda Aldridge is to be appointed to the Board as a Non-Executive Director with effect from 1 February 2018. Dick Peters, Non-Executive Chairman, will step down from the Board on 31 May 2018. Philip Lawrence, a Non-Executive Director of the Board since June 2015, will be appointed Non-Executive Chairman with effect from 1 June 2018. The shares remain a BUY.