23 July 2014 – trading statement/refinancing
The group has provided an update on trading for the 13 weeks to 29 June, revealing that revenues were down 5.7% compared with the same period a year earlier due to the weak South African Rand. Market conditions in the UK remain mixed and higher UK revenues were more than offset by a decline in export sales so that overall UK revenues were down 1.6%. Although revenues in South Africa rose by 6.2%, in sterling terms they were 13.1% lower. The group has also entered into a new credit facility which should reduce interest costs by £0.2m per annum. A cautiously optimistic statement bodes well for the full year and the shares remain ATTRACTIVE.