28 April 2016 – interim management statement
A trading update has been released, covering the period from the start of 2016. Following a solid first quarter, with underlying profit before tax up 8.7%, results for the full year are still on track to be in line with expectations. This puts the shares on a prospective p/e ratio of 8.8. Given the modest level of gearing this looks too low. We continue to rate the shares as a BUY.