21 January 2016 – trading update
A third quarter trading updated has been released, with profit and net debt expectations for the full year unchanged. Group sales were up +0.1% but branded sales down 1.0% in the quarter, with Sweet Treats up 6.5%. International sales were up almost 10% at constant currency. The shares are down on the back of the news but we believe the shares continue to represent good fundamental value. BUY.