25 February 2015 – trading update
The group has issued a trading update confirming that the fire damage in December at its plant in Swansea will result in an exceptional charge of $15.3m being taken in the six months to 31 December. These results are due to be released during the week commencing 9 March. As all the assets are fully insured it is expected that this claim will be satisfied in the second half thus resulting in a similar credit. The insurance includes 3 year business interruption cover and full production is not expected to begin again at the Swansea plant for up to 12 months. The group is hoping to switch some production to its facility in the US – we believe the shares have recovery potential and are a BUY