25 April 2019 – AGM statement
At today’s AGM the company will state that it has seen a number of order deferrals, particularly in the UK, with much of this thought to be down to the uncertainties surrounding Brexit. Although the company currently believes that it will meet full year expectations, profits are likely to be very much weighted to the second half of the year and this has obviously created a degree of uncertainty. The group is optimistic that it will be able to announce a number of contract wins over the coming months but until there is concrete evidence of this the shares are unlikely to make much upward progress. We therefore reduce our recommendation to HOLD.