22 January 2019 – trading update
A trading update has been released covering the year ended 31 December 2018, ahead of the final results announcement on 9 April. As expected, 2018 finished strongly and this means that results for the year are due to be in line with market expectations. Revenue will be over 10% higher than 2017, reflecting core growth of around 5% and the first contribution from krow Communications. Headline profit before tax is expected to be up over 20% at £9.4m. Net bank debt as at 31 December 2018 was £4.0m, slightly better than market expectations, which will see the company paying lower interest than it did previously. We continue to rate the shares as a BUY.