25 January 2018 – trading update
The company has announced that it expects trading performance for the year ending 28 February 2018 to be ‘moderately below current market expectations’. There have been further declines in the new car market resulting from the depreciation of sterling and the weaker general consumer environment. The company has a strong balance sheet and is managed sensibly. Full year results are due out on 8 May. We rate the shares as a BUY and believe they are fundamentally undervalued despite the somewhat challenging trading environment.