A pre-close trading update released on 23 October revealed that performance in the year ended 30 September 2012 was slightly ahead of market forecasts and the level of net cash stood at £4m at the period end. We have upgraded our 2012 forecasts accordingly to £1.9m at the pre-tax level (previously £1.8m) for earnings per share of 3.9p (previously 3.8p).

This update clearly demonstrates the strength of the business given the tough economic backdrop. The multi-channel business saw an increase in sales order intake of over 15%, which implies that the company is justified in its belief that further positive progress is achievable in the year to 30 September 2013.

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