Trading update and notice of results
We are pleased to announce a trading update ahead of our full year results for the year ended 30 April 2024 (the “Period”), which are expected to be announced on 16 July 2024.
Revenue for the Group grew by c.5.7% in the Period and is expected to be not less than £172.0m (FY 23: £162.7m). During the Period, the board remained committed to its long-term strategic plan and continued to invest in, strengthen and diversify the business. Group underlying profit before tax* for the Period is expected to be not less than £22.8m (FY 23: £25.1m), reflecting the board’s decision this year, unlike last, to make a provision of £4.5m for employee bonuses.
The Group maintains a strong balance sheet with net cash of £3.3m (FY23: £4.3m), net of in-Period investment in acquired and organic opportunities to generate future growth and supporting the employee benefit trust with its recent purchase of shares.
* Underlying profit before tax excludes remuneration for post-combination services, gain on bargain purchase, share-based payment charges, acquisition related amortisation and exceptional items.
Board change
David Wilton was appointed to the board as a non-executive director and Chairman designate on 1 February 2024. The board and David have mutually agreed not to continue with David’s appointment as Chairman and David will stand down from the board with effect from today’s date.
The nomination committee has begun a process to recruit a new Chairman. In the meantime, Nigel Payne has been asked, and has agreed to, continue to Chair the Group until a successor is appointed.