It's been widely expected that they would come in with a poor trading statement, and so it proved. The stock has become detached from the rest of the sector over the past 4-6 months. Its valuation attractions have managed to hold the shares today. |
The main driver of the results was an increase in the operating margin and this is a credible performance in light of the cost pressures prevalent and limited movement in the average sales price. |
We will leave numbers unchanged and retain our neutral stance based on valuation. |