Yesterday’s results demonstrated that the revised strategy is working; the trading performance was generally strong and the troublesome Yarns business has gone. Frustratingly, production issues at CTT took the gloss off strong performances from the other three divisions. The weakness of sterling boosts the outlook and we upgrade FY17 PBT by 7%, although higher tax dampens the EPS upgrade (1%). Of course, the wider impact of Brexit remains an unknown, but we continue to support management’s strat ....
