As we anticipated, the moving parts are proving difficult to assess given the high level of disruption to the business caused by flooding at its fabric manufacturing facility, with sales in both fabric and wallpaper affected in current trading in both the UK and USA (where awareness is highest). However, the insurance claim period runs until Dec’17 and should therefore fully protect against both higher loss of profits and asset repair/replacement costs. Production is coming back on stream again as hoped and inventory should be rebuilt by the year end. We probably still have a further 6-9 months to wait therefore before we see increased growth rates emerge, a key catalyst for the stock.