The moving parts are proving difficult to assess given a higher than expected level of disruption to the business in the short term caused by flooding at its fabric manufacturing facility, with UK sales in both fabric and wallpaper affected in current trading. However, the insurance claim period runs until Dec’17 and it should therefore be fully protected against both higher loss of profits and asset repair/replacement costs. Strategic development continues mostly unaffected and, in the absence of the floods, FY17 ought to have been the year to see increased growth rates emerge. Optically this might not become evident for another 6-12 months now. However, confidence in FY’18 numbers is high, so any adverse reaction to current trading performance could therefore present an opportunity.