The Company has issued a trading update today covering H1. There is no new news with respect to the trading of the two units or the expected profile of profits and investment in the year. Net debt is also in line and the group goes on to reiterate its confidence in meeting market expectations for the full year. There is an update on the VAT issue that confirms no need to change the current provisions made. Cello has been building a good record of delivery and todays update continues this. We remain bulls of the stocks and reiterate our Buy rating.
