Trading update

Following on from the Group’s update in September, trading to 3 November 2019 has continued well.  Compared to the same period in the prior year, sales and profits are ahead. Royalties receivable are also significantly ahead of the prior year driven by the timing of guarantee income on signing new licences.

Our preliminary estimates of the results for the six months to 1 December 2019 are sales of not less than £140 million and profit before tax of not less than £55 million.

A further update will be given asappropriate.