Monday, 2 November 2009

Sanderson reports 'increased trading momentum'

(By Richard Holway 7.00am Monday 2nd Nov 09) Sanderson has issued a positive IMS saying that, since they concluded a new debt facility with RBS in Aug 09, they have experienced ‘an improvement in trading’ and expect the performance in the year to 30th Sept 09 ‘to be slightly ahead of expectations’. The new FY has seen ‘increased trading momentum’.

I wrote in Aug of the frustration the Sanderson directors had experienced with their bank. This had put a cloud over the whole operation for a year and seen their share price collapse from 30p to 7p. Once the new facilities were in place, the directors were free to ‘vote with their wallets’ and went a buying. Since then the share price has doubled.

(Note – I have been a Sanderson shareholder since their 50p IPO…)

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