MALCOLM MORGAN | PEEL HUNT
Like-for-like growth of 10 per cent is encouraging, but the guidance on budgeted exchange rates is less so and we will downgrade our annual profit forecast by five per cent. Underlying growth remains encouraging and hence we retain our “buy” recommendation and 274p target price.
STEVE LIECHTI | INVESTEC
The update was as expected, and our valuation is in line with its peers reflecting good mid-term prospects though the foreign exchange situation currently is unhelpful. Sales were above our forecast and highlighted good momentum. We remain a buyer with a price target of 247p.
PAUL RICHARDS | NUMIS
A solid pre-close update for the year in line with our expectations, and we expect another robust year of underlying growth in fiscal 2013. However, due to FX headwinds we are trimming our 2013 profit before tax estimates by six per cent to £55m from £58.5m. ITE remains a “buy” with a target of 288p.