Bagir says trading in line with market views

21st Oct 2016 10:40

(ShareCast News) - Innovative tailoring company Bagir says it is trading in line with market expectations for this financial year."We are making significant progress under our strategic plan to maintain this momentum across the business into 2017 and beyond," it said in a trading update.The company's recent placing to raise £6.4m would be transformative for the business as this, together with the agreement of lenders, would allow it to clear $21m of debt currently outstanding."We are again excited about the potential of the business," Bagir said."One advantage of having been through the process of the last two years is that we have had to review every aspect of the business without exception and as a result."The business is stronger and leaner than it has ever been and arguably better positioned to compete. We look forward to updating all shareholders on our continued progress."At about 10:50 BST, shares in AIM-quoted Bagir were up 7.14% to 3.75p.