5 July 2010 – Trading update

A trading update has been released and pre-tax profit for the six months to 31 July 2010 is now expected to be significantly higher than management’s previous expectations. The company has a cautious outlook due to the weak broad economy but still anticipates full year results ahead of management’s previous expectations. This news justifies our recent recommendation and with the shares trading on a low multiple of prospective earnings there is scope for a re-rating.