15 September 2011

Today’s interim results have demonstrated that the group continues to make excellent progress with profits, earnings per share and the dividend all increasing in the first half.  The streamlining of the UK operations continues whilst the overseas activities provide scope for growth.  Despite this progress the company’s shares have dropped back significantly leaving them on a prospective p/e ratio of just 6.0x.  The shares are due a serious re-rating and we maintain our share price target of 66p.