18 November 2011

Yesterday’s trading statement has revealed that althougb overall trading at the group has been strong, the problems in the eurozone have reduced demand in the region, with the result that full year profits for the year to 31 January 2012 will be lower than previously expected.  We have cut our forecast to £5.1m before exceptional items, a similar level to last year.  However, we do not believe that the share price reflects the progress made at the group over the last two years, nor the potential for recovery next year.  We have a share price target on the shares of 55p.