28 November 2011 – final results

Today’s announcement of its annual results for the year to 30 September have shown that the group continues to make good progress despite the challenging market conditions.  Both profits and earnings per share have risen, whilst the strong operating cash flow has allowed debt to fall once again so that gearing is now a comfortable 36%.  The group has started the new financial year with a strong order book and the introduction of new products should attract new customers as well as generate more business from existing ones.  We believe that the shares look excellent value and have set a share price target of 62p – potential upside of 138%