9 March 2012

Results for 2011 provided few surprises given the trading update released last month. A large increase in pre-tax profits was mainly due to one off gains relating to the company’s pension fund and this helped offset weaker trading. A resumption of growth is expected this year though and the share rating does not look onerous, especially given the strong balance sheet which can boast net cash of almost £3m. There is considerable scope for some upside in the share price.