18 March 2011

The group’s results for 2010 have seen significant increases in revenue, pre-tax profits and earnings per share with all three divisions doing well.  Order intake has also been impressive with the group boasting record order books at the year end and the new financial year has started well.  We have increased profit forecasts for both 2011 and 2012 on the back of the latest results and the current rating of the shares does not look onerous given the group’s exposure to fast-growing emerging markets.