3 July 2012 – disposals and trading update
A surplus freehold property at Shepshed, Leicestershire has been sold for £1.2m. The wholly owned Group subsidiary located in South Africa has been determined to be non-core and sold. Cash proceeds on completion, net of transaction costs, are expected to be approximately £1.54m.
Group results for the year ended 31 March 2012 will be reported on the basis that the South African operations represent a discontinued activity. The company has stated that trading results for the year ended 31 March 2012, when reported on this basis, will be slightly ahead of the corresponding results for the year ended 31 March 2011 but profitability of both continuing and discontinued operations will be materially below market expectations. Furthermore, results in the current year are also expected to be below market expectations. The shares are now a HOLD.