4 February 2014 – trading update
The group has issued a trading update confirming that trade continues to be broadly in line with expectations. However, this reflects different performances from different areas of the group although margins and cash flow remain strong. The acquisition of Shengli in China has been delayed for 2 months but should be completed by the end of the month. The group expects that the final quarter of the financial year will be in line with expectations but the chairman is expecting a year of strong progress next year which bodes well. We continue to rate the shares as a BUY.