21 June 2011 – trading statement

Since the final results announcement in April trading conditions have been difficult and the company now sees results for the full year being below expectations.  The share price has fallen by 112.5p, which is an understandable reaction.  The company now has a market capitalisation of just £6.65m and with net cash of over half of that at the last year end, the current valuation is not excessive.  Nevertheless, there are more exciting prospects elsewhere so we now downgrade our valuation to HOLD.