26 October 2010 – trading update

A trading update has been provided ahead of interim results for the 6 months ended 1 October 2010, which will be announced on 7 December. Underlying trading for the period is expected to be marginally below management expectations but in line with the same period last year. Although a progressive interim dividend is still expected, there is little to be excited by in the short term and for now we rate the shares as a HOLD.