17 September 2010 – interim management statement

The group has issued an interim management statement for the period 3 May to 17 September, revealing that customer caution has led to lower revenues than the comparable period last year.  Sales of work wear equipment in the Marine Division are lower and key customers in the North Sea remain cautious. However, costs have been cut accordingly and long term prospects remain good and increased activiry is now being seen in the North Sea which should lead to increased demand for the group’s services and products in 2011.  Although short term share price action is likely to be muted we rate the shares a LONG TERM BUY.