8 September 2011 – AGM Statement

A slightly disappointing trading statement at today’s AGM has revealed that current trading remains challenging with the aviation business, which trades as jet2.com, being adversely affected by weaker consumer demand.  This is expected to continue for some time.  The Fowler Welch distribution business has increased revenues but is suffering from pressure on margins.  Although the group still expects to meet market expectations for the current year, there are sufficient uncertainties to cause some doubt in our minds and we believe that the shares are no more than a HOLD.