3 August 2010 – interim results

Results for the six months to 30 June 2010 have been released and these were impressive. In particular, the business was highly cash generative, bringing in £240m from operations. This resulted in a net cash position of £71m versus net debt of £169m a year earlier. The interim dividend has been set at 14.1p, up from 4.1p in 2009, with the ex-dividend date being 29 September. We continue to believe that the company is undervalued and rate the shares as a BUY.