30 September 2010 – trading update
The company has issued a pre-close trading update for the year ending 30 September 2010. In general the content is very reassuring given the circumstances. The company’s cash position remains strong and is ahead of the level recorded at the same time last year. This is commendable given the programme of share buybacks, an acquisition and general investment during the year. The company has decided to cancel 400,000 of its own shares, which it purchased recently, with effect from 1 October 2010. As a result there will be 56,359,647 shares in issue from this date. Long term prospects remain good and we rate the shares as a BUY.