10 March 2011 – trading update

Trading for the year ended 31 January 2011 is expected to be in line with market expectations. Results are due on 12 May and greater detail on both last year and the current year will be provided then. It has also been announced that Group Finance Director Geoff Spink is set to leave later in the year. The shares have drifted back since the turn of the year following a very strong rise in 2010. We see no real justification for this and continue to rate the shares as a BUY.