28 June 2012 – AGM statement

At today’s AGM, the company will reveal that sales in the first four months of the financial year were broadly in line with the second half of the prior year on a pro-rata basis.  Although the company currently expects to meet market expectations for the financial year, order visibility only extends to four weeks meaning that this position could change rapidly.  Although long term prospects remain solid there seems little to go for short term and we reduce our recommendation to HOLD.