19 April 2012 – interim management statement

The microwave electronics group has reported that trading in both its business segments continues to be in line with expectations.  In Broadband, revenues and profits are likely to be a little better than forecast, whilst Wireless continues to make good progress.  However, the full year result (the year end is 31 May) remains subject to the timing of orders in the Wireless business which creates some uncertainty.  Although the board believes that full year forecasts will be achieved, at this stage the shares are a HOLD.