11 November 2011 – interim management statement

A trading update has confirmed that trading is in line with expectations with profits for the year to 31 December likely to be slightly higher than forecasts helped by better than expected prices being achieved on certain land sales.  Although trading is relatively subdued, it is at least stable, although the group is concerned that if the problems in the eurozone continue then bank funding in the property sector will become even more difficult.  As a result, the group remains cautious in its approach and is operating with net cash.  The company is well-positioned to benefit from any recovery in markets and the shares remain a STRONG HOLD.