15 December 2011 – trading statement

The group has issued a trading statement this morning confirming that it is on track to deliver good results for 2011.  However, prospects for 2012 are very uncertain given the state of the global economy with matters not being helped by volatility in foreign exchange markets.  Compared to the effective rates used for 2011, this could adversely affect profits by some 14%.  The shares have fallen back sharply on the news but we think that this may have created an opportunity for short -term traders once again.  BUY.