18 July 2011 – trading statement

Trading in the six months ended 30 June 2011 was pleasing and interim results are expected to show organic growth of 13% in revenues.  Revenue growth will be 27% including acquisitions since 1 January 2010, including a full six months of turnover from Sircal and a maiden contribution from Deben, in which a 51% interest was acquired on 18 March 2011.

The balance sheet will show an improved cash position as at 30 June 2011, ahead of the year-end level.  The company anticipates that interim profits and earnings per share before exceptional items will be consistent at this stage with market expectations for the full year.  We continue to rate the business highly and maintain our BUY recommendation.