19 May 2011 – AGM statement

The harsh economic climate and higher fuel costs which have reduced road usage have combined with customers delaying minor repairs to reduce revenue at the collision repair chain by 14% in the first four months of 2011.  Although costs at the group have been reduced it has not been by enough to make up this shortfall in profit and full year profits are therefore likely to be below expectations.  The share price, which had been weak anyway, has been hammered further and the shares are now probably oversold.  There is scope for a bounce in the share price – SPECULATIVE BUY.