12 May 2010 – trading update

A trading update at today’s AGM has revealed mixed trading with good performances in Asia and parts of the Americas balanced by weaker results from North America and Europe.  The sales process is now taking longer, meaning that the timing of contracts remains difficult to predict and this means that some business will be pushed back to the second half.  Although the company believes it will meet full year expectations, this is clearly a disappointing statement and we reduce our recommendation to HOLD.