20 January 2012 – trading update

In its pre-close trading update, the group has revealed that revenues and profits for 2011 will be marginally ahead of expectations.  The group had a record order book at 31 December with an exciting pipeline of potential prospects.  The group has a strong balance sheet which will serve to underpin growth going forward and prospects for the company remain exciting.  Although the shares stand on a prospective p/e ratio of about 15x for 2011, falling to under 14x in the current year, there is scope for upgrades in forecasts and the shares remain a LONG TERM BUY.