18 July 2011 – interim management statement

A trading update for the six months to 30 June has revealed that trading has been ahead of expectations for the period with overall revenues on a constanr currency basis up by 8% compared with the previous year.  This revenue growth has increased profitability with higher operating margins being achieved and further progress is expected is expected in the second half.  Net debt has reduced in line with forecast and this is expected to fall further in the second half.  The shares are GOOD VALUE.