2 November 2010 – Q4 trading update

The fourth quarter of the financial year to 30 September has seen a 13% increase in turnover from continuing operations as this rose to £33.6m, whilst a pre-tax profit of £2.9m was recorded compared with a loss of £0.6m in the same period in 2009.  The full year has seen strong growth as it has progressed and although we were expecting the group to make a loss in the financial year just ended it has made a modest profit of around £0.5m.  The issue of a US$60m convertible bond in early October has left the group in a strong position entering the new financial year.  Although the shares have moved up sharply from our recommendation price of 11.25p at the end of September (see issue 12) they remain ATTRACTIVE.