23 January 2012 – trading update

Results for 2011 are expected to be in line with expectations although net cash at the year end is forecast to be higher than previously expected.  A final dividend of 3.5p is expected to be proposed, taking the total for the year to 5.4p.  This puts the shares on a yield of 9.2%.  Although trading conditions remain difficult, the company is well-placed to make progress going forward and the shares remain a BUY.