7 October 2010 – trading/offer update

The group has confirmed that trading in the year to 30 September has been in line with management expectations and ahead of last year.  The order book is also on target for the year and this provides a strong platform for the year ahead, although given the uncertainties surrounding the Government spending review the outcome for the financial year will be hard to predict.  However, the strong balance sheet and cash position continue to position the group well for the future.  The group has also decided not to increase its offer for Mount Engineering and this will therefore lapse.  We continue to believe that the shares are undervalued and rate them a BUY.