8 October 2010 – trading update

A disappointing update has revealed that whilst revenues in the three months to 30 September were higher than the previous quarter, the half year to 30 September will have generated lower revenues than the same period last year.  The period is expected to produce an operating loss whilst the group will also write off £1.7m owed to it by Connaught.  With net debt also having risen in the first half, and trading remaining subdued, we believe that there are better opportunities elsewhere and believe that the shares are a SELL.