20 April – AGM statement

The company has reported that the first quarter of 2010 has shown a significant improvement in trading over the first quarter of 2009, continuing the trend seen in the last quarter of 2009, when activity levels notably increased.  Although the shares have moved up from 54p last month, they still look cheap based on our forecasts of pre-tax profits of £3.1m for earnings per share of 8.2p.  With a prospective yield of almost 4% as well, the shares remain a BUY.