15 February 2012 – trading update

A mixed pre-close trading update has been released ahead of annual results for the 11 month period ended 31 December 2011, which are due to be announced in April.  Investors may well focus on the fact that turnover was around 10% lower than the same period in the prior year at approximately £29m.  However, 2012 has started well and the company remains, in our view, significantly undervalued.  BUY.