24 July 2012 – trading update

A disappointing trading statement from the company has seen the share price give up its recent gains.  Depressed trading in China and the negative impact of the earthquake in Northern Italy have been highlighted before, but the recent weakening of the Euro will have a serious negative impact on the company’s results.  Nevertheless, the approach from Titan International Inc which may lead to an offer for the company should provide some support to the shares.  HOLD.