22 February 2012 – trading update
A positive trading update from the group has confirmed that the results for the year to 31 December 2011 are expected to be ahead of expectations. Net debt is expected to be lower than current market forecasts. As the shares were already on a very low p/e ratio of just over 7x for 2011 before this announcement it can be seen that these are cheap. The new year has started with a strong order book meaning that further progress is on the cards for 2012. The shares remain a BUY.