30 June 2011 – trading update
It is the company’s AGM today and a trading update has been released to coincide with this. All relevant markets have remained strong and the company is continuing to increase output in many of its factories to meet growing levels of demand. In the period to the end of May 2011, revenues were more than 50% ahead of the same period in 2010.
Full year results are now expected to be ahead of market forecasts. Interim results are due out in late August. The shares have now doubled since our tip but theree is scope for them to move higher. With momentum behind the recovery story, we keep our BUY rating for now.