8 August 2011 – trading update

Revenue for the half year to 30 June 2011 was £253.2m, up 51.7% on a year earlier.  The interim results will exceed the company’s expectations. The order books and forecasts for the full year remain solid which means that there is confidence that full year results will be in line with expectations.  On that basis the shares look cheap and having fallen from a high of 153p over the past few weeks a BUY rating looks deserved ahead of the interim results announcement in early September.