13 July 2011 – AGM Statement
At today’s AGM, it will confirm that it has made a good start to the financial year with trading since 1 April in line with expectations. Revenues for the first quarter are up by 5.5% compared to the same period last year and the group remauns in a sound financial position. The shares have disappointed since we first recommended them at 295p in February and there is probably better value elsewhere, although the prospective dividend yield of 6.5% means that for income seekers the shares are a HOLD.