19 May 2010 – interim management statement

The company has issued a disappointing IMS with trading in the first quarter of the year being mixed.  Although underlying revenue was up by 1%, a slowdown in order intake means that revenues in the second quarter will be lower than last year.  In addition there is no sure sign that the order situation will improve.  The group has gone from net cash of £0.6m at the end of December to borrowings of £1.6m due to the costs of an aborted acquisition, some restructuring costs and adverse currency movements.  There are better opportunities elsewhere in the market – SELL.