15 February 2011 – interim management statement

Although the weather conditions during December were unusually severe, the impact on the business was largely neutral as overall demand has remained relatively consistent with that experienced in the first half of the financial year.  Full year results are therefore likely to be in line with expectations.  Although a sustained recovery is likely to be some way off, it seems likely that opportunities will arise in future and the group’s strong balance sheet means that it can take advantage of these.  After the strong rise in the share price we have lowered our recommendation to HOLD.