16 November 2010 – trading update

During the six months ended 31 October 2010 the company traded in line with management expectations and ahead of last year. Net debt at 31 October, the seasonal high point, was £26.6m versus £27.0m a year earlier. The shares trade at well under 6 times forecast earnings for the current year and if the price does not advance strongly then a bid would come as no surprise. STRONG BUY.