5 November 2012 – trading update
The company now expects results for the year to 31 December 2012 to be below market expectations. It also intends to take the dispute over a leased property near Newcastle into mediation, which on the positive side should clear up the issue and eliminate the distraction that this issue is creating. The share price is now at the year low and with a market capitalisation of under £6m there is scope for considerable upside over the longer term. Nevertheless, there are more attractive alternatives for those with free cash so we move our rating to HOLD for now.