The company has issued a trading update for the period between 1 July and 27 October, stating that: “Whilst trading conditions in our markets remain difficult we still expect to return the business to profit in this financial year. The Group continues to have a strong balance sheet and a sustained focus on cost control and cash management. In line with our strategy we continue to focus on profitable projects rather than market share.
Over recent weeks, the Group has experienced some customer deferral of projects anticipated to be delivered in quarter four of 2010. Therefore revenue for the year ending 31 December 2010 is expected to be between £95m and £100m, with the improved margin experienced in first half of 2010 expected to be maintained in the second half of the year.
The Group continues to manage working capital carefully, and anticipates a cash inflow in the second half of the year.”