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Last checked at 
4 Feb 2009 13:24
Interim Management Statement
Since the time of the interim report the Group has seen an overall reduction in demand as the global economic climate deteriorated.
The short lead-time order books of the forgings and petrol station forecourt structures divisions experienced quelling in demand and as a consequence reduced output. Notwithstanding, we took the appropriate action early to mitigate the effects on these businesses and thereby better aligned capacity to match our customers requirements.
Conversely and most pleasingly, our defence division - which enjoys a much longer term order book visibility - maintains the pattern of increased growth in line with our earlier expectations.
The balance sheet remains strong with net cash and short term deposits.
Michael Bell
Wednesday 4 February 2009
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