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4 Feb 2010 08:51
2009/10 Third quarter update
Since the time of the interim report, our 'Defence' business continues to prosper in line with our expectations and pleasingly there are further signs that a recovery in activity in our 'Industrial Engineering' businesses is starting to emerge, fragile though that recovery may be.
The Group order book is substantial and heavily biased in favour of 'Defence', a most favourable position as we perceive that it may be some considerable time before there is a real and sustainable recovery in order intake levels from the broad global markets served by 'Industrial Engineering'.
The balance sheet remains strong - with high levels of net cash and short term deposits.
In the meantime we continue to actively drive, encourage and support the Group's ongoing product development and production efficiency programmes.
Michael Bell
4 February 2010
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