4 Feb 2010 08:51

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2009/10 Third quarter update
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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.
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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'.
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The balance sheet remains strong - with high levels of net cash and short term deposits.
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In the meantime we continue to actively drive, encourage and support the Group's ongoing product development and production efficiency programmes.
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Michael Bell
4 February 2010
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