Year Ending March 2007 The year ending March 2007 produced another solid performance, with all business areas generating acceptable profits. In the course of the year the Defence business based at Stanhope was sold, eliminating all remaining debt. All residual pension liabilities were insured. At the Sheffield plant greensand manufacturing operations were run down, and the plant modified to focus entirely on the high integrity sector. Machining facilities were expanded at Leeds. NDT operations were consolidated at Precision and the Burton plant closed. Thus was finally completed the restructuring programme begun in 2003. The current year has continued to benefit from strong demand, particularly in the oil and gas and mineral sectors. Once again, I would like to thank all those who by their hard work contribute to our continued success. Andrew Cook December 2007     Year Ending 31st March 2007 £000 Year Ending 1st April 2006 £000 Year Ending 2nd April 2005 £000 SALES 74,479 86,849 98,169 NET ASSETS 26,087 11,957 (1,264) SHAREHOLDERS' INVESTMENT 18,957 18,957 18,957 NOTE: The financial information set out above does not constitute the Company’s statutory accounts but is derived from those accounts. Statutory accounts for the year ended 31st March 2007, 1st April 2006 and 2nd April 2005 have been delivered to the Registrar of Companies. The Auditors have reported on those accounts; their reports were unqualified and did not contain a statement under section 237(2) or (3) of the Companies Act 1985.