** Ben Bailey ** - It's ALL in the PRICE

After the blip earlier this year, it seems that the company is back on track. If EPS for the full year is around 75p, the P/E rises to a little under 6, more in line with its peers than at present, but still on the low side. However, the outlook for housing is more promising now than six months ago, and the prospects for the company are looking better.

I must admit to being mildly relieved by today's low key but confident statement, after the rather unexpected downturn that the company reported earlier in the year. It seems as though the company has recovered from that dip, and the news on the land bank is positive. The positive update makes Bailey somewhat more susceptible to a bid, but I am keeping my holding of shares not in anticipation of that (which remains a bit of a long shot, I believe), but steady growth next year.