Torday & Carlisle - More in the pipeline

Great news. I didn't think that they would be able to sell Sovitol at a decent price before demonstrating a return to profitability. Increasingly with E. Wood, in contrast, showing growth and double digit profit margins the two businesses have been unequally yoked. Selling now enables management to focus on these growth opportunities at E.Wood without any further distraction.

I agree the share price is heading upwards with minimum target of 180p - it will be interesting to see how long this takes. There is a £900k loss on disposal in this year's accounts, but in addition to the impact of the elimination of Solvitol losses and borrowing costs, the business should now be valued with greater than a sub 10 PE rating without the perceived risk of the Solvitol business.