Trading for the year has continued in line with market expectations (2009 consensus eps 33.04p) and, as anticipated, cash generation in the second half of the year has been strong with year end cash balances ahead of expectations (cash at 28th March 2009 was £6.1m).After experiencing a slow decline in the share price from March 2009 to the end of July, when they hit a low of 155p, the shares have had a terrific run since then, exploding (must be all that pressure!) up to today's heady level of 225p, which still remains well off the historic high of 320p.The rating at 6.8x 2009 estimates and just under 8x for 2010 doesn't look demanding at all, especially considering the cash rich nature of the business, order book and the potential in biogas. 

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