From their interim results in Dec 2006.

'CHAIRMAN'S STATEMENT



I am pleased to report that profit on ordinary activities for the six months
ended 30 September 2006 was #347,000, a positive movement of more than #1.2
million over the previous year's loss of #870,000. Approximately #900,000 of
this gain arose from improved margins and operating efficiencies in the
continuing businesses, and #300,000 from the elimination of losses at the Peter
Guild subsidiary sold in October 2005.



Sales rose to #21.1 million, compared with last year's #20.4 million. Strong
performances from Airsprung Beds and Gainsborough more than recovered the sales
shortfall of #955,000 arising from the Peter Guild disposal. The like-for-like
sales increase for the Group was 8.5%.



Group cash balances rose from #26,000 at the year end to #709,000 at end
September, contrasting with the previous year's performance when the cash
balances deteriorated by #1.6 million over the period.



With regard to the remainder of the current year, raw material charges for
steel, foam and timber are rising internationally, which will put pressure on
gross margins, but management is continuing to find ways of improving buying and
operating efficiencies.



The directors believe that, barring unforeseen circumstances, the company will
also show profits in the second six month period. As reported at the AGM in
September, the board intends to continue to bear down on the pension deficit,
while rebuilding distributable reserves, and to resume dividend payments to
shareholders at the earliest practicable date.



Stuart R Lyons CBE

Chairman

5 December 2006'

Positive trend continuing. Have now received outline planning permission for new Business Park on surplus land (about 8 acres of the 23 they own freehold). Don't know development strategy or indeed what demand/rents likely to be in Trowbridge but with basic trading encouraging, improving balance sheet and market cap still only about 13M it looks a potential nice bit of recurring income to offset the somewhat cyclical nature of selling beds. Even at historic F/D values, NAV is presently slightly higher than market cap, so probable sizeable hidden reserve. Downsides are that pension deficit still significant and last year was first evidence of return to profitability. Indications are that profits will be at least maintained, however and cash generation strong. Bought after research following first mention on this thread and holding them tight.

Up on the bid today