So as we move into 2012, what will be the major influences on our business? As a company supplying products that are largely produced on contract for us in various parts of Asia, we take a keen interest in events are unfolding there, particularly in China. Any company importing from China will be aware of the changes in the labour market and rising costs, along with the uncertainties of the exchange rate, as much Reminbi versus US$ as opposed to UK£ versus US$. The heady days of $2 to the pound seem long distant, and while of course the relatively weaker pound is better for exporters, a large slice of the UK economy is now based on imports, so this is a key driver especially for the consumer, aside from the value of the pound when going on holiday. Looking back over the last 10 years, my feeling is that the $/£ rate of between 1.50 and 1.60 is about the norm, so in effect we are currently looking at “normal” exchange rate values right now. However the effects of inflation in Asia from rising employment and material costs is putting more and more pressure on costs, as well as an increasingly onerous requirement in terms of product certification. As a global business we also have appreciable income from the US which to a degree counteracts the exchange rate risk, but despite that, the rate of change in China means we have to keep an ever watchful eye on the issues in China. We may not be foreign exchange dealers but nevertheless have to manage our currencies very carefully…..