MOT failure

My 197 failed its MOT today on emissions. Lambda readings were about 1.435 where the limit is 1.030 so it's quite far out. MOT tester reckons it's pre cat lambda sensor ?? The car is totally standard with a panel filter, no remaps and it's only got 39k on a 56 plate. Anyone else had this problem ?
 
Just to clear this up it was the O2 sensor was retested last Monday 20/1/2014 and it passed flying colours ..