H1 sales were down 7%, while adj. EBIT is flat at £7.1m, as higher profits in Education and Results were offset by margin pressure in Resources, caused by tough market conditions. Excluding the timing impact of the Connect Education & Care (CE&C) acquisition, we revise FY17E adj. EBIT by -7%, suggesting 12% y-o-y decline, after which (organic) profits could stabilise in FY18, before potentially modest growth is seen in FY19. From an investor’s perspective, matters become m
05 Jul 2017
Interim dividend +10% signals intent
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Interim dividend +10% signals intent
- Published:
05 Jul 2017 -
Author:
Cavendish Research -
Pages:
4
H1 sales were down 7%, while adj. EBIT is flat at £7.1m, as higher profits in Education and Results were offset by margin pressure in Resources, caused by tough market conditions. Excluding the timing impact of the Connect Education & Care (CE&C) acquisition, we revise FY17E adj. EBIT by -7%, suggesting 12% y-o-y decline, after which (organic) profits could stabilise in FY18, before potentially modest growth is seen in FY19. From an investor’s perspective, matters become m