The FY25 outturn was in line with our estimate (adj. PBT +1% vs SCMe). The P&L reflects part period impact from three acquisitions during the year, with cost discipline remaining paramount. The balance sheet is well capitalised and fuels the progressive dividend. There has been formidable strategic execution in a short period, with no sign of letting up. Net flow improvement is a key priority, despite the backdrop. We leave our earnings forecast unchanged but incorporate additional capex plans. We reiterate our BUY and 2500p 12m TP (16x PER).
