Results today are bang in line with expectations on an underlying profit basis (ex discontinued) and ahead at the EPS level courtesy of a lower tax charge. The dividend is ahead of consensus too. Net debt was £20m higher than forecast, mainly reflecting the decision not to complete specific sale & leasebacks - meaning the property asset backing is higher at c£290m (c73p/share). Core strategic initiatives are advancing well in all segments, and recent acquisitions have integrated well, performing ....
