Having updated the market last month, finals are bang in line at the PBT level, implying y-o-y growth of 3%. EPS of 14.2p has come in a smidgen above our 13.8p. For those investors attracted by the stocks yield / progressive DPS policy there is good news re the DPS, with the final up 1% implying 3% y-o-y growth to 7.5p (vs our 7.6p) – 1.9x cover. We also note NAV of 147p at the year-end. Commentary on current trading is reassuring with LFL growth seen in the last 10 weeks, this is reassuring given a weak Q4-17 showing. We make no change to forecasts at this juncture. Overall a reassuring update in our view and a good start to the year. The shares trade on a FY18 P/E of 7.4x with an attractive 7% yield. We stay at Buy with a 120p 12m TP.
