A strong year has been delivered in line with market expectations, which is a very good achievement given the high level of acquisition related activity the group has undertaken over the last 18 months. This being achieved, it seems a natural time for Peter George to hand the reins over to Shaun Chilton, a move that is not entirely unexpected and should not cause any concern. The outlook remains positive, and trading is reported to be in line with expectations. We do not expect to make any changes to our forecasts at this stage, and reiterate our Buy recommendation and 800p Target Price.