Against tough comps, and with slightly less efficient conversion rates, H2 sales were shy of expectations. But this was more than offset by strong margin performance, driven by price rises and absence of mix dilution. The net result is FY16 EPS growth of >15%, equating to a small 1% beat. Despite the uncertain macro outlook, the board remains cautiously optimistic about growth prospects (2yr EPS CAGR, 10%). However, it is unclear if the market is growing or not and national competition is intens ....
23 Jan 2017
N+1 Singer - Safestyle UK - Delivering growth but no further upgrades - Hold
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N+1 Singer - Safestyle UK - Delivering growth but no further upgrades - Hold
- Published:
23 Jan 2017 -
Author:
Matthew McEachran -
Pages:
4
Against tough comps, and with slightly less efficient conversion rates, H2 sales were shy of expectations. But this was more than offset by strong margin performance, driven by price rises and absence of mix dilution. The net result is FY16 EPS growth of >15%, equating to a small 1% beat. Despite the uncertain macro outlook, the board remains cautiously optimistic about growth prospects (2yr EPS CAGR, 10%). However, it is unclear if the market is growing or not and national competition is intens ....