FY16 PBT of £33.2m has come in towards the top end of the £32.2m-£33.5m range for consensus forecasts which had only very recently been modestly nudged up post the FY16 pre-close trading statement on January 12th. However, we believe the stockmarket will particularly welcome the significantly better than expected cash generation driving a robust net cash position of £32.3m (well ahead of our expectations of £22m) and a full year dividend growth of +17.1% to 17.1p
