Strong growth in underlying profitability was the standout feature of FY15, along with prodigious cashflow generation. FY15 dividend increased by 9.8% to 14.6p (vs. our forecast of 14.3p). The business appears to continue to demonstrate strong underlying positive momentum. We raise our FY16 PBT forecasts to £30.8m (vs. £30.7m). The outlook statement for medium-term profit growth is confident. We therefore reiterate our Buy and TP of 625p, giving 26% upside.
