FX helped Helios’s beat our FY16 forecast as PBT (Norm) rose 77% YoY to £1.334m/EPS 11.64p. The total (final) dividend was also ahead at 5.5p, comprising 1.5p base and 4.0p special. We upgrade our 2015 YOA estimate, but now expect recognition of the 2016/17 YOA profits to be more back-end loaded, so keep our FY17E PBT Norm unchanged for now, especially ahead of the 2017 windstorm season. Helios continues to deliver on its strategy to build a meaningful third party capital provider
