The FY results show strong growth, boosted by the inclusion of VIC, but with a creditable underlying organic CER growth rate of 7.6%. VIC, plus further self-help measures, raised overall margins by 240bps. The group also announces the retirement of the CEO and promotion of the FD, providing solid continuity. On better-than-expected results, we upgrade our EPS forecasts by 11% this year and 9% for 2017. The shares trade on a P/E of 13.7x for 2016 followed by 13.3x in 2017, which we consider at
