Full-year results were slightly above forecasts, showing encouraging organic growth, margin improvements from self-help measures and growth boosted by acquisition. The outlook points to continued momentum. We upgrade 2017 EPS by 3.6% and introduce new 2018 forecasts. The shares currently trade on a P/E of 13.4x, dropping to 12.7x. We retain our 155p price target, encouraged by good trading momentum, with potential upside to forecasts from acquisitions. Our rating remains a Buy.
