Final results are in line with our forecasts: f.dil adj. EPS 15.4p vs N+1Se 15.8p (-2.5% variance). This follows a reassuring update in early 2018 after some price volatility on the back of the positive IT announcement in December. The dividend is ahead of our forecast: 6.25p FY payout vs N+1Se 5.5p. The strategic plan is reiterated, ultimately targeting the return to a 30% operating margin (FY17 25%), but no material news since the IT announcement (19/12). We continue to see upside with our bas ....
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FY17 results as expected, on a positive trajectory
- Published:
15 Mar 2018 -
Author:
Andrew Watson -
Pages:
3
Final results are in line with our forecasts: f.dil adj. EPS 15.4p vs N+1Se 15.8p (-2.5% variance). This follows a reassuring update in early 2018 after some price volatility on the back of the positive IT announcement in December. The dividend is ahead of our forecast: 6.25p FY payout vs N+1Se 5.5p. The strategic plan is reiterated, ultimately targeting the return to a 30% operating margin (FY17 25%), but no material news since the IT announcement (19/12). We continue to see upside with our bas ....