Redde has released final results showing PBT 4% ahead of our estimate. Performance was strong in the year with positive KPI progress and a full contribution from New Law driving PBT up 91%. We expect organic growth will drive earnings from the enlarged group following the FMG acquisition post-period end. We increase our PBT forecasts on positive outlook post-contract wins but revise our tax assumption leaving EPS materially unchanged. Dividend yield will remain the key valuation metric at 5.5%.
03 Sep 2015
Upgrading PBT, strong growth drives dividend
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Upgrading PBT, strong growth drives dividend
Redde Northgate PLC (21W:FRA) | 0 0 0.0% | Mkt Cap: 498.3m
- Published:
03 Sep 2015 -
Author:
Andrew Watson -
Pages:
7
Redde has released final results showing PBT 4% ahead of our estimate. Performance was strong in the year with positive KPI progress and a full contribution from New Law driving PBT up 91%. We expect organic growth will drive earnings from the enlarged group following the FMG acquisition post-period end. We increase our PBT forecasts on positive outlook post-contract wins but revise our tax assumption leaving EPS materially unchanged. Dividend yield will remain the key valuation metric at 5.5%.