Results. Mountie revenues +11%cc to £268.2m with profits up 7% to £55.2m. Overall Mountie headcount grew c5% to 3,924 with all regions growing aside of the UK which was impacted by the government slowdown in 2019 from the Brexit impact. DPS will be 34.5p for the year, up 15% yoy. Operating cash flow was £46.8m (£38m FY18) with an improvement in debtor W/C. UK. Headcount declined 5% to 1,910 mainly due to the government ministries reducing headcount by 170. This offset positive progress in the rest of the business with 46 new client wins. Training completions were down 9% yoy as the business reacted to the market backdrop. Mountie revenue was up 6.4% to £134.2m with profits of £37.8m NA. Revenue was up 18% to £96m with headcount up 7% to 1,277 and operating profit up 20% to £16.5m. The group saw 17 new client wins with H2 seeing better market conditions in both the US and Canada. Training completions were down 14% to meet timing of order flow. EMEA. Revenue grew 19% to £16m with profit up 57% to £2.2m. Mountie headcount grew 48% to 240 (30 additions from the UK business) with progress across multiple regions giving the division good broad underpinning. Asia Pac. Revenue +24% to £22.3m with 497 Mounties. Sydney Mounties grew by 64 or 133% (FY18: 48) post the capacity investment which led to a £1.3m loss. Hong Kong grew strongly despite the social unrest in FY19. Outlook. FY20 started slightly ahead of plan but the extent to which coronavirus will impact FDM will depend on how the situation evolves. Potential risks are delays to project start dates and Mountie on-boarding. Working from home could also potentially reduce on-site client billing. FDM is a resilient business, globally diversified with a strong B/S. We trim our TP to 1000p (4% dividend yield) to reflect the wider market de-rating.