Huntsworth has reported robust finals, with Normalised PBT of £30.9m comfortably ahead of DCe £29.5m and consensus £29.4m, and we raise our forecasts by +3% for 2019E. Group revenues advanced +14%, with LFL revenues rebounding +5.0% in H2 (Health +12%) to deliver FY growth of +1.4% after a -3.4% decline in H1. Adjusted Operating Profit leapt +26% to £33.2m, with +12% LFL growth bolstered by acquisitions. The recent acquisitions are bedding in well, notably The Creative Engagement Group which del ....
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Results note
Huntsworth has reported robust finals, with Normalised PBT of £30.9m comfortably ahead of DCe £29.5m and consensus £29.4m, and we raise our forecasts by +3% for 2019E. Group revenues advanced +14%, with LFL revenues rebounding +5.0% in H2 (Health +12%) to deliver FY growth of +1.4% after a -3.4% decline in H1. Adjusted Operating Profit leapt +26% to £33.2m, with +12% LFL growth bolstered by acquisitions. The recent acquisitions are bedding in well, notably The Creative Engagement Group which del ....