SpaceandPeople (SAL) has had a transitional year in terms of both its client base and its products and services. With the Network Rail contract and the more recent British Land wins, there is plenty of promise for future growth, clearly more than offsetting lower revenues from Retail Merchandising Units. Headline FY15 numbers were also affected by the translational effect on German revenues and slower-than-hoped build in revenues from S&P+. This is all factored into the rating, which remains at a discount to other small marketing services businesses, despite the premium yield.