Results for the year ended March 2019 were ahead of expectations, both in P&L and cashflow terms. Underlying EPS increased 18% and net bank debt reduced £16m, dropping gearing to 1.1x (from 2.0x in FY17). The growth strategy in Studio and recovery in Education are evidently working. Management has clear ambitions to deliver substantial profitable growth over the medium term, and we have upgraded FY20 forecasts by 3%. On an unjustifiable P/E of only 6.8x there is considerable value for investors ....
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Digital first strategy building momentum
- Published:
05 Jun 2019 -
Author:
Matthew McEachran -
Pages:
3
Results for the year ended March 2019 were ahead of expectations, both in P&L and cashflow terms. Underlying EPS increased 18% and net bank debt reduced £16m, dropping gearing to 1.1x (from 2.0x in FY17). The growth strategy in Studio and recovery in Education are evidently working. Management has clear ambitions to deliver substantial profitable growth over the medium term, and we have upgraded FY20 forecasts by 3%. On an unjustifiable P/E of only 6.8x there is considerable value for investors ....