Vp has confirmed another year of excellent progress. Revenue increased by 22% to £303.6m and PBT by 16% to £40.6m, 4% ahead of our forecast. The highlight of the period was the strategic acquisition of Brandon Hire, Vp’s largest to date. The integration is underway, the business is performing in line with expectations and FY19 forecasts are well underpinned. In our view, a P/E rating of just 10x (3.2% yield) represents a very attractive level for a company of Vp’s quality and growth trajectory.