22 February 2011 – final results

Solid results have been announced covering the year ended 31 December 2010. Underlying earnings per share rose by 10% from 58p to 64p and total dividends jumped to 32.0p (2009: 13.7p). The shares trade on a multiple of well under 7 times earnings and provide a yield of over 8%. On that basis our long-standing BUY rating looks easily justified.