22 May 2012 – final results

The specialist investment and asset management group has announced excellent results to 31 March, with adjusted pre-tax profits of £198.8m coming in ahead of expectations and last year.  Adjusted earnings per share came in at 39.2p (2011: 33.2p) and the total dividend was raised to 19p (2011: 18p).  These results have benefited from the resilience of the group’s portfolio in what have been uncertain economic times.  Looking ahead the group should benefit from the lack of credit from traditional lenders and with further progress likely in the current year we believe that the shares remain a BUY.