11 May 2016 – final results

Although not particularly well received by the market, we feel that final results for the year to 29 February 2016 are excellent and demonstrate ongoing progress.  The only key measure where there has not been double-digit growth is tangible net asset value per share, which stayed steady at 38.3p.  Revenue was up 17% to £2,423m and adjusted profit before tax jumped from £22.0m to £27.4m, translating into adjusted earnings per share of 6.46p (2015: 5.15p).  A final dividend of 0.85p per share (2015: 0.7p) takes the total for the year to 1.30p (2015: 1.05p).  The new year has started well.  Continue to BUY.