2 March 2017 – final results
In the year to 31 December 2016 revenue was up by 1.5% to £4,909m (2015: £4,837m) and underlying revenue up 4.8% to £4,898m (2015: £4,674m). Underlying profit before tax fell by 19% to £475.3m (2015: £585.5m) after a £39.6m impairment of accrued income. Underlying earnings per share fell by 20% to 56.67p (2015: 70.73p). A final dividend of 20.6p per ordinary share (2015: 21.2p), means that the total of 31.7p for the year is unchanged. Underlying cash flow from operations was £750m (2015: £686m) and net debt at 31 December 2016 was £1,779m (2015: £1,839m). Overall, we feel that these results are reassuring and the maintained dividend should offer support. We continue to rate the shares as a BUY.