26 February 2015 – final results
An excellent set of final results has been released by the integrated property services group. Total income was up 20% at £702.2m. Profit before taxation jumped from £62.9m to £102.4m and adjusted basic earnings per share were 36.7p versus 24.4p in the previous year. The final dividend of 10.0p per share (2013: 6.0p) takes the total for the year to 24.0p (2013: 8.0p). Although the results were clearly very impressive, we feel that they are now priced in. With the share price having run up quickly since our tip we downgrade to HOLD.