5 March 2019 – final results

Results for 2018 have been released.  Revenue increased by 13.2% to £591.5m (2017: £522.7m), aided by the four acquisitions made in 2018 but impacted by unfavourable exchange movements.  Underlying profit before taxation increased by 6.4% to £72.7m (2017: £68.3m).  Diluted earnings per share decreased to 13.66p (2017: 17.49p) but underlying earnings per share increased by 2.8% to 27.68p (2017: 26.91p).  A final dividend of 8.25p per share (2017: 7.75p) takes the total for the year to 12.00p per share (2017: 11.25p).  The ex-dividend date will be 18 April and payment will be on 24 May.  These are solid results and trading in 2019 has been in line with expectations so far.  We keep our BUY rating.