Outlook: Analytics continues to drive the growth
IS Solutions continues to benefit from the strong demand for web/big data analytics, having established its position as a systems integrator and managed service provider in the web analytics market over the last c 20 years. FY13 numbers were broadly in line with our forecasts, supported by a strong H2 performance, which was expected. However, we have eased our revenue and PBT forecasts, due to the declining US$/£, which reduces the group's day rates in sterling terms. In our view, the c 14x FY15e P/E and 3.1% yield look attractive, due to the group's increasing focus on the web analytics space, which management is seeking to expand beyond customer experience analytics (CXA).
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