QuickView: Mission on message
The mission’s FY14 results are in line with market expectations and show good progress in building out the client offer. The acquisitions have bedded in well and extended the group’s geographic reach, with new business wins helping to drive operating income. There have been meaningful improvements to the balance sheet, with gearing falling to 13% (end FY13: 16%) and new banking facilities give flexibility to fund growth. Current forecasts factor in negligible growth over pro forma numbers, yet still put the group’s shares on a near 40% discount to other smaller agency groups.
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