Update: Strengthening children's list
Good progress in Q3, with underlying revenues ahead by 5.3%, means that year-to-date underlying revenues have edged ahead, despite the slow first half. The group is on track to meet our unchanged FY14 forecasts. Our expectations for resumed organic growth are buoyed by the investment in high-quality children’s content as part of the strategy to grow the top line while lessening the debt. The first signs are emerging that management’s plan will deliver both elements. The shares offer a premium yield of 5.6%, with the price failing to reflect progress made so far or the opportunity to improve returns.
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