Trading update: 3 Nov1 Nov 2016 14:47
The sp has drifted lower for some time. Negatives are the last report, when a reduced rate of office openings was signalled and the decision of the founder to reduce his holding, whilst retaining a very sizeable stake. Positives are the increasing maturity of the portfolio, with all that implies for revenues and margins, together with the effects of a decline in the sterling exchange rate.
My expectation is that the positives outway the negatives, with the implication that the drift will reverse later this week.
Whether my price target of 380p is reached in the coming year remains to be seen.