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The mission has delivered good FY17 results and announced the purchase of Krow Communications, a well-regarded London advertising agency. Initiatives on shared back-office functions and tech-enabled collaboration are starting to lift group operating margins, up 20bp to 11.7%, on the path to the FY20 goal of 14%. Strong cash generation reduced end FY17 net debt by £4.1m to £7.2m (£14.5 including previous acquisition obligations), amply covering the initial cash consideration of £2.75m for Krow. The lengthening record of delivering on expectations and of earnings growth is not consistent with the deeply discounted rating.

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