Ann: Chairman's Address to Shareholders, page-6

No concern from my viewpoint! The CEO has refused (despite being repeatedly pressed by analysts) to forecast FY18 earnings and margins. The headwinds from last year are fresh in their memory, who knows what's around the corner, they don't, who saw the pound devalue 20% in a matter of months. Let's also remember that project revenue can be recognised either side of report period and can be pivotal.

What's worth noting is that the workflow is solid, industry fundamentals remain positive, underlying earnings are on track to grow, capex should be lower this year (relocated offices FY17) and debt has been reduced YTD. And importantly, this is a company with management with a track record of growing shareholder wealth over many years.