I am not sure this will set the market alight just yet, but I also think they are a bit conservative on the earnings growth potential. SW1 has had costs and energy tied up in listing and acquisitions in the last 12 months. With the acquisitions being integrated, and then leveraged, I think we are likely to see profit numbers that surprise to the upside this financial year. All IMHO
Ann: Hartleys Initiates Research Coverage, page-7
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