Ann: Market Update - Preliminary Final Results FY2014, page-6

A welcome release on a such a negative day.

The share buyback at 45 cents is proving a shrewd move, taking out 12.5m shares, hence EPS up over 50% for FY2014.

I've been expecting a re-rating (especially considering how Technology One has been travelling) but this run has exceeded expectations, BUT SO HAS THIS RESULT, as pointed out by Borshk.

For me, the key question is whether this large spike in earnings in temporary (a good year), OR are we seeing the underlying earnings power of the business being lifted substantially.

The tone of the announcement : "Fully expecting the revenue momentum to continue", from a company not known to be self-flattering, indicates it may be a permanent jump in earnings.