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Published on: September 15, 2015

Further positive progress

K3 has reported FY15 results in line with the trading update of July, with revenue slightly ahead of our estimates, adjusted PBT slightly behind, but adjusted EPS almost exactly on our forecasts. The group is seeing a good combination of positive market backdrop and support from Microsoft. Also announced was a major contract with German group TriStyle, which provides evidence of many of these positives. We make modest (c6%) reductions to FY16E earnings estimates to reflect currency pressures, but hopefully the new forecasts will prove conservative given the momentum across much of the group.

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