Ann: Preliminary Final Report, page-3

"22c special dividend thank you very much!"

It's really already your money, which they are saying is surplus to the requirements of the business and which they don't see any value-creating opportunity to deploy.

Don't get me wrong; I'm not complaining. It reflects an element of maturity insofar as the stewardship of shareholder capital goes.

As financial results go, this was another pristine one from this company, with an absolutely flawless set of accounts (which took me just a few minutes to reconcile).

The key result takeaway for me - looking specifically at the second-half performance - was not just the usual strong performance from the Classifieds business (11% Revenue growth and 12% EBITDA growth on JH2017), but the resilience of the General Items business, where Revenue in JH2018 was up 1.9%, and EBITDA was unchanged, after being down 7.1% in the first-half, vs pcp).

At 11x EV/EBITDA, the stock is not ridiculously cheap, but nor is it by any stretch of the imagination overvalued.

Strong HOLD for me.