Michael Murray on corporate results season
The results season demonstrates the complexity of analysing growth companies that are continually on acquisition sprees
I was nervous at the start of last week. Two of my best performing investments of the past four years – UDG and Greencore – were reporting on the same day.
In the case of UDG I wasn’t expecting any surprises – and there weren’t any. Firing on all cylinders, the company delivered earnings per share growth from continuing businesses of 19 per cent (29 per cent on a constant currency basis) with guidance for next year...
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