Just over a year ago I tipped shares in this Scottish television company at 144p. I thought they were very cheap, trading on just five times expected earnings. The shares have since appreciated by 139% to 344p.
2013 was a good year for the company, with pre-tax profits growing by 16%, debt continuing to fall and the pension fund deficit disappearing.
Like for its larger peer ITV, advertising provides the bulk of its income, but its other businesses are growing nicely. The company's own programmes are doing well, with sales growing by 32%, while digital revenues grew by [...]
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