Arbuthnot’s strategy, and largely the same management team, have delivered total shareholder returns of 418% 2008-2017 and 930% 1997-2017 respectively. 2016 saw a new phase in the execution of the strategy with the further partial sale of Secure Trust shares releasing capital to be deployed in other businesses. The initial stages of this deployment began (property acquisition, loan book purchase, accelerated team hires, asset finance deal, plus a 325p special dividend) but the full deployment of capital will take some years. 2016 results were a little ahead of our estimates but 2017 accelerated investment leaves forecasts largely unchanged.
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