Allocate’s full year trading update confirms that revenues were in line with expectations, while EBITDA and cash generation were ahead, with strong uptake of Allocate cloud boosting both cash generation and recurring revenues. With HealthRoster’s market position in the NHS looking rock-solid and SafeCare offering a promising source of incremental revenue streams, prospects for 2015 look good. We do not believe these prospects are reflected in the company’s rating of 14.3x FY15 P/E ratio.

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