Revenues from the US, the world’s largest consumer of research, have now outstripped those from the UK, helped by last year’s acquisition of Harrison and strong organic growth. The share price has yet to reflect that the dynamics of the business have shifted, with greater exposure to the corporate market and with the growing importance of research products. With each set of results delivered in line with forecasts, management is rebuilding credibility and the rating discount to the sector should continue to narrow.

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