FY 21 results were in line and the FY dividend was reinstated. We maintain our FY 22 and FY 23 earnings estimates and introduced FY 24 estimates at the results. The company’s CMD in November highlighted its ESG credentials and showed that it is well positioned for growth. Management targets suggest that 12.6p of FD EPS is achievable, particularly given inflation. At Energy, the need for energy security is likely to increase demand for fossil fuels and renewables. At Consulting UK & Ireland, the UK PMI construction index remains robust. At Services UK & Netherlands, we expect continued growth across both countries. At AAP, the Brisbane Olympics in 2032 should create some exciting opportunities. A CY 22 P/E of 16.7x is cheaper than global peers, estimates are cautious and the shares are trading on 8.7x target earnings.