The facilities management firm posted a 7% jump in revenue in the third quarter to December 31 as lockdown measures were eased and revenues from services against COVID-19, such as security and cleaning, increased.
It compares with 8% and 11% declines in the previous two quarters, though discretionary variable and project work continues to be significantly reduced.
Average net debt decreased from £313mln in 2019 to net cash of £31mln at the end of last month, reflecting the benefits of the right issue, net of cash paid and tax deferrals.
The broker also bumped up the target price to 63p from 46p ahead of a potential share re-rating, as the execution risk subsides, the synergies accrue and cash flow improves.
Shares advanced 5% to 44.59p on Thursday in the late morning.