Questor share tip: The Berendsen story is all about rising margins Last week's trading update confirmed that the trends seen last year have continued. The group launched a strategic review, after which it split its business into a growth unit and one where the operations are being "managed for value." An extensive cost-cutting drive was established - and this is ongoing. Since its final results announcement in February, consensus forecasts have risen. Prior to that statement, earnings had been expected to fall by about 2pc. The current view is for a 4pc rise in earnings per share. Questor noted that a figure of 50p for this year looked more appropriate. Actual consensus is now 50.56p. Importantly, profit after tax cash conversion was at more than 100pc. This is important for investors as it represents the amount of profit turned into cash flow. This is effectively the amount of profit that could be paid to investors without damaging the business. As a result, net debt is now below £500m. First tipped at 401.2p on November 21 2010, the shares are trading on a December 2010 multiple of 10.3 times, falling to 9.7 next year and yielding a chunky 4.7pc, rising to 4.9pc. This yield should provide a floor for the share price. The shares remain a buy.