The key elements of the H117 figures are the strong growth and margin improvement in the core media branding business and the return to profit at Tradedoubler. The latter’s consolidation has lifted Reworld’s half year revenues by 23% over H116. With the consolidation of Sporever, our current year figures are underpinned and our FY18 forecasts are slightly raised. The strong media brand portfolio, combined with the data and monetisation capabilities of Tradedoubler (30% owned) make the group an attractive partner to advertisers. On a lower cost base, this is translating into impressive earnings growth, not yet reflected in the rating.