Interim summary H1 sales increased 11% in the period, with all sectors contributing growth. Organic growth was 9%. Underlying EBIT was up 13%, increasing H1 return on sales to 10.6%. Underlying EPS increased 12% to 34.7p (2% ahead of consensus). Free cash outflow of £368m is inclusive of movements on customer advances and is in line with expectations (consensus £376m outflow). Order intake of £13.2bn remained high across all sectors and the period closed with an order backlog of £75.4bn. Outlook: Sales and profit growth guidance increased by 100bps, to 8-10% and to 9-11%, respectively… …due to strong H1 and momentum; management have increased confidence in the rate and duration of future growth. EPS and FCF (>£1.1bn) guidance reiterated. Slightly higher tax plus buyback programme removing fewer shares than originally anticipated due to the higher price mean EPS is still expected to grow between 8 and 10%. Guidance is on a constant currency basis (sensitivity is consistent; a 5-cent movement impacts underlying EPS by c.1.4p). European and US opportunities abound (e.g. Turkey Typhoons, US FMS, Germany, US Golden Dome). Valuation / view: The shares are on a FactSet consensus CY25 P/E of 24.4x, falling to 22.1x next year with a FCF yield of 3.4%. The Group looks well set for long term growth; recent company visits reaffirmed this. The backlog of £75bn and pipeline of c£180bn (the combined represents >8x annual sales), gives excellent visibility and duration of growth.