Harwood Wealth (“HW”) has continued to execute on the consolidation strategy which has yielded strong returns to date with in line H1’17 results. H1 EBITDA equates to 50% of FY17e EBITDA. AuI/M has grown strongly to £3.3bn on acquisitions (especially NDL, +£1.0bn) and organic growth. Revenues and earnings continue to grow strongly as a result. Momentum and outlook for H2 is positive. We make no changes to our earnings forecasts but continue to see potential for accretive consolidation using the proceeds of the recent equity raise (£10m in March).