Due to significant acquisition activity in 2014, H115 saw significant year-on-year growth in funds under management (18.4%), revenues (19.1%) and underlying PBT (27.0%). H115 inorganic and organic growth has slowed, the latter reflecting market volatility, uncertainty over the UK election and a concentration on bedding-in acquired business. However, margins have remained strong (although may be affected in H2 by ongoing strategic investments). Management’s outlook is cautiously optimistic; greater focus on organic growth will come in H2 and £20m debt raised will allow further inorganic growth. The interim dividend was raised to 21p.