Having not updated the market since January, we are keen to hear how the first half of FY26 is shaping up. The upcoming results will therefore provide an opportunity to evidence continued strong momentum through KPI delivery and provide reassurance over the growth outlook for the rest of this year and beyond. Despite breaking through 12m highs, the valuation remains undemanding and we see more to go for. We reiterate our Buy recommendation and 243p TP.