MySale has established a very strong position in the online global off-price market, where we see a huge growth opportunity. FY results highlight successful execution of the plan, a return to profitable growth, accelerating KPIs in H2 vs H1, and a clear strategy to create future value. It has unique international distribution capability and brand relationships in Europe and North America, including exclusives with some. This has been reinforced by the Australian acquisition which is highly complementary to the flash sale model. Successfully integrated and replatformed, incremental growth should increasingly build as ranges are extended and new inventory reaches the c6.5m database. We expect small EBITDA upgrades today but see risk to the upside as strategic initiatives gain traction. Investors should not be deterred by an optically high c20x cal17 EV/EBITDA as there is clearly scope for value creation.