H1 results are a smidge ahead of our expectations and current trading is encouraging ahead of the autumn trading peak, including in the UK where background conditions have generally been a bit mixed. Management is confident of being able to meet FY expectations, and a 25.7% increase in the dividend marks another step towards improving the pay-out ratio (to >25% vs. <20% in FY’14). FX headwinds plus investment in resource and a number of new initiatives have recently been preventing EBIT margins from advancing (FYE 10%), but positive signs are beginning to emerge in areas of the business with profitable growth potential. As expected there are no upgrades today, but there may be scope for the forward EPS outlook to pick-up over the next 6-12 months (3-yr CAGR currently just 6%). If, and when, this happens the shares should be able to perform again. For now, though, we maintain a HOLD recommendation.