H117 results confirm Headlam is tracking in line with our revenue forecasts and current trading supports our top-line assumption of 3% growth in FY17. Returns are being supported by a focus on efficiencies in the business providing firming gross margins; gross margin of 31.1% (+103bps) in H117 is notable and provides scope for the group to challenge our earnings growth assumptions on the upside if maintained in H217. The group is committed to a progressive dividend policy including potential ....