Australia step-change benefit Hilton has reported another half of good growth, delivering PBT of £35.8m vs our forecast of £31.2m, and 1H last year’s £28.6m. This is 27% or £7.7m growth. This result does benefit from the full ownership of the enlarged Australian business, following the transaction to take control last July; profits in this region were up by over £4m and accounted for the bulk of the 35% revenue growth. European good profit uplift European revenues were flatter (+3.8%), benefiting from higher raw material prices (which are passed on). Volumes were lower in this region (-1.3%) but this compares to the COVID-boosted results from 1H20. However, over the 2 year period volumes are up by 4.3% average per annum. Profits were comfortably ahead in Europe, by 12%, reflecting improved margins. FY looks achievable This first half would certainly look to put the company on track to achieve our forecasts, which show FY21E PBT growth of £4m to £65.2m, EPS 59p.