HFG delivered 23% LFL operating profit growth in H124 as its UK seafood business continued the recovery that started in H223. We estimate that this accounted for the bulk of the £8.1m improvement in group operating profit (from £38.8m to £46.9m) on a comparable 26-week basis, at actual exchange rates, with UK seafood moving from a low-single-digit (LSD) millions loss in H123 to a LSD millions profit in H124. This was partly offset by a small increase in the (LSD millions) loss posted by Dalco, its vegan/vegetarian business, which continues to suffer from the structural decline of that category. The core meat business, which still accounts for almost 80% of group volume, delivered market share gains across all three regions, due to a combination of its own efforts and its alignment with successful retail partners. Interestingly, HFG cited improving product mix as a driver of revenue growth in UK/Ireland and sees an opportunity to replicate this in other markets. HFG remains on track to start supplying Walmart Canada in early 2027, with an initial £10m of capex now falling into H224. As well as talking positively about the relationship with Walmart, HFG also sounded upbeat on the prospects for further business wins in new markets. Its strong performance in the core meat category in its existing markets is a powerful calling card. HFG has received another £13m of insurance payments for the fire at its former Belgium plant and will continue supplying that market from Holland. Although the strength of Sterling is a headwind, HFG “continues to trade in line with expectations for the full year” (defined as PBT of £74m). We make no changes to our forecasts.