Double digit first half revenue growth was driven by SEND services revenues doubling, Informatics sales up nearly 50% and a record number of new Provantis clients signed up in the period. This strong demand across the board and an increasing willingness to adopt hosted SaaS solutions bodes well for the outlook and leads to modest outer year upgrades, albeit with a small impact on PBT this year. In our view, the valuation remains undemanding given the significant growth opportunities ahead and the increasing quality of earnings. Our estimate of fair value is 425p.
