Strong performance across all divisions in H1 At GBP1548m, Group revenues beat expectations due to an equally strong performance from MandE and Studios and so did group EBITA at GBP327m. TAR in H1 was up 29% with May up 87% and June up 115% compared to the same period in 2020 - a touch ahead of expectations. Studios performed relatively well due to US content and early deliveries. Growth in VOD advertising was strong at +55% in H1, even after double-digit growth over FY20. TAR outlook confident as we go into autumn Total advertising revenues in July are expected to be up 68% and August up 17% to 20% yoy. No comment was made about September, which in a normal year makes up 40% of the quarter (although this year July compensates to some extent due to the football). We note that the comps in September remain relatively easy (-2%). Reiterate Neutral but raise TP We update our model for Q2 and upgrade our TAR expectations for the FY. Within the mix of MandE we lower our DTC estimates on the back of a softer H1. We keep our Studio estimates broadly unchanged. In line with the estimate upgrade driven by the ad expectations (12% NAR for the FY), we raise our TP to GBP133p.