Single-digit underlying revenue and PBT growth in H1 is already captured in our FY forecasts and the CY H1:H2 split is in line with PY patterns. With accretion from Inox offset by restructuring of Photo-Me Retail, we leave existing forecasts and 215p PT (22x FY18 adj. EPS) unchanged. Forecast DPS growth for FY18 remains an attractive 20%.
