Ebiquity’s results for the half year to 31 October 2015 (HY Oct 2015) again show good progress. Higher operating margin after lower central costs (offset by a higher tax charge resulting from lower available tax losses) has led to underlying diluted EPS for the six months, increasing by 13% to a reported 3.4p and by 23% to 3.7p on a constant currency basis (HY Oct 2014: 3.0p). Management says that continuing demand for data analytics and performance measurement is driving strong like-for-like growth in both its Media Value Measurement (MVM) and its Marketing Performance Optimization (MPO) segments at high margins, while the Market Intelligent (MI) segment is beginning to show signs of recovery in some markets. If sustained, sterling’s weakness over the past month could reverse the recent currency headwinds to positive and provide added comfort to our maintained FY16 estimate.