The mission continues to flesh out its offer, scaling up and adding to its capabilities through small acquisitions and start-ups. H116 figures show double-digit growth in operating income, with adjusted EPS ahead 15% y-o-y, solid cash flow and a good step-up in the dividend. A number of high-quality names are added to the client roster, including O2 and Halfords. Greater emphasis is being placed on collaboration between the networked agencies, which should maintain the new business momentum and enable the group to win a greater share of spend from existing clients. The deep valuation discount to sector looks increasingly incongruous.