This morning’s trading update shows that the positive trading momentum from H215 has continued into the current year. The mission’s H1 revenue and profit growth, in double digits, continue to be well ahead of the market, with no indication of any hiatus post the Brexit vote. There is growth both at the organic level and from last year’s acquisitions, which added scale, capability and geographic reach. Although there is an inherent H2 bias to the numbers, current year forecasts look well underpinned and make the rating’s deep discount to peers and market look significantly overdone.