In the past five years, Porta Communications has built a multi-capability global communications platform through organic start-ups and acquisitions. It has generated significant organic growth and has recently reported its first positive operating cash flow. There is much more to be done and the group has re-inforced its senior management team to allow sustained focus on generating growth within the existing client portfolio while continuing to identify strategic opportunities to expand. Profitability is improving rapidly and net debt is forecast to fall. We have initiated coverage ahead of the full year results announcement due in May, the positives of which were highlighted in the recent trading update. The shares are trading on a 54% discount to the wider media sector average.