SpaceandPeople’s interim results are as expected, with profit before tax around breakeven (H114: loss of £253k). There are only minor changes to our full year expectations following adjustments early in September post the Network Rail contract award and a more cautious stance on prospects for FY16 contract renewals. The pilot project announced today with Immochan (the shopping centre arm of major international retailer Auchan) is small scale, but if successful, further broadens the business base. The valuation is now starting to reflect achievements to date, but not necessarily the scale of the emerging opportunity.