The underlying first-half performance was broadly in line with H1’15, excluding costs associated with closing S&P+ and running the MPK pilot project in France. A £0.17m adjusted pre-tax loss in H1 suggests that FY16 may fall short of current forecasts, unless there is a strong H2 pick-up. That’s not impossible if an enlarged portfolio of MPKs has a very positive Q4, but we take a cautious view of the short-term UK retailing environment, particularly as Brexit adds uncertainty to the economic outlook. We have reduced our forecasts for this year and next, and at this stage assume no FY16 dividend as SAL intends to refocus resources on accelerating the MPK roll-out. Current projections would see it resume distributions in FY’17.