Ten Alps has moved a long way since July, refinancing, an acquisition, a major operational overhaul and new CFO. It is early days but the interim results show that TV, a highly valuable asset, is being scaled and diversified. This unit has seen a pick- up in trading and visibility is benefiting from a focus on higher value series making for a good outlook. The continued growth of this business is the key to the Ten Alps value creation proposition. The small Communications business continues to grow rapidly off a small base and Publishing has been significantly rationalised and is ready to launch a range of products in the second half. The latter will require continued good sales execution. Further efficiency programs are underway and both major operational locations (London/Macclesfield) may in due course yield a decent combined saving. H2 execution will set a base for achieving the crucial FY17 profit expectations. If this occurs the stock could be worth between 2.5p and 3.9p.