H1 PBT was as expected, flat at £14.6m, reflecting anticipated H2 phasing of Middle East sales. UK Packaged sales were solid (+4%), but Africa was the standout performer (+17%; LFL +29% concentrate-adjusted), supporting stable PBT margins of 17.1%. Net cash rose c.£8m vs Dec’24 to £61.6m, reflecting cashflow strength. The performance shows good progress against CMD priorities. Three key H1 points: 1) ERP implementation was delivered successfully, highlighting strong execution and reassurance on operational delivery; 2) Africa’s momentum and Senegal hub progress support margin expansion; and 3) UK Packaged remains resilient, with Energy and NPD driving share. We maintain forecasts. Shares are up 8% YTD but at 13x FY25 EV/EBITDA (12x FY26 vs 14.5x LR avg.), valuation remains undemanding. Reiterate Buy, TP 1485p.
