H1 results highlight continued delivery, with cash continuing to be returned from HRMS, value realised within Land, Services enhancing its pipeline and the dividend increased to 18.5p (H1’24: 18.0p). Revenue increased by 14%, with an improved adj. PBT outturn of £5.3m (H1’24: £2.7m). Services has secured 90% of its work for FY25, alongside additional earthmoving volumes. This drives an upgrade to expectations for Services. In FY25, this is offset by a delay to a particular land sale, which is now expected in early FY26. We upgrade our FY26/FY27 PBT forecasts by 18%/5%, reflecting the enhanced Services pipeline and, in FY26, the delayed land sale. An improved performance within HRMS also provides a solid base for H2. Against a confident outlook, we continue to see significant value and remain at Buy, with an 813p TP.
