Strong momentum has continued during H1’25, with adj. PBT growing by 10% to £18.0m. Full year expectations are reiterated, with £23.8m of PBT left to deliver during H2. The H2 weighting is supported by the full year impact of acquisitions, as well as strong progress on cost savings and margin initiatives. Despite continued delivery of strong earnings growth, Restore’s share price is only up 3% over the last twelve months. It trades on a Dec. ’25 P/E rating of just 12.1x, falling to 10.5x. This looks very undemanding for a business which is expected to deliver consistent double-digit earnings growth, underpinned by a high proportion of recurring revenues. We target a Dec. ’25 P/E rating of 15x to drive our 338p TP and remain at Buy.