SDL’s interims results showed strong growth in revenues, driven by success in premium services but disappointing profits as resources were not yet fully in place to deliver this growth efficiently. The group is in the middle of its transformation programme, a key part of which is a structural improvement in its delivery model through automation. So whilst disappointing, we believe this cost is temporary. Meanwhile, there has been strong progress in terms of sales growth, its automation programme, innovation in new products particularly in MT and overall, laying the infrastructure and organisational foundation to deliver a scalable platform for strong profitable growth.