As part of its ongoing strategic review and commitment to returning value to shareholders, CAU has already realised c.£62m from business disposals and has made “good progress” to potentially sell Marketing Week and Creative Review (M&C), leaving The Influencer Group (TIG) and Econsultancy. Today’s H1 results indicate that both businesses continue to face macro headwinds, but we expect management to remain focused on improving their financials and potential exit values, while also reducing central costs. Once The Lawyer sale completes CAU expects to have c.£67m of cash (c.46p per share) more if M&C is sold too.