As in FY14, Quarto’s FY15 results will be heavily H2-weighted. The strong order book means that we maintain our FY15 forecast for a 10% increase in normalised PBT, despite the slightly higher H1 loss than the prior year. The group is making strong progress in children’s publishing and in foreign language sales, and is also proactive in addressing opportunities offered by digital channels. The balance sheet continues to strengthen, giving flexibility for complementary acquisitions, like that of co-edition publisher Ivy Press. The valuation is starting to reflect Quarto’s progress and opportunity, but remains at a sizeable discount to the market and sector.