H1 revenue grew 3% against tough comparators and operating profit increased by 13% y-o-y, reflecting good underlying markets and M&A in lettings. The announcement also highlighted the strong contribution from M&A, where we expect Douglas & Gordon (D&G) alone to contribute c 45% of FY22 profit, an aspect we believe is overlooked by the market. We retain our underlying assumptions and our 128p per share valuation.