TPFG has delivered a strong H1 outturn. Proforma adj. PBT is up 18% to £14.5m, representing 48% of our FY25 forecasts. Performance in H2 to date has been robust and management is confident about the medium term outlook. This is sensibly tempered by some caution over any potential hiatus in the run up to the delayed Government Budget, though activity levels to date have been robust and the Sales and FS pipeline remains strong. FY25 guidance is reiterated but we upgrade our dividend forecasts by 5% p.a. after a 17% increase in the interim dividend. Despite a strong year to date share price performance (+38%), we continue to see strong medium term upside potential. We reiterate our Buy rec., with a 603p TP (15x Dec. ‘26 P/E).
