Randall & Quilter has undergone a transformation over the last two years; simplifying its operating model, releasing cash, and developing an exciting Live (Program Management) business which promises to provide a key balance for its core Legacy business in terms of earnings visibility, capital use, and cash generation. The company's interim results reported several key milestones in both areas, notably the largest ever Legacy acquisition and significant future Gross Written Premiums for Program Management. An announcement which exuded optimism highlighted the potential for current year profitability to be strong and, possibly, ahead of expectations. Longer term growth is likely to come from a more balanced combination of Legacy and Program Management earnings with the potential for greater cash generation. Accordingly, consensus forecasts for adjusted 2018 EPS have increased by over 30.0% while both distribution and Net Tangible Assets per share moved higher.