Dotdigital has released a typically robust H1 update, which reveals continued healthy organic ARR growth of +7% ccy. and a strong initial contribution from Social Snowball (ARR +30% annualised, since acquisition) such that Group ARR growth has accelerated to +14% ccy to £74.4m. Meanwhile, post deprioritising certain low margin CPAAS revenue (which has temporarily weighed on growth) core CXDP revenue now represents 84% total (1H25: 80%) boosting revenue visibility in the process. No changes to outlook, such that our unchanged forecast now imply; a 48:52% H1/H2 sales split (which is in line with historic norms) and continued healthy sales growth in FY27 as well as margin improvement. DOTD on 13x fwd. P/E, dropping to 12x in FY27 this represents a very modest multiple for such a proven ‘ARR compounder’ which stands to gain share, even in a tricky market.