Today’s in-line results confirm a material uplift in European conversion rates, driven by its in-territory DCs and improved customer proposition. It delivered a number of key web projects in H1, and is on track to deploy other growth-oriented initiatives over the next 6-12 months. With trading momentum having improved ahead of peak, and stock/net debt now reducing, this update has the potential to support some re-rating from just 3x Mar’24 EV/EBITDA.