Interim results reveal a strong H1 performance, with market outperformance in all areas of the business (including mid single digit LFL unit growth in New and Used, on maintained GPPUs). Whilst the outlook commentary signals a slightly more cautious view in New, the market remains close to all time high levels and the significant brand enhancement strategy completed over 18 months means we continue to anticipate market outperformance in both sales and GPPU. With the impressive CMD event still fresh in mind from May, we remain upbeat about future prospects and believe the valuation is unduly low on 7x P/E and 3.4% yield. M&A remains on the cards should vendor price demands correct and just deploying half available resource should deliver accretion of c15%. The shares should rise today.