Findel has released an encouraging H1 update which reassures on both business units, in particular Express Gifts its biggest division (85% of FY18E EBITDA). The combination of strong growth from existing customers, successful recruitment in this first phase of its planned expansion, and double digit financial services income growth has positive implications for underlying profitability over peak in H2 and into FY18. This is helpful at a time of worsening FX headwinds. The 7.6x cal17 P/E (5.3x adj EV/EBITDA) appears to discount the increasing momentum now evident in the core business. Consistent with prior comments, look out for FCA licence approval as a potential catalyst.