The benefits from the group’s previous efforts to diversify the portfolio are clearly apparent in the 1H results, with profits of £6.1m largely withstanding significant price deflation in Citrus (50% of group revenue). The higher growth (and higher value added) categories (tea, health & wellness, fruit & vegetables) together delivered growth of 7.2%, playing a part in the 120bps increase in the gross margin. The geographic split was affected by lower citrus prices, with the UK and Europe the main markets exposed to citrus. Covid-19 only really started to become widespread towards the end of the group’s 1H period, but overall has had little impact on the business, apart from in China which was the worst affected region in 1H. So far in 2H, the group has continued to see strong demand for premium beverage products. It is mindful that Covid-19 may create some slowdown in beverage new product development, but the group is encouraged by its order book, including solutions for hand soaps and cleaning products. Its manufacturing facilities are both fully operational, whilst safeguarding staff safety. The group closed the half year with net cash of £6m after spending £11.9m on capex, £8.6m of which was for the UK HQ. Whilst the project is (understandably) running a little behind, the building is now in the latter stages of construction and it is aiming to relocate in FY21. With some capex expected to slip into FY21 (perhaps up to £10m largely for plant and equipment), we anticipate the group will close this year with minimal net debt, which is a comfortable situation in the current climate. No changes to forecasts. 2H will see improving margins from higher citrus prices and China is also now opening up. Although there is no negative Covid-19 evidence, we flag that it poses uncertainty for the balance of the year.