Following the analyst presentation and discussion with management, we have reduced our forecasts, primarily for the impact of foreign exchange. The H1:H2 split in FY15 is now 48:52 which should be achievable assuming ongoing solid performance from Distribution and relative improvement from Heathrow and Gatwick offsetting currency and less buoyant cargo. We await to hear more detail on the potential impact of the living wage rules on Distribution and remain of the view that Aviation needs a sustained period without significant issues to fully restore investor confidence. We remain at Hold with a slightly adjusted 473p SOTP driven target price following the forecast changes.