The trading update on 22 Oct already flagged some of the highlights of today’s strong interim results. 34% organic revenue growth, robust profit performance despite adverse currency impacts, on-track integration of Teltronic, much increased closing order book and a strong track record of execution leave us confident of H2 and its growth prospects in the year to come. We believe the combined Sepura and Teltronic business has the product breadth and scale to effectively go after its €3.3bn addressable market. We re-iterate our Buy rating.