More of the same: The first half is best characterised by saying volume adds for key product segments have remained healthy, and basically in line with adds in H2 last year. The recent Capital Markets Day highlighted a number of new product opportunities (see here for details) with several releases in Q2 and Horizon integration to Teams to come in Q3, but the financial impact of these is likely more mid-term. Hence we see H1 growth as the product of a continued healthy performance from the core. UK Direct resilient: The slight positive surprise this time is the UK direct business, which had a soft Q2 for orders in 2020 which was expected to lead to a lagged effect into reported figures in H1/21; this has not really transpired and reported performance has remained strong. Meanwhile, Europe is performing in line with expectation overall, while recent acquisition Mission Labs is marginally ahead (albeit on small numbers). Adjusting out acquisition payments and dividend, net cash of c.£25m implies good underlying cashflow. Forecast upgrades: Management have now guided twice to the upper half of consensus expectation in recent months, and so we adjust up our bottom-of-the-range figures. Essentially, marginally higher revenues, higher gross margins and opex efficiencies (partly including travel & expense savings due to lockdowns) drive mid-single digit EBITDA / EPS upgrades, which we will refine further with detailed numbers at the interims. FY21E: revenue £446.8m (£442.4m) +1%, EBITDA £90.5m (£86.0m) +5%, EPS 57.6p (54.9p) +5%, FY22E: revenue £470m (£466.4m) +1%, EBITDA £95.5m (£91.0m) +5%, EPS 61.2p (58.2p) +5%. Our view: We retain our Buy and 2250p TP, and continue to see the stock as a core holding.