H1 results show impressive performance, with the UK strong and Europe stable. Revenue was £282.5m, up 10%, and gross profit £145.8m, up 11%. Underlying organic growth was a healthy 5% for revenue and 7% for gross profits. Cash generation was strong, as usual – net cash £142.9m and cash generated by operations £59.6m. There was strategic progress in the form of both acquisitions and development of the product offering and key relationships. The outlook is positive, leading us to raise our forecasts.