Financials in line Net revenue in 1H21 is expected to be lower than last year, down c.5%. This is slightly more positive than the 8% reduction our estimates suggest for the full year. Underlying operating profit for 1H21 is expected to be lower than last year due to both the revenue reduction, and a higher infrastructure renewals expense, the latter also being the case in our estimates. Net finance expense in 1H21 is expected to be c.£30m lower due to lower inflation on index-linked debt, and again directionally, this is something we have captured in our estimates. Net debt is expected to rise slightly vs. end March, consistent with our view that FY21E net debt will be higher than FY20A net debt. UU has expressed confidence in the adequacy of the bad debt provision made at FY20. Operationally on track UU has indicated that operational performance in the first half of the year is on track against its AMP7 plan, and that it continues to target net outcome delivery incentive (ODI) outperformance for the full year 2020/21. The capital expenditure profile for AMP7 has been accelerated vs. the assumed profile in the final determination, suggesting that we could see benefits delivered earlier than would otherwise be the case.