The group’s interim results (largely preannounced in trading update) showed 17% organic sales growth, 8% EBITDA growth and 14% EPS growth. Progress was made in growing international revenues (25% of sales) and broadening partnerships (sales +35% y-o-y). The integration of Comapi is on track and furthering the group’s omnichannel offering. We have made no changes to forecasts and believe the cal’18 EV/EBITDA rating of 18.1x is supported by our EPS growth forecast of 26% and 29% in FY’18 and FY’19. Organic and acquisitive opportunities remain healthy and we believe the group can execute well against these.