H1 results, released today, show a resilient performance in the UK and the German businesses delivering strong growth. Revenue increased 12% to £316.6m (vs £282.5m in H1 24), mainly due to the Starface and Placetel acquisitions. Organic growth was generated in Germany and the UK, despite the challenging macroeconomic backdrop, and it was into double digits on a proforma basis at Starface and Placetel. Adjusted EBITDA was £70.9m, up 14% on H1 24 and adj. FD EPS grew 13% to 47.9p. Cash generation was again impressive, at £63.7m, reflecting adjusted cash conversion of 90%. The shares trade on a forward PER of 11.6x, significantly below historical levels.