Overall there is modest organic growth in the company, with strong cost-control in the business (operating cost base down 2% over the year). When the company provided guidance back in May we were unsure why the earnings were below our estimates. Today we can see the platform division gross margin fell from 65bps at 1H16 to 62bps at 2H16 – which accounts for the unexplained part of the miss from our previous numbers. Despite this, it is a solid result, with some momentum in the business and the opportunity for the company to embark on another acquisition with a healthy balance sheet.