NSF’s H117 results give greater visibility on further franchise and profit growth. The branch network has opened 8 branches already this year (now 49). The home collect business recruited 229 experienced agents in H117 (and a further 124 in July, up 25% on end 2016). The guarantor business has been quadrupled by acquisition, offering broader products and distribution. The group has also locked in funding for six years thus reducing financing risk in uncertain times. We expect profits from the franchise growth to more than offset further investment and higher funding costs. Our 2018e earnings estimates have been increased by 3%.