Underlying H114 constant currency revenue growth of 3% is a respectable performance in challenging markets. H2 trading to date is in line with management expectations, although we have adjusted forecasts to take further account of currency headwinds. The technology investments and the transition to digital to date have better equipped the group to leverage both its overhead and, potentially more importantly, the value of its accumulated content and data. With the sector having underperformed over the last quarter, the shares now look more attractively priced.

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