Return on capital employed

Revenue grew 8.5% to £247.4 million, led by our acquisitions and core brands, and despite around £10 million impact and supply constraints that had a temporary but significant effect on service.

In a period of significant change, we maintained a strong and sustainable operating margin of 15% and we were on track to deliver year-end ROCE within our target range of 19 to 21%.

Revenue growth and sustained operating margin were partially offset by higher interest costs, resulting in profit before tax growing 2.6% to £36.1 million.

Gross margin was diluted by the impact of recent acquisitions, as well as corrective action to support service recovery.

On my final slide, slide 13, I'd like to remind you of our financial framework and confirm our expectations for the full year.

As set out previously, we have a simple and well-established financial framework which aims to deliver strong, consistent business growth and returns for our shareholders.

The three key metrics we target are revenue growth of at least 4%, operating margin between 14% and 16%, and ROCE of between 19% and 21%.

Following a good first half, we remain on track to deliver against all three metrics.

We, we get-

... you know what ROCE is, ROIC is-

[laughs]

...

Our service revenues are demonstrably robust, you know, and we continue to work towards a, a goal of 30% of our revenue, uh, coming from services in the future.

Now, return on capital employed, ROCE, uh, took a hit in, in the first half of this year under really quite intense margin pressure, down a couple of percentage points from the same time last year.

You can see on the chart just under 12% there.

But we've got our sights firmly set on getting back to better than 15% ROCE, uh, in, in years to come.

So that's the midterm target.

Next chart, please.

They know how to track, uh, a return on equity.

They know how to track ROCE, you know, revenue over cost and curd.

They know, they, they have acronyms upon acronyms upon acronyms around how to make money.

Let's use them as-