HIGHLIGHTS First half sales growth of 3.3%, accelerating to 4.7% in the second quarter. Positive momentum reflects the execution of our strategic priorities and gradual improvement in the market backdrop. Adjusted operating margin was 9.5%, in line with our expectations and unchanged from the prior year despite planned investments. Adjusted profit before tax up 2.4% year on year, despite currency movements, benefiting from reduced finance costs. Business reorganisation on track to achieve planned £6m-£8m annual cost benefits in 2015/16. New executive team in place to lead the simplified organisation as we seek to leverage our global resources. Continued strategic progress, especially in developing leadership at the front end of electronics cycle: Integration of AVID Technologies enhances Group's offering to components manufacturers. Development kit sales to engineering customers up 13.5%. Phase one of element14 Design Center launched. Phase two will provide industry's first online software store. Global contract signed with ARM to support mbed online tools platform for development of the Internet of Things. Emerging markets sales growth up 14.4%, ahead of target. Free cash flow at 2.9% of sales following inventory investments; inventory expected to remain at similar level in second half. The Board has approved an unchanged interim dividend of 4.4p per share (2013/ 14: 4.4p). Laurence Bain, Chief Executive Officer, commented: "The Group made progress in the first half of 2015 towards achieving its sales growth target of 6%, whilst maintaining stable gross margin. We are on track with our planned investments to develop our design services business and to further enhance our innovative eCommerce channels and, in June, we commenced the reorganisation of our business into a more efficient, global enterprise. The successful execution of these initiatives will position the Group to become the global destination for electronics customers and deliver its strategy for profitable growth. We continue to expect a year of further progress in achieving the Group's strategic goals with our full year expectations remaining unchanged. Following the completion of the planned strategic investments over the remainder of this year, we believe that the Group will be well positioned to accelerate its top-line growth and deliver profitability in line with our target."
