We believe this reflects the strength of Howden's in-stock model and its relationship with its builder customers. Strategic initiatives across depot expansion, manufacturing, supply chain and digital should entrench the group's moat, supporting medium-term share gains. On margins, whilst operating margins were -370bps YoY in 1H, this reflects the impact of strategic investments with efficiency actions offsetting cost inflation, with the latter expected to continue. On the 2H outlook (typically c.70% of annual profit), management struck a cautiously optimistic tone with the business well-placed for peak trading. We make minor change to our estimates, which assume adj. PBT falls c.8% YoY prior to week 53 costs.