Stillfront Group’s report for the second quarter impressed us. What really caught our eye was the insanely efficient marketing. The revenue grew by a whopping 46% on an annual basis, while the marketing costs (UAC) only increased by 5%, that’s some improvements in efficiency for you! All the product categories showed stronger figures, then we had expected. On a whole, the Group continues to exceed expectations when it comes to financial results and more value-adding M&A is almost certainly coming up. We expect to do some upwards adjustment of our estimates following the report.