The H1 preliminary figures, released on 6 August, showed continued progress and revised guidance for the full year was little different from our forecasts. The cloud-based businesses, injixo cloud and The Call Center School (TCCS) continue to show very strong growth and the projects business is not slowing as rapidly as we anticipated. The shares continue to trade at a discount to the leading US SaaS/cloud players and our reverse DCF calculations imply that the strong growth of injixo cloud and TCCS are far from reflected in the share price.
