YOC’s H122 results show the positive impact on margins from the growth in its proprietary VIS.X platform. On revenues up by 26% on H121, EBITDA margin has stepped up from 9.5% to 11.5%. FY22 guidance is unchanged, implying growth at a similar pace in H222 as achieved in H122, with an EBITDA margin of around 18% (all from mid-points of guided range). Unlike most of the global adtech sector, YOC’s shares have performed very well year to date as the strength of its offering, marrying mobile programmatic delivery with high-impact formats, has become better understood.