Headlines. Revenue is seen +20% cc to c£330m vs our £318.5m, with profits in line. Consultant placements were up strongly at 22% yoy to 4,905 with particular strength in NA. This compares to our 5,023 with the difference being the UK. We retain our 5,498 FY23E headcount estimates, seeing good growth across all regions. Training completions were 3,179, a record for the business, to satisfy the demand levels, and compares to 2,410 in FY21. Cash conversion was 108% with net cash of £46m (£53m FY21) at year end, reflecting the slightly higher debtor balance as the business grows. UK. Consultant headcount grew 8% to 1,958 with a net 87 H2 reduction vs the 239 additions in H1. The UK government changes in Autumn impacted demand in central government agencies, as well as some corporate clients, which was balanced by continued demand across other areas of the client base. We understand that current trading is stable and the outlook positive, with activity levels picking up. We continue to forecast 200 net consultant additions for FY23E. North America. The region saw very strong growth with consultants up 48% yoy to 1,618, with strength across the board. Continued expansion in regional areas (e.g., Tampa Florida, Austin Texas, Montreal) is working well and are key factors in driving this growth. APAC and EMEA. APAC Consultant grew 15% with Australia passing 400 and Singapore 300, both with positive outlooks. EMEA saw healthy demand with headcount up 26% to 318. View. The business is navigating the uncertain backdrop successfully, with its price / value / skill set / location / diversity / flexible proposition well suited to the backdrop. FY23 should see the benefit of the material cost investment made during FY22, with our forecasts looking well underpinned, and combined with a dividend yield of c5%, supports our Buy and 1400p TP.