Numbers. Revenue was up 19% cc to £330m (Inv £330.2m) with headcount growing 22% to 4,905. Operating profit was up 10% to £52.2m (Inv £51.9m) reflecting the investment going into the business to build the platform for future growth, such as paid training (£21.5m vs £12.5m 2021), salary rises, sales and trainer hires, and infrastructure investment. We do not see a similar step change in FY23E, supporting margin underpin. EPS was up 12% at 37.3p, 10% ahead of our estimate (tax) and we up FY23E EPS by 6%. DPS was in line at 36p. Cash conversion was 108%, with debtor outflow increasing to £11.3m (FY22 £5.1m), reflecting the growth in the business and client mix Headlines. Training completions were 3,179, up 32% yoy, to meet the high level of client demand. The group now has Tech Industry Gold accreditation for eight training courses through its TechSkills partnership, with 548 trainees certified. Progress into new verticals continues with 59% of the 74 new clients signed outside of financial services. The group’s strategic alliances now cover a range of high profile tech names (MSFT, Salesforce, ServiceNow, AWS), further enhancing the appeal of FDM’s offering. Geographies. We discuss regional forecasts overleaf. The UK had a strong H122 but softened into H222 from the government changes, with conditions still slightly subdued as customers control budgets. Headcount grew 8% to 1,958 with revenue up 15% reflecting headcount phasing. NA was strong with headcount up 48% to 1,618 with strength across USA, Canada and all client sizes. EMEA headcount grew 26% to 318 with revenue -21% due to phasing, with year-end stronger supporting a positive outlook. APAC grew 15% to 1,011 with Australia >400 and Singapore >300 with good outlooks. View. There will be puts and takes in the demand backdrop but we see FDM well positioned to deliver another year of solid growth. Supported by a c5% div yield we maintain Buy and our 6,000 headcount scenario 25x PE 1400p TP.