H1 largely as expected following trading update NCC group delivered H1 Revenue of £159.2m (-9.9% y/y), a gross margin of 37.9%, Adjusted EBITDA of £15.6m (-35% y/y), Adjusted EPS of 0.5p and strong cash conversion of 89.1%. Post the trading update at the AGM, the group is in line with expectations. On outlook, reflecting exit rates and continued momentum, the group remains comfortable with current consensus levels and guidance range aided by strong momentum in managed services. Escode revenue and profit grow with retention stable. As expected, escode delivered two quarters of consistent profit and revenue growth with revenue up 6.6% y/y in constant currency terms aided by pricing increases and increased verification revenues and an easier comp. The client retention at 93% is stable. Cost efficiencies realised and signs of progress in Philippines The group delivered cost savings of £5m within gross margin as notified in September 2023 and has now added over 60 revenue generating professionals to its Manilla office as part of these plans.