The indicative H1 outcome, as suggested within the pre-close trading update, sees revenues, gross profit, and EBITDA at record levels, with the latter close to FY22 levels. The pipeline of opportunities remains strong, thereby underpinning FY23 expectations for adj. PBT and net cash. The cross-selling of services to the clients of LaddersFree is bearing fruit, with a focus on higher gross margins and recurring revenues providing better visibility. With estimates unchanged, we see little reason to adjust our fair value, suggesting a re-rating remains likely. We use DCF and peer group comparison models to determine the fair value of the shares. Taking an average of the two suggests an unchanged 1.7p / share.