Today’s trading update for the six months to 30 June shows FY22 has started well, with expected H1 revenues of c.$301.6m (H1 FY21 $95.5m) and proforma adjusted EBITDA of c.$88.5m (H1 FY21 $28.7m), up 19% and 17% respectively on a pro forma basis. Kape now has approximately 7m paying subscribers (vs 6.6m at end FY21). Management is confident that the group will deliver full-year results in line with market expectations. We are well within the quoted range, and will wait for the full H1 detail in September before considering any changes to our estimates.