Gateley has produced double-digit H1 revenue growth with adjusted EBITDA 6% up on the prior year, a little better than suggested by the recent trading update. The company continues to invest in future growth (in particular, launching a new Global Mobility Service), hence a continuance of last year’s trading pattern of H1 EBITDA lagging both H1 revenue growth and full year expected EBITDA growth. Operating cashflow continues to be healthy, albeit not as strong as internally budgeted and the H1 dividend has been maintained at 2.2p, in line with unchanged EPS at 3.1p. Management expects the full year result to be in line with market expectations so consensus estimates are unlikely to change. With double-digit full year EPS growth in prospect, the shares continue to look good value on cal’18 PER of 15.2x and Gateley’s distinctive business and remuneration model continues to work well.