LINV has delivered strong top-line growth with AUM up 36% to £2.1bn and revenue up 21% to £88m. But the standout feature of these results was operational gearing boosting profitability with adj. EBITDA jumping 90% to £20.3m and PAT up 187% to £10.9m. LINV is financially well-armed to pursue further growth with a strong balance sheet and ample lending capital from institutional investors. Indeed the Board has also recommended a maiden dividend of 4.4p per share: a sure sign of confidence in the business' prospects, cash generation, and capital adequacy. On the back of more challenging economic conditions, we have adjusted our FY23 AUM forecast down modestly (from £3.21bn to £3.07bn), as well as our PBT forecast (from £20.7m to £18.5m). In turn, our fundamental valuation moves to 270p per share from 310p, which is still 62% above current levels.