After upgrading FY22 revenues and adj. EBITDA by 10% and 4% in early October we upgrade both by 5% today, bringing the total upgrade to 15% and 10% resp. We also upgrade FY23 revenues by 4% (9% since Oct), adj. EBITDA by 3%, cash EBITDA by 15% to £4.5m and FCF by 18% to £4.3m. Gresham is one of the fastest growing companies in our universe with operating leverage further magnifying earnings growth. The potential to push towards £10m FCF in a meaningful time frame is likely to exert upwards press ....
