Interims to December are consistent with a previous update and demonstrate another strong trading period, as Netcall has continued to achieve strong organic growth revenue: +10% y/y and Cloud ACV: +20% y/y. While recent acquisitions have further enhanced these metrics and hence Group Cloud ACV grew +47% to £29.9m and EBITDA is up +18% y/y to £5.7m. Following this strong H1, Netcall is well positioned wrt. FY25 estimates and also the longer-term given its exposure to structurally growing markets and how recent organic and inorganic investment have enhanced the Liberty platform, such making Netcall a logical consolidator is its large (but focussed) target market. In a highly uncertain environment, we think Netcall offers investors an enticing combination of predicable and compounding potential returns.