The trading update for the six months ended 30 June confirms that Gamma performed well in H1 and is set to report in line with market expectations for the full year. In the UK, Business (formerly Indirect) is performing strongly and Enterprise (formerly Direct) has won a number of significant contracts. In Europe, EBITDA grew healthily, supported by forex. Cash generation is in line with the 90% conversion guided to, with net cash at c.£121.5m (FY22: £92.5m). We maintain our forecasts, noting that our figures are towards the lower end of the ranges.