In H1 Taptica has enjoyed yet another strong period of trading, showing 27% organic growth in sales and the inherent operational gearing ensuring 47% growth in underlying earnings. Moreover, it has converted these earnings into cash, covering a dividend distribution, and the balance retained lifted net cash to over $32.6m in June. This cash will have been utilised in the subsequent H2 acquisitions of Adinnovation and Tremor Video’s DSP and we estimate current net debt of c.$15m. This is
