EQS Group’s preliminary figures for FY20 show revenue growth of 18%, adjusted for last year’s sale of ARIVA. This is broadly in line with our estimates, with EBITDA of €4.8m (Edison forecast €4.9m), near double the prior year as the increasing scale of the business delivers efficiencies. FY21 should see good demand for compliance solutions as the whistleblowing regulations come into force, and the group is opening new offices in Milan and Madrid to help capture greater share.