eg has announced FY15/16 results in line with the January trading update; revenues had been impacted by a disappointing level of channel sales and, we believe, an immaterial contribution from Aspect. Nevertheless, “core” eg (direct) sales remain robust, the group is modestly profitable and the order book has grown to a phenomenal £17.4m (2.5x annual sales). We realign revenue downwards in line with consensus to reflect caution around channel partnerships, but leave FY17 profit expectations unchanged.