Crossrider’s trading update for year to the end of December 2017 includes revenue and Adjusted EBITDA expectations in line with our estimates. In particular, CyberGhost has continued to perform strongly. The increased level of deferred income reflects Crossrider’s ongoing transition towards a SaaS model - and its repositioning as a consumer security software business. Despite making further acquisition payments of U$7.7 million during the year, the Group ended 2017 with cash of U$69.4 million – the strategy includes making further acquisitions. Growth in Adjusted EBITDA of over 150% from core activities (excluding the discontinued Web Apps and License business) reflects good organic growth across an increasingly geographically-diverse customer base for Crossrider’s core software solutions. We reflect the updates on revenue and the cash position in our FY 2017E estimates and adjust amortisation upwards noting further acquisition costs in H2. The Board says that it is confident of delivering growth in 2018 in line with market expectations.