The update was disappointing from a profit perspective, but the root cause was a positive; faster than expected revenue growth leading to faster than expected cost growth. Revenues are growing fast because the business has an attractive offer that is gaining cross-selling success. The Company has also just won its first group level contract, meaning that it is pre-approved to supply any services chosen. Looking forward we lift our revenue assumption for 2018 and maintain our profit expectation. This builds in a little extra cost buffer, something we see as important as the group deals with the practical pressure of fast growth. The Company has also announced board changes. Executive Chairman Peter Scott becomes CEO, NED David Morrison becomes non-executive Chairman and the Company intends to split the CFO/COO roles once they have recruited a new CFO (Robin Price to retain COO role).
