In its recent update, Brady said that it was seeing a lengthening of sales cycles, due to a deterioration of market conditions in the commodity sector. Consequently, FY15 revenues and EBITDA will be materially below market expectations. While volatile commodity prices can help to drive software sales, the commodity selloff has been persistent and severe as to force restructurings across the commodity trading sphere, and hence players are deferring deals and conserving cash. Nevertheless, Brady says the deals have been deferred rather than cancelled, and as participants require modern software for their business processes, a bounce back in FY16 with a stabilising commodity sector looks fair in our view.