While the shares have sold off on headline earnings contraction and the removal of a yield attraction, investors should take reassurance from the fact that underlying forecasts remain intact. The key messages to take away from these results are that, while market conditions remain challenging, 1) earnings risk is mitigated by conservative forecasts, 2) there is upside revenue potential from the energycredit acquisition, 3) action has been taken to reduce costs, and 4) the new offshore development capability can be leveraged to reduce costs further. Diversification (across asset classes, into more robust markets like the US, and within the customer base) and increased scale are tools that management can use to move away from historic reliance on large licence wins. While the dividend attraction has been removed, a SOTP valuation (76p) underpins our Target Price of 71p (up from 68p).