Interims to December are as expected, with the January trading update having reported US$ FX headwinds, and the benefit of the acquisition of Alia to be accommodated in 2H26 and beyond. 11% recurring revenue (4% organic) growth and ARR of £75.4m (+13%, +6% organic) demonstrates the strength in the model, further emphasised after remembering that the group declined to repitch for a very low-margin SMS-based contract, setting the FY26E top line back £4.4m vs FY25 – even so, the group continues to ....