FreeAgent’s interim results showed strong revenue growth (+28%, ACMRR +17%) with an evolving channel mix. Direct showed steady progress whilst Practice’s historical stellar growth has been tempered by changes in regulation. An emerging Banking channel, driven by its RBS partnership could prove to be a very significant opportunity for the group going forward. Our estimates reflect the tempering in the Practice channel but we expect sustained positive EBITDA towards the end of calendar 2018. The group’s opportunity remains significant and it is well positioned to exploit this given the strength of its product and its strategic focus.