PROACTIS has released a brief full year update indicating that trading in the year to July 2017 was in line with consensus expectations following a reassuring number of new business wins. Management’s focus is currently on integrating the Perfect Commerce acquisition, with £1.4m of the targeted £5m of annualised cost synergies realised to date and the rest expected to be realised by the year end as planned. We are encouraged by the performance of the underlying PROACTIS business and make no changes to our forecasts, recommendation and target price pending the release of full year results on 11 October. We remain excited by the increased commercial opportunities for the enlarged group.