Annualised recurring revenue lifted by 4% at constant currencies to £28.6m, while Revolution’s annualised recurring revenue jumped by 61% to £6.5m, representing 23% of the recurring revenue book, in line with the recent trading update. Adjusted EBITDA dipped, as expected, mainly due to the increased investment going into the business. The Revolution Performance module remains on track for launch in early 2016, and this is expected to accelerate the group’s transition to a pure cloud play. We continue to believe there is significant upside in the shares, given the lofty multiples of its US-based financial software peers and SaaS companies.