StatPro has provided another in-line update which is testament to the consistent strategic progress which it is making. It follows an announcement earlier this month of a new contract which was an early validation of the Group’s strategy to transition to a purely cloud-based provider of analytics services. StatPro has done a good job of retaining stable levels of recurring revenue from its StatPro Seven clients while preparing for the launch of its replacement, StaPro R+. Additional sales and renewals kept the net cancellation rate for StatPro Seven at around 4% during 2014. We are making changes to our FY14E estimates to reflect a slightly lower net cash figure than we estimated at c.£2.7 million and to include the one-off £0.3 million charge flagged in the update.