We have adjusted the balance of our forecasts for FY25, while retaining the key adjusted EBITDA figure of £140.1m. We have also reassessed the prospects for FY26. The recent UK Budget has done little, if anything, to provide certainty to the UK SME market. The prospective PER of 10x appears too low given that the UK challenges merely hinder rather than impair the long-term technology adoption growth story.