dotDigital delivered another year of strong growth, profitability and cash generation. All key financial metrics grew in double-digit terms (all organic) driven by growth in customers, growth in average spend and an increasing contribution from international. The Board is proposing a 19% increase in the ordinary dividend and a 0.41p special dividend. Our profit forecasts in 2017 and 2018 are unchanged, with EBITDA growth of 26% and 22%. dotDigital’s prospects remain healthy with new avenues of growth being developed through wider partnerships and broadening international reach. With the vast majority of revenues relating to monthly subscription revenues and a diverse customer base (biggest client accounts for c.1.5% of sales), the stock offers one of the most secure strong organic growth stories in the market.