dotdigital has delivered another year of strong growth, with a positive outlook promising more of the same in the current year. The results, which were largely flagged at the trading update in July, show 15% organic revenue growth, with 22% EBITDA growth and net cash of £15m at the period end. Double digit growth was delivered in all geographies, with an 18% increase in ARPU signalling continued progress with both new and existing customers. With further strong execution expected we are leaving our top of the range forecasts unchanged. The shares trade on a Dec’19 EV/EBITDA of just 12.9x, which we believe is highly attractive for a core holding in the sector and see recent share price weakness as an opportunity.