Earthport has announced a deal with The FX Firm, a leading FX company specialising in providing services to the payroll sector. This is in addition to the announcement earlier this week of an agreement with corporate FX provider FX4BIZ. There are no details on the potential volumes associated with these contracts but we are encouraged to see that the core low-value cross-border payments business within Earthport appears to be unaffected by the recent issue within Baydonhill. We continue to believe that the group’s global payments platform has huge disruptive potential in the £27.8bn+ cross-border payments market. We believe that the recent share price fall following the potential loss in Baydonhill implies a far greater impact on the core business than is the case and see significant long term value in the shares.