FreeAgent issued a trading update indicating H1’18 revenue and adjusted EBITDA of £4.6m (+28% y-o-y) and £0.4m loss, respectively. These are broadly in line with our expectations of £4.8m and £0.2m loss with some softening in the partner channel due to a legislative change impacting public sector contractors. Cash of £3.4m was better than our expectations of £2.9m. The partnership with RBS appears to be growing strongly, with revenue from integration activities stepping up and the first signs of ....
