Ann: Appendix 4D and Half Yearly Report, page-8

I like the fact that the recurring revenue has grown 30% on a like for like pro forma basis. It’s the non recurring that they seem to be saying is skewed heavily to 2h and is actually down from1H 2017. I’ll take them at there word that the non recurring is coming in 2H and hopefully a lot of that is on installation hardware for new clients in 2H which in turn will lead to future continued growth in recurring annuity / subscription income. The recurring is the quality stuff.

Agree it does seem a stretch in the 2H and i think it’s cheap now even if they fell short of guidance. Still we’re in March now and they reconfirmed so must be reasonably confident. Hopefully not all from one off sale of zuuse