Update from House Broker just posted 5 minutes ago: Trading update FY19 contracted visibility has expanded to $28m (August: $25.4m). Seasonally busy Sept-to-Dec 4Q opened with a $30m pipeline of potential orders with FY19 close dates, almost half relating to SaaS multi-year deals. At mid-December, $9.9m of deals are potentially closing by year end, of which $2.7m relates to licence revenue recognisable in period. Several licence opportunities shifted into FY20, as the proportion of SaaS revenue also accelerates. Momentum remains strong, and the total forward pipeline for FY19/FY20 is 60% higher than at FY18, with one-third SaaS. In an ideal world we’d identify an FY19 revenue range of $29.0m to $31.0m, but settle cautiously on $30.0m even as future year percentage recurring revenue improves (c.50%). EBITDA moves to $6m in FY19; and FY20 moves to revenue of $36m, with EBITDA of $6m as a consequence of maintaining planned investment, reflecting undimmed management confidence for a global opportunity. Target price 1200p (1425p) as the recurring revenue stream provides growing visibility but from a lower base.