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Q3 figures were consistent with the previous indications during this year of peak investment in the €9m programme to build a global regulatory tech platform business. FY18e guidance, however, has been tightened to the lower end of the range and we have reined in our FY19e and FY20e revenue and EBITDA forecasts. FY20e still shows a strong increase in return on sales, with EBITDA margin rising to 12%. EQS is building an attractive recurring revenue base (81% of total sales in Q318). It has its eyes firmly on the prize of being an integral part of companies’ corporate compliance and investor relations functions across the globe.

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