eServGlobal - FY18 core business outlook maintained

eServGlobal released a positive H118 trading update indicating that core business orders were ahead of internal forecasts and reiterated its target of achieving EBITDA break-even for the full year. With H1 revenue guidance of €3.6m/A$5.7m, the majority of these bookings will be recognised in H2, indicating a heavy H2 weighting for the year (c 70%). HomeSend continues to expand rapidly (59% top-line growth), and remains the key value driver for the stock. We leave our forecasts unchanged at this stage; H118 results are due by the end of August.