Well if you look at H2 PBT excl consulting PBT, you have roughly...

Well if you look at H2 PBT excl consulting PBT, you have roughly 9% growth there. which would be stable on expectations. Not so great - taking the midpoint for growth.

I don't understand the underlying bit fully - are they saying that the underlying includes or excludes certain contracts?

The final comments today create a bit of uncertainty as well IMO with a disclaimer "This trading update is based on the preliminary review of TechnologyOne’s accounts just completed. It is conditional on further work being undertaken, including a detailed review of all sales contracts and consulting projects, as well as the review of our accounts by our auditors. TechnologyOne will provide further detailed disclosures once the final results for the financial year are published on 21 November 2017."

This might have the SP get a bit volatile for a while - still hopefully the business regains its gallop quickly. Some red flags for me are the change in CEO, and the fact the CEO sold a few million shares a short time ago. Maybe he was thinking there is a bit of uncertainty ahead.