FY13 has started strongly and company guidance for full year media EBITDA implies a rise of 14%. However, because investment costs are likely to rise faster than we forecast, we reduce FY13 PBT (normalised) by 26% from A$4.9m to A$3.7m. FY13 was always going to be a year of investing in new products and in the expanded conferences division, but this is expensive in the short term. FY14 should see substantial benefits from this spending and our estimates are unchanged, leaving the shares on a modest rating. Click here for further information.