Hi Steve, 

Thanks for using community hub! I have reached out to our Sage experts for you and they have not had this reported any other users. 

They have advised to check your update was completed by checking the version number in the software, it should be 5.0.1.14263 

If it is showing as this please contact them directly where they will investigate this further for you. 

Thank you 

Fallon 

Thank you Fallon, we are running 5.0.1.14263.

My colleague can see the draft watermark (which I should have checked before posting!).

For some reason it's still not showing on my on screen preview but does appear on the printed version so it must be a user issue that I'll need to resolve.