Profile Manager won't start after upgrade to Server 3.2.2

I've got a suite of Apple iMacs, all running OS X Mavericks 10.9.5. I have just upgraded all of the software, including that on our server, which is now running Server 3.2.2 on OS X 10.9.5. After rebooting, the Profile Manager is refusing to start. Looking in the logs, it seems that the connection to PostgreSQL is failing:

Feb 4 14:48:33 music-01 com.apple.launchd[1] (com.apple.DeviceManagement.postgres[8262]): Exited with code: 1

Feb 4 14:48:33 music-01 com.apple.launchd[1] (com.apple.DeviceManagement.postgres[8262]): Throttling respawn: Will start in 10 seconds

and so on. Any ideas?