ActiveOps Plc (AOM) Earnings Call Transcript & Summary

Good afternoon, everyone. Welcome. We didn't quite know how many people were going to turn up when we sort of set up the Capital Markets. I think we thought about 30 [indiscernible] 60 people registered. So apologies, a little bit more cramped than we were expecting. But it's really great to see you all and either it's very dull day in the city or let's hope there's something interesting to talk about, right? It is an absolute pleasure to welcome you, our shareholders, partners and analysts and open today's Capital Markets Day. And on that basis, there we go. [Presentation]

So in terms of the -- over the next 90 minutes, we'll take you through the story of ActiveOps, who we are, the scale of the opportunity and how we're positioned to deliver sustained profitable growth. I'll begin with a short introduction, the story of where we've come from and how we've built such a resilient and efficient business and why the opportunity ahead of us is greater than ever. Then Bhavesh will expand on our market, our positioning, how ActiveOps fits into the world of accelerating digital transformation and the customer opportunities that we are capturing already. After that, Phil and Dave will take you deeper into the product, showing you the depth and power of our offering and really how our innovation and AI capabilities are unlocking new value for our customers and driving customer acquisition. Emma will then take you through the financial story, how our operating model translates that innovation into consistent cash generation, reoccurring revenue and scalable growth. And finally, I'll return to close the session by talking through our growth leaders, the drivers that give us the confidence in reaching our medium-term ambitions, which we'll expand on today and continuing to build shareholder value. All right. Let's just talk a bit about the origins of ActiveOps. Back in the 1990s, my co-founder, Neil Bentley and I were consulting with major banks and insurers. These organizations had invested heavily in process improvement, total quality management, reengineering and lean, but something was being missed. We watch the same teams doing the same work, same systems, same process produced very different results from one day to the next. So the variability wasn't the process, it was the actual management of the work itself. Teams were reacting to what had to be done rather than planning what could be achieved with the capacity they had. And that idea to move management from reactive to active became the foundation of our methodology, Active Operations Management. And it was never about measuring people for the sake of it. It was about giving them numeracy and foresight, helping leaders and teams anticipate demand, plan with precision and make confident decisions about how to use their time and their talents. Now we embedded that approach into software in 1995, forming Workware Business Systems. And by 2005, we'd spun out as Active Operations Management International. 2007, Neil and I bought out our consulting partners, leaving us free to drive the business forward. From then on, we've been really disciplined builders across 3 decades. We've only raised GBP 5 million external investment from Calculus Capital back in 2014. Everything else has been self-funded through sales and success. And that capital efficiency is not an accident. It's a reflection of our business model, reoccurring revenues, cash in advance, high margins and quite importantly, blue-chip customers where we're in the engine room and they rely on us every single day. Our software is not peripheral. It sits at the core of how major enterprises deliver their customer propositions. When our platform runs, the bank meets its service levels. The insurer meets -- settles its claims. The outsourcer delivers on time. And what that means is our revenues are sticky, and they're resilient. And increasingly, as you well may know, geographically diversified because the problems across the world. So Europe, North America, Africa, India and Asia Pacific, ActiveOps is active in all those regions. So what's driving demand today is really an extraordinary level of investment our targets have already made in platforms like Appian, Salesforce, ServiceNow, in those human capital systems like Workday and SuccessFactors because these are powerful systems, but in practice, they often leave unrealized value on the table. The data is vast, but it's fragmented. The processes are automated, but not orchestrated. Managers have more information than probably ever before, yet less clarity about where the work actually is and how to get it done. And that's what ActiveOps is all about. We sit at that intersection of the process and the people, bringing together their data and workflows into one view of reality. Thank you, my sound engineers about that. Our software methodology unlock that hidden value in those investments, surfacing capacity, stabilizing performance and providing that -- and this is a key phrase, meter of value that connects the technology investments customers have made to the business outcomes that they're looking for. And that's a very scarce commodity, and we'll return to that theme as you'll see through the day. So we accelerate and derisk transformation. We help leaders see what's really happening in their operations, plan with precision and manage proactively, whether their teams are using ServiceNow, Appian, Salesforce, Workday or Indeed, as the reality, combinations of all of the above. That's why our customers stay with us year after year. They don't just buy software. They buy the confidence to transform, knowing their operations on whom their customers rely every single day will continue to perform flawlessly every day. So what's in the box? At the heart of ActiveOps is a set of capabilities that we think are difficult to replicate and increasingly valuable in the context of automation and AI. The first is data. Like so many other domains, the value of data and the ability to synthesize it with other context is just becoming such a lever on value. Over 15 years of anonymized operational data with some of the world's largest organizations. And that provides unique empirical view of how work really gets done across industries, geographies and systems. That data fuels our benchmarking. It powers our machine learning models and most of all, positions ActiveOps as a trusted source of operational truth for our customers. The second is deep subject matter expertise. I mean we deal in some complex worlds. I'm son of a farmer, how I ended up as a back office expert -- expert in back-office systems is beyond me, but anyway. But it's built through decades of focus on the realities of managing complex regulated operations. We understand the dynamics of performance, variability and capacity at a level no one else in the world really does. And that expertise has only been extended and deepened by our recent purchase except by our recent acquisition of Enlighten, adding complementary analytics capability, customer relationships. I'll go into more and additional depth in the subject matter itself. It's this domain understanding that ensures our technology solves real problems. The third is technical capability. We now have within ActiveOps, I believe, a truly world-class development organization, combining that disciplined engineering with creativity in the latest tool sets in AI, data science and product design. And the 3 things together is what allows us to translate that operational insight into powerful, scalable technology, and you'll hear more about that, fundamentally delivering measurable performance improvement to our customers, which is in scarce supply. So together, those 3 foundations, data, domain expertise and technical excellence form a virtuous circle. Our data deepens our insight, our insight guides our engineering and our engineering develops more data. It's powerful. And that cycle is the engine of innovation that I think will keep ActiveOps not just successful today, but for many years to come because the challenges out there are only getting more complex. The tools may be getting more advanced, but the complexity of orchestration is only getting harder. So we have a model that converts growth into cash. We've taken that foundation and built a highly efficient commercial model around it. SaaS revenue, billed in advance, high gross margins. Importantly, a consulting enablement layer that ensures that adoption, evangelism and renewal. I don't know how many here present went to our capacity event in Canary Wharf this year, but the level of passion almost verging on a cult that our customers enjoy, you may hear a little bit more about that in a second, is fabulous because it reflects the value they personally receive, but more importantly, it sustains us. And that consulting enablement layer is part of the way that we can ensure when they pay that service fee, they get the outcome they deserve. And minimal capital requirements. We generate cash to sufficient our growth. We've never had to come back to the market for more cash. And on that topic, in 2021, we chose to list on AIM. The purpose of the flotation was to provide an exit for Calculus Capital, our EIS investor in 2014 and for others who supported the ActiveOps journey. Our balance sheet was strong. We didn't need to raise capital to fund growth. We chose public ownership because it aligned with, I think, who we are, transparent, accountable and focused on that sustainable long-term value. And it provided a better fit for us than perhaps the private equity alternative. The IPO rewarded our early investors with an excellent return. Calculus, I think, really is a 5.5x return on their investment, but it also marked a new chapter in the business, that was 2021. As I said, my co-founder, Neil, stepped back operationally. He remains a significant and supportive shareholder. But as we became a public company, we strengthened our governance. ActiveOps is an excellent set of nonexecutive directors, some of whom are in the room, but they're active. They're experienced and genuinely fully engaged in supporting myself and other members of the executive team. Mike and McLaren and Hilary have been on the IPO, since IPO. And Bruce Lee, who's not here today, he is in the U.S., but he's recently joined the Board, bringing some real technical and data and technology expertise to the team. And I think genuinely, they brought immense support to me personally, but they bring continuity and insight and challenge to be fair, which is I think the hallmarks of the kind of governance maturity that ActiveOps is now achieving. A question often raised, we remain entirely satisfied being on a listed public markets. There's a perception maybe that valuations may be higher. But our experience, I think, is that strong public market performance and transparent governance are powerful drivers of value. Our share price today now stands well above our flotation price, which is a matter of great satisfaction to me and others in the room, I suspect. But more point, reinforcing our confidence that when the right opportunities arise, all the value of being on the public markets then come available. We have access to capital for M&A. We'll talk more about that and strategic investments without compromising our independence. So it's suiting us well, and we're excited about staying where we are. Since listing, we've invested steadily in innovation, bringing -- as I mentioned, we're establishing a world-class data and AI team, expanding our development capacity, strengthening our regional leadership and pursuing a selective M&A activity aligned with our strategy. And I think important for as you look at the capability of the company, we've shown we can make those acquisitions work, integrating new teams. We've done 4 integrating new teams and customers whilst maintaining that critical focus on your customer base, capital discipline and delivering the returns you expect. By example, was OpenConnect. We bought the company back in 2019, which brought valuable technology and clients into the group, but within 12 months, we sold its non-core assets for just under 3x the purchase price that we bought the whole company for. So that was a very successful project, the customer base and the product set continue to with us today. But our innovation goes far beyond that. In a world where I think automation and AI are simultaneously reducing the effort, but multiplying complexity, and this is really important. The need for visibility and control and coordination is just becoming exponentially greater than ever. Far from reducing our market, automation and AI have expanded it because the work is no longer confined to the back office. It's distributed across channels. The enterprise customer service, risk, finance, operations, they're all connected, but they're all competing for shared and scarce capacity. So orchestration suddenly becomes hugely important. So we're building those platforms of control that large enterprises now urgently need to manage that complexity because they're failing so badly in so many cases. We're building that platform of control to manage that complexity, optimize working capacity across channels, geographies and those Appian's and Salesforce and all the other kind of gizmos that people are sinking huge quantities of capital into to deliver those process improvements and those cost reductions. That's seen in the release of CaseworkiQ, for example, supporting the long-duration high-stakes regulated work. And now excitingly, our integration of WorkiQ into the core ControliQ, which automatically captures and interprets effort and outcomes without the need for hard-coded integrations. I'll say that again, our desktop analytics can determine what's going on without the need for hard-coded integrations, which given the amount of money spent on integration is potentially mind-blowing. So that makes our solutions resilient. It makes them adaptive to the realities and complex fast-changing enterprises, allowing our customers to evolve their process and systems without losing that visibility or control. ActiveOps today is led by an experienced team. Over that time, we've grown and we bring together sort of domain expertise, as I said, but also proven operational leadership and a shared commitment to our mission. Over time, I think we've built some exceptional strength across technology, delivery and I think ActiveOps for me personally, the confidence and the continuity to scale because that's really what we're here today to talk about, the ability to scale faster than ever before. So whilst we're proud of our track record, I think the capacity to grow is only growing. So in terms of today, ActiveOps is a profitable, cash-generative SaaS company, delivering decision intelligence to the world's largest service organizations. We're helping them manage complexity, meet regulation and get more value from those investments they've already made and those still to come. The long-term prospects are, I think, enormous. As automation and AI continue to reshape how work is done, the need for ActiveOps is platforms of control will only grow because there's such a growing sense of disappointment in execution and the focus is turning towards delivery and Ops execution on ActiveOps is right there. We've built the IP, the data, the leadership and the credibility to meet that demand. And we've done that with discipline, creating jobs, paying taxes and building shareholder value whilst maintaining our independence and purpose. So thank you for today. In terms of what we're going to take you, as I said, next up is Bhavesh, who's going to talk about the market in more detail and the opportunity. But we are fiercely proud of where we've got to. But personally, I am just as excited really about the doors that are unlocking in front of us. Thank you.

Thank you, Richard. I've gone for the old school paper today as opposed to the AI. Good afternoon, everybody. As Richard said, my name is Bhavesh. I'm the Chief Marketing Officer here at ActiveOps. Some of you probably don't know me. I've been at ActiveOps now just over 3 years. My background is B2B technology marketing. I've been lucky enough to market technologies, services all over the world from startups through to the mega vendors like Oracle. Richard mentioned the word cult. I must admit when I first joined ActiveOps, I was a little baffled by this idea that our customers are advocates because I come from a technology and marketing background, it's very rare to have a volume of customers that are hugely passionate about the technology that you provide. I can tell you now 3 years in, it's incredibly true. The customers are what I would call true raving fans. And as a marketer, it's a great foundation to start on. It's a great foundation to build a strategy on. So talking about customers, let's see if this thing will work today. There we go. So you all know this ActiveOps, our sweet spot is enterprise brands across financial services, insurance, health care. You also know that we have customers in over 40 countries with a very strong history of brand advocacy. And you'll hear a bit later on from Emma when you talk about the TAM, we're only just scratching the surface. So the question is how are we going to accelerate the growth from an ActiveOps perspective. Now in order to do that, we have to first understand what our customers are going to go through over the next 3 to 5 years. What are they faced with? And what we do know there's going to be a lot of disruption ahead. We know that our customers face fierce competition, ever more demanding customer expectations and increasing regulatory burden. The change that they have to go through is not just critical for growth, but for many, it's survival. So as the market conditions require rapid change over the next 3 to 5 years, how are organizations going to keep up? What are they going to do to transform? They're going to ask themselves a number of questions. Strategically, what are they going to do? Many will talk about the need to digitalize products and services, streamline their customer journeys and all of them will drive operational efficiency or want to drive operational efficiency. The truth is, though, it's the AI, that's the key technology driver of change over the next 3 to 5 years. But organizations aren't very good at transforming. They don't have a great track record. According to McKinsey in their state of organizations report, only 14% of organizations truly achieve an agile operating model. 90% of the leaders say they need capability building, but only 5% believe their organizations are capable of doing it. And I guess the most TAM in stat is despite all the huge investment in technology, in capability, 72% of change projects or transformation projects fail. And that's really because they haven't been able to take from strategy to delivery and delivery of impact from an execution point of view. And I really like this statement from McKinsey, this idea that what companies in short are good at is defining what they want to achieve, but they struggle with the how and make that happen. That's really interesting and really exciting for us as ActiveOps because we put the how into the what and how. So the market conditions are right. So we know we can help our customers. I was doing this early on in our try run TAM quicker. So one area where AI is predicted to make a huge impact in the how in the coming 3 to 5 years is in the automation of processes, something that Richard talked about a little bit earlier. In this Gartner chart, you will see that hyperautomation is going to be one of the largest spend from a technology perspective. And hyperautomation, as the name would suggest, it's using AI as well as a bunch of other technologies in order to further automate processes. So in the next 3 to 5 years, the fight behind AI and human resources is going to play out. How much can be automated? How much staff do I really need? What type of resources and skills am I going to need in the future? Those are just some of the questions our customers will be asking over the next 3 to 5 years. Again, this is fantastic news for ActiveOps. That's because hyperautomation focuses on operations. That's where it starts, enabling processes to be transformed and automated. AI agents do more work and traditional silos that we know today will collapse. And again, great for ActiveOps, operations will be the heart of this new order. So Richard spoke about the intersection between process and people, and that's a really important point to make today. Market conditions are good for us, as I've outlined. Customers are going to be spending money on operations, which again is our sweet spot. And we have a solution to bring these 2 worlds together. In essence, we are in the middle of this change. We are, I genuinely believe in the eye of the storm over the next 3 to 5 years. So the opportunity for us to bring together the worlds of process and people, bringing together workflows, processes and technology with time, skills and complexity of people. That's really the key to turning strategy into measurable sustained outcomes. And according to McKinsey, it's how you build that institutional capability to drive sustained business impact. And we call this Decision Intelligence. And of course, you'll see today has a hell of a lot of AI in it. So how are we going to translate all of this into our conditions for growth? What are we going to be doing to capitalize on this hyperautomation wave? So you're going to hear pretty soon from the product team. They're going to show you how we're rapidly expanding our platform, which is already built to support some of these key business initiatives and how we're going to drive more of that process agenda. We're also expanding our messaging, our positioning in the marketplace because we have to appeal to a wider audience, not just operations. We have to appeal to technologists. We have to appeal to the individuals and organizations that are driving the transformational agenda along with the other C-suite. So we have to be positioning ourselves and evolving our positioning from where we are today. And you're also going to hear from Richard a little bit later on talking about our push towards the partner strategy, looking at appealing to consultancies, systems integrators and technology ISVs that are really driving that agenda of change within our enterprise customers. But I thought I'd bring this to life a little bit because it's -- I think the key point that I really want to make here is that we're already doing this. ActiveOps customers are already on this path and have been doing this for many, many years. So I'm going to tell you a little bit of a story about Nedbank. Nedbank is one of the largest top 5 banks in South Africa. Actually, Nedbank is probably one of our most innovative customers in EMEA. So around 5 years ago, Nedbank had a bit of a problem. They needed a point of difference in their market. Their cost-income ratio was taken a bit of a hit. Their customer service was the same, if not probably worse than everybody else. In fact, everybody's customer service in the South African market of banks was rubbish. And I guess all of us who have banks as our own personal customers, we know they're not greater customer service anyway. So this is not a new problem. It's a problem that a lot of organizations are trying to solve. And Nedbank decided they're going to do something about it. So they embarked on a transformation journey, they called it Project Phoenix. And the key essence to that was to delight customers. It was to put the customer at the center of their business. And we all know that's not an easy thing to do. So how have we been supporting Nedbank through this journey over the last 3 to 5 years? In 3 ways. First of all, taking a data-driven approach, giving them the insights so they can understand what areas of the process they should be automating. They have a mantra of the bank, which is digital when you want it, human when you need it. So it's really critical that we're enabling them to identify what's the right areas to tackle to drive the biggest impact. The second thing is how do we help that bank and Nedbank release their potential. Yes, we can release capacity, but how do we make them or support them use that capacity wisely as quickly as possible. And of course, it can't be a one-off. It's got to be a long-term sustained impact and again, supporting the bank over the last 3 to 5 years to drive continue impact. So looking fast forward into today, how are they doing? So we think about the choosing bit, the choosing of the processes and the steps in the process. So they found through the ActiveOps data set that 20% of the tasks accounted for 80% of time. And they figured out they could probably automate about 44% or reduce work by 44%. That was what they originally started with. The stats on the screen there is where they are today. So they -- in the Retail and Business Bank, in particular, they've eliminated 25% of work through automation, 10% through lean and 9% through GenAI. Now that GenAI number is going to increase over the next 3 to 5 years. So none of this would have been possible without the ActiveOps dataset, without the effort lens that we provide because we enable them to pinpoint the areas that are going to drive the biggest outcomes and change. So what about the other percentages of people or the people doing work, the parts that human does. Well, through the visibility we enable them, they've been able to unlock capacity. Within 3 months, we've seen double-digit improvements in productivity across multiple areas of the bank and which has been proved significant in terms of the outcomes they've been able to achieve. So I guess the first question you're probably thinking in your mind is so what? What did they really achieve as a result of all of this? So if you remember what their initial premise was, right? They wanted to delight their customers. They wanted to put the customer at the center of their business. So 3 examples here of what they've achieved. So on the insurance side of the bank, they've seen turnaround times for things like funeral and death claims, half, in some cases, more than half. Now just think about that for a second. If you're a distressed customer who's got a parent or somebody that you've just lost, you want your bank or your insurance company to pay you out as quickly as possible. That has a material impact on your brand, on your brand credibility. On the retail and banking side, they're now one of the market leaders in the South African market for things like home loans. So they process home loans faster than any other competitor in the local market. Again, if you're buying a home, which I'm trying to do right now, you want that done as quickly as possible. So they've been able to win market share as a result of that. And then finally, on the debt recovery side, which is a little bit more nuanced, right? You want to collect the money, but you want to do it in a way that the customers are well treated. This has been transformative for the bank. Their cost to collect is reduced by 54%. Last year alone, they collected ZAR 17 billion, which is about GBP 700 million in their financial year, which was a significant number for their bottom line, they've got to balance that with the customer experience. So they managed to service something like 1.6 million customers. And importantly, 110,000 plus of those were able to retain their vehicles and over 8,000 were able to retain their homes. So that shows a good balance between managing their customers versus driving the revenues. The main headline though is their Net Promoter Score over the last few years has gone from 7.8 to 8. They are now the #1 in the market for customer experience, and it's now a significant differentiator for Nedbank in the African market. It's not an isolated story. We hope, depending on the career, we hoped to give you some packs when you leave today. And in those packs, you will see a booker, which has a number of customers from around the world with different transformation stories, solving different problems similar to what I've just described with Nedbank. So I mentioned earlier when I joined ActiveOps 3 years ago, a, I didn't believe, Richard, in terms of the customers. I did scratch my head a little bit until I spoke to some customers. And they truly are raving fans. Our customers are absolutely passionate about ActiveOps and the impact that we generate. I've been lucky enough to interview customers all over the world and see that. I always say to Richard, every time I do an interview, I'd love to have the whole company on my shoulder so you can hear what a customer says. It is amazing, but I don't want you to take my word for it. So I'm going to show you some actual customers talking about what they think about ActiveOps. [Presentation]

Great. So I think the key for why this is so important is really just going through branding in general and why this matters. As consumers, all of us in this room, by the way, its human nature, we will buy on emotion and we'll justify on logic, happens every day, right? You may not think so, but that's what we do. That's what our brands do. And the same thing applies in B2B, right? One of my challenges as a marketer is how do I build the emotional connection for our customers and our prospects. So we've been working really, really hard over the last 3 years to build a framework to put our customers at the heart of our marketing strategy. And you've seen some evidence of that just here. And we want them to tell the story. We want them to build that emotional connection or use them to build our emotional connection with our prospects and our customers. It's the foundation of what we do, and that's why we're going to accelerate in the next 3 to 5 years. But I didn't want to just leave it as a video. I've got a real life raving fan in the room. So may I introduce Nicole to join me on stage as in just walk a couple of steps forward. So Nicole has been, I guess, a supporter of ActiveOps or a customer of ActiveOps 16 years, I think, Nicole?

2009.

2009 on my word. So you just saw the video, Nicole. Does that resonate with you in terms of what those customers are saying?

Absolutely. And I think -- so if I go back to kind of my journey with ActiveOps. So as I said, started in 2009, was trained by Alex. So he did all of our training. So I've been on a really long journey with the organization and started with Workware, as Richard was talking about earlier and seeing how the evolution of the product and how everything kind of works. So listening to some of those things, absolutely. I'm in the insurance market, and it is transforming at the moment massively. So some of the things that the guys are talking about, I think, are really pertinent now, but the value that we've seen since we actually started using ActiveOps way back has just been phenomenal.

So you've got some examples over the last 16 years of the sort of things, you got 1 or 2 that you could share?

So I think the biggest one is when you're thinking about strategy. So we had a location strategy where we were looking at the locations across the whole of the U.K. And we had real estate that were like, this is amazing. We're going to close this location down. We've saved the business GBP 10 million. Operationally, it was a nightmare. And it was only because I had the data that I was actually able then to go back to the Board and say, actually, as a business, we think we've saved GBP 10 million, but operationally, it actually cost us x million because we had attrition, we had to look at how we were training people, engagement for staff went down, the productivity dipped. So it actually gave a much better focus and understanding of what was happening to the business, not just in silos. So that was kind of really effective. Also, I know COVID was quite a long time ago, but it shows how long, but because we had operations not only in the U.K. but also offshore as well. When our offshore operation had to work from home, very, very quickly, we were able to see the productivity had dipped. We were able to understand why that was. And what it turned out was when obviously our teams were in the office, they had brilliant Internet connectivity. So therefore, their productivity was a bit higher. When they were working from home, they were using their own home Internet. So within days, we got dongles out to everybody and then very quickly, we could monitor and see how the productivity then improved. So even from like a BCP, Disaster Recovery perspective, we were able to use the data and leverage that. And we made decisions really, really quickly that then was able to then turn the business back around as well very quickly. So therefore, we didn't then miss service levels, et cetera.

So you kind of alluded to it just a second ago in terms of, obviously, your history with ActiveOps, but today, we're talking about the future and what's happening with markets and customers and the challenges over the next 3 to 5 years. With your experience in insurance, you talked about it being a transformative period over the next 3 to 5 years. What part do you think ActiveOps could play in that journey for insurance companies?

So if we look at it currently like in here and now for those that know the insurance market, particularly in London, is a soft market. So to enable organizations to ensure they've got the profit margins where they need to be, they're going to start looking at efficiencies and operational efficiency. And that's exactly what we can use this data for. So I think from a shorter term, that will really help. But also -- and again, I've done this myself. I've used the data to look at automation and processes that could be put through the robotics process. So we had hundreds and hundreds of claims that used to come in. There was nothing that my guys could do on it because it had been queried by an underwriter. So they were adding absolutely no value on it. Very, very quickly, we were able to understand what those volumes were, how long that piece of work was taking a technician. And then if we put that through the robotics process, how many FTE that would free up to then look at the value-add work that they could then do. So it's worked out it was about 7 FTE that we were able to release. And then what that then also had a knock-on effect on was then we were putting those people on to the work that was really adding value and that drove down the service levels. So again, all coming back to that customer-centric piece. So moving forward, I think that there's those kind of opportunities to really start to identify those processes, but more importantly, to actually understand every time a lever is pulled to track that. I think a lot of organizations are great at saying, oh, we need to do that. So everyone rushes over and it's all this is amazing, they're on this project. And then people will quake as then they're on to the next kind of best shiny thing. Whereas the data allows you to carry on tracking that through to make sure that the return on investment is exactly where you were expecting it to be. And if it's not, then you can challenge it and then go back around and understand why it's not. So I think it's going to be really, really important moving forward, especially in that kind of transformation space to understand where we should be pointing our guns and also which processes or things should we look at first because sometimes things aren't really -- we think we're doing the right thing, but we don't know that actually does that have a knock-on effect to something else. And whereas when you put the data, you can make better informed decisions that then give you the biggest impact.

So I know Nicole is going to hang around and be here for the rest of the afternoon, but we give perhaps a couple of questions from the audience. If there's any questions from Nicole, just raise your hand. If not, we'll carry on with the Q&A later on. Any immediate questions for Nicole? You've told them everything they need to know, Nicole.

It's a super fan badge.

It's a raving fan badge. Nicole, thank you very much for now. I know you'll be around for this.

If anyone wants to ask me anything, please just give me a shout and I'll wait around as well.

Thank you, Nicole. Okay. So to summarize, we are truly a transformative technology for our customers. I'm sure we've evidenced some of that today. Our Decision Intelligence platform is becoming even more critical for where our customers are going to next in the next 3 to 5 years. AI is going to transform work. We know that. The blending of AI with human and hyperautomation is going to become the norm over the next 3 to 5 years. As I said earlier, we are in the eye of the storm. The opportunities for us to execute. Now our customers know, like Nicole, like Nedbank and all the customers on the video, if they have ActiveOps, they're going to get to sleep easy at night. They can navigate the next 3 to 5 years knowing that we're going to help them transform with confidence, but from a marketing perspective, we will continue to build on this. That's the path for the next 3 to 5 years. Build on our strength, I've said it multiple times already, our raving fans customers, they are awesome in terms of the stories that they have. And our strategy is to build on the progress we've already made over the rest -- over the last 3 years. I mean, just think the last 3 years, capacity program has grown from strength to strength, the amount of customers, the community that we're building all over the world is having a material impact on our ability to cross-sell and upsell our technology as well as drive new business. We've seen our brand transform. I mean, just the sort of thing that we're seeing here is very different to what we would have done 3 years ago. And who would have thought 3 years ago would have been sponsoring the British and Irish Lions and their tour of Australia. And that's what we will continue to do. And my job is to move us from being the best kept secret in operations into being the credible brand in transformations. And we are well on the way to do that. Thank you. So it gives me great pleasure to introduce the product team. So Phil Moody and Dave Wands, part of the product team, I should say.

Thank you very much. Good afternoon. I'm Phil Moody, Group Product Director for ActiveOps. I've been at ActiveOps now for 9 years. And in that time, I've had a really unique vantage point. I started in delivery, so with the implementation of the software, very much on the ground and then set up relationship management globally and ran it, where I worked directly with customers on their operational challenges. And now I'm leading our product development to solve those challenges at scale. Before ActiveOps, I spent 12 years at RBS in various operational leadership and change management roles. Like Dave, who will be speaking shortly, I've seen transformation from both sides. As a customer struggling with the complexity of operational change and now as a technology partner, helping organizations navigate more effectively. I've walked in our customers' shoes. I've helped them deliver significant and sustained value, and I know firsthand what works and what doesn't when it comes to operational transformation. What I've learned from those years in the trenches is this. Successful transformation isn't about having the latest technology or the biggest budget. It's about making the right choices, knowing where to transform, when to transform and where your investment will have the greatest impact. And that requires something fundamental, deep, accurate knowledge of the work that's being done, who's doing it, how they're doing it and the effort it actually requires. Over the next 10 minutes, I will be talking to you about how we're using AI and data intelligence to make the choosing Wisely phase faster, more accurate and more impactful than before. Dave?

I'm Dave Wands, Product Director for Adoption Solutions. My role at ActiveOps is to ensure customers don't just buy our technology, they realize its full potential and sustain that value over time because here's the reality we see. The best technology in the world is only creating value when people use it every single day to make better decisions. That's what adoption is all about. I've been at ActiveOps for over 7 years. And in that time, before the role I'm doing now, I was leading our European delivery teams, so working with our banking, BPO and insurance clients across Europe. But prior to that, like Phil was at RBS for over 10 years, implementing major changes and transformation programs. So I've seen both sides of the coin, the difficulty of running an operation while trying to transform it. And I've also been on the other side of the coin being a partner to help people change successfully. And my key takeaway from all of that is really adoption isn't about core training materials or nice-looking slide decks. What it's really about is making the technologies easy and simple for people to use, so they use it every single day. So in a moment, Phil is going to talk you through the choose why section before he hands back to me to take you through how we realize benefits with our clients.

Thank you, Dave. As Richard mentioned earlier, successful transformation starts with making good choices about where to transform and when. This requires detailed knowledge of the work being done and the effort required. Now that sounds really, really simple, but it's extraordinarily hard. Work is everywhere in workflow systems and e-mail accounts in core banking applications. One of our customers tried to map out all of the systems where work is stored. They gave up when they reached 150. We have banks with over 50 different workflow solutions alone. Now ActiveOps is at the point where all of this data comes together. Historically, gathering it in one place required huge integration efforts. And now the very outcome today is this method is so often brittle, change or update some system and you need to adapt your integrations. It's still so expensive, time-consuming and ultimately really fragile. We're making this simpler. Our desktops analytics technology is able to identify and categorize non-core work, meetings, one-to-ones trainings and so on. We can see what people are doing even when it's not captured in a core workflow system. Our next step is start to apply the same technology to automate the capture of work volumes and effort. Imagine this, a technology that within weeks gives you a consolidated view of output, what you produced, input, the effort used and the process and then turns this data into insight that generates real business outcomes. That's where we're headed. Fast deployment to actionable intelligence, no massive integration projects, no brittle connections, just insight that drives much better decisions. And that's what we mean when we talk about the unique dataset. So when I talk about our product suite, you'll hear me reference WorkiQ. So WorkiQ is ultimately the application level intelligence software. It's automatically deployed on to desktops, giving a view of exactly what individuals are doing during the working day. It's a zero input solution and ultimately is just running in the background used by numerous customers globally. You'll also hear me reference ControliQ. So ControliQ and previously known as Workware is a system that's been very much our core -- kind of our core offering throughout the years, brings operational control, planning intelligence, very much focused around processes that are more one and done. And then finally, you'll hear me reference CaseworkiQ. So CaseworkiQ is very much focused on the more complex environments. When Richard talked earlier about some of the regulated processing areas. So it's very much focused around big users are in KYC, AML, banking, et cetera, to really help ensure that we protect our customers on the longer-term processes that might take days, weeks, months, even years to complete and ultimately give you meaningful insights to help you move -- kind of help you move forward. So what I want to touch on first is to really talk about One Best Way. So One Best Way will be coming into ControliQ and ultimately, we'll be giving you the ability to understand automatically processes that are being completed by individuals. I appreciate this isn't the biggest visual, but I will briefly talk you through it. What you can see on the screen is ultimately an automatically understood customer notification journey. So essentially, our WorkiQ gatherers have understood what an individual is completing on a given working day. It's understood the distinct process steps within that particular process and also then the application flows that make up the movement through kind of through that individual process. What we're also able to do is use large language models ultimately to describe the process that is being completed. So you'll see here the description of the process that is being completed. It's not just Bhavesh, it's clearly me as well. They can't click a clicker. Well, they're moody, so, they're doing a really good job. So you can see a brief description used kind of created by a large language model. But why is this important? And what does this give us? Ultimately, using this technology insight gives us the opportunity to understand individual's performance and ultimately understand how the best performers in the team are completing a route through a particular process. So One Best Way compares how a team member is completing the process, and you'll see here kind of against the norm. Our software is able to understand what the best way of that particular process is. You can see the top line at the top. The different colors represent the different applications that are being moved through as an individual is processing an item. It will automatically understand the amount of time taken to complete that process and also the volume of items processed. You can see here, Jim, it's actually taking a little bit longer, and we can immediately understand what some of the causes of that are. So we spend a bit more time in the CRM system and a bit more time in word. So why does that matter? So it moves the conversation on from what you really need to do as an individual is get better, which is somewhat demoralizing and a little bit vague to hear specifically what some of the best performers in the team are doing. And here's what you can learn from them. It's concrete, it's actionable, and it's based on real data from real high performers in your own organization. This isn't theoretical best practice from a consultant's playbook. This is your best people, your actual processes and your proven results. We're taking that knowledge, making it visible and ultimately transferring it across your teams. So that's an example of how we do it in a more simple environment. We talked about ControliQ aimed at more one-and-done processes. But what about when it's a much more regulated process and something that takes a much more significant degree of time. So we talked about CaseworkiQ. We talked about it being our highest growth kind of product, which is absolutely fantastic. What CaseworkiQ does is understand the overall effort to perform a longer-term process. It allows our clients to understand the SLA adherence of that and the overall amount of time that it took from the receipt of a particular case through to case completion. What are we able to do? So we are this week with our -- with 4 banks globally launching a beta program for this particular feature. So process analysis will be providing an automatic view of closed cases so you can understand the specific flow of how a particular pathway has been kind of has been taken, what's the most common and likely path flows that you're able to kind of achieve as a particular process and also visualize where the potential bottlenecks are within that particular journey. What we're also able to do is provide high-level metrics on the average handling time, average duration and SLA adherence. And for those process improvers within the room, of course, we're able to provide a significant level of detail just in terms of how activities are performed down to the individual task step level. So we're not just showing you what happened. We're showing you where the inefficiencies are, where the bottlenecks are and ultimately, where there are opportunities to improve. And as I said, this isn't focused on simple repetitive tasks. This is in the world of complexity. As I said, our 4 major banks around the world are starting using this -- kind of using this particular feature as of this week, and we're really excited about the value that this ultimately will bring. But we don't want to stop there, right? So we know that there's a real opportunity to go further and deeper into process analysis and process analytics. And this is going to be where we start to supplement the process data with AI and that process analytics layer. So what we're able to do is start to really understand what the overall opportunity is that sits within your departments, within your operations, within your teams. So essentially, rather than manually assessing and understanding what potential there might be within your process, we're using data and AI joining together production and application insights to give you a real-time view about opportunities and where they sit within your business. So what essentially Process Insights does is automatically map the process for you. It brings out the high-level metrics. So for example, like quality, how much work in progress is being carried through each of the steps. But more than that, it will then start to give you automatic opportunities of where you could potentially improve. Those of you who will be familiar with Lean and Six Sigma, will be familiar with the 8 wastes, so motion over processing, transport over production, waiting, inventory intellect and also how you might improve the process through eliminating steps, combining steps, rearranging steps, simplifying steps and standardizing steps. Ultimately, we will be doing that for you automatically. You can see here Opi, which Dave will speak to a bit later on, is calling out opportunities in regards to the WIP levels that are currently being seen between process steps. It's calling out overproduction where actually the underwriting team are currently ahead of SLA, which ultimately is introducing more cost than is necessary within your business. And also, there's a credit check at Step 3 when actually our software is suggesting it could be performed at Step 2, so you don't have that additional waste coming down the line. So we're not just giving you the data. We're giving you specific actions to take. This frees capacity within your transformation spend and leads to better choices. As Bhavesh described, organizations are investing heavily in hyperautomation and AI. What we're doing is helping them choose where to invest the transformation effort for maximum impact. This is decision intelligence for transformation planning. So let me bring this together. Better choices are great, but we need to convert these into business outcomes by realizing the benefit. Here's a key thing to understand. Capacity is not just something that can be created. You can't just walk into an operation. There's a bucket of capacity in the corner. Capacity can be, however, released by getting the same people to do more work or fewer people doing the same work. This sounds incredibly easy, but Dave is just about to show you its extraordinary complex optimization challenge. We've shown you how we can help organizations choose wisely using data and AI. Now Dave is going to show you how we can help them realize the potential and protect the impact. Thank you, Dave.

Thanks Phil. So yes, Phil said, it should be easy, right? Same people doing more work or fewer people doing the same amount of work. But let me just paint a little picture about what it's really like in an operation. So thousands of different types of work coming in, in different patterns and different peaks and troughs, which could be daily, weekly, monthly or even yearly. The criticality of those processes varies hugely. Some needs to be done within an hour, some can wait 5 days, some will need to wait much longer. And I need to understand what skills are available in my team in order to get that work done. And I don't just need it at a high level. I need to know at a granular level what people can actually do and can they do it effectively. And then Richard talked about it earlier, as did Phil, hundreds of different systems where all of this work and time is being managed. All of them being done independently and not talking to each other. And as a leader, I need to balance that. I need to balance running the operation today as well as transforming it for the future. And that, as you can imagine, is not an easy thing to do. But you try -- imagine in trying to optimize all of those parameters in your head to maximize performance. It just is not possible. And that's where we're starting to change that. So I'm going to talk to you about some of our Series 5 and casework features today and how they help our clients release potential, release benefit that they can actually use. So let me take you through the first one, productivity boost, based in our ControliQ platform. So productivity boost is our first Series 5 feature and is going into beta testing like the Process Analysis feature that Phil talked about earlier. What does productivity Boost do? Well, quite simply, all it's doing is optimizing and prioritizing the work that should be done to get the best output. So think of it simply as putting your best players in their best positions to get your best possible outcome as a team. And what you're seeing on the screen at the moment is a screen that all of our leaders use. It's a live status dashboard that has been around since ControliQ started. So in this example, look on this screen, and I can see as this team leader, I am 14 hours short of what I need to get done today. So if I don't make a change, I'm going to miss what I need to hit. I'm going to miss my SLAs by 14 hours. This is exactly where we see productivity boost coming into play and our customers use in this future. So let's have a look at what happens if I hit the productivity boost button. So straight away, I'm getting some insights on how I can improve my performance. What is the opportunity that is available to me. And in this example, I have the opportunity to improve productivity by 15%. But 15%, what does that mean? Well, it's actually 12 hours of capacity that is sitting on the table waiting to be unlocked. So it's helping me realize where I can do -- where I can prioritize to get better output. Now we see productivity boost as being the first of a number of buttons. So if I want to improve productivity, I'm going to hit that. I might have a development boost button where I want to cross-skill my team. I'm going to hit the development boost button. And then there might be a service button where I've got a service challenge, and I want to focus on my resource on those most important tasks. So this is the first step on that journey. So how does it do that? Well, what the algorithms and the AI is doing in the background is it's looking at all of our work patterns. It's looking at the individual skills of who can do what, who is the most skilled at doing every task. What is the work availability? What is the task priority? And basically, what it's doing is getting your best people, your most skilled people working on the things that they're most skilled at. And it's bringing all of that together for you and then communicating it back to the team. Now that's all interesting. The screens are all great. But what's really exciting is our data scientists have shown us that the productivity boost by hitting that button is between 20% and 40% improvement. So by getting the right people doing the right things at the right time, we're getting immediate capacity released over and above what's available at the moment. So some of you -- I noticed in a couple of faces, some of you at the capacity conference recently. And this is one of the items that went down an absolute storm. And we've already got 3 of our biggest clients come and start beta testing this, this week. So it's out there in the world being used as our very first Series 5 feature. And Bhavesh talked about hyperautomation. But this is really about all of those tasks that can't yet be automated. How do we get the best value and optimize our people to get the best outcome as we can. That's what Productivity Boost is there to do. So that's the first feature I wanted to talk to you about. And that's the sort of simple ControliQ world, boosting performance. But what about those other worlds, our Casework worlds, which are far more complex, far more difficult to understand and interpret. So these are our most complicated regulated worlds. So think of like corporate onboarding, think of KYC remediation type worlds. All those cases that come into those teams follow hugely different paths depending on a number of different factors. They sit on hold for periods of time where we're waiting for input from regulators or other people. And it's difficult for a team leader or an operation to understand what should happen and when it should happen. And this is where Casework adds a real value. So what Casework is able to do is map the feature out and set a flight path. It can tell you what's going to happen and when it's going to happen based on what's happened previously. So combine that with an early warning system. So it knows the flight path that's happening and it's telling you when you need to do something because you're deviating from the flight path. And then combine that with automated skills, right? You're getting to a place where we're about to build the CaseworkiQ brain, the planning functionality of CaseworkiQ. We know flight paths. We know people's skills. and we know how the work is arriving, and we're warning people if they're going off track. What that then does is create an automatic capacity plan that tells people how they should deploy their people and how they should prioritize work. And the really cool thing that we're looking to do is then feed all of that knowledge back into your Pegas, your workflow systems. So we're helping those investments get real value. We're adding more value to what they've already paid for. So we're not replacing them. We're just enhancing them. So that's 2 quick features I talked about on releasing benefits. But if you've released benefits in an organization, the next most important thing is you've got to protect it. It can't be a quick win. And what we know is that one fundamental principle is true, that anything that is complex to do is not sticky. It makes it hard for people. They will not do it. So that's why we're looking to change that. We're looking to reinvent what our interface looks like, and we're using large language models to inform our operation. We're basically turning it into a SatNav for ops. So let me show you a little bit about what that means. So this is a ControliQ Series 3 feature. It's a Buzz Board. It's a communications tool to talk to my team. I'm not going to talk you through the detail, but think of a team leader at the moment is looking at all of this information before meeting the team to think about what do I need to tell the team, what are the priorities today, how am I going to do that? Think of it like an Atlas or a map that you'd have in a car, and I'd be reading that. But where we're changing now is we want to change from an Atlas to a SatNav. And that's where Opi, our virtual coach comes into play. And what Opi will do was remove that need for you to interpret that data. It will tell you where you need to be and how you're going to get there. So in this example, it's helping me prepare for my meeting with my team. So who do I need to shout out? What are the opportunities that I can do better in and what else needs to happen across the team. So as a team leader, I can potentially take on bigger teams. I'm not investing my time in preparing for meetings. I'm being told what I need to do and when I need to do it. This is the sort of stuff our team leaders are super excited about. We'll get them better results and better outcomes. So that's a team leader, but let's go up a level. Imagine you're a senior leader or an executive. So this is our Exec Insights dashboard. Again, Series 4 feature out in the wild at the moment, gives great detail on where the opportunities are and how I'm performing. It's over a longer term than what I was just talking about on the Buzz Board. It's trends, it's opportunities, it's capacity. But the principle is the same. We want to bring the large language model, Opi, our virtual coach front and center. So again, in this example, Opi is going to say, where do I need -- what are the actions I need to do as a senior leader, as a department leader to drive real benefits. And then where am I going off track and where do I need to quickly intervene or pat someone on the back for a good job done. So we're trying to make it simple for our leaders and make it easy for them to use a tool, so our tool becomes ever more sticky and ever more valuable to our users. So I guess in summary, what we're looking to do is help people choose the right transformations that are going to add value. We're going to help them release benefits by simple features that identify where benefits are, and we're going to make it easy for them to do. So I'm going to hand you over to Emma, who is now going to talk you through the financials and the opportunity ahead of us.

Perfect. So thanks very much to Phil and Dave. It's a real pleasure to be here today and see so many attendees. Many of you are long-standing supporters of ActiveOps and some of you are new faces as well. So most of you know me, but for those of you that don't, I had an interesting journey with ActiveOps. I joined the organization back in 2018, and I supported the business with the IPO in 2021. However, I left the business in 2023 after 5 years. I appreciate that's possibly an unusual way to start a Capital Markets Day session. However, I did return a year later as the group CFO. And a question I'm asked a lot is why? Why would you return to an organization that you have left? And for me, the answer is quite simple. ActiveOps is a CFO's dream. And what do I mean by that? So 90% of our revenues is recurring, which gives me great visibility of the revenue to come in the year ahead. Our annual in advance billing mechanism gives me strong cash generation, which gives me great flexibility on choices that we have around capital deployment. Our international presence gives me some protections against FX volatility. And finally, the business has a strong balance sheet with no debt. So we are really operating from a position of strength. Also, the very nature of what we do provides strong ROI to the CFOs of our customer organizations. Okay. So my aim here today is to show you how our financial performance reflects a business that is scaling successfully and how this brings us closer to our milestone of becoming a GBP 100 million ARR business, delivering EBITDA margins of 25%. Okay. So FY '25 for box was an excellent year. Our recurring revenue grew by 5%, a clear indicator of our customers' confidence in the value that we are delivering. We achieved SaaS revenue growth of 15%, driven by continued expansion of our SaaS platform and sustained customer demand. Our gross margins remained world-class at around 84%, highlighting the scalability within our model. The adjusted EBITDA margin of 8% showing healthy profitability even as we invest in the future growth of the organization. We also closed the year with just under GBP 21 million of cash in the bank and no debt, which gives us great financial flexibility. On the 15th of October this year, we released the interim trading update, which reports organic ARR growth on a constant currency basis of 27% and organic total revenue growth of 34%. These results show a business that's not only growing, but it's growing well, combining expansion with deliberate investment. What's really encouraging is how broad and sustainable our growth has become. In FY '25, we added 9 new enterprise customers, which is 3x that we did in FY '24. At the same time, our existing customers are continuing to expand their usage of our platform through increased user usage and also adopting new modules. In FY '25, we saw double-digit ARR growth across all 3 products. And what was particularly encouraging was the strong growth in CaseworkiQ, where we saw growth of 38%. We have the continued adoption of ControliQ Series 3, delivering average ARR uplift of 23% and the launch of ControliQ Series 4 incorporating advanced AI and ML capabilities, while still in the early days, we have seen an average uplift of 15% in ARR. A clear strength of ActiveOps is also -- easy for me to say, is how diverse we are globally. We are seeing momentum across the globe. North America had a standout year with revenue year-on-year growth of 22%. EMEA, our largest region, continued to expand steadily and in particular, a subregion of South Africa, which had revenue uplift year-on-year of 46%. APAC is also making a meaning contribution to the group with an ARR increase of 25%, driven by 4 of our largest customers moving across to ControliQ Series 3. Now a clear stat for us as a SaaS business is the NRR. At the end of FY '25, the NRR rate of 108% on a constant currency basis highlights that our customers are staying and they are growing. In the recent H1 trading update that we recently did, we reported an NRR of 116% further demonstrating our capability to expand and capitalize on the TAM within our existing customer base. So in short, we've got momentum everywhere within our products, geographies and also customers. Okay. So let's take a step back and look at the size of the opportunity that we are pursuing. So ActiveOps operates predominantly in 2 rapidly growing markets, those being digital operations management and decision intelligence, both central to how large organizations run and optimize their workforce. Across our core verticals of the financial services, insurance, BPO and health care sectors, we estimate our available TAM to be just over GBP 900 million. Now what do we mean by available TAM? So as per the recent interims that we have just released, our total group ARR was just below GBP 41 million. Within our existing customer portfolio, we have the ability to expand up to GBP 130 million through the ability to cross-sell and upsell. And this -- and then also if you look at the -- apologies, there is more TAM coming, I promise. If you then also add in the TAM related to our Target 250 accounts, the overall TAM that is achievable to us is GBP 900 million. And this TAM continues to expand for a few reasons. So operations are accelerating digital transformation and the demand for data-driven workforce optimization increases. So even with our ARR currently at just under GBP 41 million, we are addressing only 4% of the immediately addressable TAM to us within our existing and target 250 accounts. If you look across the wider TAM outside of the target 250 accounts, we're barely addressing 1%, which, as Bhavesh says, we're only just scratching the surface. So that's a really exciting part. The runway ahead of us is vast. Our GBP 100 million ARR milestone is not aspirational. It is realistic and reflects both our execution capabilities and also the size of the opportunity ahead of us. Okay. So whilst M&A forms part of our growth strategy, it's not a dominant player, unless we find the right business to accelerate scale, capability and geography. And this year, we found an opportunity. At the end of June '25, we completed the acquisition of Enlighten, a global software and professional services business focused on operational excellence concentrated in North America and APAC. This deal is strategic for a number of reasons. So it adds approximately GBP 8 million of ARR. It doubles our North America revenues, which is a strategic growth market for us. It increases and adds an additional 22 new logos to the family, including U.S. brands, which have significant expansion potential. It enhances our product road map, particularly in the area of operational transformation, a logical next step in our decision intelligence capability. The structure includes synergies, both from a revenue perspective now with our ability to cross-sell WorkiQ, CaseworkiQ and ControliQ within the existing Enlighten customer base and also the cost synergies related to combining the 2 businesses. Importantly, this acquisition was funded out of existing cash resources. So we haven't compromised the strength of our balance sheet. Integration is going well, and we are currently on track to deliver EPS accretion from FY '27 and onwards. This acquisition fully aligns to our strategy of high-quality recurring revenues, geographic expansion and margin potential upside. This is a value-creating transaction, one that accelerates growth and deepens our competitive moat. One of the most exciting aspects of ActiveOps today is our ability to invest in growth whilst remaining profitable. We have made some deliberate investments over the last few years, and we'll continue to do so, in particular, within our sales capacity, product innovation and customer experience and also more recently, the partner channel, which Richard will come on to shortly, all of which is driving long-term value. Despite this investment, the organization remains very cash generative and the operating cash conversion was over 200% at the end of FY '25 and showing the strength of our SaaS model. As our ARR base expands, we will start to see increased operational leverage, meaning that for every pound of new recurring revenue, you'll see more of the contribution down to the profit line. Over time, this gives us a powerful margin expansion opportunity with a clear path to scale whilst enhancing profitability. Our balance sheet is one of our greatest assets. At the end of FY '25, we had just under GBP 21 million of cash with no borrowings. So we have both resilience and financial flexibility, and we are disciplined on how we use that strength. Our capital allocation priorities are clear. First and foremost, to invest in organic growth through product sales capability and partner channel. Secondly, selective M&A, with the Enlighten deal being an example of how we execute. Finally, return to -- return of capital to shareholders when appropriate, so once all growth opportunities have been well funded. This balanced approach allows us to build value whilst maintaining a strong balance sheet. So looking forward, we see a huge opportunity for box. The market of digital operations management and decision intelligence is expanding rapidly. Organizations globally are put under pressure to become more and more agile whilst maintaining high-quality levels of services, which puts us in the perfect spot. We expect double-digit ARR growth to continue into FY '26 and beyond, underpinned by further expansion within our existing customer base and further continued product innovation. Gross margins should remain resilient as EBITDA margins are set to rise. The combination of strong growth, a robust balance sheet signals a company that's not just growing, but it's scaling. Just to close out, just a few final points for me. So first, ActiveOps is in a great shape. We are financially robust, and we are strategically focused. Second, our growth is sustainable, and it is accelerating. Finally, our vision is clear and achievable to become a GBP 100 million ARR business, delivering value to all stakeholders. And I would just like to finish by thanking you all for your continued support with ActiveOps. We are incredibly excited about the journey that we've got ahead of us. And now I'll hand back to Richard.

Thanks, Emma, and thanks, team. We've really labored a bit on the relevance to the market today, I hope because that concept of disappointment in transformation is so predominant in so many of the enterprises we do. So coming in with something that's demonstrable, it's real and it's delivered value is just such an uplifting. You got some customer stories there, million -- there's many others behind. But I think that's really underpinning the relevance as we move from a kind of solution which is relevant to a specific audience pertaining to operations management to suddenly an enterprise-wide issue. And that really is -- it's changing the tenor of how we're speaking to customers. It's changing the approach to who's taken interest in this. And that just supports, I think, the -- all the other reasons why the business is so strong. So you've seen that sort of story today. And I think that strength does underpin our ambition, our medium-term goal, medium term of reaching that GBP 100 million. It's not aspirational for me. I think it's just simply a logical next step for a business with the deep customer credibility, the proven market fit and levers to scale. And I just want to touch on some of those levers. I think as I hope you're seeing, first and foremost, it's the ActiveOps is today a resilient high-integrity growth engine. We can feed more petrol in the tank of sales and capabilities. As you've heard, we have a material addressable market within our existing customers. But also, and this is the critical accelerator, we're achieving record 300% increase in our new logo acquisitions last year. right? So if you can compound the increase in customer expansion, you add in new product capabilities and value derived from that. And then you're tracking in new customers at the rate we are in the front of the top of the tank. That in itself is the engine of growth. So lever #1 remains growing, accelerating our direct sales capability. It's accessible, it's controllable and more importantly, it is underway. Over the past year, we've strengthened our commercial team. So just to give you some more content, we've seen accelerated momentum as you've heard from Emma, in every major market. In North America, we've added senior leadership in sales and increased capacity, particularly in Canada. That's an interesting market amongst many interesting markets. It's -- we are now present in 6 of the Canadian major banks and a fantastic platform to exploit much like we did in Australia 10 years ago. We've appointed a Chief Revenue Officer. And his role, Stephen's role is to take this kind of global challenge and opportunity, which is at the end of the day, delivered locally, but bring ourselves and scale, create the capacity to bring on new sales staff. Our sales quota carriers has already increased from April '24 when we had 8 to 14 -- to 16, I'm sorry, today. And that's progress we're already making. So that kind of momentum is already -- is there, and that increased capacity is variously on the ramp to competence and will yield in the coming months. Capacity '25, as we mentioned a few times, our annual customer event in Toronto, London and the Melbourne, it enjoyed record attendance. But the people coming to the conference is also shifting. Okay, we've got our core raving fans of our operations people. But increasingly, it's the transformation agendas, and it's the technology leaders and HR interesting. I hope many of you will look to those charts that Phil and Dave were talking about and said, but this is walking all over the process mining issues at the moment. We're actually providing the type of technology people are buying separate tools for embedded in our solutions, their process mining and discovery is just a byproduct of using ActiveOps. You don't have to go out and do those special projects because it will just generate as part of using us to control your day-to-day. So we're actually creating some space in a very interesting area. And some of that came through in the Capacity '25. Enlighten, bringing Enlighten customers to Capacity '25 again, has completely lit the torch of their transition to taking advantage of ActiveOps. I came this morning. how these things sort of cluster together, but there's -- one of our big American customers in the Canary Wharf this morning sort of spent the whole morning walking him through how he was as an organization can now exploit the new ActiveOps tool set on an existing Enlighten product set. And the energy and the motivation, I think, is powerful. So we're seeing incredibly strong engagement, lots of active opportunities already coming from that 22 additional customers. So again, huge opportunity there. But as we look at that positioning that Bhavesh was talking about, what that then creates is a different sort of demand. We can create that new agenda, but we also now need to look at how we can leverage that, how we can actually increase our sort of scale. and the key point here is selective with partnerships and selective acquisitions. So I want to say our second lever on growth, which is through our partner channel. Up until now, our growth has come through direct enterprise sales pretty much. We've cooperated with other organizations, but fundamentally, ActiveOps has done the selling, engaging, proving and expanding with the major accounts. And that will remain central, as I said. But to accelerate, we do need leverage, more routes to customers to discover ActiveOps without us effectively not being in the room and not being in every conversation. Now around those Appians and Salesforces, they have huge marketplaces and resellers. But rather than, if you like, competing for attention directly with those providers, what we are doing, our approach is to work through the specialist implementation firms that coexist in that ecosystem because they have a shared interest in extending and expanding their own presence in those organizations. So the trusted partners whose success depends on, if you like, proving some of the things Dave was so eloquent about in terms of that delivered value. And they sit in those -- that critical intersection between technology adoption and operational performance, which, of course, is ActiveOps' strength. Now we're already well down the path on this. We've got a great partnership with SS&C, who own and bought the Blue Prism technology platform and are huge consumers of ActiveOps themselves. So they don't -- they can practice what they preach and they can advocate what they practice, we're embedded alongside their Chorus platform. Rulesware, for those who may not know the name, is a major Pega implementer in the U.S., particularly. We're working with them extensively now to take a version of solution to a context of Pega, where ActiveOps is a huge offering. And the key thing for me is not just them as a partner, but then developing with us solutions I can then take to other Pega intermediaries. Effectively, we can scale that way. In Australia, there's NAC consulting. They're a specialist consultancy whom we have relationships with. But the interesting thing about their offer is they absolutely build their capability around the technology platform. So whereas we have a relationship today with PwC or KPMG, ultimately, they want to sell time and materials. And actually, if they cannot avoid the complexity of enterprise software, they'd love that. Given the spreadsheet, they'd love it because they can go back and sell again next year. Whereas NAC Consulting, they're building an offering around performance improvement central around embedding a tool. They won't implement without a tool. And they're already a customer of ours in effect because they manage a relationship we inherited through the Enlighten purchase. So they're a great proxy for developing our go-to-market strategy with these kind of intermediary partners. And critically, you see what we are doing is enhancing their value. We're not asking them to sell something else. We're bringing something to augment and amplify their own individual reach. And that for me is a secret. As I look at the sort of 25 years and imagine the number of companies we've talked with and engaged with over the years successfully. But invariably, the issue is demand creation. There has to be something that they need, not something I want to sell to them. And I think that's what we're seeing. That shift in the market looking for transformation and solutions who are looking to provide services, there's suddenly a real meeting and alignment of values. So that integrated first model, we think, is going to be pretty efficient and importantly, repeatable and scalable. It's becoming a blueprint for how we're going to expand globally into -- okay, we have our traditional markets, but obviously, that does open the door to further strategic markets, whether it's localizations in geographies or indeed specialist areas in terms of industries. We have our focus today, but we need to find doorways through without over consuming our own sales resource into new markets and new opportunities. So each new partner multiplies our reach and impact, bringing their own relationships and domain knowledge, which we think is going to be pretty potent. And over time, we think that will become the growth engine in the next -- the short term, I'll come to time scale, is essentially about our current direct sales, but we've hired a new group Head of Partnerships. And his role is to evolve the delivery model building on this platform we're doing so that by 3 years' time, we're starting to see a material amount of work coming through on that indirect channel, where we're co-selling, but it will be part of the scale of opportunity. It's disciplined, data-driven, and I think it's going to be quite powerful. The third lever is back to M&A. Whilst our core engine is organic, M&A will be an important contributor to our medium-term growth strategy. It's not the central pillar, but as Emma, I think, talked about and evidentially, we've had some good results for. It is a targeted accelerator. It's going to be part of the story to build the scale. We've demonstrable track record of efficient purchase, careful integration and successful execution. One of the things that's made the Enlighten, I think, acquisition going as well as it has and is ActiveOps' core strength. It was never about, oh gosh, we're not getting the growth, we've got to buy something or anything. It was the engine of ActiveOps is really, really pumping. So the ability of ourselves to take what was quite a large organization and fill it into the operation and deliver some of the savings which we'll do in the course of the coming 18 months. But more importantly, take a product set to a customer base that was -- is there, but needs to be reenergized and excited, I think it's just a great model. So the strength of our business is giving us the capacity quite apart from the economic access to capital through the public markets, which is also really good. it's because our platforms and our culture, I think, is really, really strong. Enlighten customers coming to the capacity events genuinely were blown away by the level of passion for the product sets and their own relevance to it. It wasn't who are these Aliens. It's more a case if I recognize people like this and I want to be part of that club. And you can't really state -- I mean, like Bhavesh was talking about earlier, you can't understate the value of that emotional connection. It's really powerful. So the strategic logic for further acquisitions is clear. Emma has touched on it, but access to customer bases. So if that gives us new customers in target areas or geographies, spot on, accelerating our presence and strategically important, but also access to specialist knowledge like that a specialist around leveraging a value from Pega or Salesforce. That's another driver for acquisitions. And it could be a services-heavy business, which ActiveOps is not, but as a way of getting into some of that specialist skill sets, so we can build some products like Kronos did very successfully with Workday, where they've developed, I think they've themselves now got a revenue stream ARR approaching GBP 100 million on the back of identifying spots and opportunities that complement the Workday product that they themselves could offer. There's a lot about that relationship. I think we can do a lot with the ActiveOps in terms of leveraging. So access to specialist knowledge is one option. And finally, just new markets, areas that we wouldn't necessarily want to -- we wouldn't necessarily have the capacity to build ourselves, but inevitably, sort of if we can build a buy a business that contributes to that story in much the way that OpenConnect did and most recently Enlighten did, then of course, we would do that, anything that brings ourselves closer to customers, partners or platforms. I'm conscious of time. I want to have time for a few questions. But M&A, I think we have the capability and the strength in a measured way to expand our aperture to do that in the coming medium term. But against that context where that GBP 100 million, I think, is perfectly achievable by just doing the math on the compounding rate. If you work on the NRR of 117%, 118%, you chuck in 10 to 12 to 20 new customers a year, and the numbers start to get quite exciting. So our pathway is clear, deepen and expand current momentum, years 1 and 2 build leverage, formalize frameworks, enable partners, complete technical integrations and selectively potentially deploy capital for strategic acquisitions. And then on behind that, the year 3 to 5 acceleration essentially, partner networks, new channels and acquired companies delivering that compounding ARR. Because again, I'm not looking so much about the target itself, it's the velocity through which we travel through the target that I think is particularly exciting. That's the story. It's -- we think it's quite a well-tuned engine at the moment, enhanced through the Series 3 to 5 evolution. And we're adding some, we think, pretty high talk accelerators, both organic and inorganic that multiply our reach. You can probably tell the sort of confidence in the team. We tried to put a few people in front of you to see that it's more than skin deep as it were. But this is a financially strong cash-generative business, 115% net NRR, accelerating client logo. There's a lot of spring in the step at the moment. And personally, as both founder, but also Executive Chair, what's wonderful is, I think the best is yet to come, and that's not a cliche. That's genuinely a market opportunity because of the complexities of hyper operation, which ActiveOps is incredibly well positioned to exploit. So thank you. Thanks for coming and hearing our story a bit. We do want some Q&A. So I think at that basis, I'll pause and ask the team to come on stage, and we'll take questions from the floor. Thank you again.

Unfortunately It's going to be a very dull financial question only. Emma, just on the, I guess, timing road map for the GBP 100 million ARR. Is it sort of 3 years, 5 years, 10 years? Just wondering without sort of wanting to be too specific, just wondering roughly what those. And I have a follow-up.

We're not committing to a time frame. We are saying medium term, so we'll be looking sort of 3 to 5 years.

Okay. And the 25% EBITDA margins, could you just let us know roughly where that the operating leverage is going to come from in terms of, which cost buckets are going to scale with revenues and which aren't?

Yes. So typically, the way that our business model works in terms of sales and marketing and new customer success, that will obviously scale as revenue also scales. However, sort of the back-office infrastructure, so in terms of your finance functions, HR and everything else, we are definitely at a scale today where we could definitely take on more ARR. So I'm not sure that directly sort of answers your question. But really, in terms of typically the costs we will see that will scale with revenues is customer focused and facing cost buckets, so the infrastructure is we're probably at a scale now where we can definitely sort of maintain the levels we are for at least the next few years.

Maybe a bit of a dumb question to ask given your stellar growth. But I was just thinking about your MO in that you've got a certain very blue-chip customer base, but they're all of a certain sort of cohort in terms of being around trying to drive efficiencies. Is that where you very much see your focus? Or do you want to tap into the sort of Revolut, Klarnas of this world, which have, I guess, from day 1, driven a lot greater automation. It was just interesting as to whether you see opportunities there. And indeed, if you pursued that, that would maybe be a north star for certain customers in terms of if they wanted to go that far or this is where we could take you. So I was just wondering, look, there seems to be a large addressable market in terms of if you just continue doing what you're doing, but just thinking in terms of different types of customers and more digitally native, did they feature at all? Are they relevant, attractive, et cetera?

We've got a specific example, but perhaps Bhavesh do you want to pick it up from a market position?

Yes. I think I was going to cover the same example really. I think the short answer is yes. About 6 to 9 months ago, we won Starling Bank, which is obviously one of those organizations that you're talking about. And interestingly enough for them, it's about becoming more professionalized from an operations perspective so they want to scale. And they got bitten a little bit in terms of some regulation. So there are some drivers to support those types of businesses as well. But to be fair, before Starling came to us, it probably wasn't on our radar and those type of organizations are now becoming more on our radar.

What's interesting is -- and I was in Melbourne a couple of weeks ago and I have dinner with somebody involved in the Revolut environment. Whilst the app itself and the front end is all very shining and nice, they can't ultimately get away without the regulatory mechanics and the usual suspects around AML processing and the like. And in a sense, they can easily become victims of their own success. So the relevance of our stuff to their factory. It may not be as big as other people's factories. But one thing, what is fascinating is the same -- there is no company that we ever deal with, which has got a kind of singularity of system. That problem that Dave mentioned about complexity of systems. It's out there and it doesn't go away. So yes, it's a short answer, but it's fascinating. James?

A question on product, if that's all right. The pre Enlighten acquisition, I think you had a really clear 3-product suite Work, Control, Casework. Post Enlighten, how should we think about the product suite from a sort of steering at the shelf. First question. Second question is, what's the sort of capacity for applying things like Opi into Enlighten's suite?

So really, really great question. So this year for us is very much about joining together and converging our existing product suite. So essentially, it talks about WorkiQ coming within the ControliQ environment. Casework is already there. So ultimately, this financial year, we'll be completing that move. Over the last kind of 4 or so months since obviously taking on Enlighten. We've been reviewing the kind of the similarities kind of with the features. Obviously, there's some that they do better than us, others that we do quite a bit better than them. And essentially, we are going to be moving next year to bring ultimately Enlighten into ControliQ as well. So essentially, we are working at prioritizing the features that add the greatest value to their broader customer suite. And ultimately, as an outcome, ActiveOps customers will essentially kind of get more value. But we're making that assessment really carefully because ultimately, there are some things that they've built that didn't necessarily have kind of the same commercial case that we might put behind some of the things that we invest in doing. And also, there are interesting features that we've reviewed. Obviously, they came in as an AWS house, whereas we're very much kind of a Microsoft house. So there are real opportunities and synergies from an efficiencies point of view. But also they've got some really great people, too. And from our point of view, this coming kind of year is about bringing us all together as a broader family and really respecting the insights that their tenured staff also bring into where we might go in the future. And absolutely, that is a greater focus around transformation. I think -- and apologies a very long One of the things that wowed me at the conferences where I got the opportunity to meet Enlighten customers was they were really impressed by a lot of the intraday insights, which ultimately Enlighten don't necessarily have and actually being able to make those in-day decisions are still real problems for some of their largest customers. And actually, on the right-hand side of things, when they're driving the continuous improvement element, they've got real power and real value ultimately that has been delivered for their largest customers on the longer term. So when we talk about active advocacy that we see in ActiveOps, we absolutely see the same thing Enlighten. But for us, we just see a real opportunity because we're so good at the intraday stuff and a lot of the things on the left-hand side by combining together with their knowledge on the right-hand side around transformation insights, I really think it's just a real opportunity for much more significant growth.

Stephen Wood from TrinityBridge. Just on those margins, for a digitally led business, there seems to be an awful lot of people cost in the group. I appreciate a good chunk of that investment is for growth, and that's well understood. But in an 85% gross margin business, getting to 25% EBITDA, that feels like a hell of a lot of people costs for an efficiency business. So if you could just talk me through the investments there?

That's a fair challenge. So we do invest heavily into our product. So in the last few years, we've sort of ramped up the investment in product and the tech team. We are at a scale now in the amount of new features that we are pumping out every year. I'm sure that's not a technical term, Phil. But the amount that we're delivering at the moment, the level that we can develop at this stage will remain static. So we don't look -- we don't imagine that we'll have to invest too much more in the development and product team going forward. And we sort of got to that right level in terms of being able to release a new feature every year broadly. And so that's where you'll start to see the acceleration of the margin come through.

Stephen still sort of -- there's more to it than that, but yes. But I mean, I think -- sorry, down a bit. ActiveOps because we're quite a global company, but it's quite a small company in one level. So the gearing to exploit -- be present in and exploit different regions, there's quite a lot of managerial overhead. And that's a fact that's been with us all the way through. I think, again, part of the reason that this is exciting, of course, just purely scale starts to give you. You don't need 2 managing directors in a region. You don't need -- and there's lots of aspects to this that you have to have it to be present and execute, which become much more scalable. So that is part of the leverage that I think will go through. And again, another reason why the Enlighten acquisition, I think, will serve us very well because it sort of jump starts that.

Yes, I was curious to learn a little bit about the partnership model, the new arrangements. How long would it take to onboard one of these partners? And how much of the heavy lifting will they have to do to make an implementation on our behalf? Or is it just a referral kind of partner?

No, it's more than that. I mean -- but equally, it's -- I think this is part of the development cycle we're going through because I'm not saying this is a revenue -- this is part of the reason I want to get a bit more control over it to shape that. But to answer the question a slightly different way, unlike we don't have to build anything new much because ActiveOps is always deployed through its customers. When typically a land and expand would involve a signature delivery, probably involving ActiveOps resources. And then the customer then builds some internal capability. So we have the accreditation frameworks. We have the training modules. We have the kind of instruments of scaling, which we've deployed for years with NatWest and Barclays and National Australia Bank and so on. So that's very nicely -- that's easily configured to a delivery model. I think some of the areas that will come in terms of stuff is more the expertise the other way in the context of a certain problem with a certain system, a bit like my [ keynote ] example with Workday, I think there will be things that we need to have development capacity within Phil and Dave's team to take that knowledge and that experience and convert it into product. But the mechanics of actually working through with a partner -- well, current experience is pretty easy in the context of that.

And how would you expect the new arrangements to affect the unit economics or the aspirational targets that you've set for the medium term? Are they going to be assisting or neutral?

You're talking about pricing models in the context of that?

Yes, yes, in terms of the economics.

Generally, as a principle, ActiveOps over the years has not thought -- we tend to be a follower of market trend. So in that context, like SaaS and all the other kind of elements to it, we've -- in that space, I mean, we aren't -- there's a lot of models out there for the kind of service delivery, co-sell type partners. And I don't expect us to be so very different for that. Now whether that's a top -- so if you take the relationship I mentioned with NAC Consulting, they manage the relationship with one of the customers of Enlighten. But we, Enlighten now, contract directly, and we pay a leverage there. But it's like of the order of 10%, and that covers the customer success function that we would otherwise have to pay for anyway. So there's a few models out there. And at the moment, that trade-off between you providing the service and the delivery model, there's plenty of room in the model.

Very interesting presentation. Can you give me some idea -- it's obviously very confident. What keeps you awake at night? Where do you see the major problems arising possibly in achieving those targets? What are the major competitive threats?

The thing that we have, which is a strength is confidence in our results. And I think of all the things that I worry about, the things are more to do with in a given context, a given implementation. We have a very, very powerful track record on delivery. So we sometimes do in the early relationship forming stages, performance-related payments, and we have never not been paid ever. So for us and personally for me, the success of the company is something would be cherish. So I worry every single implementation is going to deliver what our customers expect. And that translates through into, I think, the approach our team have. But if you like, step away from the product offering and it's being authentic. It's things like the cybersecurity. We are a big cloud platform. So -- and we are interacting with some of the largest financial services institutions in the world. So I do not want my software to be a pathway through to something bad happening in that world. Those sort of risks. That said, appropriately, I'm -- we do the best, but that's sort of sleep at night stuff. We don't have to sell next month to keep the business turning over. Again, I'm not sort of trying to flip it around, but I'm not saying I sleep easy at night all the time. But as Emma said, there's a lot about the dynamics of this business model, which gives us certain -- I mean, there are stresses and pressures, but it makes it -- so it's cyber risk, it's consequences, if you like. I mean we don't -- we're not an instrument fortunately, of actual execution. If our software goes down, like if a workflow goes down, work stops. ActiveOps is the measurement and the control over, but it isn't the actual instrument of progression. I know our customers feel pain if and when our software doesn't work, but it doesn't stop their execution, which would bring another hope. It's a sort of indirect answer, but it's -- I can't speak for others, but ActiveOps is, in that sense, quite a low-risk business. Is that a good answer?

Your pricing model is to pay per seat, but with AI, it's considered that there'll be less seats. Are you looking -- would you change the pricing model?

Interesting -- fascinating question because it is an issue for the industry. I'm evidentially at the moment, because we're reaching more addressable work, we are not seeing any sense of that. I mean a couple of big renewals of our -- one of our Australian customers recently announced a major reduction in their headcount purportedly, maybe they're just in hope of delivering benefits from AI, but address our contract increased despite that reduction. So I think I took that as sort of -- that is some evidence to support the fact that we can increase our demand. I think there's a different angle on it, though, Tan, because ActiveOps is a point at which the outcome becomes consolidated. So I think there's an interesting opportunity for us to actually be the meter of value, as I talked about, which in itself could be charging. So we can charge our software potentially as we could charge by the outcome of our software, it works. But others could piggyback on that as well. So we could potentially offer a solution to that particular problem so that whether you're Blue Prism, ServiceNow, all those kind of components are actually linked to an output, which guess what, with things like blockchain, you can unitize so you can't print your own money and actually then derive a charging system, whether it's for a product set like ActiveOps or ServiceNow or it could be a relationship between an outsourcer and a third party or the bank as a medium of exchange. Because suddenly, the holy grail is I don't want to charge you for inputs. I want to charge for outcomes. And one of the interesting areas that these guys are working on at the moment is assurance around using the ActiveOps measure of outcome as a unit of value. Sorry, long answer, but that there's some really interesting opportunities for ActiveOps in that area.

Great. And the price where the payment model has always been great because you're paid upfront. So you're developing it on somebody else's cost of capital. Do you think that, that will change? Do you get more pushback these days from people who are trying to be leaner in their own capital efficiency?

No, we don't typically because we're dealing with such large organizations. That's never a challenge. This is something that we transitioned about 5, 7 years ago to sort of annual in advance billing. But no, we don't get a lot of pushback. The size of our size of invoices typically, we like to pay one invoice instead of 12. So we don't -- we are lucky we don't have any pushback from that perspective.

The only question, I guess, we were -- not the risk of putting pressure on Alex, but we haven't heard about the integration of Enlighten much, particularly whether there's -- perhaps the other way, Alex, is there any aspect of the integration with Enlighten that you don't think has come through from what you've been in the audience, but highlighting? Alex, our Head of Corporate Development and as such, has got a dubious challenge of controlling and executing the integration.

Yes, I think kind of the high point, Emma talks about the ARR add. And I think perhaps one piece to add there is probably the -- a lot of that ARR comes from some really very strong brands and some really sizable accounts. So 2 of our top 10, now Enlighten heritage, and 5 out of the top 20. But -- so not only are they sizable and great brands, but also I think one thing that ActiveOps has always been great at perhaps enlighten is not as strong at is the sort of the land and expand motion. So whilst those are big and established accounts, there's plenty more opportunity for us to take those further and to greater heights. And I think maybe the people aspect, Phil talks about people there briefly. But as at Enlighten, we've got more than 20 Enlighten colleagues at the moment supporting an ActiveOps deployment in North America, enormous deployment to a Canadian customer. And that team has seamlessly dropped into an ActiveOps deployment with required very little retraining and enablement to do that. So that's also been a huge enabler for the business in what otherwise could have been quite a tricky program for us to resolve.

Richard, I'm kind of an insider because I get shares, is there an exit strategy? What is the exit strategy? What's the end game? GBP 100 million of ARR, it will be a lovely figure the end game. How do you see that?

It's a hell of a ride, and I'm enjoying it thoroughly, Mike, as you know. So to that extent, I mean, I personally think this has got a long way to go. You can't predict necessarily the ebbs and flows of opportunities and absolutely maximizing shareholder returns might do that. But genuinely, I'm -- I think the public markets is treating us well. It's giving us the flexibility and the means to do what we want to do. The relevance of what we do, I think, is global and applicable. And if we can build a GBP 1 billion company in valuation terms on the public markets, which is listed on the U.K. stock exchange, that would personally give me intense problem satisfaction. So I don't -- that's my basic position. I'm certainly personally not done yet.

Despite [indiscernible]

So that's it. But it's driven by the opportunity. And again, we have labor under that famous phrase of being a well kept secret. But I just think the context of the market looking for solutions to a problem that they're seeing the problem, is very, very strong. Thank you, Mr. Managing Director. Good. Okay. Well, look, let's time up, but I think we're hosting a few drinks downstairs. Is that the plan? Who doesn't like a free drink. But thank you all very much indeed, and thanks to the team.