Finseta Plc (90W.F) Earnings Call Transcript & Summary

Good morning, ladies and gentlemen. Welcome to the Finseta plc investor presentation. [Operator Instructions] The company may not be in position to answer every question it receives during the meeting itself. However, the company can review all questions submitted today and will publish responses where it is appropriate to do so and these will be available via your Investor Meet company dashboard. Before we begin, as usual, we would just like to submit the following poll. And if you could give that your kind attention. I'm sure the company would be most grateful. And I would now like to hand you over to the executive management team from Finseta plc. James, good morning, sir.

Good morning, and good morning to everyone. So to go straight into it, my name is James Hickman, CEO. And presenting today also is Judy Happe, CFO. Just by way of background, I can go through the slides. What -- just as a reminder of what Finseta does and who we are. We are an international payments and currency exchange business. We help businesses and high net worth individuals, and that difference is very important, and we'll come on to that, with payment requirements and specifically helping solve their payment solutions issues. We offer multicurrency IBANs and accounts for collection and payment of currency, all done through our proprietary technology on our platform and importantly backed up by a very, very high level of service. And again, that's an important distinction where many businesses now have gone online only. We very much believe that services is a critical pillar of our offering. We can offer over 140 key currencies, delivering to 165 or more actually countries around the world. One of the key differences with our business and particularly with customer acquisition, our go-to-market strategy, it's all done through a growing introducer network. Introducers are lawyers, accountants, property agents and such like. And all of our customers come through that growing network. One of the key things that we're building out our local payment rails. We're doing that again through partnership, partnering with other banks, payment companies localized to ensure that our customers are getting both price, so a lower cost as possible and also fastest delivery, which again, in the payments world is very, very important. Just as a reminder, 2024, what occurred and some of the highlights that I'll run through. I'll leave Judy to run through the financials, but increased revenue up 26%. And we have -- I don't know whether it's come back again. EBITDA up 18%. We've invested heavily and anyone who's listened to these previously, I've harped on about investing revenue generation, and that very much means people and product and ultimately growing our sales capability. And we've very much done that, and we're seeing the benefits of that through increasing active customers and expanding our introducer network. We've increased the number of partners and counterparties that we deal with, that now, as I say, allows us to send money to over 165 countries. On the operations side, we've off-boarded all of our historic white label businesses. For those who followed the business prior to it being Finseta when it was Cornerstone. That business was very much focused around providing almost as a software as a service type business, providing a platform for other FX companies to leverage. We've moved completely away from that. That was a low-margin capital-intensive business. So we're very much now selling direct to our customers. Thus, you will see in the financials, the improved margin. We've also spent time and effort increasing efficiencies on our onboarding process, allowing our customers and -- or new customers, at least, to have a very seamless onboarding process. We've also improved our transaction monitoring processes with the introduction of some transaction monitoring. And that is particularly important as we scale the business and transaction and the transaction levels increase. In terms of the strategic growth, we've signed -- we signed in 2024, a very important agreement with Mastercard, very important for the business that will allow us to launch a commercial card scheme, which we'll come on to. We also agreed an agency banking agreement with a Tier 1 bank, again, will become very, very important in 2025 and allows us to directly participate within the banking network. As I mentioned, the name change completed in 2024 from Cornerstone to Finseta. Part of the reason for doing that was Cornerstone was a very ubiquitous name used in many industries in thousands and thousands of different varieties and different ways. We wanted something that we could own and would be unique, Finseta, we did rename, I would say, very frugally. It had very little impact to customers, which is obviously very, very important. And actually, I would say it was a huge success. So I'm really, really pleased with that. We also set up our Canadian entity, and that is now -- we have an office. We're just going through integration there. But again, that was sort of a big milestone for the business as well. So just a little bit against the progress that we've made in 2024 against our strategy. I think it's very important to provide a very clear direction on the strategy and where we benchmark ourselves and how we're achieving against that strategy. And just as a reminder, what the strategy is, 3 key pillars really: expanding our geographic and market footprint, which is pretty self-explanatory; enhancing our product capability ultimately developing our product set to ensure that, a, we're maintaining a market-leading position but also to make sure that we're matching our customer expectations, and we're very much a customer-first business; and thirdly is what we've classified as future-proofing the business. But ultimately, what that means is effectively growing a sustainable business for the long term and putting into place everything that we need to do that. So on our geographic and market footprint pillar. So in Dubai, we have received pre-approval and there is 2 stages in Dubai for full approval. There's the submission and then the preapproval. You then need to hit certain parameters, which we now feel we have done, which is office setup and number of other things. So we are now waiting full approval, and that is now sitting with the regulator there. So we hope to update the market very shortly on that. In Canada, as I say, we've -- the office is set up, we're already FINTRAC regulated there. We're doing our technical integrations that are coming very close to the end of that. So we're very, very excited for the opportunities that Canada present and actually, in terms of the sort of go-to-market there very, very nicely aligns with what we're doing here in the U.K. In Europe, we are in the process of reviewing options. There are a number of regulators, obviously, throughout Europe that you can settle on, each have their pros and cons. We're doing that sort of due diligence currently, and we will update the market as and when we made a final decision. In Hong Kong, we are scoping the license there, and that will ultimately come out over the next few months or certainly the decisions on Hong Kong will come out in the next few months. And probably the most important thing in all of this is the low banking and the payment rails. And ultimately, this is critical for servicing the customers locally. It's very easy to sort of set up in country, but unless you have the local payment rails, then actually you're not offering a full service to your customer. So I'm very pleased that we have come to agreements in the jurisdictions that we're entering, so namely Canada and Dubai. And we have secured banking relationships in both of those jurisdictions and they're in a very advanced stage in integration. So we're really, really pleased with the progress there. In terms of the product capability, the card program, which I mentioned, we are doing live testing ourselves at Finseta. So we are actually using it in earnest. We we're doing the final piece. One thing that I'm very conscious about is launching a product that's not fully formed and absolutely ready for market. So I want everything to be absolutely perfect before we sort of go full life. But we're making extremely good progress on that. I've got the app, the card, it works really, really well. So we're, if you like, polishing it, and we expect to full launch imminently. On the onboarding. As I mentioned previously, we've implemented further KYC monitoring. It improved our systems even further from last year to allow an even smoother journey for the customer, which ultimately we can now onboard a customer literally within 5 minutes. Now some obviously take longer, the more complicated cases, but for very vanilla straightforward, it's almost straight through. We are doing AI transaction monitoring, and this is particularly important for the card business, where the number of transactions are much, much higher and they're more instantaneous, so that will allow us to scale and create efficiencies, both not in just the card business, but also actually in the payments business as well or the bank to bank business. We put our mass payments product live in the second half of 2024. We've already got a number of customers using that successfully. And we're seeing the number of customers and the number of transactions and payments going out of that increase month-on-month. So that's really, really good to see. And as I mentioned, we've increased the number of counterparties that we deal with to allow us ultimately to deal in more currencies in more countries. So again, that really happy with that. And then finally, on future-proofing the business. I'm very, very mindful and payments businesses need to be diversified to protect them, so by expanding our global network, we are essentially diversifying our payment corridors. This also as a byproduct allows us to diversify revenue and particularly within the jurisdictions, the geographical jurisdictions that we're going into, this will allow us ultimately to make sure that the business has a wide diversity in the corridors of revenue that we're generating. And in terms of actually the setup of each of these jurisdictions with very much revenue-focused. So whilst much of the operational burden can be taken in the U.K. certainly initially, we're very much focused, and this is both in Toronto, in Canada and in Dubai, very much revenue-focused. We continue to develop our platform to make sure, as I say, that it meets customer needs and expectations such as mass payments, and we will continue to do that. So not -- this isn't a sort of what we've done a bit of work, and now we're stopping, that will be continual enhancement of that platform. Again, changed the name, Cornerstone FS to Finseta, which we're all delighted with. And finally, on the agency banking agreement to allow us to participate directly into payment schemes. That's a big milestone for the business. We'll be looking forward to sharing with the market exactly timing on that and exactly the benefits to the business and actually more importantly, to our customers. I'll hand over to Judy now for the financials.

Thanks, James. So obviously, this is all based on our trading update that we released last week. Currently unaudited, as you will expect, we expect to release our full annual report during April. So as I said, trade update only selected headline numbers. So bear with me that I can't go into huge amounts of detail at the moment. But starting with revenue, we have headline growth of 19%, up to GBP 11.4 million for 2024. However, on an underlying basis, that growth rate was more like 26%. So excluding the white label revenue that we off-boarded fully during -- at the end of 2023 and some licensing revenue we generated following the disposal of our Avila House subsidiary. That was driven by growth in customer numbers. So 1,059 customers trading during 2024. That's up 17% year-over-year and that in itself continued -- driven by the continued expansion of our go-to-market routes through our introducer network. It's fair to say that our rate of acquisition of trading customers accelerated in the second half. So we added 46 in the first half and 107 in H2 and we'll undoubtedly see the benefit of that in the coming year. Indeed, we started the year, I appreciate, it's mid-January only. So we can't use that as a definitive benchmark for the coming year, but we've had a very, very, very strong start to the year in line with expectations, I think given that on-ramp, we had from the end of 2024, but we've kind of break internal records across the board for revenue per day, revenue per week, largest trade, et cetera, et cetera. So yes, giving us really strong confidence as we move into the new year. Moving on to some profitability measures. So first, starting with gross margin. That improved to 65.5%, up 2.1 percentage points. That's driven mainly by the end of the white label business as we've already talked about and has kind of been trending up that we've seen over successive halves. Adjusted EBITDA continued to improve to GBP 2.2 million -- sorry, GBP 2.0 million, a growth of 18% consistent with our sales growth and maintaining the EBITDA margin year-over-year at 18%. I think importantly, we've talked about that margin being somewhat depressed by some of the operating costs we've laid on to support both our full commercialization in Canada and Dubai and cards and also future proofing our global compliance system. So pleased to see that being maintained at 18%, notwithstanding that focused investment. Lastly, in terms of, as I say, the metrics that are within the 2024 trading update. Turning to cash, we ended the year with GBP 2.6 million in gross cash generating a cash inflow for the year of GBP 0.3. That includes operating cash flow of GBP 2.2 million in 2024. So you can see compared to the GBP 2 million in adjusted EBITDA, a very strong cash conversion rate, again, demonstrating that we're not a working capital-intensive business, something that we expect to continue going forward. And total cash flow for the year really reflects some of the investments that James has already talked about. So we spent GBP 1.5 million in capital-related items during the year that's compared to GBP 0.5 million in the prior year. So those investments, we're talking about card program, those enhancements to our systems, some IP-related additions with our new trading name. Those will undoubtedly benefit future years. Indeed, we saw a small benefit even in 2024 from adding the mass payments functionality. So yes, really excited about those platform enhancements. Indeed, I'd encourage anyone who's kind of tried us before if you go and do so again, I would hope that you can see a tangible difference in our kind of -- in our service offering really kind of bringing us more into line with how we'd feel using a banking app, et cetera. We ended the year with GBP 0.6 million in net cash. So after the deduction of the GBP 2 million loan note that's due for repayment in August 2026, having repaid GBP 200,000 of loan notes during the year. And that's it for me just as I say, key headlines from our trading update.

Right. So just to round off in summary, we continue to be profitable and continue to grow. Our regulatory permissions are expanding. We believe that we've made a significant strategic progress in 2024, and we'll continue to execute on that plan in 2025, 2026. We have absolutely got the right people to do the job. We are continuing to invest in really, really good people to grow the business. Ultimately, this is a people business like any business and unless you have the right people, then it won't work. We genuinely believe we have got the right people and continue to hire people with the right expertise, and we continue to innovate through partnership. We're not pretending we can do all this ourselves. Ultimately, we believe that there's more benefit for the business, for our customers if we innovate through partnership, which we will continue to do. As the numbers say, we're continuing to increase our cash even though we are investing on our third strategic pillar, which is future-proofing the business. And we will continue to do that to create a long-term sustainable business and doing that by increasing our geographical presence and making sure that our revenue is diversified. With that, I think that ends the presentation.

Perfect. James, Judy, if I may just jump back in there. And thank you very much indeed for your presentation this morning. [Operator Instructions] I'd just like to remind you that a recording of this presentation, along with a copy of the slides and the published Q&A can all be accessed by your investor dashboard. James, Judy, as you can see, we have received a number of questions that were both pre-submitted ahead of today's event as well as a number that have come in and throughout your presentation this morning as well. So firstly, thank you to all of those on the call for taking the time to submit their questions. And Judy, James, at this point, if I may just hand back to you just to read out those questions and give your responses where it's appropriate to do so. And if I pick up from you at the end, that would be great.

Sure. Thank you very much. So I'm just going to curate questions and read them out and assign them to kind of James or myself. So the first one we have is, what percentage of customer numbers would you class as repeat customers who transact multiple times throughout the year? I think we typically have a 60-40 split in terms of corporate customers versus high net worth individuals. You can definitely treat the corporates as recurring. Some of those multiple times a month, some even daily, but that would definitely be a lead indicator for repeat customers. Even the 40% high net worth individuals, we see them maybe 1 or 2 times a year depending on their investment. They're normally investment-focused trading. And all of this really is whilst we kind of may see the high net worth as potentially not repeat customers, as we've always said in our presentations for us, it's the underlying introducer that we have full visibility on in terms of their referring customers. So they're the repeat business for us in that sense. Last year, you mentioned aspirations to become -- just lost it, GBP 100 million revenue business. Do you still feel that is realistic and in what time frame? James, do you want to take that?

Yes, I will take that. Genuinely, yes, I do. I think as the business grows in terms of geographical jurisdiction plus also product set, that will -- our revenue growth will accelerate. I do believe the GBP 100 million is very, very much achievable. And I have been within businesses that have exactly been where we are today and have grown to that in a relatively short time scale. So I genuinely believe it's possible. I've seen it done, and I do believe we can do it.

Okay. Thank you, James. I will -- there are a number of these on the same things so I'll just kind of group them together if that's okay. Are you confident in meeting market expectations for revenue in 2025? I think absolutely, as I mentioned, we had a very strong -- we've had a very strong start to the year driven by that customer acquisition in the second half. The analyst consensus has us at GBP 14.1 million revenue for 2025. That's a year-over-year growth rate of 24%, which is consistent with our underlying growth. So as of today, extremely optimistic for the year ahead and expecting to deliver in line with market expectations, the significant growth that, that implies. With -- sorry, who do you see as your competitors? James, do you want to take that?

I mean there are probably over 400 payments businesses in the U.K. alone, ranging from 1-man bands, and these are very much sort of the white label businesses that we've extricated ourselves from, all the way up to the Tier 1 banks. Ultimately, the majority of business is still controlled by Tier 1 banks. So they -- by the nature of that are still our main competitors and which is why we believe the service offering is very, very important. And we still consider the sort of even on a global scale, the Tier 1 banks to be our main competitors.

Thank you. So I've got another question here regarding 2025 outlook. Could you comment on your expectations for OpEx in 2025, particularly in light of international growth? Again, I'll refer to the kind of analyst consensus that's out there. So that has OpEx forecast at GBP 5.8 million for 2025. That's around the 8% growth rate. Obviously, as we've always said, we're really highly focused on tight cost control, closely optimizing our OpEx and there were some one-off -- a little bit of one-off expenditure in 2024 that we're looking to redeploy, redeploy year-over-year. Again, any expenditure obviously beyond that GBP 5.8 million would need to be in support of our growth pillars, and we would expect to update the market accordingly. With cash and cash equivalents rising to GBP 2.6 million, what are the strategic priorities for deploying this cash? I'll take that initially, James, and feel free to comment. So as I said, so GBP 2.6 million gross cash that leads us to GBP 0.6 million in net cash, given the GBP 2 million loan notes that are due prepayment next year. I think in general, we're very, very -- always been focused on servicing our growth aspirations from our own balance sheet. And we would certainly -- over the near term, we would certainly see us reinvesting the cash -- any cash in excess of kind of any debt. We certainly see that reinvesting in the business to deliver shareholder benefit. And I think importantly, obviously, as a regulated business as well, we have to continue to demonstrate a strong balance sheet, particularly as we move into new jurisdictions, so kind of multiple regulators looking at our capitalization as well. James, anything you want to add there?

Yes. I mean one of the key things that I'm absolutely set on is not having any surprise dilutions for current shareholders. And I'm very pleased that we can achieve our growth ambitions through our own cash and this sort of just gives us security that we can do. So I think underlying question is that will there be a dividend paid in the near term, ultimately, no, we're a growth company.

Yes. How do your unit transaction costs compared to a platform like [ Wise ]? I give that to you, James, if that's okay. It might be a hospital pass, I look at these.

Unfortunately, I don't know what Wise's unit costs are. So I'm not in a position to comment.

I think from a customer perspective, we would see it as a very different service offering. And I think that's always where we've differentiated ourselves. We are a service-led business. So yes, Wise, on the face of it, they may advertise at very attractive rates. As you look behind it, as you put scale through it, that may be somewhat different. But I think the key thing for us, as I say, is service offering, if you're a business or a high net worth individual transacting large amounts of money, you want someone on the end of the phone and good luck trying to get that from a platform-based business like Wise or Revolut? Remind us, is the GBP 2 million loan note repayment in just 1 lump sum? Yes, it is, and it's a 6% coupon until redemption in August 2026, it's nonconvertible just for clarity. New products to be customer-driven, what are customers asking for and how do you prioritize? James, do you want to take that?

Yes, I will take that. It's actually a very, very good question. We ultimately get a lot of customer feedback. We're very driven by what our customers need. And ultimately, we prioritize on the basis of -- and let's be -- we're a commercial organization. So we prioritize in a number of things, one of which is commercial benefit to the business. Ultimately, also, we try and prioritize on the number of customers and the usability of any new product or enhancement, how many customers it will benefit. If it's a very niche little thing, benefiting 1 customer, then obviously -- 1 customer, then obviously, that goes lower down the priority. For example, the mass payments was being asked for by quite a few customers and actually was an integral part for many of them and it would enable their own processes to be a lot smoother and save them money. So obviously, that was a bit of a no-brainer for us. Some of the things are usability. So customers say, well, it would be easier if we could do this or that. And it's on the face of it, not a big change, but actually, when you're sort of amalgamating all these things, actually, it makes a huge, huge difference. And as Judy said before, the platform today is actually quite different to what it was a year ago in terms of, not potentially look and feel, but actually the functionality from the onboarding process to the payment upload process. Lots of different things, and it's all incremental. So these are all small gains, but adding up to quite a lot when you sort of add them all throughout the year. And one of the key things that we do, do in terms of our product development and our releases, is we're not sort of making huge releases on a semiannual basis or annual basis, we're doing small incremental releases. So it means that we actually have sprints of 2 weeks, 3 weeks and then release at the end of that. So you can constantly see the platform being updated, which is a really, really -- in my opinion, a really, really good way of doing it, both internally, people can see progress, but also externally as well.

Yes. Thanks, James. Given your emphasis on in-person service and investment in SG&A, when and how will we see operating leverage? I think there are a number of ways to look at this. And I think it's potentially hard to see that in a business that's always reinvesting for growth, and we have very much a view on long-term growth. So as James already outlined, we're already looking at scoping our next area of regulatory expansion. So it will be difficult, I think, to see that coming through in the near term, but I can tell you, we've certainly positioned ourselves to do that. And I think I've always said that a 30% EBITDA margin is very representative of a steady-state business, maybe even higher than that. And I think, yes, particularly, as I say, positioning ourselves for that international growth, we've already talked about the investments in kind of -- in compliance, both technology and supporting that with headcount effectively ready to deal with the international expansion that we're looking at in the coming years. Can you describe your introducer network? How many introducers, what growth in this introducer network happened in 2024? And what is the objective for the future? Do you want to talk generally about that, James? It's not something we would typically disclose in terms of numbers, but I'm sure we can talk to it generally.

Yes, generally, so as I sort of mentioned at the outset, the types of introducers. Typically, our introducers are lawyers, accountants, property agents. Now we do have some sort of outliers and different types of introducers. But typically, that's the target market that we're going for. All of our salespeople are targeted to effectively build and develop introduce relationships. We have no direct to customer. So traditionally, in the FX and payments world, the traditional model was you make 200 phone calls and you get a client and it was all very much direct phone bashing as it used to be called. But ultimately, it was very much direct to customer. That is not our model at all, and it's all very personal relationship and developing those personal relationships with introducers. We target, as I say, all of our sales guys on growing that network and not just growing it, but maintaining it, because maintenance is vital. Ultimately, we've got to be showing our introducers that we're providing their customers that they're introducing an exceptional level of service. And that's really what we're trying to do and what we're achieving. In terms of number of introducers, I don't specifically know the exact number, but it is growing all the time and the diversity of types of introducers are growing also. I would say though, in terms of our geographical expansion. Our go-to-market strategy remains exactly the same. So in Dubai and in Canada, we do not anticipate and we're not going to be changing our go-to-market strategy. So again, both of those jurisdictions will be done through the introducer network. And what is good is we can leverage -- most of our introducers are international by nature, i.e., their hub offices in other jurisdictions other than, say, the U.K. And we can leverage those relationships to ensure that we can manage a company that has an office in the U.K. and Dubai that we're basically managing both of those elements of the company. So it fits very nicely. And ultimately, it's all about maintaining those relationships.

Thanks, James. I've got a question here on active customers. So 1,059 active customers, how has average revenue per customer evolved? So I think it's implied revenue divided by active customers. So just short of GBP 11,000 in revenue per customer during 2024. We typically say our margin on revenue is about 1%. So you can extrapolate that and say, each customer traded roughly GBP 1.1 million in terms of flow through us. I think we did see a very large step-up in that average cost -- average revenue per customer during 2023. I would say that was probably reflective of our life cycle and positioning of the business last year. I would expect as we go forward, the customer number to be the main driver of the revenue growth and that to be the larger growth rate as compared to revenue per customer. It's probably financial, but I'll give it to you, James, if that's the case, I've got another one for me. Is there an argument to dilute existing shareholders through a rights issue to accelerate growth?

There's always an argument to doing it. But ultimately, -- and this is not necessarily reflective of our business, but I think generally, the market, particularly the small cap markets currently, I genuinely don't think the value is there. And I think for a current shareholder, dilution at these sort of levels, particularly when we know we can execute on our strategy with our current cash flow. I think, would be a bit of a kick in the teeth quite frankly. So I'm very mindful of dilution, particularly at these levels. I would ultimately say, could we accelerate our growth strategy, probably. Would we want to, as I say, at these levels, probably not or, in fact, definitely not. So I think it's more -- less about our business and more about the general environment that we're currently in, particularly in relation to smaller caps.

I think that was right. I would only say that I think there would be a risk that the return would be somewhat diluted by the major step up that, that would require. And what I mean in terms of step-up is we're still a small business. We're 45 heads to kind of fully accelerate at a growth that would kind of justify a rights issue, that's a lot to bring together, and I think, therefore, undoubtedly increases the risk to the shareholder. And from the outset, we've always been very focused on kind of rightsizing our investment and kind of cutting our cloth accordingly. I have one question in terms of H2. Were you satisfied with H2? I think -- so from a revenue perspective, I would say it was slightly down in terms of where we expect it to be. Just ever so slightly, we were -- we finished GBP 100,000 below analyst consensus for the year. I think within that, we did see a slow October, which we've kind of potentially extrapolated to being uncertainty in the market around budget, and it was certainly reflected in our discussions with other people in the market who similar -- who experienced a similar thing. I think that said, as I've already talked about, we've had really strong customer acquisition in the second half, and that's really putting us in good stead, and we're already seeing the fruits of that. I think outside of the financials, I think we -- this is one -- for me, one of those kind of periods where almost the financials don't tell the whole picture. I think there's been tremendous progress on those investment pillars and setting ourselves up for that next phase of growth. So for me, as I say, that one is a little bit beyond the financials. James, I'm not sure if you've got anything to add?

Yes. I would absolutely agree with that. I think being totally frank and honest, if -- with the question asked directly, were we happy with H2, no, I wasn't happy revenue-wise. I would have liked more. As you say, October was disappointing. But overall, I would have liked more from H2. That said, operationally against strategy, we made huge, huge progress. And we've done sort of going back over what we've done, we're a small business, but we've done a remarkable number of things over that period of time. So I'm not disappointed in that. I'm excited about what's going to come in 2025 and all the groundwork that we've done that will help us grow both revenue, operation, everything else within 2025. So it's a sort of double-edged sword, if you like. But being totally honest, yes, I'm disappointed with H2 2024. But that said, the fact that we've had a fantastic start to 2025 sort of helps that bitter pill being swallowed.

I think that's it for the questions actually, James. Everything else, we've kind of covered already.

Perfect. Judy, James, if I may just jump back in there. Thank you very much indeed for being so generous of your time there and addressing all of those questions that came in from investors. But James, perhaps before really just looking to redirect those on the call to provide you their feedback, which I know is particularly important to yourself and the company, if I could please just ask you for a few closing comments to wrap up with, that would be great.

Certainly. Well, I'm hoping everyone can see that there's a very clear strategy here. I'm hoping that people recognize that we are executing on that strategy and that we're making significant progress against that strategy even within a short period of time. But with a long-term plan and the belief that we will be able to execute on that strategy. And moreover, that we'll be able to do it for our own cash from ongoing business, so without the need to dilute, without the need for cash calls. So this is a relatively small business currently, but with huge, huge potential. And as we grow geographically, we grow product-wise, what we are doing is setting the groundwork for a significant business with a lot of long-term potential. Thank you.

James, that's great and Judy as well, thank you once again for updating investors this morning. Could I please ask investors not to close this session, you'll now be automatically redirected for the opportunity to provide your feedback in order that the management team can really better understand your views and expectation. This will only take a few moments to complete, but I'm sure it'll be greatly valued by the company. On behalf of the management team of Finseta plc, we would like to thank you for attending today's presentation. That now concludes today's session. So good morning to you all.

Thank you.