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 a position to answer every question it receives during the meeting itself. However the company can review all questions submitted today and will publish those responses where it is appropriate to do so on the Investor Meet Company platform. 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 thank you. So if we go to the next slide, please. And the next, carry on, we'll dispense with introductions. So a little bit about what Finseta does and who we are. Finseta provides multicurrency accounts and payment services to businesses and high-net-worth individuals. And that's very important differential. So we're servicing both businesses and high net worth. We do this on our proprietary platform that's connected to multiple counterparties and payment rails. Again, very important. We have multiple counterparties. We're not reliant on 1 or 2. We're regulated in the U.K. as an EMI, and we also have offices and are regulated in Canada and the UAE, which will come on a little bit later on and the progress there. Nearly all of our customers come through a growing introducer network. An introducer is a lawyer, an accountant, a property agent. And all of our go-to-market and sales effort are focused towards those introducers. Many of our customers come to us because they have payment challenges. Whether it's specific payments or jurisdictional payments, they come to us to solve those. And we have a solutions business that helps them solve that. As well as the innovative platform and multicurrency accounts, we offer a highly personalized service. So each customer, each client gets a dedicated account manager, however large or small they are, to ensure that they can do their payments, et cetera, with the ability of actually speaking to someone. And that is a key differentiator. Many payments platforms now are digital-only, so you can self-serve only. We actually ultimately rely on the customer to decide how they want to be serviced. Many customers still -- many of our customers, particularly, still want to be serviced over the telephone and still want that element of interaction with their account manager. We've invested very heavily in regulatory and compliance capabilities. So we're able to onboard our customers in a regulatory-compliant fashion, but also for those with more complex needs, whether it's a trust structure or whatever, typically, we can onboard those customers within the day, which is very unusual. But again, because we've invested within our sort of regulatory framework that enables us to do that. Next slide, please. So a little bit about the highlights of 2024. '24 actually has been a significant year for Finseta. We have been executing on the strategy, which I'll come on to. Aside from the numbers, which I'll let Judy go through in more detail, we've grown our introducer network significantly. We've grown a number of active clients. We've expanded out our global payments capability and where I touched on the counterparties, we've expanded those out, so we can now pay to 165 countries in 150 currencies. We've also launched our commercial card scheme. Again, it's another payment rail. This is on the card rails, but it allows our customers ultimately to choose how they pay their suppliers and their invoices. One of the things that it feels like a long time ago now, but we've rebranded the business from Cornerstone FS to Finseta. And again, rebranding is not an easy task. We did it in a very cost-effective manner. We own all the IP around Finseta. It's been received very positively by customers and introducers, and we've done it across both plc and the regulated entity as well. Significantly, in 2024 and early '25, we received regulatory approval in Canada. We received regulatory approval also in Dubai. And we've also set up local banking relationships within those jurisdictions. And that's critical, particularly to operationalize those jurisdictions. It's very, very important to have the local banking piece in place. Next slide, please. So I thought it was worth touching on the market opportunity because I get asked a lot what is the size of the opportunity that is possible here and particularly for what Finseta is going for. And I thought this bit of research from McKinsey was actually very useful to show and demonstrate the size of the payments world. So in the U.K. alone, the payments market is worth $4.6 trillion. The Europe, $52 trillion and globally $200 trillion. The significant part of that is B2B, but you'll see also B2C person-to-person as well are also significant markets. So from our segment, as I touched on, we cover both B2B and B2C. So it's a significant market opportunity. The next slide, please, will show that still the incumbent banking providers still own the lion's share of that. They've -- fintechs and some of the newer players have eroded market share of the banks from -- in the P2P space, so the personal space, and they've made good headway in that with some very big sort of -- some of -- they're not really competitors of ours, but sort of digital players have made good inroads there. What is very interesting to see is that the B2B space still international banks are still in control of most of the lion's share of that opportunity. And this is where businesses like us, this is where the opportunities start eroding that market share. But I thought it was worth sharing that bit of research because it does show you the sort of size of the market. Next slide, please. So just to recap on our strategy, very straightforward, 3 pillars: one, expanding out our geographic and market reach. Secondly, is enhancing our product capabilities. And thirdly, we loosely term future-proofing the business, but the reality, the business really is it's people, and it's ultimately about investment in people, which we'll come on to. But those are the 3 pillars and ultimately providing a platform, payments platform specifically to be able to serve in these markets. Next slide, please. So how have we progressed against the strategy? So on the geographic side, as I mentioned, we've been approved for license in Canada. We've now hired a country manager and actually additional sales. We have an office. We're now operational with banking partners, and we will see revenue coming through in Canada this year. And by the way, as we grow, we will continue to invest in the sales effort, i.e., people -- revenue-generating people there. In the UAE, we've been granted, and this was post year-end, so early 2025. Cat 3D license by the DFSA. We are, again, in a similar position. We're now operational. We have local bank accounts, which are critical. We have an office, we have people. And again, we are currently recruiting for additional sales and revenue earners there. So for both markets, we made significant progress over the last 12 months and really building the foundations for both of those areas to progress significantly. Next slide, please. On the card program, we -- some may remember, we signed an agreement with Mastercard last year for the launch of a commercial card scheme. And very important, this is aimed solely at commercial and corporate. That now has gone live, and we are onboarding customers. We went through a fairly extended period of testing, which you need to do with these products to make sure that they work absolutely perfectly. We have done that. We -- the app is now in the App Store. And as I say, we are onboarding customers. This product is very much aimed at supplier payments. So particularly in the digital world where you're paying AWS, Google Ads and such like. So very much high-volume, high-velocity type payments. And the product has been set up and the transaction monitoring tools have been very much set up, geared around that, which is relatively unusual for a card scheme, and it allows customers, ultimately, to make multiple payments at significant size where normally they will be blocked. So our transaction monitoring rules have been specifically set up for that product. And we're really, really delighted with how it looks, the platform, and the early feedback from customers. So really, really delighted with that. Next slide, please. And in terms of -- on the product capability side in terms of the platform, obviously, with any technological platform, you can't stop investing in it. It needs to continue to be suitable for the market, which we will continue to do over the next few years. But a few key things that we have launched this year, one of which is mass payments. And all of this is things that we're launching because of customer feedback and customer request. So mass payments is something that our customers ask us for and ultimately, it allows us to go into different verticals. So payroll, for example, where our customers want to make multiple payments in one file. We've also streamlined our transaction monitoring tools. We've made significant improvements, actually, in the customer interface, i.e., the user interface that customers go and see. We've modernized that, made it even easier to use. We've added additional counterparties via API, so ultimately allowing us to make instant payments around the world. And as I touched on before, we've extended from 2 years ago where we had probably 38 currencies, we've now got 150 plus. So we've made significant progress on the markets that we can service and the payments that we can make. Next slide, please. In terms of future-proofing the business, as I touched on, we've rebranded. And I think the Finseta brand really sets us up for success in terms of owning our own domains, et cetera. Cornerstone was a very generic brand. And as I say, we've had very positive feedback on the whole rebranding experience. We've been supported by a couple of partners, Ladies European Tour and the Ultimate Tennis Showdown, really, really good partners for us. The Ladies European Tour, but both partners actually do all their payments through us. We are quite heavily involved with both as well. In fact, we sponsor a lady golfer, Mimi Rhodes, who's had significant success this year, which is great. And that really sort of demonstrates the power of partnership. And that's what Finseta as a brand, I think, it sort of encapsulates what we're about is the partnership aspects of it. The financials, I'll let Judy go through. And in terms of the people side, which really, as I say, is the key to any business, we continue to invest in hires across the business. We continue to invest in our existing people through training and qualifications and ultimately, improving our employee benefits and making sure that this is a good place to work and people want to come to work. And ultimately, that's what any business thrives on is the output and the effort of everyone within the business. Next slide, please. And with that, I'll hand over to Judy.

Thanks, James. So in summary, I won't go through all of these metrics on this page, but they're green across the board, as you would expect. Hopefully, with everything that we flagged and obviously, everything we're reporting here is consistent with the trading update and update we gave on IMC back in January. But really pleasing, as I say, in a year of very strong strategic focus on all of those pillars that James has just mentioned that we've continued to deliver on our financial metrics, setting us up for great years ahead. If you can move on to the next slide, please. So specifically on revenue, GBP 11.4 million for 2024, up 19%. More importantly, on an underlying basis, so where we're stripping out the white label business that we offboarded at the end of 2023 and some licensing revenue that we got as a result of our disposal of Vela House, effectively, the revenue is up 26%. That's been driven by, as James has already mentioned, a continued expansion of our introducer network, but also the -- and therefore, the growth in customer numbers. So 1,059 customers trading with us during 2024. That's up 17% year-over-year. And more importantly, is the kind of lead in for 2025, significantly up in the second half. So yes, really, really pleased on the kind of top line metrics. So yes, if you could move on to the next slide, please. Turning to profitability metrics, and I'll kind of come back on the next slide to talk about costs. But just as a headline, we've seen the continued expansion of our gross margin. So for 2024, that was 65.7%, up 2.3 percentage points. And again, as a result of that move to 100% direct business, higher quality revenue generated in 2024. Adjusted EBITDA for the year, GBP 2 million at a consistent margin of last year, 18%. So really pleased to be maintaining that when inevitably we have had a drag on that margin as a result of our second half activities, in particular, ahead of the commercialization in Canada, Dubai and also the card program. And moving on to the next slide, please. Just in particular, on costs. So adjusted costs up GBP 1 million in 2024 to GBP 5.4 million. The majority of that is in staff costs, particularly additional hires into the direct sales teams as well as the kind of country head that James mentioned in Canada and an element of performance-related bonuses in line with revenue generation. Some small cost increases elsewhere that's probably not worth flagging, but kind of 1s and 2s leading to that GBP 1 million increase overall. And if you can move on to the next slide, Actually, before I go into cash flow, I want -- we normally focus on kind of adjusted measures, but I do want to draw out. I don't have a slide on this. But in terms of -- if you're looking at bottom line profit after tax, you will see a significant reversal in our tax charge, which kind of has a massive impact on our results. So profit before tax, we're showing growth, GBP 1.4 million this year versus GBP 1.3 million last year, up 8% year-over-year. But then from a profit after tax level, because of that tax charge, our profit this year is less than half of last year. So as you may recall, last year was our maiden profitability year. So we recognized a deferred tax asset in respect of our accumulated tax losses. So GBP 843,000 credit last year. And then this year reflects effectively a normalized tax treatment as you will see going forward at standard prevailing tax rates, so a GBP 400,000 charge in this year. So as I say, I just wanted to draw that out as we walk down the income statement, may not come out as we typically focus on kind of cash and adjusted measures. But turning to cash flow. So really strong cash flow conversion from adjusted EBITDA, so GBP 2.2 million operating cash flow. We have seen a material increase of kind of noncash items, so GBP 1 million coming out in the adjustment from profit before tax. That's mainly in the area of depreciation and amortization. So GBP 900,000 depreciation and amortization in the year, up GBP 300,000 year-over-year. A small working capital outflow. I would say that's largely driven -- so GBP 300,000 in the year, largely driven by an increase of revenue generated from counterparties, people that we're referring clients to, particularly in Dubai, for instance, where ahead of getting our own regulatory license to service those customers, that's meant effectively an increase in receivables at the year-end as opposed to kind of holding the cash ourselves. Moving on to the next slide, please. So beyond operating cash, a really key kind of year-over-year increase is in the area of CapEx. So in our investing cash flows, I already flagged this back in January, but GBP 1.5 million spent in 2024, up from GBP 500,000 last year. Most materially, we kind of did a big upgrade of our platform, as James particularly focused on in his section, and then an additional GBP 300,000 on the card programs ahead of the launch in 2025. So I'd say this has very much been kind of an abnormal year for CapEx, and we would typically see it return to around GBP 800,000 level going forward. Financing cash flows, we did kind of -- we did redeem the loan note that was due to the Pangea FX principles related to an acquisition we made in 2022 and also made the earn-out payment -- first earn-out payment on capital currencies. And indeed, that's the final earn-out payment. So no more effectively deferred consideration related to Pangea FX or capital currencies on our balance sheet as at the end of 2024. So that effectively took our net cash -- our closing cash, sorry, to GBP 2.6 million or net cash to GBP 0.6 million, up GBP 500,000 year-over-year from GBP 0.1 million last year. And I always mention it, but apologies, I repeat every time, but that GBP 2 million loan note that comes out of net cash effectively is due for repayment in August 2026 with a 6% coupon and it's nonconverting. And that's the end of my section. So back to you, James, I think.

So yes, in summary, I think we all agree significant growth in terms of the -- all financial metrics. I'm particularly pleased that we did change or rebrand to Finseta. I think that really does set us up and set us apart for the future. We continue to deliver on our strategies and we'll continue to do so, expanding out our payments capabilities and continuing to expand out our sales effort into the introducer network. We've delivered on the promise of launching products, including the Mastercard. And I think it's a real tick in the box and an endorsement that we've received 2 regulatory approvals in both in Canada and Dubai, I think, really shows the strength of the team and the strength of the business. So we're delighted with 2024 progress and what we've delivered. And 2025, we're very, very excited about as a year of growth, and it started off fantastically well. And we believe we're building a long-term sustainable business and have really set the foundations for that growth. And I think we're probably going to Q&A now.

Perfect. James, Judy, if I may just jump back in there. Thank you very much indeed for your presentation this morning. [Operator Instructions] I 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 via your Investor dashboard. Guys, you can see that we have received a number of questions, and thank you to all of those on the call for taking the time to submit their questions. But James, Judy, 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.

Thanks, Jake. I think I'll start with the one that people are all probably dying to ask, which is around Argentex. So Argentex, in a similar field to Finseta, suffered liquidity crisis caused by significant volatility in FX rates. I'll summarize it. Has Finseta been affected in the same way? James, do you want to just take that to start with?

I will do. Short answer is no. And the reasons behind that are Finseta is actually a slight -- is a different business. One of the differentiators is we are not MiFID-regulated, which means that we are not able to sell option. We are not able to sell speculative forwards. We do have a small forward book, which represents about 8% of our revenue. Having said that, all of the forwards that we do do are in relation to a specific invoice or requirement. And that is part of our regulatory capabilities, or our limited regulatory capabilities, I should say. So in terms of risk, the business in itself obviously has limited risk there, but any risk also is offset because we back to back every single trade. So once we take a trade from a client, we then back to back it with one of our counterparties. So ultimately, as a business, we're not liable for that risk. So we are, in many ways, a significant business -- a significantly different business and our risk profile is significantly different. Now that has positives and negatives. Obviously, in the positive, in situations like this, when we're getting a volatile currency market, then obviously, our revenue capabilities tend to be sort of limited to our mainstream business that we continue to do day in, day out. We don't have sort of very high peaks as it were, where we have clients speculating on currency markets. The positive of obviously that is, as a business, we take far, far less risk. With less risk, obviously, becomes less reward. But in terms of a sleep-at-night sort of strategy, we're very comfortable with that. So I think short answer is we're a different business, and therefore, the risk profile is very different.

Thanks, James. I think I'll bucket a number of these into kind of one, and that's around kind of Q1 performance and outlook for 2025. So I'll take that in the first instance, and James, feel free to supplement. We don't tend to, these days, give updates on a quarterly basis in terms of revenue generation. We did the very -- in the very early days of being listed just when our cash outturn was not as great, so it was more prevalent. But these days, focused on our strategic execution and updating the market as we make progress on those milestones. That said, we did have a very good Q1 in line with Board expectations, particularly driven by a continued growth in customer numbers. And obviously, the news of achieving the regulatory approval in Dubai has kind of solidified our expectations and outlook for the coming years. And indeed, since we last spoke on the Invest Meet Company, we -- you may have seen kind of Shore Capital have updated their forecast for us. And we believe that they're a pretty good reflection of where we expect the business to go in the coming years. So in particular, revenue for this year, they've got us at GBP 15.1 million for 2025. That's a 32% year-over-year growth. You will have seen that the EBITDA that they've got is kind of projected to come down. So GBP 1.7 million in 2025, the consensus versus GBP 2 million this year. And I think I have flagged that before, but I probably just want to give a bit more air cover to that. Particularly when you're launching a regulated business, there are a lot of costs that you need to kind of -- you need to put in from the get-go from the date of being approved that you can't gradually layer on as you get scale. So for example, kind of independent directors, local directors, local compliance heads or augment your kind of local team with consultants to provide that function. And also, as we look at local banking lines, which is really key to exploiting the market opportunity, those typically come with minimum volume requirements. So again, we're paying kind of fixed fees ahead of scale. So yes, I think the kind of view on adjusted costs for 2025 is probably fairly prudent, but I hope that gives a flavor as to why they're pretty heavily loaded in 2025. And of course, we'll see the benefit of that in the future periods. In particular, in 2026, all of those 3 initiatives will begin to generate profits. And you see from the analyst forecast that EBITDA margin significantly expands from 2026 onwards. So that was a pretty long answer, forgive me, but I know there are a series of questions around that. So let's go to something else. Another Argentex question. Mass payments was mentioned a number of times. Does this have the potential to become a large revenue generator? James, do you want to take that?

I mean it won't -- given our sort of strategy of product development and really having a broad spectrum of product, I wouldn't anticipate mass payments becoming a key focus. Having said that, it is certainly a significant revenue opportunity, and we're already seeing that in the types of companies we're taking on because they tend to be larger and therefore, they have more payments requirements and larger currency requirements. So ultimately, yes, it is a significant revenue opportunity, but I wouldn't want to say it's going to become a revenue-focused opportunity.

Okay. What is the status of Hong Kong expansion? What area, if any, will be next and when?

So whilst we bed down Canada and Dubai, I'm very conscious, we're still, let's be honest, a relatively small business. We don't want to be running before we are walking, and it can trip up if we overcommit and effectively overtrade. So I'm very conscious that we need to make sure those are bringing in revenue before we embark on our next project. Having said that, we are scoping out Hong Kong. We are scoping out or have been scoping out Europe as well. So the likelihood is Europe will be next after Hong Kong. But again, it's both -- all regulatory applications are a fairly long process anyway. But as I say, whilst we make sure that both Canada and the UAE are revenue generating and become profitable in their own right, this is very much sort of at the planning stage at the moment.

Thank you. What defines the customer as active? So I mentioned active customers in the presentation. Those customers that have traded in the year. So 1,059 customers have traded with us during 2024. How is the -- it says here credit card rollout, but it's debit card rollout proceeding?

Well, I've hopefully answered that really. It's the -- ultimately, we're now onboarding customers onto the product. They're using the product. So I would say proceeding well. Ultimately, I've seen -- I've been involved in card program launches and running card programs before. I've seen how revenue can accelerate very quickly with these programs. And I do genuinely believe that we've got a very, very good target market for this. There are very -- there are relatively few products of a similar nature. There are a lot of travel and expense products out there. There are a lot of sort of general spend cards and general spend programs, but very few that focus on commercial supplier payments. It is a huge market, as I've sort of demonstrated with the payments, the McKinsey payment slides. There's a big -- commercial payments are a big slug. So ultimately, I believe this product has the potential to really accelerate and in terms of both the scale of the business, but also for revenue as well. So I'm really, really pleased with the product that's been developed, and I think it is set for success.

I may have missed it, but what's the expected EPS for the current year, i.e., ending December 2025? Again, I'll refer you to the Shore Capital research note. We think a reasonable job on that in terms of encapsulating our thoughts on the years ahead. They have a basic EPS of effectively GBP 0.01 next year. So reflecting, as I say, those increased costs pretty prudently layering on quite a bit of costs for 2025, taking the EPS down to GBP 0.01 next year or this year, 2025. Can you provide an update road map on product development for the coming 2 years?

Two years is a very long time in product. But certainly, for the next 9 to 12 months, we've got a pretty set product road map. We've got a really, really good head of product here who came from a competitor business, who's doing a fantastic job. And in terms of what we're looking to develop in the next sort of 9 to 12 months, it will be very much focused on payment capability, so more counterparties and ability to service different segments of the market. That's a really primary focus. As well as continued enhancements in our own platform. So we continue to build, as I mentioned, you can't stop investing. Otherwise, you pay for it down the line. So ultimately, we will continue to develop our own platform, albeit we've got a relatively small development team, and that's the way we're keeping it. But we will continue to develop our platform and continue to develop new functionality on that platform.

And just to supplement that, the great thing about the new jurisdiction launches is obviously, we're putting that asset to work across multiple markets. So whilst we have got -- we will have the local kind of API plugging in costs in 2025, as I say, the overall engine and intelligence of that platform, including all of the kind of regulatory and onboarding and transaction monitoring pieces, that kind of the operating leverage from that platform is driven out as those new jurisdictions grow as well.

One thing to mention actually is in terms of counterparty, one of the key focuses today and for the next 2 months, so this is much more short term, is the development and the connectivity into the RTGS scheme, which is the real-time fast payment scheme in the U.K. And ultimately, we have now our own sort code, so Finseta sort code, which directly connects us into that. So ultimately gives us far more control, allows us to do real-time payments. And ultimately, when our customers receive money into their accounts, it is a truly a Finseta account. So it's -- that's going to be a huge milestone for the business and allow us to do a lot more and service a lot more people.

Okay. I've kind of touched on this, but I'll just be absolutely explicit. Can you please touch on what impact Finseta is seeing as a result of the current tariff war? So just as I say, probably being a bit more explicit, as James has said, we don't do a huge amount in forwards. So we haven't got that lever that you will have seen maybe in some of the more banking or derivative option-based kind of people in the fintech space. But as a result of that, our risk profile is certainly much more where I want to be as well. So yes, 2 kind of offsetting impacts. But we are seeing a really great performance for Q1 that is in line with Board expectations. This one is a very interesting question and one may as well have a fish on it. Are you confident in meeting market expectations for this year? And when might you exceed those expectations? So yes, I think we've covered -- we're very happy with our progress to date in Q1 and looking forward to updating the market as we move throughout the year. And then I think the last one here, I can't see any others. Do you believe GBP 100 million revenue is still achievable? So James?

I think more importantly, do I believe it? Yes, I do. But more importantly, the Board believes it as well. I think with the product mix, with the geographical strategy, I think genuinely, it is achievable. And I think we will see an acceleration. Now there may be some element of acquisition there, but I do genuinely believe and that is the target for the Board in the next 5 years.

We have just had another one come in. What new area are you most excited about?

I'll give you mine, you can tell me yours, Judy. But for me, I'm -- there's 2 areas actually. One is the commercial card scheme because I genuinely have seen what -- how card schemes can grow quickly. The second, which probably is more, I guess, [ anarchy ], which is the agency banking that we're doing, which, as I just mentioned, gives us direct real-time connection to the Bank of England fast payment system and ultimately, our own sort code. So whilst for many, it doesn't really matter. Actually, as a business, as a payments business, it really, really does because it create -- it means that we are more masters of our own destiny rather than reliant on others. So those for me are the 2 sort of most exciting things that are sort of happening at the moment.

I would agree entirely, actually, that it's probably not a necessarily distinct revenue bucket. But in terms of our evolution as providing a product set for our customers, our global customers, I think the continued development in that area is really exciting to push us forward into the next phase as well.

And I think both Dubai and Canada are also very, very exciting. And I've seen both areas and their pipelines, how they're building them out. And if it is all executed properly, we will have 2 fantastic geographical businesses there.

Guys, at this point, 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. And of course, if there are any further questions that do come through, we'll make these available to you immediately after the presentation has ended. But James, perhaps before really now just looking to redirect those on the call to provide you with 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 just to wrap up with, that would be great.

Yes, absolutely. So as a business, we've -- over the last 2 years, we've made significant progress. I mean, really, really have. We've got all the right people doing the right things. I believe the strategy is absolutely correct. And I believe that we're building a sustainable long-term business that will only accelerate in growth. So ultimately, I couldn't be happier with what we've achieved so far, but I do believe there's so much more we can be achieving.

Perfect, James. That's great. And thank you once again for updating investors this morning. Could I please ask investors not to close this session as you'll now be automatically redirected for the opportunity to provide your feedback in order the management team can really better understand your views and expectations. This will only take a few moments to complete, but I'm sure it will 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.