Finseta Plc (90W.F) Q2 FY2025 Earnings Call Transcript & Summary

Good morning, ladies and gentlemen, and welcome to the Finseta Plc Interim Results Investor Presentation. [Operator Instructions] Before we begin, as usual, we would just like to submit the following poll. And if you 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. Thank you. So I'll dig straight into it. Just to remind people what Finseta does and who we are. Finseta provides multicurrency accounts and payment services to businesses and high net worth individual, and that's a very critical distinction. We do this through our own proprietary platform that's connected to multiple counterparties and multiple payment rails. We're regulated in the U.K. as an EMI, electronic money institution and also are regulated in Canada and have offices in both Canada and the UAE in Dubai. Nearly all of our customers come through a growing introducer network, and they often come to us to solve specific payment problems or currency challenges. As long as -- as well as an innovative payments platform, we also offer a highly personalized service, again, very critical with the types of clients we're dealing with. We've invested heavily into our regulatory and compliance capabilities, which enables us to onboard customers with more complex and diverse needs and situations. And most of our customers can typically be onboarded within a couple of hours. We are able to service over 150 currencies and send funds in -- to over 165 countries. So straight into H1. Increase in revenue, which Judy will touch on in the financials. We've been heavily and laser-focused on the investment side of it, which I will come on to in terms of specific areas. We've grown our sales team and continue to drive the introducer network, expanding the introducer network. Importantly, we've very much focused on diversifying revenue streams. And that you will see from our expansion into Dubai and Canada. We launched a commercial card scheme with Mastercard. So all of that ultimately to creating a long-term sustainable business. One of the highlights for H1 was our integration and launch of agency banking. This is critical for a growing payments business and really sets us apart from others. What it allows us to do ultimately is it's our own sort code that allows us to generate individual accounts under that sort code. We've been sponsored by a Tier 1 bank that ultimately connects us in directly to the faster payments system. One of the key benefits to the business is it allows us to acquire a wider variety of customers. Ultimately, we're masters of our own destiny in that case and ultimately perceived very much as a stronger financial institution. And ultimately, it enables our customers to use us fully as a replacement for their bank for transactional banking. And also another highlight for H1 is our launch in Dubai. We received regulatory approval from the DFSA. Revenue is growing very, very well there. And we've taken the decision to invest further into that jurisdiction. We really, really see big revenue opportunities. We're now 9 strong office space. We're -- in terms of infrastructure and operations, we are there in terms of transactions. So we're very excited for the opportunities in that region. So just as a reminder on the strategy, 3 key pillars. Firstly, expanding our geographic and market footprint, ultimately, together with enhancing our product capability, which creates a diversified -- long-term diversified revenue stream. Thirdly, future-proofing the business, which sort of loosely put is around people and making sure that we have the right people on board to deliver on the strategy. This is a new slide that I've included, which I think gives an overview of what we have built and what we are looking to achieve in the medium term. So ultimately, it's around payment collections and our business is around payments and payment transactions. The multiple collection channels, all underpinned with the Finseta platform and then connecting into multiple payment processes. And this gives us the opportunity to acquire a wide variety of customers and service those customers in the most efficient manner. Unlike many sort of fintech financial services business, we are not online only. So whilst we have a very, very good platform, it is backed up by a very, very high level of service. And each and every customer, whether individual or business gets a dedicated account manager that they can speak to at any time to speak about their transactions. What ultimately, the infrastructure that we've mostly built and are continuing to build are very much focused on the verticals that we are trying to attract, and that is high net worth individuals, SMEs, underserved communities and ultimately large corporates. And the Mass Pay product that we launched really allows us to go into large corporates for things like payroll. So progress around strategy in H1. As I mentioned, Dubai, a critical area for us. DFSA license was granted. We have a new office there with increased capacity. As I say, we've got 9 people, who we've got capacity for up to 17 people there, which will be critical for our growth. We've integrated with a banking partner that effectively allows us to replicate what we do in the U.K. So the provision of individual virtual accounts and virtual multicurrency IBANs. In Canada, while smaller, we're very happy with the progress made to date. Again, the operational banking setup has been complete. We've added with the addition of one experienced salesperson, and we're continuing to recruit there as we go along. Revenue is now coming through and that introducer network that we're building in Canada is continuing to grow. So as I say, we're happy with progress in Canada, albeit it is on a smaller scale than Dubai. One of the things that we have undertaken and are progressing well with is a global compliance program, obviously, running multiple jurisdictions. We need to make sure that we have cost efficiencies and running a global compliance program is one of those. And we're well set in terms of process documentation, et cetera, for that. We are reviewing options for the next jurisdiction. However, I would say and recognizing that we're still a relatively small company, that we need to make sure that we cut our cloth accordingly and don't overcommit. So we are reviewing, but with no firm decisions made as yet. In terms on the product capability side, agency banking, that's a huge endorsement for us. It's been a long process. It's a huge amount of due diligence undertaken by our banking partner. So -- and very few payments businesses actually receive it. So again, as I say, for the business, it's a huge endorsement. It will allow us to generate our own IBANs. It will allow us to explore new customer opportunities and increase the number -- the types and number of customers we can take on. It will also improve efficiencies internally and for the customer as well in terms of payment delivery. We continue to add new counterparties critically for the business, ultimately, to enable us to serve particularly underserved markets and various jurisdictions. We do need to continue to add counterparty capability, which we are doing. This also improves our commercials. So cost per payment goes down, enables us to pay -- make payments in more local markets, which again is critical. And ultimately, all of this apart from the commercial piece, obviously benefits the customer as well. They get a much more seamless experience if they're paying locally, and it's around instant payments. From a technical point of view, we've made some enhancements on the platform. Obviously, the team has been very, very busy doing the agency banking, and they've done a fantastic job on time, on budget. But alongside that, we've improved the onboarding process. We've improved the user interface on the platform. We've managed to improve the payment processing time. We've improved the client onboarding time, which has now come down from 3.6 hours down to 1.4 hours, so quite a significant decrease in onboarding friction. And the new client interface, much more modern and much more -- a much better user experience. So in terms of the label future proofing, we've made a couple of, again, key hires, one around operational and one around sales. We've -- this has enabled us to sort of diversify our revenue streams, diversify our client type. We've got a couple of new brand partnerships where we're doing their payments for them. Again, a real endorsement to the business that they've chosen us to do that. And again, platform progress, the mass payment is now -- our mass payments product is now a straight-through process. So cutting all friction and making it far more efficient. We've done and continue to do vulnerability testing and all the sort of technology piece to make sure that the platform is stable. We're able to automatically collect client fees rather than making sort of deducting manually, which again is a time saved. And finally, the file upload capability enables customers to upload mass payment files simply, easily, and it's a much more convenient tool for them. I'll hand over to Judy now for the financial summary.

Perfect. Thanks, James. Good morning, everyone. So I'll dive straight into the numbers and kind of follows a kind of income statement from cash flow. So starting with revenue, we delivered a 16% year-over-year growth in the first half, taking our H1 revenue to GBP 5.9 million. That growth was largely -- well, was driven by the commensurate increase in the active customers, so also up 16% to 1,101 active customers. That led effectively generated by a further expansion of our introducer network, which, as you recall, is our primary route to market and effectively again driven by the increase in sales headcount that we've put in place. We did see kind of a macro-driven weakness in the first half as a result of the kind of tariff-led impacts on FX rates, meaning that some of our transactions, particularly around in the high net worth individuals area of our business were delayed and a lot of these when we're talking about ultra-high net worth, they are a long-term wealth transition strategy. So they're not necessarily with a committed purchase. So we have seen a delay in some of those transactions, which, as I say, drove a weakness in that area, underperforming below expectations because I don't have a crystal ball. I couldn't foresee that, unfortunately. And yes, we -- as on the flip side of that, we have seen great performance in the corporate sector, which I don't want to overlook because we did generate 70% year-over-year growth in that. So a real mix in terms of overall growth, but strong growth from the corporate sector. And in terms of the new investment areas, the UAE performing above expectations in the first half, so giving us real confidence as we go into the second half. And importantly, so that we can kind of absorb some of these things a little better in the future. Obviously, we're still a relatively small company. We've positioned ourselves really well in terms of revenue diversification going forward as a result of the kind of strategic initiatives we're undertaking. In terms of costs, they increased to GBP 3.4 billion in the second half -- in the first half, up GBP 900,000 year-over-year. The majority of that is already mentioned in headcount, sales headcount in the U.K., Canada and a little bit in Dubai in the first half, but more to come in the second. Further fixed cost additions in platform fees, particularly around the kind of the third-party software that we utilize in our card program and in terms of local payment rails in Canada in the first half. We are exercising that kind of strong cost discipline that we've always maintained really throughout the organization drill down. Everything in terms of investment is on a long-term business case basis. And that's something we continue to do going into H2 and beyond. I have kind of hinted that H2 will see a step-up, again, predominantly in sales headcount in Dubai as we're looking to capitalize on the initial performance above expectations and as we plug into local payment rails, which is coming on stream effectively at the end of Q3. So really exciting times that continue to exercise that strong cost control in our cost base. That investment is having an impact on our in-year profitability, though. I will start with gross margins, just so I cover that off. So we have seen a 3 percentage point year-over-year decline in gross margins, 63% for the first half compared to 66% last year. That really is a mix issue, that USD-driven high net worth individual business is typically at a slightly higher margin than the rest of the business. So, that being a lower overall proportion in H1 has driven that decline. We've seen a contraction in the EBITDA margin, again, due to that investment EBITDA of GBP 0.3 million in the first half at a 5% margin. But really, next year, we continue to invest in heads driving out the opportunity to drive operating leverage from the fixed cost base. And that the operating leverage, I think, is evident as we look towards future years and the expansion in the bottom line EBITDA margin. Cash flow, just briefly continuing that cash flow conversion in terms of operating cash. So, operating cash flow H1, GBP 0.4 million, which compares strongly with the EBITDA of GBP 300,000, very little went out in terms of working capital, so just GBP 100,000 cash outflow on that basis. And then the rest of the cash flow statement, effectively, we saw GBP 148,000 cash outflow. So the main investment areas have been around in H1, the capital expenditure to support the implementation of agency banking, which we're all really excited about in terms of that offering effectively giving us the ability to be your primary payment provider to all our customers and then continuing to support that with additional additions in the second half. We will see CapEx overall for the year around GBP 1 million, so around GBP 600,000 in the second half, further additions in the second half being -- integrating with additional payment rails to support our solutions offering, really kickstarting that revenue stream, giving it the opportunity to fly. And then, again, we've already mentioned it, but the integration with our local payment partners in Dubai. So we finished the H1 with gross cash of GBP 2.4 million or GBP 400,000 on a net cash basis after the deduction of a GBP 2 million loan note. It's fair to say our cash generation has been curtailed slightly in the first half and in the outlook due to this macro issue. And thankfully, that loan note is held by our largest shareholder and Chief Commercial Officer. So whilst it is due for repayment in August of next year, he has indicated a certain flexibility around payment terms, which we'll definitely look to formalize in the coming period and keep the market updated accordingly. As we look ahead, so we are seeing a return of that USD-driven business. It's not unfortunately as -- returned as fast as we had anticipated back in July. So, therefore, we're taking a more cautious approach to the full year guidance and now expecting that to be 11% year-over-year growth. We are -- as I mentioned, we are really excited, particularly about the prospects in Dubai and solutions in addition to Canada and the card program going into next year, and we're being really conscious on investing only in those areas where we can see that definitive return. We are confident in our strategic initiatives positioning us well to return to the kind of growth levels that James and I aspire to and kind of to be considered that high-growth company that we are. So sustainable revenue and accelerated and improved margins going into future periods. And with that, I'll hand it back to James.

Thanks, Judy. So in summary, what we have done very well is diversify revenue streams. So ultimately, to protect the business and making sure that we're not reliant on any one single area, expanding out our jurisdiction -- our regulated offices and creating a strong multi-jurisdictional business. Ultimately, for a payments business, that's very, very important. It creates value. And as we've touched on, particularly Dubai is a very, very exciting area, which is why we continue to invest there. We've continued to expand our payments capabilities to enable us to offer more services to more and more and different types of clients. Particularly with agency banking, we have a very, very robust banking platform. Ultimately, that will enable customers to choose Finseta for -- to replace their bank as a transactional payments platform. I believe we have the experienced team to execute, and I believe the strategy is extremely clear. We are making progress against that strategy. And I think we're very, very well positioned for long-term sustainable growth. With that, I think we'll do Q&A.

[Operator Instructions]

Shall I do the normal QA things. Yes. So it appears that the growth during the last latest 6 months has slowed significantly. How does Finseta suppose to address this slowdown? So, I think, initially, we really have seen it in kind of one concentrated area of our business and unfortunately, a macro-driven impact. So still remain pretty confident in the growth prospects of the business. Kind of if you take that impact out, as I've already mentioned, our corporate area grew 70% year-over-year and Dubai is really strong. So I think the message is, we're addressing it by continuing to focus on and execute on the strategy that we've outlined in previous periods. James, anything to add?

Yes. I mean I would just say in terms of mitigating slowdown, ultimately, we did -- there was revenue growth, which again is testament to a diversified revenue stream strategy, but also investment in areas that we know that are working. So whilst the investment isn't immediate in terms of return like any investment, we know we're very confident that this investment will show a very, very good return. So that's how we're mitigating that.

Yes. The next one, why does a weak dollar influence your business negatively if you have mainly U.K. clients? James, are you okay to take.

So our client base is international or have international requirements. And, therefore, there isn't a one particular currency corridor. Certain corridor or currency corridors when a particular currency is weak or strong will affect a proportion of our client base, which is, again, why it's important to have a very diversified customer base and requirement. It so happens that historically, we've had a USD type bias, which is being negated almost daily, but ultimately, a particular currency, weak or strong, does impact on a customer's decision, particularly individuals where they're used to a certain rate and that if that race is then worse for them the next day, they tend to hold back. And ultimately, it takes time for them to get to become -- to realize there's a new normal. And that does take a little bit of time, which is why in July, we expected -- whilst the pipeline is very, very good, the effectively buying process is just taking longer. In July, we expected it to sort of even itself out relatively quickly. That's not been the case, although it has started to come back, but just not as fast as we'd expected.

If Dubai is growing, U.K. must be almost flat. That's certainly not the case. Our U.K. business has been established for a very long time, and we are -- as I mentioned, in the corporate area, in particular, we are seeing very strong growth and Dubai or geographical split in general is not something that we currently split out. But as we grow and those revenue lines mature, it may be something that we add in future. But U.K. certainly not flat with corporates showing extremely stronger growth. In an increasingly competitive sector, what is Finseta doing to maintain and grow market share?

Good question. Ultimately, we believe our strategy, particularly around the go-to-market, which is introducer-led, and therefore, a trusted recommendation, but also backed up with the platform and service level differentiates us. Ultimately, most companies either have -- are very platform-led or service-led. We believe we do both very, very well indeed and ultimately allow the customer to choose. Yes, it is a very competitive sector and a very competitive market. Having said that, regulation is making it more difficult to enter the marketplace. Regulation is increased or the regulatory burden is increasing all the time. In terms of getting an e-money license now, it's nearly probably around a 2-year process and very, very expensive. And that reflects across the globe actually. In Canada, they've got a new regulatory regime there called RPAA, which is similar to e-money. And Dubai as well that the regulatory regime there has timed up. So regulation definitely makes it more challenging for new entrants into the market. But no doubt, it is a competitive market. And ultimately, we differentiate, as I say, with our go-to-market and service-led offering.

Yes. Just picked out a question from later, which is kind of relevant as a follow-on here. How do your total charges compare with Wise and why would customers use your service instead of Wise?

So again, this sort of goes back to my point about platform-led. Wise is very much platform-led. And ultimately, our transactions will be or tend to be a lot higher in terms of value. And, therefore, many customers are not comfortable just entering a number on a platform and pressing send. They want to speak to someone. They want to understand the process, et cetera. And that's exactly where we differentiate from the likes of Wise or indeed Revolute.

I'm trying to look something that I can take, if we set a share price down 23% at 948, how do you plan to reassure investors and shareholders? I'll take that initially and obviously, James, feel free to add. So I think it is executing on the strategy. I think it shouldn't be overlooked whilst James and I both share disappointment and responsibility for the unforeseen macro impact. I don't think it should be overlooked the qualitative progress that we've made in terms of delivering on our strategy and indeed growth in numerous areas across the business. And I think it's really just continuing to execute on that and ultimately proving out the numbers that we've kind of guided to this year and next year, which hopefully, with the exclusion of some of those more macro vulnerable lines can kind of -- yes, yes, the market will regain trust in us. I would kind of further add and as I say, James, please feel free to add. We've always maintained even before this downgrade, this downturn in our share price driven by our results today, that the sum of our parts kind of massively kind of outraised the market cap of us. So regulatory approval in the jurisdictions that we have our own platform, which has been developed over a number of years, but over the last few years, in particular, massive investment in future proofing that. And I think some of the stats that James gave throughout the call in addition to adding further payment capabilities in the second half, I think all of that points to a value of some of the parts are in excess of our market valuation. James, anything to add?

No, I think that's absolutely right. Ultimately, whilst we can't control or we have little control over sort of the share price short term, what we can do is long term, execute on the strategy that will ultimately deliver long-term value for shareholders. And that's what -- ultimately, it's my job to make sure that shareholders receive long-term value. And that's what we believe that this strategy will deliver.

A question on the card scheme. What has held the corporate card scheme back and what improvements are needed to speed roll up -- rollout up?

So the card scheme has been held back by third-party issues. We had a couple of sort of missteps on the journey, if you like, with the third -- with one specific provider. We've done most of the functionality now in terms of we've got cards out there. We have customers using them. But ultimately, to really deliver an exceptional product, which we're trying to do and have it fully integrated into an account-based digital account, there's a little bit of technical work to continue on with that. But ultimately, 80% of the work is done to get us to this point. And then the final mile, if you like, to deliver an exceptional product, which ultimately, we're not treating this card as a stand-alone product. It is part of a digital account product. So it's just another payment route for our customers to pay with. So they may choose bank transfer, they may choose or they may decide they want to pay with card. We want to give them the option to do both.

Yes. I think someone who's inside the business, it's -- I have the benefit of that. But for those external, I think that diagram that James showed at the top of the call is really helpful for articulating how we see that whole ecosystem and how cards contribute to that, particularly as you dovetail that with now being a part of agency banking as well. So hopefully, that has addressed that during this call. What other jurisdictions could be a potential interest in Finseta in the future?

Perhaps I'll take that one. I mean an obvious one for us is Europe. Now, obviously, it's a longer process. And as I said within the presentation, regulation is not getting easier. And, therefore, it takes time, it takes money. And I'm conscious as a business, we need to make sure that we return on our current investments before we start embarking on new ones. So whilst we are certainly doing the groundwork, we are not committing the business to any financial commitment in the short term until our current investments start returning.

Thank you. Given your wide global exposure and expertise in cross jurisdiction transactions, how high is your confidence that Finseta is protected from major organized financial crime and cyberattacks? Yes, James, are you okay to start and I'll add on that.

Yes, absolutely. I mean, ultimately, we, as a business, take this extremely seriously, both fraud and cyberattacks. We are externally audited on a regular basis in terms of our infrastructure, our cloud-based solutions, et cetera, or our cloud-based platform. We have something called pen testing, which is the penetration testing, which ultimately shows how easy or difficult it is to actually penetrate the system. We believe we do as much as we possibly can do to put barriers up to potential cyberattacks. That said, Tier 1 banks get cyberattacks. We believe we're doing as much as possible to try and stop that. Also, fraud is another topic as well that keeps us up at night. And again, processes, procedures within the platform, within the people, trying to eliminate as much as humanly possible any instance of fraud.

Yes. I laughed because -- not because we take it easy at all. It's more because I think we'd be absolutely mad if we said, okay, everything we do is future proofs us against this, just given if you look at the U.K., some of the corporate instances that we've seen in 2025. But I think we are, as James said, externally audited on, for example, our AML practices. We've had great results again this year and improvement year-over-year. We've invested in the back end around our kind of technology on both transaction monitoring and onboarding and we're doing as much as we can, but we can never take it for granted, I think, is the net message.

And also, I would add to that as well. We've got a highly experienced technical team, a CIO who's been with the business since pretty much inception. So knows and actually built the original architecture of the platform, so knows it inside out. And he is a specialist on IT security.

Yes. A good question. You mentioned how critical your people are and how do you -- so how do you protect yourself from employee poaching by the competition?

Another very good question. Ultimately, it's about working environment. It's about obviously rewarding success and rewarding the good people. We do invest in individuals sort of career path. There's definitely a clear path within Finseta of promotion. There is investment in actually learning and sort of, if you like, the development of skills and things that people need day-to-day. We do send people on courses, et cetera, which actually, for most staff who are committed long term, find that as a huge benefit. So, for example, the compliance team may well go on an external compliance program that not only benefits their knowledge and gives them credentials, but also benefits us in terms of having more experienced people within the business. Obviously, you can't protect -- you can't guarantee each and every person, but what we do try and do, and I think we do very well because we have a low staff turnover is look after our people and try and make it a good place to work.

Yes. I was only going to add to that, that we do take culture extremely seriously and very keen to protect the kind of the small big company etho. So a lot of the people that come to us from different places in the industry enjoy that kind of agile approach where we can take if we see something in terms of products that we want to execute on, we're not talking a year of talking and never happening. We are adaptive, agile, as you would expect a company with the kind of 50 to 60 heads. And we take hiring very seriously. We make sure that people are bought in to the vision, the long-term vision here want to be part of that career growth and also growth of the company. So I think just a couple of points in addition from me.

I think also to add, given that we are a multinational company now, there are -- it's not just opportunities within the U.K. Ultimately, as the business grows, then there becomes opportunities in other geographic locations, which for many is a very exciting opportunity.

Okay. Please, could you provide example of complex needs of customers? And then if I can tag on another one around kind of offering what -- can you explain what geographic footprint means? What does adding in Dubai mean? What countries can we transfer money to?

Okay. So an idea of sort of an example of a complex customer, say -- and I'll sort of do full end-to-end from a go-to-market point of view. So an introducer, we'll call them an accountant practice, introduce a trust company that has multiple beneficiaries of a trust and therefore, typically is very complicated to onboard. And those trusts or those beneficiaries may be in different jurisdictions or live in different jurisdictions, and there might be multiple beneficiaries of that trust. And they may be corporate-owned as well. So there can be several layers to this. What we do very, very well indeed is ultimately, with the experience we have and with the platform we have, we're able to -- in a regulatory compliant manner, make sure that we understand the structure, we are able to identify the ultimate beneficiary of the trust and therefore, onboard the trust in a timely manner. Typically, a traditional banking partner -- a traditional bank or whatever may take months to do this, if at all. So actually, in terms for the accountant to introduce that trust to Finseta, not only is good for the customer or their customer, but also reflects very well on them. So that is an idea of a complex situation with the type of introducer that we have. And then geographic. So ultimately, we can send money to most countries in the world. Obviously, there are sanctioned countries, and we can't deal with them. Ultimately, what we're trying to achieve is local payment rails in as many jurisdictions as possible, which is why we're plugging into multiple counterparties. What does Dubai give us? Dubai specifically allows us to onboard customers in Dubai and operate in Dubai. And that's critical. Dubai is very much a relationship-driven area. Our go-to-market strategy of introduces is absolutely ideal for the region, particularly with property transactions, et cetera. And therefore, the need for an office is -- that's why we need to have people based on the ground there with sales capability, et cetera. So that's what Dubai actually gives us is the ability to onboard in Dubai rather than onboard from the U.K. and service from the U.K.

Perfect. Thanks, James. I think there's a couple of others which are really around the same theme of driving future revenue growth, which I think we've done pretty much nothing more to add there. And a couple of others that are complete trim up, so I can't answer, I'm afraid. So I think with that, I'll probably hand it back to James.

Perfect, guys. Thank you. And thank you very much indeed for being so generous of your time and addressing all of those questions that came in from investors this morning. And of course, if there are any further questions that come in, 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. Sort of going along the theme, we are creating a long-term sustainable payments business. To do that, we're needing to invest. We're investing in areas that we know that will return -- give a good return on that investment. We're not investing in a speculative way. We know, for example, Dubai is returning and will continue to return, which is why we're continuing to invest there. Ultimately, in terms of progress even over the last couple of years, we've made huge strides in terms of creating a multi-jurisdictional payments business that ultimately is now recognized just to have agency banking is a huge endorsement, as I said. So we've made huge strides in our strategy, and we continue to deliver on our strategy. And we're very, very confident that we can continue to deliver, and this will bring the returns shareholders expect.

That's great. James, Judy, 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 better understand your views and expectations. This won't 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.