Frontier Digital Ventures Limited (FDV) Earnings Call Transcript & Summary

Welcome all. My name is Anthony Klok and I'm the company's chairman. It is my pleasure to welcome you to the 2025 Annual General Meeting of Frontier Digital Ventures. It is now 2 p.m. in the afternoon in Malaysia and 4 p.m. Australian Eastern standard time as that is the time appointed for this meeting, and we have a quorum, I declare the meeting open. Just to note that this year's meeting is being delivered as a physical meeting in our Kuala Lumpur office and arrangements have been made to live stream the meeting, and we welcome any questions from online attendees. Hopefully not, but if we do experience any technical issues today, it may be necessary to call a short recess or an adjournment, depending on the number of shareholders impacted. If this occurs, I'll let you all know, of course. I would now like to introduce my fellow directors. Managing Director, CEO, Mr. Shaun Di Gregorio, Ms. Frances Po, Mr. Mark Licciardo; and Mr. Anthony Saines, who's not joining us at the moment. I also have the pleasure of welcoming to the Board, Lucas or Luke Elliott and Patrick Grove. Unfortunately, Patrick is stuck on an airplane in Europe and won't be able to join us, but has sent his apologies. I'd also like to take the opportunity of acknowledging and thanking Anthony Saines, for his service to the Board. Anthony has resigned as a nonexecutive director, and that resignation will be effective as of the closure of this AGM. Thank you for your contribution over the period, Anthony. The company's auditor, PKF Brisbane Audit is represented online by Shaun Lindemann. And also our Company Secretary is in attendance, Sandra McIntosh. I have the pleasure of welcoming you both today. The auditor, Shaun will be available to questions on the conduct of the audit and the audit report for the year ended 31 December 2024, if anyone has any questions. Representatives from MUFG, our share registry provider are also in attendance online. Before commencing with the business of the meeting, just let me address a couple of procedural matters. Our letter to shareholders regarding arrangements for the meeting in lieu of the notice of meeting was sent to shareholders on the 17th of April this year, and it was launched with the ASX on the same date. As advised in that letter to shareholders, online voting will not be facilitated during the meeting. I propose that the notice of meeting and explanatory memorandum, which are rather long be taken as read. Proxies. Proxies received prior to the meeting will be shown on the screen for each resolution as we deal with them. All resolutions will be voted on by way of a poll today, and that will be conducted after all resolutions have been put to the meeting. As stated in the notice of meeting, as Chairman, I intend to vote any proxies left to the discretion of me as Chairman in favor of all resolutions. Please note that Resolution 1 is subject to a voting exclusion as was detailed in the notice of meeting, and voting exclusions will be considered when the poll is conducted. Questions. If you -- during the AGM online and you wish to ask a question or make a comment, please either type your question or comment in the Q&A function on Zoom or click the raise hand icon if you wish to ask a verbal question, and we will unmute your microphone to allow you to speak. It will be appreciated if you do ask a verbal question, if you could state your name or the organization you represent before proceeding with the question. Finally, I note that shareholders were afforded an opportunity to submit written questions to the company Secretary. There have been no questions received in writing prior to this meeting. 2024 was challenging in a number of respects for our company, tough macroeconomic conditions in key markets and friction, we've experienced around replatforming and model changes in LatAm portfolio companies contributed to those challenges. We were able to maintain profitability, but revenue growth was disappointing and lower than budget. These challenges have been reflected in the disappointing share price performance last year. Shaun will provide more detail, but I'll make some general comments on the various portfolio groups. Although the 360 LatAm group achieved significant operational improvements during the year, including a successful replatforming of Yapo leading to increases in revenue, the transition to a new higher-margin transaction model at Infocasas has been rocky and has led to decline in volumes and revenue at that company. The focus in particular, remains on improving Infocasas transactional performance. The first quarter of 2025 has showed improved revenue and EBITDA growth at the 3 other 360 LatAm portfolio companies. The MENA Marketplaces group and FDV Asia have also continued to grow profitably, and our Pakistan based associate companies have returned to growth at a revenue and EBITDA level, as macroeconomic conditions continue to stabilize in Pakistan. I saw a number of positives in the first quarter's trading, but Shaun will talk with more detail to those positives in the numbers, and I'll hand over to him shortly. Other matters to cover, in late 2024, we announced the initiation of a strategic review as we believe as a Board that FDV's current market valuation then and now does not reflect the combined value of the 3 operating regions. That's strategic view by Barrenjoey Partners is aimed at maximizing value for all shareholders. And as the review goes through its various steps, we will update shareholders. On the corporate side, FDV is in the process of making changes at a board level to renew and to strengthen our strategic capabilities. New directors, Patrick Grove and Lucas Elliottare highly experienced in the online classified market sector and they've cofounded FDV with Shaun, so they're well known to each other. Anthony Saines, welcome, Anthony will retire from the Board effective as at the conclusion of this meeting and further to renew the skill set at the Board level, Mark Licciardo and myself will step down from the Board, once 2 Australian-based independent nonexecutive directors have been identified, and that process has commenced. In 2025, the focus will remain on expanding the high-margin products, in particular, Iris, optimizing revenue mix and delivering cost and operational efficiencies to ensure that we achieve stronger revenue growth and positive free cash flows that we experience last year. The year has started solidly, and hopefully will continue as it started. 2024 was a difficult year, both operationally and in the share price sense. And I would like to thank our shareholders for their continued support. Shaun, I'll pass over to you to give an operational update.

Thank you, Anthony. I'm just going to defer back to our release that was made to the market a couple of months ago if you just give me one moment. So 3 weeks ago, we released our quarterly update. This is the most relevant document, I guess, to remind people of. And it talks to, obviously, our Q1 outcomes. Just to remind people of who we are and what we do. I think if you're on this call, you already know this, in terms of our 3 regions. The core marketplace model that we operate, which is the classifieds model, is a very profitable model. And we augment that with opportunities around transactions and other, as Anthony has alluded to. One of the key features of what we do is just ensuring market leadership. So in all of our markets, we aim to be #1. If you know how the model works, you'll know that, that provides us with significant opportunities as a market leader. And you want to make sure that your market leadership position is as strong as possible. In emerging markets, that's probably accentuated or exaggerated whereby being #2 is a struggle. The advantages of #1 are probably even clearer than they are in some developed markets. In developed markets, there are some usual suspects who do this model really well. We feel like we're on the path to achieving an outcome like those developed markets in our emerging countries. So whether it's LatAm or MENA Marketplaces Group or Asia, clear goal is to be #1. Clear goal is the emphasis on revenues coming from real estate with secondary revenues coming from the automotive vertical as well. In terms of our performance, and again, this deck was released only a few weeks ago, key things were managing our cash. It's probably been a question that I get a lot over the journey is just our ability to manage cash and whilst we invested a lot in 2024, as Anthony alluded to, some replatforming and another product-based initiatives, which we talked about through the course of '24. Our goal was to make sure that as we head into '25, that our cash management improved our EBITDA, which is our profitability across all of our regions is a big focus as well. That improved significantly. In Q1, in fact, we had a record result in Q1. In all but one of our companies, we grew revenue in Q1 as well. And you also heard Anthony mentioned the improvement in our Pakistan entities, particularly Zameen, which is a key business. And we look forward to that business recovering as the year unfolds, some very positive signs in terms of the macro backdrop there as well so far as running a platform that helps consumers search for property and ultimately purchase the property and our cash balance improved in Q1 as well. So if we delve into the detail one emphasis that we had in Q1, and we talked about, as we got to the end of last year, was ensuring that our cash management was on the improved. You can see that our free cash flow improved significantly in Q1. And our goal, of course, is to maintain a positive free cash flow profile throughout the course of the year. There is some delta from our cash conversion to our EBITDA, our net operating cash flows to our free cash flows and our EBITDA, which are detailed in this deck, as I said, which was released a few weeks ago. But so far as sort of headline outcomes, we wanted to make sure, number one, that our cash position was strong heading into 2025. In terms of just diving into the regions, again, revenue growth across all of our companies with the exception of one, and I'll talk to how we're progressing with InfoCasas, but pretty strong profile of revenue growth across the group, but perhaps more impressively and on the back of the improved cash flow management as the operating EBITDA or our EBITDA across our companies, which all improved significantly on previous periods as well. There's a lot of seasonality in our businesses. And we do tend to look at the period-on-period. So Q1 '24 versus Q1 '25. We had a pretty reasonable Q1 '24 to be fair. So to get out of the gates at a good rate in the first quarter of '25 was a significant achievement for the businesses. In terms of the revenue and EBITDA, as I mentioned, we had a record EBITDA or profitability quarter in Q1. As far as the companies go, that's the best we've done and that improvement was across all of the companies. Our revenue growth in Q1, when you look at this bar chart looks flat, and it is obviously at a headline number. When you dive into the detail, as I said, we grew in all of our regions and all of our companies with the exception of one. So while we're very, very focused on revenue growth, we want to ensure that our profitability and free cash flows reflect a healthy core business with work to be done on how we generate revenues and profits from some of those ancillary opportunities around transactions. I won't go to my comment. When we dive into the regions, this is where the work is being done, as you can see. Good news is that profitability is on track in LatAm. These are our 360 LatAm businesses. And when you dive into the portfolio itself in LatAm, we have 4 companies: Yapo, Fincaraiz, E24 and InfoCasas. We had really strong revenue growth in the first forays, so 16% to 25% in Yapo, Fincaraiz, and E24, some work being done in InfoCasas around how we manage that business and its evolution into generating transaction -- or generating revenues rather outside of its core business, which is online classifieds and how it manages transaction revenues. But at a 3 out of 4 are growing. We know we've got work to do in the fourth one. But we're making sure that we keep our profitability profile and of course, our free cash flows and operating cash flows in LatAm healthy as we go through. I won't stop on some of these other slides because they have been released, bit of a shout out, I guess, to one of the businesses there. I think it is, which is leader in Colombia. And again, we really focus on this quarter-on-quarter view. There's a lot of seasonality in our markets, but this is a great example of a real estate classifieds platform in an emerging market in Colombia, which we like and just to profile its revenue growth and it's earning growth over the journey. So 20-plus percent in all key categories, revenue growth last 12 months and, of course, EBITDA growth. So it's some really good examples in the portfolio, which we think are creating a lot of value. I think the markets in typical fashion are probably zeroed in on the things that we're having to work on like InfoCasas. But when we look at the portfolio, we see a lot of value in companies. And as I said, we had a pretty strong start to Q1. In MENA, again, we look at the period-on-period. So whilst revenue growth was up period-on-period, Q1 also was a bit soft, and we had good strong profitability period-on-period as well in this group. So good quarterly result in MENA. As far as Asia is concerned, we sort of bucket Asia into two groups. One is the Asia businesses that we consolidate, these are the smaller ones. But again, strong revenue growth and strong period-on-period profitability. So this is starting to now get some scale. One of the things we're trying to do in our smaller businesses or smaller regions is get to scale. We feel like we're on track in this group of Asian businesses, which historically been fairly modest in size but are now getting towards a decent sort of run rate. If you simply times Q1 by 4, you get a pretty healthy number when it comes to the full year. Perhaps more interestingly, for a lot of people who have followed our businesses how we're progressing in Pakistan. So this is the combination of our property portal there, Zameen, and our automotive business, PakWheels, both of whom have shown really strong recovery over the last number of quarters. In fact, it's the best quarter that's Zameen have had in over 2 years. So these businesses are benefiting from a more positive macroeconomic backdrop, which is inflation and interest rates. Inflation is now down on to 2%. The RBA could be a little bit jealous of that one. And what we're seeing is interest rates decline month-on-month for the Central Bank in Pakistan reducing rates. And of course, that helps the property market. And if the property market is getting healthier, that means a key business of ours, which is Zameen, is getting healthier. One feature of the businesses in Pakistan is that through the difficulty that they faced over the past 24 months, they've actually reduced their cost base -- have flattened their cost base significantly. So we're seeing some very strong profitability now coming out of these businesses. Like we have all of our businesses, might I say that profitability profile is improving significant [Technical Difficulty] but particularly in Zameen. So whilst we, I guess, quietly confident we're going to let the data do the talking in Zameen over the coming quarters. So good, strong, steady recovery underpinned by what will be a much healthier profitability profile. So the businesses in Zameen, both of them, in fact, ended on a 27% margin in Q1. So a lot of our businesses are now into the teens on margin, getting into the 20-plus percent on EBITDA margin. So as we focus on ensuring that we have improved revenue growth in all of our businesses grew in Q1 except 1, we expect to see much stronger profitability profiles as well. So getting into really healthy margin zones, which a lot of these businesses are expected to deliver. And if you look at the really successful examples in developed markets, a strong feature of those businesses is steady revenue growth, but really strong profitability. And we've got a lot of way to go on what we see as continued opportunities around revenue growth. But what we have done over the past 12 months when Anthony has alluded to in some of those trading difficulties is make sure that we get our cash flows and our profitability profiles locked in. So as we get good revenue growth, we'll see improvements on both of those metrics and making sure that we're going to hold a steady hand on continued improvement. And really, the last 12 months have been extremely difficult probably in the time that I've managed online businesses, which is going on for 25 years. Some of the more difficult things we had to navigate that I've experienced occurred over the past sort of 18 months in our portfolio. But we think we've used the opportunity to reset a lot of our cost bases and getting profitability and as we focus on improving margin and revenue growth returns, we look forward to the next sort of 18, 24 months. So Anthony, I think that sort of reminds people of the updates that we provided. There's more on this deck, which is available online, of course, and perhaps a little more detail in some information at the back of that deck, but that's only 3 weeks fresh. So a timely reminder, I guess, to investors that want to thank them for their support over the last period of time. And frankly speaking, since we listed, which goes back a little while and since I launched the company with Luke Elliott and Patrick Grove back in 2014. So it's been a long journey. But I feel like the difficulties of previous periods were navigated through, and I think there's evidence of that in the improved start to Q1 on all of our metrics. Obviously, we have some work to do in LatAm, which we've spoken about, and we're working with the team on that. And there's a big focus on that. And certainly, both Luke and Pat joining Board will elevate and improve our capabilities so far as providing more input and operational help to businesses and strategic oversight to those businesses from a couple of guys who have done this model very successfully before, whether that's with me in previous businesses like our property and buy car or in other pursuits. But having some people like Luke and Pat on the Board will certainly give us more impetus and more capability to work on things like InfoCasas in 360 later. But that aside, we had a really strong start to the quarter. And as I said, I think it sets us up well for 2025 and take the opportunity to obviously to thank everyone who's on the call or who might listen to this back or read a copy of it to thank them for their support, and I appreciate that as we move into what we think will be a much more productive year so far as getting returns for shareholders on track, and making sure that the underlying business is doing what they should be following a period of very tricky environment to navigate. I think that gives people an updated sort of snapshot of how we're progressing. Anthony?

Thanks, Shaun. It's probably a good time to ask if anyone's got any questions for Shaun following the business update. Jason, perhaps you'll let Shaun know.

No questions have come up at the moment to Shaun.

Okay. Let me know if any do come up. In the meantime, I'll turn to the business of today's meeting. We've got 4 formal items of business for the AGM today as was set out in the notice of meeting, and we'll vote on 3 of these. The first item of business is to do with the financial statements and reports. It's to consider the annual report, including the directors' report and the auditor's report for the year ended 31 December 2024. Are there any questions or comments in relation to either the directors or the auditor's report? Just reminding people, if you do have any questions or comments, just please raise your digital hand using the function available within Zoom, and we can unmute your microphone. Jason, questions or comments?

No, none so far.

Okay. There have been no questions. We now move to the items of business for which a vote is required. We will display the totals of proxy votes on the screen as each resolution is considered. Resolution 1. The first resolution relates to the adoption of the remuneration report. To consider and if thought fit, to pass the following resolution as a nonbinding ordinary resolution, that the company adopt the remuneration report for the year ended 31 December 2024 in accordance with Section 250R(2)of the Corporations Act 2001. Let's put up the voting in respect to the proxies received prior to the meeting. They are now on the screen. Overwhelmingly in favor. Are there any questions or comments on Resolution 1?

No comments or questions received so far, Anthony.

Thank you, Jason. As there are no questions or comments, I now put the resolution to a vote. Moving on to Resolution 2, which relates to the reaction of Ms. Frances Po as a director. The resolution is to consider and, if thought fit, to pass the following resolution as an ordinary resolution, that Ms. Frances Po, who retires by rotation in accordance with the company's constitution and being eligible for reelection, be reelected as a director of the company. Before we vote on that, Frances, I'm just going to pass over to you, say a few words for some of the shareholders who may not be familiar with your background, perhaps you could just give them a brief update.

Thanks, Anthony. Hello, everyone. My name is Frances Po, and I have been on the Board of FDV since November of 2021 as an Executive Director. I'm a chartered accountant, and I am also the Chair of the Audit & Risk Committee and a member of the Nomination & Remuneration remuneration committee. I also serve as an Independent Director of 2 other corporations. The first is Sentral REIT, a real estate investment trust that's listed on the main board of the Malaysian Stock Exchange. Its core business is in the property portal. I chair the Audit and Risk Committee at Sentral REIT. The second company is QBE Insurance Malaysia, a general insurance company regulated by the Central Bank of Malaysia and a subsidiary of QBE Insurance Group Limited, which is listed on the Austrian Stock Exchange. I am the chair of both the Audit and Nomination committees. I bring gender diversity to the FDV Board and together with my fellow board members, we complement the broad spectrum of skills in the Board. I'm happy to continue to serve on the Board of FDV, if reelected. Over to you, Anthony. Thanks.

Thank you, Frances. Voting in respect of proxies received, if we can throw those up on the screen, again, overwhelmingly positive. Are there any questions or comments from anybody in relation to Resolution 2?

There are no questions or comments regarding factors resolution 2, but there is a comment or question or query coming from Mr. John Campbell about the historical share performance.

Why don't we go through the resolutions, Jason, and then we can deal with any questions that aren't specifically related to the resolutions at the end.

Thank you, Anthony.

As no further questions on the reelection of Frances, I was going to say welcome back to the Board Frances, but you never really left, congratulations on the reelection, and I now put the resolution to a vote. The third resolution today relates to the election of Mr. Patrick Grove as a Director. The resolution is to consider and, if thought fit, to pass the following resolution as an ordinary resolution, that Mr. Patrick Grove being appointed to the Board of Directors of the company on 10 April 2025 in accordance with the company's constitution and being eligible for election, be elected as a director of the company. We were hoping that Patrick could be with us today, but as I said, he's on an airplane, somewhere above Europe and hasn't been able to dial in. Perhaps I can give a quick background to Patrick. He's a co-founder of FDV, as we said, along with Luke and Shaun. He is highly experienced in classifieds mergers, acquisitions, extraction of investment value in a number of high-growth media and technology environments, having built up a number of those companies across Asia. He is the Co-Founder, Chief Executive Officer and Chairman of Catcha Group. Catcha Group is one of Southeast Asia's most dynamic investment groups and he's also a Director of Catcha Digital Berhad, which is a listed Malaysian company. He's received a number of entrepreneurship awards. He holds a bachelor in commerce degree with majors in accounting and finance from the University of Sydney. And in his absence, we'll put up the proxy voting to Patrick. Thank you. Let's just pause. Jason, to see if there's any questions or comments on Resolution 3.

No questions and comments received, Anthony.

Thanks, Jason. As there's no further questions or comments, I put the resolution to a vote. And Again, Patrick, welcome to the Board. The fourth and final resolution relates to the election of Luke Elliott as a director. The resolution is to consider and, if thought fit, to pass the following resolution as an ordinary resolution, that Mr. Lucas Robert Elliott being appointed to the Board of Directors of the company on 10 April 2025, in accordance with the company's constitution and being eligible for election, be elected as a Director of the company. Luke, if I could pass over to you to say a few words about your background, please?

Thanks, Anthony. My background is very similar to Patrick. We've been partners for 25 years. I spent the majority of my career building marketplace and digital businesses in emerging markets. As it has also been mentioned, founded the Frontier Digital Ventures business alongside Shaun and Patrick. Consider myself to be relatively familiar with most of the issues that take place in the space, and very much look forward to contributing to the success of the business going forward.

Thanks, Luke. Your experience will be welcome. Let's put up the proxy votes on the screen to consider, again, in favor. Are there any questions or comments on the resolution to appoint Luke as a director?

No comments or questions received so far.

Thanks, Jason. As there are no questions or comments on this resolution, I put the resolution to a vote. Okay. That's the formal part of the meeting finished. We didn't receive any shareholder questions prior to the meeting, but Jason, I know that you received one during the meeting, there may be others. If you could read out any of the questions that you may have received.

Thank you, Anthony. So this is from Mr. John Campbell. John has asked, 2 years ago, the shares are quoted at about $0.80 each and now they are only $0.27. What are the main reasons for this kind of share price?

I'll shortly pass over to Shaun. The major reasons in our head have been, we'll pass over the journey. Obviously, what's happened in Pakistan -- to Pakistan in an economic sense, and the impact on Zameen has been a major factor. And over the course of last year, which is pretty difficult where we went sideways in a revenue and EBITDA sense, albeit we think this year started well and should hopefully continue has also impacted. But Shaun, do you want to give your take on the share price as well?

Yes. Thanks, John, for your question. I mean, I talk to a lot of shareholders, as you'd expect, in small, medium and large. And as the largest shareholder, John's question has felt acutely above and way ahead of just about anyone else. I think there's some factors that go to the share price. There's things we can't control. The situation in Pakistan is not something we could control, but that impacted us heavily. There's been, I guess, some nervousness around emerging markets with events around the world, but we think that that's abating. That nervousness in the market probably produced some growth factors, inflation and interest rates that don't help us. But again, we see those factors improving. When you look at the business itself, we've got more revenue than we've had. We've got better cash management, and we're more profitable, so for beginning to '25 goes than we've been before. But at the same time, we're overseeing a share price that's lower than any one thing that should be. And when we look at the portfolio, we have high conviction, and we're very passionate about the fact that there's more value in the portfolio than what we see being reflected in the markets, but the markets do what the markets do. To that end, we are not sitting on our hands. We bought some new and experienced people onto the Board who have a really acute sense of understanding in this space and are already working quite actively behind the scenes with a lot of our businesses on how we can examine everything that we're doing. The core model is still really strong, and that's the classifieds piece. And again, if you look at most of the businesses, they've actually started the year really well. We've tripped ourselves up on InfoCasas, in LatAm on our approach to transactions. But again, I think that, that decision was taken in the context of building a more scalable and more sustainable approach to generating revenues around transactions. And it wasn't scaling -- it was probably scaling okay, but has it scaled? Its ability to sustain, which is to be profitable was looking difficult. So we've taken some tough decisions in the latter half of last year with the longer term in mind. We've got a strategic review running in the background to try and help us understand if we've missed anything. There's parts of our business that we should think about differently or opportunities to position them differently or the orientation by which people understand our company, which ostensibly when we listed was 2/3 Asia revenue, 1/3 LatAm. Today, we're sort of 2/3 LatAm, 1/3 Asia. So there's a lot of factors that were out of our control, but that's life. We're working harder than ever on making sure that everything internally is being examined. So there's nothing that's sort of sacred in what we're doing, in examining how we operate and the products we sell and the profitability that they generate in the medium to longer term. Share price is really frustrating. And without wanting to play the victim, and I'm certainly not doing that, I'm the CEO, but I feel that acutely more than anyone. So we're making changes right across the business. We're very, very focused on making sure our cash management and profitability profiles are solid and heading in the right direction and getting revenue growth that's sustainable and scalable over time. And I think that I fully appreciate that it's been a tough road for investors over the past 12 to 18 months. The backdrop to that has been a difficult macro environment in which to operate. But as I said, I think all of those indicators are much more positive now than they've been in some time. And I think added to that, the work that we're doing in bringing everything into question how we operate and where we do it to make sure that we've got a really strong and sustainable path forward. I think our Q1, which I walked through earlier on this call, demonstrated some of the benefit of the work that's being done, whether it's our cash management, our EBITDA profile and revenue growth in all of our companies in our regions, obviously, with the exception of fairly important one being InfoCasas. And you can imagine that, that business is getting a lot of attention now. So fully understand the frustration, but I want to assure people that everything is being examined, and we feel like we've got a lot of force and momentum behind the business, whether that's at a board level, at a management level, making sure we're looking at profitable growth and managing cash right down into the markets and thinking about what are the products that we're selling? Are they the right products? Are they scale and sustainable over time? So I hope that, that gives you, John, some context or some background. But we are working double time on all of those things and making sure that there's no sacred cows where we're being really honest internally, but I think you have seen some much better results in Q1 across the key financial measures that we have for the business. So our aim is to continue that trajectory and if all goes well, the share price will follow. It's been stubborn and is a bit of a lag. But as I said, we're very, very fixed on making sure that we've got everything pointing in the right direction, and we'll continue to work really hard on all of those things.

Thanks, Shaun. We remain confident that the share price will -- if we get it right at the operating level, the share price will follow, but it has been extremely frustrating, as Shaun has said.

There is just a follow-up question there. I can see the questions as well. There's a follow-up question from John and he's actually just asked about Burma or Myanmar as it's more commonly known. So there's been a lot happened there. The businesses have actually performed well. We've merged the businesses there. The property and car business, that's performed on a revenue profile really strongly in the last quarter. I mean, sadly, there was an earthquake there in April, and that's affected us quite directly. And we'll see what that means for Q2. But over the journey, that business has sustained perhaps more than most, it's run very effectively by local founder. So we've got confidence in his capacity to run that business. It's a significant part of that FDV Asia group, and had a pretty strong start to the year. So that business has withstood, I think, more than most over the last couple of years and continues just to execute with at its main priority. And obviously, April was very sad just for the business because of the impact that the earthquake Mandalay had. So we'll see what the washup of that is. But I think one thing you can take from the team there is that they continue to deliver under circumstances that aren't always easy. But if you look at the performance in Q1, it's pretty heartening. And we'll just see where the Q2 lands by way of what occurred in Mandalay in April, and that will be the focus in terms of making sure that the business just is sustained through that. And take great confidence from the local founders there. They're very committed to the task and continue to be very focused on growing that business.

Thanks, Shaun. Jason, are there any more questions?

No. There's John Campbell, who just thanks Shaun for his comprehensive answer. John doesn't have any follow-up queries.

Thank you. Look, if there's no more questions, I'd just like to thank Shaun. Behind the scenes, he's been working with the management groups around the world pretty hard, and it was refreshing to see a better quarterly result come in. Also like to extend the thanks for shareholders for the support, as I did before, during what's been a pretty hard 12 to 18 months and may get better going forward. Thank you all for your attendance, and I now declare the meeting formally closed. Thank you.

Thank you, everyone.