Gaming Realms plc (GMR) Earnings Call Transcript & Summary

Good morning, ladies and gentlemen. Welcome to the Gaming Realms plc Full Year Results 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 responses where it's appropriate to do so on the Investor Meet Company platform. Before we begin, I would decide to submit the following poll. And if you'd 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 Gaming Realms plc, Mark, good morning sir.

Thank you all for joining, and it's my pleasure to be able to run through who Gaming Realms is what we do and also our sort of great growth and performance over the last few years and really the potential we have in the short and long-term. So today, our exec management team, we have not on the call today is Michael Buckley, our Executive Chairman, a Co-founder of Gaming Realms, also Chairman of Cashcade, which was the owner of Foxy Bingo, which he founded, I think, in late '99, early 2000s, he's been in the industry for a very long time. I was the Finance Director of that company, Co-Founder Gaming Realms; and Geoff, who sat with me, is the CFO of Gaming Realms, and he's been with us since 2019. So between the 3 of us, we know we've been sort of running this company for a long time now. We have a very strong management team for what we do as well, we've all come from businesses, which have been market leaders in what we do. So there's from our CTO and Chief Product Officer, recently joined in October last year. We have Craig in the U.S. who is actually been working with Slingo for over 20 years now, and Gareth come from Light and Wonder, and [ Pete ] so I should have mentioned he came from IGT previously, which is one of the leading land based and online game studios in the world. So we are a developer and licensor of Real Money games into the regulated iGaming market. And we have a portfolio of circa 75 games now. And they're all based around -- majority of the revenue and the games are based around our Slingo IP. It's IP we acquired in 2015 from a company in the U.S. Slingo has been around for almost 30 years and has very great heritage in gaming market. So -- we -- for example, I have Slingo here and scratch in the U.S., we have a deal with the SG Lottery, where you can actually buy physical lottery scratch cards branded Slingo in over 40 states. We have brought Slingo to the Real Money iGaming world developing games. The first one we released in 2015. And we've been bringing games into the market ever since. We also acquired a freemium social Slingo business, which has run out of our studio in Canada. And that continues to be an area where we can monetize a Slingo game in a slightly adjacent market to the iGaming. And on top of that, we've got a really great game distribution platform now and we call it as RGS. All our games are hosted there. This is the platform which has been scaling quite rapidly since 2019 and has been integrated into the distribution partners or directly with operators around the world. Just a little bit of how we monetize. When we're building our Slingo games, we build essentially one game, we certify it in all the different markets that we're in. We translate, and then we try and license that worldwide to as many operators as we can. We -- our pricing is based on performance of the game. So the more successful our games, we earn a revenue share of that. We now have a big portfolio of games. So we're quite diversified in how we're receiving revenue per game and also over 180 partners, again, sort of 18 markets has diversified where our revenues come from. We also licensed Slingo as a brand that is a very valuable piece of IP. I've talked about the lottery scratch cards we have, but we've also licensed Slingo.com to a European casino operator. We have a license for a Slingo Bingo product with Entain, one of the biggest European operators as well. And we'll look for more interesting opportunities in licensing in markets that we're not quite executing slightly adjacent ones. And then we have our social casino business, which I talked about earlier, where this is very much a freemium model where we are -- people are paying for credit to play our games more and we also earn money through that revenue. Just sort of touch on a little bit about how Slingo stands out and how we're able to grow so rapidly within this market. There are thousands of slot games in the market and across the world and the only one Slingo provider. And our games are a little bit different to a traditional slot game. They're multi-staking. They take longer to play as well. And we're able to incorporate really valuable IP even into our games, we license in. So I think you can maybe see on these graphics, we've licensed deal or no deal, and we can build that into our Slingo format. And we've done it with video games like Space Invaders and Tetris last year. And we're also able to license really top land-based slot games and online slot games from some of the other studios because Slingo attracts a slightly different audience and it helps the profile of that IP as well. But where it becomes really viable, and this is just a selection, I mean there's many, many other operators who do this. I've just taken some operators in the U.K., state lottery in Canada and then a recently launched operator in the U.S., and [indiscernible]. All of them have Slingo exceptions on their site. So that's how we're able to stand out with how valuable real estate essentially on operator sites for players to come and play our games. Once they do the majority of our players play more than 2 Slingo games and they start to cross-sell through our portfolio. This helps with the marketing through of our gains. And I'm not going to go through all of them, but we work with the biggest brands in most of the markets, and there'll be big ones here you recognize, whether it's Bet365 or Sky Bet in the U.K. and DraftKings and BetMGM in the U.S., et cetera. We recently launched Betclic in Portugal and so we're working with the biggest operators who are pushing our games to the widest audience. And this all translates into a slide I really love actually, and it sort of shows our progress every half year going back to when we started our licensing business in 2017. The top 2 charts are cumulative. So we have, by the end of 2023, just over 180 operators were live with and 75 games. The bottom 2 are per half, but as the more operators and games we're launching with the more players playing our games, the more bets are placed on our games. So last year, can't quite add up, but it was over GBP 5 billion was bet on our games across the world, which shows you how much scale has gone into our platform. If you look at back at 2018, 2019, it was much smaller. So we've been able to grow really and have capacity to grow as we've been growing the business and launch with new partners. And because of the way the rev share works, bet sequels revenue for operators, and then we earn a percentage of that. And we've been growing our revenue as well in line with that. And it's really a nice curve. We've announced that 2024, the first 2 months of the year, a 20% up on last year as well. So we're continuing this momentum into '24. And this is a slide where, again, I just try and demonstrate what happens when we go live with cohorts of operators. The numbers here are actually the revenue the operators make up from our games. So in 2023, it was not far off GBP 300 million revenue for the operators. And this shows the years we then go live with partners. So in 2020, for example, we went live with a set of operators and generated GBP 34 million of revenue for them. And that those same players -- same operator, sorry, in 2021 generated GBP 59 million of our games in 2022, GBP 71 million of our games, growing to GBP 80 million last year. And I think what I want to say here is when we go live with operators, we don't jump from and then nothing to 100 on day 1 and then so you watch it reduced. We actually grow with our partners year-on-year as we release more games with them, we get a closer relationship as their players get more engaged with our games as well. So we're able to actually grow in 2 ways. One is new operators, which layer on top, but also with the existing operators. And that's what's seen our really great growth over the last few years. Just a few KPIs. Again, you should be able to see all this in our announcement of last week, but it's worth pointing out that we're growing at 36% compound growth rate for the last 4 years, we are only working with regulated partners. Our EBITDA before the share options is growing to over GBP 10 million now. We're in 18 regulated markets. We still have a relatively small team of 86. Again, our players have grown a lot. So there are over 5 million unique players playing our Slingo games last year. We're still growing in our key markets. The U.S. is our largest market and grew 22% last year. And then we picked Canada here because that's a new regulated market with Ontario, the province, but also we work with the state lottery in Quebec. That's grown over 200%. Again, it sort of shows that I think last year was the first full year that we were live in that regulated market, and there's still a lot more growth. Like I said, our content licensing is growing 20% this year versus same period of last year. So we really got that momentum going forward. And just a snapshot of some of where we're going to hopefully move into this year. Again, I'm expecting that we can grow in the markets we're already in, but we've applied for a license to go live with the state lottery in British Columbia in the province of Canada. And we hope to replicate the success we've had with Loto-Quebec in Quebec and also the Ontario Lottery in the regulated Ontario market. We're going to hopefully launch in the coming weeks in West Virginia, which will be the next regulated U.S. state will launch into. We've had great success there. We already have contracts with the main operators and integration routes. It's not as large as the other markets we're in, but it's another one for us, and we expect to be profitable there. And then it's -- we'll wait to see the next stage, which opened in the U.S. We are making -- we've recently received a license for 2 supplier games into Greece, and we're now going through the exercise of getting games and working out certified in which partners we can go live with there. And we're making I guess, operational strides for places like Switzerland, we were accredited with the ISO 27001 last year, which is the highest security certificate you can get for your platform, which is a requirement of Switzerland, and we're working on some integrations there. And [ scoping ] also South Africa for a regulated launch in that market as well. Okay. I'll just hand you over to Geoff, who will run through a few slides for you.

Thanks, Mark. So I'm going to take you through some slides covering the growth in our content licensing business. And then move on to another slide at the end that just looks at some of our highlights from our financial results from 2023. So this first slide is looking at where the growth is coming from within the content licensing business. And the slide itself is a bridge between our 2022 revenues of GBP 14.3 million that you can see on the left-hand side, up to the GBP 18.6 million of revenue that we generated in 2023 and kind of the bridging steps going from one to the other. And I guess there's really 2 key messages this chart is showing us. And the first one is that 3/4 of our overall growth in 2023 is actually coming from partners that we were live with before the start of the year. So if you look at the buckets on this slide called North America existing and EU existing, the GBP 3 million of the overall GBP 4 million growth is coming from those 2 areas. So that kind of demonstrates what Mark was talking through a few slides ago, where we go live with the cohort of operators in any given year and then really grow with them over the subsequent years. So that's a visualization of that happening within the 2023 numbers. And then the second message really is just that our growth is coming fairly evenly between the North American markets and European markets. So it's great that we're seeing such substantial growth in both of those areas. So that's high level growth. We move on to the next slide now and look at where this growth is coming from on an individual territory basis. So this slide is looking at 6 of our key markets and looking at the revenue in 2023 compared against to 2022. There's also a seventh bucket called Rest of the world in the middle of the slide that you can see. So on the left-hand side, you can see that our 2 biggest markets continue to be the U.S. and the U.K., and both of those have grown in excess of 20% year-on-year. And looking at some of these individually. So the U.S. on the far left-hand side, that is growing -- our revenue from this market has grown 22% in the year. So we've been able to get more content live, particularly in Michigan and Pennsylvania. There's really growing revenue from those states. Also, of the 44 new partners that we went live with globally in 2023, 15 of those were within the U.S. market. So that's also helped to drive growth there. And as Mark just mentioned, looking out to 2024, we're about to go live or we expect to go live very shortly in our fifth U.S. state of West Virginia. So we hope to see continued growth there. Then moving on to the right in the U.K. So despite the U.K. being the most mature market that we're in, revenue actually grew 21% year-on-year. And we continue to go live with new operators in that market, and there's some notable ones in 2023, such as Bet365. And then again, moving to the right in Canada. So that's a market that continues to grow really nicely for us, 214% in 2023, although starting from a relatively low base. So we continue to launch new content in that market and go live with new partners. And again, as Mark mentioned, we have a pending application with the British Columbia provincial lottery. So tagging that on to those Canadian revenues in 2024 will be really nice. I think Italy is the only other one I would highlight from this slide, growing at 159%. So given the size of the Italian market, which is around 60 or so percent of the U.K. market, that's the market we expect to see continued good growth in, as we continue to launch from new partners, launch more of our existing content and importantly, start to tailor content specifically for that market, which we hope to do towards the end of this year. So I now want to move on to the next slide and look at some of the key highlights from our 2023 results, which were released a week ago. And I guess before I flip on to the slide, it's just important to say that the number that you will see around a group-wide basis, whereas the last couple slides I've been talking through have just been our core content licensing business. So on the left-hand side of this slide, you can see a summarized income statement comparing with 2023 results with the previous year. And some of the highlights I'd pull out would be overall group revenue increasing 26% to GBP 23.4 million. And really, that's been driven by our core content licensing business, which grew 30% in the year. Variable costs were GBP 4.8 million, and they represented 21% of revenue, the same ratio as in the previous years. And we really continue to invest in our people and our teams to deliver the growth both in 2023 and beyond. And that really is the main reason behind admin expenses increasing 18%, which is a very similar increase in our headcount. And all of that results in adjusted EBITDA, which is one of the key metrics we use to sort of track and analyze our performance, growing 29% to GBP 10.1 million. And then right at the bottom of the page, you can see profit before tax and that increased 47% to GBP 5.2 million. So I'll just pass back to Mark to look at some of the opportunities.

Okay. Just looking at some of the opportunities that we have in the short-term to long-term impact. So here, we're looking at the -- how -- we tend to look our content licensing business in all as one. But the U.S., we, as Geoff said, is our largest market. But if we exclude the U.S. I don't want to think it's hiding anything. We're still actually growing really strong outside the U.S. As Geoff said, we've been growing in the U.K., Italy and some of the other markets there and we've got a lot more potential to come. So we've got a really good sort of cadence there of growth. And then moving on into the U.S. This is how we've been growing over the U.S. And here it's quite interesting to see as we're adding new states or markets in Canada, we're just layering on top now. And as more states open in this market, we expect to be able to continue our growth. We're very well set up for launching new U.S. states. We've been through the licensing process a number of times now. We have the integrations and the contracts already set up. There's actually quite a high barrier to entry into these markets. So what we have is we've sort of done the hard work on that now. I'm not saying it's easy to launch in every market, but we know what we're doing here. We have the documentation and certified tech as well. So this is a slide, which is sort of showing the forecast of where the U.S. market is going to go over the next well, from '24 through to '28. And there is good growth there. It's quite a prudent look in the sense that it's taking the markets, which are LIBOR ready and 1 or 2 others, which are close to launching or passing legislation. So for example, I think this has Maryland coming in the back end of '25 or beginning of '26 because that's been passing some state legislation for that. And it's maybe 1 or 2 others. So it's a very conservative look, but we can still see good growth over the coming years and potential for our games and Gaming Realms in this market. And that's it. I thought I would just leave you with one other slide, it sort of highlights Slingo and what we're able to do. We're producing -- I think last year it was 10 unique Slingo games, and this year, we're aiming for 12. Last year, we had some great brands in there in mechanics with Tetris partnership and Space Invaders and also we've licensed Cleopatra, a very old, very strong slot IP from IGT. But also, we've been doing a number of bespoke games for our partners. And I just thought leave you with one case study we've done, which is really interesting, which is with BetMGM in Detroit in Michigan. So they have a license for the Detroit Red Wings hockey team, that sports franchise in the U.S. And we'll be built bespoke Slingo Redwings game for them. And it's really nice. It gets good support in state. But because of the nature of the way Slingo plays, that's MGM have chosen this game for a huge promotion that's been running over the last -- while since October. I think for this -- the whole hockey season. So October 23 through to April this year. And essentially, every time the Red Wings scores 4 goals at home, I think everybody loves in that day gets [ $5 ] free to play our Slingo game. So it's been getting huge play, but it's been converting and working very well for BetMGM, better than other content they could choose. And some of the benefits of this is, of course, we get more players playing Slingo and cross-selling through and wagering on our games. We're also getting great brand exposure. The graphic on the right there is that big screen they have hovering over a hockey ring, which is all branded Slingo Red Wings, which then gets picked up on TV. And it works its way through to the sports fan. So it's something that we've been doing a few -- quite a few of these for operators. Allows them to promote something bespoke. We did some big ones last year with a Flutter Group as well in the U.K., and we've done with in Romania. We're in lots of the markets that we're in. So that's with -- so anyway, yes, so it's something that we're also doing, and it's just another way of getting more players engaged with the games. And I just sort of leave you with that and to ending full slide of the presentation here. Then I guess we can move on to -- thank you very much. We've had some questions which have been submitted, which we can run it through and try and answer.

And so one of the first one here is -- congratulations on another fantastic year. Can you please expand more on your plan to reinvest the profits of the business and what you expect to see in '24 and beyond. So yes, thank you for the feedback. Yes, we've done a really good job of growing in the last year, growing our current markets for current operators. As Geoff said, we still have growth to come with 22 games live in Pennsylvania versus, I think, 70-odd in other markets and still in the 30s in Michigan. As I said in the presentation, we've got West Virginia to come and other new markets. We'll also be looking for new innovation in our product and our platform as well, which hopefully will increase players to play on our games. So I think it's a mixture of very much doing what we've been focused so much on growing our distribution, expanding growing without a number of games, which again, leads to the more players playing in bets made on our games, but also maybe adding a little bit more innovation to see if we can expand beyond the current set of Slingo players and as well. So it features, I think, more into our platform and marketing tools. So we're definitely looking in those areas into '24 onto '25. One thing that we've not really touched on covered in this question, it's an exciting move to become a distributor, and it's great to see the success for the player. Could you provide any insight on how you see parts of the business grow. And is this where the future growth of the company like. So there is definitely growth here. Slingo is a very sort of -- it's got very special IP and they play a business a certain way. But of course, there are lots of -- the slot market is huge in a lot of these places. And so we're able to take really innovative studios to market and distribute, and it's sort of is additional or accretive to what we're doing rather than competitive. It works well for us and the studio itself. So yes, we've been quite pleased with the progress. It's really what we've done is for the player as well. It's been a bit of a learning curve for us as we've been learning how to build the games on small platform and take them to the market. We have really good distribution in the U.S., and that's what's so appealing for lots of studios to work with us. I think we're going to be boutique. There's a lot of work there. We still have a lot of focus on what we're doing. We are going to go live with the second studio shortly. We have a couple of games built there and will build the business. I do think it's where growth can come, but it's not going to drive the growth itself. Just coming through. It's the one thing you want to look at ahead, Geoff.

Yes, we've had a question -- we had a couple of questions actually on capitalization and development costs. So the first question was -- is sorry, you capitalize a lot of development costs. If you did not do this, you would barely be profitable. I know that you offset this to some extent in your GBP 2.5 million in amortization charge, please explain this. Your capitalization figure has been significant and consistent for a long time. How much longer will it be before you just expense these costs against your P&L? So I guess this question is focusing on the licensing business with the GBP 2.5 million amortization charge. So in 2023, we capitalized GBP 3.8 million of development spend within the licensing business, and that's broadly broken down GBP 2.7 million of spend on building and developing new games and GBP 1.1 million towards enhancing the platform and the distribution network. And I guess the whole point of capitalizing these sort of costs is that you sort of match when the cost of lease is charged to the income statement through amortization against when you expect to get the benefit of the assets. So for us, that's when we generate the revenue from the games and use the platform to distribute and generate revenue. So it wouldn't be right to just expense all of those to the P&L in one go. And I guess an example of that would be the GBP 2.7 million of spend in 2023 related to games. It takes between 9 to 12 months from sort of concept through to distribution and delivery of the game. So a lot of the costs or a good chunk of those costs are related to games, which aren't even live yet. So again, it wouldn't make sense for those costs to be expensed in 2023, and then we almost have freemium revenues moving forward. And then there was another one. The development costs going forward, are these expected to grow in line with revenue or remain around GBP 5 million for the foreseeable future. See, I think total group revenue -- sorry, total group development costs of GBP 4.6 million in 2023. I think as things come and [ expand ] with an annual roadmap of 12 games plus [ reskins ] with present operators. We expect to see a slight increase on the GBP 4.6 million in 2024. So around -- between GBP 4.6 million and GBP 5 million, nothing only in excess of that unless there were to be specific projects that we were to allocate capital resource to.

Okay. Just moving on this question in -- what percentage of licensing revenues are contractually annually recurring and what percentage are one-off in nature fees i.e., what level of visibility is there about future licensing revenues. So I would say the one-off in '23 was around 3% to 3.5% of the GBP 19.9 million in licensing. So almost all of it is recurring. So -- it goes back to the slide where I was talking about that compound rate. That is the majority of all the revenues essentially. It's all recurring, and we're seeing that growth and just trying to bunched in the way together. Okay. Here is one here. Because we really set announced the deal with Playtech. How long is the rollout expected to take? Will it be global or focused on regulated markets. What's the estimated revenue impact. So we don't necessarily forecast revenue impact at this point. We are close to finishing the integration. It's -- we've been working on it for a while and before even the contract was signed. It is a regulated marketplace. So we will look at the essentially the partners in some of the regulated markets. A good example -- for the example, I would say, is in Switzerland, you have to be directly into the platform of the operators and Playtech are the platform to some of the operators out -- so it does open new markets and certain operators there. There'll be others in the U.K. as well. And other markets we'll look to do another platform provider for one of the operators in the U.S., we can go to as well.

We've had a credit tax question. So a tax credit has boosted the bottom line. Will this recur in the coming years? Or will you move to a more normal tax rate. So the tax credit, there's a few things going on within our tax line. So the tax is in a credit position because we have substantial tax losses within the U.K. that we can use to offset against our future profits, so as at the end of 2023, we had GBP 28.4 million of such losses, so we're tax paying in the U.S. where we distribute our games into the U.S. states. So that's where the current tax charge comes from, but we don't pay -- we don't currently pay tax in the U.K. And I guess, accounting-wise, because we've got these losses that we can use to offset against our profits in future years, we recognize the deferred tax asset of GBP 1.8 million in 2023, and that credit dropped through the tax charge line. So that's why that became a credit in total. I think the amount of tax losses that we recognized represented about 2 years of what we expect to use. So there is potential in subsequent years to increase the period over which we look. So that would result in that tax credit continuing to be in credit rather than a charge. So we just have to assess that each year-end.

Actually, a question here. Revenue from one of the earliest U.S. markets, New Jersey, appears to have peaked in second half of '22. Is there anything unusual about New Jersey. Well, I'd say a little bit. One is it's slightly more competitive market. But more importantly, we had a couple of platform migrations last year, which just sort of paused some of the game launches, but also with 2 of the larger partners just launches with them, particularly and also just -- and we had to essentially republish the games through the apps with them, which just sets us back. But we're back on track, and hopefully, we'll see the return to the previous levels with that in 2024 and I think the other thing with the U.S. is a lot of the operators now in the past when New Jersey was the sole market, everything would be focused around launching in New Jersey, whereas a lot of operators want to launch multiple states at once. And certifications take different lengths of time to be done, Pennsylvania and Michigan being slow than New Jersey. So we just had to wait for more certifications for games to come in before we're launching. But again, we're sort of much more on top of that now. I just need a period of pause to get on top of that. So that's why, hopefully, we'll start to see a trend upwards again there.

There's another question on Slide 10. The number of bets is each bet a game session. So the 5 billion sessions were played or if there was 2 bets following the initial 10 spins with that count as 3 bets. So that slide was we just take you to the slide. So this number of bets in the bottom left-hand corner, that's actually looking at a GBP sort of total value of total bets. So in 2023, the total bets going through the platform was GBP 5.5 billion. So I was not talking about obviously, if that's here, slightly increased from GBP 4.7 billion worth of bets being placed through the platform in 2022.

Probably one thing to do here. It may be a mixture of many questions just around the cash balance we're building. And we have a few sort of options with this. One is share buyback. Another potential is dividend. So there's 2 others, which involve investment. One is we have such a great distribution network. Can we essentially make more use of that by taking a more innovative product to market and increase revenues and profit and future cash generation or potentially acquire a portfolio of games. We are looking at all of this we are conscious that it is building, and we're looking at the options of the best sort of investment back for the shareholders and more importantly, the future growth of the business.

There was one more to look at here. It was just around our announcements. I think there's one other one on capitalization that I can just cover quickly. Given the steadily increasing amount of development spend capitalized, why don't you bite the bullet and just write this off each year? Wouldn't that leave you with a cleaner set of accounts. So I think we've kind of already answered this one with the previous talk around capitalization and why that's not right to do so because we want to match when the cost is incurred with when we get the benefit of generating the revenue. And I guess so under IFRS accounting standards, if the costs -- development costs meet end criteria, then there's not an option to do that is a mandatory, you have to capitalize and amortize a set period.

So I guess, also just to be clear, so we amortize our game development spend over 5 years and our platform over 3 years. And again, we feel that's completely appropriate. We're still generating revenue today in 2024 from games that we were built -- sorry, that we built back in 2017, 2018, 2019 and decent revenues at that. So I think that's what shows why we feel that's appropriate. Yes. Just maybe a final one here as we're coming to the end of the session is I just thought it was a bit more about market announcement. So why do we have to hear about new deals by LinkedIn instead of using RNS, which would be more widely rare to generate more interest. So I mean we've been over this quite a lot internally and also we've been advised we've had, but really want to keep the RNS, we want to use up for material events and those may be outside our forecast or whether they're strategic, more strategic deals or material to our financial performance. And I think they then have the impact in the desired -- the desired impact from that. We went live with 44 operators last year and launched a number of games in bespoke operator games. And it probably will be very noisy if each one of those went in RNS. Probably the way we can bunch them up better. For example, we do this quite a lot in our prelims announcement of last week. But maybe there's another way we can sort of get those that news out in more ways and just LinkedIn. So there's a bit more visibility on what we're doing. I think that's probably going to be end unfortunately for the questions for this session.

Perfect. Mark, Geoff, thank you very much for your presentation and for answering all of those questions for investors. And of course, and if there are any further questions that do come through, we'll give you these back immediately after the presentation has ended, just for you to review, to then add any additional responses, of course, where it's appropriate to do so, and we'll publish all those responses out on the platform. But Mark, perhaps before really just looking to redirect those on the call to provide you their feedback, which I know is particularly important to yourself and the company, if I could please just ask you for a few closing comments to wrap up with, that would be great.

Yes, I just really like to thank all of our time today and also, I guess, reading through our -- and reading through our announcement and the questions you put forward. Really appreciate it. We're really looking forward to another year of strong growth and Hopefully, we're looking forward to updating you all soon on our progress on our expectations for the year. But thank you very much.

Mark, Geoff, that's great. Thank you once again for updating investors this morning. Could I please ask investors not to close this session as he will now be automatically redirected for the opportunity to provide your feedback in order for 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'll be greatly valued by the company. On behalf of the management team of Gaming Realms, plc, we would like to thank you for attending today's presentation. That now concludes today's session. So good morning to you all.