GB Group plc ($GBG)

Good morning, everyone, and thank you for [ taking ] us today for GBG's FY '26 results. Whilst we will focus on our results for the last year, we're also going to take the opportunity to step out our midterm guidance and the reasons why we have confidence in delivering it. FY '26 was a significant year for GBG, one where the strategic choices we've made over the past couple of years have been paying off. The results we're sharing today demonstrate the quality and resilience of what we've built. David will shortly take you through the financials, but I want to start by grounding you in what GBG is and why we believe the opportunity ahead of us is more compelling than it has ever been. Our purpose is simple: we're enabling safe and rewarding digital lives for genuine people everywhere. That's the mission that drives what we do today and what we will do tomorrow. And in terms of what we actually deliver, GBG is the AI Trust intelligence platform. We take billions of interactions across people, places and businesses, and we turn those into the signals that help our customers make better and faster decisions. Those decisions happen in milliseconds on a huge scale. Every time someone opens a new bank account, make some e-commerce transaction or verify their identity online, we are there. You can see a selection of our customers on screen, Microsoft, Oracle, [ Santander ], Nike, FedEx, Costco. Those aren't just well-known logos that [ Evans ] is operating at massive [ global ] scale in highly regulated environments where trust is nonnegotiable. The fact they choose GBG tells you something important about the quality and reliability of what we deliver. This slide is also a testament to how much we've simplified the business over the past 2 years, and we now move forward with consolidated and integrated positioning. The market we operate in has never been more important or more dynamic. The structural tailwinds for GBG have been building for years, the explosion of fraud, accelerating digitalization, rising regulatory pressure and consumers like you and me who expect frictionless experiences without compromising on safety. None of that is new and these tailwinds support all pillars of our business. But what has dramatically changed is the role AI is now playing and not just on our side of the equation when it comes to identity fraud. AI is making fraud accessible to anyone. The tools to commit sophisticated fraud which once requires significant technical expertise are now widely available. The numbers on this slide tell that story clearly. Synthetic [ broad ] losses are projected to reach $23 billion by 2030. Eat [ take ] fraud losses [ GBP ] 40 billion by 2027. These are enormous figures, and they're growing [ faster ]. Our customers are already dealing with these consequences, documents proofing, deepfakes, [ synthetic ] identity fraud, account takeover. These aren't future threats. These are live active challenges that our customers are coming to us to solve right now. But what's equally important is what's coming next. Deepfakes have increased by 3,000 in the last 5 years. Can you imagine what that looks like in 5 [ more ]? We're quickly approaching the world where humans are a minority online, where bots, agents and AI systems outnumber real people like us in digital interactions. And [ agentic ] commerce, where AI acts autonomously on behalf of customers creates a whole new frontier of trust challenges that the industry is only beginning to grapple with. This is why what GBG does to detect and prevent identity fraud matters so much and is so relevant. The harder this problem gets, the more our customers need a partner who can stay ahead of it. And a platform that can adapt to new challenges. And that is exactly what we are building. I want to now turn to what we said we would do and what we actually delivered in FY '26. At the start of the second half, we set out five clear priorities, and I'm pleased to report we delivered on every single one of them. On our financial guidance in November, we reiterated our full year financial guidance. We said we would deliver revenue growth of around 3%, which needed H2 to accelerate to mid-single digit, and we said we would deliver operating profit of GBP 67.5 million. Against this, we delivered revenue growth of 3.2%. Our core segment indeed accelerated to 5.7% in the second half, and we met our GBP 67.5 million profit target precisely. On the Americas, we said we've returned the business to growth, which we did in Q4. A meaningful milestone and a reflection of the significant work the team has done to stabilize and reposition that business. On GBG Go, we talked about a strong pipeline. We said we'd execute it, and we said we'd also deliver new AI capabilities into the platform. In our first half results, you heard me speak about achieving 18 wins. We closed the year at more than 100. And those new logos included a standout new win with [ Uber ]. On driving the way we operate, we have now transitioned to a global functional operating model, and that is supporting the pace of execution by ensuring we focus on our biggest opportunities. The structural work here is done, and we're starting to see the benefits flow through, such as our innovation lab, where we've been focused on building for the [ tenant ] opportunities our customers will face not today, but in the next 2 to 3 years. And on capital allocation, we returned GBP 56 million to shareholders in FY [ '22, ] demonstrating our commitment to disciplined deployment of our free cash. 5 priorities, 5 green [ ticks ] and that should give you all confidence as we look ahead to FY '27 and beyond. David will expand on the top and the bottom [ row ], but I want to go a little deeper on Americas and Go. So let's start with the Americas. 12 months ago, we were clear-eyed about the challenges we faced in this market. We had work to do on leadership, on sales productivity and on how we were going to market, but we're committed to fixing it. And what you're seeing on this slide is the tangible evidence that the progress we've seen in the second half has continued to build on the proof points we shared with you in the first half. Firstly, on leadership, we now have an embedded stable team in place. One that's [ for ] bought in, and that's showing up in our engagement scores, which are now in the top quartile and interestingly ahead of our group average. You cannot build a high-performing business without the right people, and we now have them. Second, sales productivity. New business was up 3x year-on-year, and activation is now 50% faster than it was. These aren't incremental improvements. They reflect a fundamentally more effective go-to-market operation. Thirdly, we've evolved the commercial model. We successfully introduced minimum commitments to the point of renewal on what were previously pay-as-you-go agreements, improving our revenue visibility. And a significant chunk of new business was all pre-committed which is a meaningful indicator of the quality of the pipeline we're building. On operating model, we updated you at the half year that we brought together our Americas identity and location sales teams under common leadership to drive brand and cultural alignment. And you can see again just how that looks. That's a shot from Time Square where today, we're hosting our largest ever customer event in New York with over 300 registered customers. The result of all [ these ], the Americas returned to growth in Q4, the result of structural improvements that give us confidence in the long-term trajectory of our business there. One of the reasons for that confidence is a strategic partnership with Equifax, which we concluded in March and recently announced publicly. GBG and Equifax has been working together for over 10 years, but this agreement expands that relationship to a new level. So what does it actually mean for us? Firstly, differentiation in the U.S. Our partnership unlocks broad access for GBG to [ Equifax' ] proprietary data, data that creates a real, durable competitive advantage in the world's largest identity broad market. Second, hard and fraud defenses by building signals from Equifax's data and combining it with our platform, we can build significantly stronger defenses against some of the fastest growing types of fraud. Third, mutual data integration. Our location capabilities will be integrated into Equifax's U.S. platform in 2026, with global expansion following in 2027. This is a 2-way relationship. We're not just buying Equifax's data. We're a partner contributing our differentiated capability to them. And fourth, access new verticals. This partnership opens doors for both organizations to enter large addressable markets where they've not historically enjoyed a strong foothold for us at GBG, that means [ that ] as the public sector. But Equifax, that means access to gaming. Those two alone represent a significant incremental growth opportunity. There are benefits of this agreement outside of the U.S., but my excitement is centered on what it means for our business in Americas and our customers in Americas. We're actively pursuing more partnerships with this type because we know that they are a [ force ] multiplier for us. Next, GBG Go, where I am genuinely excited about what we're building and the momentum we're seeing. GBG Go is our AI-powered adaptive identity platform, and the core thesis behind it is simple. The fraud and identity landscape is involving too fast for static point-based solutions. Our customers need a platform that [ gets ] pace with the threats they face, one that adapts continuously build intelligence over time and meet their needs as they evolve. And that's what Go delivers for them. The flywheel works like this, we win new logos by offering a platform that's more capable and more flexible than anything else. As customers embed go into their operation, it builds advocacy because it works and because it keeps getting better. That advocacy unlocks cross-sell opportunities, which drives [ down ] our run. And underpinning all of this is a single global architecture that allows us to innovate rapidly and deploy for all of our customers at scale. The early results have exceeded our own expectations with strong execution against pipeline, taking us past 100 wins at the end of FY '26. Our largest new customer win, as I've already said, was with Uber. A business that operates at enormous scale and has absolutely no tolerance for friction or failure in their identity fraud controls. Winning Uber on GBG Go is a strong signal of the platform's capability. We've been able to deliver a cutting-edge solution to allow them to build trust with their riders and their drivers in a way that [ no ] could do. And that would not have been possible to [ go ]. We've also driven forward the road map at pace in the last year, which means the products our customers are buying today will be materially more powerful 12 months from now. We remain excited about the ability to upgrade our customers. Several of our largest customers have already transitioned while others have expressed strong interest. And whilst we've been able to retire one platform in FY '26, the prize in terms of what that means for our other platform retirements remains large and in reach. GBG Go is not just a product. It's a growth engine. And what we're seeing in the market is telling us that we're on the right track. FY '26 was a year of delivery by priority set [ 5 ] delivered. We are now in a position to capitalize on the momentum we've built, and we're going to do exactly that. We're making a targeted one-off investment of GBP 6 million to accelerate the Go [ road ] map further. This is a [ debate ] choice to press our advantage at a time when the market is moving in our direction, and our platform and our teams are ready to scale. The output of investment will be faster, more trusted decisions for our customers, which ultimately drives retention, advocacy and growth. And from a financial perspective, we now expect to deliver sustained revenue growth of 7% to 9%, whilst unlocking margin improvement beyond 24% in the midterm. This new ambition reflects our confidence in the platform, in our team and in the market opportunity we have ahead of us. With that, I'll hand you over to David to take you through the financials.

Thank you, Dave, and good morning, everyone. Thank you for joining us. I will now take you through the FY '26 financial performance in a bit more detail, which I should confirm upfront is in line with the April trading statement. We are pleased to report that revenue -- sorry, keeping up with the slides. We are pleased to report that revenue for the year was in line with expectations at GBP 285 million. This represents a 3.2% increase in constant currency over the prior year. As we had expected, growth was weighted to the second half of the year, and we were very pleased to see growth in H2 for our core segments of identity and location accelerate to 5.7%. Adjusted operating profit for the year was GBP 67.5 million, and we maintained our profit margin within our target range of 23% to 24%. And our earnings per share on a diluted basis increased by 9.3% to 19.1p. We finished the year with net debt of GBP 80.1 million which represented a net debt-to-EBITDA leverage ratio of just over 1.1x. Cash conversion of our adjusted operating profit was 87%, and during the year, we completed our first acquisition for 3 years when we acquired the data tools business in Australia. The integration of that business has gone very well, and we are now already executing on the cross-sell opportunities for the integrated identity and location solution that we now offer in the region, reflecting the Board's confidence in our long-term outlook and strategy, during FY '26, we repurchased shares equivalent to approximately 8% of our equity through GBP 45 million of share buybacks. Alongside the FY '25 final dividend paid in the year, this means that total capital return to shareholders in FY '26 was GBP 56 million. Share repurchases resumed on the first of April 2026 for a further GBP 10 million extension which was approved by the Board in addition to the recommended 4.4p per share final dividend. Now zooming in on revenue. We achieved full year revenue growth of 3.2% in constant currency, and this translated into 3.4% growth in our core segments of identity and location after excluding the impact of the revenue acquired by data tools and the drag effect of the decision to retire the compliance platform. 95% of our revenue came from the repeatable revenue types of subscription and consumption with 56% of this being from subscriptions. And we expect this proportion to continue to increase as we drive greater upfront commitments, particularly in our Americas business. [ Dave ] has already mentioned that. NRR remained consistent at 100%, and we believe this measure is now primed for acceleration. As a result of the drag effect from the compliance platform now washing through the NRR calculation, an improving picture, specifically in Americas, where the leading indicators around gross retention are now looking much more favorable. Plus, we expect to see the positive effects of GBG Go. Now a quick review of the income statement, which is shown here on an adjusted basis. I have a separate slide come out later on exceptional items. I've already covered revenues, so I'll skip back here. Gross profit margin decreased slightly due to changes in sales mix with relatively more sales of partner solutions. Plus, we made some important investments into securing access to differentiated data, an example being an exciting new partnership with Equifax that Dave has already explained earlier. We continue to manage our operating expenses tightly, mitigating the impact of inflation and the U.K. higher national insurance costs. More importantly, we continued to drive efficiency in our operating model, which allows us to recycle the savings generated into further investment into technology and innovation. Driving those operating model improvements did incur exceptional costs of GBP 1.9 million, but we are confidently investing in these changes will offer strong returns in the medium and long term as we capitalize on going to market as one fully aligned global business. The increase in adjusted operating profit, together with lower finance costs, a lower effective tax rate [ and ] well as some of the impact of the share buyback that was executed in the year led to the 9.3% increase in earnings per share. Let's now take a look at how each of the segments performed. Starting with [ identity ], which accounts for 61% of group revenue. Growth was 2.2% and was driven by the strong performance in EMEA and APAC, with Americas improving and returning to growth in Q4. The growth of this segment and particularly the performance in Americas was impacted by our decision to retire the compliance platform solution, which have become noncore and expensive to maintain. Excluding the revenue drag this caused, growth for [ identity ] was 3.3% for the year, and growth in the second half was over 6%. It was great to see our new -- relatively new KYB solution or [ know ] your business of offering, landing so well with customers and prospects. While this is still a small part of the Identity segment, we saw year-on-year growth of 600%, while also developing a very promising pipeline. We expect this to continue to be a force behind our growth through the medium term, particularly as it gain scale. As you know, the Americas business for Identity was a very big focus for us during the year. And we focused on reaccelerating growth through better operational execution while retaining our strong profitability that, that business has. Dave has already explained the initiatives we ran and which ultimately led to the business in Americas returning to growth in Q4. With this growth also continuing so far into the new financial year [ 2 ]. It was particularly pleasing for us to book 3x the level of new business in FY '26 versus the prior year. The other big focus for identity in FY '26 was the launch of GBG Go, which only launched commercially at the start of FY '26. With our initial focus, you'll remember being only on new logos. As Dave has already explained, GBG Go is our new flagship [ adaptive ] identity verification platform through which in the future, all GBG customers will configure, process and monitor their identity verification transactions. Progress has exceeded my expectations with strong demand and over 100 customer wins now achieved across a number of sectors, including fintech and gaming and a strong pipeline of more than 225 qualified leads. A few examples of larger enterprises now utilizing GBG Go include Remitly, [ Revolut ] and [ PEP36 ]5. Plus, as Dave has already mentioned, we would not have been able to win the U.K. business of Uber without GBG Go. These are just some of the important proof points that demonstrate why after just 1 year after launch, we are very pleased with the progress and we feel now is the time to accelerate our plans for the platform and bring forward some of our planned capabilities and AI-driven insights. We will do that by way of a one-off GBP 6 million investment in FY '27. This spend will almost entirely be via our existing outsourced development partners. The schedule of work has already been agreed and fully costed and cannot spill over beyond FY '27. In a moment, Dave will explain more about the benefits this investment will bring. Turning to location next, which represents almost 1/3 of [ proved ] revenue. The story here in FY '26 was continued resilient growth driven by strong demand for data quality solutions and another year of good growth from our channel partner business. This more than offset some softness from e-commerce which was most likely due to macroeconomic weakness. That said, we were very pleased with the excellent growth for location solutions in Asia, which continued at 25% growth in FY '26. The contribution margin for location remained strong at 43%. In terms of notable customer activity, I would call out wins or upsells with Microsoft, Equifax, Oracle and FedEx. Our final segment, Global Force Solutions. The contribution margin here showed a material improvement over the prior year, following the strategic review we completed last year. With focus and investment diverted from [ GFS ] to our core segments of Identity and Location. While ARR did decline modestly due to customer churn, we did see revenue growth driven by successfully securing some important customer renewals with some of these licenses being on a multiyear basis. Looking now at exceptional items which split between noncash and cash items. The decision to retire the compliance platform solution has necessitated a write-off of the associated intangible assets. These are carrying value of GBP 16.5 million. This was a noncash item. Moving on to [ goodwill ] impact, which is also a noncash item. As required under IFRS, we conducted impairment review of goodwill and intangible assets each year. And this year, that [ receded ] a goodwill impairment of GBP 73.1 million. against the assets related to the Americas Identity business. As you will appreciate, the valuation environment today is very different than it was back in 2019 and 2021 when GBG made two large acquisitions in the U.S. The pressure on observable valuation data points has taken an even further step down the last few months, given the war in the Middle East and the perceived specific challenges for valuations of software companies given developments in [ AI ]. But it is important to say that this impairment charge is not a reflection of any change in the confidence held by the GBG Board or management in the outlook for the Americas business, which remains strong. It is just the result of accounting assumptions. Aside from the two noncash items, there are also other exceptional expense items totaling GBP 8.4 million. We invested GBP 4.4 million of improvements in [ corporate ] sales and data, these investments came in exactly as planned and as previously communicated and are already delivering significant business benefits through GBG [ Foot ] and unlocking go-to-market synergies from single CRM. You will see a short introduction to the new foresight product later in the presentation. It really is very cool. I hope you enjoy it. [ Foresight ] would not have been possible without the investment into structuring our corporate and operational data. In addition, we spent GBP 1.9 million on our move from [ AIM ] to the main market during the year. And as I mentioned earlier, the costs associated with the continued restructure to our new operating model totaled GBP 1.9 million. Finishing now on our outlook for FY '27, the new financial year. Dave has already mentioned our target of a high single-digit growth rate in the medium term, but I want to be specific about what we expect in FY '27. We expect mid-single-digit revenue growth, reflecting a continuation of the momentum that we built in the second half of FY '26, and which we have seen continue [ into ] the new financial year. We expect that the momentum we have carried into the new year will be further supplemented by continued improvement in the Identity Americas business. Accelerating contribution from new innovations and increasing market opportunities as customers look for ways to come back forward and implement AI strategies. On margin, of course, this will be impacted by the GBP 6 million investment I've already mentioned. So margins here are expected to be in the range of 21% to 22%, but these will then bounce back in FY '28 to our target range of 23% to 24%. We continue to expect cash conversion to be approximately 90%. Moving on to the right-hand side of this slide and how we're thinking about capital allocation in FY '27, we arrived into the new year with a leverage of just over 1.1x EBITDA, and we expect we will exit the year also at around 1x levered. When we think about the best way to allocate capital for the best possible returns for shareholders, first, there is a dividend to pay in respect to the year just finished. We believe that the GBP 6 million investment announced today offers the best and strongest return on capital, better than any reasonable bolt-on we would be able to achieve with that value and better than any share buybacks or debt repayment. But we do still have additional capital to deploy, over which we have some options. We've already committed and announced an incremental GBP 10 million buyback on top of the GBP 45 million we did last year. And we expect we still have some opportunity for the remainder of the year over the excess free cash flow we will generate. With that, I will now hand back to Dave.

Okay. Thank you, David. FY '26 was about proving we could execute. FY '27 is about acceleration or going faster. GBG Go is at the heart of it, but this is a broader story about a business that has done [ the ] hard structural work and is now ready to move with pace. So let me take you through now. This slide tells the story of our journey in three steps: when I took on this role GBG [ give ] a 3% growth business. Today, we are a mid-single digit with the structural work done. We are now fully focused on delivering sustained high single-digit growth and we have a clear line of sight to the 3 things that will get us will find those 3 things familiar. First, accelerating the Americas. We've returned to growth. It's now about pressing on. Second, innovating through GBG Go. The platform is gaining traction, and we're interesting to broaden our capabilities. And third, operating as one GBG, bringing our global capabilities to bear in a coordinated, efficient way that creates competitive advantage. This is a high-quality cash-generative business now with momentum. The question is no longer whether GBG can grow faster, it's how fast can it grow? We talk about belief a lot in our business. And if you would ask me the strength of my belief in accelerating growth, this slide would be a huge part of my answer. What you're looking at on this slide is 2 years of deliberate, consistent efforts laid out half year by half year. And what I want you to notice is the progression, not just the volume of what we've done, although there is a lot, but the quality and the direction of travel. We start at the bottom. In the first half of FY '25, we were laying foundations. We launched an elevator pitch that articulated who GBG is. We had our third ever company-wide [ Hackathon ] focused on AI to encourage teams to experiment with that technology. We rolled out high perforce training for our key leaders. We started using our secure and trusted position as a key selling point with customers. We drew up competitive battle cards, so our sales teams knew exactly how to win [ head ] on with competitors. And we launched GBG Trust creating our first market-facing proprietary data asset. By the second half of FY '25, those foundations were turning into real initiatives. We migrated our website to a domain that better suited our U.S. ambitions. We had a new brand, a new purpose, a new performance framework for all of the people at GBG. We started developing Go. We launched our KYB product, and we made the decision to migrate our infrastructure to AWS choosing a single cloud provider instead of using [ 4 ]. Then in FY '26, we moved into execution. We built out our data lake. We tuned our document verification product to leverage AI to beat AI. We acquired data tools in Australia, which stood up our innovation lab. We retired our first technology platform, and we started to move towards a functional operating model to keep things together and keep us focused. And in the most recent 6 months, you can see what all of that work has started to unlock the launch of Foresight, [ wins ] with FedEx, Temu, Uber, partnership with Equifax. These aren't coincidences, they are the direct output of 2 years of compounding effort. That's what gives us confidence. Not that we have a good strategy but that we've already started to prove we can execute it. And based on that forward visibility, we are now ready to stand behind midterm guidance. I want to bring that compounding effort to life with three specific examples because I think they really illustrate that compounding better than anything else can. So let's start with Uber. Many of you will have received an e-mail in the last few days from Uber, telling you about a new initiative to introduce a verified badge on their platform. If you scroll further down that e-mail, you'll have also read that in the U.K., Uber works with GBG, our [ identity ] service provider. That was a critical moment for all of us at GBG. As I've already said, solving Uber's challenges would not have been possible without Go. But equally, it would not have been possible without Trust those consortium data is integral to the solution we built. Migrating our cloud to AWS has enabled us to deliver the scalability to support Uber's huge [ lean ] requirements. And our information security protocols reassured one of the world's leading [ B2C ] brands to trust us with such an important consumer-facing proposition. And the sales team that drove this opportunity were all part of the first cohort of our high-performance leadership program where they've learned about setting and delivering ambitious goals. Now let's look at Foresight. Yes, it's our latest innovation, but it's one that would not have been possible without infrastructure decisions we've been making over the last few years, as David shared. Foresight started as a pitch that came through our first ever company-wide hackathon, where we invited our teams to pitch the [ Dragonen ] format the central funding based on proof of concept they have built leveraging AI. Our data lake built in FY '26 under the [ codename ] Alchemy gave us the rich structured data foundation that allowed us to apply AI across it at scale. That data lake encompasses Trust and Foresight is delivered to customers through Go. We expect Foresight will have the biggest impact on our Americas business. But it's actually been worked on by our data scientists from around the world, including Australia, which is a huge benefit of a functional operating model where we can place our best talent on our biggest opportunities. Foresight is an eye catching product. It's the kind [ product ] that makes our customers lean forward. But what makes it defensible is that it's built on an architectural foundation that took us 2 years to construct. Competitors can't just copy the output. They'd have to replicate everything underneath it first. And that's a meaningful competitive note. And then finally, Temu. Temu [ is ] a customer I've spoken a lot about over the last couple of years, and it's one that really illustrates the power of operating as one business. Our relationship with Temus started by enabling their global e-commerce operation outside of China, successfully demonstrating a lift in addressed quality over competitors like Google. That relationship has grown into supporting them in 27 markets worldwide, including the U.S. in terms of their fulfillment. But what's really exciting is how in the second half or since the second half, we're now also providing age assurance for them across 34 markets. This win would not have been possible without the work to tune our document verification solution to be able to deliver more than 50,000 document checks per day delivering strong AI fraud detection alongside record response times and the highest transactions per second that solution has ever delivered. Expansion of the relationship has also been supported by our privacy team who turns out one of our best sales teams. If they've partnered with Temu to help them navigate local regulatory challenges in markets they weren't familiar with and a team effort across identity and location go-to-market teams in the U.K. and in Asia. Temu is a proof point for what a unified go-to-market can unlock. And as we scale this model, I expect to see more wins of exactly this type. Larger, more complex and more valuable. As you can see from the three examples I've shared, no single piece of work gets us there. It's a combination of the building blocks. And that combination has taken 2 years of disciplined investment to put in place, but is now delivering dividends. The second part of my answer to why are you confident that growth can accelerate or will accelerate to high single digits will be to point to the parts of GBG that are already demonstrating that they are able to grow at a much faster rate than the group average. Wins similar to Temu are driving high double-digit growth in our Asia e-commerce business. Our global gaming practice continues to grow ahead of group average fueled in '26 by expansion in the U.S. as it deregulates. Revenues for the highly differentiated GBG [ Trust ] Solution doubled in FY '26 in Australia. Our location businesses in [ ANZ ] and Americas grew at double digits. The business we acquired in New Zealand in 2021 known then as [ Cloud check ], now is GBG New Zealand, posted more than 35% growth last year. International data had another strong year in EMEA, where we expanded our relationships with key global customers and supported others become global. And KYB was our fastest-growing product with 30 new customers signed and growth in triple digits. KYB has also started FY '27, particularly strongly. So when we talk about accelerating the top line to high single digits, we're already seeing at least that in the areas we've been placing additional focus on. And lastly, the third reason I'm confident in our ability to accelerate growth further is innovation. I'm sure, I hope, I'm sure, [ you've ] protected that the pace of innovation has picked up since the last time I spoke to you in November. We have some rock stars in GBG driving forward our innovation agenda. Before I outline our plans for the investment that [ David ] and I have shared it's probably an appropriate time for them to share more with you about what we've already delivered and why we are so excited about what's ahead. With that, I'd like to hand you over to Gus Tomlinson, our Chief Product and Technology Officer, for a short video that foundations that we've built, which will support our long way of innovation, the progress we're making on GBG Go. Our latest innovation [ for site ] and how GBG has already entered the agentic era.

Apologies for not joining in person. I'm in New York this week, hosting 300 of our top customers and partners [ or ] up unlocked event. As [ Dev ] mentioned, the pace of innovation coming out of our product and technology team has stepped up dramatically, a reflection of the talent we've developed and brought in the technology foundations we've laid and now in the way that we're scaling AI across our organization. [ Gonzalo ] and [ Kartik ] will bring much of that to life as they trail both foresight and GBG agents. But before they do, I want to set context of three foundational investments that we have made over the past 24 months. Together, they're what is [ dragging ] our pace today. So first of all, GBG Fabric. Fabric is our engineering passion, a single secure AWS native platform on which every new GBG product is built and run. Before Fabric, every team will infrastructure differently on different clouds with no shared standards. Fabric eliminates that entirely. Teams get a compliant production-ready environment in hours with security observability in compliance built in by [ Deal ]. The result is that our engineers focus entirely on building products and in a world where AI can multiply individual develop output by 3, 4 or 5 [ times ] this is the platform foundation that ensures those games compound across the organization rather than getting lost in the complexity of infrastructure. This is absolutely critical for customers as speed as how they achieve market growth and defend against fraud. One thing we repeatedly hear from customers who've gone live on Go is how quickly we're releasing new features or upgrades following their feedback. Secondly, GBG Alchemy. Alchemy is our data foundation. The engine underneath every AI capability we will ever build. We invested nearly GBP 2 million in this this year, and we're already seeing the benefits of this come through. Before Alchemy, every product held its own data in its own silo, verification events, journey signals, behavioral data, location intelligence and customer outcomes, all isolated with no model being able to learn across them. Alchemy pulls it all into one place, every single product, every region, every transaction with a full ML stack [ built ] in, training inference, generative AI, the speed from data to deployed intelligence is transformational. In the past 12 months, we've connected our core identity platforms with documents and location to follow. [ GBG ] in a unique position globally leading in both identity and location data at huge transaction scale. The more those signals compound together in Alchemy, the more powerful our AI becomes. Alchemy is the fuel behind [ GBG4sitht ], an early market reaction of over 20 EMEA customers has been extraordinary. And then third, GBG Go. Go is the product that we take to market, but it's also a live orchestration engine designed to serve our capabilities in the most future-proofed way possible. At its heart is an asynchronous API that dynamically sequences identity checks in real time. Data verification, document capture, biometrics, fraud signals, sanction screening, adapting in real time in each journey as the results come back. It's still entirely on open standards. Every capability plugged in as a composable module without touching the underlying platform, and that is the architecture that gives our customers speed. As Alchemy has matured, the benefits of [ GOs ] [ orchestration ] includes continuous intelligence fees. That is turning powerful workflow engine into a continuously learning identity and fraud system. An adaptable platform is only as powerful as the recommendations that drive it, which is where Foresight provides a true advantage to GBG and to our customers. Fabric, [ Alpine ] and Go are three things that are shaping our AI trust intelligence. They power how we build and deliver the best outcome for customer performance. It is a highly complex and fast leading world. They provide our customers to speed the intelligence and the accuracy and importantly, the peace of mind. Behind these platforms is the talent we have in our business. Luke, our CTO is driving GBG's vision to become an AI-first engineering organization. AI-assisted development embedded in every single squad and AI champion skills [ starting ] capabilities across teams. This approach started with the three teams behind Fabric, Alchemy and Go to accelerate our most strategic initiatives that underpin the capabilities that will differentiate us in the marketplace. It will place us as the category leader of choice for our customers. And now over to [ Gonzalo ] to talk about Foresight, one of the first innovations to emerge from the foundations that we've built and the implement that we put behind Project Alchemy.

10 years ago, identity verification was a check box exercise. Name, plate birth, signature, done. Today an [ targets ] affected by three key forces. Number one, our customers. 80% of them say that the first [ action ] they get from [ an ] organization is more important than the products and services they consume afterwards. One in every three drops of the onboarding journey and never come back. And what they expect now is to be remembered every time. For them, the bar is no longer secure, it's effortless. The second force is fraud. Fraud is a fully functioning business model with 24/7 support. And the third is regulation. By the time you have adapted to one, three or more have been shipped. How can you compete and perform in this environment? And more importantly, how has our industry responded. More vendors, more point solutions, more complexity. And when buyers cannot tell vendor [ part ] based on capability. The decisions are based on a [ machine ] equation between price and performance. The winners in this environment will be those that turn identity verification into an ongoing intelligence layer that learns, adapts and recommends in real time. It is against this backdrop that we're introducing Foresight. You're always on intelligence for optimized performance and maximization of your results. Foresight changed everything because through its uniquely powered AI recommendations, peer benchmarking capabilities and real-time performance and alerting insights, we will not only help every customers maximize ROI, but respond faster enhanced customer experience and ultimately better manage resources. Now we didn't get here out of nowhere. For the last 2 years, GBG has been building the data platform that underpins Foresight. And for the last 6 months, we've been running a very structured beta program with 10 selected global customers, not only helped us brainstorm and design what Foresight is today, but had 100% influence on what the road map looks like. Having launched the solution earlier in May, we're now really excited with the initial market reactions that we're going to get in. With that, I'll hand it over to Kartik.

A year ago, every CEO as [ using ] Today, they're asking something different. We trust what AI does on [ RBF ]. Something has shifted. AI agents are no longer just answering questions. They're taking actions, onboarding customers, processing payments, making decisions on their own, which means every business must answer something new. When an agent acts on your behalf, who on the other side, that's the trust challenge of the [ AIC ] era. And it's the one that GBG was built to solve. We bring together Identity and Location data at scale around the world. No AI-native start-up can replicate that. And there's something else in an AI-driven world, the outcome alone isn't enough. The explanation of the outcome matters just as much. [ Ex-mobile ] wins. That's why I'm so excited about what we've just launched. It's called GBG [ 4 ] agents. It's a portfolio of agent native capabilities already live built on top of our market-leading products. We took on something genuinely hard building products AI agents can use natively, not just profiting yesterday's stack to look agent friendly. And we have shifted in record speed to market under 30 days. That pace itself is worth the moment. We're using AI across our entire process. From ideation through engineering into go-to-market. Reach is live today. It's GBG locates agent experience layer. Put simply, this provides our market-leading addressing capabilities into the hands of AI agents. When an age calls reach with a customer's address, e-mail or phone number, it doesn't get codes a developer has to interpret. It gets policy of air recommendations that powered decisions that agents can act on. For our customers that means agents that don't ship to wrong addresses, don't onboard [ take ] identities and don't quietly lose revenue at checkout. This is the world's first agent decisioning layer for addresses. Now as Gus described, GBG Go was built API first and orchestration native, already designed for the agentic era, no retrofit is needed. But to bring this to life, an agent native control lane is required which means agents can launch entire identity journeys and learn from what works and what doesn't. For our customers, the main difference we can provide them is faster onboarding, fewer abandoned applications and lower fraud. We call this [ biplane ] and it's launching within the month. And as I said, allows agents to take advantage natively of the full stack and breadth of our GO platform. This will be our first step in providing continuous trust signals for agents throughout the customer relationship. GBG [ agents ] is rapidly gaining traction with our enterprise technology partners such as IBM and Oracle. This is in future ambition. It's already shipping, already being used by customers and be ready to be pulled into the platforms where agents live and can handle the growth demand they will create.

Told you they were good. The products you have just heard about are not coming soon. They're all live in the markets we operate. GBG Go is winning. GBG Foresight was launched last month. Just like we did with Go, we engaged a beta group of customers, 10 of them. We proved the concept with them, and we've already signed our first three commercial contracts for Foresight. And [ Reach ], our first agent ready product is already creating interest with our channel partner, IBM, who's interested lugging into [ Watson ]. The pace at which we are shipping is not slowing down, it's accelerating. And that's why we have decided to invest a one-off GBP 6 million in FY '27 to further enhance our platform. Let me now show you what that additional investment will deliver. Let's start with our customers. This investment accelerates four things that will provide value for them. The first is a platform built to lead the AI-powered Identity era. Identity has never mattered more. The world is moving towards agentic commerce, AI acting on behalf of people to make purchases, open accounts, initiate transactions. Go is being built to orchestrate identity decisions in that environment, adapting quickly with nonnegotiable privacy and security that you'd expect from GBG. Second, helping our customers stay ahead of fraud, but never stands still. Fraud evolves continuously and increasingly it's evolving using AI. Go is designed to stay ahead of it automatically updating its models and signals without customers having to [ win ] bigger. Third, going live with less engineering effort. You heard about Go plan. For our customers, this means faster time to value, lower cost of implementation and the agility to respond to market changes without lengthy development cycles of yesterday. And fourthly, the ability to see what's working and optimize continuously. Real-time insights via Foresight can be acted on directly in the platform. I'll let one of our first three Foresight customers, [ Evoque ], speak to this one. Their head of onboarding products called it a game changer, and that probably says it better than I can. We expect that the capability of the investment will build out will be particularly beneficial for our customers in the U.S. The previous slide was about what this investment delivers for our customers. This one is about what it delivers for you. Three mechanisms drive the shareholder value case. First, it will increase NRR through cross-sell and pricing. As we embed more capability in to Go, the platform becomes stickier. Customers don't just renew, they expand. That's a powerful lever for revenue quality and predictability. Second, it will accelerate new business. A stronger product market fit means higher win rates and larger wins just like Uber. Third, it will sustain efficiency and drive profitability. Go will enable us to retire legacy platforms, freeing up capacity to focus on what drives growth, not on maintaining infrastructure we no longer need. And the financial output of all of this in the midterm, an additional 2% contribution to revenue growth. This is a meaningful part of our path to that high single-digit guidance and enabling a profit margin of more than 24% as we harvest those legacy platform efficiencies. These benefits are not speculative, [ are ] grounded in what we're already seeing in the business, and those are the direct consequence of the strategic choices I've been describing throughout this presentation. This investment pays for itself and then some. Before we go to Q&A, let me close with a summary of the new GBG you're investing in today. There are five key drivers of that investment case. Firstly, the market opportunity, a $50 billion market, driven by structural forces such as fraud and regulations that are not cyclical. They don't slow down in a downturn. If anything, they accelerate. This is a durable expanding market, and we are well positioned within it. Diversified global reach, we have over 20,000 customers [ across ] the globe, including many of the world's leading brands who trust us with mission-critical solutions. Competitive differentiation. GBG is the AI [ Trust ] intelligence platform. We have a combination of data, technology and domain expertise that it is genuinely difficult to replicate and we're investing to extend that not just defend. A focus on execution. We're building a high-performance culture. FY '26 gave us a real evidence point that that's taking hold. The targets we set, we hit, and that's a fair reflection of what's to come. And finally, an attractive financial profile, we have a clear path to high single-digit revenue growth. Three consistent initiatives, with an operating margin above 24% in the midterm. Taken together, this is a business with a strong foundation with a clear plan and one that will continue to discipline in its capital allocation in order to maximize shareholder returns. Now I have time for Q&A, which I will hand to David to [ walk ] straight.

Julian. [indiscernible]

Julian from Investec. Just a couple of questions. On the revenue growth of 7% to 9%, you're already exiting at 6% in Identity, you're doing 5% in Location. -- you've highlighted many areas of the business that are doing double digit. What am I missing in terms of contingencies that you're putting in there for the 7 part of the second to 9% when all this sort of comes through. I just can't quite swear that properly. And on the second part, GBG GO, the investment to an outsourced party. Could you tell us a little bit more about the part that you've chosen, why you've chosen them? Why you chose to go the root and the confidence you have it won't spill over into further development that's required because it is clearly a very fast-moving market.

Yes.Okay. Good questions. Thank you, Julian. So I'll have both first, and I'm [ sure ] feel chip in. So on the revenue growth, I think you're right. We're a group. We're going to be estimates for FY '27 or around GBP 300 million of revenue. There are going to be part of our business growing faster and they are going to be is going a bit slower. I think the way probably reading between the lines of our commentary today, you can probably pick up that in our Global Fraud Solutions business, that has become slower growth for us. We're driving it at a higher margin, but it is slower growth. So there are some bits that are powering our growth, as David said, but there are also some bits that are a bit slower. So that all winds up at the moment, expectations until we announce today, expectations were for mid-single-digit growth. We are announcing today that we are accelerating to high single-digit growth. That is our view. And the way we will get there is we will continue the initiatives that we've been running with, for example, improving the Americas, driving GBG go into the market. And in addition to powering that, we're going to spend on this investment that we think will accelerate GBG Go even further.

Is this something within the 7% number that you built in that is not working, is if things come through, the 9% seems realistically achievable. It's a 7% piece that I don't quite get it feels like there's a bit of contingency in there.

Guidance is generally a range. So yes, we've given investors a range to think about. It's also important to say it's guidance. It's not ambition. Those two things are very different.

The only thing I would add to that before you go on to the outsource provider I think 2 years is giving very precise guidance we have learned. The world is an uncertain place, and we just don't want to miss. So we're giving ourselves a range which gives us flexibility to deliver within it.

I'll just deal with the second part of Julian's question. See that other eager and -- so no investment, we do mention in the release and we've mentioned again today that we are going to be using an outsourced development partner. We regularly use outsource development partners. There are two in particular that we use in identity relatively extensively. What those partners allow us to do is expand squads. So we have scores that are working on products. And when we do our quarterly plan, if we allocate work through each of those quads, what this will allow us to do is have additional developments. That's effectively what we've planned for the next 12 months. We plan that work very detailed on a quarterly basis. It's all fully costed. And we've -- it will be one of the two development partners that we rather extensively use that we'll be getting the most of the work. Or the name of the partner doesn't really matter. The reason we've used the language of an outsourced partner is so that actually investors could have great confidence that we are in control of the TAM. Once the work is finished, we will turn the tap off I said, it's all fully planned and that's why it will not spill over beyond FY '27. Okay. Keeping the microphone passing easy if you don't

Just want to confirm the 7% to 9% and 24% plus -- so midterm, is that -- it sounds like a fiscal '29 guidance is essentially with the next 2 years just to confirm?

Yes, that's right. We do have a slide actually. I don't know, Richard, you could -- we do have a slide we could call out, but it's in the impact that will be available anyway, but we do sell that out in the slide in the pack. But your interpretation is exactly right. So for FY '27, we are still -- as I said in the presentation, still mid-single-digit growth, and the margin will be impacted by the investment. In '28, the investment comes back out. So operating margins are back to but in revenue growth terms, it's a bit of a bridge year. So 29% is the year where we expect the full 2% acceleration in FY '28 being approved. So it will be somewhere around the 1% we expect.

And then just on the pathway there. I think last few years, there's been a fair amount of price compression, I think, also in the industry, and how do you expect that to play out and potentially impact those growth targets? And then -- the other question around margins. I think last year, you had EUR 4 million investments, which you took through exceptional EUR 6 million this year. Our investments maybe just sort of part of the day-to-day operations and GP group is more of a low 20s margin business rather than 24%.

I'll take the second question first. No, I think that's wrong. I think we are -- I think GBG Go development is a pivotal moment for us as a group. I think hopefully, that's been clear from the presentation. it really does change what we were and what we are going to be. Yes, you're right. We've had some investment through exceptional items in the year just finished, and we've announced this in GBP 6 million through pricing costs. But in developing a platform that will future-proof the business for many, many years, I think that's only right. Price impression. I think all businesses face some challenge on price, and we have that with some customers, but I think it's a misunderstanding that there is widespread price compression in our markets. For the customers we deal with, we've got some compelling examples of where we've been able to increase prices. And even where perhaps customers have been on longer-term arrangements with us on price, when that comes up for renewal, we've been very successful in being able to correct that even on a multiyear basis. So I think that's a bit of a misunderstanding. Most of the sectors and customers we deal with.

I would just add to on the exceptional point, I think we need to remember where we were 16 businesses acquired over a period of time that weren't integrated. There was a lot to do. And we are now at the end of that. So I think you'll see taper away. On the Go investment, I think we talked about should we capitalize it. Should we exceptionalize it? We've been very clear, we aren't doing that. We're expensing it, just like we do all of our R&D through the P&L. On the price compression point, the point I didn't make actually in the presentation is -- the power of this Equifax contract gives us some real pricing power in the U.S. I wouldn't say more than that because it's commercially sensitive, but that makes us feel really good.

And could I just sneak in another one. Could you just on prediction markets in the U.S. Is that sector or vertical that's regulated at some point, perhaps like sports betting in the past? I mean, how do you feel positioned if that were to happen?

Good, I was actually with one of our partners that focuses on gaming in North America. And in their view, actually, a bit of regulation would be good because then they have to ingest more of the fraud prevention and other signals that we would have to offer them. So actually, we would be positive about it worry, I guess, would be if they never did and then the regulated market thought that they wanted to move into protesting instead. So the microphone.

Two questions from me, Tintin Stormont from Deutsche Bank. In terms of the existing customers that have transitioned to the GBG Go platform, what is the observable metric so far in terms of what happens to the revenue run rate or at least line of sight into future revenue run rate? And then secondly, in terms of the 100-plus customers, how many do you think of them has the capacity to be 1 million-plus type customers? And in the case of Uber, is there opportunity with them in the U.S.?

Maybe I'll take that one. So on the customer transition, I think one of the key reasons, one of our -- so if I give you a few anecdotes, maybe rather than try and give you a broad brush. We said in our presentation that we've integrated digital identities into Go. We aren't integrating them into our plastic platforms. So a customer like [ Bet36 ]5 that now needs to ingest Italian digital identity have to move to Go. That's just net new business for us. The other customers that we've seen on the platform more than 1/4 are taking multiple products, actually [ grow ] steadily as they get more familiar with the platform. And I think the other point to make is we've also introduced nearly every 1 of those 100. By the way, the 100 is now 121 since we closed the year. We've introduced a platform fee successfully. So that also makes us feel good as early proof points. On the point of the 100 of the ability to reach 1 million plus, I think it's somewhat subjective because it depends what they do. But I would say it's probably 80-20 rule. I think 20% of those are significant value customers. Some of them are already 0.5 million. And then that nicely links me on to your third question about Uber. There's opportunity with them in many parts of the world, not just in the U.S., we're testing at the moment with them in another core GBG market. We only have three that you can work out which one it is. But that's also having spent a lot of time with Uber, having planed San Francisco to meet the dead team pitch. There is a lot of opportunity there for us as long as we continue to successfully execute.

I think on the -- I'll just jump back to I think there's the middle question about the opportunity for larger customers on Go. I think it's one of the reasons behind the investment. We talked about in the presentation, we talked about a pipeline of 5 million customers in that pipeline. Obviously, not all of those are mega customers, but there are enough mega customers there that give us the confidence that now is the time to invest in the platform because those customers are showing an interest, we need to deliver. If there's some capability they need adding, we're going to add it quickly.

Charlie Brennan from Jefferies. Just two from me. Firstly, in terms of this investment you're putting down, how do we get comfortable that, that you're moving ahead of competitors rather than paying catch-up? Is there anything tangible in something like win rates that you can track and share with us that highlights that? And then secondly, in terms of the margin, you've got a longer-term opportunity to retire legacy platforms. As we've seen with the compliance product, as you retire these platforms, is there the risk of any revenue loss?

I'll take the second one first and maybe Dev can help on the first one. So on retirements of platforms, the compliance platform was somewhat unique in this respect in that actually, it was a platform that historically had a lot of volume going through from the cryptocurrency platforms. And as you know, we've talked about that for many years, that volume just isn't there anymore. So it wasn't a unique -- it wasn't a particularly good match for Go. It was actually -- there was some functionality there that we were walking away from. So it wasn't possible to be able to migrate all of those customers. We knew that going into it. For the remaining platforms that we have on our letter retire, that is not the case. It's a very different case, all of these customers we would want to stand behind, and we will make sure by the time they are ready to migrate or upgrade is the best word, by the time they're ready to upgrade to go that the functionality is all there to welcome them. So we're not expecting a revenue headwind quite the opposite.

And on the point on the features and functionality, I think, look, as you'd expect, we spent a ton of time going through this with the Board and then reviewing in detail where this puts us against the competition, again, commercially sensitive. So I'm not going to go through all of it, but we are very clear where this puts us against the competition by the end of FY '27 and then what that enables us to do in 28, and that isn't catching up. That is creating category leadership and the things that we've spoken about today. In terms of proof points, maybe something we can take away, Charlie, but I think you'll see them in more case studies that we'll talk to you about customers that we would not have been able to attract and win or scale prior to what we're delivering in to Go and maybe actually frauds that we're able to see and stop, which again is really where the value lies for customers.

Short from Berenberg. 3 for me 1 at a time. The first is just a clarification. You talked about the momentum continuing into FY '27. Are you explicitly saying that you've been doing mid-single-digit growth so far in with harder growth comps in H1 27 than you had in H1 226 in mind?

So we carry -- yes, we're saying that we continue to into the start of FY '27. I think in terms of the comp, that's not really how we think about it in terms of tougher comps or not tougher comps. I think we carry into the year some good momentum in terms of growth, and we're confident that what we're doing now will continue to drive growth into the second half as well, even if obviously the second half of last year was a bit stronger.

So let me give you an example. [ Temu ]. I talked about getting to up and running in the 34 countries. That started in December. That will continue to -- but it wasn't an immediate tick up to what we now see. So I think most of the big ticket things that we've seen drive revenue growth will continue to drive growth consistently through the year.

Okay. So on I guess we're comfortable that there's a revenue growth acceleration. And I guess 1 of the questions I've had this morning from is around the underlying IRR on these investments, specifically the GBP 6 million. So I'm quite interested to know at a high level how you think about the ROI on the sort of upfront investment. And allow me some overly simple maths, you've got a GBP 6 million upfront investment for 2% of revenue gain per year, which is roughly EUR 6 million, right, which you probably get GBP 1 million in cash, which would be a 6-year payback period. I'm not quite sure how you got our gross margin is quite a bit higher than GBP 1 million cash margin, but I can get free cash.

No, you're assuming we're not having any margin accretion, which we are. I think high level math you're about right. We're spending GBP 6 million in 1 year to get at least GBP 6 million of revenue incrementally into the midterm. So that even with a gross margin of 70% is a good payback the return on that is very strong.

Okay. And finally, just on the enhanced Equifax partnership. I guess what gives you comfortable in the sustainability of that what top competitors are doing how hard 1 is it basically?

Well, it helps that Mark and I did the deal. So that helps, Mark, the CEO of Equifax. It helps that since we signed the deal, we've had team meetings where we've had 20 people from Equifax, 10 from GBG talking about the addressable market for gaming, the addressable market for public sector. It helps. We put out a press release. That's the first global press release aquifer put out with a partner like us in 4 years. And it helps that we're already adding value to them and they're adding value to us. In terms of the competition point, that's really key. We've got access to some Equifax data that none of our competitors have. especially the new to credit are fine individuals, which, as you can imagine, they're the hardest people to identify the hardest people to match. We've got differentiated preferential access to that data set.

Thank you -- it's -- have [ Robinson ] at Paniliberum. Just coming back to this one-off nature of the investment. I mean I think going through the presentation, you showed how you created product from Hakon. We're obviously talking about agents, which I don't think many was talking about that long ago. Could we get a feel of the new products you've identified in the when do they become ideas? Because I think I'm struggling to think that this is a one-off because there will be new stuff that you haven't thought about that will come along. To what extent were these ideas this year? Is it long-term planning? Sort of Hackaton, could you just give us a feel for that? It does sound that you're very clear there's a one-off. I think people here are quite as clear on that.

Yes. It's a really good question. I think what I would start by saying is we invest nearly GBP 45 million a year in technology and innovation every year. So we are constantly innovating. And today, you've seen some of the examples of what we're able to develop out of that GBP 45 million. What we are doing, as I said earlier, I think it was to Julian's question, what we are doing here is we are creating a new platform. And what we saw during the last 12 months was that because we've got strong customer demand, it's quite easy actually for us to be diverse on to what customers need and we saw some of that in the year just finished. But what we need to do in the next year is to finish the platform. So we will finish the platform, and we will continue to respond to custom needs for 1 year, and then our ongoing will be fine to cover continued development of the platform and customer needs. I think that's the easiest way to.

Have you ever met David, it's quite tight. The 1 thing I would add to that just in all seriousness is you asked the question about when the these ideas are not massively. I mean, yes, technology is jumping forward. And yes, we've been more effective in how we're producing code in our teams. But actually, what's made the biggest difference to me and my comfort level is we've moved our product and tactics. I've spoken about for 2 years, everybody is a salesperson. Everybody needs to meet with customers. We moved gather from to the U.S. a year ago. And Gus is telling us now, I've met with 400 customers this year. They all want this, makes the decisions a lot easier. And so that proximity to the customer is a massive, massive change.

So there's a sort of hands into follow-on question I don't need to spend more and go even faster. Have you at that David I refer you to my previous question my answer. Yes. We feel we've pitched at the right level. I think that's the best answer I can give you on that.

So I have 2 questions on Sandila from Durant. So coming back to the investment question again. So you mentioned that you're investing $6 million for 1% to 2% incremental revenue -- how much of that uplift is already visible, for example, in your existing pipeline versus dependent on new product capability landing. My second questions on the -- for example, a lot of the tech companies we are seeing that globally, they are cutting workflow given the AI driven, while, of course, GBG you guys are saying you're making a new investment. Is this incremental spend like saying like what extent is this catch up driven under investment in the past, for example.

I thought we might get that question today under invested in the past. So no, as I said, we invested GBP 45 million a year in technology and innovation. This is a one-off step change in order to complete the platform. I think your question of I think it's a very similar question to the 1 that I did to Harvey earlier, but actually, there's so much in the pipeline that is customer demand led. So that is what we're building. in addition to making sure that the platform is ready for all the future capabilities we want to launch into it as well.

Very good. Thank you. Thank you for your questions, and thank you for joining us this morning. That concludes the presentation for today.