Janison Education Group Limited (JAN) Earnings Call Transcript & Summary

Good morning, ladies and gentlemen, and welcome to the Janison First Half FY '25 Unaudited Results Presentation and Investor Webinar. This morning, we have Sujata Stead, the CEO; and Stuart Halls, the CFO, who will take us through the presentation. We do have a time at the end of the presentation for questions and answers. [Operator Instructions] I'll now hand over to Sujata, who will begin today's presentation.

Thank you, Steve. And good morning, everyone, and welcome to the first half FY '25 unaudited results and investor update for Janison. My name is Sujata Stead, and I am the CEO of Janison Education Group. And I've been in my role for the last 9 months. And very, very excited to be presenting my first half results for Janison for the first time. So we have about an hour, and we've divided our update into 3 sections. First, I'll start off with the highlights, where I'll take you through some of the key themes and highlights from the first half of this financial year. Then I'll hand over to our CFO, Stuart Halls, to provide a financial update and take you through the numbers. And finally, I'll end with business update and outlook, where we provide some key updates primarily on the pipeline and capability building and the outlook for the rest of the financial year. And of course, we have time for questions and will be very happy to take any questions from analysts. In terms of highlights, as you know in my past engagements with the market and shareholders over the last 8 to 9 months that I've been in the business, I think our focus as an organization is that Janison is at an exciting inflection point where we are looking at kind of restarting the growth of our organization. And that's very much focused on the strategy I shared with the market in September last year, which is Janison has got one of the world's best leading digital assessment technology solution. And we are in a market where organizations are already and, if not, talking about digitization of assessments across multiple sectors, whether K-12, government, professional accreditation, higher education or VET, across the world, so our refreshed strategy is very much to double down on what the organization's core competency is, which is our digital assessment platform, and focus on that being the key driver of growth and adding value to shareholders and customers but in a manner that we deliver world-class support services like delivery and 2 of our star content products. So at this halfway point in the financial year, very pleased to let you know that our focus has been how do we ensure that we actually are executing on the strategy by ensuring we're investing in innovation; in technology; in capabilities; and building our pipeline, our customer pipeline, but doing all of that in a manner that we are also building our revenue and our EBITDA and our cash flow this financial year as well. So ensuring that we are transforming and growing as a business at the same time. So from that perspective, really pleased to let you know that, in terms of our financial results for the first half, we posted some solid financial results given that it is especially in the context of this being a transformational year and which is ahead of same time last year and in line with guidance. In terms of our investment. Our investment in growth, in building the right capabilities and executing on our strategy is tracking as per plan. And of course, as you know, all of this is being supported by disciplined cost management and reinvestment of savings, which is ensuring that we have very prudent cost management. We are reshaping some of our costs and investing in growth but -- and -- but doing that in a manner that we are also kind of posting a 3 -- net 3% savings on prior half year. So very pleased to let you know that, yes, we are self-investing in terms of our growth strategy but also posting a net 3% savings on prior half year. At the same time, customer pipeline, which I'll talk a bit more later in this session. The customer pipeline has significantly strengthened. This has been a key focus of the business, as you'll agree that the key sign of the demand for an organization's products and services is that customer pipeline. And very pleased to let you know that we've had a significant increase in our pipeline compared to same period last financial year. And of course, another piece of good news is our AI platform and our AI initiative, which is being led by our co-founder, Wayne Houlden, who is exclusively developing assessment-related AI tools for Janison. And very pleased to let you know that we've made amazing significant progress in the last 6 months, that our AI item development tool is now operating internally. And we are having some excellent trials with multiple customers in Australia and overseas. And finally, of course, in terms of cash flow, I think we'll continue to maintain our strong cash flow and balance sheet so we are -- so the -- at the end of the day so that we have ensured that, by the end of this financial year, we are taking the business on a path of accelerated growth but in a manner where we are also kind of delivering top line revenue growth, improving EBITDA and maintaining strong cash flow. Then moving on to my next slide. What I would like to share with you through this slide is basically, yes, we do have a very exciting and ambitious growth strategy at Janison. It's a great time to be in this sector given that many organizations are on the journey or planning to be on the journey of digitizing assessments. And Janison is in an exceptional position to be able to capitalize on those market opportunities given our strong foundation. We have that exceptional track record of helping organizations digitize the assessments. We have the credentials and we have the reputation. Just picking some of the stats from this, the slide. For example, if you look at it, the average tenure of our platform customers is 5 years. So we have got high customer satisfaction and retention. Similarly, if you look at it, we've delivered over 10 million assessments over the last 5 years. And we've delivered our exams through our digital assessment platform in over 110 countries since 2015. And this slide actually demonstrates the credentials and that we are looking at a very ambitious strategy, but we are looking at building on a very, very solid foundation of track record, reputation and credentials. On this note, I'll now hand over to Stuart Halls, who will take you through the first half financial results.

Thank you, Sujata. Welcome, everybody. Just as some context before I get into the numbers. I think Sujata has touched on the 6 -- or to 9 months that Sujata has been here. It's been a very transformational period. A lot of activity has happened, a huge amount of that. We touched on the reshaping of our cost base in Q1 this year, where we saw a pretty major restructure of teams across the business in terms of sales and marketing. We've invested heavily there and also in product over the past 6 months, with a focus on the platform side of the business. We've also refreshed our strategy. And we've uplifted our operational capability, importantly, as well through the use of the new AI tools that we've been able to bring into the business; and through the help of Wayne, our co-founder, who has helped develop them. We've also uplifted our operational capability through the introduction of enterprise-wide project management systems, for example. And from a sales point of view, we implemented 2 new contracts this year. We also saw 2 contracts roll off as planned at the end of FY '24, which had a material impact on the business. And yet amidst all of this activity, all this change, the business did deliver a modest, solid revenue growth of 3%, just taking us to below $23 million for the first half, which was $600,000 up on the prior corresponding period. I'm also very pleased with how we've been able to manage our costs and cash over the past 6 months, in conjunction with the reshaping program we've done and the reinvestment selectively back into certain areas of the business where we've really helped to build the platform business for the future. Net of all of that, we've been able to deliver a net 3% reduction in our overheads or our OpEx. So a lot of work is going on to strengthen our business in the area of the pipeline, as you can see and we'll talk about a bit later on, in terms of new hires, in terms of investments we're making in sales and marketing for growth in our platform business. So while I'm pleased about how we've been able to deliver a modest 3% revenue and an overall solid financial result for the first half, I'm actually very pleased about the confidence and the future of this business and where we're heading based on all of the sort of leading sort of indicators and the work that's going on in the business right now. Moving now on to looking at the segments individually. So we have the 2 segments of the business. We have our platform business and we have our content business. On the left, we have the platform business, which includes all of the revenue and earnings from our digital assessment clients as well as all the supporting exam services that go with it. This business unit posted $12.5 million in revenue for the first half, which represents 3% growth on the prior corresponding period, but I think importantly underneath this headline number is a stronger result. As I mentioned, we did have 2 clients that rolled off last year after many years of transitioning out of the business. And so excluding the revenue from those 2 clients in the comparison period and showing a like-for-like growth rate, we actually had an underlying growth of 18% in the platform business, which I'm very pleased about. And in addition to that, as I mentioned just a moment ago, we also have a much larger pipeline as well of new customer opportunities. It's really as a result of the focus that we've placed on that platform side of the business over the past 6 months in the areas of sales and marketing, and we'll touch on that in a few minutes time. On the content side of the business, I think the major win here, a thing that I'd like to sort of draw out the most is how we've been able to improve our profitability and in a sustainable way as well. We reshaped the cost base in Q1, which I talked about. And that led to a reduction in head count, primarily in the area of test development. And through also a change in operating processes and the introduction of AI tools that we've now developed, we're able to maintain the high quality and the same output of question or test items but for a far lower cost every year. And so the impact of this in our gross margin was a 4% lift, and a 40% improvement in our overall content EBITDA, which I'm very pleased about. And I think we're just getting started as well with the tools we're using that we're operationalizing now. This is just the beginning. And we expect that there will be more functionality, more operational efficiency improvement into the future; as well as revenue opportunities as well that will come from monetizing, productizing the AI platforms that we're building. I'll now hand back to Sujata, who will take us a bit more through some of the commentary behind the numbers.

Thank you. Thank you, Stuart. Next couple of slides, what I'll do is I'll just take you through the key takeouts in terms of the numbers behind the platform business and our content business. In terms of the platform business, I think I'll touch upon points two, three and four as you can see on the slide because Stu has already touched upon point one. Number two is in terms of customer wins. As you know, we all have a $45 million contract with the New South Wales Department of Education for the digitization of selective high school exams and opportunity class exams. And pleased to let you know that the implementation of the project is progressing very, very well. We are in year 1. And we are on track to deliver the digital exams for the first time towards the middle of this financial -- through middle of this calendar year, apologies. Then of course, we've secured a new customer contract with the Australian Christian colleges, which have campuses across the country. And although the contract is of a small value, I think what excites me is actually it reinforces engagement with the market and ensuring that the organization is focused on bringing new customers in. And finally, as I mentioned a couple of minutes earlier, our AI platform, especially the item development tool part of the platform: We are currently trialing with multiple customers in Australia and overseas. And feedback, so far, has been very positive. We are working in partnership with customers, which -- and co-creating with them, which customers really, really value; and have a clear plan in terms of commercialization and which actually shows potential for greater revenue source in the future. Then of course, strengthened customer pipeline. We've talked about it. The opportunities include customers in the education and professional accreditation sectors. And all of that is being supported by the establishment of an advisory committee for Janison platform. And the advisory committee comprises of 6 world leaders in our sector of assessment and assessment technology based in Canada, in the U.S.A., U.K., Australia and New Zealand. And many of them actually have reach and contacts in many of the key markets where Janison is planning to or wants to operate, so -- and this actually has been a great, great way forward for our organization because what we're achieving through the advisory committee is a global network of supporters of our organization who have got contacts and links at the highest levels in their respective organizations and the markets. And through them, we are raising our brand profile. We are getting introductions to opportunities which are feeding into the pipeline. And what we are doing is essentially we are building that global community of supporters for Janison to realize its full potential as an organization based in Australia. So some great achievements in that area. And very, very pleased with the outcome. Then moving on to the content business. The key takeouts, of course, is -- I think the key -- well, for me, I think the AI item generation tool is a huge achievement. So if you remember: I think it was my first update to the market where we did a major cost reshaping. And one of the cost reshaping exercise was that we reduced the size of our item development team by 50%. So the whole team was halved. Where we are now, I think, about 7 to 8 months later is, with a team the -- half the size who is actually using the AI item generation tool, we are developing items for ICAS for 2025 without compromising the quality. And as of last week, despite having a -- half the team, we are actually 2 weeks ahead of schedule compared to same time last year in terms of item generation. And this is a demonstration of the organization's kind of resilience, openness to innovation and agility, where in a very short span of time, we've actually revised our operating model and embraced new technology to ensure that we can offer great service to our customers at scale in a manner which is efficient. Then the same tool, as I mentioned, has gotten -- we are engaging with customers with the same tool, very great engagement and feedback from customers. One of the other key takeouts from the content side of the business is the cost reductions both through the cost reshaping and the introduction of AI item generation tool, as a result of which we are reporting for the first half EBITDA margin of 20% for the first half of the financial year. Then the third one I want to mention, of course, is that what we are also doing is exploring new opportunities for a product like ICAS. It's an excellent product which actually enables students to showcase their exceptional achievements in academics. It's almost what you'd call the interschool competition for the academically gifted where they have an opportunity to showcase how well they do in exams which are independent of their schools. And what we are doing for the first time this financial year is we are introducing ICAS all stars as a pilot, which is essentially what we are doing is, to the very elite top end of the ICAS students, we are giving them an opportunity to compete with one another at the elite level. And the response, so far, from our initial campaign has been very positive. We are restricting the campaign at this point only to Victoria and New South Wales and looking forward to all the learnings from the campaign so it becomes a regular part of our ICAS offering from next financial year, onwards. And finally, of course, all of this is being supported by the fact that we have a very simplified content strategy. As an organization, we want to make sure that we are doing a few things exceptionally and the organization has laser sharp focus on delivering what matters most to us. From a content point of view, that is ICAS and AAS, which together gave us $14 million of revenue last financial year. And there's opportunities further -- for further growth in this section. And what we are doing is we are reducing the complexity and allowing for targeted investments in the growth and development of ICAS and AAS. On that note, I'll hand over back to Stuart again, who will take you through our cash flow and balance sheet.

Thank you, Sujata. I think the -- as you can see here, the cash flow speaks for itself, but just as again a bit of background, obviously the operating cash flow is very positive through growth in revenue that we delivered in the first half and also the cost savings that we made. That's really enabled us to deliver that solid improvement in operating cash flow, which compares to last year's negative cash flow for the same 6 months to December. With that, we've also been able to maintain our levels of capital investment. So you can see there we spent $1.4 million on capital projects this year, product development, which was constant with the prior year. And obviously, in the prior year, we also had the business acquisition purchase of $1 million. That was the final earnout for the AAS business, which obviously isn't here now in this year and that's all been completed. So that leaves us with just under $10 million of cash on hand as at the end of December and an undrawn facility of $2 million, so I think the takeout really on the cash flow is that we are well funded or comfortably funded for growth. We have no need to raise capital. And we are -- despite some variations of cash balance throughout the year, we are targeting to finish this financial year at similar levels to where we are now with the cash we have in December. Just moving briefly on to the balance sheet. I think the takeout here is that we have a very good, robust balance sheet. We have no debt. We have a positive working capital position. In terms of some of the key movements, our receivables was slightly larger last year due to the timing of a large customer event, a customer exam. This has moved earlier in the year, which means that the debt has now been settled and paid this year, whereas last year it remained as an outstanding invoice on the balance sheet at December. Similarly, with contract liabilities at the bottom there of the balance sheet, this is basically the income we receive in advance from clients. One of our main clients was switched from annual to quarterly billing, so we had a -- 6 months worth of invoice in -- paid upfront last year, whereas this year it's only 1 quarter's. So hence that's the reduction there. And in a similar vein, the new large contract that we won with the Department of Education, $45 million contract to digitize all of the selective exams in New South Wales, that has a slightly different bidding cycle this year compared to the paper-based contract that we had in the previous year, which is having an impact there on our contract liabilities. So that sort of brings me to the end really of the financial section. I'll hand back in a moment to Sujata, but I think, just in summary, I'm very pleased with how the first half has gone. It was a solid result and obviously a very transformational period, but I think what's really most encouraging is these numbers are backwards looking. And what we're doing internally, the work that's going on, the strengthening of the pipeline, the addition of the advisory committee, the investment we're making in sales and marketing and new hires, our Chief Growth Officer, that really gives me the confidence that we are setting ourselves up for a much stronger future ahead. So with that note, I'll pass back to Sujata.

Thank you. Thank you, Stuart. So this brings us to the final section of our update today, which is very much the business update and outlook. And here what I would like to do is I'd like to take you through the pipeline a bit more in details, without actually compromising on any commercially sensitive information, and talking about a few kind of recruits and finally ending on some key points for the rest of the financial year. So in terms of our pipeline, this slide just basically is just expanding upon what I've already touched about the focus on building our pipeline. So as you can see, same period last financial year was approximately about $4.2 million. And this year, it is about, just under $16 million. And our focus actually as an organization is to continuously aggressively keep building our pipeline, fully acknowledging that sales conversion in a business like ours with large enterprise deals typically takes about 12 to 18 months, sometimes can be even shorter -- but our strategy to ensure that we aggressively continuously kind of build our pipeline so that, once they actually started converting the sales of these opportunities in the pipeline, let's say, in 10 to 12, to 18 months, then we don't have those gaps because there's enough opportunities for the sales to fall through more regularly. And that's our objective, not to have to move away from lumpy cash flows, into kind of more regular kind of new sales landing, but for that to happen, I think we have to continue building the pipeline. Pipeline is in excellent position where we are. Given it's the first 6 months of the financial year, very, very pleased. And in terms of the nature of the deals, it is aligned with our strategy, which is very much kind of large high-value deals in progress. And they are in K-12, government and professional accreditation, so very much in line with the strategy of the organization. Then moving on to the next slide. One of the updates I have been providing to the market in my last few updates is about capability building, going to market to ensure that we actually have the right experienced executive leaders with a deep expertise to help us deliver on our transformation strategy. On that note, really, really pleased to let you know that our new Chief Technology and Product Officer, Simon Martin, has joined. He's been with us now since end of January. He's a highly experienced product and technology leader who will be driving our product and technology innovation, making sure our platform continues to be best in class. And we are making sure that our product and technology becomes a source of competitive advantage for our business and accelerates growth. And again, he's a very highly experienced EdTech leader from our industry; been there, done that, so very excited to have Simon with us. Similarly, also very pleased to let you know that our Chief Growth Officer has been appointed. And the CGO will join us by end of April, early May. And I hope I'll be able to announce the name in the next -- hopefully, in the next couple of weeks but, again, very excited because the CGO is a highly experienced EdTech and assessment leader from our sector, has experience and a track record of taking a product to market right from your go-to-market market entry, to actually dislodging incumbent competitors and gaining market leadership position as a latecomer to the market, so has some solid experiences in our industry, which is going to be critical for strengthening our customer engagement and retention while unlocking new growth opportunities. In addition, of course, you may have read the update today, this morning, from Janison that we also are very, very excited to appoint Jodie Baker as our new nonexecutive director. And as the communication shared by our Chair in past communications, this is very much part of our Board renewal process whereby Mike, after an exceptional tenure and amazing contribution, is retiring. And Jodie will take over his position as a Chair of the ARC. And Jodie has got exceptional and -- track record of over 30 years both as a leader as a CEO and managing director position but also in terms of a Board position leading audit and risk functions in large organizations; and big experience in investment banking, stock broking and the fintech sector. So very excited to have Jodie onboard. And a huge, huge thank you to Mike for his amazing contribution to the organization as -- since the organization was listed in the ASX in 2017. And finally going on to my last slide. This is very much the outlook. And as we can see, the theme remains unchanged. The theme for our organization growth and transformation and sustainable growth is all about continue focusing that laser sharp focus and investment on growth, keep innovating given that we are in a space where innovation is moving fast. It's a great opportunity for our organization. And also continue focusing on market expansion. So I think we are pleased that we have built that pipeline, but we are not going to rest at $16 million. We're going to continue building the pipeline, with a huge focus on creating conversion. We are also going to keep exploring new opportunities for giving greater value to our customers and thereby generating greater revenue, like the new ICAS all stars, but doing all of that in a manner that we are also kind of managing our costs effectively. Secondly, I think, as you know, we are -- our AI innovation is progressing very fast given that we are now -- our AI platform for item development is operational in just 6 months. So that work continues. And also I think we are looking at further expanding that platform, trialing with customers and commercializing, but our AI platform vision is global. And what we are looking at is multilingual capabilities that will ensure international reach and adoption. And finally, of course, our focus is on that optimized operations and strategic leadership, making sure that we are making that disciplined investment in growth and innovation, maintaining a strong financial position, now that I -- we finally have the full set of executive leadership team, ensuring that we work collectively as a team to ensure that we are taking the organization to this next level of growth and transformation, all supported by the -- our advisory committee members who will be working with us in expanding our market and raising our brand profile. So in conclusion. Given the work that has happened in the last 6 months in terms of our cost reshaping, prudent management, investment in growth, innovation, capability building, pipeline building and the results that we have delivered in the middle of the year of a very transformational year where we've been through major cost reshaping, I'm very confident and really excited that Janison is very well positioned for sustained growth, innovation and global market expansion. And that brings us to the end of our market update. I just want to say thank you to all of you for your support for Janison. And I want to say thank -- a huge thank you from myself and from the whole team at Janison. And on that note, we've got half an hour left, so very, very happy to take any questions.

Okay, thank you, Sujata and Stuart.

We have a number of questions that have come through the Q&A facility. And what I might do is summarize a few of them because there are some themes that are coming through. The first one goes to the pipeline and the rate at which it's going to be converted, where those projects are located and prospective customer wins. We're obviously limited around the outlook statements that we can provide, but Sujata, would you like to go into a bit more detail just around how you see that unfolding?

I think we can't share too much in terms of information of the names of clients given that it's commercially sensitive information, but what I can tell you is that it's a mix of geographies which are very much aligned to our strategy. So we are looking at opportunities in Australia and in the Asia Pacific region, but likewise, we are also looking in U.K. and surround as well. They are typically large platform deals and they're at various stages of conversion. And given that, as I mentioned earlier, typically conversion takes about 12 to 18 months, but we are doing everything possible to see whether we can bring in some of the conversions earlier, so -- and what our focus is: Our focus is dual. I know, as leaders, we have to be ambidextrous, so while we are focusing on converting, we are also looking at focusing on building the pipeline at the same time, while we are also kind of looking after our customers to ensure that we have good customer retention and satisfaction with our existing customers. So very much typical sales lingo. We are kind of -- our team. I think we've restructured our sales and commercial team to ensure that they're divided up into, apologies for the poor lingo, but hunters and farmers, right, people who are looking after our customers, people who are growing and building our customer base. At this point, hopefully, that gives you a kind of flavor of what we are focusing on, but I hope we can announce -- as we progress through the financial year, hopefully, I can throw a bit more color into this.

Two questions for Stuart, I suspect. The first one was the 2 transitional clients. What happened to those? And the following one is what -- how much of the New South Wales Department of Education contract is represented in revenue.

Good question. Thanks, Steve. The 2 contracts that were ended at the end of FY '24, 1 was one in Singapore, a large client of ours. I think, back in FY '20, so almost 4 -- 5 years ago now, they signaled they were looking for a bespoke platform. And we chose, we made the decision not to tender for that business. Basically it would have sent us down a very complex path of building another bespoke branch of what we currently have, whereas we were on a path and where we've got to now today, which is to consolidate all branches and we have one standardized product that we sell as our Janison assessment platform. So that was the first one. And the other one was with British Council. And it was just a tender process that we came away with -- well, it was awarded to someone else at renewal. And that was again, I think, 3, 4 years ago. So I think 1 sort of not so regrettable and another 1 that was potentially could have been a continued client that we could have renewed, but I think the key point there is that just the length of time it took. And it kind of talks to the stickiness and the complexity of transitioning away. So both contracts took up to 4 years to actually wind off entirely. In terms of the Department of Education, I don't actually have the numbers to hand of how much we recognized, but it would be in the several millions of dollars already, for the Department of Education. And we've gone through a sort of process of readiness this year. So this is our first year of delivering the event, in Q2. And yes, there's been revenue associated with content development and the preparation and the platform development for getting ready for that digital event this year. So yes, several million dollars.

Okay, we might circle back up on that one. A few questions on OpEx and the outlook for costs. And in particular, "Is your focus on maintaining margins and cash generation constraining your growth? Do you have sufficient staff to tackle the pipeline that's in front of you?"

[indiscernible] answer? Yes, yes.

Yes. Good question...

The answer is, I think, yes. I think the whole focus is, I think, we want to make sure as -- at least in FY '25, we want to make sure that we are investing in growth where the growth is going to give us the maximum returns. And that's the reason, if you can see, that we are actually investing in building the capabilities, having the right exec team. In addition, we are also investing in AI and technology. And as I think Stuart mentioned as part of the financial update, what you'll notice is that, despite going through a cost reshaping, we are actually not -- we are not reducing investment in areas like capability building, technology, innovation, pipeline building in terms of sales and commercial activities because these are the areas which are critical for the ongoing growth and success of the business and to deliver the accelerated growth, but for the organization, what we are finding is that we are finding the opportunities for cost reshaping for greater efficiencies. And that's -- and AI is playing a huge role in that. So in other words, I think what really pleases me is that -- what the team has been able to demonstrate is that we should be -- we have been able to do the very, very difficult task of actually growing your top line; investing; improving your EBITDA, maintaining your cash flow, if not improving it, while actually not compromising the investments necessary for the growth and transformation of this business. So of course, I think we have today many movable parts out here. And we're keeping a close eye on all, but at this point, I think we are very pleased that we are doing what we said we will do, which is we will transform the business in a manner the business is also moving forward. And as Stuart shared in the financial update, I think our balance sheet and our cash flow position demonstrate that. And we'll continue monitoring very vigilantly and giving updates to the market.

I think just to add to that as well.

Yes.

I mean we probably do have capacity for a lot more growth in the existing team, but we are -- we've been sort of very strategic and -- through things like the advisory committee, which is enabling us to really access and be introduced to clients all around the world at a very low cost. So we're doing things. And also, through the efficiency improvement and cost reshaping that we've done in Q1, that's given us the headroom to actually reinvest back into those areas that we need to grow in.

Exactly. And I think Stuart saying that reminded me that, my last experience of 11 years as the founding CEO of OET, that's exactly what we did, right? We built a business in -- of nearly $130 million in revenue, if not upwards, through your own investments. So what we did is we just reinvestment -- reinvested the profit back to the business in a manner that we are also giving some profits back to the shareholders of the business. And my learning from that exercise is that -- it's that it is possible. It is possible to -- actually to be highly creative, be highly agile, be highly innovative. And lots of money and lots of people is sometimes not the answer to growth. And sometimes I think -- so I'm very, very comfortable, having done this before in my last job, of being able to deliver exceptional results with limited resources, in which in my experience actually also brings out the best in your people in terms of that creativity and innovation. [Technical Difficulty] Sorry. We're just having a technical problem, but give us 2 seconds. We are going to take over the questions...

I think perhaps just ask [indiscernible]...

Yes.

Okay, perfect.

Would anyone like to ask a question? So feel free to ask. I'm just going to go through the Q&A. Give me 2 seconds.

I've been through the Q&A. I think that we've largely resolved...

We've resolved what was there, okay, all right, yes, but happy to wait for a couple of seconds if anyone wants to ask a question now. Okay, I think, on that note, just want to say thank you very much for attending our half yearly update today. And any other further questions, please feel free to drop either Steven (sic) [ Steve ] Loxton, myself or Stuart Halls an e-mail. We'll be very happy to answer the questions. And otherwise, we'll meet you at the next market update, but thank you very much for your support.

Goodbye.