Pureprofile Ltd (PPL.AX) Earnings Call Transcript & Summary

Good morning, and welcome to Pureprofile's quarterly business update for the 3 months ended the 31st of December 2025. My name is George Kopsiaftis, and I'll be your moderator for today. With us today, we have Chief Executive Officer, Martin Filz. Good morning, Martin.

Good morning, George.

And Chief Financial Officer, Melinda Sheppard. Good morning, Melinda.

Good morning, George.

So the format for today is for Martin and Melinda to spend around 25 minutes discussing the results. This will be followed by a question-and-answer session with the aim to finish at approximately 11:45 a.m. If you'd like to ask a question, please click on the Q&A tab in the ribbon below and type your question into the box. This briefing will be recorded and will be available on Pureprofile's website over the next few days. With the housekeeping out of the way. I'd now like to hand it over to Martin and Melinda to get us started.

Great. And thank you very much, George, and thank you very much for everybody for joining this update, which we're really excited to give talking about half 1 and quarter 2. And so with that, I will hand over to Mel, who's going to do a bit of a summary.

Great. Thank you so much, Martin. So I have the pleasure of sort of going through our high-level achievements, and then I'll come back and talk to you through the financial slides. First thing I just want to point out is these are our preliminary and unaudited results. We will be putting out our audited results towards the end of February, where you'll see our profit and our cash flow numbers in those results there. So we had another record half which is very exciting for us. And importantly, what you saw -- the results that you saw in the first quarter of the year have sort of been mirrored in the second quarter and for the half with our rest of world geography up 30% on the prior period. And that has led to us upgrading our revenue guidance, which I'll talk through a little bit later on, which we were really thrilled to be able to do, and we'll keep upgrading or reiterating our guidance throughout the rest of the financial year. So we had record revenue of $33 million, which was up 14% on the prior comparable period and demonstrates that we've also had double-digit growth over the last 5 years with a CAGR of 22%. So the consistency of the financial results has been maintained for well over 5 years now. We also had strong EBITDA growth of 14%, up to $3.8 million, and our margins were sustained 11% EBITDA margin. And that's predominantly because we're continuing to invest. We really want to continue to grow our revenue, and we're investing and I'll talk through some of the investment initiatives when I get back to the financial slides. As we talked about in Q1, the rest of the world revenue surpassed ANZ in half 1, which was a huge milestone for us and something that we're really heavily focused on with our corporate strategy of growing globally over the last couple of years. So as I said, Rest of World revenue was up 30% and that was $16.8 million. And we've delivered 5-year CAGR of 38% across that region. So strong growth year after year. We have much more modest growth in our ANZ business, in line with what you saw in the first quarter of the year. And so that increased 2% up to 16.5%. Last year was obviously a much stronger growth because it was the first year of our i-Link acquisition. But our ANZ business remains stable and profitable. You've seen continued acceleration in our platform revenue, which was up 54% on the prior period. And normally, our top 25 client revenue increased 23%. So our top clients are growing faster than the total revenue growth. And we're seeing a quite a jump up in new client numbers, particularly in regions outside of Australia. And our recurring annuity revenues jumped up to 14.1% over the last 12 months. So last quarter, it was $13.9 million. And we were recognized for the second year in a row as the Research Partner of the Year from the Research Society awards in Australia, which we were very proud to receive 2 years in a row for this new award. And I'm going to hand back to Martin, and I'll talk back in a sec.

Sorry, I was on mute, and you will see we just started using Zoom, et cetera. So thank you very much, Mel, and thank you for the update. I'll go through a few slides and then we'll get back to finances with Mel again. So for those of you who don't know, Pureprofile. We're a global data and insights company. So what that means is businesses, political parties, universities, have business questions. They want to understand their audiences, their clients, competitive clients, their voters, whatever, and they need to analyze data to get the answers. Should I launch this new product? What is the price point? Does this new policy work? Should -- does this advertising campaign work. I'll myriad other questions that businesses and organizations have that they need answer so they can move forward. And we do that by having access to millions of people around the world and either we can run online surveys to those millions of people around the world or we gather data from those people around the world that, again, organizations can access to get the answers to questions. So we give answers to business questions that enable them to make better decisions. So that's what we do, and we do that around the world. An actual fact, in the last 12 months, we did that in 112 countries. And from our 14 offices that we now have and we have hub head offices in Sydney. We have a hub in Southeast Asia in Singapore, hub in London, U.K. and a hub in Netherlands, in Amsterdam. And from there, we manage all of the other offices and as I said clients in 112 countries. We now have 962 clients around the world. So getting close to the 1,000 mark. They are supported by 260 staff, of which about 50% are based in India and the Philippines. Who are our offshoring center, ensuring that we have true 24/7 support and delivery for clients. And half 1 revenue, as Mel touched on $33.3 million. What's a couple of important things to pull out of that. Our platform revenue is $9.4 million, so up 54%. And that is through our new tools as well as we rolled out a new global platform, which gives end-to-end automation from partners through to clients and through our systems. So we've seen a lift because of the enhancements that we did at the end of last financial year. And then also, as Mel pointed out, $14.1 million now in annuity revenue. So that's long-term contracts that could be the clients signing up to our SaaS product. So that's 12-month contracts and regular monthly income or that's long-term ad-hoc projects with clients and they could be trackers or long-term studies that could be anywhere between 1 and 3 years in those studies. So this slide looking really healthy and really pleased that we're seeing that global expansion now. And 5.5 years ago, we put together this strategy, and that's still the strategy that we live to today, which is number one, be a global company. And we've gone from about 5.5 years ago, around 76% of revenue came from ANZ to now just under 50% comes from ANZ, so being truly global, having ensuring our processes, systems, the way a client accesses, Pureprofile or a team member access Pureprofile is exactly the same whether they are in Jakarta or in London or in Berlin or wherever they are. So they're having true global systems and being a true global company, and we've certainly achieved that now. Technology and AI. So again, 5.5 years ago, platform revenue was 0 of our revenue, and now it's sort of getting close to -- or it's better than 25% of our revenue from 0. And why is that important because it's at a higher margin, it allows better scalability. It allows us to work with clients who want to utilize platform instead of ad-hoc systems, it's less of a reliance on team members to deliver all projects whereas they can just focus on high consultancy level projects where the -- and work is appreciated by clients. So technology really important, and we're seeing that come through, especially on platform. And then later in the last couple of years, you've seen AI come to the fore. And AI is used in our organization in several ways, and we've rolled out a number of AI translations, AI coding, AI linked testing and a number of other solutions. And basically, that allows us, one, to be more efficient. But actually, for clients, the benefit is it allows us to be much faster for delivery. So again, makes us more sticky for clients. Clients -- more clients coming to us because we're seen now just not just as a high-quality provider and partner, but we're actually seen as a fast provider and partner as well. So it brings in new clients as well as efficiency is the way it's working for us. And then doubling down on data and insights. So being seeing 25 years last year, we're now a 26-year-old company. So that focusing on access to millions of people around the world, being a true data and insights company, and then with various solutions insights creates Audience Builder, Audience Intelligence, Datarubico, et cetera, allows us to be seen as a true global leader in that space. So same strategy and it's really coming to the format. Why is global important? Because $142 billion industry, of which 54% of that industry comes out of the U.S. and 24% of that industry or market share of wallet comes out of Europe. So where you've seen that CAGR growth is because -- is particularly in Rest of the World and why our focus is on global is because that's actually where the share of wallet is. So everything that has made us #1 in Australia, and it's the same global competitors that we have in Australia that we have in the U.S. and we have in Europe. We beat them in Australia. And now we roll out that high-quality data, high-quality service, high-quality tools into the rest of the world. And we're seeing that we're winning the share of wallet there as well, and that's particularly accelerating our growth. And then talked about a few already artificial intelligence solutions. And what I didn't touch on is also client-facing solutions, we now have some AI skin, if you like, features on top of some of our data products, that allow our clients to go into their data solutions and use natural language searches, what you're used to in Chat GPT or Cloud or whichever tool you use to actually access data. So it's much more intuitive, again, faster and it allows them to get insights quicker, to deliver answers perhaps for their clients if they're a research agency or direct to the client. And growth journey you're well aware of it. We've had 3 distinct phases. Phase 1 was company restructured back in financial year '21. We did a capital raise to debt-to-equity swap that we needed to do, restructure of the team that we did. Then '22 to '24 was a focus on building out the company. So ensuring that we have true global systems, investing in the company around people as well as tools as well as data points. And during that time, we also had a lot of very strong growth over those 3 years. And that culminated at the end of financial year '24 with launching Datarubico. So that was really launching our core tools, the platform -- new platform tools that allowed us to open up to new clients and scale with new clients. And then the focus, '25 to '27 is really ensuring that we leverage everything that we've built over the last 3 years and see that increase in margins that we're forecasting for this year, full year margins and also double down and continue that growth that we're seeing. So it's really leveraging that growth, and we're now into that third phase of our business where we realize investments that we made over the last few years, whilst continuing to invest, and we are strongly investing in that Rest of the World business to keep feeding into that CAGR growth. For the remainder of '26, so going to happy new year to everybody went out at the end of January, we're nearly there for the full financial year. But what is our focus, continue to grow that client base and that's both to the new clients. I think last financial year, we added 135 new clients. So a client typically comes on board, and we maybe get 10% to 20% of their share of wallet spend. And then over the next 2 years, we see that increase to whatever maximum amount that they give. Sometimes it's 100% their share of wallet because they only have 1 data and insight supplier sometimes it's 50% with 2, et cetera. But we see those 135 clients that we signed last year, added last year that share of wallet increase. Also adding new clients with all of the activities that we have as a business, both marketing and direct salespeople. So keep driving that growth. Improve our margins, so increased platform revenue from managed service, that increases margin, more automated solutions, as I talked about, some of those AI solutions, some solutions that we've built that aren't just AI and also streamlining our ways of working. So seeing the ratio of salaries to revenue continue to decline as for the businesses would become more efficient and would become more technology focused as a business and see operating leverage. Data and insights, we launched Datarubico as I said. And so it's delivering more clients through Datarubico and the various offerings that it has. And then U.K. and U.S. focused where we continue to invest and where you can see the particular growth coming from. On the right-hand side, technology and AI continue to roll out new solutions, new tools. We're not standing still at all. I think we've got 4 or 5 new internal and external tools slated for this 6 months that will bring us more self-service clients it will bring us more clients from client-facing solutions and internal processes. And then continues to deliver globally. And that might be doing more trade shows up in marketing, advertising, et cetera, that we do. But again, all within the current spend that we have as an organization. So we're not increasing our percentage of marketing spend across the organization. So therefore, again, we're seeing operating leverage while still increasing global business, et cetera. And additional objectives. So one of the things that we talked about financial year '26 was international revenue overtaking ANZ, that's now occurred and will stay in place. So we'll see that through [indiscernible] '27 doubling our U.K. business and tripling our U.S. business organically. That's with our acquisitions. And that will mean Rest of the World continues to accelerate away from ANZ due to the growth and increased share of wallet, not due to the performance of the ANZ business. Product expansion, so again, triple the platform business revenue. I think we're seeing 64% in the 6 months, which is fantastic. So we'll continue to focus on bringing on new clients and bringing on features that increases that platform revenue, increase net uptake, as I said. And also another area that we're putting focus within and I've got some people looking at this is being a source of data within the AI space, so delivering to LLMs. We're getting our name across in that space at the moment. We've got some toes in the water, where people are trying us out. We haven't got any meaningful revenue coming into that space yet. And because we're not recognized in that space, but that's coming. It's occurring. We're having the conversations. And again, that could be a step change for the business. And we've talked about this before, looking at mergers and acquisitions. We made i-Link acquisition now back at the beginning of '25, that came through. And so we're identifying especially in the U.S. and potentially the U.K. Acquisitions, looking at [ DD ] perhaps looking at high-level analysis of companies where we can see that instead of just tripling the U.S. business organically, we can see a step change through acquisition. We're being very cautious about that, as you can imagine that we have been because that's how we've run the business for the last 5.5 years. So continually to analyze and identify different mergers and acquisitions. And then on the right-hand side, focus on increasing margins, improving margins. So KPIs, as I said, the ratio salaries to revenue, reducing that, continues to reduce that where we use third-party data doing that more efficiently now through our 100% through our platform and where we see also scale of pricing, et cetera, come through and through all of our areas of technology, internal and external. So yes, that's a focus on what we're looking at. That hasn't changed from when we last presented this at the AGM, and it's just to refresh everybody. And then through innovation, as I said, a number of AI solutions, platform solutions and also how clients access our tools now. We've centralized everything through what we call the hub so clients log in through core system, and then they see everything that we offer, all of their data, all of the tools that they can use, and it makes it much more efficient for clients, and it also makes it easier for us to cross-sell and upsell other tools that we run. New solutions is just again a summary of the AGM slide. So why do we have new solutions? It allows us to scale with clients, it allows us to deliver to a wider base of clients at a higher volume without needing to add people and it allows us as an organization to really take it to the big global competitors who have had these tools for a while now. And we, as a challenger brand in some of these markets, as I said, we're #1 in Australia, but a challenger brand in other markets. Were up to come with fresher technology, newer technology and a more modern way of thinking, which is really appealing to clients. Product strategy, AI acceleration. And we've built a product innovation team which allows us to really be product-led as a company, which is really important for organizations today in the technology space. It allows us to be leaders of thought leadership, one of the reasons why we again won that Research Partner of the Year Award from the Research Society was by being a thought leader as well as services that we do to clients. And also, we're seeing the client journey change as clients start to use AI as clients use more technology, they're actually changing the way they work with companies. It's becoming much more automated. So it's important that we respond and enable clients to work with us in different ways. They can API directly into our data computer to computer if they want to. They can use our self-service SaaS tools if they want to. They can access our data solutions through AI or through our SaaS tools if they want to or they can come to us through a managed service. So we now have no barrier of a client coming to work with us in whichever way suits their business. AI allows us to be faster. It also improves the quality of our insights and ultimately, it allows us to be more efficient internally and as I said before, faster for client delivery. We've got an evolving journey, which I talked to. And so we've got social insights today as a company. So rather than just surveys. Clients come to us just purely looking at what are 100 million people saying around the world on Reddit or on LinkedIn or on Meta, et cetera, to enable them to start to think about some initial answers to the client problem that may then follow up in deeper analysis of first-party data or running a survey. We do things like message testing, where we had now synthetic respondents that clients can come and they can test advertising campaigns that might have before taken them days or perhaps weeks to test, that can now happen in hours through our historic data we've built synthetic audiences and respondents to give answers. And we have the DIY tools. We have video surveys. So I can go and do qual research, qualitative research, deep dive and instead of asking 1,000 people something or analyzing 100 million people, what they're saying in certain platforms, I might want to deep dive within 100 people and understand actually their views on my brand, my product policy. Conversational AI. So again, it allows clients to ask questions to our audiences in a way that is much more natural and makes sense, so they get better, richer responses. And actually, our audiences are much happier doing that and they feel much more engaged and rewarded. We have synthetic responses. So again, new clients can come to us, but they might not want to run surveys, but they might want to see what people might say in certain scenarios, we can do that. And then we have automated way to working. What's interesting about our AI solutions, and we're the only company that I know that does this in our space. All of our AI products that we use internally, we make those also available to our clients through the hub. So again, it's another point of stickiness and a client can use our link testing or our AI coding, the tools that we use for efficiency, if they're a client of ours that can use those as well. So it in turn, allows them to be much more efficient. And again, stands aside from the competition and being seen much more as a partner. And then the big solution that we launched at the end of last year is our Datarubico tool has 2 main solutions. One is it allows clients to do DIY surveys similar to as, you might go to SurveyMonkey or something for as you may know. But in addition, it allows clients to have direct access to our audiences through whatever tool that they have. So really, the audience access gives us scale and scalability with clients who are using their own tools that we didn't have access to before. Insights creator gives us access to clients who prefer to use tools where they can build their own surveys. They might have used Qualtrics or they might if you SurveyMonkey or Google or whatever it was. Now they can use Datarubico. And there was a quick summary. And with that, I am going to hand over to Mel who will talk about financials a bit.

Thank you, Martin. So as I said in the summary slide upfront, record half 1 revenue and EBITDA for half 1. So growth of 33 -- sorry, $33.3 million, up 14% and EBITDA up 14% with margin broadly in line with last year. Our ANZ business grew 2%. Our rest of the world business grew 30%, and our platform revenue grew 54%. When we put out our audited results at the end of February, we'll get a more detailed look at the expenses. And there's a couple of things I just want to call out. First is that you'll notice that our growth in salary and wages is actually a lot lower than the revenue growth, and that's something that's the first time that we've sort of shown that growth in salary and wages is significantly below the revenue growth. And that's really a result of upfront when Martin was talking about some of these tools that we've implemented internally that will make us more efficient. We're starting to see the real benefits of those now with regards to slowing down the hiring of a lot of our ops team that we may have previously had to do to generate the 30% revenue in the rest of the world. Where we have invested during the half year is in marketing. So we're starting to attend a lot more conferences outside of Australia, in Singapore and Europe, in the U.S., the U.K. That's really an important part of us getting our brand out there is being on the ground and meeting with clients, et cetera. So you'll see a little bit of an investment in there when we talk about our investment for growth. We had a small FX loss of $83,000 for half 1. If you -- we're here sitting here 12 months ago, we actually had quite a large FX gain last year. So we've gone from a quite a big gain to a loss this year and still maintained our margins. So that's sort of part of the story. You'll see that when you look at the half 1 audited results. We have invested in new heads even with the smaller growth in headcount, we've hired 4 new senior sales leaders outside of Australia, 1 in Singapore, 2 in the U.K. and 1 in Europe. And that will help us to continue to see that growth level that you're seeing outside of Australia. When you see the audited results, you'll also start to see that we are now in a taxpaying position in Australia. We've utilized all our tax losses. So you'll see a tax expense on the P&L, whereas previously you might have seen a small credit there or a very small amount of tax expense when we were been paying tax in New Zealand. So -- and then from a cash flow perspective, obviously, we've been operating and cash flow positive for quite some time now. Typically, half 1 cash flow is not as strong as half 2. Half 2 is much stronger because we have typically a very strong Q2, which we've seen here, cash receipts will flow into the first quarter of calendar year '26. So all in all, a pretty pleasing result. We're very thrilled with our results in half 1. And if you can just go on to the next slide. So just some trends here. You can see our revenue starting going back 6 years, half 1 revenue of '21 of $12.1 million, now we're at $33 million. So that consistent growth over the last years with 22% CAGR. And then as we called out our ANZ -- sorry, our Rest of World revenues overtaken. It's slightly higher, whilst it's at 50% than ANZ. And predominantly part of -- after Q1, I think it was 51% to 49%. ANZ had a slightly stronger quarter for half -- Q2, which is why it's gone more 50-50. If you want to go to the next slide. Again, the trends that you've seen for the last couple of years. Obviously, ANZ revenue growth has been lower but still at 14% CAGR over the last 5 years. And then the rest of the world revenue at 38%. Platform revenue, 84% CAGR and EBITDA growth of 24% over the last couple of years as well. If you go to the next slide, please. So quarter 2 was again a record quarter. As I said, quarter 2 and quarter 4 are typically the strongest revenue quarters for the year. Typically, Q3 is a softer quarter because of the seasonality of the Australian business. However, given our Rest of World revenue is growing strongly, we're going to start to see that change a little bit. So typically, Q3 last financial year, the margin was 5%. What you will see for Q3 this financial year will be more like 7% to 8%. And that's because we are starting to see that growth out of Australia, which will mean the seasonality will start to smooth out over the next couple of years as we continue on that trajectory. So the revenue growth was 13% for Q2 at $17.3 million EBITDA of $1.9 million, 13% growth in EBITDA again and margin was flat with last year. ANZ revenue was 3% for the quarter, which was slightly stronger than the first quarter's revenue. And then the Rest of the World revenue was 25%, up at $8.7 million, so slightly more than the ANZ business and platform revenue was $5.1 million at 62% growth. So all the metrics are going in the right direction and continue to show the trends that you've seen over the last 5 years. If you want to go into the next slide. And again, these are just, again, these are trends that you've seen year after year, consistently. The only thing that I'll call out on the EBITDA one was why it was FY quarter 2 FY '24 down, and that was the year that we changed our short-term incentive from equity to a cash-based STI, which obviously hits the P&L as an operating expense. So that's why that will dip down in that financial year versus the STI being through the P&L under share-based payments, which are excluded from EBITDA. And I think that's it for me -- oh no, sorry, the most important slide. So we have upgraded our guidance as we did in the same quarter last year. So we typically have a much wider range at the start of the year when we put our guidance out at the AGM. And then as we go through the year, we will refine that financial guidance because we had such a strong Q2, we are very comfortable upgrading the revenue guidance, which was previously at $63 million to $64 million to $64 million to $65 million. We've kept the EBITDA margin unchanged from 10% to 11%. And then as I said, as we go through the rest of the financial year, we'll refine that guidance so that you get a better idea of where we'll complete the year. So obviously, this is based on our current expectations of the business, what we're seeing from a trend perspective and obviously, will be dependent on the global macroeconomic conditions through the next financial year. And I think that's it for me. So I'll hand back to Martin, just to summarize everything.

Yes. Thank you very much, Mel. Yes, we are delighted with the results. And as Mel said, the trends that we've seen over the last 5.5 years are really coming to fruition in the business now. So seeing that operating leverage, so guidance is saying 10% to 11%. That's up from 8% to 9% last year and so that will see the margin expansion we've talked about. Rest of the World now increasing over ANZ. So we start to reflect that 30% plus average CAGR growth that we've seen as an organization. We smooth out quarter 3, Northern Hemisphere doesn't have such time off that we have in the summer in Australia. So as Mel said, we go from 5% to 7% to 8% EBITDA, which gives us much better EBITDA for the second half of the year, hence, why we were able to say, 10% to 11%. Operating leverage, we're starting to see to come through. Our core costs haven't and don't increase as a business as we increase the revenue line, head office costs, infrastructure costs, et cetera. So that operating leverage comes through. And then as we add more technology and we add automation, it's at a higher margin, and we're seeing now that gap between salaries and revenue growth, which we hadn't seen as an organization for the previous 5 years. So all of those trends are now starting to pay off an organization. So we've upgraded our revenue guidance, as we said, EBITDA growth strong because of really focus on cost management and automation. Rest of the World, where we've seen all of that investment or core investment going, adding senior people, marketing events, et cetera. We see that coming through and continue to come through in that 30% growth. Platform, that new Datarubico release that we did at the end of financial year '25. We're now seeing that come through as platform revenue growth, both automation for clients as well as some take-up from new clients of the tools. And we continue to do all of this, all of this growth while still having a focus on delivery to clients, we -- and also our team members. So we're not buying revenue. And that growth we see with the margin expansion and also we're not compromising at all our service delivery to clients as we increase the number of clients we have and revenue we have. So it's a really, really well-run business delivering to clients and delivering for growth. And so thank you all, and with that, I'm going to hand back to George.

All right. Thank you, Martin. Thank you, Mel. Just that we're at the time, hopefully, we can go past 11:45 in trying to answer these questions. So I want to get started straight away. How big a threat in answering these business questions are the global AI players?

That's a really good question. The global AI players don't have access to first-party data. So it's a threat and an opportunity, if you like. So some of the solutions that we've launched synthetic data, for example, answering business question in a different way, are to allow us to play in the new spaces world that some of the AI players play in. And in addition, as I said, they have challenges. And their biggest challenge is 50% of all online data, online data that they're gathering is actually from bots. 50% of all access to -- if I've gone to publishing sites, if I go to the big social media sites is bots. It's not real people. So these AI engines are actually taking in all of this bot traffic as well as real traffic, and they don't know which is which. So their answers become less accurate. In addition, they're now taking in their own data, which has been available in the Internet for a few years. And so they're taking in their own answers and their own data as well as bots. So coming to first-party audiences, where we're fresh and true source of consumers, et cetera, views is more and more important. So it's a big, big opportunity for us firstly. The second point to that question is, if I was a top 3 organization in the U.S. or U.K. like I'm top 3 in Australia, I would be -- answer this question differently and would put more of an onus on how are the LLMs changing the insight space. I'm nowhere near a top 20 supplier, so my market share, the opportunity that I have to gain the market share in our traditional space, the ceiling is so high that I can just not bother with this new fangled technology and I could just carry on doing what Pureprofile has always been known for and continue to win market share and I don't mind what the LLMs are doing. And an actual fact, the 30% growth plus that you've seen across the rest of the world is from doing traditional work. We're winning traditional work from the sort of Top 5 suppliers. So I'm wearing 2 hats. I'm playing in the new space, doing well in Australia. The clients are enjoying us getting involved in new space and educating them. But my Rest of the World business is doing the traditional work where I'm winning the market share that isn't at all touched by new technology.

Thanks, Martin. Next question. Are you anticipating an additional further investment in platform? Or is that now largely done? Could you provide some additional color on the jump in platform revenue? Was this generated from Rest of World or ANZ clients? And should we anticipate that the first half platform revenue becomes a new base from which to grow?

So lots of questions in one. So I am gonna let Mel go first. She can answer some, and then I'll touch on a couple.

Yes. So the -- so our CapEx investment is broadly in line with what we've -- you've seen over the last couple of years. So typically, it ranges from about $2.2 million to $2.4 million each financial year. The first half of this year, our CapEx budget was about $1.2 million. We will continue to keep investing a similar amount each year, and that will predominantly be further enhancements of our platform solutions, ensuring that we've got more API connections between different parties, more enhancements in our own internal platforms to make sure that we continue to evolve and become more efficient over time. So I wouldn't expect a jump up in investment, but expect it to be flat. And that will also allow us to continue to be really innovative in this space. I think that's really important that we continue to add value to our clients. And as Martin talked about, when we were -- when he was going through the new solutions, that does open us -- these new platform products do open us up to new types of clients. And so we want to make sure that we are getting continued growth from platform across small, large clients, et cetera. And as what he said, being remaining innovative and AI first in this space as well.

Thanks, Mel. And to answer the other 2 questions that came in. Yes, we expect this to be the base that we now work from. And where have we seen most growth? It depends on what the solution is. So Australia and actually Southeast Asia have been -- have seen more success in selling the new Datarubico tools. So I've got more new license client licenses coming from Australia and Southeast Asia. And rest of U.K. and U.S. have benefited from that end-to-end automation. So -- and the majority of growth has come from the end-to-end automation from the U.S. and the U.K. clients. Both are at a higher margin. The U.S. and U.K. is a much greater number. So the majority of that growth has actually come from end-to-end automation in U.K. and U.S.