Pureprofile Ltd ($PPL)

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

Hi, George. Good morning and hello, everybody.

Good morning, everyone.

So the format for today is for Martin and Melinda to spend around 20 minutes discussing the result. This will be followed by a question and answer session. [Operator Instructions] As a reminder, this briefing is being recorded and will be available on Pureprofile's website. And with the housekeeping out of the way, I'd now like to hand you over to Martin and Melinda to get us started.

Thanks. Thank you very much, George. Look, I will get straight on and Mel is going to kick off with an executive summary of the business.

Okay. Thank you, Martin. Just a quick note that these results are preliminary and unaudited results. So just making sure that everyone is aware of that. So let's just sort of have a quick overview of what we delivered in our third quarter of this year. So we were really pleased with our performance for Q3 with revenue of $14.8 million, which was up 17% on the prior corresponding period. And really importantly, EBITDA was up 67% to $1 million for the quarter. So that translated into margin expansion to 7%. You might recall at the half year, we were indicating to our investors that we expected Q3 would be 7% margin. Last year, Q3 quarter was 5%. So it is reflecting the operating leverage that we now have in our business model as we continue to scale. From a more of a regional perspective, we had amazing performance across both the ANZ business and the rest of the world. ANZ delivered a really strong quarter, particularly in comparison to Q1 and Q2, growing 16%. And that was driven by our top clients in that region who had not only increased project volumes but also the value of what they spend the project with us, which was really exciting to see. At the same time, international business continued to show strong underlying demand. While the reported rest of the world growth was 17%, on a constant currency basis, it was close to 23%. So we did have a negative impact of FX in the quarter, and I'll talk a little bit more about that later on. We also continue to see strong traction in our Platform, with revenue up 100% year-on-year, and that was driven by increasing client adoption of our automated and API-enabled solutions. You're also aware that we strategically completed the acquisition of CRNRSTONE during the quarter. It completed on the 1st of March, which expands our capabilities into qualitative research. CRNRSTONE contributed around $200,000 of revenue in Q3. So mainly for just 1 month of March. We also did want to let you know that the integration progress -- process is progressing really well. The team has onboarded onto our operating framework and our ways of working already, which is fantastic. And we have now executed our go-to-market strategy for this business unit. The acquisition was funded from our existing cash reserves. We had a really strong quarter for operating cash flow, which was up 33%. We will talk more at the full year, obviously, around our cash balances at that point in time, but we did have a strong operating cash flow during the quarter, and that supported the $700,000 completion payment. And finally, we remain confident in our outlook, and we've reiterated our FY '26 guidance. And just one more final point is that we were recognized in the quarter as a top data quality company in our industry by Quirk's Magazine, which is a leading global publication for the market research industry. So I'll hand back to Martin, and then I'll come back when we get into the financial slides.

Thanks, Mel. So look for those who don't just a quick refresher, Pureprofile at a glance. So the first point here is we answer clients' businesses, governments, universities, et cetera, where they have questions that they need to be answered. So for example, at the moment, as we are all painfully aware, we have the Iran conflict. Change in the world, change in market, we see growth in the need for insights. So we're running a lot of studies and clients looking at data around electric vehicles. People changing their propensity for electric vehicles. Cost of living is going up. So we're running a lot of studies around companies maybe thinking about their health insurance or house insurance or mortgages. Are they looking to change, et cetera? And so those are the sort of drivers and examples -- some examples that we have coming through as a business. And for us, whenever there's change in marketplace, that's a good time because that changes the habit of consumers, that changes habits of businesses, and so organizations want to understand that. So that's what we do. So what have we done? We've recruited audiences around the world. So over 2 million people around the world, and we can immediately tap in to those millions of people to generate data. And that data can be generated by either running surveys at their time to understand that changes to purchasing electric vehicles. By the way, that's up 52%. And so that's one way of generate data. Another way we generate data is actually tracking behavior of individuals or spend of individuals and social media access, searches, comments on platforms, and clients directly dial in to that data. So we generate data from those millions of people. And then as said, we deliver the insight. So that's sort of a snapshot what Pureprofile does. Where do we do that? We do that with 966 clients around the world. Here, it's in over 112 countries in the last 12 months, with clients which out of our 14 offices globally. So we're a true global company. Today, as Mel talked about, quarter 3 revenue was at $14.8 million. Our Platform revenue is now up to approximately 30% of that. So as Mel pointed out, that drives efficiencies, drives the EBITDA and ultimately drives NPAT. So there is a push for us to move clients to our Platform infrastructure. And then around 30 -- sorry, around 25% of our annual revenue now is annuity revenue. And so that puts us in a really strong position that you're able to have a forecast of the 12 months and nice behavior of the 12 months as you move in. So truly, global established company with a nice spread of clients across countries. So back to Mel to talk about financial.

So just into a bit more detail around our financial performance. So as I mentioned at the start, our total revenue for the quarter was 14.8% -- sorry, $14.8 million, which was 17% up on the prior period, and that was due to the strong client demand across the ANZ and the international markets. Pleasingly, it continues a consistent track record of growth with our Q3 revenue, which has delivered a 5-year CAGR of 20% across obviously, those 5-year period, which is really demonstrating our ability to grow across varying market conditions. If we break that down, the ANZ revenue was $7.6 million, which was 16% up. The growth in the quarter, as I said, was driven by our top 10 clients who increased their revenue contribution by approximately about 48%. This was supported by both increased volumes, but as I said, higher average project values, which indicates that we were doing, we're doing more complex projects with these clients. So we see this as a really strong indicator of the depth and the quality of those client relationships. Our ANZ business continues to be a core and profitable market for Pureprofile, and it's delivered a 5-year CAGR of 14%, which highlights its consistent contribution to the group's performance. If I go to the rest of the world, the revenue was $7.2 million, up 17%. And this reflects strong underlying demand across the key markets such as the U.K. and the U.S. Now the reported growth for the quarter was impacted by foreign exchange movements, particularly across January and February. There was -- the U.S. dollar against the use dollar strengthened a little bit in the March month. But over the whole quarter, we were impacted. And that's predominantly because 53% of the rest of the world revenue is in U.S. dollars and then about 38% in pounds. And both of those were obviously weak against the Aussie dollar compared to the prior year. On a constant currency basis, the growth of the rest of the world revenue was approximately 23%, which better reflects the underlying momentum of this business unit. The strong results highlight the effectiveness of our growth strategy, and the rest of the world has delivered a 5-year CAGR of 30%. As I said upfront, also that we saw strong momentum in the Platform revenue with revenue increasing 100% to $4.4 million, which is a fantastic result also, and that was driven by expansion in API-driven integrations and growing client adoption of these automated delivery solutions, which is a key strategy for us. As Martin said, it's more efficient, it's more cost effective for us to deliver these solutions and products to our clients via our platform than via the managed service. On the profitability side, EBIT grew to 67% -- sorry, grew 67% to $1 million with the margin improving up 2 percentage points on the prior year, which is fantastic. So we not only had strong revenue growth, but we also had disciplined cost management for the quarter, which we sort of signaled at the half year as well. So our overall expense growth was contained to around 9% and salary growth has definitely moderated just to 2% for the quarter. And what's really important about this result also was it was achieved despite an FX loss of approximately $250,000 for the quarter, which really kind of underpins the strength in our earnings at the moment. So overall, this quarter reflects a strong combination of good top line growth and improving operating leverage for the quarter. Let's go to the next slide. So this really shows here from our total revenue, a really lovely long-term trajectory of our revenue growth over the last 5 years, which we think is really important to just remember where we've come from. You can see that we've grown from about $5.9 million in '21 up to $14.8 million. And as I said, the 5-year CAGR has been 20% over that period. So that demonstrates our ability to continue to grow across different market conditions. It has been -- like the markets have been really challenging over the last 5 years, and we've continued on that really smooth trajectory. And then if I look on the right, what's important here is the shift in the revenue mix. I know that for the first half of the year, the rest of the world overtook ANZ and that sort of shifted for this quarter, and that's predominantly because ANZ had such a strong quarter growth and then the rest of the world was impacted by the FX. but it really does reflect that the execution of our global strategy is really progressing well. But our ANZ business is an important part of what we do, and it's a profitable market for us. So we think that we've got a really good mix here. We'll continue to invest in the rest of the world and continue to see that strong growth rate. But at the same time, we are focused on remaining competitive in Australia and growing our profitability there. If you go to the next slide, Martin, please. So I won't talk to this too much. You can see the consistent trends that we've been showing quarter-on-quarter. And you can see the 5-year growth rates for all of the different key markets. So ANZ 14%, Rest of the world, 30% platform revenue over 5 years has been up 90% and then our EBITDA growth has been 27% up. So the 5 years. If we go to the next slide, we've included this one in to kind of show you what like the year-to-date tracking has been by the end of Q3 for all of the different markets. I do want to point out the EBITDA one. You can see in FY '24, it sort of jumped down a little bit to $2.9 million. For those of you that have been around for a while, that was predominantly when our short-term incentive program shifted from being equity-based to cash-based that had an impact because that impacted our operating expenses. But again, this shows exactly the same consistent trends for the full year. So the quarter was really no different to what you've been seeing other than the mix shift between ANZ and Rest of the World for that quarter. If you go into the next slide, please, Martin. So this is an important one, finally talking about our financial guidance. So yes, we obviously did have a very strong quarter for Q3 with continued momentum across the business. But we've chosen to reiterate our FY '26 guidance, the range of $64 million to $65 million in revenue and then 10% to 11% EBITDA margin. So, so far, we've delivered $48.1 million of that amount in revenue and $4.8 million of EBITDA. Typically, Q4 is one of our strongest quarters to give you an insight into the seasonality of the business. That said, we do remain quite mindful of the broader macroeconomic environment, particularly given the global nature of our business and our exposure to foreign currency movements. So while performance has been strong, we do think it's prudent for us to maintain this current guidance. So one other point I just wanted to touch on before I hand back to Martin is really around in relation to our debt facility. Just as a reminder, we have a $3 million debt facility in place with CBA, and that matures at the end of this financial year. We've obviously repaid quite a good portion of that facility to date, and we continue to manage it in line with our broader capital management. We are -- we have commenced reviewing our options for this facility, and we expect to provide an update to shareholders a part of the full year results. We are refinancing that loan at this point in time, and we are in a proactive process around that already. So we will continue to update you. And hopefully, we'll have that secured by the time that we get to the full year results. So overall, I'm really thrilled with the results for Q3. I think it's been a really strong quarter. Our teams have worked incredibly hard. Our ANZ team in particular. I think there's just -- they don't want the rest of the world to beat them. So there's a bit of healthy competition between the 2 regions. That's fantastic. And we believe that we're really well positioned for the final quarter of the year and then going into FY '27. So I'll hand back to Martin.

Thank you very much, indeed, Mel. So as hopefully, most are aware, we set about 5.5 years ago now a core strategy for the business that is the same one that is delivering the results today. So number one, truly be global. So exporting what at the time, 76% of our business was ANZ and actually doing what we really do well in the Rest of the world. So that's delivering high-quality data to a wide range of clients and doing it better than competitors do it, and that's what we continue to do. The second point is actually technologicalizing, adding technology across the business. And lately, in the last few years, that's been AI. And again, you can see the platform now being up to 30% of our business. That is actually what we're doing as an organization. And so that gives us the EBITDA margin. But importantly, that to clients gives them different options of how they work with Pureprofile. And also, it means that we're faster delivering to clients. So again, being better than competitors. And then finally, focusing just on data and insights. 5.5 years ago, we have some advertising agencies within the business. Today, it is just within data and insights. So being famous for one thing, focusing one thing and doing that as best as you can. So that core strategy is in place and continues to stay in place and is delivering for us. Why do we think about global? Think about global because we're a $142 billion market, 54% sits in the U.S. of that market and about 12% sits in the U.K. And as Mel pointed out, our largest growth areas are U.S. and U.K., and that's where we put a great deal of our proactive investment focus, new heads, marketing solutions, et cetera, while still, as Mel also pointed out, recognizing that ANZ is a cornerstone of our business, the large growth is coming out of the U.S. and U.K. today. So that's why we put a focus on being global. A bit of history of the company. So in 2021, we did the restructure of the organization. '22 to '24 was about rebuilding the company, investing back in technology, people, data assets around the world. And then '25 onwards is about kicking on really leveraging what we've built and seeing, again, that operating leverage come through as an organization. And that's what you can see coming through in the results now. And aspirationally, we talked about '26 and '27, driving growth, double the U.K. business, triple the U.S. business. That's what we're delivering as a company, and that's what we're doing. Product expansion, triple platform business revenue. As said today, that's 30% of our company. So we're on target to do that. Client-facing solutions, so ensuring launching new products such as social meaning, such as Datarubico, DIY, SaaS tools that gives clients a new option to work with Pureprofile, gives us scale on delivery in new markets as well as moving clients to new solutions and giving us a cross-sell opportunity. We're seeing that occur as a business and an important source of data within the AI space. So that's something that we're also starting to focus on and how can we deliver data to the AI community and LLMs. And actually, we've just literally just in the last week or so, started to receive our first tenders through from companies in that space. So it's a slower burn. It takes a bit longer to be known in markets that we're not known, but we've just started to see tenders through. So pleased with progress there. Mergers and acquisitions. Mel talked about CRNRSTONE that fits straight into the organization, gives us new facilities and types of research that we can offer to existing clients makes up about 20% of our industry. Our existing sales team, existing operations team are easily understand qualitative as opposed to quantitative research. So it's a natural fit for the company. And actually, we -- in addition, we've received -- in district working in ANZ, we've received inquiries from around the world from our clients about will we be adding those services in other markets. So that's a great thing to add. That's about 10% of the Australian annual revenue. So we talked about when we bought CRNRSTONE, that was approximately a $3 million business, so roughly about 10% of our Australian business. So that's a great step change for them as well as I said, additional services to clients. And then the other acquisition we made a year ago was i-Link. And i-Link again, brought in more market share similar to what we did as Pureprofile, so more market share, more people, data points, clients that we didn't work with before. That has again been a successful acquisition. And that added about 7% to the Australian revenue. So again, a nice step change to the Australian revenue, both of those acquisitions out of cash in bank that we had. So we've started to make acquisitions, and I see moving forward that continuing to be a part of the business now that we've got a couple of successful ones under our belt. Improving margins, you're seeing with 5% to 7% EBITDA margin in quarter 3. We're continually reducing costs across the business, focusing on sellers and contractors. So again, thinking about how we're rolling out AI, how we're using different processes within an organization like Pureprofile that's a growth company, top line growth touching on 20%, let alone bottom line growth store EBITDA 67%. But top line growth touching on 20%, we're a growth company. It means that we can grow without adding new heads. And we talked about that at the half year where we, throughout the first half, saw salaries growing at a lower percentage than our revenues growing. And that's because of the tools we've added, the internal improvements we've made as well as, as Mels pointed out, increasing our platform revenue. Reduced reliance on third parties. So again, increased your data assets, launched new panels in new markets. We're now -- we have panels in about countries around the world today and looking at new forms of data. So as I talked about, we launched synthetic audiences. We've launched social meaning audiences in addition to what we've been doing for 26 years now, which is surveys. And so we with clients are starting to use the new forms that they access data. And then processes and technology. So we announced at the beginning of this quarter that we've made a change in our team. Niamh Fitzpatrick, is now our CTO. She was -- She's ex Facebook and was our Head of Product. And as you see AI evolves, really what the product team is specifying out, is building MVP-type products. Actually, those can become products that you can launch in the market, solutions that you can launch straight to in the business. So we're seeing that closing of product to engineering with the evolution of AI. And so it made sense. Our Head of Product actually became a global CTO, so that we can be faster to the market with new products, faster internally with innovation. And it also meant that we're more efficient with teams and lowered headcounts in certain areas. So we're faster and also more efficient. So there are aspirational objectives, and we're hitting all of those. Really briefly, new solutions. Why do we do it? For clients, how can we be faster? How can we deliver more value? How can we be more cost-effective for clients? The second point is AI and technology enables you to be at a much higher quality solution and deliverable. Then if you have manual processes across the business, manual checks, et cetera, if you can automate that, you're a better company. So that is the second pillar. And then the third one is it enables us support scalability and expansion around the world, which you're seeing biggest growth coming out of U.S. and U.K. So that's why we do it. Product strategy, I said, AI, we're AI users, not an AI company. We have AI clients that are using our data. So AI acceleration enables us to do all of that faster. Product team and the product innovation team, as I said, we've now brought that together within engineering. means we're even faster and more efficient. Clients are changing the way they work with companies. So they want automation, whether it's through APIs, computer-to-computer conversation or SaaS type DIY solutions. So again, 3 years ago, we didn't really have those options for clients. We now do have those choices and clients are moving across to them. And we continue to be thought leaders, and that's called out with a couple of awards that we've won that organizations globally look to Pureprofile for feedback and input. And one of the other areas of thought leadership is our AI tools that we build are made publicly available to our clients through a central system that we have called The Hub. And so clients can benefit from innovation that we've done. And again, that makes us more sticky with clients. There's nobody else that I know of within our space is making their own internal solutions also available for clients to improve their business. A number of tools, whether it's around quality, whether it's around different ways of gathering data, whether it's around automation of the way that we work with clients or whether it's around chatbot efficiency, the way we communicate, it's about being faster, it's about being more efficient as a business. Clients, we're seeing that, as I said, evolving journey. They want to use automation. They want to use DIY. We've launched a couple of really cool solutions, which we -- that backbone platform is what we are also using as a company, which is driving a big part of that automation and efficiency and platform growth as a company. But it means that if I'm a third party, I can use a full DIY system now equivalent of SurveyMonkey or Qualtrics to build surveys and access Pureprofile data or if I want to use other people's tools, I can just link those directly to our data sources and just access audiences. So that gives clients different solutions versus just managed service where we have a number of people in offshore facilities to do that. So in summary, continued strong record-breaking growth. It was a record-breaking quarter 3 for us. So those strong '26 quarter 3 results underpinning our guidance that we've given and happy we're on track for that. EBITDA growth, 67%. As Mel pointed out, that came from the efficiencies that we got in the business and also some seasonality that we don't have in the Northern Hemisphere as rest of the world revenues grow as a company. CRNRSTONE acquisition that we made first month of that business, great to see the people in the teams. We've already got a large percentage of the integration completed. The rest will be completed during this quarter so that we kick off with a fully integrated business in 1st of July financial year '27. Qualitative capabilities, 20% of our industry. And as I said, worldwide, we're now seeing interest in that solution and interest for us rolling out into other markets. Platform revenue grew 100%. So that's a big part of the 67% growth that you saw in EBITDA, gives us scalability, allows us to work with new and larger clients as well. And we've done all of that whilst not compromising gross margin and not compromising delivery to clients. And we continue to win awards, and we just picked up another award this quarter, which is Top Data Quality Provider, which in our space is very important. So with that, thank you very much, and I'll hand back to George.

Great. Thank you, Martin. Thank you, Mel. We'll now move to the Q&A session. [Operator Instructions] First question, Congrats on platform sustaining high growth. Meanwhile, data and insight seems to be flat. Could you comment on the operational trend in data and insight in ANZ and Rest of World, maybe on the constant currency basis?

Do you want me to take that one?

Yes, you can start off.

Yes. So I mean, as we sort of talked through the presentation, a key sort of pillar of our strategy has been to shift clients on to more of our platform products. And that's predominantly because it actually helps improve our margin over time because it means that a lot of the revenue generation is actually automated. So whilst the managed service part of our business is obviously incredibly important, and we do know clients want to be asked to have an account manager that they can work with, and they want to have an ops person that's looking after their project. Some of them don't. They're actually really comfortable using the new technology solutions. And basically, that means that we don't need to have as bigger operations team as we scale, and that obviously will improve not so much our gross margin, because the cost of the operations team sits in our operating expenses, but it does help us expand from a margin -- an EBITDA margin expansion perspective. And at the start, when I talked a little bit about our expense growth moderating and particularly our salary costs moderating, that is a reflection of the fact that a lot of clients are starting to shift on more of these automated solutions, which is where the industry is going as well. So whilst you could say that the sort of managed services is more flat, it actually overall, that's a key part of our strategy, so -- of what we're trying to achieve at this point in time.

Yes. And just thanks. Just to add to that, just the use of language. So Platform is part of data and insights growth. So where we see U.S. and U.K. growth, the majority of those clients actually are using platform, data and insights. So the differentiation is in managed service versus platform. So where we've got rest of the people offshore who are manually delivering projects. So managed service is growing less, Platform is growing more, but all of that sits within the data and insights growth of 17%.

Great. Thank you. Next question, why was Australia's performance so strong?

Yes. As I mentioned in the financial slides, we actually had our top 10 clients grew 48% for the quarter, and that was predominantly completing more projects. So every year, we expect as the revenue grows, it's a function of 2 things, more projects and the project value. So whether the project value is $10,000, $2,000, $20,000, what we found for the quarter. In particular, two of our top -- two top research agencies in ANZ actually had really strong growth for the quarter. And the work that they were commissioning with Pureprofile was a much higher value, which means that those clients were doing more complex research, which is fantastic. And that's what we're really well known for within our industry as well, the more difficult complex work rather than a lot of the really simple, easy research work. So it was related to the top clients.

And again, just to add, it means that we're winning larger market share within those top clients, share of wallet, and also those top clients winning more market share than sales from competitors. So the 2 other dimensions.

Next question, how is the gross margin trending?

Yes. So for those of you that looked at our half year results when we put out the preliminary half year results at the end of February, you can actually get a snapshot of gross margin in the income statement within those results. If you looked at it, you would notice that the gross margin was down about 1% on the prior year. So that's kind of the trend that we're seeing a little bit, and that's more related to the fact the growth outside of Australia. Some of it is slightly lower margin. So as we grow from that perspective, that does has sort of impacted a little bit. That said, for this quarter, the gross margin has actually been up a little like we have a lot of initiatives internally that are helping us maintain and support the gross margin. The quarter 3 gross margin was slightly stronger as those initiatives have started to pay off for us. So the trend that I would expect by the end of the financial year is pretty much broadly flat on the prior year.

Okay. Next question, do you have a longer-term target for platform revenue as a percentage of total revenue. It's reasonable to assume that this will be a key driver of margin expansion.

Yes. I mean it's back to that earlier slide. We've said if we can triple platform growth from where it was in '25, then that's aspirationally what we're heading for. And it's about giving clients options and as opposed to forcing clients to use one form or another. So it's about tripling platform versus the share of the total company.

Great. Thank you. And on the same theme, how are the new products performing? And are any particular products getting good traction?

Yes. We're seeing twofold. As I said, we've got audience access Datarubico, DIY, SaaS solution. So interestingly, Southeast Asia is having the best traction for the DIY solution in looking at emerging markets actually, Vietnam, Indonesia, that's really where we're seeing the best traction as an organization for the SaaS solution. For the data access only solution, then Australia, we're seeing the best uptake of that solution.

Right. Thank you. Next question, how is the U.S.A. going? You were looking to an acquisition?

Absolutely. So U.S., we're delighted with how it's going. It's our fastest-growing region in our results. So really pleased with how that's delivering, and we're winning -- it's winning market share, which is what we're doing in the U.S. And as we've said, remotely out of 2 teams that we have. Yes, boots on the ground would be great. We want to be cautious about investing too far ahead of the curve. It's expensive to hire people in the U.S. It's an expensive market, and it's a very large market, even though it's one single language. So an acquisition would be better, and it's something on continually evolving and speaking to possible targets, and we have somebody that we use as an adviser in the U.S. in our space who again is introducing us to companies that could be possible acquisition targets. But I don't have an update. I don't have any news on that direction. And organically, it continues to be, as I said, our growth -- #1 growth region. So there's no rush. There's no hurry, but that would be a nice thing to do.

Okay, great. Next question. Are you seeing or expecting any impact from the current global events?

Yes. It's one of those things -- we're lucky that we have a business which isn't reliant on any one vertical in any one sector. So we're not just reliant, for example, on travel sector, which is seeing in some markets, challenges around bookings, et cetera. We're not reliant today on any one region, which is positive as a company. So that's good if this Iran conflict goes on for a longer period of time. In the shorter period of time, as I said earlier, it causes uncertainty. So whenever you've got uncertainty in the market, companies want to speak to consumers. They want to speak to businesses to understand how is it changing their propensity to invest in people, if it's a business, to invest in services, if it's a consumer. So you -- at the beginning of a conflict, we've got higher inflation. We've got obviously higher petrol costs. We've got disrupted travel. That is a time that actually people want to reach out even more. So you see a bump in research during this period. And then as I said, I'm pleased that we have a nice spread of clients, of verticals and of regions should the Iran conflict continue for a longer period of time. But at the moment, it's not affecting us as a business apart from positively because more research is being done.

Okay. Great. Thank you. And final question at this point in time. I'll notice another one that's come through. So noticing yesterday on LinkedIn, the company signed consolidated global supply partnership with Giftbee to benefit from an extensive global gift card catalog. What visible financial and operational impact should we expect from it?

Yes. That's a great question, and I love that someone's picked that up. So effectively, we use Giftbee to obviously give our audiences rewards when they can beat activities for us, whether it's a survey or something else. So they have 2 options. They can actually get a gift card or they can get cash from Pureprofile. Historically, we've had multiple gift card providers in different regions. And we've always had supply agreements with these gift card providers where we've always had a rebate type agreement where we get a cash back amount depending on the volume of gift cards that are redeemed by our audiences. The 2 -- I suppose the 2 key benefits: one from a financial perspective. We now will get a slightly larger rebate on gift cards outside -- redeemed outside of Australia. So whether that's panels in Singapore or Indonesia or in the U.K. or Europe. So that's slightly -- and that impacts our cost, our gross margin because the gift cards are a cost of goods sold. And then from an operational perspective, just having 1 global partner means that us setting it up in our systems makes it more efficient for our operations team with regards to those redemptions. So it's kind of a little bit of both from that perspective. And actually the CRNRSTONE business was also using Giftbee. So we just consolidated the accounts together at the same time.

Right. Thanks, Mel. And final question. It says you have 966 clients. When do you expect to reach 1,000?

I can't answer that question, but what I can say is it'd be really nice to do that on Friday. We added -- if you -- investors remember at the end of quarter 4 '25, we added a number of new heads, sales heads around the world. Also, if you look at LinkedIn, you can see January of this year, we again added new senior people in the U.K. market, so out of London. So as all of those heads start to come online and deliver a bump in those numbers. I think last year, we added something like 134 clients. So if we -- in the year -- so if we do the same moving forward, then let's say, 3 quarters' time, if those heads deliver as the previous heads that we did have.

Right. Thank you. All right. There's no more questions. So Martin, I might hand it back to you for any closing remarks.

Look, it is great to see the results continue for Pureprofile. It's been a good growth over the last nearly 6 years of the company, and we continue to do so. We're winning market share from competitors, big competitors in the U.S., especially in global competitors that continued due to poor financial investment to struggle in the market and Pureprofile as a challenger brand it's a perfect time for us. And we're resonating with clients around quality. We're resonating with clients around automation and efficiency, and we continue to win and especially as the largest growing market, U.S. for us, which is where we're putting our investment. So really pleased with how the company is going. And a huge thank you, obviously, to all the teams and shareholders and stakeholders and the Board who continue to support us.

Great. Well, that concludes a briefing for today. Thank you to Martin and Mel for your insights and to everyone for attending. I now invite you all to disconnect. Thank you.

Thank you.

Thanks, George.