Acuity RM Group (LSE:ACRM) — Investor Presentation

0:00 Good morning, and welcome to the ACUITY RM GROUP PLC investor presentation. Throughout this quarter presentation, investors will be in listen only mode. Questions are encouraged and can be submitted at any time by the q and a tab, which is situated in the top right hand corner of your screen. Just simply type in your questions and press send. The company may not be in a position to answer every question it received in the meeting itself. However, the company can review all the questions submitted today and publish responses where it's appropriate to do so. Before we begin, I'd like to submit the following poll. I'd now like to hand you over to Angus Forrest. Good morning to you, sir.

0:30 Thank you very much, Alexandra. Thank you very much everybody who's watching. This is the first time that ACUITY has presented on investor meet company, so we may not be absolutely completely polished, but we're gonna try our best, and we've got an interesting story, think, and we've we've made considerable progress since we came to market in April 2023. So move on to the board, and today I'm going to be presenting with Kate Buchan, who is the finance director, and Kerry Chambers, who is the chief executive of of ACUITY Risk Management.

1:16 And we're looking forward to this opportunity to talk to you.

1:25 So in summary, ACUITY is a risk management software company. It's been in operation since 2007, when it came to market last year with the plan to rapidly grow the the top line and transform it. It has been growing consistently since

1:55 we made an investment in ACUITY RM GROUP 2020. It's got an absolutely fantastic product in stream. It's an integrated risk management product, And whenever we show it to people, doesn't matter who it is, they are very impressed by it. And it the great thing about it is it's configurable to any setup. So you're gonna hear more about all of these points from when Carrie makes her presentation. So move on to the next slide. So since we came to market, we have grown everything. So everything from the sales pipeline, the orders, the key customers.

2:48 And this is very important for creating value for ACUITY shareholders. So we are critical to, an increasing number of customers. We've got many more partners, and, we are confident that with a new and enlarged management team, we've got the resources, to grow significantly. So I'm now going to hand over to Kerry, who's gonna talk through the nuts and bolts of the business. Thanks, Angus. Morning, everybody. So I'm gonna first give you an overview of STREAM. So the company is ACUITY, but our flagship product is called Stream.

3:35 Stream is an integrated risk management solution designed to meet the complex assurance needs of businesses today. So integrated risk management is a risk based approach that focuses on assessing and prioritizing risks risks based on their impact in an organization. So unlike traditional compliance based approaches, integrated risk management emphasizes the understanding and managing of risks in a way that aligns with the organization's overall goals and strategies. So by adopting a risk based approach, businesses can allocate their resources more effectively, make more informed decisions, and reduce the likelihood of negative outcomes. And this is what Stream does.

4:22 Stream offers our customers a seamless platform that integrates the governance, risk, and compliance across the organization in one central place. So it allows them to manage the risks more effectively. One of the key strengths of Stream is its flexibility, its versatility. It can be is customized with all of our customers across an organization to support a a very wide range of GLC or assurance pillars in an organization. So that could be managing regulatory compliance, assessing operational risks, ensuring that all the internal government standards relevant and being checked across and we and we and we operate agnostically across multiple industries and business and businesses.

5:14 Stream is very well known for and actually excels in very high priority risk areas like cyber security or I IT risks. It's specifically tailored to help businesses comply with critical information security standards and certifications like ISO 27,001. And this is essential for organizations to mitigate constantly evolving threats, in the digital space as all businesses are moving through digital transformation. In terms of, our competitive, advantage, so Stream is a really incredible product, and it's completely configurable. And that point is actually really important to our customers. It can be configured to each organization's unique business needs without requiring any kind of programming expertise, any coding.

6:05 So it doesn't matter if you're a retail organization, a large event sports stadium, or a central government department. We can map Stream to businesses, processes, and requirements. Stream will give businesses real time insights. So providing businesses with real up to the minute risk assessments, a view over the controls and how effective they are. It's got very robust analytics. So it allows users to make informed decisions and has a very intuitive interface. So it ensures that all of those capabilities are accessible to the sort of non technical users as well. So intuitively, you're able to use Stream. And then one of our big advantages is the speed in which people can see value from the platform.

6:52 We can have the platform up and running, in weeks, not months, as with many other sort of competitors in the market. So that gives customers a rapid time to value to be able to be seeing that value coming out of stream. And then, yeah, we consistently rank in the top three oh, sorry, top four of user reviews on Gartner Peer Insights, but also g two and other analyst, review platforms. And these reviews are really very proud of. These validate our product's performance and market fit. And our customers are consistently saying in these reviews that they really appreciate its ease of use, its flexibility, its ability to deliver meaningful results, and help and mitigate against negative outcomes for the organization.

7:41 Okay. So this here, Wheel of Fortune. So one of the key differentiators of Stream is that Stream is a single platform. And this is really important to the customers. It's a centralized single platform and not divided into central separate modules. So hopefully, you can see on this wheel, but people will come to us with use cases in you know, areas probably on the top of that wheel, so cyber security, enterprise risk management, operational risk management. But unlike our

8:16 competitors who sell modules that are difficult to join up in the back end, we we are one single platform. So we configure the platform for customers' requirements unique to their business, and then they can expand with us as they want to move on to different areas of risk in the organization. And therefore, because it's a single platform, there's there's no kind of no kind of issue in terms of the reporting of the data. It's got they get that complete holistic view across the organization. So that progression, so people coming to us with one use case and then expanding in the in their organization, you know, we've done that several times. So customers like the UN, Ministry of Defense, the BBC, all started with one use case and then expanded out into the organization.

9:08 In terms of the market that we operate in, so the GRC market is expanding. It's predicted to be at 27,000,000,000 by 2027. And so, you know, there's it's fast paced. The reason for this kind of growth, huge growth in the GRC market is, you know, regulations and legislation changes. So the global regulatory landscape is changing quickly, probably more so since the pandemic since the pandemic. Organizations across the world are encountering stricter stricter regulations, and those regulations can often vary from country to country. So you have cross border conflicts, you know, in terms of reporting on your data, as well as the increased regulatory requirements and demands.

9:59 So Stream will simplify all of that for businesses so that they can stay ahead of those kind of regulatory demands and the local laws and sort of focus on adopting the best practices for the industry. Yeah. And so this is where Stream shines by being able to kinda configure all of those frameworks and requirements together, and helps them to sort of give gives our customers a strategic advantage, if you like, in terms of being able to organize that. I talked a little bit about digital transformation.

10:33 Data security, obviously, never been more critical. So Stream is quite is a is a very trusted partner for large organizations, and you're also using us for data privacy along with other customers. But it obviously, really important that, you know, our our customers remain compliant with all of these different regulations and cybersecurity regulations, like, I said, 27,001 GDPR. And customers really love how String makes them

11:03 confidently manage those high risks. And then they can focus on growth and security rather than threats. Yeah. I mean, the digital revolution, digital transformation, it's kind of reshaping all of the biz old businesses, and creates new opportunities in business, but also that creates new risks. And so with that kind of flood with people adopting new technology, there's a flood of new kind of risks that are coming into organizations.

11:34 And and Stream, like I say, is gonna really help, businesses centralize that on that platform so that people on the board can be really reassured that they've got a complete view across their organization of their exposure, the risk posture, but also their exposure. Because they're never gonna eliminate risk completely, but they will need to understand the position that they are in in terms of being able to mitigate against that. Yeah. So that's hugely important, you know, in today's world. We're helping organizations to unlock their potential. Potential. So rather than I talked about at the beginning, a much more traditional compliance based approach, we're really helping our customers to be more efficient, save time, improve their decision making, and customers really, really like that.

12:24 In terms of our competitors, so our competitors do include very large software operators like Archer, MetricStream, ServiceNow, One Trust. But actually, despite their size, we regularly compete against those organizations and we regularly win against those companies. And the reason that we do that is our configurability that I've talked about, but we offer flexibility, speed, and subject matter expertise within the business that they just can't offer.

12:55 So our software offers these customers faster value in their business. It's easier to configure, lets our customers start seeing results in weeks rather than months. So that's why we continue to win.

13:10 In in terms of go to market, so we do have, two routes to market. We have a direct channel with our own sales Salesforce selling to our customers, and then we have, an indirect channel through the partners. So our partner channel has is is responsible for about 25% of the pipeline at the moment. So it's obviously absolutely critical to accelerating growth at ACUITY.

13:37 The partners act as multipliers so that enables us to expand reach and influence beyond what ACUITY could achieve alone. So our partners can open new doors to new opportunities and get that gives us access to markets, client sectors we might not be able to approach as effectively on our own right now. We've got an experienced and dedicated partner team. They focus on activating, targeting, and managing existing partners,

14:07 they also train and bring in new partners, you know, help keep that partner program moving along quite strongly. We've got 15 partners at the moment, so they're spread across North America, UK, and Europe, but we're working hard to grow that network further. But as I said, partnerships are key to sort of transform transformational business growth that we're we're looking for. And so we're excited to see how this progresses in the months and years ahead in terms of contributing to our success.

14:41 And also worth saying that the partners that we're looking at, so some examples on the screen, CGI, BSI, they have a large presence in both The US and Europe, so they can open doors to organizations that an SME like ACUITY perhaps couldn't, you know, independently. So that's a whistle stop tour of the platform and and how we're going to market. I'm gonna hand over to Kate. She's gonna talk you through performance and financial information. Thanks. Okay. Thank you, Carrie, and good morning, everyone. So first of all, I'm going to look at how our SaaS business model works. So our customers sign a contract typically for three years, and this is invoiced annually. However, the revenues are earned over the life of the contract in equal installments.

15:27 So then we have the difference between the cash we receive upfront and the revenue released at a point in time. And that difference gets recorded on our balance sheet and it's called deferred revenue, sometimes called deferred income. So in a SaaS business model, our revenues lag behind our cash generation.

15:47 On the side, we've a couple of KPIs. So the first one shows that 80% of our customers renewed at the end of their contracts. So that KPI is for the first six months of twenty four, and it's trending upwards.

16:02 The second one is the net revenue retention, and this shows that whilst we may have lost some customers at the end of their contracts and therefore some revenue, the upsell and cross sell to our existing customers compensates for that lost revenue. So on this next slide, we've got some of the financials. This is for the first six months of twenty twenty four. Now it is very difficult to compare '24 to '23, but that's because we of the acquisition of the trading company ACUITY at the end of April in 2023. However, once we move into '25, it will be much easier to do comparisons year on year. But the key points to note here are that our revenues are continuing to build and we also have a high gross margin, which is relatively stable.

16:52 On the admin costs, now these may look a bit high, but when you actually compare the trading company on a year on year basis, they are comparable. So in '24, we have invested in areas that drive growth, so our sales and marketing. But by continually reviewing our performance and our costs, we've been able to keep on top of our cost base.

17:14 So next slide. So this is the balance sheet as at June 2024. So our non term assets stand at £5,500,000 and a substantial amount of this balance relates to the goodwill acquired on acquisition of ACUITY. We had we're in a strong cash position at the end of ten June 1024, 1,800,000.

17:35 And then we've got the 2,400,000 sitting in deferred revenues. So this is the balance I was talking about earlier, and I described the SAS business model. So it's not a liability in a classic sense. All of this is revenue and this will be released to p and l over time. And I'm going to hand back to Angus now. Thank you. Think you've gone. Alright. Sorry. So I think she'd be okay. I'm no problem. I'm I'm sorry. I'll just step in here. So, yeah, let me know. Based on based on the information that Kate's just given you, we're absolutely committed to driving strong, sustainable growth, to do that by boosting revenues, particularly those recurring revenues.

18:28 So the focus of the management team is not only on delivering cash flow and profitability, but also on creating that lasting shareholder value. So the goal is to ensure that ACUITY operates as a cash generating and profitable business. We're expecting to achieve this by significantly increasing new orders, taking advantage of that rapidly expanding GRC market. So with the market strong trajectory,

18:57 especially in regions like The US, there's huge potential for us to increase our market share. And and to do this, we're gonna be focused focused on several key actions. You can see them there on screen. So we're investing in our sales team. So that's both by expanding it, but also refining it, ensuring that the sales team have that expertise and that kind of drive and determination to capture those new opportunities.

19:22 I talked about the partner relationships. Obviously, they will remain central to accelerating our opportunities and generating new orders. And then we're also committed to further developing marketing efforts, so reinforcing ACUITY's brand and demonstrating that additional value that we've talked about and that we offer to our customers. And then not forgetting our top four rating from Gartner, which we're very proud of. My intention is to fully exploit that recognition that we see through those types of platforms to strengthen our market position visibility. And I am now gonna hand you back to Angus.

20:01 Thank you, Kerry. So our focus you've heard a lot about the business and the detail, but our focus is actually to grow the value of ACUITY for the shareholders. And

20:19 this this type of business, a SaaS business, is valued around the revenue line. So multiple revenues is adjusted by how cash generative, how profitable, and and how unique the business is. And we are moving towards

20:47 achievement of cash generation and profitability. I think in 2025, we'll be able to to to to make some progress, and announce it. We have a unique product, which, as you've heard, enables customers to get a return quickly, be implemented very, very fast, and it is completely unlike anybody else's products in the market. Just, as an aside, we have been in discussions with a number of large organizations who have liked our product.

21:34 They've tried it, but then they thought, oh, nobody ever gets fired for buying IBM, and they've gone with another another supplier. But frequently, they come back to us. And we've got one significant opportunity in the state in exactly that position. Started two years ago. It they went with a with a larger US supplier last year, and and now we're back in negotiations. So that that gives you some idea about the challenges of the business.

22:13 The challenge is not technical. It's it's

22:17 do people have the confidence in us as a supplier? And we are getting more and more large customers with strategic supply of product so that they have bought into us and are just going to expand their their profile with us. So we think that we are in a very good position.

22:44 You've heard about Gartner, which is the leading commentator worldwide on on the sort of technical product and the reason that we're doing partnerships, which is to accelerate the growth rate. So thank you very much for for listening. And Kate has produced some very helpful KPIs which show you that that while growing, I mean, from the sales pipeline, which has grown dramatically through the the the revenues and the annual contract value of of sales orders.

23:35 One feature that we haven't mentioned is the size of order. Three years ago, we'd have been pretty pleased with the order for a £120,000 total contract value. We're now we have orders worth more than £350,000 in total, and some as as much as £500,000. And that they take more time, but they add significant amount of value as we grow. So, I hope that that presentation, which we've just given, helps you to understand the opportunity, and the progress that is being made. It is constant progress.

24:22 We are growing regularly and without fallback, which we are very pleased to tell you about. And now, I think Alexandra is going to ask us to move from the formal part of the business to answer your questions. Yes, Angus, Kerry, Kate. Thank you very much for your presentation. Ladies and gentlemen, please do continue to submit your questions. You can do that just by using the q and a tab, which is situated on the top right hand corner of your screen. But just while the company take a few moments through the questions that have been submitted today, I'd like to remind you that recording of this presentation along with a copy of the slides and the published q and a can be accessed via your investor dashboard. As you can see, we have received a number of questions throughout today's presentation. And Angus, this point, if I could hand over to you to share the q and a and read out the questions, that'd be great. And I'll pick up from you at the end.

25:15 Okay. So we have got some questions about Stream, but I think we might move from that, as you've heard quite a lot about Stream. But one quick question for Kerry. Does Stream incorporate AI, artificial intelligence? Yeah. So Stream is being developed to incorporate AI. So we can connect to some of the large language models out there at the moment, so chat with GPT being one of those. So we can integrate with it, but there's a major stream redevelopment, extend stream projects underway at the moment, and AI will be part of that. We're expecting to see that in the early part of twenty twenty five. We didn't incorporate it initially until we could see which approach would be the most successful. And we believe that in terms of the market that we're working in, it will be more of a sort of guidance tool helping people using Stream to automate their processes within the platform and alert them to certain things that they should be looking at rather than obviously making risk management decisions itself. But yes, AI will be part of Stream in 2025.

26:29 Okay. We have a question from David. With the sales pipeline increasing significantly to 7,900,000, what are the key opportunities in this pipeline? How confident are you in converting these opportunities, and what is the anticipated timeline for realizing this revenue? I think that I'm going to answer half of this, and then I'm going to give it to Kate. So we have, we as you've noted, we have a significantly bigger sales pipeline. But you will have heard in the presentation that getting the orders from the pipeline can take quite a long time because there are a number of hurdles, and particularly the larger orders.

27:22 So we can't be sure when each one is going to land, but let's be reassured that we are working very hard to convert the the opportunities that we have. And we are making progress. We but it isn't a constant process. It is in leaps and bounds. So there might be a long period when, no large contract is available to be announced, and then we might get two or three. So you did ask about when the revenues, will come through, and I'm just gonna ask Kate to deal with that because she's our, financial wizard.

28:12 So so for example, if we did a deal in October for a £120,000, which is the annual contract value, and it starts in October, you can you basically release 10,000 of that revenue each month for the next twelve months. So it would take between October 2024 and to the end of September twenty five to actually release all that £120,000. So you can really see there is quite a time lag on that on the difference on a sales order versus a sales revenue coming through. Okay. Question from John S. What do you see as the most significant risk to achieving your growth targets, particularly in the current economic climate? Question for Kerry, I think she'd be able to answer that very nicely.

29:00 I mean, talking with other people doing similar roles to mine, you know, there's a 2024 has been a slow market, and we're seeing that in in businesses, not just in the GLC space. Across the board, there's a bit of a kind of let's wait and see mentality. So it's a it's a risk that people won't commit budget that don't have budget. But, you know, at the moment, you know, we're quite confident in the pipeline towards the end of the year. There's several large important opportunities that we're working, and we believe, you know, least some of these should close before the year end. So the risk is, I suppose, with customers on the customer side with them being reticent, I guess, to spend budget in the current climate. But, yeah, we're we're quite confident in our pipeline at the moment. Okay.

29:58 So question from Marcus. What has been the market response so far to STORM? And what are your expectations for this product's contribution to revenue in the coming year? Just one point about STORM. STORM was used as the the project name. The product name will is is not going to be Storm. But but I'm gonna ask Kerry to answer the question about about the Yeah. Opportunity. Yeah. So we will be rebranding it aligned with Stream. So Storm, you know, predominantly runs offstream, so we'll be rebranding it. However, the report itself remains the same. I mean, this is a really new significant market that's emerging, I guess, but and it's in the counterterrorism space. It's risk management for large venues that are holding events for more than, I think, more than a 100 people it starts out. So it can actually it's not that large, but there's new legislation that's been announced. So we have done promotion of this report this year. We have had good interest in that. If the legislation is passed, then it will be a requirement for organizations to be able to demonstrate their risk assessment, around public safety, particularly in the sort of CT, terrorism threat side of things.

31:26 And some of those organizations would not have the budget to be able to look at a large GRC platform that provides them with the legally defensible information that they're going to be able to they're gonna have to provide, and they'll be bound to do that. And so we expect this to pick up as this progresses through parliament. It's been backed by the new government, so we're expecting to see lots of activity on that in the in the coming year. But, you know, organizations should be doing that as good practice anyway. So it's something that we're talking, with customers about, but we expect to see the individual product when it's rebranded, seeing a lot more activity in 2025 as that legislation moves forward.

32:11 Okay. Question, well, I've got three questions from Jordan actually, but the first one is, Angus, in a previous interview you mentioned about kicking previous years figures out of the park. I don't actually want to say that, but never mind. Are you still on target going into the final few months of the year? What I would say, Jordan, is that we I'm confident we'll show growth. And you've seen some figures today which demonstrate that we are growing, And and I expect that to continue as we bring on more partners and as we strengthen our sales and marketing team here, I I anticipate that growth accelerating.

33:08 It does take a significant amount of time between appointing a new person or a new partner, and actually that generating orders. I would say conservatively, a new sales guy is unlikely to make a new order, in the first six months. That is an order of significant magnitude. You can make an order of £10,000, but we're looking to get orders of over a £100,000, and they do take time. So, we appoint people, and then it takes a little bit of time to to to get there. But I think that as we go into 2025, we're on a good a good trajectory.

33:58 So I've got another one, which is what is the next catalyst? Do you expect to convert contracts in the near term? I'm gonna ask Kerry to answer that. Yeah. I mean, yes. We I mean, we do. We're confident, you know, that before the end of the year, the opportunities in the pipeline, we're we're confident that we will be closing, you know, some of those. And so, you know, as we do that, I know that we'll be announcing, you know, big contract wins, but we're, you know, we're equally focused on the on the smaller ones as well. So, yeah, we're expecting to do that before the end of the year. Okay. Another question.

34:44 What are our thoughts on the current share price of company value? And then there's there's a question about multiplier value. Well, I think realistically, we are very undervalued at the moment. And there are some reasons why that has happened, and we are taking action to resolve those. So lack of knowledge and understanding about the company is one of the reasons that the company is is undervalued. We are taking actions such as this, to show the company to more investors. We when we did the placing in in June, we attracted some institutional investors alongside.

35:38 And the great thing about institutional investors is they have credibility, with other institutions and other investors. And and I so I'm keen for us to not only develop the business, but to develop the shareholder register, so that people can can see that that we are being appreciated by by sophisticated professional investors who have a track record of successful investment. I hope that answers that particular question, but I'm not satisfied with the current share price. It is significantly below that which I believe it should be.

36:25 And if we were ever to sell the business, you say something about a multiple of five. Well, in The States, we should be able to increase that to a significantly greater greater multiple. And we have been approached by a number of of US companies, but we think we can generate real growth and improvement of the business and its value before we wanted to to before we wanted to sell it. Question for Kate. When will you trade profitably? Okay. So as a business, we are focused on being cash generative and and trading profitably.

37:15 However, due to our accounting standards and requirements to spend the revenues over the life of the contract, as I described earlier, you know, we might have a large sales order, but it takes a year for that revenue to to come into the p and l. So I can't give an exact date right now when we will trade properly, but in in 2025, we will have a better idea. But we are very focused on on trading properly. Thank you, Kate. Question. Why did you issue options in June? Well, since being taken rather badly by, one or two people, companies issue options to attract, reward, and retain key management.

38:02 But it also aligns option holders' interests to that of the shareholders. And in the case of these options, they can only be exercised after the market price of ACUITY RM GROUP shares reaches a sustained share price of 7.5 p. So the shares have got to double before the share options can can be exercised. And I think that shareholders should be pleased that management is incentivized to grow the grow the share price because that is in the interest of all shareholders. So I hope that answers that question. Will we need to raise more funds with another placing?

38:52 This question. ACUITY is a company that's growing and changing, so we do review operations regularly, to look to improve all aspects of performance, including financial. We do intend to minimize or avoid fundraising for working capital for the existing business. As you've heard from Kate, that the drive is to make the business, cash generative. And the directors have all invested in ACUITY, and want to see the value of their investment grow. But it does not mean that there would not be reasons to do a fundraising at some time in the future. But be assured, there is no such fundraising planned.

39:41 So question which I'm going to ask Carrie to answer. What do you see as the most significant risks to achieving your growth targets, particularly in the current economic climate? Yeah. So we had some other questions to that. So the risk, I think, is going to be the the sort of wait and see approach from the customers at the moment. So the risk is, you know, budgets being held back, but waiting until the next financial year. So our sales team, you know, I talked about us refining their techniques and working on the coaching and the experience of the sales team. So it's increasing that, I suppose, increasing the urgency on the customer side and us not being able to do that, is probably our biggest risk. Okay.

40:39 And one for Kate. What's the average order value? I think it's I think as Kerry has mentioned earlier, that average order value is we do have quite a range of order order values. So it's difficult to give an average one because we we do range from sort of about 20,000. Mhmm. And then we've got some some bigger ones which have been over a 100,000. So we do have quite a range of the order values. Okay. So This one about I've worked out its pipeline stats. Okay. Shall I take that? Yes. Please do. Yeah. Oh, sorry. So the question is pipeline stats need further analysis in both waiting and time in which they're expected to close with a question mark. So we do track stats in the pipeline very closely.

41:33 So the weighted value, the expected close dates, the probability of closing, the average deal size, all of those things are being tracked. We are quite a data driven organization in terms of how we make our decisions. So every sales pipeline across the world continue you know, will always need further refinement. Some of the delays that we've seen in q three, you know, are not are not really things that could have been foreseen. But we, you know, we what we need to do is create more in the pipeline so that the delays have, you know, a a lesser impact, I suppose, on our on on on how that affects our sales order close rate. But we are tracking those things, and it is something that's, you know, looked at weekly by the management team.

42:28 Question about customers. And we have mentioned two customers, in particular, MOD and the BBC as key clients. Are there any more you could disclose? We we had to get special permission to announce these, and we tend not to announce the names of customers. The reason is not because we're particularly secretive, but if a company discloses that it's got cybersecurity risk management software being installed, it can lead to a whole lot of hackers from North Korea to Peterborough to to Cardiff, all to see if they can have a go. And and that's why we tend not to announce our clients.

43:26 And I'm afraid that the answer is, we're not going to, disclose a whole lot more clients today. Is that all, I think, in terms of the questions that we've, had? So I think, Alessandro, if we can close-up, please. Yeah. Perfect. Angus, Kerry Kate, thank you very much for updating investors today. Could I please ask investors not to close the session as you now be automatically redirected to provide your feedback in order management team can better understand your views and expectations. This will only take a few moments to complete, but I'm sure it'll be greatly valued by the company. On behalf of the management team of ACUITY RM GROUP PLC, we'd like to thank you for attending today's presentation, and good morning to you all.

44:14 Thank you. Thank you. Thank you.