Brooks Macdonald Group (LSE:BRK) — Full Year Results

0:01 Good afternoon, ladies and gentlemen, and welcome to the Brooks MacDonald Full Year Results Investor Presentation. Throughout today's recorded meeting, attendees will be in listen only mode. Questions are encouraged. They can be submitted at any time just using the Q and A tab situated on the right hand corner of your screen. Before we begin, we'd like to submit the following poll. I'm sure the company be most grateful for your participation. And before we go to live q and a, we'd like just to play a recording from the results presentation.

0:36 Good morning, and welcome to BROOKS MACDONALD's full year results for 2026. Two years ago, when I became CEO, I made a clear commitment to reignite growth and restore the ambition that defines this business. Our strategy is working, and this success has been made possible because of our clients, our people and our shareholders. We've fundamentally changed the business and have built a human led, digitally enabled wealth manager. We're already known and chosen for our client service. We're in a trusted position in people's lives, providing them with peace of mind and financial security. Prioritizing our clients and their needs translates into business results. This year, we have returned to positive net flows.

1:23 We've delivered record FUMA of $21,700,000,000 and revenue growth across the business. Net flows are up $600,000,000 since last year, with three consecutive quarters of positive and expanding net flows. Platform NPS FUM is up 35% and BPS FUM is up 9%.

1:45 What's made this possible? A laser focus on client service, client reach and efficiency, backed by investment in people, distribution and AI, while continuing to deliver excellent investment performance. Two years ago, we were clear to the market that the business needed significant investment in order to grow. The bulk of that is now complete, and it is already driving flows, and it creates a powerful foundation to capture the significant market opportunity ahead. I'm glad to say we're now in a much stronger business than we were before. We've changed our distribution strategy to enable our people to serve more clients across The U. K. We've launched new products that clients need and want, and we've integrated six businesses into BROOKS Financial, a firm recognized for high quality financial advice.

2:38 That transformation is real. The momentum is building, and the best is yet to come. I'll come back to strategy shortly. Firstly, though, Catherine will take us through the financial performance in more detail. Thank you, Andrea, and good morning, everyone. Let me start with the financial highlights. Full year 'twenty six was a year of strong strategic and financial progress for the group. We delivered record FUMER, returned to positive net flows, and continued to grow our Financial Planning business, while maintaining cost discipline and delivering efficiency benefits across the organization. Revenue increased by 6%. Underlying costs reduced by 3% on a like for like basis. Underlying profit before tax was £29,000,000 equivalent to earnings per share of 137.9p, up 6% versus full year '25.

3:28 And the Board has recommended a final dividend of 52p per share, bringing the total dividend for the year to 83p per share, up 2.5%, in line with our progressive dividend policy. Now moving on to the detail and starting with funds under management and advice. Total FUMA increased 14% to $21,700,000,000 during the year, and within that, total FUM increased 17% to $19,300,000,000 This growth includes Market and Investment performance, which contributed $2,500,000,000 outperforming the industry benchmark. BPS FUM increased 9% and Platform NPS FUM increased 35%. Assets under advice increased to $5,700,000,000 compared to $5,300,000,000 a year ago, reflecting continued growth in our Financial Planning business.

4:16 Now turning to flows. We generated net inflows of $226,000,000 during the year, a more than £600,000,000 improvement versus full year 2025, and our first positive net flow since 2023. Platform NPS growth remains strong with over 900,000,000 of net inflows and an annualized growth rate of 15%. And it is particularly pleasing to see the improvement in BPS, where net outflows have improved by around 50% compared with full year 2025, reflecting the positive impact of our client engagement and distribution initiatives and the benefit from the investment we have made to strengthen our presence in the regions. Importantly, the trajectory of net flows improved consistently throughout the year, and that momentum provides a solid foundation as we move into full year 'twenty seven.

5:02 Now moving on to revenue. Total revenue increased 6%. The increase in fee income was primarily driven by higher average FUM during the year, and notably, NPS revenue increased by 16% year on year. Financial Planning revenue benefited from a full year of the acquired businesses and increased 10% on a like for like basis. As expected, transaction and interest income were both lower than the prior year, reflecting lower levels of trading activity and lower average interest rates. However, our revenue streams are increasingly diversified and the platform for future growth is clear, with almost 40% of the business now delivering double digit revenue growth. Looking ahead, we have entered full year '27 with record FUMAR and I expect the revenue trends for fee income yields and financial planning that we have seen in full year 'twenty six to continue into full year 'twenty seven.

5:54 Now turning to look at the individual business lines in more detail. BPS FUM increased 9%, supported by strong investment performance and the improvement in net outflows. Average BPS FUM increased only moderately due to the impact of market movements on and around quarterly billing dates, but the higher level of FUM at year end provides momentum going into full year 'twenty seven. Fee income yields remained resilient at around 60 basis points and, as a result, full year 'twenty six revenue before transaction income was in line with full year 'twenty five. The lower transaction income I mentioned on the previous slide is the primary driver of the reduction in overall BPS revenue year on year that you can see on the right hand chart here. Now turning to NPS. Total NPS FUM increased by 30% to almost £9,000,000,000 Platform NPS was the standout performer, achieving FUM growth of 35% through a combination of strong net flows and investment performance.

6:51 Revenue increased 16% to $16,700,000 supported by substantially higher average assets under management. As expected, average yields moderated slightly due to the mix within the NPS portfolio. We delivered relatively stronger growth in the form of our passive NPS range and business to business relationships, both of which are typically slightly lower margin, but this was more than offset by the strong growth in assets. Now moving on to financial planning. The success of our inorganic investment in Brooks Financial is clear. Through the acquisitions, we added £17,000,000 of revenue and £3,000,000 of profit before tax on an annualized basis. And from there, we increased Financial Planning revenue by 10% on a like for like basis. We added over £1,000,000 of Platform NPS revenue, which is booked separately in fee income and that you saw on the previous slide. And we delivered £1,300,000 of cost synergies, outperforming our 1,000,000 target.

7:45 BROOKS Financial now represents 25% of group revenue. The revenue margin has increased to 52.8 basis points, and 58% of assets are now advised and managed, compared to 51% a year ago, supporting the strategic rationale for the acquisitions we have made. I'm delighted with the progress and the opportunity going into full year '27. Now moving on to underlying costs. Consistent with previous reporting periods, I have presented full year 'twenty five, including the full year impact of the acquired businesses, to allow for a more meaningful comparison. On a like for like basis, underlying costs reduced by 3%. The movements in the period include salary inflation and variable pay increases of $1,600,000 cost savings delivered during the period of $8,300,000 which include $1,300,000 of integration synergies, 3,300,000 of savings through organizational restructuring throughout the year, equivalent to around £5,000,000 on an annualized basis and £1,000,000 of non staff cost savings, including renegotiating key contracts and consolidating our third party supplier base.

8:49 Finally, costs increased by £4,000,000 to support business growth, primarily through increased capability and capacity, including senior investment and distribution hires, which also strengthened our presence in the regions. And we enhanced our client engagement activity through nationwide events and grew our brand awareness through key sponsorship partnerships and marketing initiatives. We have reshaped the cost base to allow investment in revenue focused areas within the business and have built a scalable platform, which has supported the return to net flows and positions us well for future revenue growth. Going into full year '27, we remain committed to our medium term target of BAU cost growth below 5%. Now turning to look at the cash position. We ended the year with cash and liquid assets of £25,000,000 broadly in line with the half year position at December 31.

9:39 We generated £26,700,000 of operating cash flow post tax from underlying business performance in the year. In addition, we received £9,300,000 of fees following the transition of our client fee payments from quarterly to monthly, as part of our commitment to excellent client service. This means our IFAs receive their income more regularly and it removes some of the impact that market volatility can have on their payments. We also benefited from this transition, with a one off acceleration of the fee income for April and May, which would previously have been received post year end under the previous billing cadence. We returned almost £16,000,000 to shareholders through dividends and share buybacks. You'll remember that at the half year, I described the investments we were making in order to drive net flows, meet client needs with new products and services, expand our Financial Planning business through M and A, and deliver efficiency savings.

10:28 It is pleasing to see that the investments we have made are already starting to deliver these results. In total, we invested $9,100,000 in developing our products and propositions, as well as digital and AI initiatives. In particular, we modernized our NPS structure with our new building blocks approach to broaden investment capability and better support client outcomes. We launched Brooks McDonald's strategic partnerships, which is giving real momentum in flows and tangible progress in building meaningful new client relationships. We have deployed AI and advanced technology solutions to improve productivity and increase operational effectiveness. And we have continued to invest in digital capabilities to improve the experience for advisers and clients, including simpler onboarding journeys, enhanced self-service capability and improved service accessibility.

11:17 We incurred £5,100,000 of costs in relation to organizational restructuring, which has delivered annualized savings of £5,000,000 We also capitalized £12,600,000 the majority of which was incurred in H1 and included property relocation costs. During H2, we have focused investment on the automation of manual processes and the development of enhanced MI and reporting capabilities, providing more timely insights and supporting stronger performance management.

11:44 We invested $19,400,000 in M and A and integration activity, which included the deferred consideration payments for Lucas Vettis and Lyft, as well as integration and other M and A related costs. We have made deliberate investments to transform the business and are pleased that this is already translating into real results. Looking ahead, we intend to continue to invest selectively in initiatives which will further develop our proposition and digital capabilities. I expect organic investment in full year 'twenty seven to reduce materially versus full year 'twenty six to high single digit millions, split across our three strategic priorities. We also expect to receive net deferred consideration in respect of the previous transactions of 10,000,000 to £15,000,000 Our capital position reflects similar movements, which I have included in the appendix.

12:31 We ended the year with a healthy capital excess over regulatory requirements and internal buffers. So to conclude, full year '26 was a year of significant progress. We delivered record FUMA, supported by strong market performance and a return to positive net flows. BPS FUM grew 9%, MPS FUM increased 30% and revenues continued to grow strongly. And Financial Planning now represents around 25% of group revenues. We delivered meaningful efficiency benefits, captured integration synergies and maintained strong cost discipline while continuing to invest in growth and capability. We have also deployed cash and capital deliberately to modernize the business, enhance client outcomes, and improve future efficiency. Looking ahead, we remain confident in the opportunity before us and our ability to deliver against our strategic objectives.

13:18 In particular, we remain focused on achieving our medium term target of annualized net inflows of 5% and maintaining BAU cost growth below 5%. And with that, I will hand you back to Andrea.

13:32 So now let's look at our strategy, the progress we've made this year and our priorities for 2027. The reignite growth strategy was necessary. When I took the role two years ago, our clients told me they valued the personal touch and the quality of our people, but there was a gap between that and the experience we delivered. We had systems and processes from a different era with no digital choice for our clients. We've now refreshed our product range to ensure we're meeting the full breadth of our clients' needs, not just for today, but for the future. And we've meaningfully invested in our data and technology, giving our clients genuine digital choice and allowing us to serve them more efficiently, more effectively and more personally than ever before.

14:20 We're now increasingly seeing the returns from that investment, and the heavy lifting is behind us. We sold our international business to increase focus on The U. K. And established a new business, Brooks Financial, with a commitment to independent financial advice. We have a clear emphasis on shareholder value, and we've returned around 35,000,000 over the last two years to shareholders as well as moving to the main market. The progress we've made against our strategic priorities has been substantial, and it's been made possible by investing in the right places at the right time. Over the last twelve months, AI and technology have already made a real difference. We're onboarding clients faster, cutting out unnecessary admin and giving our people more time where it matters most with clients.

15:08 And our clients now have genuine choice in how they engage with us. Our distribution and investment management teams are working as one, with stronger regional teams building deeper relationships with the clients we're here to serve. I'm excited about our new AI enabled CRM, not just for today, but for what it makes possible tomorrow. Supporting families across generations and helping manage the transfer of wealth is a significant opportunity and an important element of our next phase of growth. Our move to building block investment approach for MPS gives greater flexibility, operational efficiencies for advisers and more control for clients over their tax planning. We've now got the capabilities to further build scale and integrate more financial planning businesses.

15:58 Here are the KPIs we measure against our three strategic pillars. You can already see the impact of the progress we've made. We've delivered material growth in FUMA with clients over 1,000,000 now representing 60% of the BPS portfolio. We maintained a disciplined approach to costs and have delivered above budget synergies from the Brooks Financial integration. I'm particularly pleased that as well as successfully integrating the businesses, Brooks Financial grew revenues by 10%. So we've now integrated distribution and investment management teams, and it's already making a difference. We've made a deliberate choice to concentrate on three key segments of The UK IFA market, and we're focused on where we can make the greatest impact. Nationals and networks is one of our priorities.

16:47 This is a large and important part of the advice market, and we've shaped our approach to engage more meaningfully with the largest advice firms. They represent just 1% of the firms but hold 50% of the market by assets. That's a significant opportunity, and we're going after it with real conviction. We have also launched BROOKS strategic partnerships to help IFA firms scale for the future in technology, operations and investment propositions while maintaining their independence. We're really pleased with the early momentum behind this offering. The feedback has been overwhelmingly positive, and the pipeline of new partnerships is building. And finally, we're actively targeting the new model adviser segment. These are smaller firms than the nationals and networks, but firms that deliver holistic advice at scale.

17:37 These firms make up around 25% to 30% of the market and manage over £300,000,000,000 of assets. This is a compelling opportunity. Our sharper distribution approach is delivering, and you can see it across both BPS and NPS. BPS VUM is up 9% with continued strong growth in portfolios over £1,000,000 reflecting our pivot towards high net worth clients. It's pleasing to see that strategy translating into results. In just five years, we've grown NPS nearly sixfold as a result of our broad U. K. Distribution network. This has been supported by strong investment performance, which for medium risk portfolios ranks first among our peers over ten years. Our CIP has built a strong reputation, and rightly so.

18:26 It delivers market leading consistency, strong performance and outcomes that are genuinely built around the needs of our clients. BROOKS Financial has been a real highlight this year and a powerful example of the progress we've made. We've successfully integrated six businesses, a complex undertaking the team has executed with skill and dedication. This is now a substantial business, representing 25% of the group revenue. In a year of integration, client satisfaction is at 93%, client retention at 98% and financial planning revenue is up 10% on a like for like basis, all while delivering cost synergies ahead of plan. This is a solid achievement by any measure. We've built a model that works, one that crucially is committed to independent financial advice, which positions us well for the future growth in an attractive market.

19:22 We've now got the capabilities and capacity in place to take advantage of the significant opportunities in the market. We have the distribution reach, the investment performance, the products and the client service to compete and win. And we'll do this with discipline. We remain firmly committed to annual cost growth of less than 5%, and that discipline is now embedded across every part of our business. Critically, we have great people and are also attracting more talent to drive this forward. Our priorities for 2027 are clear. We'll continue our product innovation to meet client needs and continue to deploy AI, digital and automation to enhance client service. We'll be focused on our four key distribution opportunities.

20:08 As I've mentioned, developing relationships with nationals and networks is one of our priorities. We're specifically targeting 10 of these firms who collectively have $250,000,000,000 of AUM and around 3,500 financial advisers. We're already the chosen partner for two of the 10 and are working closely with the others. With BROOKS MACDONALD strategic partnerships, we already have a pipeline of qualified prospects, and converting that pipeline will be our priority in 2027. The aging U. K. Population and the FCA's requirement for IFAs to have a centralized and repeatable approach to retirement planning create real need for our retirement strategy propositions. This reality is already resonating strongly with our nationals and network partners.

20:59 In BROOKS Financial, we'll be focused on retention and development of our people as well as developing new financial planners through the BROOKS Academy. We'll further leverage our digital tools to increase productivity, allowing advisers more time to spend with clients. From the AI technology deployed in 2026, I see potential to unlock further insights from our CRM system to improve new business and retention. So to bring this together, our strategy to reignite growth is working. FUMA is at a record level. Revenue is growing. Investment performance remains strong. Brooks Financial is established, growing and ready to scale organically and through targeted inorganic opportunities. And the deliberate investments we've made have materially strengthened our business for the future.

21:49 All of that gives us confidence to anticipate that the full year 2027 performance will be marginally ahead of current consensus.

21:57 As I reflect on these results, I'm pleased with how far we've come in the last two years. We've talked today about performance and progress. We're building something special, a human led, digitally enabled wealth manager.

22:11 The investments we've made in process, technology and people are the foundations for our future success. We operate in a structural growth market. The momentum in our business is real and the direction is clear. We're in a strong position, and we will, I know, make the most of it. Ladies and gentlemen, thank you very much indeed. Please do continue to submit your questions just using the Q and A tab situated on the right hand corner of the screen. But just while the guys review the questions submitted already, I'd just like to remind you that a recording of this presentation, along with a copy of the slides and the Q and A, will be available via your Investor Meet company platform. Catherine, as you can see, you've had a number of questions from investors today. So thank you, firstly, to everybody for your engagement this afternoon. If I may just hand back to you to moderators through the Q and A, and then I'll pick up from you at the end.

23:07 Thank you. Andrea, you've made significant investments this year. What were they, and when will you see the impact of those investments? Sure. Yes. Indeed, we have. We've transformed the business, and in fact, it's night and day from when I took the role two years ago. The investment was a odd range of items, which included systems, processes, products, and essentially put us in the front foot now. So if I was to bring that alive a little bit, when when I talked to clients a couple of years ago and our own people, we were definitely recognized for investment management skills, the investment performance, and also how strong our people were in front of our phase. But what was recognized was that we were working on systems from a different era, and that's what we needed to address. We needed to address and give a digital option for our clients, but also enable our own teams to to do their job even more even better than they had been doing.

24:08 So essentially, updated systems and processes made us much more effective, but we've also refreshed the entire product range. So we're sitting here today now fit for the future and I'm really pleased that that's already coming through the numbers that we've reported. So 600,000,000 turnaround in flows is one example and the cost base is down 3% year on year. None of that would have been possible without investments and the thoughtful investment that we've made in the business. But importantly, that's now behind us and I'm really excited about what this year brings and beyond and leveraging that investment for our shareholders and for our clients. Thank you. So related to that is the question, what will drive flows this year?

24:48 Yes. So indeed, it is related. So all of the heavy investment that we made is is behind us. What will drive flows is the distribution team, the investment management team that we have in place and that joint up strategy, particularly a new strategy to focus on on nationals and networks and BMSP that we launched. Essentially, nationals and networks, 1% of the firms in The UK, IFA firms have 50% of the assets. So you can imagine the operational leverage as we work with those firms, and that is progressing well. And BMSP helping

25:22 us really have an end to end strategy for IFA clients who want to scale, and we can support their growth and and manage assets appropriately. So I'm confident in that growth, but also gives me confidence. What also gives me confidence is BROOKS Financial, a whole new business that we set up, an independent financial planner. It's already delivering 10% revenue year on year, organic revenue, which is really pleasing, particularly in a year of integration. This year, I I hope further organic growth with great people in front of their clients, and importantly, we also have the revenue from investment management. So we now manage 58% of the assets, 51% this time last year. So really pleased with all aspects of the business.

26:08 NPS is growing, BPS is growing, BRKX Financial is growing, and that is set to continue this year and beyond. Thank you. Catherine, what gives you confidence in the updated earning consensus? I think there are three key things I would really point to. So I think we're going into full year '27 with record FUMA, so that gives us a fantastic platform for revenue growth into the full year. BROOKS Financial is now fully integrated and is firing on all cylinders, so that will definitely drive revenue growth. And then also our continued focus on cost discipline. So you have seen us reduce cost by 3% in full year '26 and we will continue that cost discipline as we go into full year '27. So all of those combined, I think, gives us the confidence. Thank you. Andrea, let's come back to, Brooks Financial. You acquired a number of financial planning, firms last year. Now that they've been fully integrated, what have you learned from that?

27:03 Lots of things. So integration, first and foremost, I think the the key thing is culturally cultural alignment. What I've seen is us being able to, across the regions, bring financial planners and investment managers together. The other thing I'd say is working with financial planners upfront to really determine those businesses before they come to BRKX is

27:26 to be able to set out the propositions that we can support them on and what we expect and the targets that we expect them to follow through on. And then I would say, thirdly, these businesses are largely on one of two technologies. So actually reasonably straightforward to integrate, which is really pleasing. And this year, we can then now focus on AI and how we make those businesses even more productive and better able to serve our clients. So, yes, they've come together well, but it you know, it's just the beginning after that first year of integration. We're able to leverage them from now on in and work very closely with our colleagues in BROOKS Financial whilst staying independent, is a critical part of our strategy. Okay. Thank you. Another one for you, Andrea. You've made great progress with the transformation.

28:11 Is there now a risk that BROOKS becomes a target for one of your peers as the recovery gets underway? Well, thank you for that recognition. It's nice to hear someone else say it rather than me. I am so my job is to run the business, to serve clients and serve our shareholders and and create shareholder value. In approach from m and a and external m and a is a matter for the board, we would deal with that appropriately, and we've got firm framework in in place. But ultimately, day to day, my focus is running the business and and serving clients.

28:45 Okay. Thank you. Catherine, one for you. How much capacity does the current operating model have to support further FUMA growth without a corresponding increase in the cost base? It's a really good question. I think looking back, the transformation program we've been through over the last two years has put in place a really scalable platform. That means that we can, with very limited additional cost, add significantly to the flows. And that flows momentum that we have seen running into q four and then into full year '27 will continue to drive that revenue growth. So I think we've put in place that platform now that we can grow really scalably and see that operating leverage come through. Okay. Thank you. Andrea, what are you seeing in terms of competitive win rates versus other discretionary managers, platforms, and model portfolio providers?

29:33 Good question. So if we take a step back, BPS, we work in a it's a competitive market, but people come to a bespoke offering not based on price, but based on service, and we're known and trusted for that. We're known and trusted for investment performance. So ultimately, it is competitive, but in a much smaller number of competitors. Our FUM in BPS grew 9%, and importantly, where we're targeting BPS is over £1,000,000. So we are seeing growth in numbers of clients, but we've seen 15% year on year in BPS. So we're competing and we're winning in BPS, and and I'm I'm really pleased with that. In MPS, it's a whole different volume. MPS has 200 providers in the market, but ultimately, BRKX is one of 10. We're firmly in the middle of that and growing very quickly, one of the fastest growing in The UK in the last year. So NPS is competitive, but we're winning our fair share of that.

30:34 If I was to say to you that 60% of the flows go to the top 10 in the market, then we're firmly placed to do that. And FUM has increased 35% year on year. So we're competing and we're winning, so really comfortable with that. We'd like to see clearly more of that in this year and beyond as we really leverage capability that we've invested in and importantly, the people and the talent that we've got across the group. Thank you. Catherine, one for you. What is the sustainable long term revenue yield and margin profile for platform NPS as the business scales? That's a great segue actually from Andrea just commenting on. We are very competitively priced on platform NPS. It's really interesting. A couple of years ago, we would get asked all the time, is there a race to the bottom on platform NPS? We're just not seeing that. So pricing has stabilized.

31:24 We are competitive in price, but we're in our fair share, as Andrea said. And we have we're not seeing pricing pressure in the market. Actually, what you've seen in full year '26 in terms of our overall yield, it's come down a little bit, but that's really because we've been particularly successful in some of our lower margin products, so particularly on the passive side, and then some of our business to business relationships. So that's you've seen a shift in terms of the portfolio mix, but it's not pricing pressure that's driving that. We've got established pricing on both of those. Okay. Thank you. I'm going to stick with you for this one. Was NPS growth inflated by BPS transfers or is this initiative largely done?

32:01 What are the medium term operating profit margin expectations as fee income yields change with the business mix? And the last one, would you be looking to publish more KPIs around financial planning and the revenue synergy experience of the wider business? Okay. I should have bought a pen and paper to write those down. So maybe we're yeah. Maybe I'll yeah. Do you mind starting with the Let's start with the first one. Was NPS growth inflated by BPS transfers? So no. It wasn't at all. And we have gone through a program over the last couple of years of of making sure that we have BPS clients, the right sort of portfolio size. And as Andrea said, 62% of our BPS portfolio is now in clients over a million pounds. So actually, the shift that we've seen has been relatively marginal.

32:49 We have been winning more than our share fair share in the market of platform NPS as a result of the service, the investment performance and being competitively priced. So really pleased to see that growth, we'll expect that continue to to continue. Then there's a question on operating leverage. Yes. So what are The medium term operating profit margins expectations as fee income yields change with the business mix. So the way I think about it is we've set an annualized we've set an annualized net flows target of 5%. And what you've seen in full year '26 is really strong growth on the platform NPS side and a significant narrowing of the net outflows on the BPS side, and we'd expect that to continue. It won't be linear, I'm sure, in terms of the BPS profile, but in q four, there were 20,000,000 of net outflows on BPS. So and what's really important from the revenue side is that stock of BPS farm grew 9% last year. So we'd expect revenue growth to continue. And then on the cost side, we reiterated that target to make sure that we keep cost growth below 5%.

33:48 We'll continue to focus on that, and that will ultimately drive that operating leverage coming through. We don't set specific targets on margin, but the intention is that that will grow as both of those drivers come through. Okay. The last question in this one was, would you be looking to publish more KPIs around financial planning and the revenue synergy experience of the wider business? So Brooks Financial now represents 25% of our group revenue. It's a really important part of the business, and we've seen great growth in full year '26. And you will have also seen that we've outperformed on the synergies target. So I think in terms of that business and the KPIs that, you know, really matter, I think, you know, we're giving lots of disclosure on that. I think in terms of how we segment the business, actually, for us, we have a shared support services. So the back office functions support both the DFM side and the BROOKS Financial side. So we think that's the most efficient way of running the business. And so we'll continue to think about how that we can articulate that most clearly to show the growth that's coming through. Okay. Just, Andrea, on the KPIs for financial planning, in a year of integration, what does it look like for client satisfaction and client retention?

34:54 So I'm really pleased with that 98% client retention and 93% client satisfaction. So you know, that's a real credit to the all the hard work that the team have put in to maintain those clients through a disruptive period. And I would expect to see that continuing going forward. Great. That is the end of the questions. Andrea, back to you for any closing remarks. Well, you. Some great questions and and ultimately, some very knowledgeable questions, which is great to see. So look, we've had two years of heavy lifting. Now the business is really fit for the future, and I'm excited about that. What we're building here is something really quite special. It's a human led and digitally enabled wealth manager, And I look forward to coming back at the half year and telling you much more about this success of the team and how hard they're working to deliver for our clients and growing this business for shareholders.

35:47 That's great, Andrea. Thank you very much indeed. Catherine, updating investors, if I could please ask investors not to close this session as we'll now automatically redirect you so you can provide your feedback in order the company can better understand your views and expectations. On behalf of the management team of Brooks Macdonald PLC, we'd like to thank you for attending today's presentation.