Eagle Eye Solutions Group (LSE:EYE) — Results for the year ended 30 June 2026

0:00 Good afternoon, and welcome to the Eagle Eye Solutions Group PLC Results Presentation. Throughout this recorded meeting, investors will be in listen only mode. Questions are encouraged and could be submitted any time by the Q and A tab situated in the right hand corner of your screen. Just simply type in your question and press send. The company may not be in a position to answer every question you receive during the meeting itself. However, can review all questions submitted today and publish responses where appropriate to do so. Before we begin, we'd like to submit the following poll. I'd now like to hand you over to the management team of EAGLE EYE SOLUTIONS. Good afternoon. Thank you very much indeed. Good afternoon, everybody, and thank you very much for joining us. We're going to run you through our results for full year '26 today. And what I hope we will leave you with is an impression of increasing commercial momentum, strategic progress, and clarity around the future opportunity for to continue double digit ARR growth and strong cash generation.

1:00 That's the agenda that we will be following. Just a quick introductory slide from me. We're a global leader in AI powered loyalty and personalized marketing, and we have a huge opportunity ahead of us. So why? What what is it about us that gives us this position? And I think there's three main things that we point to. First of all, we have a domain expertise. We sometimes say we're a software company run by retailers, and certainly there's a few retailers around in EAGLE EYE and people who've either sold or built software for retailers over many, many years. So I think putting it a sort of basic terms, we speak retail, and they like that. The second thing is that we have products that handle proprietary data and create sales promotions on based upon those, which create significant value for the owners of that data, and I think that gives us a very significant seat at the table. And then finally, we have a lot great distribution scale. Both the customers that we've already got, you know, look at the logo wall.

2:13 If you're in that industry, it's certainly impressive. But also partners and indeed our OEM partner, and we'll be talking more about those today. But we have significant scale in the market. So domain expertise, data and AI, distribution scale, those are the three things that you can point to that give us a leading position in this market. When we met you last year, we had just recently suffered the contract loss with Neptune retail services, and it was a big and and bitter pill to swallow. We explained that it was a one off use case. It was not a reflection of the the the health or the opportunity of the business, but it was, to say the least, a financial inconvenience.

3:07 We set ourselves some pretty stiff targets for recovery, and I'm pleased to say that what Lucy will lay out now shows that not only did we do that, but we did do more than that. And I think this is why we talk about a strategic reset for the business off the back of that misfortune. So over to Lucy. Thank you, Tim. So let me just take you through the finances. So just to start, as Tim said, at the beginning of the year, we reset expectations, and I think the results at the end of the year highlights as delivering key metrics ahead of market expectations. The two, ARR and SaaS recurring revenue, you demonstrate the commercial momentum that we've got in the business.

3:56 We delivered EBITDA significantly ahead of expectations, and we sit with a healthy balance sheet of over 16,000,000 of cash, which has grown by over 30%. And I'll take you through those elements as we go through the presentation. So if we start with the top line, we've been on a journey to be more SaaS over the last three years, and you can see that on the graph on the right hand side. We've grown from, 74% to 85% of SaaS revenue. Then if we just focus on f y twenty six, underneath the bonnet, we've seen that professional services come down as we deliver more products, and also we use SIs to deliver our professional service in conjure in conjunction with us. The metrics that you would hope for us to move forward nicely, the Air revenue and the EAGLE AI revenue have both done that.

4:47 And that's important as we're getting more SaaS revenue coming through that it will drive our direct margin as we go forward. If I spoke to you this time last year when we just lost the NRS contract, we sort of said one of the important targets for the year ahead was to try and recover that 10,000,000 of ARR that we lost, from that contract, which was a big task. I don't think we delivered that level of new ARR during the pit a period before. But, actually, what we've done this year is we've achieved that and we've achieved against that both from winning new customers, but also from deepening our excess existing customer base, and we achieved that 31% growth as a result. The cup customer concentration has come down. It's now gone from 64 to 60%.

5:37 We have one customer above 10%, which is Loblaws that is renewed in the period for another five years. If we look at the income statement, I don't go into the details of this because actually the comparatives as a result of the loss of n NRS make the comparisons a bit bit meaningless. But actually, if we just take a step back, despite that, we've delivered over 20% of adjusted EBITDA, and our EPS is positive. But most importantly, as we move forward, we expect to move forward, in a step change against those metrics too. The most important thing for this year, I think, is to explain what we have done in terms of delivering ahead of those expectations and the steps that we've taken.

6:24 So first of all, that commercial momentum has driven a much stronger direct margin as a result that over performance on sales. We had to make some difficult, decisions at the top, and we made some savings in terms of restructuring some of the senior leadership team. Then in addition to that, if we look down the organization further, we've made some careful management of people costs, but particularly in the area of professional services that as we're transitioning to be more SaaS, we've removed people who were effectively surplus to requirements as the revenue has come down, in accordance with that. So those are the key things that we've done in the year. In addition, we got some savings in terms of timings from sales and marketing, so they're they're not sort of sustainable savings.

7:15 But I think at the half year, due to our performance, we said we needed to invest for growth, wanted to invest more in sales and marketing, particularly in The US. We'd started that in half two. And as we come into quarter one twenty seven, we will have completed that investment. So as we move forward, we continue to focus on, driving the EBITDA forwards, and I'll talk about that in a couple of slides time. A moment on cash. The cash position is strong as I said upfront over 16,000,000 of cash. We generated cash of 3,800,000 in the period. Our free cash flow as a percentage VIBA r was at a 116. That excluded the share buyback profit we effectively got during the period was about worth about a 500,000.

8:01 So, really, the key metrics in terms of driving cash forward, we demonstrated in the year. Just to reiterate the cash allocation principles, which if anyone, attended the Capital Markets Day, we went over that at that point. Our focus is in investing for growth, particularly in US sales and also in an innovation particularly around AI data scientists. Our inorganic activity, we've, done two m and a, deals in the last three years. We continue to look for opportunities. Our focus is expanding the product offering, geographical reach, and looking across the ICP, which is our ideal customer profile.

8:46 Both deals that we have done have that connection of delivering for grocers, and that continues to be a a criteria that we look at when we look at potential opportunities. And now that the share price has recovered and we've got the cash on the balance sheet and the facility that's untapped, it gives us more optionality around m and a. The share buyback program, as I said, we did our first share buyback in the year. It's something that we'll keep an eye on as we move forward. So we're reiterating our medium term targets of a 100,000,000 of revenues, I. To double the business and also move the adjusted EBITDA margin forward. Previously, we'd stated at 30. Now we're restating it over 30. If we look at the progress against the top line and these key, channels to drive the the top line forward, the deepening opportunity, remains real. The top 10 delivered at NRR were a 113.

9:45 At our best, we've been at a 120, and we continue to push in that area as we go forward. Wins, we've said said, there's a big focus in The US. Tim's gonna come back and talk to you and show you really where we see the opportunity there. We've had nice logos in the first half for signing, for us for this full year. And EAGLE AI, grew by 35%, and we'd expect that to continue to grow at that sort of plus 30% level as we move forward. The OEM signed two new logos in the period. And, Tim will will talk to you about what we see the opportunity going forward. If we just take a moment to look at where the margin can go as we move forward, there's sort of four, key areas that we're highlighting here.

10:34 First of all, we've done a lot of work in the period looking at how we can make the platform more efficient. And, actually, the work that was done in the period led to a 150 savings June to June comparative. We'll see the benefit of that couple of percentage points coming through in f y twenty seven. We're currently looking at the equivalent project that we've got going on for '27, which again will take a chunk of the year to come through. But again, I would hope to get more efficiencies in the platform. We're currently delivering a direct margin of 70%. I would aim over, the medium term to sort of move that forward nearer '80. Everybody's talking about AI efficiencies.

11:19 We are too. We're using AI within the business operationally, but also from a coding perspective. What we're seeing now is an improvement in our throughput of about 75%. We're using that at the moment to deliver more stuff. As we move forward, one, we're going to invest some of that back into new skills for the organization. In addition, we wanna invest into security. We've gotta pay for the tools that we use, and we'll take some of that to the bottom line as well. We're going to take the year to use all those, look at all those different combinations. And what we sort of said for this year, we'll make sure that we're not spending more than what we did last year in a combination of those things that I talked about, including the tooling.

12:11 These things are important to drive the the bottom line, but also to allow us to invest for growth. Sort of I've touched on that in the previous slide. We wanna continue to continue to invest. As a result of that, that can drive more operational leverage if we can get the top line moving as well. So, if I was to summarize, we've got a clear line of sight to the 130. We've got a considerable TAM opportunity. And for those of you, that saw us at the half year or at the Capital Markets Day, we showed you this slide, which we're illustrating basically our TAM opportunity that we see ahead of us, which is significant. We've got this increasing revenue quality to be more SaaS. Our cash generation is good. We've got a strong balance sheet with our facility that's untapped.

13:02 We've got double digit underlying growth, and we want to continue that momentum around that going forward. The margin has progressed significantly from the expectations from the beginning of the year, and we're gonna kick on and move the margin forward again as we move forward into '27. So on that note, I'll hand over to Tim. He'll take you through the strategic areas of the business. Thank you very much, Lucy, and thank you for your stewardship through what had the potential to be an incredibly difficult year and made such great progress. I'm gonna start off by talking about the market itself. It's a big market, and it's growing. And speaking from personal experience, I can tell you it's a hell of a lot easier to grow a business with the wind at your back than the wind in your face.

13:51 And this is very definitely a business that's got the wind at its back. What and it's it's accelerating, I think. And the reason that it's accelerating is because there is a greater realization that personalization is the answer. Because of the improved return on promotion investment that personalization gives and the very obvious fact that AI leads to the personalization opportunity. So 43% of businesses are saying their tech's not up to it. Well, that's our opportunity. We had a strong year in terms of wins, across the the EAGLE EYE world. You know, nice win of Zed Energy and a great renewal in APAC, some super logos and new verticals in EMEA, and we're really starting to penetrate the middle market of U US grocers of which well, the next slide illustrates is there are very many.

14:53 And that is a huge it's not the only opportunity that EAGLE EYE has got. It's not even the only organic opportunity that EAGLE EYE's got, but it is a huge opportunity that we face. And we've got new people, new staff, new energy in that market, and we've just started to make some real progress, I think. And there's more to come. I'm sure of it. Moving on to scaling routes to market, we have the the second big driver for growth that we have is what we call the OEM, and this is a partnership with one of the world's largest enterprise tech companies. They have 40,000,000,000 of revenue. They have 600 go to market people. They have an existing on premise loyalty product that has about 5,000 customers.

15:47 That's being sunsetted. It's a huge, huge opportunity for EAGLE EYE. It will unlock new geographies, new sectors, and I believe it has the potential to double our business. If you look at this slide here, this shows the loyalty product set within the middle of the marketing stack with the the idea that it's the central point that moves all the data around the marketing stack, that looks very similar to a schematic that we have produced over many years for the likes of Loblaw, if you go those of you who've been following us long enough and go back to that era of investor presentation. It's a very, very similar version of that, but this is the OEM, so they're all their products.

16:36 And that's how it all sits and fits together. So it's a very significant undertaking. It's a powerful product. And if you wanna get it all from one vendor, soup to nuts, this is the place to get it, and it is the best on the market because it's got our loyalty platform at its core, and our loyalty platform is the strongest in the world. It's we've they've already won two clients for this product. They're in advanced discussions with a further 40 within the pipeline, and our estimation is that within the next twelve months, we will win something of the order of four to eight.

17:25 Conservative, but better to start there with but with a view that this really does have the potential to double the size of EAGLE EYE. Moving on to other sorts of partnership. Couple of years ago, maybe slightly more, we we we acknowledged the fact that we were weak in terms of partners and said that we were gonna set out to build a a network of partners to help us build our our our pipeline. And we've now got to a point where 35% of the wins that we generated were were in some way influenced by partners. And we we said that we thought that that 50% was possible.

18:10 I think that's absolutely possible. It may be more than that. So, you know, keep going. It's going well. It's making good progress, particularly photogenic, BCG, Borsa's EZ Jet. Well, I don't think without a partner, I don't think we'd have got it. We'd have been you know, we wouldn't have been on the shortlist. And once they got us onto the list, we were able to win it. So that's you like, the the third route to market, you've got organic, got the OEM, you've got partners, and now let's look at the product and how that's improving. The first thing is if you look at the the EYE product, people say, you know, why does EYE win these great big supermarket businesses? It's because of the scale. It's because it's what we do.

18:57 The you know, when I said earlier on we speak retail, one of the things is we speak in in tens of thousands and and and indeed millions, which you have to be able to do to cope with the sorts of volumes that they live with every day. Most people are just not used to that. And the amazing thing is that we can not only do we cope with these volumes, but we can adjudicate a basket of goods and work out all the points in, points out, promotions in, promotions off, all the earnings in fifteen milliseconds. So literally, in less than the blink of an eye, it can be sent to the cloud, adjudicated, and sent back. So as far as the customer is concerned, they don't they they don't ever see it happening. Whatever goes on under the bonnet, they're not aware, but apart from the fact, they walk out the store with the right points total, the right discounts, and having been charged the right amount.

19:57 And it has phenomenal uptime because it has to, because it's part of the key retail system of checking out. Moving to the AI business. When we bought the business, it had one product, personalized challenges. It's now got four, and I'm just gonna take you through that evolution. The business has grown by 35% this year led by the challenges business. Challenges are continuity promotions. What I see wherever they're implemented, wherever we go in the world, is that there are group of part of customers who completely get continuity promotions. They get this idea that if I'm prepared to spend a bit more, you'll give me a bit better price.

20:44 And this is the way to do that. I mean, this this concept, you know, you go to the market, you say, okay. That's that's how much you'll give me for one goat. How much can I get two goats for? I mean, since time immemorial, this has been a, you you know, is is a way that people are used to bartering and buying goods. The trouble is in a self serve high-tech environment, you can't do it until now, and now you can. People like it. There's a group of people that do it. If you don't have this type of promotion, you just leave that money on the table. So that's the that's the selling message that we take to people. And we've just improved the product. It's a it's a machine learning based product. Algorithms developed over about seven or eight years. But we've now put a transformer neural network on the top of it, and you can start to see that in the green bubbles, the the difference that that has made, the improvement that that has made, 3% nice, 6% not bad. 22% is amazing.

21:44 And what that's saying is that this AI is able to find products that you have never bought that you are likely to buy with 22% more chance of getting, you know, getting you to buy something than its predecessor. That is a pretty significant step forward, and I think an indication in a small way of what AI is capable of doing. On the right there, some of the brands that have bought this product this year. The next stage is personalized promotions. Now this is where what we're doing, you don't have to do it this way, but what we're offering is we can bring the AI data analytics capability and marry it with the AIR execution capability.

22:33 So you get the personalized list and you get the the EAGLE EYE real time execution. That is the best way of doing personalized promotions in real time cash off now, and that is the next stage that we can offer to people in a road map. And we're you're starting to see early indications of the improvement in return on investment of targeted versus mass promotions. The next product is what we call offer ranking. Basically, your local supermarket will have something of the order of a thousand promotions in store now. You won't see most of them, and you certainly won't see all the ones that are relevant to you, and you'll see some that are not at all relevant to you. What this does is it uses your data to say, of that thousand products, the 10 that are likely to be most attractive to you or the 20 that'll be likely to be most most attractive to you are these.

23:39 So we're not gonna show you a meat product if you're a vegetarian, for example. We're not gonna show you nappies if you haven't got babies. You know? So it's it's I mean, clearly that is it at its simplest level, but it becomes more sophisticated. And what you can see there is a result of doing that, the retailers that doing it, they are getting a higher click rate and a bay people are basically looking and then acting because it's useful information, because it's relevant. So if you add all of those things together, I think that they do make a considerable step forward in retail's ability to personalize off the back of their own data. But the issue is if you're gonna do personalized promotions, you have to do an awful lot of them.

24:27 And and in order to be able to do an awful lot of them, you you you you just have to do a lot of execution. So this agent is all about helping people to execute more you know, identifying opportunities, identifying things that are relevant and interesting, seasonal, topical, new, things they wanna push, but then allowing the AI to create the promotion and make them as relevant as possible. And this is cutting the amount of time it takes to set up a personalized promotion by about by about 80%, so very significant. And that's the first of a number of agents that we will be launching during the year.

25:16 So there we are. That's it. I started out by saying that I I I hoped you would agree that we should be confident about our return to double digit revenues, both revenue and EBITDA. And I think there is an accelerating opportunity for EAGLE EYE. I thank you for your interest. I thank you for your time, and we've now got time for questions. Fantastic. Tim and Lucy, thank you very much indeed for the presentation. Ladies and gentlemen, do please continue to submit your questions just using that Q and A tab situated on the right hand corner of your screen. But just for the team to take a few moments to review those questions submitted today, I'd like to remind you that recording of the 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've had a number of questions throughout today's presentation.

26:03 So thank you very much indeed for investors for submitting those. Perhaps if I may just ask you to click on that q and a tab, where appropriate to do so, read out the question and and give your response, and I'll pick up from you at the end. Great. I'll be quiz master then, Tim, shall I? Okay. And if I don't if I don't like the don't like the cut of its jib, I'll send it back to you. Okay. Sounds good. Okay. So the first question was around the acquisition by Kroger of Giant Eagle. Giant Eagle is one of our customers. Just to note that, roughly 1.5% of our revenues are not a significant customer in terms of we would classify them. They're not in the top 10, for example. Tim, can you do you see that as a threat or an opportunity for us? It's probably both. I mean, I I think it it it's it's a threat, you know, acquisitions, roll ups. It's a threat, but actually may take a little bit longer to materialize than people might think.

27:05 You know, when when they buy a business like this, there's a lot of things to integrate, and top of the list isn't necessarily the loyalty program. We have a good relationship with Kroger. We talk to them quite often. This will be another opportunity to talk to them again, and we we have a very good relationship with Giant Eagle. They like us a lot. And the head of marketing and trading at Giant Eagle, who who I'm sure Kroger Kroger will regard as being a talent that they are looking forward to bringing into their business, I'm sure would speak very highly of us. So you never know, I would say. There may well be an opportunity. Great. Thank you. Next question, which I'll take, I think, is after achieving 21% revenue growth, if you exclude NRS and that's reconfirming that we're confident about the future, How does that sit versus the the broker's forecast? I think the first thing to know is actually from a consensus perspective, growth is at 13%, for the next twelve months. We would obviously try and overachieve against that, and that has always been our sort of mantra to sort of overachieve against expectations.

28:23 And and I think we've still got some winning to do this year, but we're getting more more confident as sort of the months progress against that. So watch this space for updates on performance as we progress through the year. The next question, I think, is for you, Tim. In the CEO report in '25, we talk about the channels to market representing revenue opportunities of greater than the market forecast and a 100,000,000 revenue target. Is this still the case in terms of being confident about achieving that in the medium term? Yeah. I think absolutely. I I mean I think the follow-up question, which is, are you still confident in SAP's, oops, sorry, the OEM's opportunity to deliver I mean, the answer to both questions is, yeah, I I I remain absolutely confident. That's why, you know, when we had the setback last year, we came out and said, don't worry.

29:29 Don't panic when the share price was down at £2 or something. So, yeah, there's there's no reason to change the view. I'll bounce the next one back at you, Lucy, which is how are you look are you actively looking for m and a, and what sort of opportunities? Yeah. I mean, I think I covered that in in my sort of presentation, which says, which highlighted the types of things that we're looking at. Geographically, I would sort of say the focus is in Europe. We're we're big in The UK. We're big in France, but there's lots of Europe that we're not present in, and that's a focus for us. And, clearly, The US could be an opportunity for us, as well. But, yes, we're continuing to be actively look.

30:14 Now that the share price has recovered and the balance sheet is strong, it remains a focus for us. Next question is, have we won any new OEM contracts in the last six months, and do you think that's gonna change in the next six? No and yes. Think we're we're, you know, we're as confident as we can be from from what we hear and what we're told that that there will be more more wins between now and Christmas. Yeah. And we're acutely conscious that shareholders are waiting for that. They're keen for it to happen. So are we, but I believe it will. Thank you.

31:00 The next question came in sort of mid presentation around, I think, when we were doing the technology bit, which was I think it's a statement more than anything, but I guess the FOMO is a factor with grocers in terms of the technology that others have. Comment on that? Well, I think that's right. And I think the point that, you know, this really the point about the middle market, the the the sort of mid sized American grocers. Once you I mean, sort of slightly twisting it, we we won Quick Trip, which isn't a grocer. It's actually a convenience store, fuel based convenience store, which again is a it's clearly a very adjacent sector to grocery, but it's not grocery. But it's a big sector in The US, and we won QuickTrip. QuickTrip said we wanna do quite a lot of PR around this because we want the suppliers to be keen to take part of funding the promotions, etcetera, so let's get everybody excited.

32:02 So they did we did quite a lot of press releases. The whole of the the convenience industry is then circling around, eagle eyes, saying, what's going on here? You know? Well, how come you're doing that with them? And and that led to pipeline development and other things. So I think, yes. Absolutely. And the the beauty of The US market is that that there are a lot of people who know each other, who meet each other at conferences, who are not competitors because they operate in completely different geographies. So they can just ring them up and ask them, and they do. Great. Thank you. Next question is who's implementing the two SAP sales?

32:49 The answer to that is system integrators. SAP work with a whole range of different system integrators. Tim, you might wanna touch on sort of your time spent with them in a minute. And is there any functionality missing from the the OEM version versus what's in the branded version? And the answer is yes. So the OEM version is purely promotions and Naughty. It doesn't have any of the EAGLE AI products currently. Any comment on the SI? Yeah. We Al and I did a series of three meetings with SIs around the world. I think we met over a 100 SIs in in sort of what basically I mean, we were guests of the OEM product team talking about the opportunity in the market and how it works and how it functions, and then they were talking about the product and how the product would work.

33:45 So, clearly, they put quite, you know, some quite significant effort into that, and we've taken part in it. Great. Thank you. Okay. Next one. It wasn't clear what functionality or customer success was required for the company to address the 1,400,000,000 US market. Just a bit of background how we've come to that. First of all, we've looked at sort of the our focus. So we're looking at grocery, convenience, sectors that we're in already, not looking at the whole of the retail space. So that's the first point. And and that really is the criteria to get to the 1,400,000,000 market.

34:34 So, hopefully, that addresses your questions. I'd and just in terms of what do we need to do, we need to get it's it's not that there's anything missing. We just need to get out and talk to them. And, you know, there's a lot of people to talk to. And, of course, you've gotta talk to them at the right time because particularly if you're either installing for the first time or upgrading your loyalty platform, you only do that once a once a decade max. So you've gotta be there at the right time. So there's a whole outbound marketing program, etcetera, that's being built and being developed. The conference season is starting. And, literally, as we speak now, the the the US sales team is arranging meetings for for next week's meeting in which is in Vegas.

35:33 Grocery shop is in Vegas next week. And the reason why they're doing it today is because it's that's just the way it works. So you gotta be on the phones, on the WhatsApp, you know, on the email today arranging for the meetings for next week. Thank you. We still have time. I think we are. Next question is how many salespeople have we got on quota worldwide? Roughly about 20. It's about 50 people in the sales team globally, but that includes CSMs, partnership people, marketing people. What are sales productivity targets? And are they measured in ARR or something some of the basis? They're all targeted.

36:20 They've all got ARR quotas individually and and as a team target. So, hopefully, that makes sense. What staff numbers of UK versus USA around the world? There's about 250 people across the globe, about a 130 of those in The UK, about 50 of those in The US, the balance rest of the world. Rest of the world for us is mainly APAC and and France. Yeah. I mean, I guess the point about that is that, you you know, the core the core engineering function is here, and that's what drives the numbers here. The shareholder base.

37:07 What would you like to know about the shareholder base? The presentation is on the website. It's one of the last slides in terms of the shareholder base. The top institutions two top institutions have got over 9%. They are heavily or majority UK based. Fantastic. I was gonna say you you've you've covered all those questions often. Of course, any further questions come through, we'll be able to publish responses where appropriate to do so. I see one's just come through from Jonathan. Lucy, I don't know if you wanna have a quick look at that before we just ask Tim for some closing comments. How do you compensate sales on SAP sales?

37:56 I mean, I'm I think in a way that I mean, they have their own compensation for their own salespeople, and we have our own internal program. And and I think only a 10% close rate because we've gotta wait and see, be conservative, and hopefully, it'll be better than that. We just don't know. So there's no point in you know, theoretically big, but but but we just don't know until it starts closing out. Hopefully, as you have sort of indicated, it'll be better than that. Fantastic. Great note to end on. Look. Thank you very much indeed for taking all those questions. Just before redirecting investors to provide you with a feedback, those would be particularly important to you. Tim, if I may, just a few closing comments, please.

38:47 Yeah. Well, as I said, you know, I think the business had a good year, so thanks to everybody for for pushing hard. I think we have more opportunity than we've ever had for growth, and we are clearly demonstrating that we are able to to deliver that growth profitably and as we scale to improve our profitability. So thank you for your support. Thank you for your interest. And if there's anything more that we can do for you, please don't hesitate to reach out. Thanks for your time. Fantastic. Tim Lucy, thanks for updating investors today. Now please ask investors not to close the session. It should be automatically redirected to provide your feedback in order the team can better understand your views and expectations.

39:32 It's gonna take a few minutes to complete, and it'll be greatly valued by the company. Behalf of the management team of EAGLE EYE SOLUTIONS GROUP PLC, we'd like to thank you for attending today's presentation. That concludes today's session, and good afternoon to you Thanks very much. Thank you.