Finseta (LSE:FIN) — Interim Results

0:00 Good morning, and welcome to the FINSETA PLC investor presentation. Throughout this recorded meet presentation, investors will be in listen only mode. Questions are encouraged and can be submitted at any time via the q and a tab situated on the right hand corner of your screen. Simply type in your questions and press send. The company may not be in a position to answer every question it receives during the meeting itself. However, the company can review all questions submitted today and publish responses where it's appropriate to do so. Before we begin, I'd like to submit the following poll, and then I'd to hand you over to James Hickman, CEO. Good morning, sir. Good morning, and thank you for joining us. Just a quick reminder, if you wanna flick the side couple forward. Next slide, please. A quick reminder about FINSETA and what we do. We are a payment services business offering currency and payment solutions to both businesses and individuals.

0:57 The individual bit's very important. We'll come on to that. We're regulated in The UK as an e money institution. We're also regulated in Canada as a money service business. Part of our growth strategy has been very much around utilizing our proprietary technology and platform and leveraging that to attract new customers and build out scalable, sustainable business. One of the key differentials between FINSETA and other payment services business is the way we attract customers. We go direct to market but via an introducer network, and introducers are such, lawyers, accountants, property agents, and such like.

1:48 All of our sales efforts are focused towards those introducers. And, ultimately, we provide a very, very high level of service, and that's how ultimately we attract new business and new customers, a very high level of service to to both our introducers and and ultimately to their underlying customers. We're able to onboard customers with relatively complex needs in complex jurisdictions. We're able to, now expect to to pay out in currency wise in over a 140 currencies. That's up from 58, this time last year. So we've made significant strides in that, which will come on to, the the progress against strategy shortly.

2:36 And we've also invested very heavily in both compliance and also into our into our sales efforts. Next slide, please. So some of the key highlights of of h one, of this year. Record revenue with 40% up year on year growth from from this time last year. Judy will touch on some of that metrics. And, that number does disguise actually an even better performance than than that might suggest. We've, as I say, invested in our sales team. We've grown the number of active clients, the number of introducers, and very importantly, the the average transaction value.

3:22 As I mentioned, we're now able to pay in a 165 countries with a 140 currencies. We're really expanding our global payments network, and we we we said in in previous, messaging that that was one of our key goals is to expand our global payments network. We signed an agreement earlier in the year with Mastercard for the launch of a commercial card scheme. We are going through the final throes of testing with that. Very pleased with progress, and looking to launch that late this month, early October. So very, very excited about that that new product that will take us into new markets, new and with a new type of client base as well as exist helping serve our existing clients.

4:11 You may have noticed, that we have renamed the company, since our last presentation, from Cornerstone FS to FINSETA PLC. We've also done that with the with the trading as well, the trading style. Pleased to say it's had no negative impact whatsoever. Renaming a business is always fairly perilous. You never know what impact it's gonna have to customers, to staff. But, actually, with a lot of hard work, we we were able to sail through it, which I'm delighted with. One of the reasons it's probably worth touching on one of the reasons we did it because it's not something you do lightly. Cornerstone actually as a as a brand is very ubiquitous.

5:00 In Cornerstone, there are multiple companies called Cornerstone or Cornerstone something else. So it's very difficult to own IP, very difficult to own own a brand Cornerstone. So whilst we were at the stage we were at, we just took the decision. Actually, we will change the name so we can then have total ownership of the the IP of FINSETA, which we now have. And going forward with our geographical expansion, that will help us differentiate ourselves as well. And finally, the Canadian license. Delighted that we were granted a Canadian license by FINSETAK earlier in the year. We've actually appointed a country manager there now. We're growing out we will be growing out our capabilities, and this isn't it's, I think, worth pointing out, this isn't just a brass plate office.

5:53 We're looking to expand out that with sales, with operations, and and most importantly, with local banking. We're making good progress on the local banking side as well. Next slide, please. So just a reminder of our strategy. Next slide. It's we have three core pillars, one of which is expanding our geographic and market footprint secondly, enhancing our product capability and thirdly, one we've labeled future proofing the business. Now that's quite wide, but, ultimately, that's about creating a sustainable business for the longer term. So reporting on progress that we've made against those those key strategies through those three key pillars.

6:40 Next slide, please. As I mentioned, we've we've been granted our Canadian license via FINSETAK. We are progressing with our Dubai application with the DFSA. That is going well, and we are very hopeful that this year we will be granted full approval. We have expanded our both internal and external sales capability. We continue to invest in that both both in The UK and geographically. As mentioned, we've appointed a country head in Canada. We continue to hire, in Dubai.

7:24 We are expanding out our or looking to expand out those those geographical regions further. We mentioned last time Hong Kong in 2025. And then from that point, we will look at further geographical jurisdictions. Next slide, please. In terms of our enhancing product capability, metric, as mentioned, the card program is on track for h two h two, this year, And we've done quite a significant amount of testing on on that card program, and we're we're very excited to launch. We've actually got cards ourselves now, so actually using that in earnest currently.

8:13 We've made huge strides in expanding our our global payment network. As I mentioned, going from 58 currencies to a 140 is a significant step, and we've done that through partnering with other payments businesses. We we're not precious about doing everything ourselves. We will go to best best of class in market. Ultimately, to do it all ourselves would take years, be hugely expensive. We're we're very much believer that, you know, if if we can partner with a business, that will make it more efficient and offer a better, ultimately, a better service to our customers, then then we will do that. And, ultimately, it allows us to to offer more to our existing customer base and actually attract more customers as well.

9:08 So and we're continuing to opt out to those banking counterparties and payment counterparties. And in fact, we're finalizing terms with one key one as we speak. We continue, as with most financial services business, compliance is always a focus and quite rightly should be. We we continue to to focus on the compliance aspect of our business both in The UK and overseas. We've improved our customer onboarding process, in h one, ultimately leading to less friction for the customer and decreased onboarding times. And we've also implemented some, real time transaction monitoring, via machine learning that ultimately will allow a level of protection for customers and the level of security for for the business as well.

10:06 Next slide, please. And then on finally, on future proofing the business, touched on the the the rename. We have done a couple of key sponsorship deals with one with the Ladies European Tour and another with Ultimate Tennis Showdown that ultimately we are we are their payments partners that really goes to show the sort of global ambitions of the business and also the trusted nature of the business as well. These are the two good brands that trust FINSETA to be their payments partner. We on from a financial point of view, which will which Judy will come on to in more detail, we've profit, increased margin, and increased revenue, and ultimately strengthening the balance sheet through cash cash flow generation.

11:01 Final point worth touching on is our platform, and we continue to develop that because ultimately, you can't stand still. Customer expectations, customer demand is always changing, and we must change with it. So we continue to develop the platform. We plug in additional counterparties via, the use of APIs. We continue to develop our product, for example, mass payments capability, to ensure that we're meeting the expectations of our customers and and more importantly, or as importantly, I should say, to attract new ones, and and and a wider variety of. With that, I'll hand over to Judy for the financial highlights. Yes. Thank you. Can you flip on Slide 13, please, Philippe? Thank you.

11:51 So I'd categorize this first half really as a period sustained delivery, you know, huge growth in all of the key metrics that you see there. But combined with that, we've we've also set ourselves up for for investing in growth and delivering further economies of scale and efficiencies as we move forward and future periods will certainly generate benefit from that. I think really, I'll go into most of these key metrics over the next few slides. But I hope that's a great snapshot to show the progress we've made on all fronts. So starting first with revenue, if you can move on to the next slide. So revenue for the period of $5,100,000

12:36 that's up 40% year over year. Importantly, now all of that revenue is direct. So we during 2023, we off boarded and fully exited from our our historic white label business by the end of twenty twenty three. So on a like for like basis, that that growth rate is actually more like 54% if you if you take out the white label business from from the previous years. And that's been generated by both the growth in active customers, but more importantly,

13:07 growth in in average trade size and and, you know, revenue per customer. So active customers up 9% to 952 and a 29% increase in in trade size. And we've seen growth across all channels, I would say, within our business. Particular success, I would say, in the UK sales team where we've had the most pronounced growth year over year. And they've really replicated that success in kind of cost customer acquisition strategy

13:38 through introducers and and really in the first half, going deeper with introducers that we succeeded in previous periods. It was also the first full period from our solutions desk. We're pleased with the growth there and we see huge opportunity in demand for that. So we're adding additional headcount in the second half to to kind of capitalize on that opportunity. Moving on to the next slide, I'd say combined with our revenue growth, key focus of sweating the asset of our platform, cost control makes it make remains a very key focus and targeted investment into areas where we'll benefit in future periods. Most of that in the first half has been in salespeople, so 300,000 increase in sales in the headcount.

14:32 We also have within there our investment into car program heads also there. We've incurred an additional 100,000 in sales and marketing costs largely to support the renaming. And we've got some other small increment incremental increases really ahead of our kind of globalization. But I think most important point is that you you continue to see, you know, the operating leverage coming through. So 49%

15:02 adjusted cost base as a proportion of revenue in this period compared to 56% last year or in other terms, a 24% increase in costs versus that 40% increase in revenue. And if you move on to the next slide, please, Lily, that obviously fueling profitability growth. So one of the areas that I haven't specifically mentioned previously, but is the gross margin accretion. So 65.7% up from 61% in the prior year. Most of that coming from the full turn off of the white label business. And we really should see margins in the future continue to be around that 64%, 65% mark.

15:49 But as I say, those that stable focused investment costs means we generated $800,000 of adjusted EBITDA in H1 compared to 200,000 in the prior year, a margin EBITDA margin of 16%. I think it's really fair to say that those investments in kind of future monetization opportunities have been a bit of a drag on that margin, and we'd certainly see that a lot higher if we were reporting on a kind of BAU basis. And then moving on to the next slide, away from the income statement. So we continue to see really strong cash flow conversion, 800,000 of operating cash in line with our adjusted EBITDA, so 94% conversion.

16:38 You can see here on the graph on the right hand side, we have had a small working capital outflow in the first half, 300,000 outflow. That's really normally a trend that we see in H1 and we should see that definitely unwind by the year end. And then, know, kind of seeing that in terms of a overall cash flow, if you can move on to the next slide, Lilly. So $2,800,000 we entered the period in terms of gross cash. Net cash, that's $600,000 net of the $2,200,000 loan notes. As you may recall, we've got 200 k of that to repay in in the coming weeks that related to to to an acquisition we made two years ago.

17:26 And then 2,000,000 further loan note to be repaid in effectively two years time, August 2026. So really, really strong,

17:36 you know, building of our balance sheet. You've consistently seen over the last year and a half. I would just draw out a couple of points probably from from the cash flow statement. Obviously, the period, we reckon that we completed the disposal of capital currencies, what was left in that business. So we effectively acquired it two years ago, hived off all of the customer relationships and employees into the FINSETA company, what was left in capital currencies was effectively an API license.

18:10 So that completed during the period, realized 150 ks in kind of in sales proceeds from that. Also importantly, you know, we as James has mentioned, we continue to invest in our platform. So 200,000 in in spend in the first half. We will see that grow in in the second half. We are we run things very lean across the company. We have quite a small tech team, so we are utilizing some external resource to to deliver some of the the really key kind of product and infrastructure developments that we'll see, you know, for example, the the kind of, you know, straight through onboarding of clients. We've completely redesigned and have tech support technical capabilities to to do a, you know, completely touchless onboarding of clients.

19:07 We we kind of implementing a new transaction monitoring tool. All of this is generating efficiencies for future periods. So as I say, you'll see CapEx nudge up slightly in the second half, but then in future periods kind of return to a more recurring level with about 500,000. But I think in summary for me, really strong results across the board in the first half. And we're really excited about the kind of the platform that we've built to kick on from here delivering top and bottom line growth. Back to you, James. Thanks, Judy. Next slide, please.

19:51 So overall, in summary, just to sort of look back at h one,

19:59 awful lot achieved, I think. You know, significant growth in all financial metrics in the numbers. The rename completed and and as Judy touched on, at a a very, very low cost to to to rename the business and everything that goes around that. We've expanded our our payment capability significantly and also introduced a network. It has grown significantly. The the agreement with Mastercard is no mean feat and and really in terms of both product

20:36 and business itself, I think, is significant. And we've also received regulatory approval in to operate in Canada as an MSB. So, you know, we've achieved an awful lot in in h one of twenty twenty four, and we're very, very excited for the second half and further further progress.

21:05 And that concludes our presentation. James, Judy, thank you very much for your presentation. Ladies and gentlemen, please do continue to submit your questions just by using the q and a tab situated on the right hand corner of your screen. Just while the company take a few moments to review those questions submitted today, I'd like to remind you that a recording of this presentation along with a copy of the slides and the published q and a can be accessed by our investor dashboard. As you can see, we received number of questions throughout today's presentation. Can I please ask you to read out the questions and give responses where appropriate to do so? And I'll pick up from you at the end. Thank you. So the first question, you have ambitions of being a £100,000,000 revenue company. Is it still realistic and what share price would this equate to?

21:50 I can't say what the share price would equate to, but I can tell you that I still believe it's very realistic. I think given the progress so far, the number of the the key strategy that we've we've embarked on with geographical expansion and product expansion, I genuinely believe that's achievable.

22:11 As I say, to what share price that equates to, I I don't know. I I would only add. I think it's it's really fair to say, you know, we're we're probably trading at around two times trailing twelve month revenue. I think there's certainly multiple accretion there that you would you would see over a sustained delivery account. Obviously, I'm not making promises, but I think as you compare that to other quoted companies in our sector, I I certainly think that that that that that, you know, other multiple other people have higher multiples. Second question, why has seasonality kicked in so early into the growth phase of the business?

22:52 I'll I'll take initially and and James feel free to supplement. I think, you know, we did we did highlight that we expected a seasonal half over half decline. I think in general, we've seen, particularly with the growth of our high net worth individual business, we have seen an emerging seasonality of h two being stronger. We still project very high growth for the year in full and and probably just see that as an emerging trend now that h two will will will seasonally be higher than h one. And I think that's reflected not just in our business, but actually in in most payments businesses and and FX businesses. You've always find, certainly, historically, I've found, that h two is significantly stronger, than h one. To this day, I still don't know why, but that has always been the case. So I don't think we're we're certainly not alone in that that factor of h two being being significantly better than h one.

23:58 Because it's a a very busy reporting day, there's only two questions. I think there's another one coming now. How how large is the pool of potential introducers as you look to build your introducer network? Good question. I mean, ultimately, as I mentioned, the the intro our introducer network is targeting lawyers, accountants, property agents, wealth managers, and independent financial advisers. How big globally is that is that network? Enormous. So, ultimately, we are targeting currently the more the the introducers of more global nature naturally for our go to market strategy so we can leverage our relationships here in The UK to to other parts of the world. But ultimately, as you go down the the scale, you know, there's plenty of small ones. There's some very large ones. It's an enormous market.

24:57 And and ultimately, the reason we've chosen this go to market strategy ultimately is because it allows us to develop relationships and therefore develop trust with those introducers and ultimately with those those clients. And and the better service we provide, the more customers we get. It's very, very simple. And I will come in. As the business matures, our 30 to 40% EBITDA margins are reasonable target without a doubt. I think that, you know, entirely reasonable. That's exactly where I see us sitting in the not too distant future. Can you explain in more detail the opportunities you mentioned regarding the solutions desk?

25:46 Yes. So the solutions desk services and attracts customers that that have payment issues. Now that might be jurisdictional, I. Having trouble with current providers or having trouble getting money out of certain jurisdictions because it's more difficult, or maybe getting money into certain jurisdictions that is more difficult. Also, could be that the the industry that they're involved in, it is particularly it's it's harder to bank, should we say. So so, ultimately, we we've invested, as I've said before, very heavily into our compliance and regulatory team and systems to make sure that we can onboard customers relatively quickly in a compliant manner that typically, say, a high street bank may may may reject, which they do more and more nowadays, and and also in a in a time specific manner. So, you know, onboarding with a high street bank can take anywhere between three and six months as a business.

26:57 We we typically onboard within twenty four hours. So our solutions team are there to basically make life easier for both businesses and individuals who do have payment issues. What contribution could Mastercard make to the overall business in time? Ultimately, it's it it could be significant. Mastercard, ultimately, for me is another payment rail. So it allows customers, for example, to pay business customers specifically to pay things like Amazon Web Services and dig ultimately, in the digital economy, anything that that digital goods and services.

27:45 So, potentially as that market continues to grow, you know, the card scheme could and probably will make a significant impact, to our business. What does not currently having a local banking license in Canada mean for the business? Hindrance, total stopper, a banking license. Well, we don't have a banking license here in The UK either. We're a regulated e money institution. We have a money service business in in Canada. That look interestingly, that regulatory environment is changing. They're introducing a a new regulatory regime called the RPAA, which is the Retail Payments Act, ultimately changing the way businesses like ours are regulated, and they're moving from FINSETAK to Bank of Canada.

28:42 Ultimately, I think what they're trying to do is mirror the financial conduct authorities EMI environment, so more safeguarding, more more security for the end customer. We we will be participating in that upgrading our license when when we can do, when that when that window opens. As as for a banking license, we never had any intention and do not have any intention of of applying for or requiring a banking license anywhere in the world. So I I don't think in terms of a hindrance total stopper, I think actually it's the reverse. You know, banking license, the collateral requirements, the the regulatory requirements are just enormous.

29:33 And it means that ultimately, we would be a very, very different business were we to go down that route. Last one. Any web three happening in FINSETA? Depending on what you classify Web three, but but, yes, in terms of the transaction monitoring piece that I mentioned earlier, definitely. We we are looking at sort of various stable coin projects that various banks are doing nowadays. And I do think genuine and this is a personal opinion. This isn't a company opinion, so I will stress that, that that it will become more prominent. So it's something that we're keeping an eye on. It's not something that we've dived into with both feet because I do feel like we've probably got enough on our plate. We're we're still a relatively small business, and as Judy mentioned, you know, we're cutting our cloth accordingly, so we can't be doing everything.

30:34 But it's something that we're keeping a very, very close eye on. What challenges do you think the business might face in the next twelve months? And how do you how do you propose to tackle the same? Well, I think inevitably, you know, we are tackling global expansion. We've done a lot pair ourselves and, you know, the both both in terms of the the the team, the technology capabilities to do that. I would say, inevitably, that does come with with some things that are outside our control. So, you know, regulatory approvals, for example, can take a little bit more of the time than expected. But I think we're generally pretty well set up and nothing else really occurs to me. Now, I mean, ultimately, what what keeps any financial services business up at night is is is regulatory technology.

31:25 And and under technology, I I look at sort of hacking and stuff like that. Those two key things really are the things that ultimately as a business, we're trying to protect ourselves as much as humanly possible, and that's where we are investing time and money to make sure that, you know, that that we are protected as much as possible. Ultimately, you're right in terms of geographical tie it always takes a lot longer than you'd like it to take, and that's from the regulatory licenses to the to the the banking infrastructure. And and sometimes it is frustrating. But ultimately, you know, we we have an eye on the end goal. We know exactly what we wanna achieve, and and I know we'll get there.

32:19 How do you prioritize new markets and what time frame do you expect to see a return on investment? I think, you know, the the ones that we've identified have have come out of as as we've already mentioned, you know, of global global partners, meaning that we we have a clear line of sight to revenue. And and I think, you know, where they naturally complement our our existing client base. I think, you know, I can say from in terms of a a metrics as a CFO, I'm looking to to turn a profit in in the same year and probably pay back over a year and a half just to kind of give you some some idea of where we're at. And I think that's that's testament really to to the the cut how we want to sweat the asset of our of our balance sheet, you know, have been quite early into into our into our profitability journey.

33:10 So I think, you know, we we we really see a very short kind of route to profitability in the markets that we're going after. I mean, I think to to add to that as well, we're when when we're looking at new new markets, new jurisdictions, we we have a very clear business plan. Ultimately, we're we're we are controlling costs. We're we're we're growing revenue. So to make sure that the return on investment time frame is it it's not jam tomorrow. It's today. Ultimately, we need to make sure that the time is relatively short that we're getting a return on the investment and revenues pretty much straight away. Yeah. Could wallet of Cold cold wallet. Could wallet of cryptocurrency I think that. Happening in I think that was to the reference of of stablecoin.

34:04 Yeah. Ultimately, we're not licensed for crypto. We don't intend to be licensed for crypto. We are currently, would explore like everything quite a lot of other stuff we do through partnership. So, it's not happening today. Having said that, you know, we explore quite a lot of these things. And and as I mentioned, the most likely route would be through partnership. You know, rattled through some of these now. Any thoughts for the m and a? You know, I think we're quite happy that that we've got the best opportunities within our, you know, within our own plans right now. However however, I think we're we're we're taking opportunistic look at m and a if anything comes up that that that would benefit us. Yeah.

34:51 I think I think on m and a, it it for us to look seriously, it would need to be sort of game changing for us. I don't think ultimately we'll be looking at adding just clients. It would need to be more than that were we to to partake in any any m and a activity. So it would need to move the needle significantly. You know, we're we're very focused on our strategy and delivering against that strategy, but ultimately, never say never, and and it's something that we do genuinely look at. But but as it stands at the moment, there's nothing on that horizon. Yeah.

35:36 Just conscious of time to looking at at at some of the if there's any themes. I think, generally, I've got a few questions around kind of outlook for 2024 and compared to to last year, you know, issuing several updates around kind of trading ahead of of of expectations. You know, I I think as a business, we've always said that that that that we like to, you know, surprise not surprise, but but overachieve. We don't like setting out lofty expectations. We we like to have a clear line of sight on on on our outlook. And that's certainly something that that we have very we're very comfortable with where the others have us for 2024.

36:28 We we are, you know, I think naturally would expect as we launch the card program as that becomes solidified as, you know, we get our banking relationships cemented in in Canada as we get that full approval in in Dubai. I think you'll you'll certainly see, you know, 2025, 2026, probably, you know, some updates of those numbers as those things that are somewhat kind of out of our hands as they solidify, and we can flow those through into the numbers. Anything else you wanna add there, James? No. I think I think that's right. You know, we're we've we've been yes. I think it's a fair comment that we're conservative, but I do think it's sensible to be conservative.

37:18 And and obviously, we're looking to to overachieve. Yeah. Understand that FINSETA is generating interest income from clients' funds, this is reporting under other operating income. Is it mandatory for FINSETA to return these money to clients in the form of cashback? And is there any any intention to do so? So it's certainly not mandatory. In fact, it's not allowed under the EMI license. You have seen in the market some some people particularly, for example, Revolut giving it back or an element back to customers in in terms of cashback. But interest specifically is not allowed under under any EMI license. I don't think there's any intention to do so right now because that quite frankly where we're generating that income is not meaningful anyway, but it but it is where we are providing solutions to customers who who are looking looking at us not as someone who's paying interest, but who is who is providing a a payment solution for them. I I would go beyond that actually. I think the the regulator, the FCA looks very dimly on any sort of quasi interest bearing instrument, whether it's cashback, whatever, when plainly the money is is on deposit. So I think it would be treading a very fine line with with the regulator, and that's certainly something

38:50 we're not prepared to do. I think I think, as I say, you're seeing it probably more in people focused a bit more at the kind of retail level than certainly ours. In the next twelve let's just do this. I think we'll take the last one because we're getting ahead of time. What capital should investors look out for in the next twelve months, which shows that the business is growing sustainably and in a shareholder friendly manner? Very good question. I think I mean, the key metrics, obviously, is is pretax profit. Obviously, we've gotta make money because it's not sustainable if you don't make money. So that's obviously one of the things to be looking out for.

39:37 I think delivering or delivery on our strategic objectives, I think that's very, very important. And for investors to say, okay. I buy into the strategic direction. Can they deliver? And I think, ultimately, if we're delivering against those strategic objectives, then then that's obviously a key benchmark to be looking out for as well. And the the the I guess, the the two key strategic things is is the geographical and the product piece. Yeah. Can we take one more? The the last one, do you expect to be a net beneficiary from a fall in in interest rates given your interest income will fall? Absolutely.

40:22 I think that that's very fair. I mean, we do see some not just in the kind of the interest rate environment, you know, may yeah. Opening up other investment opportunities and therefore, reasons for people to make money, but also, you know, sociopolitical kind of factors as well. All of that, as I say, can be a catalyst for funding for money movement where we will undoubtedly be a net beneficiary. I think that you've got time for that material this time last year. I I think yeah. This time last year, you had several material ahead of market expectations update. Why is it not getting the same this year? I I think, you know, I've kind of mentioned before, we, you know, we initiated coverage with Shore Capital, I think, in October last year.

41:12 I think prior to that, you know, we didn't have very comprehensive analyst kind of coverage. So I think expectations in terms of the market has been been more equally set. I've been more fairly set, should I say. And and as ever, we, you know, we continue to take a a kind of a a approach to where we set our guidance. Last question. And also Capital allocate capital allocation priorities. Does the business have in the next twelve months? Ultimately, it's set against strategy. So the capital allocation will be very much against geographical, against products, and and the sustainability of the business and ultimately continuing to develop the platform.

42:01 So those are the three things that that really for for capital allocation that we're looking at. And and all of that is under the umbrella of revenue which is people, salespeople. I think that's that will cover it off. James, Judy, thank you for answering all those questions you have from investors. And, of course, the company can review all questions submitted today, and we'll publish those responses on the InvestoMeet company platform. Just before redirecting investors to provide you with their feedback, which I know is particularly important to yourself and the company, James, could I please just ask you for a few closing comments? Yeah. So, I mean, it's, very pleased with with h one performance, significant progress against strategy made. Genuinely, the the Mastercard agreement, the licensing calendar, very, very meaningful.

42:51 The the rename sets us on a course. So we've made significant progress in h one, and I'm very much looking forward to and excited about h two and reporting further progress when we can. James, Judy, thanks for updating investors today. Please ask investors not to close the session as you'll now be automatically redirected to provide your feedback in order that the management team can better understand your views and expectations. This will only take a few moments to complete, and I'm sure will be greatly valued by the company. On behalf of the management team of FINSETA PLC, we'd like to thank you for attending today's presentation, and good morning to you all. Thank you.