Ingenta (LSE:ING) — Investor Presentation

0:00 Good afternoon, and welcome to the INGENTA PLC investor presentation. Throughout this recorded presentation, investors will be in listen only mode. Questions are encouraged and could be submitted at any time by 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 when appropriate to do so. Before we begin, I'd like to submit the following poll. I'd now like to hand you over to Scott Winner, CEO. Good afternoon, sir. Good afternoon. Thanks, Lynn. Hello, everyone. Thank you for joining us. For those of you that are rejoining us from prior presentations, you'll see some some things to remind you of who INGENTA is. And for those of you that are joining us, new, welcome.

0:46 I am Scott Winter. I am the CEO. I've been CEO since 2018. I'm bringing to the company a broad background. Started out as a technologist, a coder, writing software, worked my way up through various parts of companies, including heads of project management, heads of program management, heads of product, heads of technology, suites and stacks, architecture, those types of things. So I've really done a lot of various roles across a lot of companies, including at a lot of large companies related to what we're doing, like McGraw Hill, Pearson, and Amplify. Amplify was a subdivision of News Corp. So that's who I am. John, would you like to enjoy yourself? Sure. Thanks, Scott. Hi, everyone. My name is John. I head up the the finance team at INGENTA.

1:36 My background's in audit and assurance, but I've had roles outside of practicing software and retail. Okay. So we are the two core executive key executives at the company, but let me do the more important part and introduce you to a little bit more about the company. If you've been following us for a while, you will know that we've been around for quite some time. We are a forty five year old company. We are and what we do is we provide technology solutions and services to information and content providers. I'm gonna use a few phrases as I go through this. So I'm saying information and content providers. You can think of that as publishing in the old sense, books, journals, newspapers, magazines, or you can think of it in the new sense, media, YouTube, podcasts, film, music, gaming.

2:29 And I'll talk a lot about as I go through how all this market is shifting and how all of these markets are coming together. But that's who we are. We provide solutions to this space. All of the solutions that we provide are mission critical. And, I will hit this point kinda hard because what we do really is without us, our customers can't do what they do. So we provide software and solutions that are tied into their core business. So we are core solution. We are necessary. We are needed for everything that they do, and that's gonna hold through as a theme of all of the products that we do. And our products, which I'll get into more later about specifically what the products do, but our products really focus on going from very simple to very complex. So we can serve the largest publishers in the world, and some of them we do, like Elsevier, Sage Publishing, McGraw Hill, and we can serve the smallest publishers, the publishers out there that are doing just two books or two authors, that kind of thing. So we can go from very large to very small. Our solutions are catered to those companies in that size, and we basically have configuration layers that allow us to configure our products appropriately for the customer, turn on and off features as appropriate, and keep it to what they need.

3:45 And speaking of what they need so we're here. So we don't produce content. We don't produce media. We don't write books. We don't produce music, at least not for INGENTA. And those what we do is we let our customers get the most out of what they own in terms of their intellectual property. That's what our customers care about. They wanna focus on that. They don't wanna focus on running a system. They don't wanna focus on the specifics of how. And so we focus on solutions that make them their job easier and what they wanna do. They wanna put good content in the world, and it really doesn't matter if you were the United Nations trying to put out, great content in the world about guidelines or around sustainable development goals or you are, another customer of WildBrain trying to produce the next Teletubbies video.

4:33 And so we allow you to do what you wanna do and what you're trying to put into the world, and we allow you to and maximize the value of that content through our solutions. Again, I'm stressing that what we do is mission critical, and you can get a sense of how critical we are to people we work with because of our long duration, customers. Because your top 15 customers have been with us for, on average, twenty two years. That means some longer and some shorter. We know we've had customers with us at least three decades and a little bit longer than that even. It just goes to show what we do is critically important to them. It becomes embedded in their technological ecosystem, and it is something that they rely on, every day to run their business.

5:19 And so that's what we do, and that's how we work with our customers. We have a lot of excellent relationships with our customers. We work with them very closely. We understand their business oftentimes as well as they do, because we work with a lot of different publishers. And so that that retains these long duration relationships. And even though we're a relatively small company compared to many of our customers, we are a company with the expertise that cuts across industry, and we help bring that. And our solutions are catered that way So their solutions bring industry expertise to all of our customers, whether you're huge or small. What's that lead to? That leads to a lot of recurring revenues, and you can see we have about 88% recurring revenues. There are multiple aspects of our recurring revenues. Primary primary services you're gonna hear us talk about throughout is really the licensing of the software, the ongoing software as a service costs as it relates to that. There's costs around hosting. So we host a lot of the infrastructure, whether that be through us or through cloud or or multiple methods.

6:21 And then it's really the servicing of our software. Now remember when I said that we we like to focus on allow our customers to focus on what they wanna do, which is produce great content. Well, we wanna focus on great technology solutions, and any aspect of that that our customers don't wanna do, we take on as a service. So we don't get into their aspects of the business, but any aspect of running our software or an integration with a third party or those types of things, we have services around them, and we work with all of our customers to do that. They're extremely strong balance sheet at the moment. You can see we have a significant amount of cash in the business. We'll talk to you a little bit about what we hope to do with that cash. You can think mergers and acquisitions. You can think returning shareholder value. You can think lots of opportunities around partnerships and how we go forward as well as invest it back into the company for organic growth, and our margin is around 20%.

7:15 For anyone thinking that might be low for what we do, well, keep in mind, we're not just a software company. We're a software company. We're a services company. We host software. So all of those have different levels of margin, some of which approach a 100% and some of which approach, you know, more likely 10%. And so it all sort of balances out to a 20% margin, which we believe is about right for who we are. As we grow our top line, you will see that shift mainly because administrative costs will be split out across a larger population of customers. So that's who we are, who we've been. We have shown traction in breaking into new markets. So our traditional markets have been publishing, meaning book, journals, those types of of publishing.

8:03 But we have broken into music and media. Heard me talk about a customer that does Teletubbies. We do have a customer that manages the Teletubbies brand, and we do have customers that manage podcasts and various aspects of YouTube videos and conference proceedings and various aspects of all types of media, and we also have significant music customers. We're working with a multitude of customers right now or a number of customers right now, and we're expanding our relationships with other music providers. And you probably if you're following us closely, you'll see on the press release about us partnering with a company called OpenPlay, which works with hundreds of small music distributors to help them distribute their music to the world, and we are coupling on to them as a provider of information using our Aperture solution, but also someone who helps them calculate their contract rights and royalties.

8:58 And so we are starting to become heavily known in some of these new sectors now, and we're looking to expand that. And as we talk through this, when I said we're investing back in the company, one thing we'll hit pretty heavily is the investment that we are making now in growth. If you've been following us, you'll know that John and I run a relatively tight ship. We're very conservative in what we put out in the world, and we wanted to make sure we were ready to grow before we grow. And we are ready for growth now. We are entering these sectors, and we're looking to expand it. And we're investing in the sales and growth engine right now. We hired a new head of marketing in in early January, and he's been shifting our pipeline, our overall approaches to market. Again, if you're calling this closely, you'll see some of this, and you'll see some of the ads that we're doing in some of these industries as well as conferences and and ramping up from a marketing perspective. We're also ramping up from a sales perspective, and have added multiple heads of sales to the company for the individual product lines as well as set it to have a team of experts in the industry supporting them through consultants.

10:10 But before we dive into that, let me talk about markets. And these numbers are really indicative. Specific numbers are never correct when we talk about market sizes, and there's many studies in various numbers out there. But we're trying to talk about the growth we see or the potential growth that we see in what we do for these markets. The important thing you'll see is all these markets are growing. Book publishing is a growing market. It has been growing for hundreds of years, continues to be a great industry to be in. You are targeting an industry that continues to grow because sort of by its nature, because you have all the books have already been produced, and then you have more. And as books continue to proliferate, the industry continues to proliferate. And so you see growth in that market. Digital publishing grows a bit faster. It's been growing faster in terms of audiobooks and how they've been taking over a bit of the book market, but you also see lots of various iterations of books. Video books essentially are out there where you're producing media, small animations, but it's essentially the book with those tagged into them.

11:11 So you get into this whole digital publishing arena of books and streaming books and those types of revenue streams, but you see huge growth in the gaming market. These are far lower than what the market is growing itself, but we only tackle sort of the IP aspects of that market. So our piece of that market would be smaller, and music is the same. Music is a high growth market, and it is something we wanna be in. It is the future. And what you see here is what I'm talking about. So we we focus on providing specific solutions to these markets. We're very, very good at managing both content distribution in the markets in which we play, but intellectual property management in the markets in which we play. So we have software that does an excellent job of managing all the way from securing rates through paying royalties, and I will talk about that a bit more later.

12:00 But we really focus on providing offerings to these markets that fulfill their full needs, And that's what we have in these markets. We've been working on the product for decades, working on the intellectual property that we own underneath that of the to how to do everything and the software solutions to do everything and really provide that value. Our products, as we go forward, are highly configurable, so we can turn off and turn off features and add rule sets to our various solutions to specifically serve the customer needs. And that's why you you would find that our at the lowest end of the market, there is a multi tenancy software as a service solution out there that caters to all of these markets. All of these markets can go on the same solution. They have a very specific solution on that same solution, and it's all the same instance of the platform.

12:51 And it just can expand both horizontally and vertically to accommodate volume, and so that's what we're doing. The nice thing too about these markets is they continue to converge. We see our customer base in book publishing is expanding into digital publishing, certainly, but also I only saw music rights and managing those music rights and some gaming rights and how those, books become games. And so we have big publishers who own all of this. So even our traditional market would require us to serve all these markets because they're expanding, and we have been servicing those markets because we work with some of the largest ones like McGraw Hill who have a bit of have their fingers in a lot of pies on this and like, Sage Publishing who do similar things. And so we're servicing all of that right now, and so these markets continue to come together.

13:44 And you see it now where these markets are coming together in interesting ways, like where games are now becoming films. Films have become games. Games have become films. They all have associated music. You carry the music through it all. You have to pay the rights and royalties as it relates to all of that. So you see this convergence of all of these markets, and they're really what the me in the media market. And I will talk about the media market as a whole, which is what we're trying to target, which is a humongous market, not just in any one country, but globally. And you also see consolidation going on in these markets. So as you play at the lower end of the market, successful organizations at the low end gets consumed into larger organizations and large organizations until they ultimately get consumed into sector behemoths. So if you are managing a few labels and they're doing very, very well, eventually, will be propositioned to join a larger group and so on. And if you're working with us, we have not only grown with you, we now get entry into larger players all the way up to the Bahamians.

14:43 And so you see this expansion of what we do across, you know, the various people we're working with, and we've carefully designed our products so that they can expand with you. And that's when I talk about that configuration layer. You just configure it differently as you grow. You get more features. You pay us for more features. You get more features. And we also target our sales with a bit of revenue share so that just your your success is our success, and it really creates this partnership with our customers. And you see growth. So the market growth is not only in terms of the numbers, but in terms of the players, in terms of the labels, if you will. All of these markets have a very low barrier to entry at the moment, and it continues to reduce. Can become a book publisher tomorrow if you'd like, and they people do it. Publishers spring up every day, music companies spring up every day, and it's continuing to happen. And so there are constantly this set of new players. People need to to have solutions very quickly.

15:41 And with us having, tried and true solutions in software as a service, approach, you can come to us. We can implement a solution very easily. It's relatively low barrier to even purchase our software. And then, you know, with a bit of revenue share, we're covered, you're covered, and we'll grow together. And so that's what we see. That's what we target. Our product focus, I've talked about a lot of this. I won't go into it a lot, but I will say it it is really going from the very small and growing with them. Our product solutions are not tied to a specific content set. It's not like we can only do books. We can do far more than that, and we can grow from there. And then our solutions are always focusing on this integration and configuration to customer requirements.

16:29 So everything we do going forward, we know integration is critical. We know us fully integrating with everything that they do is critical to us. It's critical to them, and we do that with our integration layer, and we also have the configuration layer to allow you to get what you need at the appropriate price point. So let me go now a bit more into our product stack and what we do for our products. So we do have solutions out there. We've had solutions for decades that allow customers to do the core of their business, where they're managing orders all the way up through getting paid for those orders. So they have products in there. You can place orders. You can get them, both in hard forms as well as soft forms. So books is still quite a large market where people are still distributing quite a few books out there. In fact, that market has seemed to level it out. About 30% of the overall core is is gonna be actual paper books. There are certain industries that prefer paper books. There's often a push for paper books for very young children as an example, as well as in education.

17:36 There are various, textbooks that people prefer to be paper workbooks, those types of things that get produced that people need to work in, and it's just easier do it that way. Some of that is shifted digital, but some of it is preferred in paper still. And so I suspect that will continue for the foreseeable future, really. And then so once those orders are placed, you know, our system is there to help you do all that. It manages all of the subscriptions, everything you might need to do with that, all the way up through into and including payments. These are really more of our maintenance products that have been out there for a while. They still exist in the world at some very large publishers and have no technological limitations. We expect them to exist again for the foreseeable future. They've now just been validated that they can be deployed on cloud infrastructure. So there aren't really any technical limits to it, and we'll continue to have those solutions out there and running and driving forward.

18:25 Our customers have continued to ask for features and pay for expansions of what we do there to align with new ways of doing business. So we continue to modify and improve those systems while we focus on the areas that are more web based, more modern solutions, and one of those is in the product distribution space. Now in this space, we focus primarily on getting content out in the world for our key customers who are doing types of content. Particularly, we're known for content in the scholarly space. If you've never been on ingenticonnect.com, you should go on it if you wanna know more about us. So INGENTA Connect is one of the largest platforms in the world for scholarly content, a 130 publishers, many millions of articles, many millions of readers every day. It is a housing aggregation of a lot of different publishers, all of which we have relationships with to put them on the platform and continues to distribute that product. You can distribute it. You can sell it. You can have free content out there. You can do a lot of different things on it. But we're known for this. We've been around for twenty years doing this, and that platform was really cutting edge as a software as a service solution to distributing scholarly content to the world.

19:39 And then we have another product called Edify, which is the premium version of that where you do platform as a service, and I'll talk about that a bit more. But it essentially allows you to get it to the world, and it handles handles all of the complexity that you might wanna think about. And so we do it for the scholarly space. We do it for NGOs, like the United Nations, as an example, one of our customers. There are many others. And we do it for, you know, really another up and coming and growing sector or growing customer base for us is in the professional associations. So every professional association out there has a lot of content they wanna put into the world about their discipline and about their standards and how their members get educated on what they're doing and how things are shifting in their industries.

20:27 And so that's a large play piece of what we do as well. So that's really product distribution. We do not get into aspects of warehousing physical copies. Other people do that, but we do integrate with a lot of warehousing and and systems to allow people to distribute paper copies. Or print on demand has become very big in the spaces we play where if you want to buy a printed version of something, it can happen. It happens to print on demand integrations. And so on the right is where we not we we see the pieces where we allow you to contract for secure licenses of IP. So you might have a new song, a new artist you wanna sign up, a new author, a new series of books that you've now purchased to catalog.

21:15 And so we have a suite of software that allows you to license that, creates allows you to create the contract, create all the rules around the contract as you're creating it, and you get in our software, basically, all the rules of how data will be processed once the product is sold, as well as lets you know what you own so you can sublicense it. So a lot of our customers have rights they don't effectively use, and we allow them to see where they're not using it. Like, perhaps you're not distributing in Asia at all. And this would allow you to see that and and and use that and say, okay. I should get a partner in Asia to help use the rights that I already own. And I can sublicense them out and get paid appropriately on that, and it lets you calculate royalty payments. Royalty payments is one of those things that is conceptually very easy. Basically, if you're an author and you write a book and they sell it, you get a payment.

22:05 What's conceptually easy, it's practically very, very difficult, and it's become even more difficult in today's world. So in today's world, all of this has become a lot more complicated because of billions of micro transactions, which happens due to streaming. So if you're streaming, a podcast, if you're streaming a YouTube video, if you're streaming a music song, someone's recording that, and payments are made based off of that. And so you end up with an a a ton of micro transactions that lead up to payments, And that becomes very complicated as well as the number of parties and the number of complexity around rights is very complicated. So whether it's performance rights or it's actual media rights or it's the right to to, basically read a book as or take text from a book and put it into a game.

22:54 All of those rights are managed and need to be managed through contracts, and those contracts become very complicated. You may have a payment you need to make to the drummer on a specific one. Or in a music collaboration, multiple artists need to get paid. And so all of these rights become very, very complicated, and they become very, very complex not only at the individual item level, the individual song type level, but at the company type level. Because the label might have a company level deal, might have a divisional level deal, and then have an individual song deal, which I'll roll up and roll down based off of how well something is sold. And our software lets you do all that. So we've been doing it for decades, and we do it very, very well. And that's why people are coming to us even in industries that we're not known for, like the music industry. It's how we were able to sign up music customers.

23:40 So I talked about this a little bit, and you're gonna see it. So I talked about how you grow with us. So INGENTA Connect, like I already talked about, is our platform out there. And as customers succeed, they're growing with us on that platform. We're gaining the benefits. They're gaining the benefits. And then many of our customers wanna graduate to a premium version where they have their own site. And this is three of our actual customers that have done that transition. So they were an AGENTA PEC customer. It's relatively low end customer for us. And then they've decided that they need more, And they were successful enough on our platform that they need more. They've sold enough content that they need more, and they want a better presence in the world, and they want more complex sales models. They wanna do, you know, a premium offerings on top of what they do. They wanna do a membership offering that gives you access to slots of content. They wanna repackage their content in new and interesting ways. And that's what our premium platform allows you to do, which is called INGENTA Edify.

24:37 And so when customers, as they grow, they just take the step up to the next version with us, and they deploy their software. And I'll tell you this, many of them, in fact, in this case, they all do, they want to keep their content indexed on NGENTA Connect. So we keep a placeholder on NGENTA Connect. So they're still paying us for NGENTA Connect because that's their home base for a lot of their readers. They wanna keep that readership engaged. They want them to find it the same way they've always found it. And then if they click on a p an item of content, it just takes you directly to their site. And so the sort of back and forth, since we own both ends of that, we do it extremely well. And so you become this integrated solution where you're on a GEM to connect. You're now in select discover. Can you go back? Sure. Can you go forward? Sure.

25:23 And can you get the premium offerings? Can you get the additional advertising? Can you get everything else you wanna do on your site? Yes. And so that's the way those solutions work. You'll see here quite a here's a few examples of our customers out there that, you know, we've worked with for quite some time. Continue to work with actually, see on this some new customers, some older customers. So, like, the United Nations, I think I mentioned them. If you're around the United Nations Eye Library, that's our site. If you're ever if you happen to be into British Small Animal Veterinarians, you can see that when the VSA VA site is for British Small Animal Veterinarians. I talked about professional associations. That's an example of professional association out there.

26:08 You can see Research for Life, which I'll talk a little bit more about in a case study format, but that is an organization trying to put content into areas of the world that can't afford it, and particularly health related content. So making sure, basically, like, nurses, doctors in Africa in some areas of Africa where they wouldn't normally have access to the content can get access to free content. It's a whole partnership, and I'll talk about that a little bit more. And then you see on the right hand side some of our newer customers, annual reviews, one of the largest scholarly publishers in the world. They do a lot of journals. They were with a competitor until last year, and now they're with us, a major competitor. And we are very well positioned against competitors. We are taking customers from competitors because our solutions are good. We expect that trend to continue.

26:55 And our competitors are going through some transitions with different ownership structures, modifications to what their focus is because they've been purchased by a larger company with different needs and those types of things, but we remain focused on what we want to do and what we want the industries we wanna serve. Another interesting magazine is noble.com. It's a it is a magazine site that we do, and it's all on the same platform. So even though the sites look very different, they're all operating on the same base platform with their configuration layer. They all get all of the updates. They all are on the current versions of the software, and everything they wanna do is all handled by one platform that we continue to just expand the number of people on it and configure it for them, which allows us to have very rapid deploys of what we're doing versus anything you would think of in terms of coding or or discussions around, you know, individual aspects of the sites. You just leverage the tools that are available, which is, again, allows you to focus on what you wanna do, which is produce great content.

27:57 And you just want it out in the world, and we help you do that in a in a way that's, you know, on a par with the best. So I talked about I mentioned that we'd be going a bit deeper into research for life. So research for life, you can see they're probably low middle income countries. They they wanna provide them online access to actually peer reviewed, well researched content. And they had a challenge out there because they're working with you see the organizations at the bottom. These are all organizations dedicated towards the same type of goal. Each one of those organizations has relationships with many publishers. So you can imagine this problem. So if if there are, you know, there are five different organizations that are you're working with this research for life, each one of them works with 30 publishers. Now you have a 150 things you need to manage. Right? So you have a 150 inbound things to manage in a complex structure, and they all have different sites, and you're trying to bring all this together into a unified voice to customers.

29:03 The concept is great. The implementation is complicated. So they were working with five geographically diverse organizations, and whereas they had various links to those organizations and organizations had links to publishers, you end up with this web, their own little web of how do you find content that you need, and it was extremely difficult. When you're out there in these countries, they were trying to bring the content to them, and they were doing a good job. It just wasn't brought together in a way that it was easy. And so if you were out there in the in the health care field and you needed this information, it was difficult to get. They're multilingual, lots of different languages going on as you can imagine. They're actually currently deployed in four languages, although the content itself is in more. The site is in four languages. It can expand to whatever languages they want, and we have sites in all sorts of languages, Arabic sites. We have a customer in Qatar, the Asian languages. We have Japanese customers.

29:55 We have customers sort of all over the globe, and our sites are catered to that. So they really wanted to deliver what we proposed them is, well, why don't we bring all this together in a unified site? We'll bring in any content you want because we work with lots of different content in the world anyway. We're very well versed at that. You have the seamless user experience where you can search everything. And even if we don't want us to bring it in, we'll we'll index it. Like, we do the same indexing approach I said on Gems Connect. We'll index the content. It'll they'll still find it. So if you're searching on, say, autism, you'll find everything they have on autism. And then you might link out for individual articles because of some publisher requirements, but or you might say in if we have the full text of it. If the publishers decided, that's fine. Lots of tight security controls as you can imagine. You can't have people just going in and getting the content that they would have paid for otherwise in here. Lots of IP ranges that leverages the best of the world in terms of deployments infrastructure, and I'm saying the best of the world in that we purchase it from the best of the world. I mean, it's an AWS cloud hosted solution with all of the security tools put in place to keep it as secure as it needs to be to manage bot traffic, everything around that, and there's that whole layer of security that we purchase and put on top of our solution.

31:06 And it allows us to provide, as a relatively smaller company, you know, these world class solutions to our customers. And you can see where that would have different margins in our numbers. They're very you can see we have did a we did a very fast project. I mean, in ten months, it may sound like a large project to you, but it's not for a company of this size. Now we could have done it faster, but there was a lot of coordination with a lot of parties on the outside to put this in place. And whereas we helped with that, it's their way their organization works. You can imagine it's a very complex organization. And so the project was delivered on time. It's slightly earlier than what we thought. So we'd originally projected they projected the year. Real time project tracking of an an excellent project management methodology and tracking set and you know, which really goes through every deliverable and traces it through to closure and through quality.

31:57 And you see that so they knew it was good when they deployed. They have a site really with this unified experience out there, and some of it is available to the world. So can go on and look at it if you want. And it really brings together all that appropriate content, searching, user profile so you can set up what you're interested in. It's multilingual. And, again, I already talked about AWS cloud hosting. They're actually very pleased with us. We're expanding some of the things we're doing with them now. This is what their site looks like. You can see some of it on there. And they look a little boring, but just keep in mind, they're providing, well, they say 200,000 resources. I'll tell you, there are more articles than that in there. They're thinking it at a higher level, and there is a ton of information that is now virtually instantaneously available to people that just wasn't.

32:45 It's much harder for them to get. And so that's what we deployed, and you can see one of our customer partners there. We basically took what they did and and working closely with them, helped them operationalize it in a way that they dreamed about that hadn't been able to do. With that, I'll shift over to the IP products. And you can see some of the customers there at the bottom, Cambridge, McGraw Hill, Rosen, etcetera. But these are gonna be a little bit more boring, and you can't log on and see them. Unfortunately, this is how people manage the contract rates and royalties and how they get stuff to market or or how they take their products. They get stuff that they can send to market. They license it and how they pay on it. Gives them a lots of capabilities around that. It generates statements for anyone they're paying royalties for. We have portals that are enabled so that they if you're a a musician and you're working with one of our customers, you can log on to the portal, and you can see how your songs are doing. You can get some previews of that as well as they integrate sales data over time. So it gives a lot more visibility into what you're getting and how much your money you're getting. It does all of the roll ups, roll downs. So when I talk about billions of transactions, each one of those transactions represents a tiny, tiny friend, tiny piece of potentially a a pence or a penny. So it represents a very tiny piece, and you need software to enable rolling this up and rolling down. Literally, there are more

34:16 rows than you can put into Excel for what you they're trying to do even if you have a relatively small portfolio of business. So it's very difficult for people to manage this independently and specifically to get it accurate. And that's what we would do is allow it to be accurate. We allow it to be defensible. Your royalty statements will be as correct as you've you've entered the contract, and it it'll just cap do all the calculations for you. You can have as many parties as you want on the contract. It can have as many levels of company that you wanted to roll up, roll down. And we because we're working at some of largest publishers in the world, like Sage, you can imagine Sage's corporations and companies, divisions, and on down to an individual, you know, book series type information.

35:04 And you get this this roll up, roll down effect that's very difficult for others to do. Startups can't really do it. It's too complicated, and they don't have the experience. And so this is where we've been around a long time, and we do it we do it in this cloud hosted software as a service model that's out there that's leveraging forty five years of experience. Revolver Records was one of our first music customers that we went to, and they've been with us now for a few years. And there a lot of struggles with what I was talking about. You know, their royalty statements took too long. They had limited visibility. Nobody could tell exactly how the royalty was calculated because oftentimes for any one person, their sales data was in multiple places. They did a a big project to try and figure out how do we solve this problem, and they did review competitors in the music space.

35:53 They did review the best known ones in the music space, and at the end of it, decided our solution was better. And so they went with us. And like I said, this was our first big music customer, and everyone they were a bit nervous. We were less nervous because we knew we could do it, but they were a bit nervous about it. And so we implemented Concord with them. Implementation went very smoothly. They'd planned to do a bit more of parallel runs but stopped because their software was so easy by comparison to what they were doing before that they didn't wanna spend the effort to do it the old way. And frankly, when they did it the old way, they would find minor variations of the detailed level, and their software was correct. And so it was more accurate. It allowed them to be calculated very quickly.

36:38 They can get their royalty statements out in no time, and it allows what they really wanted to do. The people who are spending all their time trying to calculate these royalties now could spend their time on getting new artists onboard, expanding their intellectual property portfolio so that they can actually drive increased revenues. And we know for sure they've done it because the revenues come through our system. So we can see they have been able to do that. They've not only planned to do it, they have been able to do it. And they've been able to focus their their resources on securing an increased portfolio. And because we have elements of revenue share, we we share in their success. We neither both of our parties couldn't be happier. And that's the model we're implementing, and we're continuing to expand on with our other customers as we continue to increase on this in this phase.

37:30 Before we dive into this, let me just talk a little bit about that increase. So I talked a bit earlier. I introduced some of what we're doing to target growth now. And if you've looked at some of old stuff, you know I've talked in the past about challenges we've had with historical data, historical products, those types of things, And we worked very hard to maintain and drive a profitable company, which we've done consistently. Profitable, returning value to shareholders while we corrected those problems, while we positioned for growth, and that's over. We've positioned now. And so now we're in the phase of growth, and our target is to really grow. We've ramped up our sales pipeline via marketing and via our inner interactions on in conferences. We have like I said, I had marketing driving that now. We've increased our presence across the board here. We've added key expert players in the industries as part of our team to help ramp up our relationships to give us the right intros, the eagles, if you will, that have the the insights and connections there. And we've done that through mostly consultant relationships because, you know, they're to bring on a lot of full time people in a lot of industries is difficult, but we can bring on consultants to help get us in where we need to get in to expand the relationships of the the medium and higher tiers of these companies, but also introduce us to people like Openplay who's a key player in the music industry.

39:00 And we can establish a partnership with them. They've also looked at our solution compared to competitors. Guess who they decided to partner with, and it wasn't due to money reasons. It was due to functionality reasons and that we can do more. And so we have we have signed that partnership with Openplay that will expand. We signed partnerships with payment providers. So we're looking at expanding those partnerships with anywhere in the industry. We're looking at particular partners right now in copyright registration, things upfront that we don't do, and looking at how we can expand those relationships to help serve a larger need and really get us the intro and have our product coupled with the right places in the industry, and we do that across all of our industries. And then we've added a head of sales starting in July. We added the head of sales for the content distribution piece of it and for the the media approaches around the IT management.

39:50 So we have heads of sales driving organizations to really keep us going forward. And with that, I'll turn it over to John to run you through the financials around it. John? Thanks, Scott. Yeah. So like Scott said, this section will take a closer look at the interim results and and talk about some of the key activities from the first half of the year. It's Scott's talked about this just now, but it's worth pointing out not all of the the actions that we've been doing have have been reflected in the headline numbers. So I'll I'll try to draw them out as well over the coming slides. The first thing I wanted to talk about here was revenue growth driven by recurring revenue expansion. I think Scott's already mentioned this, but INGENTA is a a software and services business, and the growth in the first half of the year has been generated internally by our account management functions as they cross sold additional services to the existing customer base.

40:49 And we talked about that before on the on these calls that we made a a strategic decision to promote wraparound services so customers could concentrate on, you know, being creative, doing what they do rather than managing IT, and that and that continues to to have an attraction and and we make progress with it. The second point was is the the continuing efficiency of the business. Ultimately, when we generate more revenue, we get more profit, and that's shown in the adjusted EBITDA figures. And we've also we've also tried to make this a truer reflection. So we've adjusted this EBITDA figure downwards, in fact, to take out foreign exchange movements. So all all non cash related, but they just kind of muddy the waters a little bit. So this is tempered, but I think it shows good progress on the on the profitability front.

41:45 And the last point is is the ultimate success of any business really, and it's cash generation. So we'll go into more detail on some of the latest slides, but we've improved our free cash flow. So 700,000 here in the in the in the period. We've got closing cash balances of £3,900,000. So this next slide is really to to talk about some of the the things that maybe aren't so apparent in the numbers, and Scott has also covered over, so I won't go into too much detail. But what we have done is in January, we recruited a director of marketing, and this person's been helping us to revamp our physical and digital outreach, you know, really building up and and increasing the quality and depth of our sales pipeline.

42:33 The other thing that took a bit longer to to achieve, but we needed to get the right people, was we've appointed two sales directors now specializing in our content business and also our IP products. So they came on board in July, like I said, and we're looking to get them embedded in and and try to convert the sales pipeline as it as we build it up. It's also these aren't the only people we've got. The the intention is all these people will supplement our existing teams, so building relationships and opportunities and and just trying to get us into as many conversations as possible. So that a little bit more detail for those who like to see this kind of stuff. So we've got the first slides on our revenue and really, this is showing we've got a high proportion of recurring revenue, be it services or software.

43:31 People like to commit to it and sign up, you know, fairly long standing contracts. You can see the relative split of our business between the the content, you know, the website platforms, and the commercial business, which is the the back end solutions including the IP. And then off to the right, we're really focusing on the English speaking world. We have, you know, most of our businesses in The UK and The US. I think the takeaway from here is these are huge markets, huge opportunities, and we've only tapped into a small element of it, and we're really looking now to to make some progress on on the sales front. So the next slide is is a newer one. It's trying to give a a flavor of the growth areas of the business.

44:23 So the on the left, the graph here shows the commercial business, and we've got a, in here, a large stable base of long standing customers using, you know, our our tried and true, the robust pro proven solutions for for big publishers, and they've been here for many years and continue to operate successfully on that on that on that software platform. And, you know, we this is this is a solid and stable. There there are opportunities to grow, and we proved that in the first half, especially with service expansion. But we see the real growth coming from the IP products, which is at the moment a smaller section of our business, but a huge market to get into. On the right, the content side, it's kind of already we're in the growth areas. You know, web websites remain relevant.

45:14 Our our offerings are all relevant. You know, they service customers from the small to the large in in a variety of organizations and industries. We've talked in the past about NGOs, trade associations, be it, you know, vets, whoever. We we can if they've got content that they need to control and distribute, we've got a solution for them to to let them do that. And up in the in the top right is a is a measure of contracted revenue. This is just trying to show that we we've got a a good base of visibility of our of our revenue from existing customers. People are happy to commit to INGENTA. They want to they they just they want longer term contracts, so that that's another good signal for a for a business to grow from.

46:05 Next slide is the is the income statement, and the key items I wanted to talk about here are core core profitability and margin improvements. Really, this has come around from our continued playing and tinkering with cloud infrastructure and how we can get the best out of it. So we've we've made some improvements there, which has been good. We're also doing customer driven r and d. So all of our r and d is is being paid for, and it's charged to the income statement. There's nothing on the balance sheet, which we'll look at in a minute. And the other thing is that we expect limited taxation. Again, later slides will go into that, but we've got significant tax losses, which we should be able to use to shield future profits from tax. Next slide is the balance sheet. So this is showing improving.

46:57 There's no capitalized r and d on the balance sheet. We've got the deferred tax asset, which I talked about. So this is really it's a it's a valuation of about a third of our tax losses because you can only look out so far. So about five of the 15,000,000 available losses, this is kind of the value of it. We that we should be able to to recoup by not paying tax. You can also see the cash balance is up to 3,900,000. There's no debt on the balance sheet, We've also got positive distributable reserves, is supporting the group's dividend policy. And the last slide detail is the cash flow statement, and this is here to show the the clean progress of earnings to cash, our consistent dividend policy, which is now approaching 4.3p per annum, and cash usage. So we've we've built up significant cash balances, and we are always looking for opportunistic m and a if there's something that we can bolt on, if there's customers we can take, always looking for that. But in the absence of any imminent deals, we're now putting cash into treasury well, liquidity funds ultimately, and we'll be starting to generate interest in in the second half of the year, but it's easy access. We can get it back when we need it when those opportunities do arise.

48:26 So I think that covers off the the formal part of the presentation. Scott, John, thank you very much for your presentation this afternoon. Ladies and gentlemen, please do continue to submit your questions just by using the q and a tab situated on the top right 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 recording of this presentation along with a copy of the slides and the published q and a can be accessed via your investor dashboard. As you can see, we have received a number of questions throughout today's presentation. Now 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. Okay. Thank you. So I'll read them down. I'll I'll bring you in as appropriate as we go through these. I'll turn my camera while we're doing this part of it. So let's go through the questions. Thank you for engaging. It seems like we have a few.

49:17 So we have a few to answer here, which is good, and happy to talk about them. Can you give a sense of the rate of decline of the legacy businesses? Is the business concentrated in a few large customers or more evenly spread across many customers? Couple of quick things, and then I'll let John give you a better sense of the numbers of it. We have the legacy business. I call it the maintenance business more so than the legacy business because we do maintain it and drive it forward. There are definitely ups and downs, particularly in the service aspects of it. And we actually added a new legacy customer, if you will, this time, which is interesting. Somebody who was using your software but wasn't really using their services, and so they now purchased some services from us, which has expanded a bit in some ways and gone down in other ways.

50:06 There's no easy way to say the rate of decline. Many years, the rate of decline is zero. In fact, we've expanded business at times in the past couple of years, and there is does happen that some years, there is some decline there. Obviously, if a customer leaves us, there would be some decline there. But that does not happen very often due to the nature of what we do, although they do sometimes stop focusing on our systems, and so they reduce their services for whatever reason. They have another project internally or that kind of thing. John, do you wanna give a more numeric answer than that? Yeah. I think you're right, though. It's there isn't there isn't a set rate of decline or anything like that. It it's it's as and when. Know? Sometimes people will spend a bit less one year, sometimes a bit more. Occasionally, do get people leaving, but we'll know when in advance. But it's not something that is a regular or a smooth trajectory.

51:05 Yeah. It's not as predictable as we would like, and I realize that's frustrating from an investor point of view. But with our focus on growth, it is something we're very aware of, and we are focused on increasing the growth sectors. And even our legacy customers, we are focused on selling them our new solutions. So we see business shifting around. Sage is a good example. They have some of our legacy solutions and some of our newest solutions. In fact, they've been expanding what they're doing with our newest solutions right now over doing some of what they wanted to do with the legacy solution. So it's an interesting mix of things going on there. Some of the same customers get value from both. Next question. With the large cash pile, I like that description.

51:51 I like to visualize sitting in a large pile of cash. An authority to buy back up to 20% of shares. Why hasn't the company bought any whilst the valuation is so lowly valued? It's a complex question. I mean, there's lots of discussions going on with just us as the executive team, but also with the board. We have done some purchases and buybacks in in recent times. We obviously wanna keep a healthy amount of shares out there and a healthy amount of trading going on in the market. We wanna engage with our investor communities and give people the opportunity to do it. Not really looking at reducing our investor level. So a large share buyback obviously could consolidate shares into the fewer hands for our large institutional holders, but we like to keep an active market there. And we've now invested the money to bring direct return while we're doing it, and we like to keep money around for m and a opportunities, which we are quite aggressive at looking at opportunities. There's always several we're looking at. They just don't often come to fruition due to them not being a good deal or there being a poor problem with the company they're looking at or or whatever the case may be.

52:54 Anything you wanna add to that one, John? No. I think you've covered off most of it there. Okay. Next one. In the half year report, you talked a lot about legacy platforms. What are these broadly? How much revenue gross profit is this currently? What was the movement over the year, and how quickly do you expect these to decline over the next five years? Talk about that a little bit. There is it's not very predictable. We do have customers wanting to sign five year deals with us right now to ensure that we will continue to support the platforms, and so we do sign some of those. We also have three year deals being signed, in which case we know there won't be decline with those customers. The platforms broadly are what I talked about when I talked about the slide where it is the order management piece of the of business.

53:42 So the piece that manages orders through the pipeline and how we manage orders and how those orders are processed and subscriptions processed from from a systemic point of view as well as integrating with warehouse systems, those types of things. The reason why we haven't focused a lot of time there. We're try to rebuild all that is because no one's quite clear where those markets are going. There are other solutions out there that are highly competitive. Oracle ERP does some of this. SAP do some of this. And by the way, we have had some some customers who have said we are going SAP. They have SAP. They had it years ago. And they've also kept our solutions on top of it because of how well we serve their specific needs in their specific market and have integrated with all of their other systems. So they they do have SAP, and they have us because we just bolted us on top of SAP, and we integrate with SAP for our solution. So it's it's an interesting play there.

54:34 John, do you wanna talk about revenue, gross profit, and what you can share there? I I think if you if you go into the the deck, showed the the commercial and the the stable element. That's that's effectively the the maintenance products that can grow, but it's not something that we are really driving to grow. We'll we'll opportunistically give them extra services, but it's not somewhere where we're gonna go out and, yeah, drive to sell that product. Yeah. Okay. The next question. What real what realistic timeline do you see for the new sales and marketing team to deliver material new business wins? I would love to say it's in a few days, but it's not.

55:21 So the sales and marketing cycle when you get to medium and large players is quite long. There's lots of people you need to talk to. So if you get into a player who's, you know, making 50,000,000 a year or so, there are lots of parties you're gonna talk to, lots of people you're gonna convince about the solution. We brought them on in July. We know our sales cycle for those types of players tends to be six to nine months. So you can expect a timeline like that for announcing larger wins with customers. Smaller wins happen faster. They can happen every day, but there are smaller, you know, to the tune of a few thousand. Actually, we don't always announce those because it doesn't it's not moving the needle. And, you know, what you're seeing is this this at the lowest end of the market, sales cycles run relatively fast because you're talking to the principals.

56:09 The medium to higher end, they can run longer, sort of the bigger the company you're playing with. But some of the behemoths we're talking with now, if we secure those deals, I would you would see it maybe the tail end of next year. But they're just very, very large companies with lots of players across technology and very diverse decision making authority. So anywhere from six to nine months, I would expect to see real larger deals hit the pipeline or hit the the bottom line with they're hitting the pipeline now. Marketing's doing a good job of getting the right people in talking to us, viewing demos. It's now a matter of the close, and that's why we brought on the sales people's really to drive and and close those. I will say, this kind of bleeds into the next one, which the next question is, can you give an update on the integration of a junk concord with OpenPlay?

56:56 What opportunities does integration open up, and how do you see these developing? So there's two main integration aspects to Openplay. The first integration aspect is dashboarding. So because of the solutions we had, remember I talked about how we create more visibility for people who use our products into what's going on through our dashboards. One integration that is already available and we're is in process of rolling out is to apply our dashboarding to information Openplay already has. So since Open Play is doing some work to do the distribution revenue collection, we can apply our dashboards to it. And so our dashboards in in that application is underway now. Lots of little small deals that would apply to all of their customers. So there's 50 to a 100, but very small deals.

57:43 You're talking in the the, you know, 10 to to $15 a month per customer, and so you're talking 50 to a 100 deals. So that's the relatively smaller play. The larger play is then to fully integrate the contract rights and royalties, which would run into a few thousand per player. And, they have about a 100 generally, a hundred and hundred and fifty players. So you would have a few thousand per player per year on that integration. And so, you know, it could take off, and they could have a lot of people, but the the larger solution is optional. So it's not like it's gonna be rolled out as a forced add ons. So but it's very good in getting us this relationship, very good at getting us volume at the low end, get very, very excellent, really, at getting us as a known player in the music industry, continuing their presence there, getting us the marketing wins.

58:31 So we expect that to happen as well. Sorry. My question shifted. Have to figure out where we are now. Simplistically, I would expect about 10 k a month interest on cash balances. Now they are in money market funds, 3,500,000 average times 3.5% over twelve months. Is this in the right ballpark? That's huge. Yes. We just because of cash flow, it probably won't be quite that high, but it won't be far off. 8,000 a month, probably something in that ballpark. Yes. So with high recurring revenue and 71% of adjusted EPS delivered in h one, even with the cost of additional sales head count on board, it would seem that fiscal year twenty five will be a good year for INGENTA.

59:16 We issue a year end trading update to confirm this prior to the release of the audited fiscal year results. We typically do and trade issue a trading update. John? Yep. So, yeah, we will we'll look to issue a trading update. Yes. I think it's been a good start to the first half. Second half, we it's it's getting some of the nonrecurring revenues to come through where, you know, projects can delay. So there's just trying to tie those down. And some of the recurring revenues, they they'll be recurring, but we're just trying to bottom out the values of the service. So, yeah, I think we're on track. We're certainly on track to have a good year. Okay. Next one. Prior to the recent appointments, what extent of marketing was being done? It's a good question. So we were doing some marketing before.

1:00:05 We had a multitude of players internally doing marketing, different people in sort of the same role affecting the marketing. However, what we were focused on were a bit of more old school marketing than what we're doing now and trying to drive us into these future markets. It wasn't being particularly effective. The marketing I'll say marketing in general is shifting in the world. Things that people used to market don't work anymore. A good example is if you're spending a lot of money on Google Ads, which we were spending money on Google Ads, Bing Ads, those types of things, we're doing those digital advertising to get people in front of people. We still are spending some money. They just don't work as well. Why? Because of AI. And everyone who's doing googling now, they get their AI answer. They don't necessarily open the links. Unless you're actually looking for a solution, you're looking at the AI solution first. Now there's some things we're doing now to revamp to better get position from an AI perspective, make sure that AI is recommending us. It's a very different type of marketing. So there's things we're doing across our site, things we're doing in their presence in the world, and it's not just a pay for play type situation.

1:01:09 You have to make modifications. So some of that is the focus of it. You can see our ads are if you've seen some of our ads in the world or out there on LinkedIn, you can see our ads are becoming more creative. We're really trying to target these markets better, which we weren't doing before. We were doing email campaigning there, and it was having some success. We obviously had had some success in the past, but we really ramped up those campaigns with highly focused, targeted, really, AI driven marketing campaigns to specific people in specific segments. So it's a much more targeted approach to reach the right players who are actually interested in their solutions. So not only are we getting more leads, we're actually getting about the same number of leads. They're just better leads. And they're better screen leads because they've gone through multiple steps in the marketing approach. So you develop these workflows and you need to start marketing. That's the kind of stuff we weren't doing before to get the right leads and get the right players engaged.

1:02:07 The next one. In the half year report, you talked a lot about legacy platforms. What are these Robert, I think I read the one. I'm sorry. What kinds of market share do you have, and what is realistically achievable? Market share is difficult for us to measure a bit because you're talking about the market is software delivering to an industry. Our market share is low, though. Our our market share in our target markets is very low. If we can achieve three to 5% of our market in the IP space, it will be a noticeable impact on this company in terms of overall size and both top line and bottom line. I mean, these markets are measured in billions when we talk about the music market. But, obviously, the market for software, particular to IP within the music industry, we have some reports on it. They're just all over the board a bit. Some of the large companies aren't really buying solutions right now.

1:03:00 The largest companies have a homegrown multifaceted solution out there, and it's very complicated because they're not necessarily thinking this as a box solution on this one particular piece. Medium, middle middle players, there is some market to be seen there. We believe we're low in this market. In music, we're very low in what we have there, probably less than 1% of the market, and we're expanding it through these opportunities. And, again, we don't need to dominate these markets. We just need to play, and you'll see it heavily in the top line and the bottom line. I know I'm not giving you specific numbers, but I think specific numbers, best will in the world would be miss open to misinterpretation. But that's our approach here. Neither of you own meaningful shareholdings.

1:03:45 Any likelihood of that changing, but there's some likelihood of that changing, and depending on how we go. Obviously, there are lots of, different factors there. I will say this as it relates to this. If you think we're not committed to this company because we don't own a lot of shares, you're wrong. I tell you, John and I put in countless hours into this company on a daily basis. How do I know? I talk to John sometimes 8PM my time, and I'm in The US. And John talks to me at 4AM my time if need be. And so we are dedicated to the company, driving the company forward, and, honestly, we're putting something more valuable than money into it, and that's Tommy. And I will say it's just complicated.

1:04:30 There's very few time windows when we are not involved or we can even trade. We know too much. We always know too much. It's very difficult for us to trade. And then you also end up taking anything that we have, and it we can never stop. Right? Like, until you end up in this weird situation where you're tying up money in a way that just isn't the same as if you're buying shares. When we buy the shares, it's just not the same. And also some challenges with, you know, on The US based person, it's harder to buy off of the AIM. We're looking at ways to rectify that to open it up to other areas. It's just a complicated situation. With that, I I will so that's the end of the question. So I will say this. I mean, this kind of gets to do I believe in INGENTA, or why am I an INGENTA?

1:05:20 And And I'm gonna I'm gonna leave you with this. So INGENTA is a relatively small company with an amazing reach. I can't imagine a company of our size where one day, the CEO can be down at the headquarters of the UN talking to the head of publishing for the UN, and the next day on the phone with the people who manage teletypes. We've evolved over forty five years. We have excellent solutions in these markets, and you can see it because we are winning. There are a lot of solutions out there that couldn't break into music because they're so catered and so tied down. Our solutions are good. We've leveraged 45 of experience, and I'm not even saying that from a person who's been at the company a while. From an outsider's perspective, from a technical perspective, know this stuff. I'm I'm a technician at heart. I was a systems architect. I understand our solutions. Our solutions are really good.

1:06:11 Our solutions really serve these markets. This drill up, drill down that I'm talking about, if you're a small player out there, if you've never been in a large company, you've no idea how complicated that is. Well, we know. I know because I've been over product lines of large companies. It's very complicated. Those contract contracts, crazy complicated when you get into anything of scale. And how who all you pay and when you pay them, it gets very, very complicated, and we can manage it all. I think our solutions are gonna open up new opportunities for our customers. As we get more people in music, they'll be able to do things they never knew they would they could do. Like, when you're a small music player out there, you're trying desperately to sign up new artists, but you can't do it because you can only create a contract so complicated because or so your contract has to be so simple where you can't manage an operation.

1:07:00 So you can't actually, you lose out on the deal because they wanted some extra clauses in there or some extra payments to an individual, and it was too complicated for you to manage. We can do it now. You just set up the software that way, and it's fine. You don't need to worry about that complication. We are opening our doors for us, and we are opening doors for our customers. And I love the idea that we can play at the very small end to the very high end of the market. You get world class solutions when you're a small music player out there. That's that's you just don't get that without spending tons of money. But you can get it with us because you get a configurable solution that serves you for what you need, and you're not burdened with understanding all the complexities. And and so this is where it's a company that can grow. It has excellent solutions. We do have legacy, and it's one of the few companies, I think, that have this base of profitability that is helping leverage the future in the ways that we are. Because we've been around so long, because we've been able to turn the company to profit, you know, since since really I joined in 2018, you keep the company profitable, producing, paying back to shareholders.

1:08:05 Again, trusted hands for investment and amazing opportunities. And I really don't know a lot of other companies that are like that out there. And, you know, when we get into m and a, I often see the failures of other companies, some being listed, some not. And it's where you recognize that, you know, there are some bad opportunities out there, but we're not one of them. So with that, that's all the questions. I thank you all for engaging in the presentation, and it was good to present to you. And we'll look forward to future presentations. Scott, John, thanks for updating investors today. Can I 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?

1:08:52 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 INGENTA PLC, we'd like to thank you for attending today's presentation, and good afternoon to you all. Thank you, everyone. Goodbye.