Silver Bullet Data Services Group (LSE:SBDS) — Interim Results

0:01 Good afternoon, ladies and gentlemen, and welcome to the SILVER BULLET DATA SERVICES GROUP PLC interim results investor presentation. Throughout this recorded presentation, investors will be in listen only mode. Questions are encouraged. They can be submitted at any time using the Q and A tab just situated. On the right hand corner of your screen. Please simply type in your questions at any time and press send. The company may not be in a position to answer every question received during today's meeting. However, the company can review your questions submitted today, and we'll publish those responses on the Investor Meet company platform. Before we begin, we'd like to submit the following poll. And if you give that your kind attention, I'm sure the company would be

0:33 most grateful. I'd now like to hand over to cofounder and group CEO, Ian James. Good afternoon. Good afternoon. Good afternoon, everybody. Thank you for your kind attention. It's lovely to be have the opportunity to speak to you. We'll get straight to it. So some on the call, I'm sure, would have come across us before, but I'm gonna speak as if we're introducing ourselves from the start. So let's just start with who is SILVER BULLET. So, you know, the the starting point really in thinking about what we do and why we do it, is that, you know, the business importance of customer data or data about businesses, clients, and customers becoming more and more important. And that really requires new services and products to come to market. And SILVER BULLET is really positioned, as a company that addresses that opportunity, the opportunity to, help companies transform their marketing organizations, indeed transform their businesses to enable them to get better bang for their buck or better return on investment on the use of their data, specifically in the marketing arena.

1:32 So we, we we specialize in in that transformation in two ways, really, for clients that I'll talk more about. We have a client, a wonderful, client roster of over 40 clients, from Mars and Heineken globally and Sony globally to, to more local clients in the markets that we operate in, which I'll come to. But what we fundamentally do are two things for those clients. On one hand, we have a what we describe as data driven customer experience services. That's really driven, as I said, around the whole data driven transformation side of our business. We help clients to unlock strategies, if you like, of how to use data in a more meaningful way in their organizations to address customers, to improve return on investment. We then follow that through with our data scientists and engineers who enable those clients to actually embed new technologies and new capabilities.

2:21 So we're a hands on keyboards type of business as well as an advisory business. And that's really important in understanding the value we create for our clients. And then we follow that through with the the next part of our process with most of our clients would be to enable to them and to unlock really the the use cases or the opportunities, the data, and the technology offers to really improve their engagement with their customers or or consumers, and and get best return on investment for for the data that they have in better marketing outcomes. And we do that both by addressing clients directly, but we also work with some of the world's biggest software companies, software companies like Salesforce and SoftBank owned company like called TreasurData, Snowflake are other examples. But what that enables the company to do is to bring long term scaled transformation using those technologies. It also enables us to work closely with those organizations to open up new scaled conversations with with significant enterprise clients.

3:15 So that's our services side of the business. The other side of our business is very much addressing another challenge that the market faces, which all of what I just described now is being driven and demand is being driven by a shift from or shift to a much more privacy driven environment. And this is very much true of the advertising side of that marketing transformation. So digital advertising is being driven to a much more privacy orientated approach. And and a lot of our clients a few years back were asking us, well, how can SilverBullet help us in this regard? So we actually built out a a new platform, an AI contextual data platform called four d. And what that platform enables us to do is to use our own contextual data derived through the application of our AI tools to enable smart targeting in a privacy safe way in using contextual data in programmatic video display and CTV advertising.

4:08 So that gives us a platform which is growing over a 100% a year in terms of revenue, and we completed the build out of that in in 2022. So we have a platform that addresses the the the challenge and opportunity presented by privacy first digital advertising using privacy first data, in this case, contextual data. So on one hand, we are a services business. On the other hand, we have an AI platform that helps clients to engage customers in a cost efficient and and privacy safe way. So why do we do it? Because, you know, fundamentally, you know, the market that we're addressing is enormous. It's as I as I said, we our starting point really is all about transformation and how our clients, clients such as Mars, Heineken, Sony, Green King in The UK, and ITV, which I'll talk more about, are all going through some form of marketing data driven transformation. That market is enormous. In fact, the market is the is $731,000,000,000 worth of spend will go into digital transformations or actually did go into in 2022, and that's set to grow significantly over the coming years. So that's where we start really. And why? Because customer experience and personalization are the key driving forces behind brands and companies transforming themselves to address consumers in a new privacy safe way using the data that's at their disposal.

5:25 So this data transformation and digital transformation is really powering our business, our services offering, our product offering. And that drives us to really where a lot of the dollars are flowing. The the data enables brands and and our clients to to address their consumers in new and interesting ways. And that's being driven also by a huge market that we describe as programmatic media, which is effectively the growth of digital media investments in our on behalf of our clients. So that market, again, is is a multibillion dollar market, and it's growing very, very quickly. It's also growing in a world where the the the privacy regulations are driving a movement away from a traditional way of targeting in in programmatic media, or one of using cookies or using IDs, a large proportion of that now under the GDPR and under new regulations is no longer appropriate or indeed legal.

6:19 So we're seeing a large proportion of spend starting shift into the marketplace where four d occupies, and our services enable clients to unlock the value of. In this particular case, over 65 of advertisers saying they're gonna shift big investments into the space where four d occupies contextual, data driven, digital advertising. So we sit across this really interesting growth and scaled market of digital transformation into programmatic advertising, both in terms of display advertising, video advertising, and and now CTV, which is even more exciting. So what have we got? As a company, we have we're a global company. We operate in multiple markets. We have a hub in we're HQ'd in in London, but we have a a boots on the ground, so to speak, in Melbourne and Sydney driving our APAC business and also a significant amount of our revenue. In fact, over 35% of our revenue, which Darren will come to, is actually driven out of our Americas business where we have folk on the ground in New York and also for LATAM out of Mexico.

7:25 As I've described, we have our first party AI data platform our our privacy first AI platform four d already built, and now it's in revenue building stage. And we have over 80 plus people who are digital transformation experts, if you like, that are working with our clients to help that digital transformation to happen. We operate in over 15 different countries from those hubs that I just described of North America, LatAm, EU, and APAC. So we've got a business platform or capability that's now scaling as you'll see through through our results that we'll come to. We're really proud of our client base. You know, we're trusted by some of the world's biggest brands to take them through that transformation journey or the element of the transformation journey specific to data driven customer experience. And and that's that's that's great. You know, we feel really great about that. We trust in the fact that our clients trust in us. We invest continue to invest in new capabilities and new tools.

8:21 I would you you can see brands right there in front of you.

8:24 Most of our clients operate in multiple geographies, and most of our clients are, you know, undertaking some form of first party data transformation, but are also looking at how they can start to invest in privacy first advertising expenditure, which links the two sides of our business, the services side and and our our platform side in four d. I'll hand over to Darren to go through, obviously, today is our, interim results day. So, pleased to see a lot of growth, and I'll let Darren speak to the detail. Hi. Darren Boynton, group CFO. Really pleased today to meet you all and to present our interim results to June 2023. Really pleasing to show that we've got increased revenue, improved margin, but also reduced loss in in the period.

9:11 So we take it take it line by line. On the revenue side, revenues of 4,200,000 for the h 01/2023 compared to 2,300,000 for 2022. So 79% growth year on year, which really is, in this current market, really strong growth. And that's driven from both sides of the business, which is really interesting to see. So from the customer experience services side, revenue's grown by 65% to 2,900,000, and that comes from both our existing clients, which we've managed to grow, deliver more products into more territories. So that's our existing clients such as Heineken, Mars, Sony, so really strong blue chip clients, as well as new clients that have come on board, in the fiscal. So clients such as Green King, a big a big client in The UK, which has really helped us propel that revenue forwards.

10:03 On the four d side of the business, our four d platform has grown by a 122% to 1,220,000, and that's really driven by a lot of growth in The US, where the the product has has really kind of taken taken shape and really kind of developed across the the first six months of this year. Our margins have actually improved from 70% in h one twenty two to 80% in h one twenty twenty three, and that's driven by the fact of these increased revenues allowing us to spread fixed capital costs, across more more revenues. So costs that we have to deploy in order to bring four d into the marketplace, we can spread across more revenue, hence, the improvement in margins. In the same period, we've also actually managed to reduce our operating expenses. So this is twofold. This is tight cost management by by ourselves right away across SILVER BULLET, But, also, as we've kind of reshaped four d, as we move into a phase now that the four d product is is fully developed in market, we're still developing certain elements, but the product is in market, so we're not having to invest capital into developing the product significantly further from where it is at this point in time.

11:16 So all in all, that brings us through to an EBITDA reducing down from 3,400,000 negative to 1,200,000 negative, so 65% improvement year on year. So really take us in that in the position we wanna be with regards to EBITDA, pushing ourselves to a position of profitability into the future. Finance expenses have been incurred in the period, so that's where we've taken on, predominantly convertible loan notes during the last twelve months. So it's the interest expense against those convertible loan notes.

11:46 And what's really nice to see as well, obviously, that improvement in performance has dropped through to our cash. So our net cash used in operating operating activities in the period is at 1,200,000, down from 3,100,000 in 2022.

12:03 So I just wanted to talk a bit about what's really driving that growth, and, hopefully, it brings to life what we do and the value we create for for our clients, which is, you know, the the core to to to to the value that we bring to our clients. So what's really driving is, as Darren said, is the expansion of our data driven customer service customer experience services to our clients that we've been working with for some years. And we're we're proud to have Heineken, Mars, Sony, and and a number of other clients that that we've worked with for many years. And and what we're doing is is what the the demands on us are, you know, to to find new ways to help them, new ways of of adopting data transformations around their customer experience, how we can find ways of expanding the services to new brands that they have in their stable or portfolio, and also working with them in new geographies.

12:52 So we're very proud of those relationships and and are very respectful of of the continuing rollout of new services and new geographies with new brands with our established clients. But, of course, we also are interested in winning new clients, and we're doing a lot of that, as I explained earlier, with our partnerships with the scaled enterprise marketing software companies like Salesforce. That enables us to to speak to brands who are in that transformation stage, and and engage a new pipeline. So that gives us the opportunity to win new logos on top of the established and expanding relationships that we have. Also, the market is starting to mature. You know, data privacy regulation is continuing to tie, and that's happening as well in The United States. It started in Europe actually, and and it's it's really pushing through into United States now. New regulations that are really demand putting demands on clients to to ask for help, help from companies like us. So and the services and products that we provide. So that demand is also flowing through into into growth for us and and will continue to be so.

13:51 Four d, as a growth engine in its own right, has moved from the phase of building products to building revenue. Where our cost correction, that Darren explained really is driven by the fact we hit some key milestones on the four d product. So we have a platform that is built that has multiple new use cases that we can roll out off the core engine that we've developed. So we're now in a position where we can reduce our investment in product engineers and product people to investing in go to market and salespeople and marketing and selling the product. So so that's that flow is coming through now, as you can see, from the 122% increase year on year in four d revenues. At IPO, only twenty four months or so ago, we're also we're focused on developing our four d, raising capital to do so, but also focusing on developing and establishing our US market presence.

14:41 No mean feat by any company to to break into The US market, but we're seeing that pay off. So that's another big growth driver for us is that 35% of our total group revenue now, and growing fast is from The United States. And what's also reassuring, for the future growth is is that a a large number of our established global clients are also taking us into The US market. So we're gonna originate new clients in The US market as well as grow in The US with our established client base. So that's that's a a reassuring, underlying driver of our growth. Going forward, know, needless to say, it's it's it's pretty much continuing to do what we have been doing, doubling down on our US footprint. We've got now a good foothold of talent, which is obviously a key component of what SILVER BULLET offers. We have a hub in Mexico that drives a lot of our service capabilities at at good efficiency into North America and on North American client deals or or or engagements that we have.

15:39 We want to look to double down on winning new logos through our global marketing technology provider partnerships. We have a global partnership, as I say, with Salesforce. This is yeah. As as more clients enter this transfer digital transformation journey, So our trusted partners take us as a trusted partner ourselves into those conversations so that pipeline grows as we go forward. Those strong client foundations I've mentioned, but it's really about, you know, the as as the market becomes more sophisticated and regulation bites harder, there are more opportunities for us to demonstrate value to our established and and indeed new clients. And, of course, we want to roll out and accelerate our four d sales efforts. And a large part of that we're doing through partnerships. We recently announced a sales partnership with a scaled partner who has multiple salespeople on the ground in in over 18 markets globally.

16:31 They're gonna help us take what is fundamentally our intellectual property for the and sell it on our behalf as a as a sales partner. So that's a good example of using partnerships to generate value from the IP, the platform that we've developed. So we sell it ourselves, but we'll also enter into new partnerships going forward to accelerate that growth. As I say, AI is really interesting for us. Four d is fundamentally an AI platform. We built it as AI. AI is obviously a very new topic or a topic that's becoming more popular to be discussed. We've been in the AI business for for over six years now, but in in in earnest through through a product to four d, for the last three years. And what that means is AI the generative AI piece of this is really helping us to roll out new use cases or new elements of the core four d platform that we've developed. AI will help us to to to roll that out faster as we go forward. So new applications for four d, solving new problems on top of the problems that we already solve for clients. So going forward, we're gonna do double down on on those things that should give us the foundation for continued growth.

17:38 So, you know, we're really pleased with the positioning and development of the company. We think we're in the right place doing the right things at the right time. Our growth should be a good evidence of of that, and and we have good visibility moving forward on the rest of '23 revenue, and therefore, are are are confident in looking forward to positive EBITDA in early twenty four. We continue to grow in The US, I think that's gonna become a larger proportion. We know that will become a larger proportion of our revenue up from 35% a day. That will grow faster than the second half. But we're always we're not complacent. You know? And we're not ignoring the fact that there are tough macro conditions out there, but what we do is fundamentally about transformation. That transformation is only accelerating, and we have robust products, that enable brands to adapt faster and in a more cost efficient way to the challenges they faced in the consumer migration into digital space and therefore their transform transformation from a data driven customer experience standpoint. So we still see robust demand from our clients.

18:45 So overall, we've got great confidence in the future and look forward to, as I say,

18:48 moving into that positive EBITDA period in early FY twenty four. That's great. Thank you very much indeed, Ian Darren, for updating investors this afternoon. And, gentlemen, please do continue to submit your questions using the Q and A tab situated on the right hand corner of your screen. I just want the guys to take a couple of moments to review your questions submitted already. I'd just like to remind you that a recording of this presentation, along with a copy of the slides and the published Q and A, can be accessed via your Investor Meet company dashboard. Ian, Darren, you had a number of questions from investors, so thank you firstly to everybody for your engagement this afternoon. And if I may, Ian, just hand back to you and ask you if possible to read out the questions, and then I'll pick up from you at the end. Yeah. No problem. Let's go to I mean, Darren, the first one that you might want to take actually is a a really good question. Yeah. So the first question is, is it possible to buy a £100,000 worth of shares on the market at £1.50 when we provide liquidity to do so? So,

19:43 obviously, as a PLC, our our shares are tradable on the market. So, you know, it's more than more than possible for interested investors or existing investors to buy additional shares on the marketplace. We're not looking to raise additional capital through issuing shares ourselves, so it'd be purely through the the open market if that's that's where you wanted to access the capital. Please do.

20:07 Okay. Second question, is it possible to do a JV with capitalblossom.co.uk to provide your services to the Kingdom Of Saudi Arabia? We're always open to partnerships. You know, I think that really undermine underlines the the the point we're making earlier. We are we have built a fantastic piece of intellectual property, and we have fantastic experts that can work globally. Therefore, partnering with anybody that has access to clients that would be interested in in either our products or our services, we're we're very open to. So whoever asked the question, I'm sure you know you are, please reach out to me, and we'd love to have a conversation about Saudi Arabia. We could definitely add some value there.

20:47 Question was, how have you achieved good growth, and what's driving the growth? Hopefully, I've answered that question. I won't go over it again. If anyone would like to follow-up, I'm happy to share details on that, but I hope you have answered that question already. How how come so was or not? How come SILVER BLOOP is growing so well when some of your competitors are not? Really good question. You know, we could only speak for ourselves, but, hopefully, I I sort of talk to it about the outlook, really. You know, we're offering the global transformation space is growing. This the market is huge, as I've pointed out earlier. What we do is is, yeah, we have clear value propositions that go beyond the ups and downs of a macro market.

21:33 This is about a a ten often our clients are on ten year journeys of significant business transformation. Therefore, I think we're able to show growth because, one, we've we've got great experts that that demonstrate value in every engagement that they undertake on the on the services side, and our product is really growing into itself as the market becomes more constrained by regulation. So we focused it on two key areas, and we've we've gone in really in in very clear terms to solve two very clear problems. So we're not a generalist trying to solve lots of big problems. We're solving very, you know, precise problems for clients, which is very easy to measure and gives us a very clear point of differentiation in the market.

22:19 Second question or next question, sorry, on this level is how does AI impact your business? Yeah. I'll reiterate. You know, we are at at core an AI business. Four d as a platform is an AI platform. It uses what's called computer vision, which is a core AI application, anyone who follows AI. Computer vision, for example, will be used on your phone when you use it for face ID. That's computer vision. That's an AI application. But what we've done is is adapt that and and build on top of that core AI application and build out our own elements of that AI, which enable that computer vision to read websites, read websites in a way that others can't read context or the content of websites and look at the video so that we're able to see whether that video is, one, the right kind of environment to present that video ad or or or CTV ad, but also is it brand safe and suitable, for that ad to be presented. So that's how we use AI in our four d platform. I should have explained that earlier, I guess.

23:14 But, fundamentally, we're an AI business. Generative AI now will make it easier for us to put new use cases into the platform that we developed. So that's exciting. So it means we can get more product to market quicker and more efficiently. So AI is gonna impact our business well. And on the services side, AI is helping us to to to productize our service, if you like, to to bring to to diminish the number of people that we need, especially in data science, to bring the insights that clients are asked after when we're plumbing in the infrastructure and then doing data managed services for those clients. It'll enable us to work faster and more efficient, so, hopefully, driving better margins. So AI is great. You know, we're we're really excited about the opportunity it brings to the business. When are you going to be profitable? Great question. You know, we are looking at a plan, and we're confident in our plan that EBITDA positive is early twenty four.

24:04 We really wanted to bring that horizon forward as the macros have changed since our IPO. Clearly, profitability is an important function of any business right now. So we've brought that horizon forward, as Darren explained, you know, through smart cost management. And, also, now we're in the revenue driving phase of important phase important element for the platform side of our business as well as growing profitable revenues already in our services business. Next question. During the period, the group significantly reduced operating costs, which will help achieve operational breakeven on monthly basis. When is the support cost? How will be achieved? I think I've answered that question. What competitive advantage do you have over your peers? Really, I explained the four d competitive advantage. It's it's really we there are competitors who are scaled and are in the contextual advertising business. That's not new. What's new is the application of smart AI around computer vision that we've built and applied to solve the problem of better targeted, brand safe, contextual advertising around the video content of the websites.

25:07 So that's something that's new and different and gives us competitive advantage in that AI driven four d platform. And on our services side, it's really about our expertise. You know, there are large consulting organizations that exist, but what they don't do very well is solve some of the very specific customer experience data problems or challenges that clients are facing. So as a boutique, we stand out as a very deep specialist in a in a vertical that solves specific problems like plumbing in Salesforce Marketing Cloud, for example, for scaled organizations. So we stand out as being a boutique and a and a specialist in this specific area and, obviously, the AI piece on the on the four d side with video. How many employees do you have, and do you see this increasing over the short term? We have, I think, precisely 81 employees at the moment.

25:56 That possibly will increase over time. It certainly will on our services side. We we do look to employ talent to deliver against new engagements, so that will grow. However, what we're not looking to grow is is significantly is is headcount in our platform side of our business and the 40 side of our business. We'll we'll still hire out into salespeople and and and marketing side of the business, but we're looking to keep good cost controls around our product and engineering now that we've got a mature or a baked product, if you like, that's ready to get a market. So we don't expect to to swell massively, but we will continue to invest in great talent, especially wrapped around our our client engagements and services.

26:37 Cookie phase out is now expected in h two twenty four. Is the end date important for all the clients just working on the assumption cookies are gone and need to deal with it now? It's definitely the cookies are cookies are a feature of that shift to privacy first marketing. So they're one element of that whole piece. It's really an interesting point, of course, that cookies will phase out. So, yes, it's good for four d because it brings an end to this sort of gray area where cookies kind of exist in some places and not in others. But, fundamentally, clients that work with us are already phasing into privacy first, non cookie based ad targeting. So adopting four d, you can see that through our 120 plus percent growth, year on year. But also on the services side, it's really driving the transformation piece. It's it's it's first party data or clients' customer data is becoming a key asset.

27:30 And under unlocking the value of that asset is not just a marketing issue. It's actually about driving business value and and getting the most from company assets. So that's really important. And cookies are a good example of phasing that of bad targeted data, bad chasing around of consumers around the web to really fundamentally that that data is about privacy first and about an asset that you own as a company and being close to your customer. So it's quite fundamental, not just about cookies, but it will help four d as they finally phase out in '24. Do blue chip clients find you, or do you have to cold call? We're always I call it hungry and humble. You know, we we respect every engagement we have with our clients, and we look after our clients. They are king in our organization.

28:18 We work really hard to to win clients directly through reputation and recommendation as well as winning new business pitches that we're invited to, RFPs, as they're known in the industry. But, also, we work with scale partners like Salesforce and other scaled marketing technology companies, which enable us to address customers when they're in the buying mode, if you like, of buying technology that's gonna help transform their business. So we do it in those two ways, both direct and through our partners. Increasingly, partners are important to us. We're very collaborative. As I say, we sit at the center of an ecosystem. So that enables us to be hungry, humble, and scalable.

28:54 Can you please talk more about pipeline of new clients for four d? Yeah. I I can't I I can't speak to the future, but what I can say is that we've got, you know, solid pipeline of clients that will continue to use us, and I'll I'll point at some of the, things that were released over the last few months. You know, a a scaled relationship with a big government, body in The United States, a scaled relationship with significant electronics manufacturer, a scaled relationship with an insurance provider. So what we're tending to find is when clients start to use our product on four d, they tend to stay with us. That will come in different forms across the year. But we're we're getting real traction as is demonstrated, hopefully, by the by the results today. And the other point on there as well is the partnerships that we now have in place with four d. You know, that's bringing that's bringing new pipeline in. So the partnership that we have in place with SILVER BUSH and other partnerships that we're looking at across the globe at this point in time.

29:47 So who else is doing what you're doing with regards to forty? It's a really it is a complex space. We think we've got real standout differentiation around the computer vision piece. So focusing on on identifying

30:00 appropriate context to prevent advertising in on behalf of our clients, both display, video, and CTV advertising. So that that, I think, is differentiated. There are gonna be more use cases as well for four d. An example would be broadcasters wanting to analyze their own online video content. So, yeah, their CTV shows in order to put ads adjacent to that TV advertising, if you like, adjacent to certain elements of the TV shows. So those are the the kinds of things why why the computer vision element, the AI piece of what we do is is quite differentiated. But it's also reassuring to know that we're not the only people in the space. So we're able to, you know, get on the coattails of some of the significant technology players that exist in the space and then add that extra innovation piece, if you like. You know, we're a boutique at the end of the day. We can you know, big scaled companies do struggle to innovate. So we're always innovating. We're much more nimble, much more agile.

30:55 So we're able to use that differentiation that we've built into the platform and just sell it in a meaningful way now and scale it in a meaningful way so we can compete through that differentiation. And on the services side, again, it's about being that boutique agile, and we work harder. Yeah. We always work harder for our clients, and we find new innovative ways to serve them and and deliver great value. Do you envisage the same type of percentage revenue growth for h two on? I'm afraid we can't give looking forward projections. All I'd say is, you know, we're confident in our plan, and we're excited about what we're doing. I think, yeah, if you look backwards, you know, you can see the trends of what we've done in the past. We're excited about what we're doing, and and we we can we we're certainly intending to our plans say we're gonna grow into that positive EBITDA status in early twenty four.

31:46 That's great. Ian, Darren, you've taken every question from investors. So thank you so much to everybody for their engagement this afternoon and to you guys for for giving those responses. I know investor feedback is important to you both, and I'll shortly redirect those on the call to give you their thoughts and expectations. But I wonder before doing so, if I may, Ian, just ask you for a couple of closing comments. No. Well, just thank you very much. I mean, it's we we we really value anyone taking an interest in the business, and we're excited about what we're doing. So thank you very much for your kind attention. You know, the key things takeaway for me are we're a growth company in a really exciting space and bringing forward our our profitability horizon. And we're super excited about the growth that lies ahead of us. That's great. Ian, Darren, thank you once again for updating investors this afternoon. Can I please ask investors not to close this session as we're now automatically redirect you for the opportunity to provide your feedback in order the company can better understand your views and expectations?

32:39 This may take a few moments to complete, but I'm sure it'll be greatly valued by the company. On behalf of the management team of SILVER BULLET DATA SERVICES GROUP PLC, we'd like to thank you for attending this afternoon's presentation, and I wish you all a very good afternoon.