Mission Group Public (LSE:TMG) — Final Results

0:00 Good afternoon, and welcome to the MISSION GROUP PLC investor presentation. Throughout this recorded presentation, investors will be in listen only mode. Questions are encouraged and could be submitted at any time via the q and a call situated on the right hand corner of your screen. Simply type in your questions and press send. The company may not be in a position to answer every question it receives during the meeting itself. However, the company can review all questions submitted today and publish responses where it's appropriate to do so. Before we begin, I'd like to submit the following poll. I'd now like to hand you over to John Carey, CEO. Good afternoon, sir.

0:29 Thank you very much, and good afternoon, everybody, and thank you for joining us today. My name is John Carey. I'm the CEO of THE MISSION GROUP, and I'm joined today by Giles Lee, who is our CFO, who I'm sure many of you have met many times now. So in terms of today, our agenda is to try and go through the headlines. Giles will take you through the figures, and then I'll come back and talk a little bit about our progress on the actions that we outlined the last time and progress against strategy as well. And, hopefully, that will give you a good view and a good overview of where the group is. I think if we look at 2025, 2025 has been a very mixed year in terms of the marketplace.

1:15 And whilst we are very pleased about our client retention during 2025, like the rest of the market, we've seen a decline in spend with with with on the marketing side of the business, particularly around quarter four where we saw significant delays and and pushback of projects because of the environment and and and the expectations around the environment. And I'm sure with Giles will talk a little bit about that as we go through the results. However, as a group, we're pleased, and I'm pleased about the resilience that we've shown as a group. I think also the opportunity that we've taken to rationalize, transform, and and come into 2026 in a much stronger position as a group.

2:05 And, hopefully, as we go through the session today, you will get a flavor and and feeling for that progress. We've seen substantial reduction in debt during the year, and our gross cost savings, which we've outlined separately against our plan have have been over we've over performed against that. And, again, I'll come back and talk to you about that. We also have a new board in place, and it's a board that brings a significant set of skill bases from high high high knowledge on AI to a new chair of our committee to somebody who's also been in our industry a long time as well who who brings a great set of connections, but most importantly, a great set of insights into our market. And already that new board has started extremely well to to gel with the current organization, but also to help the organization as we strategically move into a growth phase for the business.

3:14 I believe at the end of the year and certainly at the end of q one, we are well placed to grow with a refresh and strengthen the platform, and I hope as we go through the presentations today, you will see some of the actions that we've put in place to deliver that and some of the actions that we we would expect to be talking to you about in the coming months as well.

3:38 So with that, that's the headlines. Let me hand over to Giles who will take you through the figures. Thank you, John. Good afternoon, everybody. So, yes, I'll run through 2025 results. Excuse me. I'll run through a level, and we'll go from there. But but first, also some nonfinancial pieces. Just a couple of refresher, so the strong client base that we are very proud to benefit from and some new additions there in. And and and more importantly, I guess, whether it's market leading or not, I don't know, but we're certainly very proud of it. It's our client retention. And for many years now, our client retention has been extremely good. We have well over half of our total revenue provided by clients. We've literally had more than a five year relationship.

4:30 And now 38% of our income coming from clients which had a ten year relationship and and over a fifth from clients with whom we've worked for over twenty years. So compared to an industry where average client tenure is three to five years, that's a significant benefit to the group. It obviously gives us reasonable visibility of the income trends and so on through the year of the core funds. On the other side of the PLC, staff retention improved through the year, and last year was a year where reasonably high staff turnover. That reduced through 2025. Now, clearly, some of that will be market related. Some of that will be in reaction, if I'm a better word, to the restructuring program that was in place. But nonetheless, it's good to see that's definitely down.

5:29 To the 2025 p and l here, just sort of continuing operations side of things, which, materially, is the most important piece. Within this, and we'll look at this in a bit more detail shortly over the next couple of slides I've highlighted there. First thing, in terms of the revenue, which is operating income slash gross profit, what we choose to call it, what we choose to call it revenue, that declined by 8% over the year compared to the equivalent 2024, down to just under £70,000,000 worth of revenue. Materially, that 5,600,000 dropped, and the majority of that came from consumer advertising second. And within that, significant amount of that fell out for the final quarter.

6:17 In contrast, I guess, the head operating expenditure, also, were able to reduce that by 3,000,000 through the year. We announced this time last year that we were sort of commencing a restructuring program that brought together supplied by a lot a lot of the business and we'll have and, obviously, we continue that this year. But that in itself released £3,000,000 worth of operating expenditure savings in 2025. That caused spread through the year, whereas the revenue impacts as much will get towards the second half and indeed the final quarter. Things told, though, that all leads to a a decrease in headline operating profit from 7,600,000 to 5,100,000 for the year.

7:04 I'll come on to some of bits below that shortly. Just as I reemphasize that point on seasonality now, those of you familiar with the business, we know we do have a significant seasonality towards h two and particularly quarter four. And this year, that was kind of highlighted, I suppose. And the purpose of this chart is to show that if you take operating expenditure, broadly speaking, you know, we've obviously reduced in the second half year on year from 33,000,000 to 31,900,000. But as a percentage of the whole, it's roughly half, and that reflects the fact that we've made changes early and give or take the operating expense base quite fixed. On the other hand, the revenue side of the equation, revenue down significantly in the second half of the year, 10%. Most of that, again, through the consumer advertising section of the business.

8:02 And whilst that's only from a seasonality point of view, fractionally different, so represented 51% of our total revenue versus 52% of our total revenue, it has a big a significant swing in operating profit. And that's why you see that significant pretty much 50% decline in operating profit in the second half of the year compared to 2024. And as you know, you know, that's obviously significant when it is your strongest. Yeah. Moving forward, obviously, we we have announced. We changed the year end date to the September 13. That will help us manage this going forward, but but less of the tail end take for this year.

8:47 Quite a lot of detail on this chart. This is our segmental analysis, and it takes the various components of the business as we report on them and pulls out the key key early indicators, revenue, operating expenditure, and operating profit. The points really to note here, again, in the consumer and lifestyle segment, if you take that that column, you take it to the bottom of the page, and you can see there's a quite startling 5,100,000 worth of revenue decline, so from 23,000,023 million in the year. Now some significant mitigation of that through operating expenditure savings as we sought to simplify that part of the business through the year, but nonetheless, still an operating profit reduction of 1,800,000,000.

9:34 Elsewhere across that final row of the of the chart, you can see that there were there were ups and downs, particularly business and corporate as well, not even from from the issues in the wide market to which consumer lifestyle is particularly exposed, But also the property based in this region, towards the end of last year, particularly not, you know, not not helped by the the timing of the chancellor's budget. We saw significant drop offs of revenue towards the end of the year. If I just go back up the page, though, and reflect on what that means for 2025 and 2026, you can see that between business and corporate and consumer lifestyle segments, at least fundamentally, there are independent you know, the inspection agency components.

10:24 Obviously, a full year in 2025 compared to 2024. If you don't add the back, though, the cost savings that we've already announced this year, which, you know, 4,000,000 of gross savings, we will reinvest some of that in in key skills and capabilities as John will talk about shortly. But even so, you you quite quickly bridge back to 2024 and beyond in terms of performance for that part of the group. Health and wellness is sort of stable. Property, again, I've I've explained the dynamic impact in 2025. You can take your view as to well, that might lead to 2026, but one thing we do know is how important The UK property market is to the economy and in impetus that we're behind that, and we are well positioned to benefit from that as it as it returns to some version of health.

11:18 Sports and entertainment revenue grew in the year. This is clearly a growing segment of our business in a hot part of the marketplace in an area which we're particularly keen to invest behind. Both property and sports entertainment, as you can see, our profitable business is 2,500,000,000 profit generated by property in 2025, 3.5 in 2024. Sports and entertainment, 1,700,000 in 2025, and that will doubtless improve or we hope will improve as we go through 2026 and beyond. Just important things to note. That's something I'll talk about shortly. But so that kind of gives you a tale of of the mix and hope it gives you a sense of how the actions are already taken, how we we believe profit will land back relatively quickly to something that we'll be moving much more straightforward going forward.

12:12 Just on that note, there's obviously some large adjustments to profit in 2025, and those led to a considerable real or reported loss for the year. To give us a quick narrative against those specific items there, I've highlighted the two key ones here. The restructuring costs, as you would expect, result directly from the restructuring that took place already this time last year as we simplify the business. But we have taken a business that was sixteen, seventeen, 18 agencies to the point of this restructure to 10 or so. And in and in the restructuring that we've just completed this year, we've taken that down to about five. So a considerable amount of work done to simplify the business, to remove costs from the center, and so on and so forth. That the payback around restructuring costs is rapid.

13:11 The piece at the top, though, the revaluation of the older assets, which is clearly what causes the big swing from the headline profit, 5,100,000, to a a a reported loss. Here, this is one of the vagaries of how we have to look out, and you may well be aware of this. But with our intangible assets, everything that we buy gets recorded on the balance sheet at the price at which we paid for it. We then have to take a view every year as to whether we can recover that. Now as you move from historic assets and some of these assets that we're talking about here have been with the business since pretty much it was founded in 2005, 2006. You know, they have I would describe them as recently some historic parts in the business story in particular, to a lesser extent, our JW health care business. We we take a view of those, and we have to write down value accordingly.

14:06 What we cannot do is take a view of the future value drivers of the business and the value that sits in there. So if you take, for example, sports entertainment business, that sits on our balance sheet at £4,000,000. And, you know, it's just a business that made £2,000,000 last year. Property, a £3,000,000 profit generating business is in our balance sheet at £6,000,000. If you could take a view of those, you know, I suspect we'll be more than mitigate that reduction. But we are where we are. That these are the accounting rules we we have to to deal with. I just wanted to explain this historic

14:40 adjustment, not a reflection of future added too much, and it's more clearly a noncash impact. Total debt position in this and here, I mean, the net bank debt plus any outstanding earn outs or acquisition obligations we have reduced significantly year on year from 2024, just over 14,000,000, to 2025 at 10,400,000. That's a an historic load for the group and a significant place to be. And by 2026, we will have completed all our payments. So our net debt, for all intents and purposes, will equal our total debt. And important point. Also worth noting that, you know, this time last year, we're anticipating to receive some sort of residual payment from the disposed of April 6 at the end of twenty twenty four.

15:34 The turmoil in The US sector at the start of the year put paid to that. But nonetheless, we've still been able to reduce total debt debt significantly even without that.

15:49 In terms of cash flow management and statements, key things here to draw your attention to, I would say, I mean, this business is cash generative. I I mean, I always talk about that. When it sees running effectively, it's a business that does not require considerable amounts of capital management. It throws off cash. You can see key things like interest, in particular, interest payments, obviously, reducing year on year as the debt level has come down. Working capital, we had quite a significant inflow this year in terms of working capital. Some of that is about maintaining a pretty sharp debtor, but some of that was timely of accruals and sold at the end of the year's results, some of the large events and exhibitions that are in play. Some of it, therefore, that will unwind a little bit as we go into 2026.

16:39 That's not an upside to the cash statement. Further down the page, the acquisition payments of 3,200,000 that we see in 2026. They will still be there, but much lower, about 1,400,000. We will continue to invest behind systems development. That's really important. We're gonna talk about our investments in systems, AI, so on and so forth. This is where we will do that. Restructuring costs obviously came through as well. The point of that is that when you look at the kind of cash the cash generation waterfall for this year, the green net, the operating cash flow, which obviously is after restructuring costs and so on as well, is massive. And so what we have now on here is how we reduce the benefits going the other way.

17:28 Now prior acquisitions, the third one along, that will reduce. Obviously, next year, it's one obviously, this year we sat in now to 1,400,000 and 0 next year. CapEx, you know, that's probably gonna maintain that level while we invest behind the business, and then lease payments are usually fixed. But as you can see, we're gonna start to generate more and more headroom for a return to other such as dividends.

17:59 My final slide, not too much to say here really, but just to to present the balance sheet to There's no view really in the numbers that from what I've just talked about. But, clearly, focus for us in terms of the next phase is let's get the operating margin back to a very healthy level. That will drive free cash generation, sensible net working capital management bill. Two, thereafter, in terms of immediate focuses, one, let's get the debt down to a sustainable level of the right down and then bring it back up in a measured way against the right sorts of things. Absolutely, we're gonna need to maintain some sort of capital expenditure investment behind AI and systems development.

18:48 And whilst we pause the dividend for 2025, I don't think we want people to think that was it. It was gone. We are certainly to maintain and get back to a progressive dividend strategy as soon as we feel comfortable doing that. That was my piece. John, I have a Thank you, Giles. And so what I want to do is just, therefore, give you an update on the activities behind all those figures and particularly the activities around the figures to come in 2026. We outlined last last year the approach we were taking to the business in terms of simplifying that business, prioritizing specific areas, really driving a focus in our business and clarity and also to create a growth agenda. And so what I'd like to do is talk to you about the progress we've made against each one of those combined with what what what is yet to be done.

19:45 And so if we take the simplify and reset the next slide, I think, you know, Giles has already articulated well our cost reduction progress. We we talked at the at the half year results around identifying a 2,000,000 cost saving in our our base. We have increased that target and delivered against that increased target to to north of 4,000,000 on an annualized basis. That is done through the simplification process rather than through a crude any crude mechanisms around cost. We have painfully, I would suggest not skipped a beat in terms of our customer interaction whilst at the same time identifying we haven't lost a number of great colleagues along the way, but we we do enter the the the the new year, particularly the second quarter with a leaner but a much more simplified and clearer structure, a more consistent structure as well.

20:55 So in terms of the cost reset, that has been completed against that 4,000,000 target. Obviously, we continue to look for efficiencies. But but most importantly, what is well is given us is a leaner operating model around five pillars of our business. And to that, it gives us not just a rationalized footprint, but it gives us a focused agency portfolio as well. And in terms of giving us a much more disciplined approach around margin and that target to get to a strong double digit margin percentage position. If I look at that that in terms of the shape, it it you would just see the group, but going forward, this will be how we would talk about the group in terms of our five distinct areas. Obviously, we have some overlap in terms of synergies across the areas, but we talk about the integrated agencies, which we call GROUP, GROUP, GROUP, sets of agencies.

22:04 And I think that gives us a much more rationalized approach, and I'll talk to that in the next slide. We have a sports and events business by putting the events with sports. We believe that gives us a very significant upside to leverage the strong relationships we've already developed in sports and gives us an ability to strongly grow on a geographic basis as well. Our property business has been probably the one that has been least touched touched by the shape of the group. It is a very strong Brazilian business in what has been not the easiest of markets. It has done exceptionally well and gives us, again, I believe, a real foundation going forward as that market clearly starts to pick up, and we've already seen some of the green shoots of that within our property business.

22:55 In the PR business, we have a a a good strong core business based out of Wisdom led by Kelly. We believe again that is again an opportunity for growth for us particularly across The UK and clients, new clients. And we've seen probably of all the businesses we've seen the most new clients coming through our PR business in q one. And our health care business, again, is a is a small but good consolidated business, and we've done significant consolidation within our health care business in in quarter one, not just taking out cost, but also consolidating leadership and consolidating systems and back office there as well. So that's what the the simplification has given us.

23:45 These these tend to be overlapping, but but but the simplification of the cost reduction has also given us a new focus. It's allowed us to share best practice across the groups. It's allowed us to take down the walls between the agencies and act as one company Already, as we bring those teams together and have brought those teams together, not only are we seeing the sharing best practice,

24:12 but we're also seeing the renewed ability for us to go after bigger, larger clients and an efficiency to go after the smaller clients. So in terms of a middle ground position for this business, we are able to expand in both directions. AI has facilitated some of that as well, but I think the simplification and consistency across the agencies have done that. It also gives us clear growth choices. This is a business that certainly when I came in six months ago has not had any

24:47 concern around growth options. Our inability to grow has been hampered much more by our legacy of sporadic and scattered approach and lack of lack of clarity on the verticals rather than opportunities. We now have the ability not just to take those opportunities, but very importantly, to have transparency around performance management of those opportunities as well. So not only are we trying to rationalize some parts of our business, we're also looking very much to take that and grow into the bigger accounts. We will continue to have a disciplined approach to our cost.

25:35 You know, cost is something that's on our mind day in, out. It's on our client's mind very clearly. We cannot afford to have any efficiencies passed on to our clients and as we go through the first quarter and have taken that simplification message across the business, we continue to look for a much more disciplined approach to cost and added added value to our business. And in terms of our business, not just with performance transparency, but we also want to ensure all the colleagues in the business gain a part of the story and a part of the new culture of the business. And within that, we have a very clear direct shareholder alignment between the incentives of our top leadership and the the desires of our shareholders as well. And so we have realigned that very much and launched that in q one.

26:34 Find an area which is always the toughest area, I think, for any business, which is the growth area. We have seen some real positive shoots in q one across the business. As we have to sustain it sustained and strong and resilient performance in our property business, we also have seen some growth in those areas as well. But we're seeing significant growth as well, particularly in our sports and events business as we expand that not just not just within The UK, but actually globally as well. And when because we already have significant international clients, having that position particularly in The US gives us and has uncovered for us real real value and real opportunity short, medium, and long term. And we'll we'll continue to to invest in that area. We will continue to look to grow. We have already significantly invested even in the first quarter in people and manpower and systems across that business.

27:45 AI is a conversation, I guess, that comes up everywhere. We have got a position in AI. We are utilizing AI. I would never sit here and say, we're at the forefront of that, but we actually have got a good position in bringing Emma into our board has certainly helped us understand and clarify an important strategy for the organization. It is enabling us today across all of our businesses to certainly become more efficient and more efficient, but in a couple of our businesses, particularly in our in our property business and particularly in our PR business, it is also giving us a competitive advantage with our clients in the marketplace as well.

28:33 We are not just taking cost out of the business. As Jai said, we are also investing at the same time. We're bringing new roles in. We brought in a new chief creative officer to our business, somebody who's been around in the industry a long time, and he brings with him significant connectivity, but most importantly, he brings a fantastic creative skill set into our organization. And we will continue against all of these three areas. I think it's really important for us to say that, you know, the job is not done in any of these areas. We would continue to simplify our business. We would continue to focus and prioritize. We would also continue our growth and as you can see there from growth in not just geographic growth, not just product growth, not just client growth, but all of those together will give us real opportunities. And by doing it through the five different platforms of the business, the five different pillars of the business, we also have the ability to call ourselves on what's going well and what's going badly. I think one of our objectives as a board is to be clear on what we're trying to achieve and then to give a healthy scorecard on what's gone well and what's what what do we have to improve? You know? What everything we say is not going to just automatically work well for us. We will have that

30:05 honest conversation, but we will continue to talk about these trends. We'll talk continue to talk about the actions that we have to put in place. It is our priorities in 2026 to to grow our business, particularly around UX expansion. We want to complete the agency integration to a level where that agency gives us double digit growth going forward. We have got new product offerings in the place, consultancy, AI, other product offerings. So it's not just about clients, but it's actually about bringing new things to the marketplace as well. And we will talk much more about that in the coming months. It's our intention to have a Capital Markets Day over the next six months where you can hear from the each area of the business, those five different pillars of what are their plans against each of these areas.

31:06 We have a growth engine. We have we have a new role in our company that's been there for three months. I have a I have a chief growth officer for the company who's who's job it is and who's already started and delivered working on the new revenue streams to the business. It's our viewpoint that at least 25 to 50% of our revenue in three years' time needs to be coming for new products and new areas that we don't do don't work with today, and we've already started to work and identify those areas. The capture capture allocation discipline is linked to dividends, linked to cash, It's linked to all our business. It's ensuring that we don't invest small amount across each area, but we place our bets in the area we could believe can deliver the best best the best best returns for our shareholders.

32:09 And within that, it allows us to redefine the mission proposition, which is, you know, a group that gives us differential growth. It gives us stronger position by working and being valued together. It is clear today if you look at our business that the individual parts of our business are significantly higher value than the whole. What we are doing through this process and to the culture change we have in business is trying to ensure that everybody understands what value the mission brings, you know, whilst minimizing the cost allocation across the mission and allowing the different platforms to deliver strongly against their objectives and to ensure that people, investors, and all and potential investors understand what the individual parts of our business is worth, which clearly is very significantly more than the whole part that we have today. And we recognize that's a perception.

33:16 It's a reality today that we're addressing and hopefully through our actions, but most importantly, through our deliveries and our our our delivery against the promises that we're making. We will see that happen more over the next few months. That, I think, is what we wanted to get across. I think, you know, in essence, what we'd like to get across to you is that we have had a resilient business up to now. We've taken the or started to take the necessary actions to transform this group into an agile group group of high valued businesses with growth potential in each area and a board with a very clear view of delivering strong shareholder returns and a much stronger balance sheet in the coming months.

34:16 So with that, thank you very much. Appreciate your time, and I'm very happy for us to open up to questions if if we want to take them, Jonathan. That's great. 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 in the right hand corner of your screen. Just while the company take a few moments to review those questions submitted today, I'd like to remind you that recording of this presentation along with a copy of the slides and the published q and a can be accessed via your investor dashboard. Can I please ask you to read out the questions and give responses where appropriate to do so, and I'll pick up from you at the end? Okay. Thank you. So just looking at the questions we've got here. Question from James S at the end here.

35:06 With debt at historic lows and strong cash conversion, how do you prioritize in capital allocations? As I think just to recap, we in the first instance, it's about sort of just driving that debt right there. In the second instance, it's about sort of organic investment in key core capabilities, particularly around systems and AI and so And then it's about, to John's point, I believe, looking at where we will get the greatest return, which parts of our business do we feel £30 spend are gonna get get the greatest return. They're clearly the warmest markets, so the way our own sports and events and like, we sort of broadly are saying that's what we're doing. Of course, dividends is, I know, on our minds as well. And the board, as I say, just to reiterate, are committed to returning to progressive dividend strategy as soon as we feel that we're content to do that. I think we wanna get the debt down a bit more be more comfortable with our trading position, but I'd like to think that's not too far away. No. I would like this to be, you know, at full year. I I believe we will be in a stronger position to answer that Yeah.

36:16 Question. I noticed one day about somebody reaching out to me. My apologies. I've never got that note. Please, if you could reach out again, I'd be very grateful, and I will I will certainly pick up. I'm very happy, and this is an invite from Giles and I to any investor or prospective investor. We would be very happy to meet with you in London, but either personally or or or Zoom at any stage. So please, if you don't get a response, please come back to me. It's it's not because we're ignoring it. I promise you it's because something's gone wrong with my email, I promise. And but we are very keen and I I I I am to actually engage with with you as investors or prospective investors. Cool. And we've got one final one here at the moment, which is, I think, in the some of the presentation materials we talked about, our support sales cycle extended.

37:13 There we saw budget caution from clients, you know, decision making decisions and so on. Have you seen any improvements? We we have seen some improvements. Q1 is a quiet month, a quiet quarter for this industry in general, and so therefore, I don't want to declare victory on the back of a, you know, a good Q1, but but but but but but, you know, not a high target to be fair for any of us. I think we have time. We you know, we will wait and see and and continue to do that. But, you know, I I I think we also need to recognize that in the last six months, you know, not only have we or many of our peers in the industry gone through significant restructure, most of our clients have as well.

38:02 And so as they start to come back and we've seen them start to come back with the new leadership teams, etcetera, you know, I think that's a real good opportunity for for the momentum to pick up. I do think it's been about resilience up to now. I think we we we are certainly poised for growth at we all know what's going on in the world is tough for everybody at the moment. It's impacting across the piece whether it's just consumer confidence or or or company performance. Even none of our clients are, you know, oblivious to that, and so we are working with them to deliver. But value added services, efficient delivery, and key strategic and cultural support is good in in any piece, and that is what we're delivering at the moment and continuing to try to deliver. I think John's made a great point at the start of this presentation that, you know, in times like this, having relationships that have gone back twenty years, ten years, five years are hugely beneficial because we've been through similar cycles in the past with our clients.

39:19 We know how to show up. We know how to support, and I hope we will continue to do and and and do that to the best of our peers. Okay. Perfect. Thank you. That's great. Thank you for answering all those questions you care from investors. And, of course, the company can review all questions submitted today, we'll publish those responses on the Investor Meet company platform. Just before redirecting investors to provide you with their feedback, which I know is particularly important to the company, John, can I please just ask you for a few closing comments? I think I've said a lot about the business and a lot about where we are. I think the most important thing for me is to say thank you to you as investors for your resilience, for your support.

40:05 I I do not take it for granted. I promise you every day, we show up to the office and the team show off up to the office with a clear objective to deliver better performance, better returns for our investors, and we will continue to do that to the absolute best of our ability. That's great. Thank you both for updating investors today. Now please ask investors not to close this session as you'll now be automatically redirected to provide your feedback in order that the management team can better understand your views and expectations. This may take a few moments to complete, and I'm sure it'll be greatly valued by the company. On behalf of the management team, we'd like to thank you for attending today's presentation, and good afternoon to you all.