Alfa Financial Software Holdings (LSE:ALFA) Q2 2026 Earnings Call

0:00 Hello everyone and welcome to the 20th Half Year Results. As always, I'm joined by Matthew White. As always, I'm joined by Matthew White. And his final results before his final time. Duncan McGrath, Duncan McGrath, Alpha CFO.

0:17 And, for the first time, and by Andrew Dickson's first time, by Andrew Dickson's income. Duncan will take you through the financial week. Duncan will take you through the financial week.

0:34 So, stepping back and looking at the first part, we are pleased with the progress we've made. Subscription revenue grew by 14%. Subscription revenue grew by 14%. Subscription revenue grew by 14%. Subscription revenue grew by 14%. Thank you for watching. We also cheat to go high, which is an important validation of our product and delivery approach. Looking ahead, we remain confident in our full year.

1:50 We see artificial intelligence Accelerate development, develop and simplify while continuing to create value for our customers.

2:20 Turning to the key financial highlights. Revenue was 65.1% growth, 5% growth, 5% growth, 5% constant contract.

2:27 Total contract value increased 17.7% and ARR increased 17.7%. Subscription revenue grew 14% while net revenue was 14% while net revenue was very strong at 110%. Operating profit was 18% on operating margin, excluding the impact and FSX was ahead, operating profit was ahead. Duncan will cover this later. Cash conversion for the first half.

3:12 That was it. That was it. That was it. That was it. That was it.

3:30 Thank you very much. and perhaps he'd like to introduce you. Thank you very much. Thank you very much. Thanks, Andrew.

4:14 Thanks, Andrew. Thanks, Andrew.

4:43 Two things to note. Firstly, last year we had a very high level of charges and secondly, the margin is weighed down by severance costs. Operating profit was down 15%, operating margin was 15%, and operating margin was 28%.

5:00 Although very much impacted by severance costs, excluding these operating profits actually ahead, the operating margin only slightly down on last year. The effective tax rate of 26.0% in line with 2025. Turning now to the cost lines in a little more detail. Cost of sales was up 16% and SGA, but both lines are distorted by the severance and FX.

5:27 In the first half, we incurred 1.6, in the first half, we incurred 1.3, and this was split 1.2, and this was split 1.2, and 0.4 million in SGA. In relation to FX,

5:46 In relation to FX, we had a 1.723.5 hedge, compared with a 0.3 million loss, compared with a 0.3.3 million hedge, so the year-on-year swing on that line alone is £2 million. Strip both of these out, and the picture is much the same, and the picture is much the same, and the picture is much the same, In SGA, profit sharing is down 0.590 or 19 lower profits, with share based payments also being down. Depreciation and amortisation was at an amortisation amount of £6,000, up £39,000.

6:24 Now come back to the trajectory of amortisation under modelling guidance. Other operating costs were up £6,000, other operating costs were up £6,000, and the growth in headcount and the costs and territories.

6:36 Turning now to TCV.

6:42 Total TCV grew 17% after 2107 in this time last year.

6:45 Looking at the revenue streams, looking at the revenue streams, and delivery were both up 20%. Software engineering down 29%, software engineering reduction, software engineering reduction, lower level of customers needed, as the profile of new customers changes, as the profile of new customers changes, so will TCV. Next 12 months TCV was up 12. Next 12 months TCV was up 1. Again with growth, again and again with growth and reduction by the reduction in software engineering. As I flagged up last year we now see some VTCR, ARR, ARR and NR and I will turn to these next.

7:32 Annual occurring revenue was up 76 to 48.5 million from 41.6. As a reminder, we calculate this as a reminder that we calculate revenues as the last six months and we exclude any revenues that do not last 12 months at the point of origin.

7:41 That 17% growth is very much underlying growth in subscription revenues. Net revenue retention was 110%. Help me understand this.

8:03 I've included a breakdown in the table. We are, in effect, a zero-chance. We are, in effect, a zero-chance. I've started the table. I've started the table. We then have a 3% drag. We then have a 3% increase for customers. We then have a 3% increase for customers. We grew 6% from net upsell.

8:27 It is the impact of new customers not yet live that I'm not sure to diminish, as I'm not sure this future growth is sufficiently understood by everyone. So looking now at overall subscription rates.

8:45 Subscription revenues were up 14.7% in the last year to 24.1 million.

8:48 Looking at the breakdown, 73% of the breakdown, 3% already live, 4% already live, 4% already live, 4% 20% from new customers, 20% from new customers, 4% from customers upgraded, 4% from customers upgraded, and the remaining 4% from customers who have not yet upgraded.

9:08 Subscription TCV was up 20%, driven by growth in both new customers and existing customers, which underpins our confidence that this revenue will continue to grow strongly. We now have 44 customers up from 41, up from 41, up from 1 last year. We have 15 customers on private cloud. We have 15 customers on private cloud. We have two remaining customers. As I've said before, we do not expect private cloud to have every private cloud customer. But we would expect many of these to have an increasing potential for the next few years. Staying with subscription, I want to dive into customers not yet on alpha.

10:07 I've shown this slide before. I've shown this slide before. It shows the AS6 customer base and I've proved it to use it to make sure that there has been zero of churn. I'm showing it again. I'm showing it again. I'm showing it again. We currently have 15 All the customers and implementations start in 2023 onwards. I will show on the next slide, I will show on the next slide, I will show on the next slide, I will show on the next slide, Many of you will be familiar with the Illustrator Graph.

11:00 I have shown a small copy of this and repeated the full slide.

11:03 This time, rather than use Illustrator, I will be demonstrating actual and internal forecast data.

11:19 The previous slide showed all the... The previous slide showed all the... I have taken the 2023, I have taken the 2024, and 2025 cohorts, and excluded any of those, and excluded any of those, only including new customers, only including new customers. 2023 cohort is a deep orange short with a deep orange short.

11:41 Thank you for watching.

12:11 It is important to note that this only shows residential use, and so it is not for totals, and so it is not for totals.

12:18 It is intended to show how the new customers are a significant contribution to overall growth for all groups. The overall percentage rate for the overall percentage lower percentage rate for the overall percentage rate for the overall percentage rate for the overall percentage rate for the overall percentage rate for the overall percentage rate for the overall percentage rate You can see that the growth in revenue for these three cohorts in 2020-2026, you will see that the revenue more than doubled over that period. These are revenues from customers we are working with.

12:59 There is no contribution here and there is no contribution here from customers we are not yet working with. We can be pretty certain unless the projects for us will come through into our notes. There is some risk over time. It takes longer to get the project around because I expect the revenue at the moment to be there. At the moment, the best and likely outcome for these cohorts is this growth in subscription revenues, which gives us confidence in the strength over the medium term. Turning now to software engineering revenues.

13:39 Software engineering revenues were down 17% down last year, although 43% higher than the year before. Within this, chargeable development in this, for the use of this, for the use of this, for the use of this, for the use of this, for the use of this, Thank you for watching. We're now into the perpetual license tale. We're now into the perpetual license tale. We're now into the perpetual license tale. We're now into the perpetual license tale. We're now into the perpetual license tale. TCB is down 29% I would note though that while TCB is down, our visibility of future work has improved.

14:42 That work is not yet in TCB and that work is not yet in future work. Client approvals come through more quickly. Turn to our final revenue stream, delivery.

15:07 Delivery Revenues were up 5%, Delivery Revenues were up 5%, Delivery Revenues were up 54%, Delivery Revenues were up 54%, Delivery Revenues were up 54%, Delivery Revenues were up 54%, Delivery Revenues were up 54%, Delivery Revenues were up 54%, Delivery Revenues were up 54%, Partner Days were 8% of our total, Partner Days were 8% of our total, slightly higher than the 7% last year, TCV is up 22%, TCV is up 22%, primarily driven by 2 new customers, primarily driven by 2 new customers, and we should see them proceed in the next 12 months, but particularly in the period after 12. We are looking to recruit more people We are looking to recruit more people We are looking to recruit more people We are looking to recruit more people Cash conversion was 76% for the half of the second half.

16:19 This is lower than our normal level, but it is a result of a very high conversion of 7.8% for the second half, which included 2.8 million accelerators. This is a timing effect of any change underlying quality of our cash generation. I've included the cash flow performance by half in the appendix Our modelling guidance for cash flow remains unchanged Capital expenditure remains in line with the prior year Net tax payments increased to 4.7, net tax payments increased to 4.7, net tax payments increased to 4.7, net tax payments increased to 4.7, net tax payments increased to 4.7, net tax payments increased to 4.7, net tax payments increased to 4.7, net tax payments increased to 4.7, AFFA remains a strongly, AFFA remains a strongly, AFFA remains a strongly, AFFA remains a strongly, AFFA remains a strongly, AFFA remains a strongly, AFFA remains a strongly, AFFA remains a strongly, AFFA remains a strongly, AFFA remains a strongly, AFFA remains a strongly, AFFA remains a strongly, AFFA remains a strongly, Having reviewed current market conditions, we've decided to retain it. Optionality over how we use it.

17:44 If in due course, we conclude that we have no use for it, then we will return it to shareholders. Our policy of paying an ordinary interest rate and an amount to be paid for 22.6 will be announced with the full year results. Next, a brief update on modelling guidance.

18:06 Starting with the outlook for 2020, we expect continued growth, we expect continued growth, delivery revenues will grow more so, but we expect that to be offset by improvement, so that overall growth is broadened, so that overall growth is broadened as we anticipated. Capitalised development costs are expected to continue at similar levels for 2020.

18:28 As the capitalization of internal capitalization and internal capitalization grows, growth and amortization will increase, and amortization will increase to a similar capitalization.

18:39 Cash conversion is expected to be 80% to 90%, 80% to 90%, 90% to 20%, unchanged from what I said in March, unchanged from what I said in March, 76% in the first half. Effective tax raises expected to be around 5% to 6% or slightly higher, reflecting the overseas territories we now operate in. On currency, the sensitivity shown for a fall of 12 months has changed from 12 months to 12 months and ignored the impact of hedges.

19:10 For profit, we are fully hedged. For profit, we are fully hedged. For profit, we are fully hedged. For profit, we are fully hedged. Thank you, Duncan, and thank you, Duncan, and I'm going to start as I always do with a reminder. It's a reminder. It's a reminder. It's a reminder. The context is the context in which we operate.

20:02 The market that we serve is highly regulated, highly regulated, and infinitely demanding. Our opportunity is huge. Our opportunity is huge. Our opportunity is huge. Our opportunity is huge. and that strategy is to grow our investment by three key smart changes our smart products and our delivery methodology to enable to sell, to enable, to enable, to enable, to enable, to enable, and many more. Thank you.

21:23 Reducing friction is an essential and key time. Doing so will lower the cost, shorten the time, and allow substantial We are, and we have always been, we are, we have always been, we have always been, we have always been, we have always been, we have always been, we have always been, we have always been, A.I. The technology is improving quickly.

22:23 The technology is improving quickly. Data migration provides data migration examples. In one example, we've seen in one example, in one example, the development of data and the development of data. A.I. Enable, our A.I. Enable tool is one of our biggest instrumental sales opportunities. But importantly, most of the work in our system is done not by the app, it's done not by the implementation or by implementation. The role of the app is to generate, the role of the app is to generate, the role of the app is to generate, Thank you for watching.

23:33 Moving on to our product.

23:35 As I said when I designed F1, we see AI amplify the value of the value of the value of the value of the value of the value of the value of the value of the value We provide a governing control of the world for the largest, largest, most complex financial institutions, and its core, core systems are a bus or a snow system equipped for commercial finance, providing advanced, well-structured, around that are configurable, embedded, embedded, embedded, Thank you for watching.

24:48 Trusted, Trusted, Trusted, Highly Regulated Business, Customers can rely on it, Customers can rely on it, Customers can rely on it, Customers can rely on it, Customers can rely on it, Customers can rely on it, Customers can rely on it, Customers can rely on it, Customers can rely on it,

25:18 Thank you for watching.

25:41 Next, a few words on Alpha Systems AI, Alpha Systems AI, Alpha Systems AI, Alpha Systems AI, Alpha Systems AI, Alpha Systems AI, Alpha Systems AI, An example of a quality financial This provides a summary of the note which is hugely valuable to many of our customers. Thea Lenz provides a document which has already worked with her IDP solutions and we're now working on our own functionality and how we can connect.

26:44 Thea Connect is an emergency to me, an emergency to AI Assist, and it's now firmly part of our customers and with customers. Thea Connect is like Thea Connect, Thea Connect is like AI Assist, and it's now firmly part of our customers and with customers. Moving on from AI, moving on from AI, moving on from AI, moving on from AI U.S. Auto Origination, U.S. Auto Origination Scale, U.S.

27:32 Auto Origination Scale, U.S. Auto Origination Scale, U.S. Auto Origination Scale, U.S. Auto Origination Scale, Our first invitation for a sleep well, and commercial finance isn't adjacent to our will, and we're stepping up our marketing efforts within the commercial finance world. We're also investing in our portfolio, we're also investing in our portfolio, again, deal, deal, again, again, and we've completed the pilot, and we've completed the pilot, and accelerated, accelerated, we've had an excellent result, we've had an excellent result, we're now moving, we're now moving, we're now moving, we're now moving, we're now moving, we're now moving, we're now moving, we're now moving, we're now moving, We continually assess and continually discuss your team to live efficiently.

28:47 We've seen reduced demand, reduced demand, reduced demand, reduced demand, reduced demand, reduced demand, reduced demand, reduced demand, reduced demand, reduced demand, reduced demand, reduced demand, reduced demand, reduced demand, reduced demand, reduced demand, reduced demand, reduced demand, reduced demand, reduced demand, reduced demand, reduced demand, reduced demand, reduced demand, reduced demand, reduced demand, reduced demand, reduced demand, reduced demand, reduced demand, We're now rolling this out in all regions. We have a fantastic team, we have fantastic delivery, culture, growth, delivery, growth, growth, building, building, building.

30:01 and many more. The upgrade allowed our customers to save the amount that our customers save on time, as well as and a limited business pilot.

31:02 and with migrations and with migrations and with migrations and with migrations and with migrations So, we have the leading product, we have the leading product, and we have standing delivery, and we have complex delivery, and we have complex delivery.

32:01 Our simplification agenda will enable us to reach more value, and investment in our products, so we're really excited about our handover to Andrew Denton and prospects for the future. Thank you.

32:31 We're pleased with the progress we've made in the pipeline. In the first half, we converted two prospects to win. Thank you for watching. The pipeline is geographically diverse. The UK is a broader international market.

33:19 We continue to see particular contracts. We continue to see particular relationships.

33:44 So looking forward, so looking forward, so looking forward, so looking forward, so looking forward, so looking forward, so looking forward, so looking forward, Artificial Intelligence is creating. Artificial Intelligence is creating. Artificial Intelligence is creating. Artificial Intelligence is creating. Artificial Intelligence is creating. We are particularly impressed with our Thea AI product group.

34:38 We continue to invest in market expansion through imagination, through imagination and visualization, and we believe these investments should continue to and we continue to see a significant opportunity ahead of us.

35:09 So to summarise, the first half of 2026 has seen continued progress across the board. Subscription revenues grew 14% and net revenues increased 22%. ARR grew 17% and net revenues increased 17%.

35:29 Subtitles by the Amara.org community We continue to invest in our product and in delivery, investment in originations, Thank you for listening. Thank you for listening.

36:27 Thank you for listening. Thank you for the presentation. Thank you for the presentation. We're now moving on to our first question. Revenue only at 4% That's a big step down from where we used to see alpha Is this the new NOR? Or does H2 pick back up?

37:22 Okay, I think the best way of thinking about this is to think about delivery business and business, and software engineering, and software engineering, and you've got those in your mind. We've got very different blocks. So if you look at the first half, we talked about subscription, we talked about subscription, we talked about subscription, we talked about subscription, we talked about subscription, we talked about subscription, we talked about subscription, we talked about subscription, we talked about subscription,

38:18 If you, in terms of the profile, I'm expecting slightly stronger growth trends around, and you should see growth slightly higher than the first half, but not dramatically higher, so not all dramatically higher, so the annual growth is about half the reason. The question also says, is this a new norm? And I'm thinking again, and I think again, and again, and again, and again, and again, and again, and again, and again, and again, and again, and again, If that's driving harm to your business and if that's driving harm to your business, then you've got to change the whole percentage point, change the whole percentage point, change the whole percentage point for the whole round.

39:25 The whole software engineering, we're about 76.8%. and then Software Engineering is the one that's produced because it's really much designed to come into the customer's mind, etc. So I think that

40:04 I think if you're modelling something for, I've said it before, for engineering, for software engineering, it's flat at the start, it'll be at the start, it'll be at the start, it'll be at the start, it'll be at the start, it'll be at the start, it'll be at the start, it'll be at the start, it'll be at the start, it'll be at the start, it'll be at the start, it'll be at the start, it'll be at the start, Thank you. We have two now for the first question. So how confident are you? Thank you. Thank you.

41:19 31 million, 31 million, 36 million, 31 million, 31 million, 31 million, 31 million, 31 million, 31 million, 31 million, 31 million, 31 million, 31 million, and I just wanted to respond to you. In terms of the lag, it's very much what we'll see Scrooge talk about, and it's more than make-up and how that plays out. So the big growth driver will be the biggest growth driver in the class. In terms of confidence, in terms of confidence, I cover them on my slides. I cover them on my slides. Why in that description, in that description, go towards growth.

42:05 Cause, as in cause, cause, cause, cause, cause, cause, cause. to get a number of contracts increased in our situation. So we are confident in this situation. We are confident in this situation. We are confident in this situation.

42:30 We are confident in this situation. We are confident in this situation. We are confident in this situation. We are confident in this situation. We are confident in this situation. We've always looked at a rule of 14 type of business, a rule of 14 type of business, and that's always been around, and that's always been around, and that's always been around, and that's always been around, and that's always been around. Thank you, brilliant. So the next question is about soft engineering. Is that just normalising after the last year? Or is client work drying up? Let me have a go.

43:27 So, as Duncan said, it's actually quite different. This is partly timing, but if we actually look at But if we actually look at the figures that we reported in the first half of this year, what was bound against the first half of the year? So to some degree, it is really a function of time. I think at the same time, I think at the same time, I think at the same time, I think at the same time, I think at the same time, I think at the same time, I think at the same time, I think at the same time, It's kind of build this stuff in-house, build this stuff in-house.

44:35 Is this a threat or a threat? Has that basically gone away? Has that basically gone away?

44:43 It's Andrew Denton. It definitely used to be more of an option. If we look at the market, our store market is $3 billion a year, and $3 billion a year is spent on sales. But things certainly seem to have changed. We're in a position now I think, we're in a position now I think, where large institutions will be co-executivated and concentrated in large institutions. And why is that? There are a number of problems with that. One of them is people are investing in these technology-led transformations in order to make them better. And there is a real risk of man-made mistakes or incompetence around your ecosystem.

45:32 There's a risk. There's a risk. We have six years of... If you're building your own right now, There's a time, there's time, there's a package that you love right now, but if you love right now, right now, there will be no free, and you've got a better chance, and you've got a better chance, and you've got a better chance of paying to be competitive, by buying a package, by buying a package package. and then finally all that I'll change is going forward and forward and forward and forward and forward and forward and forward and forward and forward and forward and forward and forward There might be a question that comes around AI, around AI, around AI, around AI, around AI, around AI, around AI, around AI, around AI, around AI, Brilliant. Thank you. On to the next question.

46:59 Chair Price was 200% earlier this year, and now it sits just at 167%. A reasonable performance today, but why do you think the market is down when the market is down 100%?

47:20 I'm not going to go as far as to say. I'm not going to go as far as to say. I'm looking at some of the three. You're right. You're right. I think that the market is quite good. I think some of it is... I use words to say that a lot of that revenue is just not what Duncan did, but I have a way to explain it. We are very certain that the wrap-up projects that we're working on is a wrap-recording for us. And I also think that sometimes financial markets do change very quickly. So when people worry about AI, when people worry about AI, people worry about AI.

48:16 I think the enterprise, and I think the enterprise, such as the market that we're in, such as the market that we're in, that we're in, is something that is a threat to the AI. And then finally, AI, and then finally what we've been caught up in, what some people caught up in, what some people caught up in, and that was the concern, and that was the concern that I think AI is making. and many more. So a combination of business and where we're going and also all swept up in a large, interrupted drift. So I would agree with the question that we are somewhat undervalued and under-understood.

49:14 Thank you.

49:34 Yes, absolutely. Yes, absolutely. The next question is, where could margins ultimately settle? Great, thanks. I'm going to break this down into three pieces. Very much, very much, very much, the largest part of this is basically Time and material, basically, time and material, charge, number of days, charge, number of days, clients, clients, clients, if you want to grow that business, partner, partner, partner, partner, partner, partner, partner, partner, partner, partner, On the software engineering side, we get a slightly more leverage on software engineering, which is what we call upgrade engineering.

50:58 They're doing free charging, they're doing chargeable development for customers, they're doing our own banner Our own investment they're also doing and so we can move those people around depending on what's happening at any point in time. So the more charge of work comes in which is a possibility for us and then we would essentially waive the interest. for instance, and you can see in that scenario, and you can see in that scenario, it's no increase in profits, but our revenue's gone up, and therefore we've got good leverage, and therefore we've got good leverage coverage, and what the other leverage can leverage, and the other way, and the other way, is that we've seen a drop in the drop channel, so this year, and this year, and this year, and this year, and this year, There is definitely leverage. There is definitely leverage within software engineering, software engineering subscriptions.

52:04 If you look at the subscriptions, you've got three components. You've got hosting, where you do have effective costs of the hosting of the cloud, the cost of the hosting of the cloud, the cloud, AWS, and as the hosting revenue grow, revenue We do get all sorts of leverage and we do get leverage on maintenance. We don't necessarily have to grow that. Maintenance gets some leverage. So there is, so there is, so there is, so there is, so there is, So looking forward to answer the question, looking forward to answer the question, we would expect margins to improve, we would expect margins to improve, particularly as the license, particularly as the license grows, and we would, we would, we would, and therefore, and therefore the margins will flow through.

53:25 The one thing I'm just cautioning, the one thing I'm just cautioning now is that we do make, our parts have good gross margins, have good gross margins. Some very, very, very, very, very, very, very high software partners, software partners, very low margins, very low, very low margins. As much closer, as much closer, as much, as much closer, you won't necessarily see dramatic, you won't necessarily see dramatic, but a short, short, short, gradually, gradually, gradually that will improve. Brilliant. Thank you, Duncan. So on to the next question. What's given the confidence to keep investing in the US at this point?

54:11 So to best answer this, again, I'll try to guess the motivation behind the question. Perhaps the motivation is around understanding Local and Macro, Local and Macro, Local and Macro, Local and Macro, Local and Macro, Local and Macro

54:56 So, if so, the listeners will forgive me. I thought the listeners would forgive me for not talking about the reasons why they spend a lot of money on a large enterprise and why our end market, including our end market, is largely A6. We talk about push and pull, and perhaps

55:19 Some of the core factors are wrapped up in the end. Core factors would be different to more products, different to more products, efficient to make use of, AI to make use of. There's a degree of optionality around those. We are super interested in push factors that would be push factors that would be in-house, so in-house is where we're about to build our office. What happens when they're on the main screen? What happens when they're on the main screen? What happens when they're on the main screen? What happens when they're on the main screen? What happens when they're on the main screen? What happens when they're on the main screen? And that's important for us. And that's important for us because that demand is somewhat above local economic conditions. So that brings the US to us in terms of our success there. We enjoy having the number one in equipment markets.

56:25 A large part of our success there has been in the United States. and a large part of that involved what we will call cashes, has involved what we will call automotive finance businesses, automotive finance businesses that are those that I will buy and start real taxers and start what we are as a manufacturer is. In fact, we don't really buy the cost of cash, we don't really, so if you don't have a financial service, you don't have a financial service, you don't have a financial service.

57:07 So the combination of the factors, so the combination of the factors, there are reasons that are not about, there are reasons that are not about economic markets, and the fact that they have to be able to support, and the fact that they have to be able to support, mean that in the US, and the US, and the US, we are very confident that we are going to carry on, and we're happy to invest in them. Thank you very much. So moving on to the next question. Are we nearing the end of the major opportunity?

57:47 I'll answer this one. I'll answer this one, Matthew White here. I'll attempt, I'll attempt with one iron on the clock to give a quick, I'll give a quick, I'll give a quick, I'll give a quick, I'll give a quick, I'll give a quick, and we maintain the data and we maintain the data and we maintain the data and we maintain the data and we maintain the data and we maintain the data and we maintain the data We now have only one yet to start an upgrade from our first version to the latest version.

59:04 The market has at times seemed to see the last version, or the latest version, as the major, major, major, and it's true, it's not true, it's not true, it's not true, it's not true, it's not true. but actually there's always been a drag that was up-dragged because Alpha Systems Alpha System 6, Alpha System 6, Alpha System 6, Alpha System 6, Alpha System 6, Alpha System 6, Alpha System 6, Alpha System 6, However, the move from the final release of the first release of the first release of the first release of the first release of the first release of the first release of the first release Brilliant, thank you. On to the next question.

1:00:33 Do you envisage any material delivery revenues in the short to mid-term?

1:00:43 Matthew White again. I'll answer the question. I'll answer the question. No, we don't. No, we don't. We don't. and perhaps the reason for the question is around the efficiency of the implementation process and therefore her out of the system implementation is how we might expect a likely implementation to take a little less. That's a process that's been ongoing for many years and many years and many years and many years and many years and many years and many years and many years and many years

1:01:28 We do see AI. We do see AI. We do see AI. We do see AI. We do see AI.

1:01:55 Thank you for the presentation. Could you kindly elaborate on the growth you expect on the SAA? Expansion, expansion, new markets over the mid-term. Absolutely. Andrew Denton, Andrew Denton, Andrew Denton, Andrew Denton.

1:02:29 I'm very careful not to give guidance when we have to give guidance. I haven't done that before. So we're looking at commercial lending, commercial lending, commercial lending, TAM, TAM, TAM, and origination, and origination, and expanding, and expanding, and expanding. So in terms of the timing effect, that's relatively easy to explain. That's because one of the winners, if to the ones that we have announced, is a very well-known author and a very well-known author, who is doing three books, and we're very excited about that, and that's already in. So that's relatively straightforward.

1:03:17 Probably in terms of timing. And I would say, why is the next world as a dispatcher of a serviceable market? It's a market that we're already in. It's a market that we're already in.

1:03:28 And so people like us, people like us, go to markets with US orders. Thank you for watching. The third in terms of timing, the third in terms of timing is slightly because the commercial venue is very large, so we're already going to change the trade terms, and we're getting ourselves low, and we're getting ourselves low, and that is very much a negative, but it is very much a negative, and that also drives the target addressable market, because the target addressable market is several times the size So it's a big opportunity, we've got a little bit of work in terms of making a mark there. We don't want that in the market.

1:04:34 The bit where I can trick myself, the bit where I can trick myself is as I said in the presentation, commercial lending Brilliant, thank you. We're now moving on to our final question. If you have any further questions, please email these questions down. Any questions that weren't covered today? So, our final question.

1:05:21 With subsidies increasingly large, should investors expect alpha more predictable and less dependent on implementation projects? I'm guessing that the person who asked the question was hoping for a little more than yes. The main answer there is yes. The main answer there is we should think about why.

1:05:48 We should think about why it's such a huge part of our future. One of the things that we've been working on and working on over the past five, six, seven years actually is resiliency. Resiliency is obviously a creative situation, a way to create. We are where those projects start. That's the tale of... Thank you for watching. Mr Rowe, Mr Rowe, Mr Rowe, Mr Rowe, Mr Rowe Particularly when you add in from our system, in our version 5, we don't have any capacity.

1:07:03 So is it a zero chance? Is it a zero chance? It's very stable revenue. It's very stable. And we're working hard to make it longer by increasing, by increasing, by increasing revenue. Thank you. Thank you. Thank you. Thank you. Thank you.