Beeks Financial Cloud Group (LSE:BKS) — Final Results

0:01 Good afternoon, and welcome to the BEEKS FINANCIAL CLOUD GROUP PLC investor presentation. Throughout this recorded presentation, investors will be in listen only mode. Questions are encouraged and can be dismissed at any time by the Q and A tab situated in the right hand corner of your screen. Just 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 will review all the 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 Gordon McArthur, CEO. Good afternoon, sir.

0:32 Thanks, Alessandro. Good afternoon. Good afternoon, folks. Gordon MacArthur, CEO and founder of BEEKS FINANCIAL CLOUD. Good afternoon, everyone. Fraser McDonald, CFO of BEEKS FINANCIAL CLOUD. So as usual, I'm gonna kinda start and go through the the opening few slides. I'll hand over to Fraser for the financials, and then we'll get some q and a at the end. So we'll start just by doing a kinda brief introduction overview of the company.

1:02 So BEEKS FINANCIAL CLOUD, we are a cloud computing company for our financial markets, mainly focused on capital markets within the financial market segment, but not solely and exclusively. We are, you know, probably the largest pure play cloud provider in capital markets.

1:23 We do three areas of our business is broken in three areas, compute connectivity and analytics. We have various product offerings within that. Products offering has evolved over the last few years. The the business started providing public cloud environments only where clients would come in over the Internet and buy compute resources and various financial services, data centers around the world. After IPO, we built a private cloud practice where instead of a fully shared environment, a larger client would buy dedicated resources from us, and we would, you know, size an infrastructure that has some dedicated resources for them and and some shared networking.

2:10 And then over the last two years, the business has invested heavily in our proximity cloud and exchange cloud offerings that I'll cover a little bit more detail as we go through the slides. So the the scope of the business now caters from, you know, individual traders, retail traders, all the way up to tier one stock markets, banks, investment managers, the largest hedge funds in the world. So distribution in terms of the areas of the markets that that we cover. And our business is is building the cloud to support low latency multicast trading environments. Right? We are we don't host CRM systems, email platforms. It's all trading banking infrastructures that run on our platforms.

3:00 Next slide. So just to kinda cover the the the previous year. So I think our our revenue was up 22% to 22,400,000. Our committed monthly run rate was up 23% to 23,800,000. That's really how we look at the overall health of the business, that ECMRR figure out what clients are committed to spend with us, yeah, on a month to month basis. Some of that is still going through deployment, majority of which is already deployed in billing. EBITDA was up 33% to 8,400,000. So I think, overall, you know, the the growth of the business is really from the private cloud wins that we had throughout the year.

3:47 We flagged in q one that we were close to signing a a couple of larger exchange cloud deals. Frustratingly, they kinda slipped out the period. Subsequently, though, I think we announced in July that we had signed Johannesburg Stock Exchange. That was one of the the deals that we've been working on. So slept in all revenue slept out in the period for for that, but that's now being deployed as billing. I was over in South Africa in the last few weeks ago to do the launch for the exchange, and the level of interest is is the demand is much higher than we had hoped or expected. And we're in the process of filling up that phase one deployment and working with exchange on what does phase two look like to satisfy the the demand.

4:36 We'd always said previously that exchange claim was worth between 5 and 20,000,000 over a four year period for the depending on the size of the exchange. We thought Johannesburg would have been at that at that lower end, but, hopefully, we can see more revenue than we than we than we originally expected when we signed them just due to the the the uptake that's happened so far with customers already kinda committing to fill up that phase one environment, as I said. So frustrating that it slipped out the period, but it's been delivered. It's been signed. It's been delivered, and the uptake is much stronger than we'd hoped. So, you know, if we strip out the the the slippage of the signing, it's been a it's been a good it's been a good project for us.

5:24 The the private cloud that we have has built the business over the last three or four years continued to perform strongly over the period, and and most of the growth came from the smaller private cloud ones. I think we also made some just after year end, about $4,000,000 worth of new signings in the summer, that will help, you know, the numbers for the next year. We continue to invest in product innovation. Exchange cloud and proximity cloud are being built with further feature function as we get further down the line with with some of the exchanges and some of the Proximity Cloud single use clients. And I think one of the other positives for the period is for the first time since IPO, I think, if Fraser correct me from all that, we we were cash flow positive for the period, and and he'll cover that a little bit more.

6:18 So I think looking into the the coming year, just the the bottom point on that slide four, we were sitting on just over 25,000,000 of ACMRR. And with the the NRCs that we've picked up through GSE, because exchange claim, we recognize a chunk of the revenue in advance or after it's been deployed. I think we're kinda we'd be sitting on the 26 to 27,000,000 of delivered revenue after q one, which kinda gives us 90% coverage for the for the forecast, I think, that are there out there for the the coming year. So we're in a good position for the to execute strongly in the year ahead. So I covered a little bit about Jesse. So Jesse, they're live. ICE, we previously talked about in presentations.

7:04 It continues to grow. And we have another large exchange that we are, you know, still in material discussions with to try and get them over the line as we flagged in in q one. It's just taking longer than we hoped. Not disappeared by any stretch of imagination. If anything, we think it's a larger opportunity than than previously, but due to that, it's it's just taking longer to go through the the due diligence and the process on their site. So we'd hope to get that exchange over the line over the over the next coming period.

7:44 And then there's other there's other exchange conversations in the pipeline. So it's not by any stretch of imagination. It's just the the ones that we've that we've flagged. So on the GSE, I mean, I think our strategy now is Exchange Cloud enables the an Exchange to become the cloud. There's been a lot of, you know, large announcements with the hyperscalers where Exchange are moving to the cloud, I think that there's still no technical solution to how you do high scale matching in a in a cloud environment. So we always said when we when we stream these announcements, we still believe that BEEKS is a material part to play in. And what will happen with these exchanges is they'll have a hybrid cloud model where, you know, there'll still be some colocation and customers connected directly to that.

8:29 And then, you know, front sorry, back and middle office functions can move up into the cloud where latency and and things like that really aren't important. So, you know, our PEXTA exchanges, it's a moneymaker for them. They they they make money rather than handing, you know, the profit and the revenue over to the hyperscalers. The exchanges own their own data centers. We enable them to offer the cloud within that data center that they then white label to their clients. So it's a revenue and a profit of of opportunity for the exchanges and quite a significant one. And then there's a lot there's a there's a lot of other benefits that sit around the sides. So, yeah, I'll I'll use this as Africa example again. It's it's not it's a it's a difficult country for some of the larger western institutions to do business and, you know, those rolling power outages, you know, those infrastructure issues.

9:25 So giving clients the ability to spin up real time infrastructure and the exchange that's directly connected to matching, It makes the barriers to entry to trade in that exchange a lot lower. So, you know, it it will improve liquidity. It will improve the amount of market participants. So all of the benefits that, know, increase the exchanges core revenue profile for matching trades, we enable and make we make life easier. And then also added benefit is becoming the cloud themselves gives them a profit and a revenue generation potential.

10:06 And then and then and it's significant. You know? It's not it's not it's not just a small opportunity for them. It's it's significant in terms of revenue.

10:18 So to go to the next slide. So we covered kind of exchange. So proximity and and exchange cloud are really in the same product family. You know, proximity cloud came first where we built these stand alone cloud platforms that we deliver to client spaces or other spaces or on premise data centers. Proximity Cloud is really a single use platform for the bank or hedge fund or investment manager to use solely for their own purposes. It's exact same underlying technology for Exchange Cloud. Exchange Cloud just as a multihomed environment. That means we can have multiple end users taking their own slices of infrastructure securely within the same platform.

11:05 So proximity and exchange, really the same family of products. And then private cloud is the, you know, the you I wouldn't say legacy business is very still much forefront of our of our minds. It's the the kinda core driver that we've had for the last four or five years, and it continues to perform well. We expect the same for this year. You know, the the forecast in the market, we could we cannot be, you know, more than more than able to get there with just, you know, private cloud and a small piece of many cloud games alone. And then on the next slide.

11:49 So I think we continue to innovate in proximity and exchange cloud and and some of that cascades down into the cloud environment. We have made a major release on the the kind of UI and and front end infrastructure that that clients use to control proximity and exchange. So a lot of work done there to improve that end user experience. We've rearchitected a lot of the platform, looking at new CPU architectures, getting more dense compute in the back so the clients get more more firepower for the money they spend. But another big area of investment over the last twelve months has been in security. I I think anyone who's listened to his talk before, you know, we're not in an overly price sensitive environment.

12:42 You know, security and stability of the platform is paramount and it's foremost in our minds and our customers' minds. You know, we hired a new head of security a year ago just over a year ago, and, you know, he put forward a a new enhanced security platform, which we've been implementing through the year, we'll continue to do that next That's not an area that we will ever, be conservative in budgets for because, you know, a major security breach is the black swan event. So it's it's something that we are investing heavily in and and hope to be, you know, best of breed in our sector for.

13:20 I will hand over to Fraser now just to talk through some of the numbers, the high level. Thanks, Gordon. High level financials, I'll cover and and, obviously, any more detail, then there's a there's a q and a session at the end that I'm happy to take any any questions. So as Gordon says, you know, another another good year in terms of top line sales growth where we hit 20% 22% growth. So revenue, 22,400,000 from from eighteen point three in the previous year. And I you know, as as Gordon says, driven really mainly by the kinda core private cloud offering, the underlying business. So another good year for for sales growth. 91% of of our our sales were recurring in the year. Right? So as Gordon says, we do have that visibility in terms of the current year. So the signings post year end and the GSE, the fact that, that was delivered in Q1.

14:11 So we have about 90% visibility on the current year consensus forecast, is $29,500,000 So in good situation there. And then in terms of how that sales growth has kind of translated into profit, So our EBITDA is up 33%, up to $8,400,000 and profit before tax also is up 13% from $2,000,000 to just $2,300,000 We have had slight margin deduction on the year, so our our our profit margin, for the year, just just going through is is down at 10%. Last year, was 11%, so not not a huge amount of erosion there. However, going back a couple of years ago, we were achieving profit margin, profit before tax margins of about 14%, 15%. So we fully expect that in terms of the current year that we'll start to see some of that additional margin coming through. The kind of two key drivers for that, one is exchange in the proximity cloud support, is lower. And also, we don't have we don't pay the OpEx cost in terms of power space connectivity within the data centers because these these appliances sit in customer data centers.

15:25 So there's definitely scope for for margin improvement there as that becomes a bigger portion of our revenue. And then the other kind of, kind of lever that we have this year is on staff. Right? So staff, traditionally, has been about a third of our revenue. In terms of that headcount now, we've we've made that investment over the last couple of years. We've now built built a team in, you know, just over a 100 people that we really don't need to add an awful lot to. So over the next year or two, it will be incremental headcount increase. Looking at the year ahead, we're looking at staff cost of about 25% of revenue, and that's where we'll start to get operational leverage and start going back to profit margin that we had previously. So in good situation in that respect, we've really built the team and the team we have now is capable of delivering a much higher revenue model than we currently are achieving.

16:19 Not in the slides, but in terms of our balance sheet, again, we're in a good situation. We're in a net cash position. So net cash was $4,400,000 at the year end. You get relatively low levels of debt. So debt sits at 3.2, of which half of that is fixed. You know? So we're not you know, we're we're still exposed to interest rate rises, but we're not, you know, we're not massively exposed. And as I say, debt at sort of point four times EBITDA, we're we're comfortable with. H two was, as Gord mentioned at the start, was was cash flow positive, which which was good. That's, you know, the first time since IPO where our operating cash is paid for our investment and our financing costs. And there were there were some one offs in the period, you know, so it's, you know, slightly higher than it could have been.

17:06 However, we are, you know, on a a monthly basis now, almost at that kind of breakeven level from a cash point of view. And, as we deliver those operational efficiencies this year, deliver the pipeline, we should start to see us generating cash. And that really is the focus of the business this year is to increase those margins, start generating cash, given given the last couple of years of investment. Okay. Back over to you. So, know, I'll I'll summarize, and then and then we can go to q and a. So I think key objectives for this year, convert the existing pipeline. You know, the pipeline at the moment is at record levels, some of which at the final stages, some of which still went through that painfully long financial services sales cycle that we, you know, have come to expect now. But, you know, if you look out from end to end, it's much larger than it's ever been.

18:05 And we've got a nice split between some very large deals, very large deals, you know, kind of midsize one to 3,000,000, and then the kind of smaller run rate stuff that we clear you know, we we tied up on a monthly basis. So there's a real a nice split between in that pipeline, and, you know, we we you know, priority is to get that closed out. We'll continue to develop feature function throughout the year in terms of product innovation, product development, already working with a number of exchanges, number of clients on things that they want to see, whether that be as part of the first roll out or, you know, even with GSE, you know, we've got, you know, enhanced feature functions that we can put into the product that future exchange will benefit from. So that'll continue.

18:54 I think we're looking at leveraging the the investments we've made in the business over the last few years. You know, as Fraser said, we're not looking at a huge increase in staff this year. This year is about continue that top line revenue growth. And while I think overall, maybe there's a there's a a bit of disappointment in in the the overall numbers for the year, I think we've kinda been consistently between 2530% growth per annum since since we started, since the the business was formed, obviously, since IPO. So continue to look at the the top line growth, but, really, we're looking now at the year of profit, the year of cash generation. I think we're now at a mature level when that is that's the focus. A lot of the heavy lifting to get is there has already been done, and it's now about execution and driving both top line and and bottom line growth.

19:52 So just to kinda summarize and look at an an outlook on on slide 11, we're we're in a good sector. Right? You know, financial markets despite some of the, you know, the economic problems at the moment, financial markets are actually in a well, it's a better sector than than than a lot to be in. And cloud computing within cap financial markets is still,

20:17 you know, growing a a fairly decent rate, and it will not slow down. You know, a lot of the larger enterprises are still very much at the start of cloud journeys, maybe, something through. But, you know, there's there's a lot of there's still an awful lot of infrastructure in house that will move out up into the cloud. Pipeline is at record levels, as as I said previously, and the focus for myself and the sales team is to get the transactions over the line and and out there and build. Remember, you know, we we we recognize revenue when the platform is being built in life. So, you know, not just signing

20:54 contracts, but get the getting the platform delivered. So I think we look at the year with confidence. We, you we get 90% coverage of the of the forecast already kinda in the order books. And we, you know, we've got some very large transactions and some medium sized transactions that we need to go over the line. You know, I would be it would take something out of the ordinary, I think, for us not to get to the full year numbers. So so we look at them with confidence. It it helped with the with the GSE, you know, revenue moving out of last year and into this year. You know, it's timing rather than anything. So, yeah, you know, we we we look ahead to the year ahead with confidence on the back of a a good pipeline with 90% coverage of the numbers, and then we continue to look at just execution.

21:41 So that's all you wanted to cover. Let me Yeah. Yeah. Yeah. Yeah. Okay. I'll maybe pick up the first couple of questions. So the question is, please, can you run through the unit economics of a typical client win, which includes CapEx, depreciation? In a nutshell, I see lots of growth, CapEx and depreciation, but I can't figure out if the business is profitable. Okay. So, typically, slightly higher this year. We we reckon it's about it's about £10,000 worth of CapEx for a thousand pounds worth of recurring revenue. Right? So if you break that down, our CapEx is five it's a five year. We depreciate our assets, so you would be looking at about, you know, over five years, you've got a sixth as your depreciation cost of your revenue. And, actually, if you look at our depreciation through our p and l, that that kinda rings true.

22:28 It's about it's about that in in terms of that depreciation level. As I say, there's in terms of the profitability, we you know, we'd like to think we're at the lowest point here. Right? So we're we're now starting to see leverage coming through. So in terms of our our profit margins, as I said there later on, there there's there's definitely scope for improvement there, you know, at gross margin because of the support, and also from a a staff point of view. I think the next question is related. It says you're talking minimal headcount growth. And I think the question is is that just to show leverage to investors or is that right for the business? It's not driven by, you know, you know, investors in doing that. We do believe, you know, we we have the right team and the right size of of of team to deliver now. So, you know, it's been a couple of years in in getting that that team, but, you know, we're we're not doing it just to e count more profit margins. You know, we do believe that, you know, we can support the business with this level of of headcount.

23:21 Yeah. If you want to. And, you know, and if that change, you know, if if if the business grows or or when the business grows and and and we think we're lacking resource or headcount, because the the business survives the quality of service as well, you know, stability uptake, quality of service, then if we thought we'd service impacting issues for lack of staff, then we'd deal with that. You know? I think, you know, having spent most of the week with the long term institutional holders, you know, you know, the you know, there's no desperation for for us to, you know, absolutely maximize a detriment to the business, you know, the profit numbers. That's we're still very much a a growth story, but growth has to now come at profit. So we'll we'll manage our headcount as we go forward. What is the revenue potential of your installed rights at full capacity?

24:10 So that's from John. So the business has kinda changed a little bit. So, you know, that that public cloud sort of spoke some space for private cloud is really only part of the business. We used to be able to see that we've got 5 or £7,000,000 worth of headroom in our in our existing data centers. But because proximity cloud and exchange cloud are not running in our data centers, it muddies out a little a little bit. I mean, I it's more a case of what stock do we have. So we've got £2,000,000 worth of stock, and the and the stock we're gonna hold to Glasgow. That gives us, you know, 6 or 7,000,000 TCV of revenue opportunities. So that will get us to the full year number, this the stock that we hold. Right? Because that can be used for exchange, proximity, public or private.

24:58 And then beyond that, you know, we've got capacity. So it's it's it's more difficult for us to say now. I think you you look at what is available revenue wise for the stock. But but on that, I think, you know, supply chains have eased. We've only started holding stock over the last two years because of supply chain issues. Previously, we just bought to order, and we're get slowly getting back to that. You know, the supply chains have eased a lot, so we're gonna

25:27 run down that stock holding rather than having millions of pounds of sat in Glasgow waiting to go. So and then we go back to buy to order. So there's been a bit of a drain on cash, you know, it sits there and can sit there for a a period. So that's not gonna happen anymore. Once we've we drain that down, we're not we may hold a little bit, but certainly not to the the previous sizes. Sorry. I missed a question from John again. What does a big exchange cloud deal look like in size? As at this point, it's such a small part of reported revenue for last year. Yeah. It's disappointing. I mean, I think we we called out two two big opportunities that, you know, we had line of sight on and, you know, various things.

26:15 Johannesburg was one of them. It's it's now come in, so that will be a next year's revenue, and and then there's another much more material one. A big exchange kind of deal. So if you look at the top five exchanges in the world, they all have about seven to 800 cabinets of customer equipment in their data centers. The Exchange Cloud is a million dollars a cab for that first four, five year trans transaction. So a big you know, even the big exchanges have got 7,800. Not all of that would be available. We're not really in the HFT space. So, you know, even if you say there's 250,300 caps of potential addressable market, if you get 20% of that, you know, it's 50,000,000. So, you know, that that shows you the size of the the the opportunity. That's per per large exchange.

27:08 When do you anticipate the exchange cloud from David proposition to start making a net positive contribution to the bottom line? We'd hope this year, you know, ICE because of the the the ICE structure of the deal, it was never gonna be, like, the the the the follow on exchange cloud opportunities. So so GIC will make a material difference to to this year, and we hope that the the other ones that we have in play will be saved and deployed to a certain degree before the end of the financial year. So we would hope there's a a material contribution this year. I'll maybe pick up the next one from from John. Is ACMRR still the key metric to assess the business, or is it changing due to proximity exchange claim being more upfront? It's a good question.

27:59 Yeah. Yes To to answer, so, you know, contracted recurring for us is still a key metric. The the the waters are slightly muddied by the the upfront prox and exchange clouds, but, you know, we would expect to have both. Right? We would always expect to have a healthy increase in in the contractual revenue and then layering on top the, you know, the the the one off deals, which how we'd like to see it. I mean, you do get an element of the proxy exchange cloud to as part of your ACMMR. So half is upfront, and that remainder is smooth over the the annual recurring. So you know, it is still a key metric for us. And I think, you know, as we go as we go on, you know, when we update the market, we broke it down into ACM, RR, and then NRCs that we've already put. So Yep. Yeah.

28:45 That's a good question. Something that caught yourself. Well, what revenue scale of business for BEEKS are you aiming for in the midterm view, three, five years? I I don't like questions on this, John, because we see something, and then three years later, you know, you you you know, some of you pleased us and said that you were wrong. So being a fortune tell us hard. Right? But, you know, I would like us to maintain that 25 to 30% growth rate at least over the over the coming peak few period, you know, next few next few years. So, you know, that means the business will double again over that period. So, you know, other than that, it's it's very difficult to tell. But to say, previously, we've always been in that 25 to 30, you know, smooth over a number of years growth rate, and and we we we hope to maintain that. Obviously, as we scale, that becomes more difficult, but bigger contracts, bigger customers, you know, that also then helps. So difficult to say, but use that to gate.

29:49 Clients will always want new specific functionality. What's your approach to dealing with the system? And that's a good question, actually, because we do get this a lot where, you know, a client will ask for a piece of functionality that we can never build in the product, but no one else will want that ever. Right? It's just a specific piece of functionality. So we are not a software development house. We're not bespoke software development house. So we really look at it as is this enhancing the product for more than one client? And if the answer to that is yes, then we can take that forward. Know, goes through the, you know, the the all the other metrics that we use when we are picking out feature function. If the reality is it's for a particular exchange, the chances are it's you know, if it's vital, you know, we may charge them to do it, but we are not in the game of bespoke.

30:44 You know, we can scale this by keeping our platform mostly uniform. If you then start branching out and having, you know, very different deployments for every different exchange, it becomes a very a much more difficult business to support and headcount's different. So good question. But, yeah, that's a line in the sand. Is it is it gonna be useful for more than one exchange or more than one client? You mentioned a very large potential addressable market opportunity. Are you exploring any additional ways of accelerating your market penetration? So I think, yes. So IFE's have always been a big market for us, and and we continue to, you know, three of our five biggest clients are actually ISVs. So we're we're gonna you know, there's a lot of companies in our space that sell applications.

31:31 Right? But they are they have to live in a a on an infrastructure, only to say infrastructure. So we continue to target more ISVs because every time they sell their solution, we get an order on the back of it. Right? And it's a really nice model. And that means we have by by definition, they are outselling to their own customers that we would never see and maybe use cases and workloads that's not really in our, you know, our normal line of business. So and then you work through ISVs. The exchanges are the same as well. I mean, you know, in Johannesburg, we were doing the kickoff. We picked up as much pipeline for outside of South Africa with banks and funds and whatever that we did for the actual GSE footprint because they are getting to use our technology, see our technology, and then they look at applying it themselves because they can buy it themselves in other locations. So the exchange the the big hope of the exchange cloud is as the exchanges onboard clients, we get hundreds and hundreds of clients that use it through the exchange, but they will also have other environments. No one trades in just one place. Right? People are trading around the world.

32:44 So by using the exchange cloud and by using the ISVs, it means rather than having a Salesforce of 50 people that's very expensive, difficult to manage, we we inherit their Salesforce's. But, yeah, good question. You I I think that's one. From Andrew, is there upside to f y twenty four revenues given the slippage of GSE into f y twenty four and the fact we've not increased our broker forecast. We hope so. Yeah. We believe so. We you know, going back last year, we had, you know, a few upgrades to our forecast. We will update forecast on the back of contract wins, but, you know, as as we said earlier on, we have 90% visibility, which is not a 100%, but, you know, it's it's a good bit of the way there. But, yeah, we we absolutely believe that there is upside potential there.

33:41 Last one from John. Do you see any good m and a opportunities? No. In a nutshell, we are we are absolutely not looking at m and a at the moment. Certainly, in both, you know, we we've we've had many informal approaches there for us going the other way, but they were not you know, we're nowhere near where we want to entertain the conversations. But there's too much organic growth opportunity for us to go and look at m and a, and and we are still on the smaller side. So, you know, it would be reverse takeovers and huge fundraises and risky. I just it's just not I I I wouldn't it's not in a real place. It wouldn't be something that you should be looking for or expecting us to do, certainly, in the medium in the short, medium term.

34:27 Perfect. Gordon Fraser, thank you very much for that. I think you actually addressed all the questions from investors, and, of course, the company will review all the questions submitted today and will publish those responses on the investor meet company platform. But just before redirecting investors to provide you with their feedback, which I is particularly important to you both, Gordon, could I just ask you for a few closing comments? Yeah. Sure, Alexander. So so, yeah, I think, you know, the business grew last year. I think there's a there's a level of disappointment internally about, you know, that level of growth, but it's putting us in a good position for the year ahead. And, know, we'll be con you know, concentrating and getting these transactions over the line, and they're hoping hopefully, we get back to, you know, surprising, you know, on the upside of the forecasted numbers. So we're in a good position, and, yeah, it's an exciting year ahead for us, I think.

35:17 Perfect. Gordon and Fraser, thank you once again for updating investors today. Could I 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 will only take a few moments to complete, I'm sure it'll be greatly valued by the company. On behalf of the management of BEEKS FINANCIAL CLOUD GROUP PLC, we'd like to thank you for attending today's presentation, and good afternoon to you all. Thanks, folks. Thank you.