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

0:01 Good afternoon, and welcome to the BEEKS FINANCIAL CLOUD GROUP PLC interim results investor presentation. Throughout this recorded presentation, investors will be in listen only mode. Questions are encouraged and can be submitted anytime by the q and a tab situated in the right 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 in the meeting itself. However, the company will review all questions submitted today and publish responses where it is appropriate to do so. Before we begin, I'd like to submit the following poll. And I'd now like to hand you over to Fraser McDonald, CFO, and Gordon MacArthur, c f CEO. Good

0:32 afternoon to you both. Hi, folks. Thank you. Hi. Gordon MacArthur, CEO and founder. Hi, everyone. Good afternoon. Fraser McDonald, CFO. Hi, folks. So I I'm gonna kick off the presentation just to review the first half of the year. Fraser will take over towards the late latter few slides to go through the financials. So

1:01 so I think our first half, which it's end of December, was a was a good period for us, kinda record revenue growth. Revenue was up 46%, Monthly recurring revenue end of December is shy of 60,000,000 committed annual revenue, and then EBITDA was up 41% to 2,400,000. I think you will you probably that we've made a number of announcements since the we finished our first half, so some of the figures have have kinda grown substantially since the end of December to to today's date.

1:41 So just a a quick bit about the business. So BEEKS is a cloud computing provider into the financial services arena. We have been now doing this for eleven years. IPO was in 2017, and we've focused solely on capital markets as a as a sector. So we provide compute, I e, compute resources, servers, virtual machines, and connectivity. We've now got around 250 plus connections to venues directly around the world. And for those of you that have heard us present before, you'll understand that when we talk about connectivity, that is direct fiber connections between the edge of our cloud environment and to various exchanges, venues, technology providers around the world across our 22 data centers that we currently have. We also provide analytics where we acquired a company called Velocometrics two years ago and have been gradually integrating that offering into our infrastructure as a service offerings.

2:53 We've got we base the the cloud is made up of what we call the three p. So public, which is really the legacy part of the business. And that was a as a fully shared environment where you can command over a where you can command using the the company website or our company portal by various flavors of infrastructure in our data centers around the world and go into a shared platform. I think that's the the kinda legacy part of the business. Shrunk a little bit last year. I think we've we've been very clear over the last few years that we've we've been focusing on, private and and latterly proximity, which we'll talk about in in more detail. So the private cloud stuff is is a big part of the growth engine at the moment as bespoke cloud environments built for customers or multi years that has a lot some shared services in it, but the majority of that infrastructure is dedicated to a particular client.

3:53 And Proximity Cloud is the the new iteration of of business and our our infrastructure service, but there's some dedicated slides on that later on. So I'll talk about proximity and the latest iteration of proximity cloud, which is Exchange Cloud as we go through the presentation. So we cater to various sizes of organizations. You know, the focus on the business since IPO has really been tapping into that tier one marketplace, I. E, the biggest banks, brokers, exchanges, investment managers around the world, but we still have a a lot of smaller clients, a couple 100 smaller brokers, hedge fund, proprietary trading groups, and technology providers. And we run low latency multicast trading environment.

4:41 So multicast is the way that market data is sent from an exchange output. So multicast is means exchange sent once, and it goes to all of the endpoints, all of the members of that exchange at the exact same time.

4:59 This is the current map of our data center footprint around the world. It has grown substantially over the years. So I think we're in the we're about 22 locations around the world at the moment. Of them are Equinix data centers. Some are Interxion Digital Realty. Some are Exchange data centers themselves. And the the black dotted line between all the data center locations is our backbone where we allow clients to send traffic between various different exchanges of venues all over our kind of low latency direct point to point connectivity. We are looking at some new sites. We on the back of customer demand, so we have a a a client who has the announced earlier that has signed up for dual footprints in Washington. That's a a big client extending out from London.

5:52 And along with IPC who are one of our bigger partners, we are looking at deploying in Amsterdam, Geneva, Zurich, and Mexico in the second part of the year. So as you can see from the map, we've got fairly decent geographical coverage. Mexico give us a a South American footprint to to start with. And then, you know, we may be looking at places like Johannesburg as as we go. But the the map's getting fairly busy. Quite a lot of these sites grow without much fanfare. Really, we don't really tend to talk about it. People want to understand more about new sites and growth in existing, but, you know, London and and and New York are are you know, have grown exponentially over the last few years in terms of overall footprint in in the data centers.

6:44 So why is it needed? We we you know, our our we exist because there is very limited cloud capability and exchange data centers. You know, the the big hyperscalers do not operate tend to operate in the, you know, the exchange data centers. They're all owned by the exchange themselves. The the hyperscalers can live in their own data centers. And we fill a gap there where people want to have a cloud model. Trading in capital markets is no different to any sector in the world. People want an are embracing cloud computing, and we fill that gap there. So the fact that we connect directly between the next between the exchanges and ourselves means it's a secure, fast link between our cloud offering and exchanges.

7:41 Very location specific. So, you know, if you're wanting to trade on the CME, you tend to have to be in that data center. We are specialists in our sector. You know, if if our clients have problems, they can call or knock, our 247 knock up in Glasgow and and talk to someone who will be able to understand market data issues, trade queries, and understand how capital markets work. We believe that using our using BEEKS as a as a cloud provider is much cheaper than than building an environment themselves. So there's a as a cost cost differential as well.

8:23 I've kinda covered this a a little bit, but I'll I'll I'll kinda start talking about proximity as we go through here. So so, yeah, I mean, the the our offering has evolved quite substantially over the last decade. So we as I said, we started in that that public cloud space. Private cloud has been a a big driver for the last three or four years. And then we launched Proximity Cloud in August of of last year after kinda building out and and looking at road map for the previous eighteen months. So Proximity Cloud is a particular product offering built to tackle the tier one space. So we've got a number of tier ones. We've we've won a number over the last few years, but, you know, giving probably, Cloud was born out of some frustration and some engagements with with tier one clients.

9:13 We we kept having lots of great conversations with line of business people. And then, you know, we get to security and compliance. And and, classically, all of our offerings have been hosted by in a big space that's you know, when we take space in the data center, we deploy a cloud offering in the big space, and that's serviced and managed by our engineers both on-site and remotely. That's caused still causes some problems for some of the larger organizations where they don't really want anyone to have physical access to their environments and threw up a a lot of security challenges. So Proximity Cloud was born out of the frustration and and some of these engagements with with some of the bigger clients. So Proximity Cloud really is taking an integrated rack or multiple racks of a BKS cloud, so low latency network, compute resources, in built analytics, and putting it all together, all fully integrated, and delivering it to a customer site and, laterally, the you know, as we go forward in exchange.

10:31 And we hand that over to the client. So it doesn't live in a in a big space. It lie it lives in a client space managed by their engineers, works under their own security model. So we we spent the last eighteen months building orchestration, integration of the stacks so that it's all driven by a very simple user interface to the client and manage themselves. Sorry. Let me just jump back here. So Proximity Cloud version one that was launched in August, September time really was a single user platform. So we have sold it so far to customers using it solely and exclusively for themselves. Version two Exchange Cloud is a multi homed environment that we'll I'll talk about as we as we go forward.

11:26 So, yeah, as I said at the start of the the presentation, so, you know, since the the the half year end, we've announced quite a number of of wins, one this morning also. You know, some I think there are now four announcements of of multiyear deals across both public and proximity cloud deployments. And back of this morning's announcement, that's has had our record quarter so far. I think q one twenty twenty one was our biggest quarter ever. We we signed $5,000,000 worth of of contracts. I think we're just about 15,000,000 for the quarter so far. So real progression in terms of the size, shape, and frequency of the deals over the last nine months in particular on the back of the expanded offering that we now have that caters for quite a large cross

12:26 So Proximity Cloud and and ultimately Exchange Cloud. So as you see, Proximity Cloud version one, single user platform, We announced with our results that version two of the platform, which will be available in the next couple of months, has been branded as Exchange Cloud. So it is Proximity Cloud specifically tailored to the requirements of some exchanges. So I think in previous presentations, we talked about working with some larger exchanges around trying to fit Proximity Cloud into an ex you know, an exchange in this cloud strategy. We after we launched Proximity Cloud, there was a large announcement that you can find in a web search from Google Cloud and CME where Google have invested a billion dollars in the CME, and the quid pro quo was that the CME are gonna move their entire infrastructure into the Google Cloud over the next ten years.

13:35 That that includes matching engines, front office, back office, middle office. The technology for, you know, high end matching in a in a hyperscaler cloud doesn't really exist at the moment. We can't do it. Nobody can you know, nobody really is suggesting that as for for purpose at the moment. So that's why that's a ten year a ten year kinda joint product development between the two organizations.

14:01 And when that first released, that was a a bit of a scary moment, but what it's actually done is escalated quite a lot of exchanges Mhmm. Ambitions to embrace the cloud, and there's two parts to that. There's the part that Google and CME are doing where, you know, an exchange data center has both the exchanges infrastructure in it, the matching engines, back office systems, whatever it might be, but also the larger part of what populates an exchange data center is end user infrastructure. So you've got the exchange infrastructure and then end user compute market. So Exchange Cloud has really been built allow exchanges to offer cloud computing matching engines at the moment, you know, core matching engines. It's really for end user cloud computing.

14:54 So we have been working to change version one from being a single user platform to a multi tenanted offering. What that so that means that we sell the exchange cloud to the exchanges themselves. They take delivery of it. They put it in their exchange data center, and they sell that as a service to their clients. But crucially and importantly, they can break up that exchange cloud infrastructure and segregate it across multiple clients. So, ultimately, we are looking to get the Exchange to white label that service. That then allows them to sell it onto the clients. It gives them a revenue opportunity because at the moment, they simply sell power and space, and they don't have you know, the it's up to the client to then build and deploy their own infrastructure.

15:49 It allows them to get clients onboarded quicker, you know, when an exchange teams are a hedge fund or a prop shop or whatever it may be, you know, until that client is deployed in the data center, there's no trade flow happening, and that can take months and months. So Exchange Cloud gives them the ability to onboard and deploy infrastructure, you know, very, very quickly for multiple clients. And it also as a a cheaper entry point, you know, putting the reason BEEKS never really did equity data centers was because of the cost of market data, the cost of the the infrastructure and the and the big equity data center. So this gives a a lower entry point to some organizations who may not have the appetite to pay for the full rack and and and everything in the exchange data center.

16:40 So the product, we think, is a couple of months away from being fully live and in the market. And and we we've been working with a number of exchanges along the way to to get their requirements built into that first iteration of exchange cloud. So a really interesting marketplace for us. You know, Google invested a billion dollars in the technology with with the CME for the the match engines. So it shows you some of the sizes of these footprints, and and we believe that the end user compute market and the exchange data centers is actually bigger than the the exchanges themselves. You know, there's more customer equipment in these exchange data centers than there are exchange owned stuff.

17:27 So an interesting and an exciting development. We're gonna continue to develop Proximity Cloud as a single user platform, and then Exchange Cloud is this multi home environment targeted at Exchange.

17:42 Fraser, do you wanna pick up here? Yep. Sure. Thanks, Gordon. Okay. So just just looking at some of our our key financial metrics for the the first six months up to December 31 versus the prior period. So as Gordon mentioned earlier, we've had we've had record sales growth in the period, so over 46% up on on last year. So just over 7,700,000 sales, against,

18:07 you know, 5.3 prior year. So and, you know, the the full year, as Gordon says, as well, we've we've now upgraded revenue forecast three times over the last number of months. Start of the year, the analysts looked at a forecast of 15.5. We're now up to to 19,000,000. And, again, another contract announcement this morning, as Gord mentioned, which helps underpin, next year's sale forecast as well. So, you know, good good level of sales increase. EBITDA, 41% up on on prior year as well, which is, again, you know, a good performance. PBT, so we're down slightly, so just under 500,000 against just over 500,000 last last period. And that's a result of the significant investment we've made over the last eighteen months, where we've upgraded revenue forecast. We've been quite honest that, you know, every extra penny that we we make this year, we're gonna we're gonna reinvest in the business, because of some of these products that we've been developing and continue to develop.

19:07 So as I say, I think in terms of the full year, again, if you look at the the the analyst research, that will be second half weighted again as we typical typically are with a a recurring revenue profile. Profit margins, that that, you know, that that slight hit we've had in the first period, we should expect them to start coming back to prior levels. As we deliver on some of these big contract wins that we've made over the last couple of months, we expect those operating margins to start returning to prior levels.

19:38 Okay. Just moving on to the next slide. So as I said, we've made quite a bit of investment over the last twelve to eighteen months in reality. So this period of investment is over double what we invested last year. So overall investment of about £4,000,000, and that was held by the equity raise we made back in April, which was £5,000,000. And that was really to put capacity on the ground and to put people, to to build their product and also, you know, to bear in mind some of the the the infrastructure shortages and the the lead times we've we've we've built up a bit of stock to allow us to do it to to deploy the the the contract wins that we've made. So I think looking at a couple of the the the pie charts here, so the product investment. So product investment of just over 1,300,000, and that's really been driven by staff. So we're now up to about 90 staff, and about a third of those now are software developers. So we, you know, built up quite a, you know, a very skilled team that's enabled us to to develop Proximity Cloud and also a v two of Proximity Cloud and Exchange Cloud. So, you know, headcount of 30 developers over, you know, been built up over the last kind of eighteen months.

20:50 In terms of the the CapEx or infrastructure investment, so just under £3,000,000 there. So, you know, we've we've built up the stock, as I said, and that, you know, that will that will deploy the the the the contracts that we've signed. So 3,000,000 in total, about 1,500,000 in in stock, and that's enabled us in tier one contract growth wins in Proximity Cloud. We will we'll start putting those out. We also made a new head office purchase. We relocated there a couple months ago, and, again, that will enable us to, you know, to attract and retain staff. We were at the stage where we were we we needed to move. We doubled our headcount, so that that that £2,000,000 investment, ultimately will pay pay itself back over the next ten years. We're no longer paying rent, and we took down some additional debt to finance that.

21:40 In terms of where we are with our debt, so we're up at 4,500,000, which, again, is still relatively comfortable in terms of overall gearing, which is about one times EBITDA. Those who've looked at the balance sheet will see that, you know, we've because of the investment, we we're only about a million pounds. So we're we're gonna have to look at, strengthen the balance sheet, you know, looking at alternative means of doing that. We've got a number of ways to do that through debt, through asset financing, and potential further equity raises. As we look to the second half of the of the next six months, we should expect same sort of investment in terms of products and and CapEx. But given some of these contract wins that, you know, the the the revenue, the operating cash flows, we're expecting to increase, and and we'll look to see what we can do in terms of that refinancing and additional finance opportunities.

22:30 Okay, Gordon?

22:34 Yeah. Thanks, Fraser. Yeah. So these slides are a little bit out of date given the this morning's announcement. But as I as I said earlier, we are I think so for the quarter, we're just at 15,000,000 TCV. We've upgraded our house broker have upgraded our forecasts three times, I think, over the the last few months. I really we're so close to year end. Now some of these deals that we've announced this morning and and they're in the in the pipeline will probably not contribute anything materially to this year's numbers. You know, just getting the the deployments live, whether it be private or proximity with some of these bigger engagements, kinda takes twelve to sixteen weeks. So anything that we we do now is really gonna be under underpinning

23:33 next year's numbers. I think the forecast is currently sitting about 25,000,000 for a full year next year. We probably exit our at around 20,000,000 annually committed run rates. So, you know, the the the forecast for next year look look you know, feel comfortable as a as a first pass. Pipeline is as strong as it's ever been even though we've announced a number of of transactions recently. There's there's a lot of sales activity in both the private and proximity and exchange cloud opportunity that we've got going forward. So we would expect as we go through the next few months that there'll be more there'll be more deal flow.

24:27 And and that was the main body of the of the presentation. I mean, there's some appendices here, but I don't think there's there's there's too much meaningful stuff there. But it might be worth kinda going through some of the q and a that that people have put in if Gordon Fraser, thank you very much for your presentation. Ladies and gentlemen, please do continue to submit your questions using the q and a tab situated in the top right hand corner of your screen. But just while Gordon and Fraser take a few moments to review those questions submitted today, I'd like to remind you that a recording of this presentation along with a copy of the slides and the published q and a can be accessed via your investor dashboard. As you can see, we've received a number of questions throughout today's presentation, and thank you to all the investors for submitting those. Could I just ask you to read out the questions and give responses where it's appropriate to do so? Then I'll pick up from you both at the end.

25:12 Sure. So so the first question, update us on your outlook for the next two years and the balance sheet strength that will underpin this.

25:23 Yeah. I mean, I think our forecast now go to, you know, kinda two full years. I I think we're showing twenty five and thirty revenue wise, which which don't look too much of a stretch. We we have an internal forecast or internal targets that are that are higher than that as you would expect. As Fraser touched on, you know, we're currently looking at ways of of strengthening the balance sheet across different means. We're also, you know, working with larger clients now and and trying to get them to do annual in advance as opposed to monthly in terms of some of these bigger deals as as something else that we're also looking to lever to try and ease the kind of upfront cash burden of of some of these big CapEx investments that we need to make to roll these platforms out. So but, yeah, I mean, the the balance sheet doesn't need strength, and I think that's that's fairly obvious.

26:24 Second question from David. As the focus has moved successfully to tier one clients, is there a case for exiting other segments? That's a good question. I think, you know, the kinda public cloud segment is the last number of years is is not really that strategic to us. Would we look at exiting that? I'm not sure that it's big enough for, you know, people to particularly want wanting to to buy it. It's it's a couple million cards worth of turnover. So, no, I I I I don't see us, you know, exiting a segment or, you know, we we kinda maintain that public cloud, but private proximity are are really the the growth engines behind the business.

27:12 Next one from Sam. Large contract means that he's a private cloud client. I was expecting tier one clients to be primarily interested in proximity cloud. Do you see many tier ones interested in private cloud? Does this a one off? I I think it's about both. Right? I mean, some of these sales cycles can take twelve, eighteen months. Right? So, you know, clients, we we've got a number of larger partnerships and, you know, it's private cloud and proximity. So it will just depend on each particular client engagement. There's still a massive amount of growth available in the in the private cloud segment and and proximity as we go through the versions and build in more feature function will become you know, we'll we'll sell more and more.

28:02 So but, yeah, to answer the question, it's it's it's gonna be a mix of both. Still a long way to go in terms of growth in private cloud.

28:13 So next question from Matthew. The strong sales performance and pipeline, what do you see has been the main driver and how large and scale is a typical T1 opportunity? I mean, the main driver is is cloud adoption. You know, I think with the kinda getting over the worst of the pandemic, I think there's been a lot of kinda pent up demand out there. And, you know, we've seen a number of transactions that have been kicking around for a a better time kinda come over the line. How large is a typical tier one opportunity? We've covered this before. Right? You know, what tends to happen with tier one organizations is they start small. You get a small project, and, you know, you you will be asked to deliver it. It's maybe not as strategic.

29:05 No big financial institution onboards a new vendor and goes big bang and hopes it all just works. That that's just it's just not the way of working in financial services. So, you know, in almost every occasion, we start with the the first transaction. And and I think we call that a actually a little bit in one of the the slides in the deck. Our first million dollar a year client is now spending about $6,500,000 a year with us. So, you know, once you deliver and successfully deliver, then you tend to get, you know, more and more opportunity within these clients. Some some of the biggest banks in the world are spending a billion dollars a year on trading infrastructure. So, you know, there there's there's massive opportunity there. And even at our our biggest kind of revenue client revenue, it's it's still not what you would call a material purchase for them.

30:02 So long way to go. Next one, does the lack of presence in some locations such as Johannesburg or Sao Paulo prevent you from winning clients based in The US or Europe that need connectivity to these places? Not really. I don't think I mean, every new data center location that we go into is on the back of customer demand. Right? So if a if a client, for instance, you know, the the the Mexico one with IPC, that is on the back of a client demand. You know, they they want infrastructure in The US, and they wanted something in South America. So if if necessary for a deal and and and we see reason to do it, then we will we will go and deploy into that area. We don't we've never really had any huge incoming demand for for Brazil or South Of or South Of Africa at the moment. There are a couple of conversations potentially that are in in and around South Africa, but it's all based on client demand.

31:11 So next one from Chris. Who are your main competitors, and what are the main limitation on BEEKS growth? You know, we've got you know, we would view the hyperscalers as competitors to a certain degree. They don't they're not really able to support multicast data. They can't really do precision timing. They're not in the locations that matter. So, you know, they are they are they are obviously very deep pockets. We've got some old school or I would call it more managed service providers that we compete with. They don't not really a pure cloud play, and they can provide you infrastructure market data and, you know, aggregated data and things like that, but they're not really, I would suggest, a pure cloud place. So, yeah, hyperscalers and and some of the the the managed service providers have been in and around our industry for for a longer period than than than BEEKS would be the primary competitors.

32:19 I can pick the next one up, Gordon. I think it's a question from a a David b. How long do you envisage the period of a heightened investment to last? Again, that's it's quite a tricky one, I think, maybe big in into two sub subsections, I think, in terms of the the product development. So, you know, we've developed version one of ProxCloud, as Gordon says, which was launched in August, a v two Exchange Cloud expect to come out in the next couple of months. And then we're looking at version three sort of towards the end of the the calendar year. I think at that point, product development should start to sort of level off. And, you know, we're we've kind of built out what we need to build from that sense. So, you know, probably no more further investment in there. There will be some maintenance and and adding bits of feature functionality.

33:05 So I think that answers the first part. In terms of the infrastructure investments, if you look at our our balance sheet and our cash flows, you you'll that operating cash flows increase every year, but we've we've reinvested that in the business and more each time. I think the the main sort of difficulty to predict that is is the size of the contract wins. So some of the the deals and the RFPs that we are tendering for now, you know, dwarf what we've had historically. So, you know, some of these deal sizes will require, again, upfront CapEx investment, which can be significant. Proximity cloud and exchange cloud are a slightly different payback model than the traditional public and private cloud. So they take about a year a year to pay back, and it's bigger bigger contract wins. It's it's, you know, it's it's longer term commits.

33:50 As Gordon says, it depends, on the customer side. So, you know, we may look to where we can to support cash flows by getting, you know, a year in advance rather than sort of monthly commit that we've traditionally had. So, you know, that that we will look to sort of balance the working capital requirements of the business by doing that. But, you know, it's it's difficult to predict, as I say, because the contract size wins in the future, you know, will require more investment. So, you know, it could be more of the same, if not further further investment to come. Alright. Thanks, Fraser. So, William, what IP protection do we have? We are going through and have been going through protection exercise, particularly around proximity cloud and exchange cloud. So that's an ongoing process to, you know, put some patent protection in around some of the some of the software that we've built in that space, you know, on private cloud. You know, it's it's more infrastructure, so it's it's hard.

34:50 You know? It's it's harder to protect that. But, yeah, we're going through that process at the moment. And, Paul, hyperscaler. Yes. Sorry. Apologies. That's so hyperscaler is is a term used for the three big cloud providers, AWS, Google, and and Azure, so the Microsoft offerings. So, yeah, they're collectively called the hyperscalers. Last one we've got, I can see from Harvey, the kit you installed for clients was a protocol with regarding to maintenance. It depends on what that is, Harvey, for proximity cloud. We have we give the client a full SLA. So if something breaks, we will deliver replacements and, you know, under guaranteed time frames to that environment. It's because it's hosted by them, then all we can do is deliver the, you know, replacements or drives or whatever it might be. So that's that's the SLA around that. On the private cloud, then we do the maintenance. You know, we will agree patching, upgrades, any break fix stuff with the client directly.

36:00 So it it just depends what it is, but proximity delivery of of replacement kit, but and and the client really is in mostly will maintain chain and software upgrades. We can help them, but they tend not to want us to do that on a private cloud infrastructure. It's BKS as a responsibility to do. Ariel, where do you see the market cap for the company getting to the next few years? Do you see the company's current share prices being undervalued? I'm gonna answer that and no answer that idea, I'm afraid. I have a view of where I think the market cap can get to, but it's not I don't know. It's not something that I'm putting in public domain. I mean, it's multiple times the size we are at the moment.

36:50 Do you see the current share price as being undervalued? I I'm too biased, I think, to answer that. You know, it depends how you value it. Right? Is it multiples of revenues and multiples of profit? You know, we've built a what we believe is a market leading product over the last couple of years. Is that particularly showing the share price? I don't think it is at the moment. David, you're flagging the need for a capital raise. Can you commit to allow your personal investor participation? I mean, capital raise, you know, equity raise will has also been looked at as with asset financing and bank debt. I'm I'm I'm guessing you're meaning the I can't remember the name of the platform.

37:42 So, I mean, yeah, it's something we should absolutely look at. I think we've got quite a retail following in terms of investor base. So, yes, it's something something we would look at. I mean, we've got quite a lot of support from existing and new investors as well in the institutional side. But, yes, it's something we should look at if if we are gonna do a capital raise, having a segment available for personal investors. Gordon, thank you very much for that. Think you actually managed to address all those questions from investors. And, of course, the company will review all the questions in this day, and we'll publish those responses on the investor lead company platform. Just before redirecting investors to provide you with that feedback, I know is particularly important to yourselves. Could I please ask you for a few closing comments, Gordon?

38:29 Yeah. Sure. So I I think, as I say, you know, first half, good period. Since then, been real escalation in the business, and and and we sit and and view the future prospects of of BEEKS in a in a very positive manner. The team has delivered amazingly well, and, you know, we'll look to continue to do that. So a really exciting time. And, yeah, we'll look we'll look to the the future with positive thoughts. Gordon Fraser, thank you very much for updating investors today. Could I please ask investors not to close the session as you'll now be automatically redirected to provide your feedback in order that the management team can better understand your views and expectations. This will only take a few moments to complete, and I'm sure it will be greatly valued by the company. On behalf of the management team of BEEKS FINANCIAL CLOUD GROUP PLC, we'd like to thank you for attending today's presentation, and good afternoon to you all.