Brave Bison Group (LSE:BBSN) — Results for the half year ended 30 June 2020

0:02 Good morning, ladies and gentlemen, and welcome to the BRAVE BISON GROUP PLC Results Presentation for the Half Year Ended 06/30/2020. Throughout this presentation, investors will be in listen only mode. Questions are encouraged and can be submitted at any time via the Q and A tab situated on the right hand corner of your screen. Company may not be in a position to answer every question it receives during the meeting itself. However, the company will review all questions submitted today and publish responses where appropriate to do so. These will be available on the Investor Meet company platform. I would also like to remind you that

0:34 the presentation is being recorded. Just before we begin, we'd like to submit the following poll. I would now like to hand over to Ollie Green, Executive Chair, Philip Norridge, CFO and Theo Green, of Growth at BRAVE BISON GROUP PLC. Good morning, guys.

0:55 Good morning, everyone, and thanks for attending the opportunity to engage with our shareholders, and make it clear our business model, our strategy, and performance. So before we kick off and run through the results for the first half, I thought it might be useful for us to give a little bit of a background to the company, also to present our brand new management team, and lay out our strategy moving forward. So your management team. I'm Ollie Green. I'm executive chairman of BRAVE BISON. I've spent the past six years in the media and marketing industry.

1:40 For the past four and a half, I have been the CEO of Tangent, a top 100 independent digital agency. Tangent employs over 75 people and last year made over £1,000,000 profit. I graduated from UCL. Philippa Norridge is our CFO. Philippa has unbelievable experience across the media and marketing industry. Philippa worked at MullenLowe, part of IPG, and so she has that global network experience. But Philippa was also the finance director of Albion Brand Communications, an independent, creative agency that was sort of one of the most profitable agencies of its time.

2:27 Philippa qualified as an accountant with Moore Kingston Smith. Moore Kingston Smith is the sort of go to financial services business for media and marketing services companies. And before that, she qualified from Oxford University. My brother, Theodore or Theo, is our director of growth. Theo has a financial background and spent three years working for private equity shop, Brockton Capital. And before that, he graduated from Imperial College London. Matt Law is not with us today, but Matt Law is our independent nonexecutive director. Matt is currently a partner at VC firm Outlier Ventures.

3:13 But before that, he was the chief operating officer of, independent agency group that is sort of global. It has, I think, six or seven different offices called Analog Folk, and Matt's worked at various different marketing and advertising companies. We thought it would be helpful to give a little bit of background to to the company. BRAVE BISON was formerly known as, RIDESTA, and actually floated in 2013. And over the years, it's had various different strategies and various different CEOs, which has seen the business struggle. Myself, Philippa, and Theo became really, really interested in BRAVE BISON towards, the beginning of actually last year, 2019.

4:06 We we were following the space very, very closely, and we knew lots of the competitors. We knew LAD Bible. We knew Jungle Creations. We saw the revenue growth that those guys were manage manage managing to achieve, and we also saw the profits that they that they were making. And we couldn't quite understand why BRAVE BISON wasn't, doing as well. And so we we were very keen to sort of get involved. And in July 2019, we bought a 19% stake from Woodford Investment Management and very shortly thereafter began talking to the board about a change in direction and a a much more commercial way of of growing the business as well as a cost cutting strategy that we thought was was very necessary for a business of of our size.

4:57 I joined the board in December 2019 as as the nonexecutive interim chairman. Philippa joined the board as chief financial officer, in February of this year to support the then CEO. And recently, I took over as executive chairman, to implement a much more sort commercial focus to the business as well as get much closer to the business. And we've since sort of implemented a a top down restructuring. I thought it would be helpful to give a little bit of a flavor for our business model. We like to talk about the business as having two halves or or two pillars, and those pillars are both creative services and advertising.

5:45 Creative services is a services based business model. So we work with brands on projects, on campaigns, on retainers, and we charge a fee. And we typically work with brands directly, but we also work with brands sort of through media agencies. So we have really good relationships with lots of media agencies, and those media agencies pass us the sort of lead, and we then pick up discussions with the brand. This part of our business is, very high margin, so we would typically work to between 815% net profit on projects, and it's cash generative. We we we have a a sort of range of services within our sort of creative services offering.

6:32 We work with brands on branded content campaigns, and what branded content is is typically video content that is distributed across the different social platforms. So you can see our client wall there. We work with the likes of Lego, with Panasonic, with Uniglow, with with Apple. So, typically, global brands that are that are engaging us to create video content that will be used on a global campaign. Over the past year, we've actually began to evolve our service offering within the creative services that we that we offer, and we're now doing much more influencer marketing. Influencer marketing is when brands leverage the following and the influence of certain people on social media to drive brand awareness and drive performance.

7:28 So for example, you might have someone on Instagram with half a million followers. Brands will engage us to manage a campaign that sees that person promote the brand's product across, that influencer's network. We also have an advertising part of our business, and this part of our business sees us create and produce content

7:55 across social platforms for both channels that we own as well as channels that we manage for third parties. And the platforms themselves and when I talk about a platform, I'm talking about YouTube, TikTok, Snapchat, Instagram, and Facebook. The platforms themselves will actually automatically insert an advert into the content that we produce, and we will take a commission from that advert. So for example, we have a channel called The Hook. The Hook has seven and a half million followers across Facebook. We will produce video content for that audience, and Facebook will insert an advert into that video content, and we will receive a commission for it.

8:44 We also manage channels on behalf of third parties. So as well as owning our own channels like the hook, we also manage channels for companies like PGA Tour, the US Open, and other sort of sports companies. And our our engagement with those third parties is to basically manage the channel to to grow the audience as much as possible and generate as much income as possible. And we do that through our audience development team that is able to really optimize everything to do with the channel, and that's things like tagging the content, it's SEO, it's rights management. We are much better placed than our our clients to manage those channels. So the hook is a business that we acquired the assets of during the lockdown. We paid a £150,000 for the assets, which we think represents really, really good, value for BRAVE BISON shareholders.

9:44 The hook was interesting to us for a number of reasons. The hook made money through two ways. It it had a branded content business, and it also has an advertising business. The branded content business actually generated just over £2,000,000 of revenue last year, And and the hook has a a really good reputation in the market. It's got a reputation with clients, but it's also got a reputation with media agencies. And media agencies, on behalf of clients, are very keen to tap into the Hooks audience. The Hooks audience is a cross platform, so it exists on TikTok. We've got almost a million followers now on TikTok. We've got a million followers on Instagram, and we have seven and a half million followers on Facebook.

10:31 The content that is distributed across the hook is very light hearted and is often quite funny. So I have two titles here for you. One title that existed on the Hook's website, that's not on social. It's actually Hook has its own website, was a waitress with roasted Kylie Jenner for tipping $20 on a $500 bill. Or, for example, who will be the next James Bond?

11:04 We also have a very large presence on Snapchat. So we have four shows currently live on Snapchat, and Philip will talk a little bit about the commercial implication of our sort of new presence on Snapchat. We have, an entertainment show called the satisfying. We have a fitness show called the fit. We have a men's grooming channel called Slick, and we also have a sports channel that we manage on behalf of our our client called World Chase Tag. I'm now gonna pass over to Philippa who's gonna talk a little bit about our financial results for the first half. Thanks, Ali. Right. I wanted to pull out some headline numbers. Firstly, our revenue for the first half of twenty twenty was £5,500,000 which was down from £10,100,000 in 2019.

11:56 There were two key drivers for this. The first was a reduction in revenues from Facebook advertising. This dropped from £4,200,000 last year to £1,700,000 this year. This was largely a result of the change in their content policy, which kicked in around April 2019. At that stage, a number of our pages were demonetized. Those pages have since been remonetized, but it's taking a while for us to build that revenue back up. The second big factor is obviously the impact of the COVID nineteen pandemic. This had a particularly big impact on our APAC business from the start of the year, with many projects being postponed or canceled as marketing budgets were reduced and lockdowns made it hard to deliver projects.

12:43 It has also affected the advertising side of the business. While we have seen views increase during lockdown as people are spending more time at home, the CPMs or prices paid by advertisers have dropped, which has impacted on revenues. We have actually seen this improving ahead of our expectations in June and July, which bodes well for the second half of the year. We reacted quickly to the reduction in revenues and both made significant savings in administrative expenses and things like rent, subscriptions, those kind of things. And also, as Ollie mentioned, carried out restructuring exercises, largely in our senior management, APAC and publishing teams. As a result of this, while our loss before tax has increased to GBP 1,400,000 from GBP 1,200,000 last year, this increase is relatively small in comparison with the drop in revenues.

13:35 Our annualized cost savings that we've made in the first half equate to GBP 1,100,000. And this, in conjunction with those improving revenues that we are seeing in the last couple of months, should see us hit breakeven in terms of EBITDA for H2.

13:53 Okay. I think I've already pulled out most of the financial highlights on this slide. But one thing to emphasize is that we do still have a cash balance of GBP 2,100,000 as of the end of June and no borrowings.

14:11 Oops, sorry. The from the operational highlights. Ollie's already spoken about the new board structure and also our acquisition of the Hook. I did want to highlight some of the new clients we've won this year. We're particularly excited to be working with Panasonic as its social content partner for a global campaign in the run up to the Games next year.

14:32 And finally, as, again, Ollie mentioned, we have successfully diversified across the social platforms, with content now being distributed across Snapchat, TikTok, Facebook, Instagram and YouTube. While some of those platforms have yet to be monetized, we're seeing great success with new ones which are, such as Snapchat, which has delivered significant amounts of revenue in the first half of the year after pretty much zero revenue in the first half of twenty nineteen. This diversification should help to ensure increased stability of revenues as we move forward. Okay. And now I'm going to hand over to Theo to talk a bit about our strategy for growth. Thanks. So as Oli mentioned, one of the reasons why we got involved with BRAVE BISON was because of the potential we believe it has for growth.

15:23 First and foremost, this strategy centers on this idea of of of going where the growth is. We are first and foremost a digital advertising company in that all of the work that we do is online. The reason for this is that the digital side of the market now represents over 50% of the total global advertising market and has been very resilient in the face of COVID-nineteen. Within the enormous digital world, our focus is on social. Social is the fastest growing segment of digital advertising and we are firmly in the mix with our presence on Facebook, Instagram, YouTube, Snap, and TikTok. All of our media brands are social led in that our audiences and the content that we produce for those audiences exist primarily on social media.

16:18 Furthermore, the creative services that we provide capitalize on the insatiable demand that we see brands having for millennial and gen z audiences who primarily exist on social media. A good example that we've talked about is influencer marketing where brands are paying social users to promote their products which is a particular focus for us. Demand is growing rapidly for this because brands are really craving the authentic experience felt by the customers on the other end. We think that buy and build is a very important strategy for BRAVE BISON. The fundamentals of our business model are seeing us pair together these high margin creative services with high growth digital advertising.

17:06 Fundamentally, we're building a profitable marketing services engine that pairs with a highly scalable media proposition that will over time produce outsized returns for us.

17:19 So we split our focus into three core areas. The first are these stable and resilient marketing businesses that we want to bring in to that engine that we're building. Typically, these businesses will have 50% plus retained clients and will be operating at margins of 8% to 12%, possibly higher in certain circumstances. More often than not, we have the ability to integrate this offering into our current service lines, which gives us some synergies and we believe these transactions will be highly accretive. Secondly, we're looking at content production. We think there's huge value in high quality production companies that have been producing content for the last few years primarily for TV.

18:07 We think the opportunity here is to take control of content and content production and repurpose that for social and for for for for younger audiences. Again, these businesses are viable at earnings under 10 times. Finally, we're pursuing the idea of social publishers. The key here is to cement our position as a media owner and these businesses really are at the forefront of the new era of media. They're growing rapidly, they're exploring new platforms and they're evolving business models to include commerce, events, licensing,

18:45 subscriptions. Our focus is on companies in this space that have highly engaged audiences that return week after week, day after day, which gives us a genuine appeal to brands. The valuations in this sector are high, but the pandemic has presented us with a number of opportunities, notably the hook to date, and we believe that there will be opportunities further down the line as we are able to produce synergies by bringing these businesses in house.

19:17 In addition to M and A, we think there's ample opportunity for organic growth of BRAVE BISON. Firstly, improving the quality of our content is key. This will allow us to increase the sizes of our audiences, particularly on Facebook and Snap, as well as drive engagement in those audiences, which gives us additional revenues.

19:39 Secondly, we think there's huge value in web. This is something we've picked up through the hook and we now have a better focus on journalism and articles, which we think is a really strong opportunity. Finally, we're excelling our app we're accelerating our output on these next gen platforms. Partially, it's to make sure that we're not missing the next big thing, but secondly, it's to stay close to these platforms so that we become a partner of choice when new advertising products are released. TikTok, for example, does not have the same kind of monetization opportunities available to it that Facebook does, but we believe that down the line as we're able to build the following, they will get in touch with us as and when these opportunities are available. On the creative services side, we're building on our success in APAC to ramp up the branded content offering in The UK.

20:30 Branded content is growing and the same agencies from a media perspective and the same brands are interested in The UK market as they are in JPEG. We're expanding our influencer marketing proposition

20:43 and we're also improving a number of conversion led and performance opportunities that we see brands coming after. I think the the the fundamental to to both these business models, whilst we talk about them as being separate pillars, the key is finding clients that will work across both of them. If we're able to produce branded content or influencer campaigns that we charge fees for from a production level and then distribute that content and generate advertising revenues on our own channel, this is what we as this is what we see as being the real north star for BRAVE BISON. Oddie, do you wanna pick up the summary?

21:30 Yes. Thank you, Theo. So we think there are five core reasons to, invest in in BRAVE BISON. The first is our brand new management team with skin in the game. Theo and I have invested just over £1,900,000 into the business. We have the right experience, and there I say it, we're we are of the right age to really capitalize on this market. And that leads me to the second point, which is the market. You only have to pick up, any kind of newspaper to see how well the social platforms are doing. Facebook announced record, profits and figures even post pandemic, and we think this is a really exciting part of the market.

22:20 We have a global presence. We do have operations in Singapore, in Japan, in Korea, which we're incredibly excited about. That part of the world is significantly less developed and less competitive than The UK, and us having an operation that already is up and running will will be a enormous benefit as we look to grow our business and and buy and build our group. Our business model has a diversification built into it, which has actually stood us very well over the past six months. I love the fact that we have a services business that is, good margin,

23:02 and cash generative as well as an advertising business that is enormously high growth. And over time, we will look to add other revenue streams onto our our business and into our group. Theo talked about how if you do have a a a big audience or a very engaged audience or an audience that's in a particular vertical or niche, there are other ways to monetize that audience, and that might be through subscription, it might be through commerce, or it might be through events.

23:35 And the last reason is the capitalization of the business. We have over £2,000,000 cash, and we are debt free, which, makes our our fundamentals, hell of a lot better than other businesses, sort of on the end market and also in our sector.

23:54 Fantastic. That's great. Ollie, Philippa, thank you very much for a very comprehensive run through of the business there. Ladies and gentlemen, please continue to submit your questions using the q and a tab situated on the right hand corner of the screen. But just while the company take a few moments to review those investor questions submitted already, I'd just like to remind you that a recording of the presentation along with a copy of the slides and the published Q and A can be accessed via your investor dashboard on the Investor Meet company platform. And lastly, before I hand back to the team, I'd like to remind you that your feedback is important to the company. Immediately after the presentation has ended, you'll be redirected for the opportunity to provide feedback in order for the company to better understand your views and expectations. Ollie, Filipa Theo, before we look at some of the questions that have come in today, I just wanted to ask you a number of the questions that we've had pre submitted from investors ahead of today's presentation.

24:46 Perhaps Ollie, I can direct these to you and then if you can fill those out to to the team if you see fit. First question we've got here, can you just give some examples of of how you generate some of the revenues? I know you've touched on this in in the presentation in the different divisions of the business, and also perhaps some client examples to say what you've done for people and how it's benefited them. Sure. So within our creative services, part of the business or business units, we pitched brands, for various different campaigns. The sort of monetary or commercial value of those campaigns does range in in size on the sort of at the lowest end, you're probably talking about £50,000, but those can very quickly go up to about £500,000, and we're looking more and more to get into that sort of million pound plus mark.

25:38 On the advertising front, we we generate the majority of our income through Facebook, Snapchat, and YouTube. Those that income is is generated through, advertising that is automatically inserted into content that is on our channels, channels that we own, or channels that we manage on behalf of third parties. Third parties are clients such as PGA Tour, US Open, or LinkUp TV, which is the one of

26:08 The UK's largest Grime networks. The Grime is a sort of music category. Fantastic. Thank you very much. Another question we've had just about talking about recurring revenue. Can can you expand on sort of how much your business is recurring versus one off? Sure. So within the branded content space, that typically isn't recurring revenue. You you you do tend to get campaigns that last for three or four months. However, we are seeing as we move more and more into the influencer marketing space, the clients are looking for always on solutions, solutions that really drive performance as opposed to brand awareness.

26:54 So within the sort of marketing campaign mix, it's it's quite, usual for clients to either be trying to promote their brand as a whole or to try and generate sales there and then. Influencer marketing is a great way for brands to generate direct response or or performance or sales, and that's because it's very it's very real time orientated. And you can also see so much of the data, because of the because it's digital and because the platforms give you enormous amount of access to how the campaigns, how the influencers are running. Philippa, do you wanna give some context into how much of our revenue comes from advertising? Because although that's not retained, it does give you a a sort of good steer as to how much is is very consistent and then how much of the creative services needs to be won, but more and more so will be retained, especially when it comes to acquisitions.

27:56 Yes. So I believe we had that split between the advertising and creative services in that part of the presentation. I'll just quickly flick back to that so you can see that. So in terms of our gross profit, we had about GBP 1,200,000 from advertising, which, while not is not retained, but it is definitely a sort of recurring monthly amounts that come in versus the naught 700,000 in relation to the creative services, where, as you were saying, the bulk of it is projects, but but we are frequently seeing repeat campaigns. We're seeing clients which will which we know will always want to campaign with us in q four of each year and those sorts of things. So there is a certain reliability built into some of that revenue as well.

28:43 I would also add to Philippa's point that when we advertise our own media brands and generate revenues of that, that goes into our recurring bucket. But when we work on behalf of large brands such as PGA TOUR, LinkUp TV, US Open, we are doing that on a contracted basis between twelve and twenty four months, which means that whilst the revenue isn't guaranteed because we don't know how well a channel is going to perform over and above our expectations, we are guaranteed our percentage of that revenue for the time for the time in that contract. That's great, guys. Thank you very much. I think that gives a good amount of detail around that. We've also had a question just talking about sales cycle. I know you mentioned before you work with the agencies. You have direct as well and and winning new business. How do you go about that? Is it all referral? Or do you do you is it a mixture of the two, I guess?

29:37 So we do work with brands direct as well as through media agencies. Media agencies are definitely a good source of of new business for us, and the hook specifically is is really well well known within The UK media agency scene, and we've already seen, leads come through that, which is fantastic. The sales cycle can be anything from six months to six days. I think that the beauty of digital marketing and digital advertising is that you can get it going very, very quickly. I think with traditional, marketing and and and and sort of traditional advertising, TV, radio, print, that requires a lot of planning, two, three, four months. And, actually, that's that's not so effective, especially in the sort of post COVID environment.

30:29 Brands want to be very, efficient, very effective, and very reactive to what's going on, in the in the world around them. And so more and more, we're seeing clients wanting to spend money very, very quickly. We might be pitching something at the beginning of of the month with actually, the campaign going live at the end of the month and then and then actually recognizing that revenue pretty quickly. Fantastic. Thank you. Thank you very much. Those were the pre submitted questions, guys. I know I haven't given you perhaps a huge amount of time to look at some of the questions that have come in live today from investors. Of course, the company will review all questions that have come in today and we'll publish those back out. But perhaps if you could just have a have a little run through and see if there's any questions in particular that you'd like to answer. If you could just read out the question, please, and and then answer that. Sure.

31:20 So one question is, are you looking to expand your own channels, and if so, into which areas? The answer is definitely. We are looking to expand our own channels. I think the the hook has been really interesting because it's one of the first actual websites that we have had. So whereas previously, we've only ever had sort of social channels, we now have a website, and that's proving really, really interesting and sort of popular with brand advertisers. I think from a sort of content perspective, we're gonna be looking at at different verticals and different niches. Those verticals that we think will be sort of well received to our our our clients and to brand advertisers. In terms of sort of expansion of our existing channels, what we've sort of started to do is actually spin up new original content series.

32:12 So that's actually us creating our own content usually in the form of video that would go out across our channels. So the first one that we released was about three weeks ago. That was called Art Inc, and it was a series that explored, the tattoo culture that exists in London, but also across the world, tattoo parlors, the sort of different arts of creating tattoos and designing tattoos. Tattoos we acknowledged was a a really sort of hot topic hot topic, rather, across social, and we could see that from our data. We use all sorts of different sort of tech platforms and tech tools to look at what's popular across different social platforms, and that's why we decided to, commission our own, sort of social first series.

33:05 And that would be pitched to various different platforms as for an original, but it will also go out across our own network. The hook looks to be a very attractive deal. Are you seeing other targets of similar size, or are you looking for larger deals? I think we we we're always we're always on the lookout for opportunities. We are seeing some businesses in our sector, massively struggle, as a result of of the COVID pandemic, and therefore, we we do think that there will be more opportunities to come. At the same time, we we are looking to scale our group, and therefore, I'm sure that there'll be bigger opportunities that that come across our desk. Yeah. I would just I would just add to that point.

33:52 We're still being highly selective. I think it's it's the the the pandemic has thrown up all sorts of issues mostly around this the the the the branded content sort of percentage of of of sales. So a lot of these businesses operate under. Don't have our diversification and they don't have our advertising revenues. If you look at something like Joe Media, that's a perfect example of one where we didn't see value. We didn't think that we'd be buying that business at an appropriate price given the level of competition and therefore we stepped back. That was sort of 4 plus million based on sales of sort of 7 or 8,000,000. I think it's also worth saying that, you know, anyone can can buy a business, but we we we need we need to actually integrate that business and and improve it, drastically.

34:41 And unless we have a clear plan to do that, we won't be sort of gung ho with with acquisitions. I can see a question about TV production and and whether TV production is a profitable area. I think perhaps this is just a point about clarification. TV production is not a focus for us. The focus for us is on content. Because the majority of high quality content is currently made for television, that is where that content is currently available and being syndicated. We think the opportunity for us is on acquiring that content either on a longer term basis or from a right basis and reediting and recutting that full social platforms.

35:29 We don't see ourselves moving into the TV production business at all. This is about getting our hands on the best content. I think it's also worth saying that the the commercial levels of production that we employ across our business are much, much smaller, than traditional TV production companies. From the top of my head, I believe that, each episode of Art Inc, which was the tattoo series, was was produced from start to finish for less than a thousand pounds. So, you know, very, very small. You have one, two, or three people maximum, and and you're you're not quite shooting off your iPhone, but but it but it's almost that level because we don't believe that the audience on social is is is demanding of the the sort the sort of quality of content that you see on on TV or Netflix.

36:28 In actual fact, they they like the the authenticity of something that's of lower quality and therefore costs a lot, lot less to produce. There was a question about when we were going to see monetization from Panasonic essentially now. That's a fairly easy one to answer. Obviously, we're working on the campaign that is gearing up for the games next year, but we will be doing a significant amount of the work this year and be able to rec and be charging Panasonic for that. Yeah. So so the project will span from basically now up until middle of next year. There was there's a question about the company's relationship with Tangent.

37:18 We we conduct everything absolutely from a distance. Any related party transactions are are recorded, minuted, and and released in the the the six month and and and annual reports. At the moment, there there is no relationship. Obviously, they're they're both in the sort of media and and marketing services, sphere. The the only sort of current, related party transaction is that, we're we're sharing, an HR manager at the moment and and Tangent are actually paying BRAVE BISON for for that service. So the HR manager that that was working at BRAVE BISON is now doing one or two days at Tangent. And as a result, one or two days of of his salary is being covered by by that business.

38:15 Guys, I don't know if there's any other questions. I know you've answered a great deal of the questions that you submitted, and, obviously, you have the chance to review those after the event as well, and we can publish those back out on the platform. So perhaps, Oli, I could hand back to you just to wrap up before we direct investors to give you some feedback. Yes. Thank you very much, guys. We're really excited to to to be the management team of this business. We've been, looking at it and thinking about it and talking about it for over a year and a half now. We think there's enormous opportunity. The last six months has been tricky with the COVID, pandemic and and and the associated lockdowns, but we think we've reacted really, really well.

39:01 Like I said, that there was that sort of top down restructuring, which puts us in a much, much better place, and we hope to update you with much better results in the future. That's great. You very you very much. Thank you to Ollie, Philip, Theo. Thank you for updating investors today as part of your roadshow. Could I ask investors not to close this session as you will be automatically redirected for the opportunity to provide your feedback? If you access the meeting from our website, the feedback page will appear. If you accessed from the link sent to you via email, please just log in to submit your feedback. And on behalf of BRAVE BISON GROUP PLC, the management team and investor meet company, we'd like to thank you very much for attending today's presentation. That now concludes. Thank you and speak to you again soon.