Cake Box Holdings (LSE:CBOX) — Full Year results for the 52 weeks to 30 March 2025

0:01 Good afternoon, and welcome to the CAKE BOX Holdings PLC Free Results Investor Presentation. Throughout this recorded presentation, investors will be in listen only mode. Questions are encouraged, and they can be submitted at any time using the Q and A tab situated on the right hand corner of your screen. Simply type in your questions and press send. The company may not be in a position to answer every question received during the meeting itself. However, the company can review all questions submitted today and publish responses when it's appropriate to do so. Before we begin, I would like to submit the following poll. And I would

0:31 now like to hand you over to the management team of CAKE BOX HOLDINGS PLC, Sook. Michael, good afternoon. Good afternoon, everybody. Thank you, everybody, for coming on the onto this forum. Today, we'll be reviewing CAKE BOX's performance for the full year 2025. I'm joined by Michael Bosa, our CFO. Full year 2025 has been a remarkable year for CAKE BOX marked by strong sales, profitability, and strategic advancements. Let me first give you a brief overview of our performance. Overall, we're very pleased to report another year of growth as sales accelerated through h two. This momentum is proof that our strategy is delivering according to our plans.

1:17 On the operational front, we have been focusing on driving operational efficiency. Thanks to our strategic investments, we've stabilized our cost base, allowing us to reap the benefits of operational gearing and position ourselves for future growth. We're also excited about our expanding footprint. Our rollout program continues. Mike and I will talk more about this as we go through the presentation. Digital transformation has been a key feature for us with substantial online sales growth driven by more efficient marketing and customer engagement strategies. Our digital growth is setting us for continued success in a rapidly evolving market. If we go to the next slide, here's a summary of the operations which I will discuss over the next few slides.

2:06 Next slide. This is this slide. Yeah.

2:12 Expanding store state. That's the strategic no. We where am I going? That's right. Strategic digital transformation we've done. Also, we made advances in strengthening our customer engagement. We expanded our customer database significantly and successfully launched a loyalty program, which has enhanced retention and provided greater customer value. Additionally, our recent strategic acquisition of Ambarella Foods Limited has been a success. The seamless integration of this business has not only strengthened our product portfolio, but has also accelerated our growth opportunities. Now we go to our next slide, the operational highlights. Here's a summary of the operations. Oh, that's it. That's it. Thank you very much, Sip. So next, I'll just take you through the financial performance for the year, and then we can move on to to the strategic performance of the group. So just a quick run through of the financial highlights before we go in in-depth on on in more depth on each one.

3:13 Our group revenue, so this is our sales to our franchisees as well as a sales from Ambala corporate stores for the nine days of trading we had post completion increased 13% year on year, and Ambala contributed £800,000 to to that performance. Our franchise sales, so this is our sales, CAKE BOX sales to the customers, was up 9.5% in the year. The like for like performance of those franchise stores increased by 3% over the year. In terms of new store openings, we opened up 26 new stores versus 20 the prior year. From a profitability point of view, our gross profit grew 12.6% despite a marginal decrease in our margins of 30 basis points, which reflected strong price control during the year. Our underlying EBITDA was up 17.1% and underlying profit up 19.8%.

4:16 This allowed us to increase our final dividend by 11.5% to 6.8p per share from 6.1p the prior year. So if we just look at each one of those a little bit more depth. So the franchise sales, this is the cake box sales to to its customers, was up at 86,300,000 for the year from 78,800,000, which was 9.5% up. Our sales, so this is our group sales to our franchisees and including the $800,000 from Ambarella sales post completion hit $42,800,000 versus $37,800,000 in the prior year. Our underlying EBITDA was up at $8,700,000 versus 7,400,000 the prior year, up 17.1%.

5:02 And our underlying profit after tax was CAD5.3 million, which was 19.8%, up on CAD4.4 million. In terms of our dividend per share, so the dividend per share for full year was 10.2p versus 9p the previous year, which is 13.3% up. And our underlying EPS was 13.18p versus 11.04p. Again, that was up 19.4%. If we then just look a bit closer at the sales performance, so the total franchise sales of CAKE BOX are up 9.5%. If we strip out the Mbala 800,000 from our group sales, that meant that cake box sales were up 10.8%, which was higher than the total franchise sales.

5:47 And that's due to the fact that we opened up six more stores in the prior year and where we actually build the stores and then reinvoice and recharge the franchisees for the store openings. The 800,000 for Mbala was about three times higher per week than they normally do, but this is because it was the last week of the of Ramadan, and the Eid celebrations were on the weekend of the financial period end. So this is just, again, just a a bit breaking those sales out a bit further. The franchise sales were from existing stores, which is mature stores, which are up 3% in the year, and the new stores that opened up in the prior year generated 5,300,000 of franchise sales and the new stores, the 26 new stores that opened during the year generated 2,200,000 of sales.

6:39 If we look a little closer to like for like sales performance, it breaks down in half one, was 2% and we can see the momentum gaining in half two where it was almost double at 3.9% with an average of 3% for the full year.

6:54 Also, we can see the momentum gaining in quarter four where we were actually at 6.7%, and that is carried forward into the new year. Excuse me. If we look a bit further at online franchise sales performance, this was up at €19,100,000 which was 19% growth year on year. And we can see at half one it was at 22.9% on average of our franchise store sales. In half two that went up to 24.1%. So for the whole year it averaged at 23.5% and we're now seeing that 25% and above. We just look a bit closer at the underlying EBITDA analysis. So just stripping out CAKE BOX and AMBARLA separately. So CAKE BOX, our gross profit up at 10.9%.

7:42 We can see overheads excluding the marketing expenses rose 5.2%, which was under our wage inflation where we increased salaries and wages for our staff at 6%. Marketing expenses increased, but the marketing expenses are co funded by the franchisees. So the revenue is sitting in the revenue line whereas the expenses sit in the administrative costs. So there's just a mismatching of revenue and expenses. Adding back the depreciation and amortization gets us to an underlying EBITDA of 8,640,000 for the year, which was 15.8% up for the CAKE BOX business. And BILE EBITDA was just shy of $100,000 for the nine days of trading, which meant that our group EBITDA was up at $8,730,000 17.1% up on the year.

8:40 If we then flow through from underlying EBITDA down to profit after tax, we can see if we we then start off with underlying EBITDA of 8,640,000. We take off the depreciation and amortization of just shy of 1,400,000. Net finance costs of 280,000, which is just over 100,000 up on the prior year. And then taxation of 1,730,000 for the year gives us underlying profit after tax of 5,260,000, which is 19% up year on year for the CAKE BOX business. And then we add Ambala's profit after tax of £40,000, which gets us to £5,300,000 of underlying profit after tax for the whole group, which is up 19.8% for the year.

9:27 If we then just pull forward and look at the cash flow and the net debt position of the business, we started off with an opening net cash of 7,300,000. We generated free cash flow of 7,000,000, which is 8,600,000 of EBITDA less tax payments. We then had CapEx for the CAKE BOX business of 3,000,000, which is broken down of 1,100,000 for our new Bradford warehouse, which is the purchase of the land and the start of the construction of the new warehouse. We have then the two transactions for the purchase of the Ambala subsidiary. One was the purchase of the industrial freehold, which was for 6,000,000 plus the stamp duty.

10:15 The actual acquisition of the business of the embargo, which is just shy of 16,000,000, and then the the professional fees relating to that acquisition of 1,200,000. This was partly funded by the issue of 4,000,000 new shares at £1.80 which generated £7,200,000 of inflow. We paid out £3,800,000 of dividends which ended us with a closing net debt of just over $9,000,000 which was 1.03 times EBITDA for the year.

10:52 If we look at the Ambala acquisition, just how the numbers for the acquisition is comprised of 16,000,000 for the shares of the Ambala business and 6,000,000 for the actual industrial freehold premises. How the deal was financed? We entered into a new 15,200,000 loan term facility with our corporate bankers, which is broken down into two tranches. One tranche of 11,200,000 payable over seven years and second tranche of 4,000,000 payable over ten years. Both tranches bear an interest margin of 2.75% above Sonia and then the 7,200,000 generated from the oversubscribed share issue.

11:38 Just in terms of our capital allocation policy, so in terms of the current business, we can see the investment in terms of the new distribution center and investment in terms of our infrastructure, new website, EPOS and our depots as well. Our dividend for the year was 3,800,000 which is 13.1% increase on the prior year in terms of what we physically paid. Investment in new growth opportunities where we completed the acquisition of Mbola Foods Limited on the March 21, and then any surplus cash has been placed on short term deposits with our corporate bankers. Let me hand you back to Sub to go through the strategic and operational update. Michael, thank you very much for that. Over the next few slides, I'll be elaborating on our operating performance, speaking about expansion of our historic state, how we are increasing customer base through an omnichannel digital approach.

12:39 I will also speak about online successes as well as growing our customer database. Finally, I'll give you a brief update on progress with integration of Ambala before speaking about the outlook. So if we go to or slide 19. Over the period, we successfully opened 26 new stores, bringing the total number of CAKE BOX stores to 251 as of 03/30/2025. This achievement highlights our commitment to growing our brand and reaching more customers. To streamline and strengthen our new store openings, we've implemented a robust process that involves external consultants who help us identify key future areas for expansion. Alongside this, we are conducting detailed analysis to pinpoint precise location within these identified regions, ensure that every new store is positioned for success.

13:30 We're also committed to supporting our franchisees throughout this journey. CAKE BOX offers financial support where needed to help new stores get up and running smoothly. Additionally, we made significant acquisition by purchasing 19 of Ballast stores, which includes three franchise stores. These with these initiatives, we're well positioned for sustained growth and continued success.

13:54 On this slide, our investment in online awareness and customer acquisition is driving impressive results, especially in click and collect sales. The cost effective and highly integrated marketing approach is contributing significantly in boosting both online and offline. If you look at the pie chart on the left, you would note that the online channels now contribute 23.5% of our sales and make up an incredible 40.4% of our overall growth. Offline channel can dominate, contribute 76.5% of sales and complementing our online efforts excessively. Key improvements include bringing our online customer acquisition processes, such as pay per click campaigns in house. This has enabled us to optimize strategy efficiency.

14:41 This has already resulted in gaining 250,000 new customers online through highly effective campaigns. We've also achieved a remarkable 19% sales growth by refining our investment strategy to deliver stronger returns on investment. Our strategic focus on brand awareness through social media has been pivotal, reaching 13,900,000 people within a seven kilometer radius of our stores, perfectly aligned with driving footfall into our retail locations. Furthermore, tapping into our customer loyalty has been a major focus. In June 2024, we launched the CAKE Club, our loyalty program, which already boast a 105,000 subscribers, an exciting milestone that highlights the great engagement with the brand.

15:27 This proactive approach to capture more customer opportunities online and integrating it seamlessly with our office offline strategies positions us for sustained growth in the years ahead. On the next slide, let me talk to a little bit about growth of our online sales. As I said, these have increased by an impressive 19%. This growth builds on the strong performance we achieved in 2024 and continues to gain momentum. During FY 2025, we successfully launched new targeted marketing initiatives that are driving customer engagement and boost our online reach. Additionally, the implementation of our new CRM system has been a game changer, enabling us to better understand and serve our customers with personalized communication and offers.

16:16 These developments highlight the ongoing success of our online strategy and reinforce the significant role digital innovation plays in driving growth for CAKE BOX. We've made significant progress in growing our customer database next slide.

16:37 Our database of the past year from April 24 to March 2025, email subscriptions have grown by a 100%, bringing the total number of database subscriptions to 768,000. Our SMS subscriptions have also been seen remarkable growth, increasing by 78% to reach 348,000. These achievements have been driven by effective new customer acquisition strategies and the success of our loyalty program. CAKE BOX which has already boast 105,000 members. This growth reflects the increasing engagement with our brand and highlights the success of our initiatives in building long term customer relationships.

17:19 We are highly rated on Trustpilot. We have over 40,000 reviews rating just rating us five point 4.5 out of five stars. New product development. Turning to the advancements we made in new product development over the past year. We've been focused on enhancing our range of cake designs and flavors while also introducing It is our offerings through strategic partnerships and seasonal collections. Most notably, we partnered exclusively with Ferro UK to develop a tele range as part of their sixtieth birthday celebrations during the sixteen years of Smiles collection. This collaboration reflects our commitment to create a unique, high quality products that resonate with our customers. Beyond partnerships, we've maintained a strong focus on seasonal innovation.

18:07 For Halloween, we launched a fun and festive raid, including pumpkin cases, spooky Frankenstein designs, and themed cupcakes. During Christmas, traditionally one of our busiest times of the year, we developed a festive collection designed to delight customers during the holiday season. And for Easter, we reduced introduced a vegan carrot cake catering to our growing base of vegan customers. In addition to seasonal offerings, we've elevated our design by introducing vintage inspired styles and combined the strategic details of contemporary flair. We've also expanded our photo cake selection by developing licensed Disney themed toppers, which have been proving very popular among the kids and adults alike. These initiatives reflect our dedication to continuous innovation and ensure we offer something fresh, exciting, and memorable for every occasion and customer preference.

19:02 Slide 25 shows us a strategic growth opportunity for Ambola Foods. Over the next two slides, I'll speak about our strategic growth opportunity for Ambola Foods. This prestigious UK based brand established in 1965 is widely recognized in the Asian community as an incredible range of traditional confectionery known as and savory products. Holds strong cultural, religious, and social importance within the Asian community, which provides a significant opportunity for expansion and professionalism. Currently, Mbala Foods operates a with a 182 employees across 22 stores, 19 which are company owned three franchise. The majority of the sales are still generated with seasonality linked to religious holidays in April, March, October, November.

19:52 Assortment BOX HOLDINGS PLC, which serves as gift sets, are the highest revenue generating product, accounting for 11% of shop revenue. This acquisition and strategic focus on wild foods represents a fantastic opportunity to unlock further growth, modernize the operations, and enhance the reach of this beloved brand while staying true to its cultural heritage. We are pleased with the progress we're making with the integration of Ambarella Foods. This is a key initiative for us, and we're moving forward steadily across multiple work streams to ensure smooth and efficient transition. On operational side, we've completed an analysis of Ambarella's warehouse and production capabilities, identifying opportunities for automation and production efficiencies. To support these improvements, new production equipment has already been ordered.

20:41 With regards to staffing and people, we've defined a new structure and identified key roles to support the integrated business. Recruitment for these positions is now underway. Compensation and benefits have also been reviewed to ensure alignment with our broader organizational standards. Our technology, have conducted comprehensive assessments across Epos, the website, ERP system, and security infrastructure. And based on these assessments, we identified upgraded needs and related upgrade work has already commenced. We are confident these initiatives will unlock significant opportunities for Ambola Foods while setting the foundation for future growth and success. I wanted to comment on the community at ESG commitments. We're proud to report that a 100% of our high risk suppliers have completed an ethical audit in the past two years, ensuring we'd uphold the highest standards across our supply chain.

21:37 By 03/30/2025, an impressive 90.4 of our franchisees achieved a food hygiene rating of four or above out of five, showcasing our commitment to quality and safety. As I've said previously, our people are at the heart of everything we do. 90% of colleagues will recommend CAKE BOX as a great place to work, a testament to our supportive and thriving workplace culture. Also, sustainability is a key to our operations. We practice that a 100% of the electricity we use is sourced from the renewable energy, and we continue to maintain the highest health and safety or standards. Our cove Coventry Depot achieved double a British retail consultant rating with an a rating for Bradford, and we've paid our a a rating for Enfield.

22:23 I'm very proud of the work our franchisees do in our community. They are actively giving back to their communities. Their work range from sponsoring youth football and credit team to donate in cakes at places of worship and schools and any people who have requested a donation. At CAKE BOX, we dedicate to making positive impact for our customers, colleagues, communities, and the planet. Turning to the outlook. Turning to outlook, we started the new fiscal year on a strong note. We've seen positive trading momentum with total franchise sales up an impressive 14.2% since 03/30/2025 compared to the same period last year. Also, our like for like sales have increased by 6.5%.

23:10 This solid growth signals momentum in our business. To capitalize on this positive trend, we are continuing our expansion plans. We're targeting 25 new store openings this year. This move is not just about numbers, it's about strategically increasing our market reach to meet rising consumer demand. Another critical focus for us this year will be the continuing integration of Ambala. We believe this acquisition allows us to leverage significant synergies and unlock identified growth opportunities that will further enhance our competitive position.

23:42 Engaging and retaining our customers is at the forefront of our strategy. We are continuing to roll out targeted marketing initiatives alongside growing our loyalty program. These efforts are designed to deepen customer relationship and drive long term loyalty. And in addition, we are advancing our digital transformation. Our focus is to continue to build on the successes of our multichannel proposition that enhances the customer experience while capturing additional sales opportunities. The investment in our digital capabilities is essential for thriving today's market. Finally, despite the changing consumer environment we face, CAKE BOX is well positioned to deliver strong performance. We are confident in our strategy and our team's ability to deliver further growth in the year ahead.

24:28 Thank you, Folishine, and we will be answering any questions that you have. Please continue to send them in. That's great. So Michael, thank you very much indeed for your presentation. Ladies and gentlemen, please do continue to submit your questions using the Q and A tab situated on the top right corner of your screen. While the company take a few moments to review those questions submitted today, I would 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. So Michael, as you can see, we have received a number of pre submitted questions as well as live questions. And if I may now hand back to you and kindly ask you to read out the questions where appropriate to do so, and I'll pick up from you both at the end. Thank you. Yes. So thank you for that. Nick p, he's asked, with the 19 directly owned stores, is there any plans to turn these into franchise owned stores?

25:18 Yes. We we are planning to do that, but, it will be over the next, twelve to twenty four months. What we plan to do is open more stores, And what will happen in a particular area, there'll be more stores opening up, and that particular owned store, their sales will go down, and that will be sold to the franchisees that open four stores in that area. CB, your choice of acquisition. Ambala seem to suggest your primary audience is a South Asian explorer. Will this is will this how you would like to brand yourself in other markets?

26:04 When the Ambala acquisition came up, this was out of blue. And if you see, whenever we have a birthday party, we will always give a sweet box to our guests. Whenever we have a wedding cake, we'll always give out sweets to with the card invitation cards to our guests. And so this was a natural acquisition. Our customers buy from both brands, so why not exploit their loyalties and get them to buy more of both items for every occasion? So CBOX asked which other geographic markets are you targeting, and can you share the progress status on that fund?

26:50 So we like CAKE BOX, we are expanding to non Asian markets. And as you know, samosas and pakoras, everybody enjoys. So there'll be a select amount of products available in those stores eventually. But for now, we wanna concentrate on the heartlands. We haven't got a store in Scotland. We haven't got a store in, Nottingham, Derby, or Sheffield. We haven't got a store in Cardiff, so we will o be opening up in all those locations as well. So, Jarvi, just having a look at your two questions. What will be the next steps regarding the bottles and stores? We we are looking to to move them on into the franchise market over over the next sort of two years.

27:35 And how are the kiosks performing? The kiosks that we've got are still performing well. It it's not a a focus of us to to grow through through through kiosk unless we if the kiosk does come up that makes sense to us, but more more it must make profitable sense to our franchisees, then we will open. But it's it's not a a a one of our core pillars in our strategy. And just to finish this here. Okay. CBOX what were the core reasons for rejecting The Cheesecake shop's off offer? Would you be open to consider better evaluation? It it was a they came in with a very lowball offer. The the board rightly decided that actually the business and and looking at the future is is is valued at at more than what their offer was.

28:29 And open question, we you know, we will consider any offer that comes in whether we would have to place that in front of shareholders. CBOX, again, what's the vision of management over the next five years? So do you wanna take that one? Sorry. Say again? So what's the vision of management over the next five years? Again, we continue to expand our store estate by at least 25 stores a year. And with Mumbala, we do we want to expand about at least ten ten stores a year. And we continue to be the number one in the cake market and wanna consolidate that position. And with Umbrella, we want to do the same, consolidate them as the number one treat since savories manufacturer and retailer in the country.

29:19 And so we've got a lot of plans coming up and watch your space. Next question. Does your your online sales number include the sales in Uber Eats delivery? Yes. They do. Said we'll we'll look into and and talk to our franchisees about the kiosk. I mean, the kiosk have certain open opening hours, and they should be adhering to those. Alex p Same people. Okay. Sorry. So we've got a question here. Does CAKE BOX plan to implement royalty based franchise agreements similar to those used by by Domino's in the future? No. We don't. Our model is is slightly different than than Domino's.

30:07 We have. We started off with a royalty based franchise system when we first started. But then what we decided to do is actually that is all excused upon baked into the sponge. So we do have the royalty, but it's in the sponge, and and that's just from a franchisee point of view that they can physically see what they're buying. They can see their invoice, see the stock coming in, and we prefer to to actually do it that way. During the interview in asset management, I pitched CAKE BOX as one of the most impressive companies I've come across in my ten years of investing experience. The interviewers really like the company. Where do you see CAKE BOX in ten years? Would it be too optimistic to suggest the company could reach a 1,000,000,000 market capitalization within the next five to ten years?

30:58 Oh, we'd we'd love that to be Exactly. Absolutely. True. No. We don't see it reaching that, but we do hope that it it will reach a much higher valuation than we are now. We're gonna keep on delivering on our long term strategy, and that should definitely pay pay dividends, so to speak, for for shareholders, not just in dividends, but also in share appreciation. If I just look at more questions on Jarvi Jarvi b, I couldn't find the online fee segment. This is now all included in in the sponge. We've we've decided that instead of from an administrative point of view as well, instead of sending out five, six invoices to franchisees, we've we've amalgamated them all into the sponge price.

31:53 And, again, it's it's it's simpler for for ourselves and for the franchisees. There are a few questions on the Paris store. The Paris store has is open now and is trading quite briskly. We're waiting for our website to be translated into French so we can start taking online orders there. And once we've done that, we'll have a formal opening and a huge marketing push. But we're to do a soft opening because we had to get over the supply issue. Since we since Brexit, it's been a lot more difficult to export to, France, but we've come over we've we've overcome all that now. And you can see in the next few months that we will be marketing and pushing the apparel store a lot more. Okay. Couple of questions here. Just to agree, all new Ambala stores will be franchised. That is how we will be building the brand through franchising.

32:54 Sorry. I'm just trying to there's quite a few questions coming in. Debt reduction, we'll be looking so we've just over one times EBITDA in terms of net debt at the moment. We we see that coming down and and being actually going to a below 0.5 within the next three years. So our our focus in terms of of of our net debt will be to reduce that over the over the coming years. EBITDA margin for Ambala, that was for the nine days. There's there's some accounting that we had to put through for for those first nine days in terms of stock valuations that doesn't really play play to the true margin of Mbala.

33:44 But shareholders will see that come through in in the full year results of the of the current year. Just in next one, what level of profit is the management targeting over the next five years? Sorry. All these are jumping around now. There's too many coming in. Each year will result in reducing revenue growth rates. We actually see that our our revenue growth rate will will increase with new stores that are opening because the revenue will be growing by a mature store state increasing as well as new stores. And we see that this will give us more operational gearing, which will therefore further improve our EBITDA percentages.

34:43 Integration of Mbala, the higher synergies will be mainly around production and production costs where we can increase production with with the same production staff because we will be using some automation as well. So we will see some significant benefits coming through from production. We've talked about the French store. Talked about the French store. We plan near term expansion to Continental Europe. We will wait and see how again, this is about the French store. It's a test pilot store. We'll wait and see how how we progress before we consider any further expansion.

35:34 I've got a question here that you asked how to give feedbacks on interview stores. We've got the trust pilot. But if you do want to give it more particular, just email to [email protected] or customer services, and every single feedback is read by us. Just from Robert b, will all stores have both brands? No. All stores won't have both brands because in certain towns, we will deem that you should you should have a a full blown Ambarella store. In other towns, due to demographics, we we might only have a limited range in the current cake box store. Do you plan on doing a brand refresh of Yes.

36:21 We do. If you can see my shirt, that's the new that's the new logo. And all we we should have all the shops rebranded within the next two months. Does management commit to maintaining or growing dividend per share each year? Our our aim is to grow the dividend every year. We we also do aim to to increase the dividend cover. Where the dividend cover is at the moment at 1.2, we'd like to move that up to 1.5 over the next three years, but at the same time still increasing the dividend. So the store count, we're looking at locations.

37:10 We believe we can have up to a 100 locations for Mbola over the next five years, and that will be in in current in opening up new stores, hybrid stores with CAKE BOX, selling within CAKE BOX as as well. And do you see that cannibalizing sales for CAKE BOX? No. We don't. We think it'd be the other way around. We'll get to a higher basket if especially in what we call hybrid stores where there'd be two stores next door to each other or maybe through a common door and where the customer can shop for both brands in one store. They have their distinct identities, one the right, one the left. I think we're at the end of the questions.

38:07 Right. That's great. If I may just jump back in there, so you and Michael, thank you for addressing all those questions for investors today. And of course, the company can review all questions submitted today. I will polish those responses on the Investor Week company platform. But before I redirect investors to provide you with their feedback, which one is particularly important to the company, Souk, could I please ask you for a few closing comments? Great. Thank you very much for listening on. It's an exciting year and will be an exciting next year, especially with umbrella coming on board. And we hope to see you on this platform at the interims in November. Fantastic. So, Michael, thank you once again for updating investors today. Could I please ask investors not to close this session as you will now be automatically redirected to provide your feedback in order that the Board can better understand your views and expectations.

38:54 This will only take a few moments to complete, and I'm sure will be greatly valued by the company. On behalf of the management team of CAKE BOX HOLDINGS PLC, we'd like to thank you for attending today's presentation, and good afternoon to you all.