Crimson Tide (LSE:TIDE) — Interim results for the six months ended 30 June 2020

0:02 Good afternoon, ladies and gentlemen, and welcome to the CRIMSON TIDE PLC Interim Results Group for the six months ended June 30. Throughout this presentation, investors will be in listen only mode. Questions are encouraged and could be submitted at any time via the Q and A tab situated on the right hand corner of your screen. Simply type your question and press send. The company may not be in a position to answer every question it receives during the meeting itself. However, the company review all questions submitted today and publish responses where it's appropriate to do so. These will be available via your Investor Meet company dashboard. I'd also like to remind you that this

0:34 presentation is being recorded. Before we begin, we'd like to submit the following poll. I'd now like to hand you over to Luke Jeffrey, CEO Peter Zaherta, CFO and Barry Witt, Chairman of CRIMSON TIDE PLC. Many thanks and good afternoon.

0:50 Many thanks, Paul. So firstly, thank you all for taking some time out of your busy lives to join our first presentation with IMC. Just to reiterate what Paul just stated there, just to introduce ourselves. So hi. I'm Luke Jeffrey. I'm CEO of mPro five, CRIMSON TIDE. I've been with the company for about fifteen, sixteen years, having joined from university as a senior developer. I'll let Peter Herter, our FD, introduce himself now. Hi. I'm Peter, originally from South Africa. Joined the company two years ago and, you know, enjoying it very much and really appreciate working with with Luke and Barry. And last and certainly not least, Barry Ripp, our chairman and founder. Good afternoon. I'm Barry. I'm a bit part player in CRIMSON TIDE these days. I just occasionally support the two guys on the call and Toby Hawkins, who's the sales marketing director.

1:46 I'm really here to just provide a smiling face and listen to

1:50 what you guys have to say. So moving straight into slide three. Slides three to five will really set then give you guys a little bit of context around the background of the business, what our platform in Pro five does, and our raise on DETRA. So, really, we're all about revolutionizing a company company's operations using the cloud. We've developed a mobile workflow platform called m pro five, and the majority of our customers use that to remove paper based manual processes where there's lots of travel involved, lots of bureaucracy bureaucracy waiting for approvals, so on and so on and so on. Really, the culmination of a lot of things of what we do is in real time management dashboarding and making sure that we only inform and alert users when absolutely necessary.

2:36 So, hopefully, once an m pro five configuration has been put in place, they your your business stakeholders can focus on the exceptions within their business rather than the rule, and, obviously, that kind of 95 to 5% split of their attention. So why do we do this? Moving on to step four, we've seen over the years that manual errors in data entry and processing are prevalent across pretty much every process that we replace. So that might be filling in forms wrong. It might be sending it to the wrong person, so on and so on and so on. Using mPro five, we're able to move all of that to smartphones and tablets, making sure that the correct processes are followed. This means that there's a reduction or a complete eradication, and in some cases, if the errors in data entry and processing, we're able to drastically reduce turnaround time and maximize throughput. So if there's automation steps where people need to be notified, people need to be prompted, you can basically allow the platform to do that on your behalf.

3:31 And of course the net result of this is that ensures process compliance. So some of our customers working the healthcare sector or or facilities management health and safety where there's very very strict guidelines around the process that must be followed, and they need to be audited for things like ISO standards and so on. And again, as I alluded to before, putting mPro5 in place allows our customers to focus on the exceptions within their business rather than the rule. And to some of our smaller customers, it really enables us to empower them with the capabilities of twenty first century cloud computing. So giving them access to technology like machine learning, predictive analytics, the Internet of Things, some of these things we'll we'll talk about in in more depth in due course. But really, this is the what and the why as to what we do for our particular customers.

4:21 So moving on to Slide five. I'll give you an example of one of our larger customers, Tesco. I'm sure you'll all be very familiar with that brand name. We've worked with TESCO for nigh on about seven or eight years now, having gone through a lengthy pilot process with the m pro five platform with them. And this is an example of one configuration of the m pro five cloud platform, whereby the problem statement there, can see we had cleaning contractors, which were the housekeepers in Tesco stores, not being able to clean stores to schedule or not being able to prove that they were. This meant that there was an increase in fraudulent claims across both customers and staff. They weren't able to provide any electronic evidence in terms of that they'd actually attended or rectified any problems as they encountered them. And you can see that stores basically were attributed a cost that hit their bottom line the moment they received an insurance claim against that particular store. And at the higher echelons of Tesco, there was no management reporting for the actual contract's performance around retendering, making sure they were getting the ROI on their cleaning contracts as you'd hope. So by putting in m Pro five, we basically equipped everyone with a smartphone or tablet devices they required based on their preference. We're cross platform, so it really doesn't matter whether you use Apple, iOS I'm sorry, Apple, iOS, Android, or Windows.

5:35 We digitized all of the cleaning schedules, imported those into the m pro five platform, and they were a process that TESCO prescribed to us around before and after photos, signature, clocking in using the NFC tags, so scanning a tag in store to prove that you'd attended to that area of the store at that point in time, and then rolling all of that data up into online dashboards, which meant that they could either respond and close claims within a matter of days as opposed to months or real time dashboarding across the entire Tesco estate for operational cleaning. So when it came to re tendering, when it comes to you know exceptions or reporting on problems problems within their estates and their clusters of stores, they're able to do that. And then at the back office, they have an injury help desk, which are alerted in real time if, an injury is recorded within the store as part of the accident workflow.

6:22 And all of this comes back to the the bottom part part of really automating the management level reporting so that they could claw back from contractors when they weren't providing the service they require and enhancing the ambiance and customer perception of the stores that mPro five was present in. So as you'll imagine, particularly at the moment as well, supermarkets, it's incredibly competitive. Everything that Tesco are really governed by is around brand, appearance, the ambiance in store, making sure that they are going to maximize the number of people that are shopping within those stores. Anecdotally, we had reported back that stores that had mPro five rolled out were 30% safer, that our evidence was used to support claim defenses across multiple stores, and that the customers were reporting visibly cleaner stores. So those were the three of the tangible benefits that came out therein. So a little bit about what we do, why we do it, and who have we done it for.

7:15 And I suppose now moving on to the slide number six, you'll see how we do it. So mPro five is our single platform. It's the culmination of many, many years of experience in mobile applications, both bespoke and through CRM systems earlier on in the company's life. Really, it consists of a few components, a mobile app that you can install as I alluded to before, a cloud based website that runs in Microsoft Azure. We've been a Microsoft Gold Partner for many, many years. Alerting reporting KPI dashboards and that automation engine that I alluded to around scheduling things based upon if this, then that type criteria, and our IoT data capture module. Now this is really new as of really, I suppose, middle middle to end of last year, whereby rather than having all of these as manually specified schedules or manually specified routines, mPro five is able to ingest millions and millions and millions of events from sensors that are listening to temperature, humidity, CO2, carbon monoxide, all of those sorts of things.

8:16 And as a result, automate the scheduling and the process compliance from the back of that data. So a good example might be one of the pilots that we've currently got running in London Waterloo, whereby we're monitoring the population density, people movement, the air quality, all around COVID safety and all around ensuring that that station is going to be managed and optimized throughout rush hour. MPro five is sold in a long term software as a service contract. Really we are governed and everything we're trying to do is push everyone into long term subscription revenues and we're relatively high margin circa 85% in terms of those long term subscription revenues and our contract breadth is covered in a later slide which you'll be able look through. Generally, our standard contract term is thirty six months.

9:05 So moving straight into slide seven, a little bit around what the platform capabilities have that I haven't covered already. So just picking out some key points here, things like location and geotagging is all there supported out the box, totally online or offline. Again, separates us into more of an enterprise app space as opposed to a cut a consumer app type space. And that last point, the integration API was another investment that the company made strategically, which enables us to plug m pro five into any existing system that can connect to the Internet. So think of that really as a doorway between two systems whereby you can push data into m pro five and pull data out of m pro five as and when you see fit. I mean, that's really all about lowering the barrier of entry for our sales channels.

9:50 So, again, a key differentiator for us as a platform is that our service is included in our monthly subscription. What this means is that we're able to configure m pro five to your, I suppose, your problem statements, to the requirements that you might have to help our customers maximize that ROI. The key point to note here is that when we're setting up new customers around our gearing, for example, is that we need data entry type staff to be able to configure the these particular workflows. It is not coding. It is not development. It's a no code environment. So really, we're relying on our users or us or our configuration teams to take the requirements that our customers give us, move them into the cloud and then give them all of that great mPro5 goodness. So moving on to slide nine, little bit around the history. So our longest client is 15 going on sixteen years now. They've renewed with us I think five or six times and that's Koenig and Bauer. We're a service industry for large printing presses in The UK.

10:48 We've got a number of supermarkets. So Tesco's and Morrisons are the two that everyone knows. And in the first half of this year, we closed our first deal with a neighborhood convenience store, was McColl's. We've got our standard Azure 99.9% uptime SLA. And we've got, as I alluded to before, some really great names on customer sheet. You can see there some of our partnerships are ISO accredited, GDPR compliant as any tech company will be. And we've been a Microsoft Gold partner for many many years and we're also part of the Samsung Enterprise Alliance program. And I'll speak a little bit more around the partner network later on when we're talking around growth opportunities. So, on slide 10 and slide 11, we're going to delve a little bit into the financials. So, I'm going to hand over to Peter Herter, who will run you through these.

11:35 Thank you, Luke. Just to put those numbers into perspective, the forecast, from our analysts for the for the full year numbers, turnover is about, 3,300,000, EBITDA just under 900, and PBT just under, 500. So you'll see we half year numbers are tracking very well against the the forecast for the for the full numbers. You may have seen, in our interim figures, there was an adjustment to revenue for IFRS 15. It's really an accounting adjustment where, if you sell devices over a long term, the the revenue for that and the the related cost of sales need to be recognized at the beginning at a point in time at the beginning of that contract. So a bit of an anomaly in in the first half results with just due due to accounting rules.

12:33 But even if you if you strip that out, we we are tracking very well for for full year numbers. And then strong net cash, we've been relatively robust throughout COVID, and, yeah, the the recurring revenue models is working quite well for us there. Alright. Let's move to the next slide. You can see there our average contract length for revenue revenue weighted is 42 at the moment. So like Luke said, our standard contract, pretty much thirty six months, some twenty four. The just how we the revenue weighting with at the end of last year, we renewed quite a big contract

13:22 for sixty months. And then in in q two, there was the r and s out for another big contract for for also for sixty months, so that's where we got to the that's why our average contract length at the moment, forty two months. The our number of customers in excess of 100, typically, we find that customers have I'd say a third of customers have more than one contract with us. So we started one department, and they find it useful. And either they renew early and add another department or add a separate department on a new contract. And that's really playing into we try to be sticky so that it's that it's difficult to, I mean, really embed ourselves in in customers.

14:08 And, I mean, I suppose on that, also, the the next I mean, the inevitable question in terms of stickiness, you'll see their lifespan on churn. The, historically, our churn is is very low. And, I mean, typically, it is due to either, we've outgrown a small business or perhaps a company was acquired, and the acquiring company had a matching solution. That's I mean, certainly, in the time that I've been with the business, the only the only reason that customers have left. Gross margin, like Luke mentioned earlier, it's about 85% if you split out the devices, that IFRS element. On the devices, gross margin about 50%.

14:55 So for the half year results, it's a little bit of a of an impact on on that. But, certainly, for the on the software and the recurring revenue side, 85% margin is is what we're working towards. That's about that. Back to you, Luke. Thanks very much, Peter. So just running through the operational highlights. And I've seen we've had a few questions raised. I promise I'll get to those towards the end. And so please just be a little bit patient on that front. So as we alluded to before, first half of this year, we closed our first kind of neighborhood retailer in terms of McCall's, which again was a sixty month contract. And as Peter alluded to before, that had an impact on the on our weighted long term contract average duration.

15:41 We've really placed a couple of bets internally around focusing on transportation and supermarkets. We have partner network for in terms of our sales channels, which has provided us introductions to the likes of Network Rail. That particular partner was o two in The UK, we've and currently got some pilots which are underway and within those stations as I discussed very earlier in the presentation all around Internet of Things, people safety, people movement and obviously the COVID pandemic in shorter term, but longer term maximizing the efficiency of the mainline stations. So that's currently underway and it's very exciting for us. In terms of increasing the quality of the retained client book, to give you some visibility, two years ago, our entry level price was GBP $4.95 a month. We doubled that to $99.05 per month and then actually doubled that again to $199.05 per month.

16:34 And that's really because we found more of a sweet spot with the slightly larger organizations compared to the very the small micro businesses before with maybe five to 10 users, whereby we're able to give much bigger ROIs. And obviously, it works much better for our scaling and our gearing longer term to be working with larger and more enterprise level customers. So there's been an element of positive churn over the years. Historically, churn rate is incredibly low. You'd be talking between mid probably between 5% to 10% as a maximum at the very low level. That would be in terms of customer numbers, but not in terms of revenue. So really, really small in terms of the impact. And I've got a particular slide, and I believe it's the next slide, which talks around COVID in particular, so that you're aware of the impact that that's had on the on the subscription business. Our partnerships are improving our routes to market.

17:21 If you were to speak to Barry on any day of the week, he'll tell you that we're terrible at marketing and we have been for many, many years. Really, I think the partner model is our quickest route to growth. We've had some great successes with what we call digital transformation consultancies. So these are consultancies that are employed by organizations to move them to the digital age where they haven't before and increase those efficiencies. Those business objectives go hand in hand with the capabilities of the mPro5 platform. We've got a couple of those. We've got one in Dubai who's actually a technology partner, so they're full fully involved in their delivery. We've got one in The UK, and we've also got obviously the mobile networks and the hardware providers. So the likes of Samsung as a sense as a an enterprise alliance partner and o two in The UK as a mobile network partner.

18:09 And we are seeing some growing traction from our investments in innovation. So particularly the Internet of Things, it's a real buzzword, has been for, you know, probably the last year or so around how can one thing is capturing and ingesting all of this data. The next thing is what do you do to action it. And that's where mPro five has really stood head and shoulders above the rest of its competition in terms of you can action it in pretty much any way you see fit. Do you want us to forward it to an API? Do you want us to forward it to a mobile device with a particular process that you dictate? Do you want us to inform or alert someone? Or do you simply want that data on the dashboard? MPro five gives you all of that flexibility on a monthly subscription with the service included to get you there. And that's a real, real difference compared to some of the competition that we come up against. So moving on to slide 13, the impact of COVID nineteen.

18:55 So internally for our team, homeworking was already part of the CRIMSON TIDE culture. Obviously, there's been a lot more of it. But in terms of actually moving to full remote working, no problems at all, and there's been no negative impact on the customers. The mPro five platform runs entirely on Microsoft Azure in The UK. And I think we've got a question around data security and the like, so I'll pick that up later on to delve a little bit deeper into there. And we've actually seen, I suppose, a slightly unexpected artifact of COVID nineteen on our subscriber base whereby a lot of the business stakeholders that we work with day to day are taking what they would consider some element of downtime from their day to day jobs to focus on projects they've wanted to get done but haven't had the time to do so. So we've actually seen quite a large uptake in our configuration team and their resources to basically further embed mProfile within our existing customer base. And that's really, really good for long term retention

19:49 and, you know, and keeping that churn rate nice and low. Prospects and pipeline for us remain strong. Someone has asked around the the scalable opportunity for CRIMSON TIDE, so I'll cover that in a bit more a bit more detail later on when I'm answering that question. But really, we've just changed the way we sell in a similar way that we're all set here on a webinar by our IMC, our our sales team is simply using the remote tools to sell where they would have gone and visited a customer or given a demo within an office, so to speak. So there really hasn't been too much of a problem. We did notice some delay when people were moving from the office environment and transitioning to home working in terms of how long it was taking to get decisions or how long it was taking to get communications out of procurement teams in particular. But that really that's what they're there for. And then I suppose the subscription model being robust. So to put it in perspective, we wrote to our subscriber base during the the initial lockdown and offered them a payment holiday to manage their cash flow.

20:42 We had some uptake at the smaller end of the of the scale and really if you were to say on an annualized basis for this year, it's a delay in about £20,000 of revenue in terms of who took us up on that particular offer. In terms of churn, we've had one small cleaning company churn as a result. And as Peter alluded to before, one of the strategic objectives that the Board set, Peter and his team, when he joined the company was around cash collection and making sure that the value of our platform pulls through to us being paid on time.

21:11 So really, we've been relatively robust throughout COVID nineteen. And, again, throughout the diversity of our customer base, we aren't beholden to a particular vertical. We aren't a niche vertical product. We're a relatively universal and generic platform with customers across supermarkets, sales teams, engineering teams, teams of field based nurses and health care. So there's an awful lot that we do for an awful lot of different organizations that helps mitigate that risk. So moving on to Slide 14. So some of our existing customers. So I've alluded to the Waterloo station pilot that we've got running with Network Rail. Morrison's, again, one of our two long standing supermarket clients. Tesco, we all know about. Dulzco is an interesting example because that's in a completely different geographic for us.

21:57 A few years ago we started our foray into some international expansion and very quickly learned that the real route to success for that was to adopt a partner model. So we've found what we would call a technology partner over in Dubai, which is where they provide not only the sales and the marketing resource, but they also provide the technical delivery resource for the mPro five platform for those customers out there. And Dulzco was one of the first customers that we added in Dubai. It's gone really, really well, and they're looking to expand out into The Emirates as a result. And that really is, I suppose, alluding to that first question around scalable.

22:30 Finding technology and digital transformation partners, either in The UK or abroad, really would be a very quick route for us to scale the existing mPro five offering. So moving on to Slide 15. So I very, very quickly touched on that growing partner network. To give you an idea of what consists of today, you're looking at o two in The UK. You're looking at some digital transformation partners in The UK as well. You're also looking at sensor manufacturers. Excuse me. So IoT providers as an example where they have the hardware, for example, to record the carbon monoxide level, but they don't have the software or the platform to deliver the benefit to the customer of that data. So that's been quite a nice synergy between between two different two different prongs, so to speak.

23:16 Our significant pipeline, so we really do get an awful lot of varied opportunities across very different verticals. To put it in perspective, eighteen months ago, we had no customers in rail, absolutely zero customers in transportation and rail sector. And now we generally feel this could be one of our significant growth areas in the next twelve months. I've covered IoT, I think, in good enough detail for now, so we can leave that. And overseas, really, we acquired a business very early and TIDE PLC over in Ireland, where we've inherited some existing subscriptions, which have moved to the mPro5 platform. And The UAE, as I spoke alluded to earlier, really would be governed by finding a technology partner either from Dubai or one of the other Emirates. The micro business market is something that we've, I suppose, a strategic perspective, we've discussed a number of times. Is there space for a nano and micro business offering of mPro five?

24:10 So these could be your self employed tradespersons or very, very small companies consisting maybe less than five users, maybe 10 at a maximum. And there certainly is scope in that, but at the moment, I think if any of you have read the chairman statement in in the interim results, you'll see that sometimes to a degree we're constrained about the opportunity that we can prosecute simply by the current resource and the size of the organization. Our marketing is a relatively small percentage of overhead. You'll really see that we had some positive pressure, I would call it, on our gross margin, which is probably circa 90% before we had the growing partner network contributing. And really, that's where we've placed the bets with those partners. And those are a direct result of partner commission or revenue share when they've closed an mProv5 deal.

24:56 So we're looking at extending our open API to make sure that we have out of the box connectors for Sage, Microsoft, QuickBooks, Xero, Salesforce, all of the big players in in in, you know, in kind of customizable and configurable spaces. And the one that I'm most excited about is the mPro five health care offering that last bullet point there. So we have a number of existing mobile apps that have been written in previous versions of the mPro platform. We've taken the decision this year to converge those into a new health care offering that puts the patient at the center

25:28 of their data, their data security and their ability to communicate that data with their local health authorities on the basis that they deem fit. So watch out for some really exciting developments in that space in due course and we have quite a good pedigree of customers that we've already worked with as you can see there the likes of Amgen and the World Health Authority. So we do have some additional case studies on network rail. But I think really for the sake of today, that's probably absolutely fine for what we want to discuss. I'm more than happy to go over to the questions, and I'll hand back to Paul for questions. That's fantastic. Thank you very much. Thanks, Luke, Peter. Thank you for that, and thank you, Barry, for being here as well. Ladies and gentlemen, do please continue to submit your questions using the Q and A tab situated on the right hand corner of your screen. Just while the company take a few moments to review those investor questions submitted already, I would like to remind you that a

26:22 recording of this 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. But lastly, just before I hand back to the guys, I'd like to remind you that your feedback is important to the company. Immediately after presentation has ended, you will be directed for the opportunity to provide feedback in order that the company can better understand your views and expectations. Luke, Peter, Barry, before we perhaps look at some of the questions that were submitted during the live presentation, we've a number of questions submitted pre event from investors. Perhaps I could address these to you, Luke, you could pass them around the team, if that's okay. Yeah. No problem at all. The first one we've got here, great performance and revenue growth. When do you expect to see the growth pull through into profitability? That's an interesting question. I'd say slightly tongue in cheek that being we've been a profitable business for a number of years.

27:13 We're a little bit of an anomaly in terms of AIM technology companies as a result. And certainly, if any of you guys haven't seen FinCap's note that's out there at the moment, please do reach out to FinCap to get a copy of it. We're very comfortable with the target that we set for the business therein. But I'm sure Barry will have a few bits to add. Fantastic. Barry, is there anything you want to add at all? As Luke says, we are slightly unusual in as much as we did not take the option to take significant enough capital early in our business because we believed that setting the foundations of business were extremely important. First, we feel uncomfortable with just continuing to come back to investors looking for cash to potentially grow to the next level.

28:04 And so we have been profitable, sometimes to our detriment. Sometimes we should have potentially looked to invest more and perhaps report a few losses, but not our style. Although, I may like to wrap that up into one of the questions on the screen, which is regarding scalability. So having established that base, that platform, where to next? Well, I think in Luke's presentation, there were four, maybe even five areas that represent potential business plans on their own. The micro nano business, which is a lower revenue but still high margin opportunity and clearly a larger market opportunity. The overseas opportunities, we're not fans of bricks and mortar investments in new geographics, and that fall that falls into the partner strategy of where can we find more partners.

28:58 Now marketing is now attuned to gaining credibility rather than continuing to market. M profile for QuickBooks, m profile for Dynamics, profile for Salesforce, all of those are scalable opportunities. But putting those to one side, the core scalability in the business is extremely high. Another supermarket, another rail company, another logistics organization wouldn't trouble us in terms of infrastructure as you've seen in the slides. Microsoft, guarantee our scalability. We stand on shoulders of giants, Microsoft, Samsung, o two. And I think there's a very compelling argument now that this business is all about gearing. It's all about can we add to the top line because we can certainly deliver, and we certainly have increasing credibility.

29:54 And it's our job now to to take this opportunity to push forward. Hope that kills two birds with one stone on those questions, if that's okay. That's fantastic. Thank you, Barry. Thank you very much for that. Next question. I think Barry just touched on, I guess, a little bit there. What sales channels do you use to win new business? And do you expect to continue the reported level of growth this year? Sure. So as I alluded to before, maybe not in enough detail, but today, our sales channels are really direct via internal sales and marketing. We aren't the best marketers in the world, and I'm sure some of that has, you know, has hit growth to a degree. Word-of-mouth from existing customers or existing m pro five users as they move between different organizations. We've certainly had had some deals as a result of that. And really, in in the last twelve to eighteen months is the partner channel.

30:41 That's the real focus. And then as I said before, we have a really diverse partner channel where there's an awful lot of complimentary offerings. So this digital transformation consultants are really driving the internal objectives and strategies of the companies. Mobile networks such as o two are looking for the hardware and, obviously, the SIM revenue. And then obviously our IoT sensor partners and providers who are literally providing hardware but don't have the software capability to deliver. That's great. Again, think you touched on this in the presentation, how much of your revenues is repeat in nature? I know we've got a couple of questions on that in the in the live q and a as well. Perhaps I could just ask you to incorporate those together in a couple of seconds, if that's okay. Yeah. Sure. And and lastly, the one question we had through as well, could you demonstrate any of your product solutions? What we thought we'd do is just pop up a little poll just to ask investors if they'd like to attend any product demo by the company so we can gauge that, and we can we can look to fix it up.

31:36 But if I could perhaps hand back to you guys now, just have a little scan through the q and a that we've had in today during the live event and and just read out the question, perhaps who it's from, and the question before answering where appropriate to do so. Sure. No problem. So I'll kick off with the first one, which is around Andrew c from Andrew c around looking to the medium long term, say something about the scalable opportunity for CRIMSON TIDE. So I think Barry alluded to that before and and answered that relatively relatively fully in terms of doing a little bit of what we do. A couple more supermarkets in The UK, a couple of the stations closing for us would really contribute quite significantly and be rather exciting. And then really from there, there's potential for us, as you can see on the screen there, with the other opportunities to go through.

32:21 From a scalable perspective, as I alluded to before, it's really a case of how much development work we feel is gonna directly correlate to adding to the top and bottom lines. So we aren't really aggressive in terms of our capitalization policy compared to some of our some of our competitors. And, really, it's all about making sure that we're pushing the platform on, keeping it current, and making sure that we're delivering that twenty first century cloud computing for our subscriber base. I'll take the second one, Luke. I'm going to put you in the list of philosophical questioners. The reason we call mPro five SaaS is certainly to do with where the company's origins came from. We were very close to Salesforce in the initiation of mobility as a service, and we we've had our own acronyms over the over the the years, MAS, SLAS, SOLTS, etcetera.

33:17 I think one thing it does bring out, though, is that our customers supply them profile as a service on their long term contract. So one of the features is that customer requirements change, opportunities appear. New requirements are added. New modules are added. And we actually do that included within the subscription. So it is truly as a service. I do understand the question. I think it's potentially a little bit too intelligent for me, but that's our explanation of it. I hope it's good enough. Thanks, Barry. Andrew, see oh, great. A technical question, finally. So could we say a little bit around user authentication and data data security? Yeah. So first thing around internally, so we're ISO 27 double o one certified.

34:04 The m pro five applications annually penetration tested. We have SSA 16 type two certification as well. Everything we do is in Microsoft Azure in The UK cloud or where required in the locality of those particular customers as needed. And in terms of authentication as a good example, recently we completed an s s o module development for m pro five which enables us really again to lower that barrier of entry. So where someone has an existing authentication provider that they want to use, you can simply bolt that on, connect it out to m pro five using SSO, log in with your existing email and password, you know, from from your corporate environment, and then use all of the authentication protocols that you'd normally like. So anything like OIDC, two factor auth, LDAP, all of that kind of stuff is is is supported there at the box. And we do have an internal development road map.

34:53 Again, what what what what Barry will probably say to you as well is that some of the exciting shiny things that he would like to have added sometimes are superseded by the requirements of of adding our subscriber customers. But, yes, we do have an internal development road map, and I'm more than happy to share a high level version of that at a later date with you guys. I'll deal with the question on RFPs, often a graveyard for software companies where organizations basically don't know what they're asking for, but they want free quotes for what they don't know that they're not asking for. Very rarely do we get any business from tenders, proposals, RFIs, although I can hopefully amusingly say that we did respond respond to one recently from a public sector organization that had an RFP for mPro five.

35:44 We're very hopeful of winning the business. Thanks. I will with the listed question. What what an interesting question. Should we be listed? Should we not be listed? Over the years, we've always taken the fact that we would have access to capital should we need it at the right time, sometimes at the right price, sometimes at the right volume. Our AIM costs are actually extremely low. I challenge some people to find many truly operating companies on AIM where where they are lower. Our negotiation skills have been quite strong. Who knows whether it's a benefit or not? Sometimes I do question that myself. We've had inquiries from private equity, etcetera.

36:31 We choose to be on aim. It is a badge of honor. We do go through the compliance, and also, it gives us the opportunity to potentially use the shares corporate activity in the future. But to a degree, it's like one of those questions such as should we pay dividends or up. There's always two sides of that balancing argument. We've chosen to be listed, and, hopefully, that's going to serve us well over our our history. But it's a good question. Thanks, Barry. And I think last question so far from Alan b. What's our employee count? What's the breakdown between sales, dev, config support? So we're roughly, you know, mid thirties in terms of our people based in The UK and Ireland.

37:16 In terms of breakdown, sales team sales and, let's say, raw sales on their own is is four, supported by a marketing and technical presales of three, dev circa eight, config and support, you know, eight to 10, and then obviously the finance and then moving on to non execs as well. So, yeah, mid mid thirties in terms of our employee count. That's fantastic. Thank you very much. Thank you to Luke, Peter and Barry. I think you've pretty much addressed every question that we've had through from investors. And if any more do come through, the company will review those and answer where appropriate to do so. Luke, perhaps I could just hand back to you just to to wrap up for investors before we direct them to feedback, please. Yeah. Again, look, thank you for taking the time. I know that probably historically, we haven't done a great job of getting our story or our brand and our name out there from an investor relations perspective, and we're hoping to change that via IMT and and Alma PR who we've recently appointed as well. So please do keep an eye on on, you know, the RNS and the newsfeeds as as as they come out. We do have some cursory glances across the bulletin board, so we do know kind of, I suppose, the ethos and what's out there and some of the feedback from time to time.

38:25 So please, yes, really look forward to developing some meaningful relationships with some of the investors out there. That's fantastic. And you've had a great response to the product demonstration. So get your product ready, guys. Looks like So you're be doing that's great. Look, thank you very much, Luke, Peter, Barry, for updating investors today. It's been great. Could I ask investors not to close this session as you'll be automatically redirected to the opportunity to provide your feedback, which is very important to the company. If you've accessed the meeting from our website, the feedback page will appear in front of you just a few seconds after the end of the webinar. If you've accessed it via the link in the email, you'll just be asked to log in and submit your feedback. It only takes a few seconds, and greatly received from the company as well. Therefore, on behalf of CRIMSON TIDE PLC, an investment company, we'd like to thank you for attending today's presentation. Thank you very much and good afternoon. Thank you. Goodbye. Thanks, guys.