Finseta (LSE:FIN) — Final results for the year ended 31 December 2024

0:02 Good morning, ladies and gentlemen, and welcome to the FINSETA PLC investor presentation. Throughout this recorded presentation, investors will be in listen only mode. Questions are encouraged. They can be submitted at any time via the Q and A tab that's just situated on the right hand corner of your screen. Please just simply type in your questions and press send. The company may not be in a position to answer every question it receives during the meeting itself. However, the company can review all questions submitted today, and we'll publish those responses where it's appropriate to do so on the Investor Meet company platform. Before we begin, as usual, we would just like to submit the following poll. And if you give that your kind attention, I'm sure the company would be most grateful. And I would now like to hand you over to the executive management team from FINSETA PLC. James, good morning, sir. Good morning, and thank you. So if we go to

0:51 the next slide, please, And the next carry on. We'll we'll dispense with introductions. So a little bit about what FINSETA does and who we are. FINSETA provides multicurrency accounts and payment services to businesses and high net worth individuals. And that's very important differential, so we're servicing both businesses and high net worths. We do this on our proprietary platform that's connected to multiple counterparties and payment rails. Again, very important. We have multiple counterparties. We're not reliant on one or two. We're regulated in The UK as an EMI, and we also have offices under regulated in Canada and The UAE, which will come on a little bit later on and the progress there.

1:47 Nearly all of our customers come through a growing introducer network. An introducer is a lawyer, an accountant, a property agent, and all of our go to market and sales effort are focused towards those introducers.

2:04 Many of our customers come to us because they have payment challenges. Whether it's specific payments or or jurisdictional payments, they come to us to solve those, and we have a a solutions business that helps them solve that. As well as the innovative platform and multicurrency accounts, we offer a highly personalized service. So each customer, each client gets a dedicated account manager, however large or small they are, to ensure that they can do their their payments, etcetera, with the ability of actually speaking to someone. That and that is a key differentiator.

2:49 Many many payments platforms now are digital only, so you can self serve only. We we actually ultimately rely on the customer to decide how they want to be serviced. Many customers still many of our customers, particularly, still want to be serviced over the telephone and still want that element of interaction with with their account manager. We've invested very heavily in regulatory and compliance capabilities, so we're able to onboard our customers in a in a regulatory compliant fashion, but also for for those with more complex needs, whether it's a trust structure or whatever. Typically, we can onboard those customers within the day, which is very unusual.

3:38 But, again, because we've we've invested within our sort of regulatory framework, that enables to do that. Next slide, please. So a little bit about the highlights of 2024. '24 actually has been a significant year for FINSETA. We have been executing on the strategy, which I'll which I'll come on to. Aside from the the the numbers, which I'll let Judy go through in more detail, We've grown our introducer network significantly. We've grown number of active clients. We've expanded out our global payments capability. And where I touched on the counterparties, we've expanded those out so we can now pay to a 165 countries in a 150 currencies.

4:30 We have we've also launched our commercial card scheme. Again, it's another payment rail. This is on the card rails, but it allows our customers ultimately to choose how they pay their suppliers and and their invoices. One of the things that it feels like a long time ago now, but we've rebranded the business from Cornerstone FS to FINSETA. And, again, rebranding is not not an easy task. We we did it in a very cost effective manner. We own all the IP around FINSETA. It's been received very positively by by customers and introducers, and we've done it across both PLC and the regulated entity as well. Significantly, in 2024 and and early twenty five, we received regulatory approval in Canada.

5:23 We received regulatory approval also in Dubai, and we've also set up local banking relationships within those jurisdictions. And that's critical particularly to operationalize those jurisdictions. It's very, very important to have the local banking piece in place. Next slide, please. So I thought it was worth touching on the market opportunity because I get asked a lot what is the size of the opportunity that that is possible here and particularly for what FINSETA is going for? And I thought this this bit of research from McKinsey was actually very useful to to show and demonstrate the the size of the payments world. So in The UK UK alone, the the payments market is worth approximately $4,600,000,000,000.

6:16 The Europe, 52,000,000,000,000, and globally, 200,000,000,000,000. The significant part of that is b to b, but you'll see also b to c person to person as well are also significant markets. So from our segment, as I touched on, we cover both b to b and b to c. So it's it's a significant market opportunity. The next slide, please, will show that still the the incumbent banking providers still own the lion's share of that. They've FINTECs and and some of the newer players have eroded market share of the banks from in the in the P2P space, so the the personal space, and they've made good headway in that with some very big sort of compared some of the they're not really competitors of ours, but sort of digital players

7:18 have made good good inroads there. What is very interesting to see is that the the b to b space, still international banks can are are still in control of most of the lion's share of that that opportunity. And this is where businesses like us, this is where the opportunity is to start eroding that market share. But I thought it was worth sharing that that bit of research because it does show you the the sort of size of the market. Next slide, please. So just as to to recap on our strategy, very straightforward, three pillars. One, expanding out our geographic and market reach. Secondly, is enhancing our product capabilities.

8:06 And thirdly, we loosely term future proofing the business, but the reality, the business really is its people, and it's ultimately about investment in people, which which we'll come on to. But those are the three pillars and, ultimately, providing a platform payments platform specifically to to be able to serve in these markets. Next slide, please. So how have we progressed against the strategy? So so on the geographic side, as I mentioned, we've we've been approved for license in Canada. We've we've now hired a country manager and actually additional sales sales. We have an office. We're now operational with banking partners, and we will see revenue coming through in Canada this year.

8:55 And and by the way, as we grow, we will continue to invest in in the sales effort, I. E. People, revenue generating people there. In The UAE, we've been granted, and this was post year end, so early twenty twenty five, Cat three d license by the DFSA. We are, again, in a similar position. We've we've we're now operational. We have local bank accounts, which are critical. We have an office. We have people. And, we are currently recruiting for additional sales sales and revenue owners there. So for both markets, we've made significant progress over the last twelve months and really building the foundations for both of those areas to to progress significantly.

9:45 Next slide, please. On the card program, we some may remember we signed an agreement with Mastercard last year for the launch of a commercial card scheme. And very important, this is aimed solely solely at at commercial and corporate. That now has gone live, and we are onboarding customers. We went through a fairly extended period of testing, which you need to do with these products to make sure that they they work absolutely perfectly. We have done that with the the app is now in the App Store, and as I say, we are onboarding customers. This product is very much aimed at supplier payments, so

10:32 particularly in the digital world where you're paying AWS, Google Ads, and such like. So very much high volume, high velocity type payments, and the product has been has been set up and the the transaction monitoring tools have been very much set up geared around that, which is relatively unusual for a card scheme. And it allows customers ultimately to make multiple payments at significant size where normally they would be blocked. So we so our transaction monitoring rules have been specifically set up for that product. And we're really, really delighted with how it looks, the platform, and the early feedback from customers. So really, really delighted with that.

11:23 Next slide, please.

11:26 And in terms of on the product capability side, in terms of the platform, obviously, with any technological platform, you can't stop investing in it. It needs to continue to to to be suitable for the market, which we will continue to do over the next few years. But a few key things that we have launched this year, one of which is mass payments, and all of this is is things that we're launching because of customer feedback and customer request. So mass payments is something that our customers asked us for and ultimately allows us to go into different verticals, so payroll, for example, where where where our customers want to make multiple payments in one file.

12:18 We've also streamlined our transaction monitoring

12:22 tools. We've we've we've made significant improvements actually in the customer interface, so I. E, the user interface that customers go and see. We've modernized that, made it even easier to use. We've added additional counterparties via API, so ultimately allowing us to make instant payments around the world. And as I touched on before, we've extended from two years ago where we had probably 38 currencies. We've now we've now got a 150 plus. So we've made significant progress on the the markets that we can service and the the payments that we can make. Next slide, please. In terms of future proofing the the business, as I touched on, we we we've rebranded, and I think the FINSETA brand really sets sets us up for success in terms of owning our own domains, etcetera.

13:22 Cornerstone was a very generic brand. And and as I say, we've we've had very positive feedback on on the whole rebranding experience. We've we've been supported by a couple of partners, Ladies European Tour and the Ultimate Tennis Showdown. Really, really good partners for us, the Ladies European Tour, but both partners actually do all their their payments through us. We we are quite heavily involved with both as well. In fact, we sponsor a lady golfer, Mimi Rhodes, who who's had significant success this year, which is great. And that really sort of demonstrates the the power of partnership, and and that's what FINSETA is a brand.

14:10 I think it it sort of encapsulates what we're about is the partnership aspects of it. The financials, I'll I'll let Judy go through. And in terms of the people side, which really, as I say, is the key key to any business, we continue to invest in hires across the business. We continue to invest in our existing people through training and qualifications and and ultimately improving our employee benefits and making sure that this is a good place to work and people want to come to work. And and, you know, ultimate, that's what any business thrives on is is is the output and the effort of everyone within the business. Next slide, please.

14:57 And with that, I'll hand over to Judy. Thanks, James. So, in summary, I won't go through all of these metrics on this page, but they're they're green across the board, as you would expect, hopefully, with everything that we flagged. And, obviously, everything we're reporting here is consistent with the, trading update, an update we gave on I IMC back in January.

15:23 But really pleasing, as I say, in a year of very strong strategic focus on all of those pillars that James has just mentioned that we'd we've continued to deliver on our financial metrics, setting us up for for great years ahead. If you can move on to the next slide, please.

15:42 So specifically on revenue, 11,400,000 for 2024, up 19%. More importantly, on an underlying basis, so where we're stripping out the white label business that we off boarded at the end of twenty twenty three and some licensing revenue that we got as a result of our disposal of Villa House. Effectively, the the revenue is up 26%. That's been driven by, as James has already mentioned, a a continued expansion of our introducer network,

16:14 but also that the and their therefore, the growth in customer numbers. So a 59 customers trading with us during 2024, that's up 17% year over year. And more importantly is the kind of lead in for twenty twenty twenty twenty five, significantly up in the second half. So, yeah, really, really pleased on on the kind of top line metrics. So, yeah, if you could move on to the next slide, please.

16:42 Turning to profitability metrics, and I'll kinda come back on the next slide to talk about costs. But just as a as a headline, we've seen the continued expansion of our gross margin. So for 2024, that was 65.7%, up 2.3 percentage points. And and, again, as a as a result of that move to 100% direct business, higher quality revenue generated in 2024.

17:11 Adjust sorry. Adjusted EBITDA for the year, 2,000,000, at a consistent margin of last year, 18%. So really pleased to be maintaining that when inevitably we have had a drag on on that margin as a result of our, you know, second half activities in particular in ahead of of the commercialization of in Canada, Dubai, and also the car program. And moving on to the next slide, please. Just in particular on costs. So adjusted costs up 1,000,000 in 2024 to 5,400,000. The majority of that is in staff costs, particularly in additional hires, in into the direct sales teams, as well as, the kind of country head that that James mentioned in Canada, and and an element of performance related bonuses in line with with revenue generation.

18:12 Some small cost increases elsewhere that that's probably not worth flagging, but the kind of ones and twos

18:20 leading to that that 1,000,000 increase overall. And if you can move on to the next slide. Actually, before before I go into cash flow, I'd want we normally focus on kind of adjusted measures, but I do want to want to draw out. I don't have a slide on this. But in terms of, if you're looking at profit bottom line, profit after tax, you will see a significant reversal, in our tax charge, which which kind of, has a has a massive impact on on our results. So profit before tax, we're showing growth 1,400,000 this year versus 1,300,000 last year, up 8% year over year. But then, from a profit after tax level, because because of that tax charge, our our, profit this year is less than half, of last year. So as you may recall, last year was our maiden profitability

19:14 year, so we recognized the deferred tax asset in respect of our accumulated tax losses. So 843 k credit last year. And then this year reflects effectively a normalized tax treatment as you will see going forward at at standard prevailing tax rates. So a 400 k, charge in this year. So as I say, just wanted to draw that out, as we walk down the income statement. May not, you know, may not come out if as we typically focus on on kind of cash and, adjusted measures. But turning to cash cash flow, so really strong, cash flow conversion, from adjusted EBITDA. So, you know, 2,200,000 operating cash flow.

19:59 We have, seen a a material increase of kind of noncash items, so a million coming out in the adjustment from profit before tax. That's mainly in the area of depreciation and amortization. So 900 k depreciation and amortization in the year,

20:18 up 300 k year over year. A small working capital outflow, I would say that's largely driven so 300 k in the year, largely driven by an increase of revenue generated from counterparties, people that we're referring, clients to, particularly in Dubai, for instance, where, you know, ahead of getting our own regulatory, license to service those customers, that that's meant effectively an increase in in in in receivables at the year end as opposed to to kind of holding holding the cash ourselves. Moving on to the next slide, please. So beyond operating cash, you know, a a really key kinda year over year increase is is in the area of of CapEx.

21:10 So in our investing cash flows, you know, already flagged this back in January, but 1,500,000 spent in 2024, up from 500 k last year. Most materially, you know, we we we kind of did a big upgrade of our of our platform as James, you know, particularly focused on in his section. And then an additional 300 k on the card programs on the card programs ahead of the the launch in 2025. So I'd say this this has very much been a a kind of a an abnormal year for for CapEx, and we would typically, you know, see it return to around a 800 k level going forward. Financing cash flows, we we did, kind of we did redeem, the loan note that that was, due to the Pangaea FX, principles, related to an acquisition we made in 2022 and also made the the earn out payment first earn out payment on capital currencies.

22:15 And indeed, that's the the final earn out payment. So no more effectively deferred consideration related to Pangaea FX or capital currencies on our balance sheet as at the end of twenty twenty four. So that effectively took our net cash our closing cash, sorry, to 2,600,000 or net cash to 600,000, up 500 k year over year from 100,000 last year. And I always mention it, but so apologies. I repeat it every time. But that 2,000,000 loan notes that comes out of net cash effectively is due for repayment in August 2026 with a 6% coupon, and it's nonconverting. And that's the end of my section. So back to you, James, I think.

23:04 So, yes, in summary, I think, you know, we all agree significant growth in terms of the all financial metrics. I'm particularly pleased that we we did change or rebrand to to FINSETA. I think that really does set us up and sets us apart for the future. We continue to deliver on our strategies, and we'll continue to do so, expanding out our payments capabilities and continuing to expand out our sales effort to the introducer network. We we've delivered on the promise of launching products, including the the the Mastercard. And I think, you know, it it's a real tick in the box and an endorsement that we've received a two regulatory approvals in both in Canada and Dubai, I think, really shows the strength of the team and and strength of the business.

24:06 So, you know, we're we're we're delighted with 2024 progress and what we've delivered. And 2025, we're very, very excited about as a year of of growth. And it started off fantastically well, and we believe we're building a long term sustainable business and and have really set the foundations for that growth. And I think we're probably going to q and a now. Perfect. James, Julie, if I may just jump back in there. Thank you very much indeed for your presentation this morning. Ladies and gentlemen, please do continue to submit your questions just by using the q and a tab that's situated on the right hand corner of your screen. But just while the team take a few moments to review those questions that have been submitted already, I'd just like to remind you that a recording of this presentation, along with a copy of the slides and the published q and a, can all be accessed via your investor dashboards.

25:02 Guys, you can see that we have received a number of questions, and thank you to all of those on the call for taking the time to submit their questions. But, James, Judy, at this point, if I may just hand back to you just to read out those questions and give your responses where it's appropriate to do so. If I pick up from you at the end, that would be great. Thank you. Cool. Thanks, Jake. I think I'll I'll start with with the the one that people are all probably dying to ask, which is around Argentex. So Argentex, in a similar field to FINSETA, has suffered a liquidity crisis caused by significant volatility volatility in FX rates. I'll summarize it. Has FINSETA been affected in the same way? James, do you wanna just take that to start with? I I will do. Short answer is no.

25:48 And the reasons behind that are FINSETA is actually a slightly is a is a different business. One of the differentiators is we are not MiFID regulated, which means that we are not able to sell option. We are not able to sell speculative forwards. We do have a small forward book, which represents about 88% of our revenue. Having said that, all of the all of the forwards that we do do are in relation to a specific invoice or requirement, and that is part of our regulatory capabilities. So all all our limited regulatory capabilities, I should say. So in terms of risk, the business in itself obviously has limited risk there, but any risk also is offset because we back to back every single trade. So once we take a trade from a client, we then back to back it with one of our counterparties.

26:47 So, ultimately, as a business, we're not liable for that risk. So we are, you know, in many ways, a significant business a a significantly different business, and our risk profile is significantly different. And now that has positives and negatives. Obviously, in the in the in the positive in situations like this when we're getting a volatile, you know, currents currency market, then then, obviously, our revenue capabilities tend to be sort of limited to our mainstream business business that we continue to day to do day in, day out. We don't have sort of very high peaks as it were where we have clients speculating on currency markets. The the the positive of, obviously, that is is as a business, we take far, far less risk. With less risk, obviously, becomes less reward. But in terms of a a sleep at night sort of strategy, we're we're very comfortable with that. So so I think short answer is we're a different business, and therefore, the risk profile is very different.

27:57 Thanks, James. I think I'll bucket a number of these into into kind of one, and that's around kind of q one performance and outlook for for 2025. So I'll I'll take that in the first instance, and James, feel free to to to supplement. We we we don't tend to, these days, give updates on a quarterly basis in terms of revenue generation. We did at the very in the very early days of being listed just when our, you know, our cash out turn was not as great, so it was more more prevalent. But these days, focus on our strategic execution and updating the market as as we make progress on those milestones. That said, we did have a a very good q one in line with board expectations, particularly driven by a a continued growth in customer numbers.

28:50 And, you know, obviously, the the the news of of achieving the the regulatory approval in Dubai has kind of solidified our our our expectations and outlook for the coming years. And indeed, you know, since we last spoke on the investment company, we you may have seen kind of Shore Capital have updated their forecasts for us. And and we believe, you know, that that they're they're pretty good a pretty good reflection of of where we expect the the business to go in the coming years. So in particular, revenue for this year, they've got us at 15,100,000 for 2025. That's a 32% year year over year growth. You will have seen that the the EBITDA that they've got is kind of projected to come down.

29:41 So 1,700,000 in 2025, the consensus versus 2,000,000 this year. And I and I think, you know, I have flagged flagged that before, but I probably just wanna give a bit more air cover to that. Particularly when you're launching a a regulated business, there are a lot of costs that you need to to kind of that you need to put in from from the get go from the date of being approved that you can't, you know, gradually layer on as as you get scale. So, for example, kind of independent directors, you know, local directors, local local compliance heads, or augment your your kind of local team with with consultants to provide that function. And also as as we look at local banking lines, is really key to to exploiting the the market opportunity, those typically come come with min minimum volume requirements.

30:36 So, again, we're paying kind of fixed fees ahead of scale. So, yeah, I I think we the the kind of view on adjusted cost for 2025 is is is probably fairly prudent, but I hope that gives a flavor as to why they're pretty heavily loaded in in in 2025. And, of course, we'll see the benefit of that in in the future in the future periods. In particular, you know, in 2026, all of those those three initiatives will begin to to generate profits. And you see from from the analyst forecast that that, you know, EBITDA margin significantly expands from 2026 onwards. So that was a pretty long answer. Forgive me, but I but I know there are a series of questions around that.

31:27 So let's go to something else. Another agent text question. Mass payments was mentioned a number of times. Does this have the potential to become a large revenue generator? James, do wanna take that? I I mean, it won't it given our sort of strategy of product development and and really, really having a a a broad spectrum of product. Wouldn't anticipate mass payments becoming a key focus. Having said that, it is it is a certainly a significant revenue opportunity, and we're already seeing that in the types of companies we're taking on because they tend to be a larger, and therefore, they have more payments requirements and and and larger currency requirements.

32:14 So, ultimately, yes, it's a it's it's, you know, a a significant it is a significant revenue opportunity, but I wouldn't wanna say it's gonna become a a revenue focused opportunity. K. What is the status of Hong Kong expansion? What area, if any, will be next and when? So whilst we bet down Canada and Dubai, I'm very conscious. You know, we're we're still, let's be honest, a relatively small business. We don't wanna be running before we're walking, and, you know, it can trip up if we if we overcommit and and effectively overtrade. So so I'm very conscious that that we need to make sure those are bringing in revenue before we we embark on our next next project. Having said that, we are scoping out Hong Kong. We are scoping out or have been scoping out Europe as well.

33:15 So the likelihood is Europe will be next after Hong Kong. But, again, it's both all regulatory applications are a fairly long process anyway. But but as I say, whilst we make sure that both Canada and The UAE are revenue generating and become profitable in their own right, this is very much sort sort of of at the planning stage at the moment. Yep. Thank you. What defines a customer as active? So I mentioned active customers in in the presentation. That is those customers that have traded in the year. So a 59 customers have traded with us during 2024.

34:04 How is the it says here credit card rollout, but it's debit card rollout proceeding. Well, I I hopefully answered that, really. The it's it's the ultimately, we're now onboarding customers onto the product. They're using the product, so I would say proceeding well. Ultimately, I've seen you know, I've been involved in in car program launches and running car programs before. I've seen how revenue can accelerate very quickly with these programs. And I do genuinely believe that we've we've got a a very, very good target market for this. There are very there are relatively few products of a similar nature. There are a lot of travel and expense products out there. There are there are a lot of sort of general spend cards and general spend programs, but very few that focus on commercial supplier payments.

35:00 It it is a huge market as a as I've sort of demonstrated with the payments, the McKinsey payment slides. You know, there is a big commercial payments are a big slug. So, ultimately, I believe, you know, this product has the potential to to really accelerate and and in terms of both the scale of the business, but also for revenue as well. So I'm I'm really, really pleased with the product that's been developed, and I think it is set for success. Perfect. I may have missed it, but what's the expected EPS for the current year, I. E, ending December 2025? Again, I'll refer you to the the Shore Capital research note. We think, you know, a reasonable reasonable good reasonable job on that in terms of, you know, cap encapsulating our thoughts on the years ahead. They have us a basic EPS of of of effectively 1p next year. So reflecting, as I say, those increased costs pretty prudently layering on quite a bit of costs for 2025, taking the EPS down to one p next year or this year 2025.

36:15 Can you provide an update road map on product development for the coming two years? Two years is a very long time in product. Certainly, for the next for the next nine to twelve months, we've got a pretty set product road map. We've got a really, really good head of product here who came from a competitor business who who's who's doing a fantastic job. And in terms of what we're looking to develop in the next sort of nine to twelve months, it'll be very much focused on payment capability, so more counterparties and ability to service different segments of the market, that that's a really primary focus, as well as continued enhancements in our own platform. So we continue to build, as I mentioned.

37:09 Can't you can't stop investing. Otherwise, you pay for it down the line. So, ultimately, we will continue to develop our own platform. Albeit, you know, we've got a relatively small development team, and that's the way we're keeping it. But we will continue to develop our platform and continue to develop new functional new functionality on that platform. And just to to supplement supplement that, the the great thing about the new jurisdiction launches is obviously we're we're putting that asset to work across multiple multiple markets. So whilst we have got we will have the local kind of API plugging in costs in 2025, As I say, the the the hop the overall engine and intelligence of of that platform, including all of the the kind of regulatory and onboarding and transaction monitoring pieces, that that that kind of, you know, the operating leverage from that platform is driven out as as those new jurisdictions grow as well.

38:09 One one thing to mention actually is is in terms of counterparty, one of one of the key focuses today and for the next two months, so this is much more short term, is the development and the connectivity into the r t RTGS scheme, which is the real time fast payment scheme in The UK. And, ultimately, we have now our own sort code, so FINSETA sort code, which directly connects us into that. So ultimately, it gives us far more control, allows us to do real type payments. And, ultimately, when our customers receive money into their accounts, it is a FINSETA truly a FINSETA account. So it's a it's a that's gonna be a huge milestone for the business and allow us to do a lot more and service a lot more people.

38:57 K. We've kind of touched on this, but I'll just be absolutely explicit. Can you please touch on what impact FINSETA has seen as a result of the current tariffs war? So just, as I say, probably being a bit more explicit. As James has said, you know, we we don't do a huge amount in forwards, so we haven't got that lever that you will have seen maybe, you know, in some of the more banking or derivative, option based, kind of, people in in in in the fintech space. But but as a result of that, our risk profile is is certainly much more where I wanna be as well. So, yeah, to kind of offsetting impacts, but we we are seeing, you know, a, you know, a a really great performance for q one that that is in line with board expectations. This one is a very interesting question and one this may may as well have a fish on it. Are you confident in meeting market expectations for this year, and when might you exceed those expectations?

39:58 So, yeah, I I think we've we've we've covered we're, you know, we're we're we're very happy with our progress to date in in q one and and looking forward to updating the market as as as we move throughout the year. And then I think the last one here, can't see any others. Do you believe a 100,000,000 revenue is still achievable? So, James I think more importantly, do I believe it? Yes. I do. But more importantly, the board believes it as well. I think with the with the product mix, with the geographical strategy, I think, genuinely, it it is achievable. And I think we will see an acceleration. There may be some some elements of acquisition there, but I do genuinely believe, and that is the target for the board in the next five years.

40:50 We have just had another one come in. What new area are you most excited about? I'll I'll give you I'll give you mine. You can tell me yours, Judy. But for me, I'm there's two areas, actually. One is the commercial card scheme because I genuinely have seen what what car how how card schemes can grow and quickly. The the second, which probably is more, I guess, anarchy, which is the agency banking that that we're we're doing, which, as I just mentioned, gives us direct real time connection to the Bank of England fast payment system and ultimately our own sort code. So whilst for many, does it really matter, actually, as a business, as a payments business, it it really, really does because it it create it means that we're more masters of our own destiny rather than reliant on on others. So those for me are the two sort of most exciting things that that that are sort of happening at the moment. I would agree entirely, actually, you know, that it's probably not a necessarily, you know, distinct revenue bucket, But in terms of our evolution as as providing a product set for for our customers, our global customers, you know, I think the continued development in that area is is is really exciting to push us forward into the next phase as well. And I think both Dubai and Canada are also very, very exciting, and I've seen, you know, both areas in their pipelines,

42:20 how they're building them out. And, you know, if it is all executed properly, you know, we will have two fantastic geographical businesses there. Guys, at this point, if I may just jump back in there, thank you very much indeed for being so generous for your time there and addressing all of those questions that came in. And, And, of course, if there are any further questions that do come through, we'll make these available to you immediately after the presentation has ended. But, James, perhaps before really now, just looking to redirect those on the call to provide you with their feedback, which I know is particularly important to yourself and the company. I could please just ask you for a few closing comments just to wrap up with, that'd be great. Yep. Absolutely. So so as a business, we've over the last two years, we've made significant progress. I mean, really, really have.

43:07 We've got all the right people doing the right things. I believe the strategy is absolutely correct, and I believe that we're building a sustainable long term business that will only accelerate in growth. So ultimately, you know, I couldn't be happier with what we've achieved so far, but I do believe there's so much more we can be achieving. Perfect, James. That's great. And thank you once again for updating investors this morning. Could I please ask investors not to close this session? It shall now be automatically redirected for the opportunity to provide your feedback in order the management team can really better understand your views and expectations. This will only take a few moments to complete, but I'm sure it'll be greatly valued by the company. On behalf of the management team of FINSETA PLC, we would like to thank you for attending today's presentation.

43:54 That now concludes today's session. So good morning to you all.