Fintel (LSE:FNTL) — Full Year Results

0:00 Good morning, and welcome to the FINTEL PLC Full Year Results Investor Presentation. Throughout this recorded presentation, investors will be in listen only mode. Questions are encouraged and can be submitted at any time by the Q and A tab situated in the right hand corner of your screen. Just simply type in your questions and press send. The company may not be in a position to answer every question received in the meeting itself. However, the company will review all the questions submitted today and publish responses where it's appropriate to do so. Before we begin, I'd like to submit the following poll. And I'd now like to hand you over to CEO, Matt Timmons. Good morning to you,

0:31 sir. Thank you very much. Good morning, and good morning to everyone watching. Thank you so much for, tuning in today to the FINTEL f y twenty two results presentation. My name is Matt Timmons. I'm the joint CEO of FINTEL, and I'm delighted today to be joined by CFO David Thompson. David and I will take you through the presentation throughout the course of the next sort of thirty to forty minutes, and we'll leave plenty of time for your questions thereafter. So we're gonna start the presentation by giving a a quick overview of the business for those of you who are less familiar with FINTEL and also cover some of the the main highlights, during last year. I'll then hand to David who will do a a full review of the, an in-depth review of the finances, and then I'll come back and talk a little bit about, the current trading and outlook for 2023.

1:20 So for those of you who are less familiar with FINTEL, we operate right at the very heart of The UK retail financial services, and we believe fundamentally that this is a brilliant market for, consumers. UK retail financial services is a very vibrant market. Consumers have access to thousands of different financial products anywhere from car insurance, pet insurance, the way up to pensions and, investments. And as I said, consumers have access to thousands of different products from hundreds of well capitalized manufacturers at a price and value, which is really commensurate with the competitive nature of that market. So a great market for for everyone operating in retail financial services. Apart from those people who manufacture products and those people who are involved in the distribution or intermediation of of that market, it's a very tough market to operate in.

2:14 It's highly fragmented, and it's heavily regulated. Around about 75% of all mortgages and around 80% of all investments end up in the hands of a consumer by an intermediary of some description. And as I said, the The UK market is heavily intermediated. There's about 12,000 IFA firms operating in the market, 10,000 mortgage broking firms, and around 4,000 wealth management firms. So very fragmented market and highly regulated. And our job fundamentally is to help that market operate as effectively as possible. So we provide services to three different groups of customers in the market. First and foremost, we provide services to financial intermediaries, and those intermediaries are IFAs, their mortgage brokers, and their wealth managers.

3:00 And all of those firms pay a monthly subscription for membership services. We don't provide one off consultancy work, and we don't do ad hoc work. We provide all of the support and all of the services a firm needs to operate in this highly regulated market for a percentage of their turnover of their business on a membership fee. We collect that monthly via direct debit. And as David will come on to talk about later, we have excellent cash flows and really strong levels of recurring income because of the strength of the model. We also then provide services to product providers, and the services we provide to them are, first and foremost, helping them to distribute their products amongst this fragmented intermediary market. And secondly, we provide them with a layer of data based on what's happening out there in the market.

3:49 Because many of the intermediaries we provide services to use the fintech that we provide, we have a, level of data on an aggregated and non personalized basis, which allows us to look through as to what products are being advised and why consumers are choosing them. So this helps intermediaries to, be able to develop new products, sorry, product providers to develop new products and also to distribute them effectively. For consumers, we provide consumers with a, a product rating, via the facto, a star rating, which is a look through to this sort of, underlying componentry of the product. So these ratings aren't based on, people's preference. They're not based on customer service.

4:35 They're based on the underlying componentry of the product itself and, essentially, how, how good the product is. And we rate those one to five stars. And when consumers go on to price comparison websites or they go on to the de facto website, they're able to compare products against each other and use that star rating as a shorthand device. So we operate in an unrivaled market position right at the very heart of The UK retail financial services. We have a product database of over 40,000 different financial products, which we research, compare, and rate every year. And we have, very strong trusted brands within the business, and I'll come on to talk about those two, brands that we have. So we have, Simply Beers and De Facto.

5:21 Both of those brands are incredibly strong. De Facto has a 75% consumer awareness, rating or 75%, awareness amongst consumers. And Simply Beers is The UK's, leader in terms of providing compliance and regulatory services to financial intermediaries. We've won the professional adviser awards for the last five years running as best service provider in the market. We've been going for twenty years in terms of Simply Biz, and I've been there since day one. And De Facto have been operating, for twenty nine years. We acquired De Facto back in 2019, with the aim that De Facto would provide, fintech out into the market and also to the Simply Biz intermediary firms.

6:08 So that was a great acquisition. Both businesses are, very different in terms of the services and products they provide, but fundamentally, we have the same clients. So both the facto and Simply Biz provide services to intermediaries and to product providers. Both businesses are incredibly strong. They have strong levels of, recurring revenues. They have operate on solid margins, and both businesses are growing, incredibly well. So the businesses work, the best when we have this sort of flywheel effect. So the more intermediaries who use the Simply Good services and the de facto fintech, the richer and more valuable the dataset that we produce. So the business is working incredibly well together.

6:54 It's the reason we bought de facto back in 2019. And de facto, when we acquired it, was making around 5,000,000 a year. And, in '20 at the end of twenty two, we've almost doubled the profitability and paid off all the debt with that business.

7:13 The, the the two businesses together operate, as I said, right at the very heart of UK Retail Financial Services, and we are the only group to operate in the four different quadrants that you can see on the screen here. We have competitors in each one of those quadrants, but none of those companies provide services all the way across across the quadrants like, FINTEL does. This means that we have, as I said, many competitors in in each, individual market and a lot of opportunity for m and a, and we'll come on to talk about m and a a little bit later. In terms of the performance for 2022, it was a very strong performance from FINTEL, 8% core revenue growth coming in at an adjusted EBITDA margin of 33%.

7:59 We operate strong cash flow conversion at a 118%. We have spent, time, energy, and money, during '22 developing the business. We have, produced new modules for our fintech, cash flow planning, and pension switching modules, and we've also extended the, offering that we deliver to our intermediary firms and, built a new module around consumer duty. As we look forward, there's a really confident outlook. We have over 65% of revenues recurring from SaaS and subscriptions, so that gives us great visibility as we look forward. We have almost £13,000,000 of cash in the bank plus an undrawn RCF facility of 80,000,000, giving us a lot of, dry powder to go out and make acquisitions, and there are strong growth drivers.

8:48 There is definitely an advice gap in The UK. The intermediaries are performing incredibly well. It is a market that is in growth. It is relatively slow growth. It's around 2%, but still a market that is in growth. And there are other factors such as consolidation in the market, which enables us to provide our fintech and services to larger consolidation firms as well as, intermediaries. And with that, I actually well, sorry. One more slide. So, what I've included here is an overview of the, revenue and EBITDA over the course of the last three years. So you can see that even during times of disruptions such as the COVID pandemic and also during times where we have divested of some noncore assets, we have still continued to grow both revenues and EBITDA.

9:40 And with that now, I will hand to David to cover off the financials in quite a bit more detail, and I'll come back in sort of five to ten minutes time and go through the outlook for next year and beyond. Okay. Thank you, Matt. And, again, good morning, everyone. So I'll take a a run through the statutory measures, and then we'll focus on what we call our core businesses. That's the the key key area of draw growth and key, driver of value. So you can see revenue grew to 66,500,000, and that flowed through to adjusted EBITDA of 19,400,000 at the just over 30% margin and flown again to adjusted PBT of 15,900,000.

10:26 And the point there is that flows through to earnings and also importantly converts to cash. So adjusted earnings per share up from 10.5 to 12.2p. Cash flow conversion on an operating profit to operating cash basis at a 118 percent. There's a slide further on where we show a couple of other measures in terms of EBITDA conversion and free cash flow to equity. So you can see how that converts all the way through to to the ability to pay dividends and the operating cash inflows. So, again, 19,300,000 of operating cash inflows correlates extremely highly to 19,400,000 of EBIT adjusted EBITDA. So if we look at the revenue stack, what we can see here is there's 10,100,000 of revenue from the non core business and the balance, 56,400,000 coming from the core business.

11:22 Now we have the noncore business. It's a property surveying business. It's a great business. It's a profitable business. However, the the whole ethos and and and way of creating value is to have that white flywheel effect that Matt talked about in terms of a never enriching dataset. The property surveying business has an adjacency to to one the the mortgage part of our business. However, it's it's not it it it relies on, qualified professionals to go out and physically inspect homes. Therefore, it's difficult to digitize that business, and and and rightly so, it relies on, a bunch of talented people up and down the country doing that. But it it the margins there are are are very dilutive compared to the rest of the group. So if we focus on the core revenue going forward through the rest of the presentation, that will highlight the the key drivers of value.

12:16 So of the core business, the bottom green section there, two thirds of it is what we call SaaS subscription revenue. So that is either monthly direct debits coming from membership income or monthly direct debits coming from, those members that subscribe to software services. The the other section, 19.69, there was it's not technically SaaS or subscription in nature. It's very highly repeating. So, again, the the revenue quality in the entire core business, we think, is really strong. And a couple of examples of that are the the mortgage business. So we have a a mortgage panel that has thousands of of mortgage advisers, members, and we act as an intermediary between them and the lenders.

13:02 So we take a a small bit share of the a clip of the ticket on the way through. So it's it's it's transactional in nature and and rises and falls with with the general housing market, but it's very profitable, and and it's very highly repeated. So very high quality revenue. The other part of that part of the business is the de facto ratings product. And, again, huge amount of repeat customers, repeat business. However, it's an annual vintage, so it's, you know, 2021, twenty twenty two five star rating, etcetera. So you can't really call it mechanically a a SaaS or subscription stay revenue, but, again, highly repeating. So we'd like to think that the revenue quality of the whole core business was was very strong. If I zoom into that core business, you can see here that across the last three years, and Matt alluded to in an earlier slide, that we've had growth in the core business across all the key metrics in terms of revenue, EBITDA, and EBITDA margin.

14:01 And and and importantly, that's through some difficult times in terms of the COVID pandemic and also making some strategic divestments of still growth on a on a a on an absolute as well as like for like basis. Again, a testament to the compounding nature of the of the revenue model. And on the right hand side, we've got a a bridge to take you back from 18,600,000 of core EBITDA on the right hand side back through to the statutory 16,700,000 number so you can just see how how we arrive at that analysis.

14:34 We can then further zoom in and take the the core business and split it into three, financial reporting segments, but importantly, addressing two key customers, the the intermediaries that that are our members and the product providers and manufacturers and lenders that that have those intermediaries as as their respective customers. So if we work left to right here, an intermediary services revenue of 23,500,000, that's basically 11,500,000 of monthly collected direct debit membership fees from thousands of of member firms. Another 6,000,000 approximately of software licenses for their back office software that the these firms take from us. And another just under 6,000,000 of additional services in terms of if that firm grows and they take on additional advisers, they will need training, CPD, additional fail reviews, other matters of compliance and regulatory compliance. So that that that 23,500,000 is very, very highly repeating business.

15:41 And in distribution, that, you know, core core of thousands of members attract the the product manufacturers, and they pay us just around £13,000,000 to to affect marketing services, upsell of insurance products, PIs, particularly relevant there, and and that's also where the mortgage business sits. And then fintech and research, half of that business sells a a fintech workflow advice piece of software to the intermediaries, and the other half of it deploys ratings and other associated products to the product providers. So you can see the core business, very, very sticky recurring revenue streams, two thirds of it from from from direct debit, ostensibly, and and a and a a very sticky customer base of thousands of of, intermediary firms and hundreds of, product partners and manufacturers.

16:39 If reconcile that back to the statutory total. You can see the core, which is the summation of the three segments on the previous slide. You can see that gives a a a gross margin of 53.9%. We show the noncore business on a side, and you can see that that's a margin of 7.9%. So you can see how dilutive it is to to not show the two separately. So, again, the the key driver of values in that core business at 53.9% gross margin and a 33% EBITDA margin once all our costs are are are baked in. So, again, high single digit revenue growth, which is sustainable. It's it's compounding and and and at very good margins and at very high cash conversion, which we can see on this slide in terms of the first green bar there telling you the the operating cash flow conversion, 118%.

17:37 We would gauge that that would typically be between 101120%. Then you've got adjusted EBITDA to operating cash flow. That would typically between be between 90 and a 100% depending on working capital. And, we're in the range. And, again, you can see, effectively free cash flow to equity at the bottom coming out at at at 71%, and that's after tax and debt service costs. So you can see that that that that's in the range of 70 to 75 as well. And what that means in terms of the balance sheet strength, this is the a a real strength of the business as it stands. So in 2019, as Matt said, we acquired Defacto for just under £75,000,000, and we approached that in terms of structuring a transaction of half of it was was equity from an additional raise, and half of it was debt in the form of a revolving credit facility.

18:35 And and really once acquired, the the the two main drivers were to to integrate the business well, integrate it quickly, and realize synergies such that it improved the cash flow, within the business, and we paid the revolver off as quickly as possible. And you can see there that within three years of acquisition, the fact was that has been completely paid off. So we, you know, own own the business outright, and the the the facto business has gone from just over 5,000,000 of EBITDA to just under 10,000,000 of EBITDA in those those three years. So a great acquisition, great demonstration of our track record and ability to integrate material, m and a. And and on the back of that, we decided to increase the revolving credit facility from 45 to 80,000,000.

19:26 So that gives us almost a 100,000,000 of of our own internal dry powder resource to go and affect, m and a to to grow the business faster than the mid to high single digit growth that that we, set our target for ourselves organically.

19:47 And, again, in summary, you know, a robust financial performance, again, as that's every year since IPO in 2018 that we've hit our numbers in the market. And and and and, again, that's done by increasing the revenue quality in the core business because you not only increase the quantum of of revenue, you increase the longevity of it by by longer term contracts. Strong cash generation, and that gives us significant financial resources to invest in the business both organically and, through m and a, and that gives us ability to put the dividend up 8% to 3.25p for FY '22, in line with the rise in profitability of of of the company.

20:32 And with that, I'll pass back to to Matt.

20:36 Thank you, David. And I can see some great questions coming in already from Kevin, Steve, and Tom. I will I'll get to those at the end of the presentation, cover those in in some detail. So thank thank you for those. So as David said, divisionally, we've performed incredibly well during 2022. We've increased profitability in the intermediary services division by 28%. We have increased the earnings quality and distribution. So distribution for us was about moving annual contracts to long term contracts where we have a monthly revenue and a recurring revenue and the ability to escalate prices. So we've converted 70 of the revenue, which was ahead of our initial target of 60%. So it's great performance in that division.

21:24 Fintech and research, which is the de facto business, we've increased revenues in that business by 19%, again, underlying, what a a really solid acquisition that that was.

21:35 So in terms of the de facto business, the the fintech that that business operates that's used by intermediary firms, we're now seeing flows of around £42,000,000,000 worth of advice through that fintech each and every year. So, again, we're getting some really solid traction amongst some intermediaries, and the the growth in in AUM is is is flowing through that that platform nicely. So onto the the the next slide, well, I've seen that we had a question, which I think was from Tom on FINTEL Labs. So great that we can cover that now. So FINTEL Labs is, essentially our, incubator to help new start fintech businesses in The UK. Very often, we see some great businesses that, are at too much of an early stage for us to, acquire because we would have to consolidate potential losses into the p and l. So we're using

22:32 the incubator to make early stage investments into businesses that we believe will grow well. And it's not just about the the sort of financial resources and the the investment of cash. It's also about the investment of our time and energy and our people to help those businesses grow. Very often, it's useful for early stage businesses to have a a solid distribution partner to work with to help them, scale more quickly. So FINTEL Labs is about using, our financial resources and our people resources, our IP and knowledge to help early stage businesses to grow. Very often, we expect, through FINTEL Labs to have, a sort of call option structure to allow us to, invest more into the business as it grows and to take, a greater level of control over time. So it's not, a a sort of incubator where we're acting as a as a VC and sort of throwing cash into any business that we see.

23:33 These are businesses that we believe over time we will want to own a significant majority or a 100 off, and therefore, we're investing in an early stage to give us the the best possible start. In terms of sort of total investments, it will be sort of low to mid single digit millions that we'll invest in over time. So, again, we're not placing huge bets here. We are making investments into businesses that we think have got a a great opportunity for for growth in our market. Our business, takes ESG incredibly seriously, and we do it, in a in a very particular way. So first of all, we have written to all shareholders, stakeholders, staff, and customers and asked them to complete some materiality assessment.

24:26 And I think that's really important. So rather than the business deciding what we're gonna focus on, we've asked our customers and our stakeholders to tell us what they think is the most important area of ESG to focus on. And primarily for our business, it's around governance, it's around data security, and it's around how we treat our employees. In addition to, FINTEL's drive to towards, better ESG, we also have a de facto business that rates around or sorry, does fund reviews, to around a 110 investments and has about 8,000 intermediaries using those ESG reviews when giving advice to clients. So we are right at the very heart of the ESG market in terms of the work that FINTEL does and also in terms of the work that the facto does for intermediaries and consumers.

25:18 In terms of our staff, because as David's pointed out, we are primarily a a people business. We have really really happy and incredibly engaged workforce. We, participated in the, best outstanding companies to work for in '22, the first year we've done that, and we got a two star outstanding accreditation. The best you can get is three stars. So we've we've we've, performed incredibly well in our sort of, first year of of applying for that. We came in the top 25 financial services to work for in terms of best companies. We have an 82% engagement score amongst our workforce and six years average tenure.

26:03 And importantly, I think on the left hand side, couple of statistics that we're we're really proud of. So 23% of all vacancies in 2022 were filled by an internal candidate, which demonstrates real internal mobility. And 50% of all leadership vacancies last year were filled by females as well. So really, really high levels of engagement amongst our staff. As we look forward to, to this year to 2023 and beyond, we believe that there are some, important growth drivers that, really, give us confidence that the business will continue to grow well. So every time regulation gets tougher and every time regulation increases, it's another potential reason for the those intermediaries who aren't customers of ours to join and to receive the services that we offer.

26:58 There is also a demand amongst the intermediary market to, reduce the number of individual technology systems they use. The average number's around nine in the market. And so what our acquisition of the facto does is give us a solid piece of technology to build on, and we are adding new modules all of the time, which decreases the need for intermediaries to go elsewhere for solutions that they need. There is also market consolidation happening, so there's quite a lot of investments gone into private equity investment gone into consolidating advisers. And that does, kind of two things for us. First and foremost, it allows us to provide services to consolidators whereby it it it is essentially a smaller number of firms who will join the business, but they will pay a higher amount because they require greater services and more fintech.

27:53 And then after tie over time, you tend to find that individuals who've been consolidated, decide to set back up again on their own, and that will provide another pool of customers for us. The business is currently trading in line with with board's ex expectations. We are continuing to deliver organic growth, and we have a lot of funds available for m and a. We have a very active pipeline at the moment. So we're talking to some really great businesses about, bringing them into the FINTEL family. And we believe that we're well positioned for, sustainable growth. So just to summarize from me, and then we'll we'll get on to, q and a. We operate this unique, platform right at the very heart of UK retail financial services.

28:41 We have two leading brands in the market. Both of those businesses highly respected, and they have engaged and loyal customers. That gives us an integrated model combining technology and services platform, and we're a clear leader in the wealth management space. We've got broad connectivity across the market and great opportunity for m and a and a very, very ambitious leadership team, with a real, key growth agenda. So I'll I'll now turn to m and a if I can. And I think we've got a few questions here. As I said, I I believe I've answered, Tom's, so I'll go first of all, to to Kevin. Kevin's question was around the the market itself and what percentage of the market that we currently provide services to and also about international expansion picking up on a point that Steve's made here. So we provide services to around 3,000 intermediaries.

29:34 As I said, there are about, 12,000 IFAs, 10,000 mortgage brokers, and 4,000 wealth managers. So there is plenty to go up in terms of expansion of core customers. And I think that answers the the second point in the question around international expansion. So there are currently no plans for us to go into other markets. We do occasionally look at other markets internationally. So we, know and understand and are very close to the market in South Africa. We also have, a lot of information on the market in Australia. However, I think that the opportunities in The UK market are massive, and international expansion is is quite a risk. And I believe that we're best off to put our our pounds into The UK market and grow our business in that way. So no plans for international expansion at at this point.

30:27 Chris asked a great question about finding and attracting and recruiting talent and developers in the team. So I'll I'll hand that one over to David, if I can. Sure. Sure thing. So, again, just going back to the slide around the engagement of staff and, you know, the the the financial reward, it's fair to say, is quite wholesome. We we we offer a number of other benefits and and, that that are comparable with with companies in the market. But there's a there's a big sense of purpose, especially in the de facto software developer team because it's those people that build the engaged software. So it's their internally developed IP. So they've they've got a vested interest in sticking with it and and, and improving the software. And, again, looking at the UI and UX experience at the moment as, you know, as as part of the technology road map. So it's a a very happy team. It's a a a very long standing team. We get very strong management locally, and, our our staff turnover is between ten and fifteen percent, which is absolutely normal for for for the market and arguably slightly better than what has been recently a a pretty buoyant, market. But yeah. So, again, I'd probably summarize that by saying that, you know, we've we've got a well rewarded, well engaged, and happy staff piece, and and long may it continue.

31:56 Thanks, David. And then a couple of great questions coming in from Chris B. So, I'll take the first one, and then I'll hand to you, David, for the second one. So the first question is how would you describe the current role of your founder, chair, and largest shareholder, Ken Davy? And is there any related reason why you have a joint CEO model? So, first of all, turning to Ken. Ken founded this business back in 2002, and has been instrumental in the the growth and development of the business over that period of time. Ken, is 82 years of age and has, decided to step back to be a nonexec director, which I think is is absolutely right for Ken. He hasn't been active from a is it from an executive point of view in the business since 2010.

32:44 So I'm very comfortable for Ken to step back into, being a nonexec director. We have appointed, a guy called Phil Smith. Phil, operated a business called Embark, which bought out the, Zurich's retail platform and then sold Embark to Lloyd's a couple of years ago. So Phil's been in the market, for a very long time. He's, incredibly well schooled in m and a and has a lot of great connections. So we're really looking forward to having, Phil take the chair after the AGM, and also looking forward to Ken continuing to work within the business as a nonexec director. In terms of the the joint CEO decision, Ken appointed Neil and I to run the business back in 2010.

33:30 I have been with the business since since it started in 2002. Neil joined in 2003. I was originally marketing director and Neil operations director. So we have a very different set of skills, very different backgrounds, and we find they're incredibly complementary, and we work well together. So I know that that's yeah. The decision around joint CEOs isn't always the most popular. And I think very often when you bring two CEOs together who don't know each other well, there can be fallouts and boardroom struggles and politics and all that sort of stuff. Neil and I have known each other since we were six years old, and we've we've got all our arguments out of the way with. So, yeah, we we work well together. And I I guess the the the proof is in the last twelve years worth of performance since we we've taken on that role together.

34:22 Chris then asks around why you stay on AIM rather than shift to the main market, and I'll pass that one to David. Are you sure? Okay. So it's a great question. I think so so we we do look at this. Our our market capitalization, it's circa 200 to 250,000,000 where the business has treated over the last couple of years. It's it's relatively low for for a main listing. There are absolutely main listed companies with market caps that size, but I guess our our view rightly or wrongly is a move to the main market would be when you had some comfort that you would get some index money falling behind you in terms of being FTSE two fifty and have some trackers in there, and and that's obviously up at the $8,900,000,000 range or or or it or it was when when when we looked. So I think I think a wee bit off to move to AIM, certainly, it would be to to the main list rather it would be fantastic to reach the the the heights of that market capitalization and have that as a a a more prevalent live decision.

35:29 But AIMS suits us well. You know, the the support of our current shareholders is fantastic. Sell sell investors have a bit more liquidity in the the stock. That's for sure. But the the proof in the pudding was when the, business managed to raise with within a week, the the equity element, to acquire de facto and get the backing of those shareholders after a a very swift roadshow. That that just tells you that AIM's not not a bad place to be when when it's function of raising additional money to to grow the business is is is required. So, you know, again, hope hopefully, that answers the question. Thanks, David. And and on to the the final question that I I have here on the the q and a. So David asks when can investors see the incubator investee companies?

36:21 And, David, we absolutely will be publishing those businesses that we've invested into. At the moment, there is only one, but there is more in the pipeline. And we'll be talking about those when we have essentially done something of of of note with the business. So, for example, when we've created either an integration or we've licensed one of their products or we've started to see some customers come on board, Very often, as I said, these companies will be at real early stages. And so until we've done something material, we won't be, announcing just a a sort of standard straightforward investment. We'll wait till we've got something, really strong to talk about. Matt, David, thank you very much. I think you actually managed to address every single question from the investors. And, of course, the company will review all questions submitted today, and we'll publish those responses on the investor meet company platform.

37:18 But just before redirecting investors to provide you with their feedback, which I know is particularly important to you both, Matt, could I just ask you for a few closing comments? Yeah. Absolutely. So, well, I'll begin first of all by thanking everyone for for tuning in. I know it's taken, you know, an hour of your your time, and, hopefully, you found the presentation really useful. So what I would say in in closing in closing is that the FINTEL business is a twenty year old business. We have used that time to develop really strong customer relationships. We support around 30% of the intermediary market in some way, shape, or form, either through membership services or through the provision of technology. We have incredibly strong brands in de facto and simply biz.

38:05 We have a proven track record of delivering growth and returns to shareholders, and we have a proven track record of being able to acquire really great businesses for a good price, pay down the debt, and increase the profitability of those businesses. So in in closing, we believe that our business is set for continued growth. We think the financial model that we've got is incredibly strong and resilient, and we believe that 2023 and beyond will be, good years for the business where we continue to develop out the FINTEP platform, grow our customer base, and grow both revenues and EBITDA. So thank you very much for tuning in. It's been a pleasure, and, I hope to see you all soon. Thank you.

38:51 Thank you. Matt, David, thanks once again for updating investors today. Could I please ask investors not to close the session as you now be automatically redirected to provide your feedback in order that management team can better understand your views and expectations? It's 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 FINTEL PLC, we'd like to thank you for attending today's presentation, and good afternoon to you all.