Journeo (LSE:JNEO) — Final Results

0:00 Good afternoon, ladies and gentlemen. Welcome to the JOURNEO PLC Final Results Investor Presentation. Throughout this recorded meeting, 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. Simply click Q and A, type your question and press send. The company may not be in a position to answer every question received during the meeting itself. However, the company can review all questions submitted today and publish responses where it's appropriate to do so. Before we begin, I'd like to submit the following poll. I'd now like to hand you over to Russ Singleton, CEO. Good afternoon, sir.

0:30 Thanks, Paul. Good afternoon, everybody. Thank you for making time to listen to our our presentation. So by means of introduction, I'm I'm Russ. I'm an engineer, and I'm the CEO. My colleague on my right is Nick, who's our chief financial officer. And we've got today a short slide deck really just to run through our FY twenty four results, which we're pretty pleased with actually. So if everybody's new to us, JNEO is really information systems and technical services business working predominantly in the transport sector. We've been growing strongly really over the last five years, and the results that we've announced build on that. So a strong strong growth in revenue, profit, and cash.

1:22 We've got a growing sales pipeline, which has gone up from 50,000,000 in '23 to 60,000,000 in '24. And we're now at running ahead of 75,000,000 of opportunities in the pipeline with qualified opportunities and prospects. We've been really busy last year whilst we've been executing our business plans and and our strategy. We've also been beefing up the, what we call, the bench or the senior team around Nick and I so that we can absorb further growth, and then we ourselves don't become a bottleneck on that. So we've made some high level appointments, which we can cover later on. And we've also been investing in some of the systems behind that, so through CRM packages and HR software packages.

2:17 And then sort of final point really there is that we've been developing an active m and a program with a number of businesses that we've been getting to know over the last three or four years or even longer than that, such that we are able to bring businesses into JOURNEO Group that we understand with people that we know and we can trust. And we'll give you a bit more information on that later on. But the headlines are there, but we'll so we'll come on to the financials in a little bit a little bit later. So what JNEO is doing is we we we bring in sort of off the shelf IT products and software really tailoring them for fleet operators, businesses to help them drive cost and improve efficiency.

3:16 And it's all about really making public transport and freight transport safer, more sustainable, of course, and more attractive where there's passengers involved to as part of a program, really, to get people out of personal use cars into public transport, which aid congestion, and it's all part of the decarbonization agenda. And JNEO really focuses everything that it does into two course kind of application areas. One of them is on vehicle systems where our IT solutions are onboard the bus, the train, the tram, the coach, and also the infrastructure around the rail platforms, bus stations, and parts of the inner cities.

4:11 And we do that currently through four operating companies. So the image on the left is a picture of a train, actually, and that's obviously our fleet systems business where what we're doing there is providing integrated services. So it's a bundle of hardware, know how,

4:33 external products, and software, binding them all together, and then providing over air, generally through cloud based applications, access to the onboard systems, whether they are passenger counting, access maybe to the vehicles, telemetry information, or security. Our passenger systems really is about public sector information delivery, and that business works with civil contractors, architects, specifiers, and it has a focus on real time information delivery out to members of the public. It's got some quite long duration relationships with local authorities and some government agencies.

5:20 Invertech is market leading manufacturer of rail information systems in The UK. It's on about 80% of the network, and it has some quite sophisticated cloud based software applications for managing the displays, particularly the graphical layouts and ingesting the different data streams that are connected to that. And the the new business, JOURNEO s a s, is based in Denmark. This has been formed from JOURNEO's operation in Stockholm, where we have engineering services business for the last ten years, and MultiQ, and that's now run by the managing director of the business that we acquired, a chap called Matt Hanson.

6:06 And the aim of JNEO AS is to take everything that JNEO has to offer out into the Scandinavian market, but also bring back from that Scandinavian market the really modern aesthetic engineering approach to their products, which look really cool.

6:28 This next slide really is about the fabulous list of companies that we work through sorry, we work for. And, obviously, predominantly, these are in The UK, but there's a number of them that are outside The UK where we're dealing with, for example, a large media agency called Outfront Media who have the New York City contract for the the subway, obviously, Airport. Skarna Trafficking, which is the transport regional provider in Southwest Sweden and Copenhagen Airport, and the Tysit, which is the Swedish listed digital media company that we work with and their subsidiary, GrassFish.

7:17 But really good selection of operator customers, and we're very happy to work with the small, you know, coach operator that may have two or three coaches right through to operations with many thousands of them. The bar at the bottom is a sort of snapshot of a few KPIs. We currently have 31,000 assets that could be buses, trains, coaches, or displays or pollution sensing equipment connected to our cloud based platform that's growing all the time. Our our onboard systems are now connected to about 30% of the buses and coaches in The UK. I'm over through all of these, but there's just just over 200 people actually in the company as I sit here today.

8:09 So, revenue is about 50,000,000, and, that's all delivered, through these business units and 200 people. So that's a quick introduction to what JNEO is about. I'll now hand over to Nick to run through the financial results. Okay. So 2024 was a good very, very good year. Revenue was up 8% for the group to 49,600,000. Another particularly pleasing bit was gross margin increased by 5% to 36%. So so we touched on this at the interims, but we we've improved margins significantly, and that flow obviously flow through to gross profit where we were up 24% to 17,700,000. We flowed the profit well well down to PBT.

8:57 We're up 33% to £5,000,000 for the year. EPS was up to 26.29 p, which is a 46% uplift. So we had a very low effective tax rate, which which aided the uplift in EPS. So that's a combination of R and D tax claims and other pieces have we had a very low effective tax rate. And and cash, we were very, very cash generative. We moved 14,300,000 cash, up by 6,200,000 from the year before. We also paid deferred consideration of 1,250,000 during the year as well on that made in 2023. So operationally, cash actually moved by by about £7,000,000 just over in the year.

9:45 We we always talk about r and d and how much we we spent there. So we spent just over 1,500,000 during the year. It all passes through the p and l. Amortization matches capitalization. So the profit of 5,000,000 is after the write off of 1,500,000 of of r and d. Into the segment. So so Russell's explained each segment. So fleet systems was a phenomenal year. We were at 45% for revenue there, 23,700,000. That that's nine on doubled in two years. So very, very strong performance. Gross margin is it's actually got the lowest margins in the group, but we had a 4% uplift in margin. So we actually increased gross profit by 69%, 6,700,000.

10:34 And then and the price of the really pleasing bit with fleet is we we had a bottom line in fleet of 2,500,000, so an operating margin of of over 10% in fleet.

10:44 Passenger systems, we were up 5% to to 9,500,000. Consistent uplift with last year. We we have good margins here, so we were we're in the forties, and we increased it by 3%. So we're up to 47% margin, which means gross profit was up by 12% to 4,400,000. Bottom line operating profit was a bit lower here. It's but but has improved. We have a fairly fixed overhead base in there now, so it will only take it only takes a bit more an uplift in revenue to move that to be to be a very, very good operating margin.

11:24 Into Infotech, so revenue decreased here to 12,400,000. It's exactly what we expected. So we, as we've mentioned before, we had a large contract, in New York, which ended during the year. So the so that was fundamentally the movement in year on year revenue. If you just look at Invertech in terms of its like for like UK rail, it it had its best every year. So it's, again, although the revenue decreased, it's as expected, and we we are pleased with the performance. Again, margins were up here significantly 7% up. So gross profit, had a guess, I guess, a much lower decrease. We're at $46,000,006,000,000 there. And there's notable contribution for Infotech. It made just over £2,000,000.

12:12 So operating margin is is is just over 15 something there. So very, very good result. JOURNEO AS, which is the Danish business we acquired in 2023, previously called MultiQ, we just have we had three and a half to four months of it in 2023, a full year in '24. So revenue was up to 4,000,000. Gross margins are very good here, 48%. So it delivered a gross profit of 2,000,000. And this business has the benefit that it has enough it has a good recurring revenue base with which which means it's profitable without winning any new business. So it's got a very good fixed income, to to to start the year off, which then moves to group recurring revenue. So, we were up 40% group recurring revenue year on year. We moved from 5,000,000 to 7,000,000.

13:00 It's 14% of the total group revenue in the year. The SaaS element is is about 40 to 45% of the total. The balance is more maintenance and and services, but SaaS is the the area which makes up the biggest growth in the year.

13:21 Next slide. So contract wins. So so this is this is, I guess, a list of of the the announcements we made during the year. We we have we did previously increase our announcement threshold. So so we we, I guess, we have less announcements than we have historically, but the threshold is higher. So they sort of are large large wins. The good thing with this list is it shows success across across the group and the different areas. So the first 1, 4,700,000 for transport for London is is fleet on bus. The next one, £3,000,000 is is success on train. So we we we want we've done well there.

14:04 Metro Manchester, again, is on bus. The following three, so the Northern Transport Partnership, Swansea, and Edinburgh are all within our passenger systems business, and that's a mixture of hardware and recurring on ongoing income. And the bottom one is is well, below 1,000,000, it's it shows a win for our Danish business, JOURNEO PLC's contract won by JOURNEO AS. Operational highlights. As Russ said, we spent a lot of a lot of this year or last year getting ready ready for next steps. So we formed the JOURNEO design center for for for product development. Okay. It organized organizational developments. We've made a number of key recruits in key areas, just to to get us ready for for next step.

14:54 We've implemented group wide HR systems and support programs. As well as, we've now got over 200 people. So we we we made steps there, and we retained all our ISO, cybersecurity, and information certifications.

15:11 Okay. Thanks, Nick. So, really, the this next couple of slides really are about what we see, why Nick and I put our own money into this business, why we actually believe that there's an opportunity if we can get the the technology and the services right to scale this business up significantly.

15:36 And I'm sure most of you are aware of the sort of smarter cities agenda, which has been going on for at least the last twenty years. And that has moved from being about congestion to being about globalization to these kind of five major sort of descriptors that that that we've been using to to say, well, actually, what are these trends? Are we just trying to fix a problem that's applicable just in The UK?

16:07 Or is some of the solutions that we're developing, whether they're services or products or indeed software, does this have a potential for, you know, explosion growth in terms of, you know, world world wide deployment or certainly replicated in other major economies? And so these things are the urbanization, which is leading to more people coalescing on large cities. You know, London's a good example of that. That's leading to further congestion, and that's obviously a problem. There's then the climate change agenda where lots of governments are looking at how they can decarbonize parts of society and public transport and shipping are pretty major areas to go. You've got the shift in economic power and whilst the pandemic affected globalization and started to see sort of friends sourcing or insourcing.

17:04 There still is an inexorable move towards electric vehicle production in Asia, where China leads the world in renewable, both solar manufacture and battery technology manufacture and also the rare earth products for the motors.

17:26 And, obviously, we've got some demographic changes now where young people are increasing numbers deciding not to take driving license and actually to use public transport. And on the technological side, we can see things like with the IoT and the smarter cities agenda where there just is going to be more connectivity between vehicles and the infrastructure and the signaling and things like highways monitoring.

17:53 As the world starts to adopt autonomous vehicles as part of this kind of change. And so what JNEO has been doing is we've been creating the integrated services platform where we can link together all sorts of disparate technologies. It doesn't matter what the operator has or what the local authority has. We will connect it up and give them access to that over a cloud, and that's kinda like a sort of a single level access.

18:23 But then what we're starting to do then is to overlay machine learning and AI into that so that we can start to pull meaning or valuable sort of insights out of this connectivity, and that's helping JNEO directly for things like our predictive maintenance schedules. But it's so much more that that can be used for. So those are kind of, like, the things that's in the background, you know, fragmented supply chain at the moment. And there are substantive government backing for a number of initiatives.

18:57 And it's things like the bus open data, which is effective trying to make the information more accessible, trying to get public transport to become a de facto choice. You've got what's left of the William Shaps plan and control period seven for rail. And then there's effectively two quite important initiatives that the government has started. One is the bus service improvement plan, which effectively put 1,200,000,000 into the market to enable local authorities and fleet operators to form enhanced partnerships and have access to this. And in December,

19:37 January this year, that was extended by another 958,000,000, taking the total up to 2,200,000,000. So that's effectively going to provide a catalyst for further investment in clean energy vehicles for the next few years. And there's also something called city regional sustainable transport settlements, CRSTS, which is 5,700,000,000, And that's effectively going into mayoral authorities that are one of the aspects that we are very interested in there is that these mayoral authorities are a number of them are looking at adopting the franchising model, which has been adopted, obviously, originally by Transport for London, but more recently by Transport for Greater Manchester with great success.

20:26 So and with these schemes come sort of integrated park and ride schemes, cycle lanes, clean, you know, pollution free zones, all of which are opportunities for JNEO either through its public information businesses or through its fleet services processes. And as a result of that, we're we're feeling that there's now a really good opportunity for for JNEO to take another step forward and effectively double its revenues and take us through the 100,000,000 mark. And and if we're able to continue to drive out cost out of our integrated supply chains and unified manufacture, we believe that this could lead to sort of 100,000,000 market cap opportunity for us. And we're talking about a sort of two to three year time frame for that. And the way that we're going to achieve that is through organic growth. We won't be able to maintain the 45% in our fleet business. Obviously, that's not sustainable. There's a kind of cap where we can get that to. But we believe sort of 10% or or more is realistic.

21:42 There are opportunities, and we obviously, we're gonna come on to the questions shortly, but there are a number of opportunities for us in terms of consolidation, where some service providers or niche providers of services, whether that's in street furniture or it's on vehicle, could make sense for for us to acquire. And, obviously, that would give us some sort of leverage in there because we have more sort of advanced technology and a nationwide service to to to expand those businesses. Our recurring revenue has grown, and, obviously, that grows as a function of our our sales. And and it gives us sort of high quality future visibility about revenue.

22:27 But we're also very interested now in businesses that are providing services to what we call adjacent markets where JNEO, at the moment, doesn't have within its extensive supply, not within our firm boundary. But it would make sense for us to have them without firm boundary rather than than the subcontract. Because, obviously, when you're dealing with the subcontract, ultimately, you don't actually have control of the priorities of the subcontracted business. And this would enable JNEO to capture more of the spend on some of these larger infrastructural projects. So at the moment, the the the the sort of summary picture for for JNEO is that we we we delivered what we set out to to deliver in FY twenty four.

23:15 And in fact, it's ended up better than we originally expected, and that led to upgrades from Cavendish. You know, overall, an 8% increase in revenue to just 50,000,000. The profit, sort of 5,000,000, very healthy cash generation, as Nick said, even after settling deferred consideration on the acquisitions. And there's a lot of momentum now both in The UK, and it's gathering momentum in in in in our Scandinavian operations. So I think that's probably a good point for us to start with the sort of presentation. And do we hand back to Paul now for the questions? Fantastic. Look. Thank you very much indeed for your presentation, Rasnik. Ladies and gentlemen, do please continue to submit your questions just using the Q and A tab situated in the right hand corner of your screen. Just while the team take a few moments to review those questions submitted today, I'd like to remind you the recording of the presentation along with a copy of the slides and the presentation will be available on the Investor Meet company dashboard.

24:21 Ross Nick, as you can see, we've had a number of questions both pre submitted throughout today's presentation, and thank you to all the investors submitted to those. If I may just ask just you to click on that q and a tab, and where appropriate to do so, just read out the question, give your response, and I'll pick up from you at the end. Okay. Do you want to go right up to the top there? Yep. Please. Oh, it's because it's quite a few. Okay. So it doesn't say who this is from. It's just who are your biggest competitors, and what is the main reason for customers choosing JOURNEO over them? So our our competitors, really, we don't have one sort of monolithic competitor that we're that we're up against. There tends to be different competitors in each of our business segments. And that may be because we're sort of entering the market. So we're, you know, we're trying to dislodge an incumbent.

25:10 Or it could be that we are the incumbent, and we've got people obviously trying to buy market share. So in our fleet systems business, which is predominantly bus, rail, and coach, the businesses that that some of you might heard of that we that we sort of compete with are companies like Traxxas on rail and to some extent petards. In the bus and coach market, it tends to be smaller operator sort of privately owned companies that can sometimes offer a lower cost on sort of one off basis. In our passenger business, we don't really have many competitors because there aren't many people who can actually do the breadth of things that we do. So there are the company is sort of on the periphery of that that our specialists may be in ticketing, And so they perhaps provide ticket vending solutions, and they're able to provide some passing information systems.

26:16 Or we may well find that there's a a large contractor that picks up the whole contract, and they perhaps will bring in displays from, say, from the Far East and then connect connect them connect them up. But we don't see a lot of that. In Infotech, it's it's on about 80% of The UK rail network now. There are competitors come up from time to time. I'm trying to think of it. One of them was a company called Black Box who had a relationship, I believe, with Samsung for their displays. And from time to time, there are sort of different companies come in there. But as Inpatec has also been growing, it's now starting to get involved directly with the very large 30 or 40 meter concourse wide displays.

27:11 And there are very few businesses actually that can combine the sort of active digital media with the real time information that they provide. So and the similar situation actually in in in Scandinavia, what we're finding is that there are not many companies that can actually provide both the in street and the onboard technology. I must point out that the in terms of onboard connectivity, the Scandinavian market is ahead of The UK. So they they have something called ITXPT, which is Internet for Passenger or Public Transport. They've had that for quite some time. So their systems tend to be more deeply integrated, and JNEO has benefited from that because we've had sort of advanced warning for many years about the kind of technology that we should be bringing into The UK. So we've used that to our benefit, actually.

28:11 So I hope that's that's enough on that one. Okay. Take that then. Thanks, Juan. Okay. Some of them are the same question, aren't they? Yeah. Okay. I'll take this one. Are you able to put a specific figure on your sales pipeline for this year? The same presentation last year, we said the sales pipeline was 60,000,000. Yes. I can answer that. And as you say as you can see there, our sales pipeline actually, when we started the year, January 1, was actually 79,000,000. What we've been doing, we've recruited a new group sales director working across JNEO, supporting the managing directors or the divisional directors of each of our four businesses.

28:57 And we've put in something called HubSpot, which is a unified CRM system. So prior to this, JNEO fleet and passenger were using something called Pipedrive for CRM. The Danish and Swedish business we use is salesforce.com, and Infotech used a something called eFax, which is an ERP based system. And by putting all of the sales opportunities and pipelines together, the pipeline is now heading towards twice the figure that we've revealed here. The only reason, in fact, that we haven't included it in in this presentation is it's not on a like for like basis. So the actual overall sales pipeline is very significantly higher than 75,000,000.

29:50 Okay. What is the geographical split for the business? That's perhaps one for for Nick to to answer. Okay. I'll I'll just pull out the notes. So we are so UK, we are about 40,000,000. So about 8080% of us last year was was UK, and and 20% was overseas. Of of the overseas, about half of it is is Scandinavia, so a mixture of, Danish business we acquired, and our, Swedish business we already have. So it's about 5,000,000 of other overseas revenue. About 3,600,000 related to the end of the last last part of The US contract, with with, Infotech, and we have about 1,500,000 roughly of sales, to predominantly, bus builders overseas. So so there's there's a number in China. There's Egypt. There's there's others.

30:57 So I I I guess the the original source of the business is is our UK operators, but the actual sale will be to either Chinese or Egyptian or or other other overseas builders. Okay. Lots of them repeat here. So There's a couple. So just bear with us. Okay. One here. Can we provide more color on the display to the New York City implementation? So Inphatec secured a contract with a media company called Outfront Media based in The US to provide displays on board the new New York City metro.

31:53 The Outfront Media has the exclusive marketing rights onboard the new metro between 2020 and 2030. As part of that contract, they are installing digital media screens on the new trains. The first phase of so the 1,600 new they call them subway cars, 1,600 of them being supplied under a $6,000,000,000 contract from the MTA, and the vehicles are being manufactured by Kawasaki, a Japanese company, who've set up a manufacturing presence in Nebraska. Outfront Media placed a contract with Infotech to provide about 5,000 displays for these first 500 trains.

32:42 So roughly a 100 of these digital media screens per train. And the contract was about 18,000,000 US dollars, that was already partway through when we acquired Infotech. And and the project went through to completion in 2024. The subsequent phase is for about 600 additional trains, and Kawasaki have have made announcements to say that they have received the the PO to start building them. But our customer, Outfront Media, has advised us that they're not currently taking up their option to fit the digital media screens on these next batch of trains because the passenger footfall on the metro has been suppressed since the pandemic. So they signed the contract in 2020, and then, obviously, the pandemic hit. And as a result of that, they haven't had anywhere near the same passenger footfall in order to monetize the displays on the screens.

33:51 So the trains are going to be built, and they're gonna be prewired so that they can be retrofitted with digital media screens at some point in future. And whilst it's not concrete at this point in time, because we we speak to our customer twice a week, what they are saying to us is that president Trump's made statements about people returning to offices and that, anecdotally, the metro is getting busier. So if the passenger footfall metrics sustain the kind of tipping point that our media customer needs, then they would start to install the media screens. And we've had some conversations with them about that. Nothing definitive at this stage.

34:38 So that's that's the that's the decision. Okay. So there's there's a couple of questions about the, I guess, market consensus for us. So one question is the consensus revenue for FY '25 is £52,000,000, which means prudent. So so we are we're we're we're comfortable with the with the forecast that is in the market for us. I think it's the best answer to that. There's another question referencing, are we likely to be h two weighted this year? We have been in many years. We we weren't last year. Suspect there's a small chance we might be slightly h two weighted.

35:27 So, yeah, it's it's possible. It has historically we we have been. So what's the revenue? K. What's the revenue split between government and private customers? That's difficult to answer. A lot of public transport has its origination into government, whether that's actually direct CapEx through things like the b SIP or the funds that preceded that, or in fact, it's coming from the local authority directly, more than likely, it still has its roots in central government finance indirectly.

36:15 We do have some commercial revenue. Quite a bit of what JNEO does in coach is actually private. Coach is privately owned, and, obviously, the fleet operators are generally privately owned. And in rail, a lot of the work we're doing is actually with the Roscoe, which for for those who don't know, that actually is effectively the leasing company that owns the rolling stock. So it's not really related to to government funding. And, obviously, the overseas isn't related to source of government finance. So I can't put a figure on it. But and it is a obviously, a good proportion of what we do does originate in central government funding either directly or indirectly, but we're not completely reliant on it.

37:06 Okay. There's I guess there's there's several questions around plans for cash cash and acquisition. I guess Russ answered in the presentation. So so that as Russ said, there there are we have several acquisition targets, and and we would hope that that we utilize some of the cash for acquisitions. Yeah. I mean, there's a one of the questions, what firm plans do we have for our cash over the next twelve months? What order do you give to acquisitions, buyback, and dividends? And how likely is a European acquisition? So our our priority obviously, we're very cash generative business, and and our priority is to deploy that cash to grow the company. So we're at various stages of conversations with businesses that we think would that we understand, that we know very well, that would fit very nicely into the JNEO portfolio.

38:01 And we believe that that's really the right place for us to grow the company. In in due course, obviously, are a possibility, but they're not at the moment on our agenda nor are buybacks. We we we think we've got better use for that cash to grow the company. And in terms of European acquisitions, we are looking at potential acquisitions elsewhere in Continental Europe and also in The United States. But but I would say that our priority, certainly for the medium term anyway, is The United Kingdom where there's a number of consolidation opportunities and also acquisitions in adjacent markets that we think can really help us scale the the business up.

38:51 K. So there's there's a question around from the from the Cavendish forecast as to why EPS is forecast to be lower next year or this year. So from from a PBT perspective, we we the the Cavendish forecast is that we'll we will be higher. That there's more prudence around the tax charge. So that that's why the the the EPS appears to be lower. But from pure profit, perspective, we the expectation is that we will be higher. So seven seven seven. A lot of them the same points. Bear with us and see if there's any discomfort.

39:43 Cover that. I think we've actually covered most of the questions. So I think I'll hand back to you. Fantastic, Rosnick. Thanks indeed, and thanks for covering up further questions you can. Of course, you will, if any further questions come through, have the ability to review those. We have published responses where appropriate to do so on the Investor Meet company platform. Just before redirecting investors to provide you with their feedback, know it's particularly important to you and the team. Russ, if I may just ask you for a few closing comments, please. Really, the sort of the takeaway from this is that the opportunity that we saw a number of years ago to link these disparate systems together both in street and on vehicle is is is gathering pace. There's more opportunities now. So this is actually something that's expanding.

40:35 It's not contracting. We've been building the technical delivery platform through a nationwide network of engineers with spares in their vehicles to keep these things going twenty four seven. And we we also have the remote condition monitoring and cloud based services now to scale them up truly. So there's a number of areas that look very exciting. We're in a pretty strong cash position to execute acquisitions without initially having to come back to the market. So it feels like the the sort of vista for the next few years looks looks quite attractive, and we're very excited by the the opportunities that are that are emerging.

41:22 So thank you very much for everybody's time. Fantastic, Ross Nick. Thanks indeed for updating investors today. Can I please ask investors not to close the session? Should be automatically redirected to provide your feedback in order the team can better understand your views and expectations. This may take a few moments to complete and is greatly valued by the company. On behalf of the management team, JNEO PLC, we'd like to thank you very much for attending today's presentation. That concludes today's session, and good afternoon to you all.