Alteration Earth PLC (PR1) Earnings Call Transcript

Good morning, ladies and gentlemen, and welcome to the Pri0r1ty Intelligence Group plc Investor Presentation. [Operator Instructions] 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 will publish responses where it's appropriate to do so on the Investor Meet Company platform. Before we begin, we would just like to submit the following poll. I would now like to hand you over to CEO, Rory Maxwell. Rory, good morning, sir.

Thank you, Jake. Good morning, everybody. Thank you for joining this Investor Meet Company presentation this morning. We will be running through a short presentation to outline the strategy of the business, probably take around 20 to 30 minutes. And then as Jake has outlined, we will be happy to answer any questions that anybody joining this presentation would like to submit. And then I understand that everybody here will receive a copy of the assets that we present in follow-up to this presentation. So there will be plenty of further information for everyone to peruse at their leisure. But we will get started straight away. As many of you know, Pri0r1ty Intelligence Group is an AI solutions business focused on the SME sector specifically and with a clear remit to provide leading data capture and data enrichment solutions to the SME sector. We believe very passionately that we can disrupt what is an outdated ecosystem, but more importantly, we can really support SMEs in the growth of their own businesses by providing leading AI technology solutions that will help them grow their businesses. By way of an introduction, here, you have a summary of the management team. As Jake has outlined, I'm Rory Maxwell. I'm the CEO of Pri0r1ty Intelligence Group. I'm joined today by the Founder of Pri0r1ty, Daniel Gee, who is our Chief Technology Officer and Head of all Things Product. And as you can see here on the screen, we have a quick overview on the other individuals involved in the executive team and the management team running this business. We are all collectively a very experienced team of individuals with extensive expertise in running, owning and operating our own businesses, both in a variety of different sectors, but obviously, most importantly, with significant technology experience as well. So I'd like to start by giving you just an overview of Pri0r1ty Intelligence Group as a group structure. As I outlined at the top of the presentation, we are an AI business focused on delivering data solutions to the SME sector. So Pri0r1ty Intelligence Group owns a variety of different software products, which we will obviously be taking you through in more detail today. And the deployment of those products is effectively implemented by 3 wholly owned operating companies within the Pri0r1ty Intelligence Group. Those 3 companies here, you see listed, Halfspace, which was founded by myself and Sanjit Atwell and Steve Schindler in 2018; Pri0r1ty AI founded by Dan and Metr1c, a business that the group has launched in August 2025. Those 3 operating companies are very specifically specialist companies in the sectors within which they operate. Halfspace was a data management technology business focused on the sports vertical. Metr1c is a business focused on music, entertainment and lifestyle sectors and Pri0r1ty focused on providing operational solutions to SMEs. So each of those opcos have their own teams, very specialist in operating in those sectors. And principally, that is how we are deploying our products on a scalable basis. The sectors that we -- that I've outlined here and that we will take you through in a bit more detail are in their own right, very scalable sectors and will allow us to achieve significant market share on the SME -- across the SME industry through those specific sectors. And those opcos are specialists in working with those businesses in deploying data solutions and data products. And that's principally how we are structured as a group. So just to reiterate that, the 3 companies are responsible in their sectors for the implementation of the products that Pri0r1ty Intelligence Group owns centrally and which we will take you through in more detail today. I think to start with why the SME sector, let's just start by answering that question. Principally, obviously, it has significant scale, both here in the U.K. but also on a global basis. In addition, we feel that this is a sector that is underserved. And equally, it is a sector where traditionally, resource is obviously constrained through budget limitations and the deployment of technology is perhaps underinvested with many of those companies that focused on their core products. That's why we believe that we can disrupt the sector significantly, and we feel very passionate about the fact that not only can we help SMEs increase the data that they are capturing, better use that data and analyze that data through the AI solutions that we provide and most importantly, provide value in the output. And that is actually helping them specifically use the data that we are collecting and that we are analyzing and that we are enriching for those SMEs. And that's a really important part of our business model moving forward is not only the deployment of the SaaS products to enable those better data operations, but also helping clients use that data through enterprise consulting so that they get greater value out of our products. And we believe very passionately that, that is a differentiated model to be deploying across the SME sector very specifically. In terms of the SME sector as an addressable market, clearly, the last slide shows significant scale. But if we break that down at a U.K. level because that is where our operations are, for the most part, specifically focused at this point in time, there's an extensive number of what would be classified as SMEs in the U.K., 5 million in total. I mentioned there just previously about the use of data and that being an important part of our business model. You can see here that across the SME sector, there's significant investment, both in marketing spend, but also in technology consultancy annually. So that creates a real opportunity for us as a business. And what I outlined before is ensuring that the data that we provide adds value to the business operations of our customers. And that value is through things like marketing and technology consultancy. And there is significant budget spend across the SMEs in those 2 areas. When you look at, in addition, just actual pure spend on data analytics in terms of resource and technology across SMEs, that in itself is also a really significant and scalable budget line for most businesses. We've highlighted here that of those 5 million U.K. SMEs, there are around about 1.5 million with over GBP 1 million of turnover. And with over GBP 1 million of turnover, typically on a 5% average overhead, that's around about GBP 100,000 a year they're spending on data analytics across technology, platforms and resource. So that's a significant spend that we as a business and our products can fit into those budget lines. And then when you translate that further into a position where who are we trying to target, you've got approximately, as I said, 1.5 million businesses with GBP 1 million in turnover. If we were to target even 0.5% of that attainable market, which would equate to around about sort of 7,000 organizations taking our SaaS products, that gives us a really significant annually recurring revenue of over GBP 16 million as a target to aim for at some point in the future. So we feel that really our addressable market, our attainable market is very, very achievable in the relative near term, and we have a significant market in which we are able to target.

So we spoke about addressable market and we spoke about the group structure. I want to drill down before going into products to actually the pillars of business. So what makes us unique, what drives those operating companies that we spoke about, whether we're talking Halfspace, Metr1c, Pri0r1ty and how do we go all from a single layer, which is Pri0r1ty Intelligence Group. So when we founded Pri0r1ty, James and I just kind of 4 years ago, we were actually founders in our last business, we've dealt with tens of thousands of users and consultative agencies, growth agencies, and we encountered the same problem, which was in effect all the pillars that we're looking at now. When we go in and get some growth services externally, how do we implement into our product, how do we implement to our businesses and how do they grow with us. So that scalability, how do we go from servicing as priority a very, very small customer, a 1, 2 headcount SME, all the way up to large-scale multinationals. Obviously, we've been very vocal about some of our customer wins over the last year post integrating Halfspace. How does our technology scale with our user base, that leads into creativity. Our products are predominantly led by our customers. We spend a lot of time communicating with our customers, thinking of [ intuitive ] ways to deploy because we own our own IP, our own technology, our own data, we can be very creative in how we deploy it. So that's one of the key principles of our business is the ability to feel with our customers but also retain that SaaS scalability that we spoke about and going into multiple customers with exactly the same tech stack. We've got a fantastic team across that are helping us do that. Predominantly, our team is run by so many founders, either exit founders or current founders of businesses from marketing to partnerships to operations to tech and development, we have all run businesses of certain scales. We have the experience because we've experienced the pain points that Pri0r1ty is solving for those customers. And I guess more importantly, before we talk product is AI model training, putting data at the center of the AI conversation. How can we service this level of customers, volume of customers with lots of different data sets, different interfaces, different tech stacks is because we put data at the very forefront of our AI model training and that leads into every one of our products. So if we talk about growth trend data, which is the tagline across all of the Pri0r1ty companies, where we're talking about Halfspace, Metr1c, Pri0r1ty. We're drilling down into what do we actually mean by that. When we talk about growth, we're actually talking about the verticals that the business is focusing on. Take any business that we work with, whether they are looking to gain more customers, improve their margins, reduce their overheads or costs. They have a growth metric, a growth vertical that they are targeting. When we talk about growth, that's actually identifying what one of the Pri0r1ty group companies we're going to be using. If we're looking at efficiency, we're going to get Pri0r1ty. If we're looking at data optimization, Halfspace, we're looking at sector verticals. Again, we're going to go into one of those growth pillars. Ultimately, we're understanding what our customer requirement is before we onboard that customer, but we're doing it from a platform base. Unlike traditional consultancy where there's a long lead time, we parachute into a business, understand what that growth vertical is and the product requirement very, very quickly in a matter of minutes, not days or weeks. How do we do that? Training. This is where we talk about our data and our IP, how do we retain our customers and we'll talk about products later into the presentation. But ultimately, all our product is trained on our customers' data. So our IP is the data ingestion, turning what most businesses think as benign data into really valuable outputs, whether that's monetizing it, whether it's optimizing it, whether it's turning into actionable insights from technology and marketing consultancy services. Our business is predicated on turning that data into training parameters and then go and deploy AI. So it's all very much a data-first approach. What does that do for us? It gives us scalability. It protects a data moat around our product so our clients become very, very sticky because everything they do within our ecosystem is further impacting training their data. It means our customers stay with us. We're building them very, very valuable first-party data sets as they grow within our product suite and our ecosystem, you'll find that most customers start with one product, end up purchasing several products. Everything they're doing throughout the Pri0r1ty network of products is building that further data. And that data might be different for every single organization. If you look at a Premier League football club, we could be talking about ticketing data, fan data, performance statistics, going to a smaller 1, 2-person operation, maybe selling clothing apparel on the Internet, that could be web traffic, it could be marketing, programmatic data. Every business is different, but understanding what their data is and then enriching it with third-party data when we look at products like Compass, zero-party data where we look at the consultancy work that we do. It's building out that data set and ultimately delivering value for that customer through an offering of technology.

So just to summarize the business model that we have been talking about that we as a group adopt across the 3 opcos. We're going to take you through in a bit more detail the core products that form our SaaS basis to the business very shortly. That is obviously a fundamental part of how we see growth in the future of the group is to drive significant scale in the adoption of the collection of the portfolio of proprietary SaaS products that we have, which I will take you through. And clearly, they operate on a very affordably priced level, delivering the business a monthly recurring revenue. But as we've kind of talked about in this presentation so far, deploying those SaaS products are really important for helping the customers we work with capture more data, enrich and analyze that data and then use that data. And the use of that data takes us into another area of the business model across the group, which is our enterprise consultancy layers in which we help the customers that we work with actually embed the data that we're capturing into their workflows. And their workflows that could be into marketing. It could be into targeting new customers to sell new products. It could be into partnership activity to sell your data or sell your assets to third-party commercial partners such as sponsorship in sport and in music and in entertainment areas, where those businesses also can provide a revenue stream by using the data and using the assets that we are helping to manage for the customers that we work with. So that enterprise consultancy capability is really important. It means that we have a greater layer as a business, a greater role as a business to add value right across the entire operating chain. It ensures that our products are more embedded in the workflows of our customers. And that obviously creates stickiness. It creates greater retention, and it allows us to demonstrate value in the actual output that our customers receive from the products they deploy. And all of that is geared towards a differentiated offering, but also a stickier offering. And that enterprise layer really consists of data consultancy services, which is ultimately helping to manage broader technology stacks. And then as I said, the deployment of the data that we have into outbound marketing capabilities, for example, such as paid media planning, managing of CRM, targeting of new audiences, that is specifically where our data can be exported to third-party platforms to improve those operations. And finally, that kind of broader analytics and insights into your audience, which can help with things such as third-party partnership, consultancy partnership opportunities and the acquisition of new customers. So just really important to really understand the broadness of our business model, the diversification of the revenues that, that gives us underpinned by the SaaS capabilities. And as we've talked about, as Dan mentioned, that differentiation in the marketplace. We're not just a simply out and out off-the-shelf SaaS business. we believe very passionately in helping our customers use that data that we collect for them more efficiently, and that's what our business model is geared to.

So before we jump into product slides and product-centric slides, and this presentation will be available on Investor Meet company. So we won't labor the point in terms of kind of key feature sets. What we're going to do is jump into each product, understand what it is, what the offering is, what the key customers and some of the differentiators to some of the products that maybe people have seen out in the AI market at the moment. This is an oversight slide, probably driven by actually one of our investors. So we had a conversation a little while back with an investor really supportive, love the story and said, Dan, I'm running a business. How do your products sit within my day-to-day? How is that relevant to me? So actually, we went back to that first slide, that growth trend in your data, and we sit down what are you looking to do here? And what differentiates your business and looking from a data-first approach before we talk about AI, any agentic function, any use case, how are we using data to empower that. And actually, what we're doing is acquiring data. So if you don't have a data set, maybe a small business, going in and actually building your data sets, and we can do that either using Advisor to build first-party data sets agentically, whether that's in-app, on WhatsApp, on Telegram in your existing communities, online traffic, SMS, we could use third-party data to acquire data, looking at Fan Sonar for traditional social platforms, social monitoring and social listening. We can help you build a bigger data set, moving into more mature businesses, enriching that data, how can we go from first third-party data to actionable outcomes actually by having a deeper level of data [indiscernible] a product that enriches that, gives you a more ingrained layer of information about the first-party data and then going into monetization. Once we've done all those processes, how does that feed into top line growth, more sales, better efficiency, lower operational costs, higher margins. Vox is a voice product designed to do that. Consultatively, we can work and we do often work for slightly larger organizations or high-growth organizations, actually understanding which mix of these products is the best fit, the best recipe for growth. And ultimately, that differs for every single customer. We very rarely see a customer that has the exact replica set of products for a sustained period of time because everyone's journey is different. So that is, in effect, one of the key offerings for Pri0r1ty as a group and Pri0r1ty as technology provider. Every single customer is different. However, our product suite is easily scalable delivered in a SaaS mechanism. Going into the products we're going to talk about Advisor first. We're going to look at it from a data view as opposed to an AI view. Advisor is a data-first approach, an enterprise-first approach to acquiring data and turn that into useful parameters within AI models. What do we do in its most simplest form? We go into a business and we turn the data they do have into parameters to run their own foundational AI models. Once we've done that work, we can then plug in feature sets, whether we're plugging in Vox the voice functionality, whether we're plugging in Fan Sonar to build on that data, whether we're working on one of the new product releases that we've got coming for other monetization numbers. It all leads into the quality of data and the robustness of data, which is why all of our customers run their own local top 2 compliant foundation models built on their data and we can go and build that with interfaces onto their website for a traditional agent, maybe it's managing communications on their TripAdvisor or their Trustpilot, direct messaging via SMS, Telegram, WhatsApp? The interface is agnostic. What we're actually doing is building a data set, which we can query, which is secure, is scalable and it is compliant, which is why we're being used by some of the biggest organizations in the U.K. from sports, music, hospitality because we work on a data-first approach and data compliance is one of the most important parts of that. Going into building these data sets. Again, this is available invest in this company, if you want to drill down into the key feature set. Fan Sonar was one of the first products that we announced post the acquisition of Halfspace leading on from a product, the Halfspace didn't work and historically [indiscernible] working as well, plugging the gap between traditional social listening and social monitoring and actually an AI-first approach. How can we turn the noise that is community into actionable insights. And we're talking about buying markers, intent, customer profiles, demographic splits, all the stuff, the level of data that you're not getting from your traditional platforms, you're not getting from Meta, you're not getting from TikTok, you're not getting from Reddit. What we're doing is we're going and taking a much larger array of sources from traditional products so going over 80 million sources, acquiring data from traditional providers, enriching it to give you a better level of data and then actually understanding, interrogating and this is a web-based platform but also consultancy services as well, and how does that data impact the way you're growing your business. And we can look at other customers like [indiscernible] for large scale. We can look at smaller companies like direct-to-consumer brands. People that are using Fan Sonar as a low-cost product are understanding their audience better and it is helping them scale. It's driving creative content. It's driving product decisions at some of the U.K. largest DTC brands. It is very much an affordable, scalable product, also being used by agencies as well to understand their customers better. It is historically one of the better-selling products in the network. Now going into Vox, which is probably one of the fastest-growing products in the stable, which is voice. So we're talking about acquire, optimize, and we're now talking about monetize. How are we helping businesses drive top line growth. Ultimately, Rory spoke about earlier, we're always concerned about tangible output for our products. When our customers are paying us money, we want to deliver them ROI of x multiples. It keeps our customers retained alongside the data, also proof that we are delivering value. Our ultimate mission is to help SMEs deliver growth at a more affordable price point. Vox is one of the products that is tangibly demonstrating that, being used across property sectors, hospitality sectors. For those of you that are following our X, whether that's Halfspace or Pri0r1ty or Metr1c, you should be seeing some product demos coming of this quite soon in some more real-world environments. We are handling volumes of calls, several hundred, if not thousand calls daily inbound and outbound across multiple languages. This was an example of scalability and creativity. One of our customers actually came to us across the consultative side and was dropping 1 in 4 phone calls. They were spending on marketing, fantastic ticking the box, however, those calls weren't being answered. Vox has stepped in to fill that gap. Those calls are now being answered. It's integrated directly into a technology stack. It is a low-cost, high-impact product that's got some fantastic case studies for U.K. high regulatory businesses that are deploying this at scale and seeing fantastic results.

I'll give a quick overview on Compass, originally a product that was built by Halfspace prior to the acquisition by Pri0r1ty back in the summer of last year. Compass was really focused on helping the customers that Halfspace worked with in the sports space specifically on scaling their data capture. So enabling us to basically capture a wide variety of digital IDs and digital footprint at a user level, which we were then able to match technically with third-party data providers to provide a really enriched level of insight on who those audiences are, their behavioral interest, their demographic profiles and a much, much deeper insight into those audiences than the customers that we were working with otherwise be able to achieve. In addition, Compass could segment those audiences according to the specific business objectives that those individual clients were looking to deploy, be that behavioral attributes towards conversion on websites or looking at certain demographics that they're wanting to target future customers. There are a whole variety of different taxonomies that we could effectively create as a segmented structure on how we organize the data that we were capturing for the clients. And then in the sort of traditions and the [indiscernible] brand, everything we've talked about today, that data could then be exported from our platform on to third-party platforms to improve marketing, to improve targeting, but also those insights could be deployed as well to improve the kind of sponsorship sales proposition that sports clients would typically have as well as their clients the ability to activate those sponsorship and measure the kind of effect of their sponsorship in driving data capture and specific call to actions against the audiences that they were targeting. So Compass really built very much around scaling data capture, sort of warehousing and organizing and segmenting multiple different IDs, being able to profile and enrich those IDs and then activate those on behalf of the clients that we worked with. So Dan and I have just given you a broad overview there of the core SaaS products that underpin the Pri0r1ty Intelligence Group business, both the core foundational Pri0r1ty AI products as well as the Halfspace product Compass, which is integrated into the group's software portfolio. And obviously, there's been a significant amount of technical integration as well across all of those products. What we can categorically say as well in the time that we've been operating, both as Pri0r1ty since listing on AIM from really January 1, 2025, but also with the Halfspace team integrated into the operations since the summer is that all of those products are now being effectively implemented and deployed and used by a large variety of different clients. And those clients are falling obviously into the specific opcos, the specific operating companies of the overall group that we've been talking about. So Halfspace within the sports arena has worked with a large variety of different organizations in the sports space from governing bodies to clubs and franchises to international federations to media companies as well, and we've got a snapshot of them here as well. And a number of all of these sports clients are actively using various different products that we've just taken you through in summary. Same with Pri0r1ty, looking at broader sectors such as property and charities, again, where we are deploying those products live as we speak into different clients who are using those, particularly Vox with some of the clients that we're working with in property and Leukaemia Care, as an example, launched with our Advisor product, our foundational product as well on their site. And Metr1c in a relatively short space of time in the lifestyle and music and entertainment sector, really only 6 months has already had a significant level of traction with brands operating particularly in that sector. And that's obviously a really interesting growth opportunity for us as a group is that we are starting to get traction on working directly with brands and advertisers as well on their data operations, how they are engaging current and future customers and scaling their own operations as well, which obviously creates a really interesting growth opportunity for us as a group moving forward. So just a snapshot of the kind of the variety of different clients that we are working with and how we can drive and will continue to drive scale in those individual sectors. I'm going to touch on one example of a client that Halfspace works with in the sports sector and how this drives scalable adoption of the Pri0r1ty Intelligence Group products. We do a significant amount of work in the sector of horse racing through the Race Course Association of Great British Racing. Effectively, Halfspace operates an operation in which we centrally manage their entire data set for every single customer transaction on general admission ticket sales across all U.K. race courses, that's 58 of them. So we have taken a database that we centrally manage. We took on around about 4 million transaction records, which we have grown in the last 2 years to about 8 million transaction records. That is personally identifiable transaction information that we look after and manage and store and we profile that data to a significant level, not just providing key KPIs like revenue, ticket sales, average basket value, regional biases on transactions, et cetera. We not only just profile it at that level, but we can also profile the data demographically and in a whole variety of different ways based on the data warehouse that we operate to some degree, which Dan has talked about. In addition, to that data, we've helped the industry scale their data capture significantly. Compass ID is now deployed across all 58 race courses so that we are collecting those digital IDs that I referenced earlier also across all of the race courses. That's really important because there, we're talking about fans who support horse racing that may not necessarily purchase a ticket, but they have engaged in some way or form with those race courses either because they've shown interest or because they are engaging with some content, and stories around jockeys, whatever it might be, that ability to capture those broader IDs has really scaled the level of data that the entire industry now has access to that we as a business manage. So you've got that central database on transactions, personal identifiable information, first-party data around about 8 million records in addition to approximately 12 million different IDs, individual user level IDs that we have captured through Compass across all 58 race courses over the course of the last 8 to 10 months. And that allows us to obviously undertake an awful lot of activity for them. We provide a lot of the analytics on all of these audiences that feed into marketing activity. We've also deployed Fan Sonar across all of the race courses. That means that we're now collecting and measuring and analyzing sentiment and engagement analytics across over 200 different social media feeds that relate specifically just to the horse racing industry. And that as well is all feeding into their ability to grow ticket sales to grow sponsor interest by understanding more about their audiences and grow their database so that they understand more about their audiences and therefore, who they should target in the future. And we played a very significant role in the national advertising campaign that the industry launched to promote the sport horse racing during the course of last summer. And that whole campaign will be repeated again in 2026. And all of this data that I've talked about feeds into those kind of operational strategies to try to help the growth of the sport. As a business, it's very good for us. It's established a long-term contract because of this combination of the enterprise consultancy services in managing the data operations as well as the deployment of the SaaS products. We drive a really good margin, around 60% to 70% against this type of client. And obviously, it's a good illustration of how we can scale product adoption through one client into multiple stakeholders just through a particular one vertical sport horse racing. And obviously, that opens up and gives you an illustration of how we can scale into multiple different areas, sport being obviously just the one example here. That leads me on just to touch upon very briefly our sector-specific approach. We've talked about this at length already in this presentation that we feel our ability to scale and build market share in the SME sectors is by delivering specialists and experienced operations that really understand those sectors and understand those businesses and how to deploy the products to add as much value as possible. Halfspace have operated in the sports sector for 7-plus years. We understand that sector really, really well. And we've operated with a variety, a whole range of different businesses that operate in the sports sector. That gives us a really good foundation in which to drive scale of the deployment of the products. Likewise, music and entertainment, we've talked about Metr1c and its relatively short existence has already started to scale a huge number of clients. That's because of the experience across the team in operating in that particular sector as well. The interesting thing about both these sectors, they are underserved technically. They have significant growth opportunity by deploying better digital and data operations and deploying better technology products and they have significant room for growth in those sectors through the deployment of those technical capabilities and better digital operations. And there's a variety of evidence to support there that we feel these are sectors with significant room for growth well ahead of many other sectors, and therefore, that gives us a real opportunity to deploy our products at scale. And then finally, really, just to conclude, how do we take the business forward and where do we see the growth opportunities. I think we've given you an overhead -- sort of an overview, excuse me, of where we are to date in the products that we've built, the products that we are deploying and how we are deploying them across different sectors. Clearly, a major part of our growth in the immediate future is to expand that product capability, really build on the scalability of those products and support that adoption with a greater level of more aggressive marketing spend to drive a greater level of scalability to the use of those products. That's going to be a fundamental way that we look to grow in the future. We will also look at expanding into new sectors. That's going to be really important as well. We've already highlighted that we have a good diversified client base across the group from sport, from music and entertainment into more operational products as well through property, charity sectors. We feel there's a significant level of scale into other sectors as well that we are already starting to have conversations with, and we will look to expand those operations in other sectors. That will both be organically, but it will also be through M&A as well as we grow, we work with a number of potential partners in the space. And we will look to expand the group's capability through an M&A strategy in the fullness of time as well, both to expand footprint geographically, but equally that expansion across different sectors and also the integration of synergistic technology into the group that enables us to continue to operate that value proposition of scaling data acquisition, but also the enrichment and the use of that data and bringing in technology that enables our clients to more effectively and efficiently use their own data and deploy that into operations and into platforms that we can facilitate. And as a business, we already have a significant number of partners that we operate, and they will continue to be at the forefront of how we continue to scale the adoption of our products moving forward as well. So those are just a quick summary of how we see growth materializing over the next sort of 3 to 5 years. And a summary here of the share capital information from Pri0r1ty Intelligence Group, nearly 180 million shares are in issue. I think just the important point to highlight here is that the management team, the directors and the management team own approximately around about 18% of the shareholding. That figure is 18%. That assumes as well that the issue of the deferred consideration from the Halfspace transaction has taken place, and that ensures that as a management team collectively across the group, across the opcos, obviously, we are significantly incentivized as a team of individuals moving forward from this point. And that concludes the presentation. As we've mentioned, these materials and these assets will be available on the IMC platform and circulated to everybody for your more detailed perusal and follow-up. And we will, of course, be happy to answer further questions in due course. We do have some questions that have been submitted into the Q&A during the course of this presentation. So I will address some of those questions now in the time that we have remaining. And we will start.