Thank you very much. Good morning. Welcome to the EML Payments Limited results call for the 2021 financial year. I'm Tom Cregan, Managing Director of EML Payments. I'm joined today by Rob Shore, our Chief Financial Officer. On today's call, we will reverse the order that we've historically used and have Rob lead off with our financial results and FY 2022 guidance before I go through a business update. Then we can open it up for questions. The 2020 financial year, going back one year, was a strong year for us before the impacts of COVID in the fourth quarter took the wind out of our sails in terms of our statutory results. Albeit we still grew EBITDA in excess of 30%. The 2021 financial year, unfortunately, has some parallels to that. Despite continuing impacts from COVID-19 in different parts of our business, particularly in the gift and incentives segment, with most shopping malls closed in Europe and North America from really the middle of December onwards until mid-April, then into late May and into June in some cases. On an underlying basis, the company met or exceeded the guidance that we had in market, including GDV of AUD 19.7 billion, an increase of 42% on the prior year, and at the top end of our guidance range, a beat on revenue of AUD 194.2 million versus a guidance range of AUD 190 million-AUD 190 million. Underlying EBITDA of AUD 53.5 million at the top end of guidance range of AUD 50 million-AUD 54 million. Underlying operating cash flows of AUD 46.7 million or a conversion rate of 87%, also in the top half of our guidance range. In an operational sense, we had a number of highlights, which we'll discuss in more detail later in the deck. In a strategic sense, we launched Project Accelerator, and we'll talk about those outcomes later in the deck as well. As shareholders would know, on May 13th, May 14th, we received notification from the Central Bank of Ireland, in what they referred to as an "I'm minded to" letter in relation to concerns they had with respect to regulatory and compliance practices. As a leader in this industry, we take our regulatory and compliance obligations extremely seriously. Indeed, we believe that it's our commitment and our investment in that area that has kind of established the foundation for growth that we've enjoyed in the last nine years. Our commitment to best practice in that area is unwavering. That's what we've communicated to the Central Bank. We're actively engaged with the Central Bank on a remediation program, which we are looking to substantively complete by the end of the 2021 calendar year, with remaining items to be completed by the end of March 2021. It's important to note that in the ensuing audit of our European business, there's been no evidence brought to our attention of money laundering or counter-terrorism finance activities being evident, nor any failings with respect to capital adequacy, solvency or the safeguarding of consumer funds. The financial impact of our response to the "minded to" letter in terms of legal advice, advisory costs, and the potential for an enforcement action is AUD 11.4 million, which reduced our statutory or reported EBITDA to AUD 42.2 million. An increase of 30% up on the prior year, but a lot less than the 60% it would be on an underlying basis. I'm sure we'll get a question on this today, we're not splitting out that AUD 11.4 million into its constituent parts, particularly in relation to what we're looking for in terms of what we've accrued or what we budgeted for in terms of potential fines. You would understand that would make no sense for us to put that in the marketplace. Our assessment of that is within the AUD 11.4 million. We understand that these types of events create uncertainty for the company. They create uncertainty for shareholders. What we will endeavor to do today is to provide you with as much information as possible to help address that. What we cannot do, and we haven't done since May, is get into a running commentary on our dialogue with the Central Bank of Ireland or to speculate on a certain outcome. Our focus is on the remediation project, and we're well underway with this, as you'd expect, given, as I said, the dates that I mentioned before. I'd also make the point that whilst these events are disruptive to the business, we are approaching it from the perspective that the changes that we put into place will be beneficial and will allow us to continue to be a leader in the prepaid space in Europe in the years to come. With that, I'll hand over to Rob, and he can take us through the financials. Thanks, Tom. Good morning, everyone. We'll take you through the financial results review. We're starting on slide seven of the pack. As Tom outlined today, we reported a really strong set of results for the 2021 financial year, delivering a record for all key measures, including GDV, revenue, EBITDA and NPATA. I'll talk more about our balance sheet and cash flows shortly. We've also reported the strong cash flow numbers with underlying cash inflows of AUD 46.7 million at the operating level or an 87% conversion of EBITDA from underlying EBITDA. We've used the same operating measures for some time now. On all key operating measures, these are record results. We've achieved this strong result despite some challenges, including the regulatory matter involving the Central Bank of Ireland and our PFS Card Services business in Ireland. Remediation, advisory and other costs relating to this matter have resulted in a material impact to the Group in the year. To assist investors understand the operating performance of the company, we've presented both our underlying measure, which excludes AUD 11.4 million of expenses relating to this matter, alongside the more usual EBITDA definition we've presented for a number of years. On a preferred EBITDA measure, which includes the cost of the CBI matter, it was AUD 42.2 million, up for 30% on FY 2020. Throughout these results, a couple of things to bear in mind. PFS we acquired on 31st of March 2020. It's consolidated into the financial results for the full 12 months of the FY 2021 year, as opposed to being consolidated for three months of FY 2020. PFS is just one of six acquisitions we have made since 2012, with the Sentenial acquisition expected to close in the next 45 days. Our financial statements are impacted by AASB 3 acquisition accounting, the number of non-cash items in that. As a result, we've disclosed information excluding the non-cash impact of AASB 3 in this presentation. Looking at slide eight now, the segment performance. There are some key takeaways I'd like to highlight to you. Starting with our general purpose reloadable segment. I'd like to reiterate that this is our largest segment in terms of gross debit volume at AUD 9.7 billion of GDV. Generates revenues of AUD 113.6 million in FY 2021. It's the largest segment in terms of revenue and gross profit and our fastest-growing segment with strong acquisitive growth and organic growth. Firstly, PFS. It performed well in most of its key verticals, particularly the U.K. government verticals with local council welfare management. During the year, they launched the Aspen program for the U.K. Home Office, the Jersey stimulus program, amongst others, and they were both done on our new TRACE processing platform. Existing programs in France and Spain also continued to perform strongly, PFS grew 20% over the prior comparative period. That including a period prior to our acquisition, just gives investors flavor of its growth rate. PFS did see a direct financial impact from the CBI matter through lost establishment income in May and June, just somewhere north of AUD 1 million of lost revenue in that period. Organic growth in the non-PFS remainder of the GPR segment was also strong. We had growth of approximately 34% over the PCP. The transition of salary packaging programs in Australia from a competitor was completed, we closed the year with over 320,000 benefit accounts live at the end of June, that will annualize through into higher revenues in FY 2022. Our gaming winnings disbursement programs grew strongly in all markets, with GDV up 53% in the period, we expect to see further gaming disbursement programs launch in FY 2022, that will support continued growth in this vertical. In the gift and incentive segment, we saw a clear impact from reduced footfall in the malls, translating to lower GDV. Conditions varied throughout the year and from country to country, as different markets experienced lockdowns and social distancing at different times. We saw trading conditions deteriorate in the key period for the annual result, in that early to mid-December period, as Canadian and European lockdowns became more severe. In FY 2021, we're down about AUD 100 million of GDV against FY 2020, don't forget, in FY 2020, we're also impacted by COVID restrictions as well. Comparing to the pre-COVID run rates, it's actually a more significant drop than that. We are seeing now much more positive signs in load volumes coming through in June and July, with evidence of improved trading performance in North America and Europe. Not all malls are back to pre-COVID volumes on a like-to-like, but across the portfolio, we saw gift and incentive volumes were about 18% up in June and 27% up in July, and up over the FY 2019 year as well. We saw some pretty strong improvements in conditions, and we hope they'll continue through the remainder of the FY 2022 year. It's impossible to accurately quantify the impact of COVID on the segment, but we'd estimate it's several hundred million dollar of GDV. Although volumes were down in FY 2021, which we're attributing to lower footfall in the malls, it was somewhat offset by higher breakage rates, particularly in North America, and we recognized an additional AUD 11.1 million of revenue and profit to do with COVID breakage. This is reflected in the revenue yield, which increased to 635 basis points in the year, up from 581 basis points in the prior period. The impact of the AUD 11.1 million of additional higher breakage rates is about 100 basis points on the yield. Stripping this out, you can see the decline in the segment yield that we forecasted, driven by higher volumes of incentive programs, which is a much bigger market, but at lower revenue conversion rates. We did see during the year continued sustained growth in incentives or the non-mall programs, and they made up 44% of the segment GDV in the year. Incentives programs were up 11% with new programs launching, often taking advantage of our digital solutions for employee engagement, customer engagement, marketing programs, and the like. We expect to see continued growth in this segment with the FY 2021 program launches delivering growth in FY 2022 alongside a stronger retail environment in the FY 2022 year. In the VAN segment, it was relatively flat volumes, and I'd describe it as a steady state, though a customer mix shift improved GP margins for the segment on a slightly lower revenue base. In April, we announced the acquisition of Sentenial. Tom will give an update on that in his remarks shortly. Sentenial is a leading open banking and account-to-account payments provider, and we think it will bring approximately AUD 90 billion of annualized volumes. It's going to be consolidated into the VAN segment. As a result of that consolidation to VAN, we're going to rename the VAN segment to be Digital Payments in FY 2022, which reflects the broader product offerings that that segment will provide. Moving on to slide 10. The year delivered record revenues were up 60% to AUD 194.2 million. This is excluding AUD 2 million of non-cash amortization of AASB 3 fair value uplift on a bond portfolio that we acquired. The majority of our revenues are generated from recurring revenue streams in the GPR segment. The GPR segment accounts for about 58% of Group revenues in the year, with PFS contributing AUD 78.3 million for its full 12 months of consolidation, which was up from AUD 15.6 million in FY 2020. Organic growth was also strong at 34% for the year. Revenue yield in GPR segment was up to 117 bps for the year, slightly higher than the first half, which was 112 basis points. The gift and incentive segment contributed 36% to group revenues, and in the year, we made about 19% from breakage. That's well down on the PCP, despite the higher breakage rates that we saw in this year. We flagged previously we spent a significant amount of time evaluating with our third-party statisticians in North America, our North American sponsor banks, evidence of low redemptions on our gifts and incentive mall programs. We've attributed this to lockdown social distancing and the impacts of that on lower foot traffic in the malls, and that consequently reduced card spend over a sort of 12 to 18-month period post-activation of the cards through the pandemic. That's translated into higher breakage rates. We continue to be conservative, and we're doing this in conjunction with third-party statisticians and banks who both review the data alongside us. Globally, Central Bank interest rates on the cardholder float we manage have been a headwind across all the segments as we continue to see low interest rates in the U.K., Australia, and North America, and we see negative interest rates in the Eurozone, and we see the banks that we deal with and we leave our float with keen to pass that through. We've incurred net negative interest rates on our European float balances in the year, and that increased in the second half of the year. Our global treasury team worked hard to minimize the impact through term deposits or government-backed bond investments, but it is a cost. Whilst we're optimistic rates will rise in the FY 2023 and beyond periods in some of our jurisdictions, we hold a total float of AUD 2.1 billion. It is a cost to our business. We would benefit, of course, if we were to see rising interest rates in future years. We'd be a beneficiary of that. Looking on slide 11. At a headline level, gross profit rose to AUD 130.4 million. Margin's slightly lower at 67% due to a segment mix towards GPR and the dilutive impact of consolidating PFS. We also saw impacts on that of negative interest rates and the increased cost of those negative interest rates in the second half. We saw the impacts of lower establishment revenue in May and June due to the CBI matter in the PFS business. PFS will be a lower margin business until we can move their payment processing and insource their payment processing. As well as it's bringing its Faster Payments connections directly to the Bank of England. They push down the gross profit margins for that business. Those were two gross profit synergies we identified in our acquisition thesis. A quick update on those. The direct connection to Faster Payments became fully online this month. We expect savings of approximately GBP 500,000 in FY 2022, which will impact the GP margins, improve the GP margins. The project to bring processing in-house remains on track. As I said earlier, we launched the Home Office program on the TRACE platform. We also launched the Jersey stimulus program on the TRACE platform. You'll see more programs launch onto that TRACE platform in FY 2022 and at a target completion date of the end of FY 2023 for that project. We continue to regard cash overheads as a percentage of revenue as a key metric of operating performance. In the period, the employee cost as a percentage of revenue was 28%. It was down from 32% in last year. The majority of the decrease over the prior period relates to the acquisition of PFS being consolidated in the year and scale synergies in relation to that coming in. Employment-related expenses make up 70% of G roup cash overheads, and that's reflective of the nature of our business and our business model. Employment costs included in accrual for short-term incentive payments given the strong results in most business units that wasn't there last year due to COVID. We flagged increased investment in new roles, including at PFS, and we saw this eventuate through into the results. Although the timing of recruitment has been challenging, particularly given the strong competition in the labor market in Europe and our European operations. We saw increased costs for overheads such as insurance, internal and external audit fees, and IT costs, and we'd expect that to continue through into FY 2022. We previously estimated AUD 76 million-AUD 80 million of overhead costs back in February, so we came in at the lower end of that range, excluding the cost associated for the CBI matter. Costs of the CBI matter include those incurred in the year of about AUD 1.5 m illion and provision for just under AUD 10 million of costs, which we expect to incur in a future period, predominantly FY 2022, to bring the matter to a resolution. Examples of those costs include those relating to professional advisory fees and remediation activities. On slide 13, the outcome of all this is an underlying EBITDA of AUD 53.5 million for the year. Continues our track record of strong growth, which translates to a five-year cumulative annual growth rate of 65%. On a reported basis, our EBITDA still grew at 30% over the PCP to AUD 42.4 million. We'd estimate we incurred an FX headwind of about AUD 3 million against the basket of currency rates we saw in the prior year, and that's due to the strength of the Aussie dollar. Again, most of our currency impacts are against GBP, euro, and USD in particular. Nevertheless, the underlying EBITDA is towards the top end of the guidance we provided in February, which was AUD 50 million-AUD 54 million. AUD 53.5 million is a good result. On slide 14, we reconcile between EBITDA and NPATA. There's a couple of points to mention. Depreciation amortization of AUD 29.8 million at the statutory level, 68% of that relates to amortization of acquired intangibles. That's the fair value uplift that we do when we buy a business. The business as usual element of that, therefore, is AUD 9.6 million, which included NPATA, and you'll see that on the bridge. This was offset by about AUD 11.5 million of internally developed software in the year as we continue to invest in the business. It's pleasing to see it was investing slightly higher than the amortization rates. Share-based payments relate to executive staff and senior leadership LTIP, long-term incentive plans, and the full amount of AUD 5 million is included in the NPATA number. Finance costs include costs relating to the Group's syndicated debt agreement, and loan notes. Other expenses are mostly unrealized foreign exchange on the translation of foreign currency balance sheet items. Now, when we restated the acquisition balance sheet, and we'll discuss that in more detail shortly, one of the results was that the contingent consideration, the earn-out on the PFS business was reduced to [nil] on acquisition. At 30 June, we had to reanalyze the expected performance, and that resulted in an estimated earn-out liability against the predetermined targets we agreed in March 2020. That's come up slightly from zero. We had a tax expense in the year of AUD 6.4 million, excluding the R&D recovery, and we've used all of our European tax losses, and we've started to utilize losses in the U.S. and in Australia. If you follow the statutory profit line below the chart, you'll see the full reconciliation to EBITDA and NPATA as well. Given the significant impact of non-cash acquisition accounting, we continue to believe that non-statutory measures give a better reflection of our operating performance. It's particularly evident when you compare the NPAT loss of AUD 28.7 million to the statutory operating cash inflows of AUD 48.8 million. That's why we think the non-statutory measures give a better indication. Looking at the balance sheet in slide 15, there's a few things to highlight. We split out cardholder assets of AUD 1.71 billion and a liability to cardholders of the same amount. These are the amounts held on behalf of our customers, and a direct offset by the liabilities to the same cardholders. On 30 July, we announced we identified various irregularities with respect to length of time accounts were being safeguarded prior to our acquisition from PFS. As a result, we've injected AUD 28.2 million into the cardholder float following year-end. Whilst this is a cash outflow now, it will be released back to the Group in cash and revenue in the periods from FY 2022 to FY 2028. The restatement is discussed on the next slide, and as previously announced, the adjustment relates to the pre-acquisition period, and it's resulted in a correction to the acquisition balance sheet. The impacts of this to the contingent consideration, which is reduced by AUD 63.7 million in the acquisition balance sheet to nil. The customer contract intangible asset has increased by AUD 15.9 million, and liabilities to stored value account holders increased by AUD 28.2 million, with the balance moving through goodwill. We end the year with surplus cash of total cash balances of AUD 141.2 million and no secured debt drawn down from our Group's syndicated debt facility, which was established in connection with the Sentenial acquisition earlier this year. Our businesses are cash generative, and we're also holding a contract asset or breakage recall asset of AUD 26.6 million, of which AUD 16.4 million is expected to convert to cash over the next 12 months. The Group's funded a premium on purchasing bond investments. These are what the European regulator deems as zero-risk investments, so they're very low-risk government-backed assets where we invest cardholder funds, but the Group receives the economic returns. We have a policy of not actively trading the bonds, and we hold them through to maturity. This is more than AUD 5.8 million of Group cash, which will convert back in future periods. The bonds are an important part of our treasury policy to offset low or negative Central Bank interest rates on the cardholder float. The premium's been increasing, as you'll be aware, due to the extremely low interest rates in the European market on euro deposits in particular. As discussed earlier, with provisions of AUD 10.8 million to fund the expected future costs of the two PFS regulatory matters. Moving on to the cash flow on slide 17. The business continued to generate significant operating cash inflows with new record underlying cash inflow of AUD 46.7 million in the year. That's 87% of the underlying EBITDA result. Slightly below our guidance in February due to the timing of breakage receipts and remittances of customer share, alongside improvements in gifted incentive volumes in quarter four, driving up the working capital reinvestment into the contract asset line. We continue to invest in internally generated software development, and we capitalize AUD 11.5 million of CapEx relating to building the technologies that are going to drive the Group's growth in future periods. As we've mentioned previously, investors should expect this to increase in FY 2022 as some of the accelerated projects move from the design phase into more of the build phase. You'll see that fall through into that line. We've made two FINLAB investments in the FY 2021 year, which we've announced previously, Interchecks and Hydrogen, which totals AUD 9.7 million in the period. Moving on to slide 18 now, and looking at our guidance for the next financial year. There's a number of moving parts, and investors should appreciate this drives the guidance range for the year, which we intend to tighten in a future period. We expect to close the Sentenial acquisition at the end of next month, in September, and consolidate it for nine months in FY 2022. This is subject to regulatory approval by the French regulator, the ACPR, and we're expecting to assess it in early September, which triggers end of month completion. Our FY 2022 guidance on key metrics is as follows. Group gross debit volume of AUD 93 billion-AUD 100 billion, including AUD 24 billion-AUD 27 billion from prepaid and AUD 69 billion-AUD 74 billion of volume coming from account-to-account payments from the Sentenial business. AUD 220 million-AUD 255 million of revenue, including AUD 10 million-AUD 15 million from Sentenial. An EBITDA, AUD 55 million-AUD 65 million result at the underlying, including breakeven to a AUD 3 million loss from Sentenial. We're going to be investing to drive growth in that business in line with our acquisition strategy. An operating cash flow in the 80%-90% range, conversion of EBITDA. It would not be our preference to give guidance now. We typically provide guidance in November when we have more information. We've got some of the results from the start of the year to use. We've chosen to provide guidance earlier than usual, for a few reasons. It does drive an increased range at this point in time. Firstly, the consensus numbers haven't been updated by the analysts since the CBI investigation in May. We felt it would help investors understand that the additional European overhead cost is a one-off step up in spend in FY 2022, but it's not a change in the growth rate assumptions to the increased overhead base in future years. It's a one-off step up, is the important piece to note. Secondly, we wanted to provide some information as to our plans for the Sentenial business, which is to increase the spend on sales and marketing earlier and back the management team in that business to deliver strong revenue growth expectations for that business. We're forecasting somewhere between a breakeven to an AUD 3 million loss for that business, and that's going to drive revenue growth in the future period, which is slightly different to the consensus. There's a few assumptions in our guidance as well that you should think about. The reopening of European and North American economies is already apparent in the GDV we've seen in the early part of FY 2022. We're only six weeks in, but we've seen that already. It's a key assumption, though, that trading conditions continue to improve, and we do not see significant lockdowns in FY 2022 in those key European and North American markets. Our Australian business is not materially exposed to the gift and incentive segment, and the Australian results have not been materially impacted by the recent Australian lockdowns. We do expect to see a higher cost base driven by the requirement to add roles in Europe in connection with the CBI's expectations. Expect to see higher insurance costs. We've expanded the scope of our internal audit function alongside higher external audit fees, given the complexity of the business. We're forecasting overheads of between AUD 85 million-AUD 92 million, excluding Sentenial, and AUD 97 million-AUD 106 million, including the Sentenial business. There are also key assumptions with respect to Ireland. Firstly, that the provisions we've taken up in the FY 2021 year are sufficient to cover the actual costs that we're going to incur in FY 2022. That the remediation plan we've outlined for the CBI is completed on schedule, which is predominantly by December 2021, but does not extend beyond March 2022. We haven't forecast any material change in Central Bank interest rates or foreign exchange rates, in this guidance as well. That could also impact the eventual outturn. With that, I'll hand back to Tom to take you through the business update. Thanks, Rob. I'll try and speed through some of these slides in the interest of time so we can then get into the questions. The first page of the business update, you'll see a number of highlights there. I would call out the launch of Project Accelerator. Certainly the acquisition of Sentenial as we push into open banking and account-to-account payments. As Rob mentioned before, becoming a member of Faster Payments in the U.K., with our first transaction to be processed next week. As shareholders will recall, when we acquired PFS, there were a number of projects underway to drive long-term earnings creation, including the launch of the Aspen card for the Home Office in the U.K., which went live. The launch of the Avios multi-currency card program, which also went live during the year. Becoming a member of Faster Payments, which we were approved during the financial year. As I said, first transaction next week. The launch of TRACE, which Rob mentioned before. That came online and was certified during the year. It has managed volume for several new programs. It will also manage the volume for the Northern Ireland stimulus program. Circa 5% of existing volumes have been converted over at this point. As Rob mentioned before, that was a three-year synergy target, to get rid of AUD 6+ million in external processing costs. That conversion process will now become more in earnest over the next 24 months. In between that, as I mentioned before, we managed the impact of COVID and Brexit to the team, particularly in Europe and in our group execs. They've certainly had their hands full in 2021. On the following slide, you'll note a brief update on the Sentenial acquisition. It is a growth investment for us. Clearly, the earn-out consideration is based on revenue growth three years out. The earn-out period, I think, finishes December of 2023. That earn-out target was EUR 27 million of revenue, which would correspond to roughly EUR 15 million of EBITDA, depending on how much we would reinvest into growth. Our shareholders have become familiar, I think, with our competitors in the prepaid space over time. They should certainly become more familiar with names that we compete with in the open banking space, such as Modulr, Tink, Trustly, Plaid, TrueLayer, as other early movers in the open banking space. Pay attention to the valuations that those companies are receiving, particularly when they're being acquired. Look at that relative to what we've paid for Sentenial and where we think that'll be in some of the out years. Moving to the business development slide. I think we had a pretty good year in terms of business development. We signed 121 contracts. That's a pretty good cadence, in my view, of two contracts a week. Importantly, 85 of those were in our GPR segment. That's where we are focused on driving that growth from. We implemented 144 programs in the year, 21 of which were signed in FY 2020. That'll give you an idea of just the lag that exists between signing contracts and the implementation of those programs. That lag exists for a raft of reasons. By and large, we'll sign a contract with a customer. That customer will then have their own development work to do to integrate to our platform. They've got their own launch time frames, which would include how and when they intend to market and promote their programs. You've got scheme approvals with Mastercard and Visa to achieve and regulatory approvals prior to programs being launched. There's a process there that every contract we sign goes through. Put another way, we implemented 123 programs that were signed in FY 2020. Then we start the year with roughly 100 programs that are in various stages of implementation and will drive GDV in the out years, as those programs scale. That's just the nature of pipeline management. We will always have new business expectations in our pipeline, contracts being signed that will be implemented six months post any other programs being implemented that were signed six months earlier. That's just the nature of how the pipeline will work. In a pipeline sense, we have seen continued momentum. We slightly increased the GDV that we would see at maturity, noting that our historical win rate is 40%. I think we went through that on our half-year call. We haven't reassessed whether that 40% is higher. I don't think it is. I think between February and now, our win rate is similar to where it was. I'd make the point, at this point, that we're yet to see any customer defections in the wake of the CBI matter, which is pleasing. We haven't launched new programs in Europe in the last 12 weeks as we focus on those remediation efforts, and we're in discussion with the CBI around that. We haven't seen any of those customers exit. We haven't seen any kind of contagion impact, if I can call it that, from existing clients with programs in market, which is very positive. We've not modified our pipeline data to take the CBI matter into account. The triangle on the right-hand side with the pipeline is as it stands. We haven't kind of sensitized that to the CBI. As I said before, in May, I think, at a previous investor conference, continued uncertainty with the respect to sign new programs or implement new programs could ultimately impact pipeline and future growth rates. That's just logical to assume. That's obviously something we're discussing pretty closely with the Central Bank, so that that uncertainty can be removed and customers and programs have certainty about being launched. Moving to the following slide, you'll see a number of call-outs in the government and NGO space, which is certainly no doubt. That was a key part of PFS's business, is government, not only in the U.K., but in other countries, Finland and others. The Jersey stimulus program was a pretty small program. It was GBP 100 gift card to 100,000 residents. It was GBP 10 million. Importantly, it ran on TRACE and had a couple of the TRACE processor have certain controls on it that enable that spend to be locked down to the island of Jersey. The success of that, I think even though that was a pretty small program of GBP 10 million, certainly positioned us well to win the Northern Ireland program, which is GBP 150 million. I think cards go out at a rate of 200,000 a week, commencing in the middle of September. There's 1.4 million cards that will go out over the ensuing weeks. It's roughly GBP 150 million or AUD 273 million, at current exchange rates. I'll say it's early days as European economies re-emerge from lockdown, that we are working on other opportunities as we speak with other countries. I think the success of the Northern Ireland stimulus program hopefully builds confidence in that kind of program for other governments to look at. Moving to the next slide, you'll see some of the key program launches for the year, including Avios, which I mentioned before. Laybuy and humm in the Buy Now Pay Later space in the U.K. and Australia, which people would be familiar with. Zeller, which you may be familiar with, just looking at advertising on TV. Zeller completed a large private raise recently, and is targeting the merchant POS markets. They're kind of competing with the likes of Tyro. A merchant gets a POS terminal, has our payment card attached to that. As debit, credit transactions occur, the proceeds from those transactions are cleared in real time to our card, providing the merchant with immediate access to cash flow versus the settlement through a bank that would occur at the end of the day or on the following Monday. Moving to the following slide, we look at some of the key launches. Rob's mentioned the completion of the salary packaging program, the launch of a gaming program with Paddy Power in Ireland, and our launch with Zenith, a large marketing and media agency in Australia with a history of offering prepaid card programs. Some of the ones on the right-hand side that we're pretty optimistic about. Cherry Hub is a company we're working with for the pubs and clubs solution in Australia, which is a kind of a compliance payment loyalty solution. Raise.com has kiosks in Walmart stores in the U.S. that enable you to convert the balances on various closed-loop gift cards onto a new open-loop gift card. We think the GDV potential there is pretty significant. A company called NRT, which also operate thousands of kiosks in the U.S. Our cards can be used for a variety of things. In one hand, they're a gaming machine, so they can be used for gaming payouts. They're also lottery terminals, so there's discussions with different state governments in the U.S. for lottery payouts. In some states, they're used for welfare payments as well, food stamps and other things like that. We're pretty bullish that when that program goes live, it over years can evolve into a pretty broad-based payment distribution. Investors would also be familiar with BetMakers, I think given recent media activity, and we're working with them to launch a gaming program in Australia as well as the U.S. The following slide, we've provided some additional details in relation to the CBI matter, some of which I made in my introductory comments. What I would say is that we're in regular contact with the bank. Those meetings are not adversarial. They're completely aware of the remediation efforts that are underway. Communication is regular. That's positive. I think working in the right direction. I think it's also worth noting that when we acquired the PFS business, our investor deck at the time, so I'm going back to November 2019, called out various compliance failings the firm had incurred in the past. At our AGM in the same year, we were clear that we would work to bring the compliance function up to the standard that we're used to in our other businesses. What investors should be mindful of is that that work commenced post-acquisition. We recruited new heads of risk into our team. We onboarded new KYB, KYC suppliers. Obviously, those things have got to be. There's an IT integration process to buy that kit and buy that software and then have it integrated. We implemented a new risk assessment tool. We, last year, licensed a enterprise-grade transaction monitoring system called Predator, which a lot of large banks use. It's a system from GBG. All of those things have gone live. We increased our resources and our compliance function from 22 at the start of last year to 45. These things happened before receipt of the minded to letter. They were investments and activities that we were undertaking to bring the PFS business and their compliance functions up to, as I said, the kind of level that we would expect to see that in other regions. Clearly, we've got more work to do, and that's where the remediation program is focused on, particularly governance and the incorporation of the Board of PCSIL, which is the European regulated entity. It really is PCSIL that the CBI regulates. As far as they are concerned, PCSIL, the easy EML, right? The fact that PCSIL is part of a global business is fine, but they expect PCSIL to have a Board with independent directors that manages risk, and directors and resources that are local and are part of what they call a hearts and minds strategy, along with people in defined PCF functions, which are kind of control functions. The Irish government have a very similar system to the Bank Executive Accountability Regime in Australia. It's called SEAR, the Senior Executive Accountability Regime, that comes into place late this year, kind of October, November timeframe. With the hearts and minds strategy, there's a clear preference for directors to be independent, to be Irish, and for the PCF functions to be in-country. I think that's novel, right? I think we will see that in other markets as well. We've got a branch license in Spain, for example. I think it's Sentenial has a license in France. I think that that's the way that most of these entities will go, right? The European Banking Association, just to divert for a second, has brought in a rule at the end of this year that effectively says branch licenses and entities have got to be resourced to locally manage the kind of risk and compliance function. I don't think what we're seeing in Ireland is unique in terms of how other regulators will expect resourcing and roles to be local and independent directors to be in country. As shareholders will remember, when we acquired PFS, that was originally for AUD 425 million, along with a GBP 55 million earn-out. Call that, AUD 100 million-AUD 110 million earn-out. Pardon me. We subsequently renegotiated the price down by AUD 170 million, given COVID-related uncertainties, which certainly resulted in a strong balance sheet with cash reserves to trade through economic uncertainties. The result of the costs incurred and accrued as part of the remediation plan, which has gone through the PFS P&L statement, has seen us adjust the contingent consideration down. Our assessment today, and this assessment is very detailed, is that the likely earn-out is in the region of about GBP 8 million now. AUD 15 million-AUD 16 million, down from the maximum of AUD 100 million-AUD 110 million. Moving on to our strategy slides. Some of those you'll be familiar with from previous presentations. I'll skip through to the slide on our platform capabilities because, as I've said before, our platform is our product. At the end of the day, that's how our customers integrate with us. That's how they offer their programs to their customers. It's highly developed. We continue to invest in it. The more features and functionality it has, the broader our opportunities will be. The following slide, in terms of our Accelerator, Rob's mentioned a couple of these, particularly Sentenial others. We have undertaken the work to integrate to the Visa network. That was one of the key projects, so that we are able to support the same product, be it gift, be it GPR, be it physical, be it tokenized, be it digital, on both networks. Which just gives our consumers choice and puts us in the payment flow of programs that have predefined Visa as their scheme, which ultimately should increase our market opportunity. EML Connect launched, which allows customers to integrate through our APIs. TRACE we've mentioned before. The FINLABs investments we mentioned before. We made a fair bit of progress in that. On the following slide, though, we talk about what we're doing to drive new business through the use of data. As Digital Payments grow, the decision-makers are not necessarily CEOs and senior managers, but software engineers who are looking at how easy it is to develop a solution, integrate onto a platform, and use our APIs. Increasingly, they are making the recommendation as to which suppliers to use. You've got the traditional sales channel that we have today, which is direct selling through our business development execs to prospective customers. You've got a whole other subset of programs that you may not see because they're being driven by IT software engineers who are, in inverted commas, "road testing" different platforms and different providers, and then recommending that to their management team as to which one to use. On this page, we've got what we call our DevHub, which launches in September. DevHub is a fully exposed open access API platform, which allows those same software developers and engineers to access, develop, test, document, pull up documentation in one place, which we think will catch up some ground relative to competitors. It's often called a sandbox environment as well. Sometimes the terminology you might see referred to as that. That goes live in September. We relaunch our website in September. A prospect can move from our website to our DevHub. And we can increase our sales conversion from our website, which isn't where it needs to be today. It's pretty small. There's an opportunity for us. We then implemented HubSpot and ZoomInfo, which allow us to track a prospect's interactions with us and who that prospect is and understand that customer in more detail. That's about getting more insight into the companies and the prospects that are looking at our website, looking at our development environment, and then allowing us to reach out proactively. All of that, at the end of the day, is about us selling digitally as well as physically. It's all about, again, just increasing our pipeline, increasing our close rates, and ultimately organic revenue growth, which was the driver for Accelerator. I won't go through the next two slides on FINLABs because you can read that at your leisure. Following that, we've got slides on Sentenial and just open banking. I'll probably skip through those as well, and you can read those through in your own time. I think it's worth looking at the use cases. Open banking can be demystified. It's really real-time bank payments between a consumer and a merchant. It's that simple, whether that be in country or cross-border. Therefore, it's an alternative for merchants to look at ways of getting money in, other than through credit or debit card, which obviously has a high interchange cost for them. For the consumer, it's for those consumers who don't have or don't choose to use a debit, credit or Buy Now Pay Later or other facilities. That's what it is in a nutshell. It's very easy, I think, for investors to look at the kind of use cases because that gives you an idea of why we're excited about it and why we think there's a really strong fit between open banking and our GPR segment. For example, on slide 39, I think you'll see the gaming payout program. Investors will be familiar with that. We've been running those programs for quite some time, which allow the customer, when funds are won, to access the winnings, from their gaming wallet to our card. This now allows us to facilitate the money in as well to that gaming wallet, which again, when turned over, so when spent, then allows the winnings again to be withdrawn to our card. Today, we're on the money outflow. Potential, with open banking, is to get onto the money inflow as well, which increases our opportunity, adds more value to our customer. Increasingly, we think those customers will look for one supplier to do the multifunctions, as opposed to having two vendors for each different solution. The following slide, you look at things like bill payments and subscription payments, which is a significant opportunity in Europe. Most of us know the frustration of signing up a DD authorization, only to find it's bloody hard to cancel that same DD authorization going forward. Open banking really puts the customer in charge of recurring payments. We think subscription payments and bill payments will become a big driver of growth in open banking. In the following slide, we look at things like earned wage access, which we really do think will be one of the biggest transformations we see. There's a myriad of companies in the space working on that. We're engaged in multiple discussions with people in that space. Today, we could provide a card payout for customers who are drawing part of their salary onto it. With open banking, we could obviously facilitate payments in and payments out, be that to their card or their bank account. Those opportunities that we're working on live. The following slide is really just the fact that we'll be integrating the Nuapay platform to TRACE. The intent is to multi-instance that platform so that in the course of the next kind of 12-18 months, all of our regions will have TRACE operation on it as our preferred GPR platform with open banking capabilities. That's the gist of that project. The Sentenial, I think there'll be questions from investors on Sentenial. Our thinking on this, I know markets are short-term in their thinking and their expectations, if you looked at the I think our communication has been pretty clear about the timing and where we see that really benefiting EML in terms of growth. I think the recent revenue multiple for Tink, which was acquired recently in Europe, was 50 times. Obviously we didn't pay for Sentenial. We see that as a long-term growth asset. We're not going to manage it with short-term thinking. If it means we're investing AUD 2 million of the sales and marketing, which we're electing to do this year, that's what we're going to do, because this isn't about next month or three months from now. It's about three years from now. I want to make that point clear that we're not looking at that as a short-term asset at all. Finally, the last slide. I think we've had some questions from investors, which is good, in the last kind of six to 12 months on ESG and particularly people wanting to know things like engagement rates and so forth. We'll include these more now as standing items. In all honesty, we should change the priorities of these slides and put this number one, because I've run this business for nine years, but we've got a dedicated team who take it really personally when challenges are thrown their way. In the last 18 months, I think we've had our fair share of those challenges. What I'm confident in is that the team that runs the business is pretty battle-tested, right? That might sound a bit corny, but you see the capabilities of people when times are tough, not when times are good. I think that the challenges that we have overcome, be that Brexit, be that COVID, we now look at the CBI. Ultimately that's just another challenge that we'll overcome. As I said, the rubber hits the road when people are working and managing those challenges as well as their core role. I'm certainly grateful for the team that I run and for their work ethic and commitment, because it enables to provide these results that we have today. With that, operator, I'll open up for the questions. Thank you. If you wish to ask a question, please press star one on your telephone and wait for your name to be announced. If you wish to cancel your request, please press star two. If you are on a speakerphone, please pick up the handset to ask your question. Your first question comes from Steven Kwok of KBW. Please state your question. Hey, guys. Good morning, and thanks for taking my question. The first one I had was around the CBI regulatory matter. I guess, as we think about it, what are the next steps that we should be looking out for? Secondly, are there any constraints around capital or investments that you can make under the proposed matter? Thanks. Yeah. Thanks, Steven. No, there's no constraints around capital or investment. There's no constraints there. I think the things that investors will be looking for in relation to the CBI, they'll be pleased to hear that obviously the remediation plan is in place and the CBI is comfortable, obviously, with us saying that we're actively engaged in that process. We communicate all this wording, proposed wording, to them in advance, obviously. I think that what investors will be looking for is certainty around the ability to onboard new business. We are in discussion with them. I mean, part of their response to us is, "Look, the firm will continue to grow organically and through new programs," and what have you. We're working on kind of what that growth, what number that growth might look like during the remediation period. Bear in mind that the remediation period would substantially be finished by the end of December, which is why we're putting that timeframe in place. I think investors will be pleased to see that it's not adversarial and that it's being worked through. I think the comfort factor they'll be looking for is when the kind of pipeline of business that's been pre-submitted starts to be implemented. When that is, I can't really speculate on that in terms of specific timing. I can tell you that it's something that we're in regular conversation with them about. Got it. Just my follow-up question is just as we think ahead on the PFSI acquisition, there's no changes around the long-term synergies, right? It's just that it could take a little bit more time given what's going on, but nothing has changed from a longer-term perspective. No. No, correct. I mean, the faster payments piece, I can't honestly remember when that was meant to go live. I think it was meant to go live earlier in the calendar year, kind of January timeframe. The Bank of England only has one slot per month for companies to go live on the network. That's managed by the BoE, so you've got a bunch of companies that want to become direct members, and you've only got a certain number of slots to get positioned into. The fact that's now live tomorrow is a good thing. That means that there's a synergy saving for our business, and then I think we pay something like GBP 0.20 per transaction. That comes down to GBP 0.02. That was a AUD 800,000 annualized Aussie synergy that we announced when we did the deal. Sentenial also outsources its Faster Payments access as well. Part of our project between now and when we close that deal is to try and we'll become the provider of Faster Payments for Sentenial. There should be some kind of uplift there, too, in terms of synergies. On TRACE, the synergy saving was AUD 6 million there, kind of by the end of year three. I think we'll get there. We've had one year effectively of getting TRACE certified by the schemes. Bringing volume across. Obviously, you don't do that gung ho. You bring programs on and you load balance and you test, and then you build it out from there. Most of the volume is in new business that's going on it. Over the course of the next couple of years, we'll start to migrate our existing programs across to it. That's when you start to see the synergy benefits kind of flow through, which help the overall number, but they also help the gross margin number because when you take AUD 6 million out of processing cost away and AUD 800 of Faster Payments away, and you put that onto the PFS business, their gross margin, excluding negative interest rate, their gross margin doesn't look much different to what our other businesses do. Great. Thanks for taking my question. No problem. Thanks. Your next question comes from Elijah Mayr of CLSA. Please state your question. Good morning, guys. Thanks for the question. Just a quick one on the Sentenial and Nuapay. Just with the increased marketing spend that you guys sort of called out, is that required to reach the previous revenue and GDV expectations, or have those expectations been rebased or changed? Well, when we bought the business, part of the SPA was for us to invest AUD 5 million over three years to kind of grow the business, rather than part of why they wanted to be part of a bigger Group was to have access to capital to enable them to expand because as a private business, they're trying to run the thing on the smell of an oily rag, right? Because as they had generated EBITDA, they'd reinvested that EBITDA into growth. We always had a commitment to make that investment. I don't think it's necessarily linked really to the earn-out. The earn-out is based on what we negotiated in the SPA. I think we said when we announced the deal that if you took EUR 27 million as the kind of incremental revenue number on which the earn-out is based, which is AUD 40- odd million, and that number at the end of the day is EUR 20 million, it means you're not paying that earn-out. At the end of the day, that then becomes a AUD 70 million deal with a pretty low multiple on it, but still generating a fair chunk of incremental revenue. That AUD 2 million of sales and marketing investment won't be the difference that gets them to a AUD 27 million revenue line. It would be stupid for us not to invest in it. To give you an idea, a company like Nuapay has three or four salespeople, and then we've got people in Europe on our side that are on the BizDev front as well. The private companies that they'd be competing with that are PE-owned, companies like GoCardless, have 100 people just in the U.K., right? They're raising money at valuations that support it. If you can raise AUD 80 million on a AUD 1 billion valuation and you don't have to worry about profit and you don't have to worry about return, you can hire 100 salespeople. Some of those companies that I mentioned before have pretty sizable sales and marketing teams. It would just be counterintuitive for us to buy it as a growth asset and just expect it to happen by itself magically, and in three years' time, lo and behold, EUR 27 million falls out of the sky. We're going to own it. We're going to have to run it. We're going to have to invest in it. As I said, EUR 2 million and the other EUR 3 million that we'll invest over the next few years won't be the difference between them getting EUR 27 million of revenues. It'd be silly for us not to invest in it. We've got a balance sheet that enables us to do that, and it's a long-term growth asset. We need to treat it that way. Yep. Understood. Just a second one, if I could. Just on PFS and following on from the previous question in terms of the long-term perspective of that acquisition. For FY 2021, the revenue was around AUD 78 million. Pre-COVID, the guidance of that acquisition was AUD 84 million. Is that shortfall, can that purely be attributable to the COVID impact and CBI matter, or is there any sort of change in the underlying business from your expectations at acquisition time? I think the thing that was probably the most immediate impact COVID, a year ago, was with multicurrency travel cards, right. Because that was 10% of their volume. That was in their numbers when we bought the business, because it was obviously historical in the year prior. When COVID came along, lockdowns, no travel, we got zero from that 10%, was effectively nothing, right. In FY 2021. It's very seasonal. Clearly, most of it's now, July, August, September, during the European holidays. We're seeing that now actually. I think July was the record month for PFS in terms of volumes. August will surpass that. You're seeing some of that seasonal volume come back, which is pretty pleasing. By and large, I think the rest of the business, if you took away multi-currency, by and large, most of the business is performing pretty well. On the CBI matter, the impact was more, I think Rob mentioned at the start of the call, AUD 1 million of revenues. These are set up fees and programs that are signed, where we've just had to wind back reverse, basically, with the setup fee. Then when the program launches, you'll recharge it. If you can't provide certainty to a customer as to when the launch date is, we didn't think it was right to be charging them and sitting on it and not being able to give them certainty. Hopefully, when we get that certainty, then that amount will be recharged. That was probably the immediate impact to the year, as well as just programs that would've launched in that last month. I don't think the CBI had an impact really, other than that AUD 1 million directly on revenue in the group. It was probably more COVID related in those particular segments. Excellent. Thanks. That's helpful. I'll leave it there. Your next question comes from Garry Sherriff of RBC. Please go ahead. Morning, Tom and Rob. A few quick questions. Firstly, the GP margins. FY 2023 and 2024, can you maybe just give us a range on how we should think about it and what specifically could drive the improvement in GMs? I guess that's question number one. The second question about the ongoing permanent compliance cost. Can we be a little bit more specific on what we should assume? Is it AUD 5 million-AUD 10 million incremental cost going forward in terms of systems, processes, controls? I guess the final question is in relation to open banking. Big market in its infancy, I guess very competitive, or certainly will be. Interested to know why you think Nuapay will win, and maybe if you are able to frame up who the other competitors are out there in the market that you see as being solid competitors. Yep. Sure. I think, well, let me answer. I'll take this one, Rob, and then I'll hand the next to you, so people don't get sick of hearing from me. I'll probably answer that, Garry. I'll answer that in terms of the compliance cost. I'll answer it in kind of a roundabout way. The ongoing cost in relation to headcounts and so forth, which aren't one time, they do flow into the EBITDA guidance. I think if you looked at where we're at from the analyst consensus was AUD 72. Our insurance bill went up AUD 1.1 million courtesy of mooted class actions. When you've got a couple of firms who are trawling around for litigation funding, unsurprisingly, your insurer gets a bit nervous about that. You've got a AUD 1 million higher insurance bill off the bat that wouldn't have otherwise been in our numbers. You've got increased legal costs that you've got to accrue for along the same lines, because you've just got to make the assumption that you're going to have to accrue and you're going to have a higher legal cost bill than we've had in years gone by. The remediation incremental headcount in Europe will be somewhere in the realm of AUD 3.5 million on an annualized or in this year. That will grow in the following year because we won't obviously have all those people on the payroll for a 12-month period. That'll be the kind of the ballpark number. If you work back, AUD 72 gets you to AUD 71 on insurance, gets you to AUD 70. If you've got higher legal costs, you're now kind of AUD 66 by looking at higher headcount costs in Europe on remediation. The delta of the guidance is really because of uncertainty about the ability to onboard new business and when that will happen. You've just got to build in a conservative buffer of what that might be. We also had the benefit last year, obviously, AUD 11.1 million worth of higher breakage with COVID, and we were AUD 100 million less in GDV. If you took malls business and you kind of added a normal take rate on that at our normal gross margin, that AUD 100 million of GDV is worth AUD 6 million-ish in EBITDA. There's obviously a delta between the AUD 11.1 million and that AUD 6 million. We expect volumes to recover this year. Certainly, in the first couple of months, that looks pretty positive. You've got something to outgrow there on the breakage front. Then you've got those costs. I think that's the number where we could see that panning out. Hopefully that answers a couple of questions there around just elevated costs as a result of the matter that aren't one time. The AUD 11.4 million that we accrued, we certainly consider that one time around legal and advisory and consulting and whatever. The rest will just flow through the P&L as normal. Beyond the Nuapay piece, I think the thing that attracted us to it in the first place was, like us, they're a payments company. When you look at a lot of those companies I mentioned before, they're not necessarily payment companies. They're focused on different elements within the industry. Trustly, for example, which was due to IPO in April, and that IPO was put on hold because of some regulatory concerns I think that the Swedish regulator had. I think they were going public at an EUR 8 billion valuation. A big chunk of their revenues comes from customer validation. If I'm in the U.S., if I'm Spotify, Netflix, if I'm a subscription company, they'll be paid a fee to validate that Garry Sherriff is in fact Garry Sherriff. You almost use it a KYC tool, right? Because they've got access to identify that you have a bank account, there's money in the bank account, there's cash coming into the bank account. You would have had to have a 100-point ID to get a bank account in the first place. They're being used as a kind of de facto KYC tool. Nuapay is a payments business. There'll be numerous companies that are in that space. I think it's so big. There's room for many of them. Nuapay's piece and expertise is really on the payment side. When you look at their customers, in the wake of the deal, some of our investors actually rank some of their largest customers, Worldpay and Elavon and CyberSource, which Visa owns. I mean, these are some of the largest payment companies in the world. Their feedback was, quote, "Really great engineering, really shitty marketing." That was a quote that came back from a customer. We looked at that and said, "That's the kind of business we want" because you don't want it the other way around, great marketing, poor engineering. The fact that they're an enterprise-grade business carrying that much volume today builds a lot of credibility with banks and builds a lot of credibility with merchants. We think that that's why they'll be successful. Are they the only one that's going to be successful? No. I mean, it's going to be an immense market, so there'll be many players in there. We've got to be smart in how we compete, because like I mentioned before, GoCardless, TrueLayer, Modulr, Tink just got bought recently. Trustly still. I mean, most of them are private, right? They're living in private equity land where you can just keep raising money at a higher valuation. I think GoCardless' valuation was AUD 1 billion, I think, that they raised the money on. Don't quote me on it, but I think their revenue was maybe two or three times, four times maybe what Sentenial was. The valuation was 15 times what Sentenial is. These things are valued differently in private land. Obviously, we're not going to buy Sentenial and hire 100 salespeople. We can't compete. We've just got to compete smarter, which is cross-selling Nuapay into the EML customer network and vice versa, where we've got our programs cross-selling it into their network. Increasing that investment in sales and marketing. We've got to do it in a smart way, is how I would say it. I think they've got pedigree, and they've got expertise in payments, and I think that'll bring a lot of credibility and trust to consumers. Which to consumers and to merchants, right? If you're a merchant that's doing AUD 1 billion a year of payments, I'm making a choice between different providers that can provide me with an open banking solution. You'd like to think that the company that I mean, they're now doing EUR 5 billion a month. You'd like to think that the company doing EUR 60 billion a year of payments has a fair bit of credibility going for it, yeah? Understood. The last one was just the GP margins for 2023 and 2024, the range or how we should think about it. Yeah. Rob, do you want to take a look? Yeah. I don't mind taking that one. I think there's a few things impacting our margin right now that negative interest is a big one in Europe. It's many millions of dollars of negative interest we're incurring on the float. I think by the time you look out to 2023, 2024, you're starting to actually see interest rates, inflationary pressures in Europe drive up those negative interest rates. That's going to be an immediate benefit to our margins. I wouldn't go and anticipate 3% interest rates in Europe. I'd love it if it happened because we make a lot of money out of that. I certainly see the negative interest rates starting to unwind over that FY 2023, FY 2024 kind of period. You'll see processing come in-house. That's AUD 5 million or AUD 6 million of GP savings on the historical run rates. Going forward a few years, you'll have the benefit of that coming into 2023, 2024. Then you've got the faster processing. Those items alone are kind of worth 5% increase in GP over sort of that elongated two or three-year horizon. You should be thinking about margins into the low 70%s for EML when you're looking to that three year out period. That's pretty good. If you compare that to our competitors, if you look at Marqeta's GP margins, Marqeta are sub 40%. Our GP margins are typically very strong with our business model. It just gives you a bit of a flavor. I don't want to put an exact range on it. We'll obviously do that in future periods, but just to give you a flavor as to where margins are heading in future periods. Yep. No, that's perfect. Thank you, Rob. That's exactly what I was looking for. Thank you. I think, Garry, that was a key point to make today because the margin number is down, right? Most people attribute lower gross margin to kind of price compression, competitive tension, things like that are driving it down and typically margins only go one way. In our case, the bulk of the gross margin is negative interest rates we can't do anything about in Europe other than trying to recharge it onto our customers, right? Which is an option for us, but you wouldn't want to do that without really understanding what your competitors were doing. You effectively try to force your customers into paying you smaller amounts more frequently, right? You're not holding kind of large balances. Again, when you look at gross margin to gross margin, and you've got AUD 1 million of that which would be 100% margin being delayed establishment fees in the U.K., sorry, in Europe, and negative interest rates. They're the biggest driver of it. It's not competitive tension or price tension or anything like that. They're the two biggest drivers, the kind of non-BAU, if I can call them that. I think they hopefully change in future periods. Your next question is from Tim Plumbe of UBS. Please go ahead. Hi, guys. I'll just ask two questions, if that's all right. Tom, just in relation to the PFS business, I think in the pack you've noted 20% growth rate for the PFS business. Can you maybe talk a little bit about the organic growth rate that you experienced in that last quarter, particularly when you weren't onboarding any new customers? What sort of organic growth rate you managed to kind of get out in that last quarter? Yep. We measure that in terms of kind of what we call e-money that was issued, right? For Europe, I think in the last quarter was 14%. I would think it'll be at least that for this current quarter as well, because as I said before, the July numbers were up pretty sizably on the average of the last quarter. August is certainly tracking that way, too, because of economic recovery in Europe and just more spend, as well as recovery in travel cards and some of those programs. Yeah, I think it's probably similar this quarter, and that's without new business. Even without onboarding new customers, which as I said, we haven't done for 12 weeks, the underlying spend and revenue is still growing, right? That's a positive thing, and that goes, I think, to the growth that our customers are having in their markets. That can only be good. Clearly trying to bring on more customers and sign more just requires a bit more certainty. In the pipeline, I mean, two of our biggest opportunities there are not programs that are kind of ready to be signed yet anyway. We've got some big opportunities in the pipeline that are not yet at contract signing stage. Therefore, the fact that we're not onboarding doesn't really present a challenge to those programs, but it does for ones that we've signed and we're waiting to get implemented. We've got to manage this carefully with the Central Bank. We've got a remediation plan that we're working on. That's underway and they're seeing that, and when they see that and they see steps being taken, then we'll start putting more business through to be approved. It would be a bit tone deaf, I think, of us to be working on a remediation plan in the early days and just be submitting new business application after new business after new business, because I think they'd say, "Aren't you listening? We want you to focus your energies on the remediation plan." It's just a balancing act that we're working through. Absent launching new programs, yeah, I think 14% was the number for last quarter, and I think it'd be at least that for the first quarter of this year. Got it. The second question's just about the pipeline that you mentioned. Big uplift in terms of that pipeline, despite the fact that you've had some large wins in there. I think you mentioned AUD 2.7 billion of GDV at maturity, and you'd flagged a continuation of that 40% win rate, which would kind of imply that you've gone through about AUD 6.8 billion of the old pipeline. Which is then being replenished and then increased by a further AUD 2.5 billion. Are you able to talk a little bit about those new opportunities that have come back into that sales pipeline, and particularly the uplift from the kind of AUD 8 billion-AUD 10.5 billion? Is that some of the opportunities from Sentenial or VANs that are driving a big component of that uplift, or is that more heavily skewed towards the GPR business? It's now virtually all GPR. It will sound a bit counterintuitive, but even though we haven't launched new programs for 12 weeks in Europe, that we would still be signing up new business. We are, because I think that those customers kind of expect that it'll just be resolved in time. We're still kind of involved in a significant number of new business discussions. I mean, our pipeline, I think we talked in February that our win rate was about 40%. I think it's still in that magnitude. You've got to look at the AUD 10.8 billion and apply a win rate to that, because you're not going to win 313 deals. You're always going to sensitize that in kind of future volume. I think we guided on the prepaid side for GDV to go from almost AUD 20 billion to go to AUD 24 billion-AUD 27 billion, somewhere in that ballpark. Within that, you'll have existing growth from the programs we've got. Then obviously GDV from the programs that have just been implemented, as well as GDV from programs that are soon to be implemented. You've always got that kind of transition. Within that AUD 10 billion, within that kind of AUD 10.5 billion, I mean, there's AUD 2 billion opportunities in there. The reason that number grows is not necessarily the number of deals increases, it's just the size of those prospects increase. That leads to that. People should still sensitize that to a win rate basis, Rob. We said in February and May, it'd be nice to win 100%, but that's not how We're winning 40%. You've always got to sensitize that pipeline with the win rate number. Got it. Thanks, guys. Your next question is from Ross Barrows of Wilsons. Please go ahead. Yeah, great. Thank you. Just one question from me. Good morning. Just on PFS, look, you just mentioned before, it's kind of an extension question. You mentioned before that you wouldn't apply to the regulator for new programs under the current conditions. Just to get a bit granular on that, are you still able to develop new programs, work with new and prospective customers, get it to a point where you're obviously evolving the program so that when the restrictions are lifted, then they can be launched as quickly as possible? Just want to make sure. Yeah we'll get some clarity around the ability to continue to do it in a non-public way or I guess privately with your customers, but not, I guess, putting that to the regulator. No, the answer is yes. We're working on programs, working with customers. Nothing's changed from that perspective. All that is still occurring. As I said, once we've got a little bit further into the remediation plan and the CBI is kind of confident the dates on that will be met, then our intention is to start resubmitting applications. One thing that people should know, I can't talk, I don't know whether the FCA is the same, Rob might know. I mentioned at the start of the call that the sales time lag of getting contracts signed and then having them launch in market because your customer has development work to do and you've got regulatory approvals to do. I think under the CBI rules, they've got 90 days to approve or deny applications anyway, right? Customers are aware of that because they know that there's a 90-day period for the Central Bank t o approve new business. Again, I can't remember what the one is in the U.K. We're basically 90 days in, right? We're 12 weeks in from where we were. If we just keep submitting new applications, all that will happen is the pool of those applications will just balloon, right? There are applications that are already with the CBI. We're obviously signing new business. The intent absolutely is to submit new business programs for approval, for sure. There's nothing can stop us doing that. That's great. Thank you. Your next question is from William Cunning of Carter Bar Securities. Please go ahead. Hello. Hi Tom, Rob. Thanks for the additional color. Just, I'm conscious of time, so I'll just keep it quick. Just firstly, could you provide maybe just a little bit more color around what you're seeing in terms of competition, specifically maybe in the high growth areas, sort of U.S. gaming and also in the digital banking spaces? Just whether there's been a sort of an uplift in competition there or whether you're seeing any sort of pressure there. No. I think in the gaming space, there was us in the U.S. and there was Sightline who were predominantly their business model. I think they've continued to progress that pretty well. In digital banking, I don't think we've seen any new kind of entrants change the kind of competitive dynamic. I think it's still the same competitive dynamic. I don't think it's really changed much for us. Yep. Okay, great. Thanks for that. Just on the additional sort of compliance, governance, and controls associated with CBI, obviously, you guys have a lot in the back end in terms of the security and the governance of the business. Does any of that work push you into any sort of higher tiers, which would give you access to any sort of other business opportunities? Is it all just sort of, just totally related to the CBI? Can you say again? I just want to make sure I understand that question. Yeah. Just whether any of the compliance frameworks and the governance that you guys are putting in gives you any benefit in terms of extra customers or any other segments that you could now go after that maybe were not available beforehand? Oh, yeah. Okay. No, I don't think so. No. When you look at some of those resources and the cost of some of those resources, our view is you want to automate those things as much as possible, right? Hence, Predator and the kind of KYB tools going in and what have you. Part of that cost base is having INEDs on the Board of that business, right? I mean, they're going to be paid much like a director of the EML group is going to be paid. As I said before, the Central Bank sees those directors as EML, for want of a better word, right? Yep. You're now paying for roles that historically you wouldn't have paid for. If you looked at that business 12 months ago, PCSIL had a Board, most of whom were the founders, right? You had Valerie Moran, you had Noel Moran, you had Lee Britton, and I think there might have been one independent who was paid. I'm not even sure he was paid. You had four directors, and so that met all the regulatory requirements, but they weren't paid. Fast-forward it to now, where there's a real preference for both executive but independent directors, and for those directors to be paid akin to what they would be paid for another director's role, right? You've got the same four roles. They're a different four people, but now might be costing you AUD 500,000 a year, right? If you're paying EUR 50,000, EUR 60,000, you've got AUD 100,000+ per director. Part of that is the cost. The cost isn't really in IT remediation or IT investment or other things like that. I think, the CBI and most regulators would look at our size and just believe that the resources have got to be the right size, I guess, for not only where you are today, but where you think the business is going to go in one and two and three years' time. Part of our costs are driven by increased resources that you're going to put into specific areas. It's largely, I would say, it's largely governance and resourcing and documentation and methodology, and that's where a lot of the spend is going to be. A lot of the resources will be. Right. Okay. That makes sense. Those are my two. Thank you very much. Thanks. Your next question is from Ron Shamgar of TAMIM. Please go ahead. Yeah. Ron. Hey, Tom. Hey, Ron. Just a couple of quick ones. Just on the business pipeline, that AUD 10 billion, how much of that includes sort of potential Visa scheme programs, or it doesn't include any Visa programs? I don't know the answer to that off the top of my head, so I'd have to look into that. When we look at the pipeline, I'd look at it just in a general sense. I haven't taken the time to split it out, so I might have to get back to you on that one. Okay. It's more the question in terms of with you guys launching on the Visa network, does that potentially sort of double the size of the opportunity for new business? Oh, I see what you mean. Look, I don't know about double, but I think at the moment, there'd be a lot of our business that we don't see. I mean, the reason for building the Visa integration was, a year ago we said that you've got Visa and Mastercard have an arms race, for want of a better word. They will incentivize, through various means, companies to choose one scheme over the other. Historically, for us, up until probably a year ago, customers were pretty agnostic. We would be talking to a company, wouldn't matter what industry they were in, Visa or Mastercard, they saw us as quite constitutable, right? They're like, "Oh, well, I'm not really that fussed one way or another." Go forward, and the times have changed, and you do have the schemes competing upstream. By the time a company comes to you, they've already decided that it's Visa or Mastercard or other that they're going to go with. I would just say there would've been a lot of business that never came our way because we were never even capable. If a company in Australia had chosen Visa and were in discussion with Visa would send that to the companies in the region who processed for Visa, and that wouldn't have been us. I can't say double, but I can say that we would never have even been called in a lot of those cases. It can only be upside for us, which is why we're doing it. Yeah The pool can only logically get bigger. I don't think it doubles, but it can only get bigger. Okay. In terms of operating EBITDA margins, this year was 27%. If we take the top end of the guidance range for next year with 25.5% EBITDA margin, if we excluded sort of the revenue from Sentenial, you're still at 27% EBITDA margin. The question is, when does operating leverage kick in with EML? If you're adding, say, AUD 50 million of revenue a year and you get to, say, AUD 400 million revenue in three years from now, is this a 30% EBITDA margin business? Can you get to 35%? When does operating leverage really kick in? Yeah, that's a good question. I think we haven't made that an easy thing for investors to understand because of the impacts of acquisition, right? We had EML gross margins, pre-PFS of I think roughly 75%. We had EBITDA margins that were in that same kind of 30% range. You acquire something like PFS that has margins in the high 50%s, right? It changes your gross margin mix, changes your EBITDA percentage mix. You're growing in an absolute sense, revenue and EBITDA and cash flow, you're buying businesses with different margin footprints. It takes time for that to wash through. Sentenial the same, right? Because you've got revenue no real EBITDA accretion, right? That we'll see in FY 2022. It's a good question. I don't think we've made it easy for people to understand. My view is, it's my personal view, that if you look at the companies that are really highly rated globally, companies in payments, looking at Adyen and Stripe and some of these companies, they're much more a solution in a box, right? Adyen is Adyen, and you can set up your e-commerce platform and be processing. It's a simpler business, which is why it's so good. I don't think their EBITDA margins are in the 40%s, right? Because of just the change of business model. I would love our EBITDA margins to get to the 40%s. I think that at least mid-30%s, somewhere in that mid-30%s - 40%s. In order to do that, we've got to let some of these acquisitions flow through, and some of that takes time. As Rob said before, if you fast-forwarded two years and you take out AUD 6 million of processing costs and AUD 1 million of Faster Payments and AUD 2 million-AUD 3 million of negative interest rates, those things make a big difference to gross margins. They'll make a big difference to EBITDA margins. We're going to be judged on that, rightly so. These companies should be built to scale. I think 35%-40% would be aspirational, and I think mid-30%s is where it should get to. How many years that is, I think we've just got to do a bit more analysis on that and look at how those big-ticket items in the next couple of years will kind of affect it. Yeah. Okay. Just last one. I saw New South Wales transit the logo. Did you guys actually sign the deal or is it still a pilot stage? Pilot stage. I don't think we've made any public commentary on it. I think the actual consumer response and so on was really good. I think it was very positive. I can't say at this point that there's any commitment to necessarily expand that, but we've obviously put ourselves in the best position if it does get expanded. I think in your neck of the woods, there's no trains or buses anyway at the moment, is there? Yeah. Okay, thanks. We have reached the end of the question- and- answer session. I will now hand back to Mr. Cregan for closing remarks. Thanks, operator. Yeah, look, thanks, everyone, for attending. Obviously, this was a longer call than we would normally have, but a lot of moving parts there, and I think we've always been one for trying to be as transparent as possible. Some of these things, you know, have flow-on effects, if you like. Obviously the CBI is an important matter that we need to communicate as best we can for shareholders, and then that obviously flows through to the cost that we've incurred, which flows through to how that adjusts future earn-out periods, which flows through to goodwill. There's a number of kind of cascading events here. We just wanted to do as good a job we could to communicate that. I think that the message from me is that the underlying business last year performed strongly and performed as we expected it to, which we are pretty proud of. I think obviously the receipt of the minded to letter was a pretty big disruptive event for us. It's something we're spending a lot of time on. I would say that the early trading in FY 2022 is pretty promising. I think we're seeing recovery in gift and incentive as markets open. First couple of weeks of August are pretty decent. I think that our guidance range is really driven by a need to kind of correct the differences, I think between analyst consensus and what our numbers are. I would make the point that it's one month into the year, so people would expect us to provide a wide range, rather than not, and then be in a position where that gets missed and we're penalized in the market down the track. I think people should just accept that for what it is, and we'll provide more color on that in November when we've got the benefit of four months trading behind us and a bit more clarity of how some of these other events are going. They're the messages I'd leave you with and with that Operator, thank you very much for holding the call today.