Thanks, Anthony. Good warm morning and welcome to the IPH results presentation for the half year ended 31st December 2022. My name is Andrew Blattman, and I'm the CEO of IPH, and with me today is John Wadley, our CFO. Thank you all for joining us for today's presentation and for your continuing interest in IPH. Before commencing the formal presentation, I would like to acknowledge and thank the IPH executive team and board for their support in the half, and of course, all of our people across the group for their ongoing contribution during that period. I also want to particularly acknowledge and welcome our team in Canada, as this is our first financial result with Smart & Biggar, now part of the IPH Group. Great to have you on board, and thank you for your terrific contribution. Moving into the content slide three. For today's presentation, I will provide an overview of the operational highlights for the half. As always, John will discuss the financial results in detail before handing back to me to provide some commentary on our key markets in terms of filing activity and a review of our operations. I will conclude with some comments about our ongoing strategic focus and how we are building a stronger platform for growth. As always, we'll be happy to answer your questions at the end. Moving to slide four, about the IPH Group. I'll give a quick recap about the IPH Group, but I won't spend long on this slide as most of you know who we are. Of course, the significant change to this slide from this time last year is the addition of Smart & Biggar, whom we acquired in October last year. With that acquisition, we consolidate our position as one of the world's largest IP service groups in secondary IP markets, with a presence now expanded beyond Asia-Pacific into the North Americas. We are the number one patent filer in Australia, New Zealand, Singapore, and now Canada, and we're the number one filer of trademarks in Australia and New Zealand. Combined with Smart & Biggar, we now have more than 1,200 employees and operating in nine jurisdictions, servicing some 26 countries. Now, moving to Slide five, I will step through some of the highlights for our financial results. I won't steal John's thunder on detail, but I will give some of the highlights, which are outlined in Slide six. Our result for the half demonstrates the continued momentum in our acquisition and integration strategy. This strategy has delivered a significant uplift in underlying earnings for the group with enhanced return to shareholders. The acquisition of Smart & Biggar and double-digit growth in Asia, together with the currency benefit, has driven a 24% increase in underlying EBITDA to AUD 80.4 million. It's also resulted in a further lift in the interim dividend, up 7% to AUD 0.155 per share. We're very pleased with the performance of Smart & Biggar since we acquired the business last year. From a financial perspective, revenue and earnings for the first three months are in line with our expectations. From an integration perspective, we're pleased about progress in incorporating the business into the wider IPH network. From a strategic perspective, we remain excited by the further opportunities this acquisition creates for IPH and our expanded network. I'll discuss Smart & Biggar in more detail later in the presentation. Closer to home, as we've indicated at the November AGM, I think it's fair to say that integration of Spruson & Ferguson Australia and Shelston IP has caused some disruption to our domestic business. The first half, FY 2023, represents a full period of this integration, while the prior half only had one month of this integration. While synergies are being delivered as expected, we have seen some disruption to organic growth in the integrated business. While to some degree that is to be expected in an integration of this scale, we recognize that a more concerted and focused effort is required to improve the performance of the Spruson & Ferguson Australian business and our other local businesses in Australia and New Zealand. In response, we are implementing a number of business development digital initiatives to drive filing growth and organic revenue in the Australian-New Zealand businesses. That includes business development initiatives to increase filings with existing clients. We are targeting larger clients' IP remits across multiple jurisdictions as part of our business development plans. We've also appointed a new Managing Director for the Spruson & Ferguson Australian business, Dr Simon Potter, who started in December last year. Simon has been with Spruson & Ferguson for over 15 years and has been the chemical life science practice group leader for the last five years. A further highlight of the half is the progress of our digital transformation strategy to improve client service across the group and drive further efficiencies. Some of you recall at the AGM, we announced The IPH Way, our new program to standardize and improve process across the group with a focus on increasing case management efficiency. We are also progressing other initiatives, such as our new client portal digital platform, as well as a new CRM system. I will talk more about these initiatives later in the presentation. In summary, we've delivered a solid result for the first half. Underlying earnings up 24%, Smart & Biggar on track, Asia continuing to deliver double-digit growth, initiatives to target organic growth in our Australian businesses, and progress on digital and technology transformation. I'll now hand over to John to step through the financial results in detail. Thank you, Andrew, and good morning, everyone. Just to reiterate the solid result of a 24% increase in our underlying EBITDA for half year 2023. This reflects the three-month contribution of Smart & Biggar, continued organic growth of our Asian business, as well as foreign exchange tailwinds. Unpacking these foreign exchange tailwinds, the average AUD/USD for half year 2023 averaged 67.1 cents versus 73.2 cents in the prior half. As we previously advised, a $0.1 Strengthening in the US dollar equates to an approximate $2 million increase in service charge revenue on an annualized basis. Our results are also impacted by the foreign exchange gains and losses recorded in our P&L, i.e., those derived from the revaluation of foreign denominated cash and receivables, as well as banking receipts at a different rate than booked. For half year 2023, this was a net gain of AUD 0.3 million compared to a AUD 2.1 million gain in the prior period. The lower recorded gain represents the strengthening of the AUD at 31st December 2022. Underlying NPAT has grown by 21% with underlying diluted earnings per share, up by 16% to AUD 0.214 per share. Our ongoing strong financial position, continued cash generation, and initial part period contribution from Smart & Biggar has enabled a further increase in the interim dividend, which was up 7% to AUD 0.155 per share and 40% franked. Moving on to slide nine, being our like-for-like revenue and EBITDA. The like-for-like basis eliminates the impact of acquisitions and the foreign exchange impacts I discussed earlier. As you'll note that as yet, we have not included Smart & Biggar into this analysis. Once again, Asia was the standout for the group with a 9% increase in like-for-like revenue and 10% EBITDA as a result of filing growth, pricing, and increased patent office activity on previous filings. There was a slight decline in the like-for-like revenue in the Australian New Zealand business, primarily as a result of the decline in filing numbers. We called out previously some anticipated disruption and decline in filings from the integration of Spruson & Ferguson and Shelston IP, which occurred in December 2021. Despite the impact on the top line of this integration and previous integrations, they have delivered enduring benefits to the cost base. It should be noted that a portion of the EBITDA decline results from a return in travel costs post-COVID. Without this increase in cost, the EBITDA decline in Australia New Zealand would have been 4%. Taking all these various factors into account, both group-wide revenue and EBITDA were flat on a like-for-like basis. Looking at slide 10, which shows the calculation of the underlying result. As noted at the year-end results from FY 2023, accounting charges for share-based payments are no longer excluded from underlying EBITDA. A charge of AUD 2.1 million has therefore been included in the current half and also a charge of AUD 3.8 million in the comparative half. The lower charge reflects an adjustment to accrue in line with the expected payout. Besides this change, the calculation is on a consistent basis with prior periods and reconciles these to report in statutory half year 2023 results. The main components include costs relating to the completion of the acquisition of Smart & Biggar of AUD 7.8 million. Restructuring costs are predominantly the IPH Way costs. This initiative was announced during the half year. IT SaaS implementation costs, previously capitalized but now expensed under the change in accounting standards were AUD 0.5 million. The underlying effective tax rate was 25.5%, reflecting greater proportion of the result recognized in lower tax jurisdictions. Looking at slide 11 and the cash flow statement. Cash conversion remains strong at 85%. The measure is lower than the prior period due to several non-cash flows which boosted the prior period, as well as a number of working capital movements in the current period outlined on the slide. While the acquisition of Smart & Biggar has increased gearing, it remains within the previous indicated target range of 1.5x-2 x. Looking at slide 12, the balance sheet. The main balance sheet movements have been caused by the acquisition accounting of Smart & Biggar, reflecting a recognition of goodwill and the Smart & Biggar brand name, as well as customer relationships, which will be amortized over 10 years. On an ongoing basis, the total group amortization charge is expected to be $20 million in the second half and circa $40 million annually. Our increased borrowing level will result in an interest charge of circa $20 million on an annualized basis. In slide 13 on the foreign currency impacts. As noted earlier, the group benefited from the strength of the US dollar and Singapore dollar versus the comparative period. While also noting the strengthening of the AUD towards the end of the half and the new year, and heading into the new year, impacting the revaluation of foreign denominated assets. The group's exposure to USD remains broadly the same post Smart & Biggar acquisition as it invoices the vast majority of its clients in Canadian dollars. However, the USD invoicing is now a smaller proportion of the group's invoicing. Now handing back to Andrew to review the market. Thank you, John. Now up to slide 14, where in the next few slides after that, I'll provide an update on filing activity for the year. Looking at the Australian market at slide 15 first. As we always remind you, filing activity should not be assessed on a six month cycle. This is particularly true as we compare this half with the prior corresponding half. Just to be clear, we are referring to filings which exclude innovation patents, both from a market and an IPH perspective. Those of you who follow the story closely over the last few years will recall that these were phased out by the Australian government with the last day of filing on 25th August 2021. Overall, total Australian patent filings in first half FY2023 decreased by 4.3% compared to the prior corresponding half. This compares to a very strong increase in the first half FY20 22, where filings increased by 9%. IPH group filings, again, ex innovation patent filings, decreased by 7.7% for the first half FY 2023. As we called out at the AGM last November, there were two main factors contributing to lower IPH group patent filings for the half. As we indicated previously, the integration of Spruson & Ferguson Australia and Shelston IP, which was implemented on one November 2021, results in a reduction in filings. As I mentioned earlier, the first half FY 2023 represents a full period of this integration, while the prior half only had one month of this integration. This current half will be the first period where the filing imperative will be to the integrated Spruson & Ferguson and Shelston IP business, giving us some clear air going forward. Secondly, we also previously called out that Griffith Hack had strong patent filing growth for the first half of FY 2022. For the first half of FY 2023, Griffith Hack's patent filings are down on the prior corresponding period, which is indicative of the overall market decline and also the fluctuating nature of individual client filing patents. If we move to slide 16, the Singapore patent market, there's always a delay in obtaining final data, which is why the calendar year to date 30th September 2022 data is preliminary. Additionally, the IP Office of Singapore has noted an increased lag in filing data caused by recent system upgrades to their digital hub. On preliminary data, the Singapore patent market decreased by 3% for the calendar year to date to 30th September 2022. This decline reflects the fact that one of the top corporate groups in Singapore, which happens to be an IPH client, had a significant reduction in filings during this period. You'll recall, I've been calling this client out for a number of years with their increase and quarterly, I call out their decrease. Once again, this simply reflects the individual filing patterns of entities. Excluding this group, the Singapore patent market increased by 0.3%. IPH Group filings were down 8.6% for the same period, as you would expect, that reflects that we were more significantly impacted from a decline in filings from this one corporate group than the rest of the market. Excluding this client, IPH Group filings increased by 4.3%, which is well ahead of the market growth on the same basis. IPH Group maintained its number one patent market share of 23.4% in calendar year 2022 year to date, 30th September. Once again, a very solid result in Singapore and maintaining our market-leading position. Moving to slide 17, the rest of Asia. Filing across our Asian network ex Singapore was steady on the prior period. Filings were lower in China while we experienced filing growth in Hong Kong, Indonesia and Malaysia. While filings were steady in this period, our revenue and earnings in Asia benefited from filings in prior periods as they progress through the next stage of the patent examination process. Once again, this demonstrates the recurring revenue stream of our business. IPH continues to be attractive to large clients. We continue to see multiple large clients filing across a number of jurisdictions across our network. Looking at slide 18, the strategy slides. Our next two slides will provide some further detail on Smart & Biggar and more focus on our digital strategy. Slide 19. As you'll recall, we successfully acquired Smart & Biggar on 6th October last year. This was IPH's largest acquisition to date and one that has extended our remit beyond Asia Pacific for the first time and significantly expanded our international reach. We are very pleased with the performance of Smart & Biggar since we took ownership last October. Revenue and earnings are consistent with our expectations at the time of acquisition, with Smart & Biggar delivering revenue of AUD 30.3 million and underlying EBITDA of AUD 10.6 million for the period 6th October to 31st December. Synergy expectations that we outlined at the time of the acquisition remain on track, with an expected AUD 4 million-AUD 6 million in synergies to be achieved over the three years from acquisition. We have a strong record of successfully integrating acquired business into the IPH Group, and we are bringing that expertise to the integration of Smart & Biggar. I'm happy to say the integration is progressing well. We have established a joint IPH Smart & Biggar integration project team, which is being led by our Chief Operating Officer, who is relocating to Canada for six months to oversee the integration. The addition of Smart & Biggar means IPH now has an even broader international offering across our network, which is an important development and key differentiator as we pitch for global work. I'm very pleased to see that the network has contributed to over 80 international client referrals in those first three months. We're looking to expand this, and we're currently implementing further infrastructure to facilitate global prospecting for work. Of course, having established Smart & Biggar as part of our network, this also provides us a strong platform to participate in further growth opportunities in Canada, which we continue to assess. Looking at the digital slides, slide 20 onwards. As one of the leading IP services groups in secondary IP markets, we've had a long history of being at the forefront of driving key initiatives in this sector. This extends now to harnessing digital technology as the future for IP. Our focus here is to enhance and simplify the way clients deal with our member firms. It's also focused on generating internal efficiencies across our businesses as we standardize and simplify our processes to deliver further margin accretion. Today, I'll highlight three specific initiatives we are currently implementing. The first is The IPH Way. This is a program to standardize, simplify, and automate case management processes, templates, and systems that bring efficiencies and establish one way of working across the IPH group back office. It'll also enhance our clients' experience from a consistent and simplified approach. As we've disclosed previously, we expect annual ongoing net benefits between AUD 5 million and AUD 6 million from FY 2025 as a result of this program. There will be one-off costs of approximately AUD 3 million in both FY 2023 and FY 2024. These will be treated as non-underlying expense. The next came up the rank is our client portal. The portal uses digital automation to simplify the onboarding and account migration process to deliver a comprehensive portfolio view of client IP assets, as well as transparent task management tools and access to valuable IP intelligence. We're using smart technology to create a platform that provides our clients with a comprehensive view of their IP portfolio, no matter how or with whom they originally filed. Managing IP assets is typically complex, but by using the digital automation we've got, we've developed a much simpler, more comprehensive management tool for our clients. We've had a successful trial. We've now completed the phase rollout of the portal, and we expect the rollout or rather, commence the rollout of the portal, and we expect the rollout to be completed by the end of FY 2024. Thirdly, our group-wide CRM platform enables the streamlined collection of information about clients, prospective and current. This will allow each business unit to manage, develop, measure, and communicate in a scalable way, delivering a enhanced client experience. The rollout of the new CRM will be completed by the end of calendar year 2023. Last slide 22. Let me conclude with some final comments about our priorities for this year. As I indicated at the start of the presentation, our immediate focus is to drive filing growth and organic revenue in Australian and New Zealand business. We need to do better here. Secondly, we'll continue the integration of Smart & Biggar to ensure we fully leverage the revenue, earnings, and strategic opportunities this acquisition provides the group. We will continue to de-deliver our digital strategy, including the initiatives I just mentioned, to enhance client service and generate further cost and operational efficiencies. Finally, we will continue to assess complementary acquisition opportunities in Canada and other core secondary IP markets. Of course, underpinning all of this is our continued focus to operate in a disciplined manner and generating shareholder value. That's what we do. In closing, I'd like to acknowledge the hard work or again acknowledge the hard work and contribution of all our people across the group. Many thanks to all of you listening in today for your continued interest and support, and I'll hand back to our moderator, Anthony. John and I are happy to, of course, take questions. Thank you. If you wish to ask a question, please press star then one on your telephone and wait for your name to be announced. If you wish to cancel your request, please press star then two. If you're on a speakerphone, please pick up the handset to ask your question. Our first question will come from Marni Lysaght with Macquarie. You may now go ahead. Good morning, team. Just a few quick ones from me. I just wanna get a sense of, I guess, your progress with assessing other opportunities globally for acquisitions. Just also remind us the kind of the capacity you have in terms of leverage to fund that in terms of both debt facilities, and I know we do understand the target gearing range that you've given us today. Good on you, Marni. Thanks very much. Look, we think that getting the foothold, the first position and the first mover position in Canada was very important to us. Of course, we were lucky to get a business the quality of Smart & Biggar, the number one player. We always like the number one, and we've got that in the team now. We think there's other opportunities. I just enjoyed the polar vortex last couple of weeks ago in Canada. Look, these things take time. We do things in a steady fashion, but we think there is opportunity there. Yeah, we will continue to explore that in the Canadian market and then, look beyond that. John's champing at the bit to talk about these leverage opportunities there too. Yeah. We had noted there with our current gearing of 1.6 x. It's within. We've talked about a target range of 1.5 x- 2 x, able to go over 2 x in an acquisition scenario. Given our great ability to generate cash, we'd bring it back relatively quickly between that. I guess depending on the size of the opportunity, our mix between our cash and IPH shares in terms of the consideration, we do have some capacity there on the balance sheet. Excellent. Just to follow up on that, when you are regularly meeting with your lenders, are they what are their impressions of, I guess, what you've been doing and I guess their capacity and appetite to support that? Yeah, I think they look at it, IPH as a very steady business with great cash generation and they've been supportive to date, and I don't foresee any problems with that into the future. Excellent. Just moving on to ANZ. How do we start to think about ANZ over the first half of calendar year 2023? Given that obviously there were some tough comps being cycled in the first half. That's right, Marni. We are, as I said in the presentation, we are in clear air now. You know, I have an expectation. I know that the team in AU, NZ also have this expectation to drive opportunity there. The market is contracting a little bit, we'll need to take a bit of market to do that. That's the game we're in. I, you know, I look at the travel and the opportunities that the team have across all of AU, NZ businesses, there's a lot of activity going. You never say when these things land, there's certainly more focus now than ever. Excellent. Just one more from me, for purpose of analyst modeling. Expectations around share-based payments for the full year, it's coming at AUD 2.1 for the half. Are you still thinking around AUD 5.1 for the full year? Some guidance there, I think on slide 10, the second half charge. We're including Smart & Biggar in that and around for the second half charge is around AUD 4 million. Okay. That's 'cause the first half did have a little positive benefit from, we now record that expense based upon our expected level of payout, and that's based upon our historical levels of payout. Previously, we approved for the full potential, but now we have a history, we're able to accrue at a more accurate level. All right. Thanks. Thanks, team. I'll jump back in the queue. Our next question comes from Scott Murdoch with Morgans. You may now go ahead. Morning, Andrew, John. Just on Australia to kick off with, Spruson & Ferguson and Shelston IP merger, I know it's old news now, but those impacts, cycling those impacts of the share loss, just wondering if you can just give us some I guess full clarification now that the merger's well and embedded, what some of those impacts were. Were they loss of any referral relationships or just client losses? Just a better understanding of what that dip has been and if it is permanent. Oh, look, Scott, as we've always said, there's probably three, and have done for a while, we've done other, maybe it's six brand integrations now in between my time as CEO in IPH. This was our biggest, Shelston into Spruson. What we typically see and what we saw again in this context was three aspects of that drive client loss. There's always a little bit of contentious or legal conflict across brand that we have to end up giving up both sides of a contentious con- Not that that's a lot in our business 'cause we, you know, there's not a lot of contentious matters in Australia and New Zealand, really. Some oppositions, more at the opposition level of the patent office than at the legal, but still it exists. The bigger one probably is commercial conflict, where you've got a Pepsi and Coca-Cola type conflict. We're not comfortable under the one brand. We see a bit of that across the space. You know, the Australian patent industry isn't huge in the context of number of providers and which is the nature of the profession. So you do see a bit of that when you bring a large firm with a mid-size together. Then the third one we typically see is a bit of pricing conflict, where maybe smaller scale clients might feel the heat a bit under the revised pricing of an integration. They're less profitable clients anyway, but they do come off the market share as a consequence. They're the three stories I guess we've seen in the 6x we've done this. It's just because of the scale of Shelston coming into Spruson, and it was just a bigger integration. Okay. Thanks, Andrew. Just a segue on that pricing conflict. Have you actually, you know, obviously a little bit of margin pressure and general cost inflation through the business, but have you put through any price increases across, maybe focused on Australia or Australia and Asia, price increases put through? Yeah. To offset? Put a little modest tweak, Scott. You know, it's something that we've done for since I've been in the profession. It doesn't. You know, I guess particularly in the context of our corporate clients and we don't always get the price increase no matter what size they are across the full book because the corporate clients of scale are often on service agreements and pricing agreements which may run for two, on average, two years. You might not get maybe even three years for some of them. Normally two years, you may not get them into year two or three. You put them across, but you won't get the whole book across on the price increase if at once. Okay. Thanks, Andrew. You mentioned, just in your address that you're targeting larger clients. I think that was in respect to Australia. You've always said it's very difficult to lose clients. Just interested in some more detail on the initiatives on how you expect to try to win some of these larger clients. We've got our best people out there, Scott, like, as John indicated, the travel costs have gone up. I don't know if anyone's flown recently. Some of those airfares give me the willies too. We, you know, still we're pushing through on that, and we've got a lot of people out. We've got conferences coming into the spring season in Europe and North America. A lot of activity. Some of our top people are going out in the next week. The chief commercial officer is dealing with opportunities all the time. I would say there's more activity in the next six months than I've seen, you know, of course, in the last three years, given all that come off. Okay, thank you. I'll just ask one more before getting back in the queue. Just on the Canada piece, obviously, we can obviously you've only owned it for a short period of time, but just interested in what you can tell us around the filing dynamics, both market and Smart & Biggar market share over the past six months. I'm sure you've seen all their data, how they're performing, and how market is performing. Yeah. Look, it's not an easy one, as with all these different patent offices around the world. Their transparency is not always as consistent as you I'd think. I mean, the one that's most almost real time is Australia, the rest of the world's not quite as real time in terms of seeing what market share is. I'm not even sure we even see the 2022 figures at this point, certainly not the back end of it in Canada. As I say, our expectations have been fully met in terms of earnings. I see some of the, you know, wonderful clients that they've got, I can't really tell you at this stage in the context of the broader market. You know, it's just not visible to us. Okay. Thank you. That's enough for now. Thank you. Good on you. Our next question will come from Michael Peet with Goldman Sachs. You may now go ahead. Hi, Andrew and John. Thanks for taking my questions. I just wanted to explore the strategy to sort of reinvigorate organic growth in Australia and New Zealand a little bit more. Could you just give us a bit more color in terms of what sort of KPIs you're looking to achieve? You know, are you looking for market share growth? Is it margin? Is it all of that? I mean, maybe just a bit more color around that'd be great. Oh, look, you can always, you can always get unprofitable clients on cheap pricing, you know, Michael, but that's not our game. You know, we're not there as a two-for-one deal. We're seeking the benefits of our network. I mean, the clients we want to leverage are those that are exposed across multiple jurisdictions. That's our strength. That's where we first get the biggest bang for our marketing buck is in the, it's not really marketing. I call it's BD, what we do. We don't do marketing. We do a bit of marketing. Our focus is on the BD. That's exactly where we'll focus our efforts in the first instance. Then beyond that, there's thousands of private practice associate fed work out of, you know, Europe, U.S., Japan, and It harder to attack on an individual basis. We'll continue to drive opportunity through our publications and our general presence in the, you know, through digital marketing. The CRMs can play an important role in that too, in across the group. We've been able to leverage the CRM function at the IPH level down into each business unit and that's a program which is rolling out now. I think, and we've had a number of meetings with the AUNZ group about getting our mojo back on that space. It's important, but we're not in the cut-price game. Just a bit further on to the Spruson & Ferguson, Shelston IP merger. As you mentioned, you're just about to sort of lap a sort of more comparable period now starting this half. Should we expect market share to fall back a little bit therefore based on, you know, that you were still sort of, you know, feeling the effects of that during the first half of this fiscal year? Well, look, it's always hard to predict where things will land because you've, you know, the buy cycle on some of these for large corporates can be long. They're a conservative bunch, and moving IP assets is like moving the crown jewels. You don't wanna drop any of them. You need to provide a compelling opportunity. That's what we think we do, but sometimes that sales period can be longer. It's hard to predict, but, you know, we've done it before. We've moved market share in a six-month cycle if you can get a couple of large corporates on board, and that'll be our focus. You know, it's a multi-pronged approach, as I say, and it's underway. Just final one I had, just some comments about the sort of broader IPH network, the network effect. How many sort of are you seeing an increase in clients that are filing across multiple countries? Then just any color on that'll be useful. Thanks. Well, I think I might have mumbled something there about the Canadian story with the IPH, the AUNZ and our Asian group have, I think, sent in 80+ applications into Canada. It's fantastic. You know, hope we're getting some back from the Canadian opportunity. Who knows, as we continue, if others join the party in Canada, it will be a bigger opportunity to leverage that further as well. Of course, there are some large corporate opportunities that come from the addition of another group to the network, whereas, you know, Smart & Biggar has clients that aren't shared across some of the other business units or jurisdictions rather. It gives us an opportunity to talk to them. Now, as I say, the. It's not always as easy as a conversation, but the network is becoming more compelling as it gets larger, and the cross marketing opportunities and the cross-referrals get larger as well. I think that is an important driver of our opportunity. Great. Thanks, Andrew. That's all I've got for now. Our next question will come from Matt Johnston with Jarden. You may now go ahead. Good morning, Andrew. Good morning, John. Can you hear me okay? Yeah, got you loud and clear, Matt. Maybe just first one, just around the cash conversion, just around the timing of the acquisition and a bit of a jump in receivables. Would it be fair to assume in the second half the cash conversion should normalize to what IPH is used to? I would like to think so. I think if 85% is still a strong result. As you say, when you bring in a large business, particularly one with foreign denominated balances, it brings a lot of moving parts to the cash flow. We did point out a few things that perhaps bolstered the comparative period. Like the comparative period was 111%. I pointed out on the slide there a few things. On our network and capital. I think it has probably gone out a little bit in the current period, so I would like to think that in the second half we'll be reverting back to normal. Just pointing out that sometimes it can be literally a few payments on and around the year-end. We had a few customers who paid us first week of January or mid-January, as opposed to in December. AUD 1 million there either way can be two percentage points on the cash conversion. While we're looking at it, I don't think it's anything of concern at this point. Okay, great. Then maybe just to follow now that you've got Smart & Biggar under the IPH group, is there anything we should think about that or anomalies where Smart & Biggar, you know, deploys more working capital relative to what IPH group is used to that we should think about in the future? It could only be potentially, we've pointed out that it has a greater proportion of legal work amongst its total business. To the extent that if on legal cases there may be a longer period between building up and billing to the clients and also in the nature of legal cases, there may be somewhat of reluctance of customers to pay until closer to the verdict. Those factors could be at play there, but nothing specifically we've identified as yet. Okay, great. That's helpful. Maybe just going to the Australian business and I guess the strategy to reinvigorate the growth there. Maybe just, you know, I'm curious to understand, Andrew, maybe if you have, I guess, commercial conflicts when you make acquisitions, how big that opportunity is so you don't have those, client crossover commercial or commercial conflicts? Look, we look at this before we do it in the context of the synergies against this synergy. You know, that's why we do these integrations because the synergy greatly outweighs that. Now you never quite know how clients will react. And it's not like we wanna give their, you know, market sensitive way, a heads up on what we're doing. We look at it from that, in that context. I think the important thing now is that noise is behind us in the Spruson and Shelston integration. We did it for a reason, that's we supported by synergies against dis-synergies. It's done. It's a year down the track. We've closed off the comparative period, now we've got to go forward. That's where we are. We're not in a rear vision mirror on this, you know, it's a case of driving the network opportunity to feed the Australian market as well as Asia and Canada. Yeah. I probably didn't word that question properly. In terms of, I guess, the new business development, do you think you'll run into conflicts where if you do pick up a large client and it's been a success. Yeah. You might lose? Well, we look at it through that lens before we, you know, direct our BD is directed from the start. It's on scattergun, so we won't be looking, you know, with a strong innovative pharma business. Spruce is, we're not chasing generics, for example. You know, that's just informing our BD decisions before we start. There's plenty of opportunity out there, Matt. There's a whole lot of clients that haven't experienced the benefits of the IPH Group. Very well understood. Maybe on Asia now. The good growth on the PCP, could you maybe, you know, give us some comments about how we should think about the second half for. You know, 'cause on my sort of look on a like for like, the 50/50 looks a bit flat. How should we think about going to second half 2023? I guess one of the important things that drove some of the opportunity in the first half in Asia was not so much new filings, given the fact that Singapore particularly saw the decline, albeit reflected in that one client. What we did see was the reinvigoration of each patent office in the region. You gotta remember, some of these countries struggled, I think, with remote working in government offices, given the fact that it's only a part of our revenue that is filings. There's a whole next opportunity that comes with examination and often multiple examination and responses to examiners' reports that come through the cycle. That's the whole nature of our of our business is this recurring revenue across multiple revenue opportunities in the cycle of a patent application. That came through, was starting to come through as those offices, you know, reestablish themselves and their throughput increased. I can't see that changing. There is a backlog of applications that were filed in the last few years that couldn't be examined in difficult COVID period in terms of just the logistics of it all, they're now available, and that's certainly part of the reason why we're increasing our earnings in Asia. Okay, great. I'll squeeze one last one in. Obviously the Canada earnings look actually quite good, probably a bit above myself and some other expectations. Is that a good guide of, I guess, the quarterly run rate? That's a good business, Matt. This one, it's a good business. I'll, I think people don't realize how good it is. We have some integration we've gotta do, and there's some opportunity there. As I said, our COOs, they've been there a couple of weeks for the most of this calendar year. He'll support that business. Yeah, as John said earlier, the only thing that's hard to get a handle on in the Canadian opportunity of Smart & Biggar is the fact that it does have litigation as part of that offering. It is closer to 30%, whereas our other businesses, it's much less than that. That's a offering that is lumpy by nature. You know, it's hard to put that in a recurring story, albeit when you look at the history, it is pretty recurring that it comes through the patentee business generally. Still there is always a variability in that that's greater than what the more annuity style revenue of the agency practice is. I will say that the agency practice looks good, and it continues heading in the right direction from what we saw over the first three months anyway. We love where it's going. Yeah. I guess just a following from that. In part of the litigation, part of that business in the quarter was part of IP head screw. Was there anything material to call out that helped the earnings? No, no. No, it was part of. Okay. That's it. Oh. All good. Thanks, Andrew. Thanks, John. Good on you, Matt. Our next question will come from Sam Haddad with Petra Capital. You may now go ahead. Hi, Andrew and John. Just on China, can you talk about that? The filings were down. Anything to call out there? Nothing to call out, Sam. I mean, China's had a difficult few years, and it continues to be a jurisdiction of note in world politics. I'm no geopolitical expert, but I imagine there's some challenges there that some of our clients experience. No, similarly, that's a business that has also had the benefit of filings for the last few years that are coming through to examination. I will say that the rigor of examination in China is very strong. We often see multiple examiners' reports per application there, more so than we see in other jurisdictions. There's plenty of revenue left in China. Okay. That's good. Just on Smart & Biggar again, just, you didn't reaffirm the EPS accretion of 10%, but I assume that's all on track. Yeah, we confirm we're happy with where it's at and, nothing to the contrary. Yep. Just on, just sort of a big picture thinking question. You've spoken about the IP adjacencies and your interest in dipping to that, in that direction over time, once you have enough scale. You're now in Canada. Do you need to go into another region before you move into another adjacency? How are you thinking in terms of. Oh, look, who knows? I mean, we'd like to, you know. We're not finished in the traditional market yet, I think. Some things can run in parallel to a certain extent, but we still see plenty of opportunities in the traditional space. We do see actionable opportunities in adjacency. They are primarily PE owned, so they are actionable. We depends on what cycle, what part of the cycle of their funds that these things are at. They're quite sizable, which I said before. So, you know, we'll look at that. We won't ignore the clear opportunities that we have for further consolidation in Canada and possibly elsewhere. Are you in discussions with vendors elsewhere at this point, or is it still just focused on Canada? Well, we have always said, Sam, we have lots of friends. I'll make new friends every time we go to a new market. I'll make more friends. No, there's. We're exploring and continue to explore. Okay. Just final question from me. Just, obviously, the Unitary Patent system comes into effect in Europe. I assume there's minimal impact from your end, but more of an impact if you're a small agent in one of those small European markets. Yeah, look, I think, the European, you know, the unitary patents, that's been a difficult gestation, that one. It's anyway, it's going forward and, it doesn't really impact us. Again, as I've said, it's a primary referral market. That's not really our space. I've had plenty of inquiries from Europe, but, I keep having to say that, well, it's just a market that's would impact us too much on referral for us to enter. We wish our colleagues all the best there and, but it's not really on our radar at this point. Any read through of that, where that could sort of. Other markets may follow in the same direction, or is it too difficult? Well, that's reflective of the European market, which is, it's just a further advancement of the European Patent Convention in a way, and which is, you know, discreet to Europe. I think Asia would love to have a Southeast Asian or ASEAN patent convention, but they haven't. There may be some time before they do. I think that'd certainly be after my retirement, Sam, that one. Okay. Thanks for your time. Our next question will come from Conor O'Prey with Canaccord Genuity. You may now go ahead. Actually, my colleagues have asked all my questions, so I'll let live now. Thanks, guys. Good on you. Nice to hear from you, Conor. Thank you. Okay. If you have a question, please press star then one. Sounds like we might have exhausted it there, Anthony. Yep. It appears to. On that. The end of the Q&A. Support. Sorry. We We have one more question from Apoorv Sehgal with UBS. Oh. Yeah, go ahead. Hi, Andrew, John. You guys jumped on this call very late, had some conflicts. If my questions have been asked, feel free to a very short answer. That's okay. First question. Oh, yeah. No worries. Thanks. Thanks, guys. First question, just thinking ANZ revenues and EBITDA in the second half. Just I guess firstly from a filings point of view, the comms should get easier, I suppose, into the second half. Also just wondering from a cost perspective, just the pluses and minuses we should consider for the second half ANZ. Hopefully if the filings come back a little bit, you'd hope that the top line increases with that. No particular from a first half to a second half perspective in terms of the cost base, I would think. Perhaps we won't see that same increment in the second half, but nothing else jumps out in terms of changes in cost base. Got it. Then just on the Shelston IP, I think in the past you said there was AUD 1 million remaining integration benefits to get realized in the first half. Did that sort of come through and is that all sort of done now? Yeah, I think that's the case. Potentially that was, yeah, the annualized salaries and potentially a piece of rent as well, which, yeah, those actions were taken at the time. It just happened that the cost benefit flows through across periods. Okay. I'm sure this next question would have been asked, but I'll ask it anyway. What sort of a price tailwind did you get over the half? Sorry, what was the question? Price tailwind. What sort of price rise, price tailwind did you realize in the half? I think when we were talking back at the year-end results was a keen area of interest. I think we gave the response that normally, potentially our prices rise between 3% and 5% and maybe in this time they've gone from maybe 5%-7%. Andrew reflected on the call earlier. You can't go and apply those price increases to the whole revenue book because some clients will be on two or three-year set term arrangements, particularly our larger corporate clients. You have to wait until those agreements roll off in order to see the full benefit of those price rises. It's difficult to estimate exactly what increment we've seen purely on the pricing. Understood. Okay. One last question, please. Just on wage inflation in the first half, any sort of color around that? If that was an impact as well on the ANZ results? It would've been. Again, we gave that same answer back at the year-end results. We said our, probably our, salary or our largest cost base has increased maybe a little bit more than normal in terms of our salary increases. We were able to then pass that on to some degree through the pricing to customers. Yeah, very good. Okay. Thanks, guys. Appreciate it. There are no further questions at this time. I'll now hand it back to Dr. Blattman. Well, thanks, everyone. Thanks for your continued interest in IPH. It's a lot of questions today and look at reflects the wonderful coverage we're getting. We appreciate that, appreciate your support. No doubt we'll talk to you if some of you are still on the call in the next few days. We'll see you out and about.