All participants are in a listen-only mode. There will be a presentation followed by a question and answer session. If you wish to ask a question, you will need to press the star key followed by the number one on your telephone keypad. I would now like to hand the conference over to Mr. Vivek Bhatia, CEO and Managing Director. Good morning, everyone, and thank you for joining us today, and a warm welcome from me and the entire team at Link Group. Firstly, I would like to acknowledge the Gadigal people of the Eora Nation, traditional custodians of the land on which we present today, and pay my respects to the elders past, present, and emerging. I extend that respect to all Aboriginal and Torres Strait Islander peoples on this update today. My name is Vivek Bhatia, and today I'm joined by Andrew MacLachlan, Chief Financial Officer for Link Group. I will start by providing you with an overview of our results for the first half of financial year 2021. Andrew will then walk you through the detail of our financial summary, and I will return to summarize and open for Q&A. Before we delve into the financials, I'd like to briefly touch on our strategic ambition. Link Group exists to connect millions of people globally with their assets safely, securely and responsibly. In doing so, we serve a diversified portfolio of global clients across a wide range of asset classes and hold leading market positions in many geographies that we operate in. We have a strong business that is clear about what we want to be known for, and will continue to look for growth, albeit in a disciplined way. Our growth strategy is centered around developing our organic growth muscle, supported by select strategic acquisitions where appropriate. With a clear strategic ambition, improved shareholder value can be achieved by focusing on how we simplify, deliver, and grow the business. During our December update, I shared our go-forward strategic focus. Following an expansive period of acquisition-led growth, our focus now needs to be on consolidation, bedding down rigor and discipline, and delivering value from our business. I shared that we would have a simple, easy-to-understand frame by which to do this, and that is a focus on how we simplify, deliver, and grow. I'm pleased to be able to report that since then, we have made some progress and taken proactive steps to simplify the business. My executive leadership team and I are taking a strategic approach to portfolio management and a more systematic approach to managing revenues and operating costs. All parts of our business are also firmly focused on a disciplined approach to organic growth while broadening our services and scale to expand in new regions and to grow with our existing clients. Highlighting just a few things from this slide. You will note that in terms of simplification, we have completed the divestment of Link Market Services in South Africa, and the potential value realization of PEXA is underway. We'll talk a bit more about that later. We have also decided not to pursue the acquisition of Pepper European Servicing as announced to the market earlier this month. This allows us to not only strengthen our leverage position, but also to focus our BCM business on organic growth opportunities so that we can take advantage of the impending NPL cycle in the U.K. and Europe. On behalf of our RSS clients, we have successfully delivered the Protecting Your Super and Early Release of Superannuation regulatory projects with over 2.4 million ERS payments, representing approximately AUD 18 billion having been made. This was an extraordinary effort from our people and our clients. With both of these projects taking a tremendous amount of resource, and in particular for ERS, delivery in a very short timeframe. We know the importance this had for Australians as we went through the grip of COVID-19 last year. We completed a number of key milestones in our global transformation program with AUD 32 million in annualized benefits delivered to date. We also have some great businesses in Europe with strong partnerships and capable teams who deliver value for our clients on a daily basis. There are opportunities for us to capitalize on this in the next 24 months, with strong foundations to grow RSS in the U.K. and Europe and opportunities in our other businesses, such as Fund Solutions, to expand the European footprint. To summarize my observations to date, as I said in December, I believe we have strong upside across the business and this continues to be my conviction. Today, we reaffirm the preliminary results as announced in January, being revenue of AUD 597 million, operating EBIT of AUD 79 million, and operating NPATA of AUD 65 million. Overall, our key financial metrics are in line with our trading update, with operating EBITDA at AUD 137 million, a particularly strong net operating cash flow of AUD 192 million. An operating EPS of AUD 0.123 and statutory NPAT at AUD 31 million. We are also announcing today an interim dividend of AUD 0.045 per share. This reflects the confidence in our business and in the future for our growth prospects. Our first half performance shows that we remain well-positioned to deliver value, with high levels of recurring revenue at 84% and strong free cash flows underpinning our financial performance in spite of the headwinds of the last 18 months. Our balance sheet is trending, with net debt to operating EBITDA for the first half decreasing to 2.4x. Our leverage remains comfortably within the guidance range of two to three, providing us with flexibility. There remains more work to be done there. The diversity of our revenues and geographic profile continues to provide resilience with COVID-19 impacting our businesses in the U.K. and Ireland, offset by more buoyant performance from our Australian corporate markets and RSS businesses. PEXA continues to perform strongly, with transaction volumes up 28% on the previous corresponding period, with record volumes seen in December of 2020. This has resulted in an increase of 90% in operating EBITDA from the previous corresponding period, reflecting the high operating leverage in the business. You will note that resilience has been a continuing theme of our business and is reflected in our financial performance. We have demonstrated an ability to stay strong throughout the economic cycle and the last 12 months in particular. That, I believe, is a testament to the quality of this business. This resilience is ultimately due to recurring revenue. As you look at the charts here, what is particularly reassuring is how consistent and stable our levels of recurring revenue have been over the last number of years. Even excluding RSS, the business that was impacted by the regulatory change agenda in Australia, our other businesses displayed consistent and stable revenue performance over the years, including the last 12 months. Recurring revenue, of course, is underpinned by long-term customer contracts. On this front, it was pleasing to be able to announce the renewal of a number of key client contracts in our RSS division, including Cbus and HESTA, during the first half of the financial year. This now represents over 70% of RSS revenue having been renewed over the last 18 months. In summary, we have a highly resilient revenue profile and have a strong operating cash flow conversion that has increased from 106% to 140% in the last six months. This platform provides us with a great opportunity to further build and grow. As I mentioned earlier, PEXA continues to perform strongly. A record level of transactions in December has resulted in a total of 1.5 million transactions totaling AUD 279 billion being settled via the platform in the first half of financial year 2021. With the continued rapid adoption of e-conveyancing, particularly in Queensland and South Australia, PEXA is playing a critical role in the structural shift from paper to electronic conveyancing. It has been tremendous to be able to watch the growth of PEXA and to see the value it has added to a range of players within the overall property ecosystem. PEXA is Australia's first and only full-service electronic lodgement network operator and is highly integrated across key national stakeholders. It continues to further develop several new value-added solutions to support customer experience and engagement. It has recently built on its strong position with integration with the Australian Capital Territory and is also well advanced in discussions to take the platform to the U.K. Our investment in PEXA via our holding in Torrens Group Holdings, TGH, has contributed AUD 18.7 million to our operating NPATA. This is a terrific result, Andrew will touch on PEXA's performance in more detail shortly. Crystallizing the value of this investment for our shareholders is a key focus for us. To that end, as you are aware, we continue to progress the trade sale of our investment in PEXA. As it is a confidential process, we are not able to share too much more at this time, but suffice to say, the process is underway, going well, and we have received strong and encouraging indicative interest to date. As announced this morning, in addition to the above, all three shareholders of PEXA have agreed to explore the viability of an IPO of the whole business. On that note, I will now hand over to Andrew. Thank you, Vivek. Good morning, everyone. I'm going to spend some time going through some more detail of the group results and then turn to the business unit results before finishing with some comments on cash flow and capital management. We've presented results on both an actual and a constant currency basis to help investors and analysts separate out currency from other movements. I would also point people to the appendices to this presentation, which provide more detailed reconciliations of our operating to statutory results. Let me start with our overall P&L summary for the period. The results shown here are in line with our preliminary results released to the market on the 21st of January. As Vivek highlighted earlier, we've been pleased with the resilience of our recurring revenue over the last few periods, the first half of FY 2021 demonstrates this strength during a time of significant uncertainty and volatility. Overall group revenue was AUD 597 million, or AUD 603 million on a constant currency basis, which is down 3%, or AUD 21 million, on the prior period. Of this, AUD 15 million relates to PYS and ERS and margin income. If we exclude these factors, revenue would be down around 1% or AUD 7 million. We do not expect these two items to be a feature post FY 2021, as interest rates are already close to zero and the PYS and ERS regulatory impacts are largely behind us. The operating NPATA graph on the top right of the slide highlights the impact of both PYS and ERS and margin income on the earnings of the business. With flat operating costs, we've seen the AUD 15 million reduction in revenue from both these revenue streams drop straight through to the operating EBIT line, together with around 50% of the remaining revenue reduction also flowing through. As mentioned at the operating cost line, we reported flat costs for the half compared to the prior period. The bridge on the bottom right-hand side of the slide highlights the main components of this. Global transformation, which I'll go through in some more detail in the next slide, has provided in-period benefits of around AUD 11 million, which, coupled with other cost reductions, have offset growth in staff costs of around AUD 18 million. This growth in staff costs reflects three key drivers. First of all, provisioning for STI and LTI schemes, noting that in the prior period, these provisions and payments were not made due to below-expectation business performance. Secondly, the timing of annual leave. Given the COVID-19 pandemic and widespread lockdowns, staff leave was significantly lower in the first half of FY 2021 compared to the prior period. This was offset by the benefit from temporary salary reductions, which were in place until November 2020, after which we started accruing for a one-off special equity grant to recognize and thank our people for accepting a temporary pay reduction during calendar 2020. These cost drivers are consistent across each of the business unit P&Ls for the period. Finally, an increased PEXA contribution coupled with reduced net finance costs and lower income tax expense helped offset a lower operating EBIT, resulting in an operating NPATA for the half of AUD 65.4 million. As highlighted in our December 2020 market update, we've been pleased with the progress of our global transformation program and today affirm the annualized benefit target of 75 million by June 2022. Over the period, we delivered a further 11 million in annualized savings to reach a cumulative program savings of 32 million, as Vivek mentioned earlier. In the last six months, we've made good progress across each of our four initiatives. First of all, our Centers of Excellence initiative saw a further 300 roles added in our Mumbai hub, with around 500 staff today and 900 expected by the end of June this year. In the last few months, we've also seen the first group function roles commence in Mumbai and have established a workflow automation Center of Excellence. Across the Operational Efficiency initiative, we've delivered annualized savings of AUD 22.7 million from the continued rollout of workflow and productivity tools and capacity planning processes across all of our business units. In the coming months, we also see more opportunities for robotic process automation across a number of operational processes, particularly in the U.K. Vendor consolidation initiatives are underway across a number of key vendors to drive some material annualized savings in the second half of this year, which will add to the AUD 2.3 million delivered to date. Finally, our premises consolidation initiative saw the closure of our large Beckenham office in the U.K. in the next six months. We're also developing plans to embed flexible working for our staff as a permanent feature, which can facilitate further premises savings in due course. We will continue to make this program a core deliverable for the management team across the business over the next 18 months and is a key element of our simplify, deliver, and grow strategy. Turning now to the business unit details. I'll start with our largest business unit, Retirement and Superannuation Solutions. We were pleased with the performance of RSS in the last six months, particularly given the huge effort to support the federal government's Early Release of Superannuation, which closed at the end of December. RSS reported revenue of AUD 256 million, which was down just 1.2% on the PCP. Once adjusted for the impact of PYS and ERS, saw recurring revenue growth of AUD 5.2 million. This reflects continued strong underlying member growth of 5.4%, excluding the impact of ERS, coupled with growth from our new U.K. pension business. As you can see from the graph at the bottom left of this slide, underlying member growth, especially across our largest clients, remains a consistently strong driver of revenue for the RSS business. We expect these funds to be well-positioned to benefit from the continued flow of members from retail to industry funds and fund consolidation in the years to come. As Vivek mentioned earlier, we renewed our contract with Cbus, and we've won a new service center contract with Hostplus in the period. Together with previously announced renewals of other RSS clients, we've now renewed contracts representing over 70% of RSS revenue in the last 18 months. In the U.K., our business now administers around 700,000 member accounts as part of our partnership with Smart Pension, and there is a solid pipeline of growth opportunities. Looking now at our corporate markets business, which is our most diverse in terms of geographic presence. We saw a mixed performance for this business, with positive growth in the APAC region, offset by lower performance in Europe, which largely reflects COVID-19 related impacts. Overall revenue for corporate markets declined by 2.7% on a constant currency basis to AUD 178 million. In the APAC region of Australia, New Zealand, India and Hong Kong, we saw revenue growth across both recurring and non-recurring revenue streams. This resulted from virtual meetings, higher shareholder numbers, and related shareholder communication volumes. In the last six months, the Australian registry business won seven out of the 10 largest IPOs by market cap, and we continued to add new clients in India and Hong Kong. Conversely, our European business was negatively impacted by COVID-19. Margin income declined from AUD 11 million in the prior period to just AUD four million in this period as a result of record low interest rates. Other revenue streams, including share trading and dividend reinvestment schemes, were also adversely impacted by the broader macro impacts of the pandemic. These revenue streams are typically high margin, so reductions across these have a significant impact on the earnings line, as seen in the EBIT performance for the half. We were, however, pleased to complete the sale of our South African business to the JSE on the first of November and reported a AUD 15.3 million profit on sale. The sale of this business resulted in a AUD two and a half million revenue impact compared to the prior period. Moving on to Fund Solutions. This business, which operates across the U.K., Ireland, Australia, and Luxembourg, reported revenue of AUD 88.5 million on a constant currency basis. This represented a 2.8% increase on the PCP, reflecting growth in assets under administration from GBP 102.5 billion to GBP 111.7 billion. We saw a mix of influences on the business over the last six months. Whilst markets recovered from their lows in March, April, they were still well below the levels in the equivalent period last year. At the same time, we also saw some fund consolidation and lower levels of fund launches as a result of the subdued macro environment in Europe. In Australia, pleasingly, the funds business saw double-digit revenue growth from onboarding new clients in the period. In Luxembourg, the largest funds market in Europe, as Vivek mentioned, we announced the acquisition of Casa4Funds, an established UCITS management company and alternative investment fund manager. This acquisition will expand the scope and scale of services currently offered by Link Group in Luxembourg by adding further regulatory licenses for alternative investment funds. Earnings for the period were adversely impacted by growth in support roles, activity-based fees, and increases in vendor costs and regulatory fees in the U.K. The business continues to cooperate fully with the FCA investigation into the Woodford fund and act in the best interest of investors by working with asset managers to realize value and make distributions. In Banking and Credit Management, the results for the period reflected the impact of a subdued NPL market in both Ireland and Italy, as illustrated in the graph of revenue by region at the bottom left of the slide. Overall BCM revenue of AUD 74.3 million was down 11.3% on the PCP. This reflected this lack of activity, coupled with the normal NPL runoff profile, the full-period impact of a client-sold debt portfolio, and associated lower disbursement income. Partially offsetting this, we did see pleasing growth in the Netherlands origination market as a buoyant residential mortgage market there continues. We would expect the remainder of this financial year to continue to experience soft NPL activity levels before seeing a recovery in FY 2022 as a result of COVID-19 related increases in bank provisioning levels. Finally, turning to our Technology and Operations business unit. This business unit, which largely provides technology and operation solutions and support to the other business units, saw its revenues and costs increase on the PCP, largely reflecting increased costs and a corresponding increase in internal revenue. The increase in costs was largely driven by the expanded Mumbai hub operation and increased technology costs from further centralization and some vendor cost increases related to the move to the cloud. The gross up of revenue and expenses has resulted in a reduction in margin to 25%. I will now cover off some more detail on the PEXA results for the period. Clearly, as Vivek mentioned, PEXA was another standout performance, with revenue growth of 27% to AUD 99.3 million, reflecting the continued strong growth in transaction volumes and market share, with record volumes processed on the platform in the month of December. The graph at the bottom left of this slide shows the rapid acceleration in PEXA transaction volume growth over the last few years. The last six months also saw the mandating of e-conveyancing in South Australia and a rapid acceleration of take-up in Queensland, partly in response to COVID-19 social distancing requirements. As Vivek mentioned, PEXA also completed the integration of the ACT in the period and will launch operations in that jurisdictions in the next year. PEXA also continues to develop value-added services to support customer experience and engagement and build on its established platform business. Operating leverage of the business was demonstrated by the increase in PEXA operating EBITDA by AUD 24.4 million or 90% to AUD 51.5 million for the first half. PEXA contributed a total of AUD 18.7 million to Link Group operating NPATA, which was up by AUD 7.3 million or 64% on the prior period. Looking now at the group cash flow performance for the half. The operating cash flow results were very positive, with a net operating cash flow conversion of 140%, well above long-run averages of around 100%. This reflects some one-off benefits from the timing of investment manager receipts in the fund solutions business in the U.K., which we would expect to unwind in the second half, coupled with some good performance on working capital management. Our debtor collection performance was particularly pleasing with debtor days of 24 at 31st December, a reduction of four days on the PCP. The cash impact of significant items was down AUD 8.6 million on the prior period, reflecting lower cash costs of global transformation. Cash tax was down AUD 20.9 million or 73%, reflecting a tax refund in Australia due to lower taxable income and the recoupment of some higher than required installment payments. Lower CapEx of AUD 13.7 million, which we foreshadowed at the last results announcement, reflected COVID-19 cash preservation measures and a return to more normal levels of CapEx after an elevated level of spend in FY 2020. I'll finish on capital management before handing back to Vivek. We ended the first half with our leverage ratio at 2.4x, an interest cover ratio of 11x. This leverage ratio is in the middle of our revised target range of two to three times. We feel very comfortable with this level of net debt, especially given the strong cash generated by the business. I would highlight that our cash balances are still at elevated levels. This reflects the preemptive drawdowns of debt we undertook in the first few months of the pandemic. Given the improving economic outlook and the interest carry cost, we will look to reduce cash balances back to more normal long-run averages in the second half of the year. Finally, the directors have declared an interim dividend of AUD 0.045 per share, which will be 60% franked, and a dividend reinvestment plan offered with a 1.5% discount. While this dividend is down on the PCP, it is up on the AUD 0.035 paid as the final dividend for FY 2020. This reflects our confidence in the performance of the business over the last six months and its future growth prospects. Back to you, Vivek. Thank you, Andrew. We believe we have high-quality businesses, great people, strong partnerships with our clients, and the fundamentals to take advantage of future opportunities. In RSS, our proven scale advantage should continue to see us consolidate and cement our market-leading position in Australia. With the various regulatory programs now largely behind us and an underlying member growth of 5.4%, we expect tailwinds in Australia to be more prominent from FY 2022. We will also look to leverage on our skill set here to capitalize on the growing pension market in the U.K., and in time, Europe and potentially Asia. Our corporate markets business in both the U.K. and Australia maintain their strong share of the share registry market. The IPO market is also showing signs of recovery, and we are pleased that in the year to date, we have won 28% of IPOs in Australia and 26% in the U.K. There is also further upside in the form of cross-selling to existing clients and more generally from the cyclical parts of the business as we see a recovery from COVID-19. In fund solutions, we continue to see positive assets under administration growth, as you saw from Andrew. This is despite an overall decrease in asset markets following COVID-19. Regulatory change in the form of CP86 is a positive tailwind, supporting the increased adoption of ManCo services in Ireland. Our acquisition of Casa4Funds, still subject to regulatory approval, will provide us with greater scale in Luxembourg, which is by far the largest funds market in Europe. In our BCM business, we remain a strong player in the European outsourced loan servicing market, particularly in Ireland, and we serve four out of the top 10 debt buyers across Europe. We anticipate a resurgence of the non-performing loan cycle in the U.K. and Europe in the medium term, and that should present us with a strong tailwind opportunity in this market. To reiterate, I strongly believe in the quality of our people who come to work every day to serve our clients, contribute to the communities we are a part of, and deliver value to our shareholders. At the end of the day, we are a people business. As we progress our strategy to simplify, deliver, and grow, we know that maximizing value for our shareholders is a key priority. Simplification is hugely important. We are strengthening our balance sheet, and our leverage is in good shape. We have also heard feedback from the investor community about the way we present our results and the associated complexity. Therefore, we are reviewing our business unit financial disclosure to simplify what this looks like going forward, and we will come back to you with an update prior to our full-year results. This includes our classification of one-off below-the-line items. Delivering on our commitments is very high on our agenda, and our transformation program has an important role to play in terms of creating a platform for future growth, especially as we accelerate our global hubs and the use of technology and innovation to create further efficiencies. Finally, every part of the business is dedicated to building the right muscle for organic growth and having a disciplined approach to pipeline management, whether it's organic or inorganic opportunities. I would like to finish with our outlook and an update on the transactions that are on foot. I've already touched on the trade sale process of PEXA and can confirm that our acquisition of Casa4Funds in Luxembourg is progressing through the regulatory approval stages. The consortium comprising PIP and The Carlyle Group remain engaged. Understandably, I'm unable to provide further information on the process with the consortium due to confidentiality. In terms of outlook, while trading to date is in line with expectations, we do anticipate some headwinds to continue in the second half of the financial year amidst challenging European conditions still remaining. In short, we expect this to be a base year from which we are confident that we can resume earnings growth in FY 2022. Given the present uncertainties associated with COVID-19 around the world, we believe it is not prudent to provide any full-year guidance at this stage. Our global transformation program remains key and is on track to deliver the upgraded target of AUD 75 million in annualized benefits by the end of FY 2022. To summarize, while there is still work ahead of us, we are clear on what we need to do and how we will get there. Together with the team, I am looking forward to the second half of the financial year that lies ahead. On that note, I would like to thank you for your attendance and now open for 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 your handset to ask your question. Your first question comes from Ed Henning from CLSA. Please go ahead. Thank you for taking my questions. Can I just start with the first one? You talk about FY 2021 being a base year in growth in FY 2022. If you break down the divisions, can you see growth in each of your divisions in FY 2022? Was the first question. Thanks, Ed, for the question. Yes, I think that is true for each of the four divisions. Okay. That's great. The second one, you've again used a DRP with a discount, except you're in the middle of your leverage range. Why are you persisting with a DRP and especially with a discount? Ed, look, there are obviously retail shareholders that do value the DRP discount. We did it at the full year last year. We thought it was appropriate to continue for the interim dividend this time around as well. Okay. No worries. Look, I'll leave it there. I might circle back. Thank you. Okay. Thank you. Your next question comes from Andrei Stadnik from Macquarie. Please go ahead. Morning, guys, thanks for taking my questions. The first one is just on the RSS business. Well done on the key contract renewals. Can you give us some color around the key changes in the contracts and any annualized revenue impact you're expecting? Look, I think you probably appreciate those contracts are confidential. We can't go into those details. Fair to say, we're very pleased with being able to renew those contracts. They're very important clients for us. We're very pleased with the outcome achieved. Okay. Fantastic. The second one is just on PYS or Protecting Your Super. Can you confirm the revenue impact for first half 2021? Given the total impact has increased again, is this the final impact, or is there another risk that it can increase again? In the presentation, you'll see the detail, Andy, of the first half impact of PYS. It was around AUD 7 million. We've also disclosed the second half impact that we expect, which is around AUD 6 million. The full impact of the entire program, which as you know, started back in the 2019 year, is around about AUD 40 million. That's a little bit up on what we said at the full year last year, and that's largely because the sweep that was expected in April of last year got deferred to October. With the passage of time, and particularly with ERS happening over that period, that just bumped up the number a little bit. Is it a fair assumption that that won't go up any further from here, then? I wouldn't expect so, no. The previous number was 38, so we're now saying 40. It's a pretty small increase. I think, Andy, it's in line with what we had said before. As Andrew said, it's a couple of million more. We have now completed the sweep. We'll have the impact in the second half of FY 2021, 2022 onwards, it should be pretty constant. Great. Just one last one on ERS account closings. What are you guys seeing in terms of reactivation? Should we be expecting any benefits into the second half 2021 from an account growth perspective? Andy, I think, as the economy starts to recover, that we would expect some of those accounts to be reactivated. It's difficult to be precise about the timing or quantum of that right now. I think we were pleasantly surprised to see the account closures was less than 100,000. We'd be quietly confident that we'd start to see some benefits from the economic activity sort of returning in the second half and then into next year. Great. That's all from me, guys. Thanks a lot. Thank you. Your next question comes from Kieren Chidgey from Jarden. Please go ahead. Good morning, Vivek and Andrew. Couple of questions, maybe just following on RSS, can you just talk about sort of the tender activity, sort of what the pipeline looks like at the moment, both domestically and then separately in the U.K.? Thanks, Kieren. Look, suffice to say, I won't go into any details given most of these tender activities are quite confidential in nature. We have a number of current activities that are going on in both globally and locally. We remain actively engaged in the market on some of those. Some of them are in early stages, and some of them are a bit more progressed than that. There is a good pipeline management activity happening, and that's just on tenders, but also in terms of looking proactively at where we see opportunities where we can go and have conversations with some of those funds. Domestically, Vivek, is that tender activity for existing clients re-tendering, or is it sort of new opportunities? There are some new opportunities as well, Kieren. With that business, also interested in how we should think about indexation at the current point in time. Obviously, with CPI and wage inflation being very benign, just interested in sort of your guidance on sort of the contracted revenue growth we should be expecting. Kieren, the contracts still contain indexation clauses. As you rightly point out, inflation's running at pretty low levels at the moment. The sort of uplift on an annual basis with inflation remaining at sort of current levels is relatively modest. All right. I've also got one question on Fund Solutions and one on BCM. On Fund Solutions, I know you talked about some of sort of the movements around costs at a group level. That division seems to have had a much steeper increase in the cost base. Just wondering if you could talk through sort of what specifics were around sort of the cost increases, yeah. I think I mentioned some of those, Kieren. Some increased support costs, vendor costs and some regulatory costs in that business, as well as some of the broader group cost items that we mentioned earlier. Increases in STI and LTI costs across the business. Annual leave obviously was an impact in terms of that half on half because of COVID-19. Okay. Are they one-off, Andrew? I mean, the margin there, sort of EBIT margins compressed down to 11%. Is that a margin that we should see some recovery off? Look, as Vivek said, I think we would expect to see growth in that business next year. It's obviously a business that's felt the impact of COVID in terms of new fund launches, and obviously in terms of markets as well. We'd be hopeful that there's growth in that business certainly next year. It's still a very strong business in the market, still has a high-quality client base. AUM actually pleasingly increased. I think there's a number of reasons for optimism. I think, if I could say, Kieren, is that we do expect some good green shoots coming out of that business. There is, as Andrew said, we do have some headwinds at the moment because COVID-19 is still quite prevalent in the U.K. and Europe and sometimes it's probably easy for us, being fortunate here, to lose sight of the fact that there is still a lot of macroeconomic pressure up in the U.K. and Europe. We will see some headwinds for the next few months. We are definitely hopeful, given all the announcements that have been happening of late, that there will be a resurgence there in that market. That will probably be slightly later on in the calendar year. I think the other thing just to add, Kieren, is obviously we announced the acquisition of CACEIS Funds in Luxembourg. We would expect that to complete in terms of the regulatory approvals in the next half. We'll see the benefit of that next financial year. We're also pleased to see the Australian business growing double digit. Again, that's a business with a really high-quality client base and we see continuing growth prospects for that business as well. Just a quick final question on BCM. You noted some pricing revisions and obviously balances were down on PCP. Just wondering when those pricing revisions took effect and whether or not there's sort of a flow-on impact from that into second half. Yeah, look, there'll be some impact in the second half. They took effect really during the period, Kieren. NPL activity in that market has been very modest. You've got the runoff continuing. Those are the elements that continue to impact that market. We do see that business benefiting from the next NPL cycle, that's really next financial year. Are the pricing revisions material, Andrew, in terms of the incremental stock to come through? I wouldn't say material, no. Okay. All right. Thank you. Thank you. Your next question comes from Jenny Hau from Morgan Stanley. Please go ahead. Good morning. My first two questions relate to the RSS division. Appreciate you can't comment on specific contracts. If you go to slide 38, it shows the Link average admin fee per account is AUD 101. It stayed steady at this the past two halves, whereas the industry average has been going up. Are there any sort of key drivers we can think about as to why portfolio-wise Link's average admin fee has stayed relatively flat? What we're reflecting on this slide is really the administration fees that are charged by our funds. What we're trying to demonstrate here is actually the position that we have in terms of the scale in the market really enables our clients to operate at the lower end of the cost curve compared to their competitors. I think it's just important to distinguish those elements. This is really demonstrating the cost competitiveness of the funds that we administer. Okay, thanks for that. Second question on RSS. You'd note a AUD 7 million impact from both PYS and ERS combined. Are you able to give a bit of split as to how much of that is related to PYS and ERS respectively? Yeah, look, the bulk of that is PYS because ERS, we only saw 97,000 accounts closed as a result of that. From a full year perspective, if you take our average fees per account, you're talking about AUD 3 million-AUD 4 million on a full year basis. Moving on to PEXA. Early in January, you provided a trading update guiding to the AUD 104 million. PEXA revenue, that's been revised down modestly to AUD 99 million. Are there any sort of key drivers we should think about as to the AUD 5 million difference versus guidance? It was just the classification of some discounts, Jenny, in the Queensland market. Previously, the 104 number that we disclosed as the preliminary number was gross of those discounts. The 99 is net. The EBITDA hasn't changed though. Okay, cool. My last question relates to Corporate Markets. Know that currently the analytics makes up certain 9% of the Corporate Markets revenue pool. Do you see scope for that to grow a bit more and assert with higher margin recurring revenue businesses? Yes, Jenny. The short answer to that is yes, we definitely have some strong ambitions on analytics business. It is a great global platform for us across geographies, and we continue to invest in that and we see huge opportunities. Thank you. That's all the questions I have. Thank you. Your next question comes from Siddharth Parameswaran from J.P. Morgan. Please go ahead. Good morning, gentlemen. Just a couple of questions if I can. Firstly, just on Fund Solutions. You did flag that you had an increase in average assets under administration, but looks like revenues were just under a little bit of pressure. Could you just comment on what's happening with fees in the market? Are they under pressure as well? Look, it's a competitive market. We need to be competitive in terms of how we price in the market. I'm not going to go into detail, but, look, it's fair to say that, in any competitive market, you've always got to make sure that you're pricing to win business. What we did see in the market was, we did see, obviously, a reduction in the number of new fund launches and also some fund consolidation that also occurred, and largely as a result of COVID-19. We would expect as Europe starts to come out of the pandemic over the next six months, that conditions will start to improve for fund launches. Okay. Thank you for that. Maybe just a question on PEXA. Just some of the regulatory issues out there. To the extent that you can comment on this, could you just provide us an update on what the New South Wales government and ARNECC are seeking to do at the moment, and just what impact do you think that might actually have on the prospects for PEXA? Thanks Siddharth. Look, I'll comment on the first bit. We continue to actively and constructively engage with the government as well as the regulators. We have been extremely pleased with the levels of conversations that we have been having. They are open conversations, they are constructive, and we really laud the role that the governments and the regulators are playing in shaping this sector. We continue to make really good progress. We are very hopeful that, over the next little while, there will be a lot more clarity about that would be disclosed to the market. Okay. Not much clarity at the moment. Okay. Let me just, my final question then is just on your guidance. Just a comment where you say some headwinds remain in the second half. I just wanted to be clear whether that is incremental to the headwinds you've seen in the first half, or is that just a comment versus the PCP? I think it's a comment to PCP. It also gives you a bit of an indication that some of the headwinds that have remained in the first half of the financial year will continue in the second half of the financial year as well. Okay, thank you. Thank you. Your next question comes from Nigel Pittaway from Citi. Please go ahead. Good morning, guys. I'd just like to follow up, if I could please, on one of the questions Kieren asked on Fund Solutions costs. I think when the costs originally went up in that business, it was meant to be one-off in relation to things surrounding the Woodford issue. Does sound now as if you've got various other reasons for why the costs are elevated. I guess the question is, are there still significant costs in that cost base from the current situation you've got with the regulatory investigation and aspects surrounding that particular issue? Yeah. Nigel, obviously there are some costs that we continue to incur in terms of responding to the FCA investigation. For as long as that continues, I think some of those costs will remain. What we did see in the half was, we did see some additional costs from a support and vendor perspective, coupled with some of the broader aspects that we talked about in terms of some of the staff cost elements that I mentioned at the start. I think, Nigel, just to put that into context as well, the majority of the movement that you see is related to staff cost. Last year, in the corresponding period, we provisioned for no incentives for our people, just because the performance was far below expectations. That has come back into the mix. Obviously that is a bump. The other thing is annual leave movement. Obviously, I don't need to reiterate, but people haven't taken as much leave given the current situations of COVID, and we have been very flexible about that, which from our perspective obviously has an impact on the P&L. Those are things that are commensurate with the current situations that we find ourselves in. Okay. There is still a fair chunk of costs in that cost base that should dissipate if eventually the regulatory situation dies down somewhat. Yeah, look, I think that there's a small chunk of that cost base, which is at the moment focused on just an additional regulatory coverage that we are having because of the Woodford issue at the moment. Largely, it is also a slightly elevated cost of governance. It is a highly regulated business, and we want to make sure that we have the right controls and checks and balances that we continue to strengthen over a period of time as we learn more. Okay, fair enough. Okay, maybe just on corporate markets. Could you make some comments on the competitive market for corporate markets in Australia? Has that changed at all? Obviously, you've got some decent growth there from IPOs, but has there been a change in the competitive environment? Not really. I think it remains competitive as always. We do see from time and again, strong levels of competition in different parts of the market locally and in the different services. The core market remains strong for us, and we continue to renew clients and in some cases, win new clients. Obviously, we talked about the IPOs. It's about 28% of all new IPOs and about seven of the top 10 by market cap as well that came our way. Whilst competition remains, and it's always healthy to have good competition. I'm very pleased to see how our team has performed in the local market. When it comes to the U.K., I think there has been a lot of competition there, but there's also been subdued macroeconomic activity as well, which is basically the non-recurring side. We see that time and again. Also, we see a lot of organizations in a bit of distress. There's a bit of fee negotiations that keep happening, just given the circumstances that we find ourselves in the U.K. Okay, thank you for that. Maybe just a question on BCM. In particular, sort of the recovery you're expecting in FY 2022. Which jurisdiction do you think is likely to go first in that? Maybe also you could comment on whether you're seeing improved chances of major banks outsourcing in chunks of business or whether or not the prospects for that are improving. I think, Nigel, the first question I'll leave brighter minds than myself to answer, because I'm not quite sure I have the crystal ball to gaze into and find which markets will go first. The timing of these will be dependent on government to government. We do expect on a large basis, though, that there will be a very significant increase in NPL cycles across the U.K., Ireland, and Continental Europe. We remain well-positioned with our strong suite of clients to be able to go in different geographies. When it comes to the second question, I think it is important for us to ensure that we remain competitive in that environment. Our focus remains very clearly on ensuring that we can deliver on the transformation of that business that is underway. Also, clearly leverage the global offshore model that we currently have in place to ensure that we can deliver better margin in the business as it currently stands. Okay. I guess just the sort of mix there between new loans vis-a-vis banks outsourcing. You're not expecting any major change in that, by the sounds of it? Nigel, I should have answered the bank outsourcing question. We remain hopeful that banks across U.K. and Europe will look at opportunities to have some offshoring carve-outs. We remain quite competitive in looking at those opportunities, both in response but also proactively. It would help us, as you rightly say, change the mix from an NPL to origination business and servicing business. As you know, that remains our strategic focus, albeit on a different way, given that we decided not to go ahead with the Pepper acquisition. I think the only other thing I'd add is, with interest rates being at an all-time low, Nigel, there's probably increased pressure on banks from a cost line perspective. I think outsourcing does provide them with an opportunity to reduce costs and start to mitigate some of that impact. Okay. Maybe just finally. I think originally the super partner savings were mostly going to go through T&O, or at least a fair chunk of them were. Now I note you're saying that a lot of the costs are passed through to business units. I guess the question is, the approach that you were going to adopt has now changed. Should we expect to see the cost savings largely coming through the other business units moving forward, or is that just a timing thing that the savings this period are pushed back, but you will see savings through T&O moving forward? You'll see both, Nigel. In T&O, you'll largely see the cost savings from things like vendor consolidation, particularly in terms of IT vendors, captured within that business unit, because that's the business unit that obviously is responsible for that activity. In terms of the operational pieces, all of those benefits you should see passed back to the business units. I'm also hopeful, Nigel, that next time you won't have to ask this question Fair enough. That's good. All right, thanks very much. Thank you. Your next question is a follow-up question from Ed Henning from CLSA. Please go ahead. Thank you. Just two follow-up questions for me. Firstly, on corporate markets. With the margin income down, how much is that rates and how much is that balances? You obviously had lower dividends and corporate actions in the U.K. That's the first one. Ed, it's a mix of the two. I don't have the splits in front of me, clearly rates going to virtually zero, big impact. Also, you're right. The level of activity has also seen balances fall as well. Okay. No worries. Just following up from Nigel, just on BCM. You talk about a strong recovery in FY 2022. In the way that you're thinking about it at the moment, do you see a strong pickup in the first half of 2022, or are you still anticipating it to be quite subdued with really the pickup coming in the second half? I would probably say the second half, Ed. As I said, I don't really have a crystal gaze on timing, if I was sitting on the balance of probability, I would say that our focus for the next 12 months per se, would be on optimizing the business. There are some very clear benefits that we have in plan. We do have some growth aspirations with existing clients and they are being pursued. The NPL cycle tailwinds, I probably would put into the calendar 2022 as opposed to a remainder of the 2021 calendar year. Okay, that's fine. Just one last one on financial solutions. You obviously talked about a lot of new client activity, and you've got some fund launches in there. How much of that was done at the latter part of the half, and just the pipeline going forward just to see growth coming through in the second half? If you could touch on that, please. Some of that was activity from last half that you saw a full half impact of this half. There's no doubt that COVID has had an impact in terms of the amount of activity that we would normally expect to see within the period. Look, we would expect, as I said, as things start to improve in Europe, that will start to improve. As Vivek said, it's quite difficult to crystal ball gaze in terms of the timing around that. No worries. That's great. Thanks a lot. Thank you. Your next question is a follow-up from Siddharth Parameswaran from J.P. Morgan. Please go ahead. Pardon me, Sid, do you have yourself on mute? Oh, sorry. I did. Yeah, sorry. One follow-up on corporate markets in the U.K. Just a couple of years ago, we were hearing that there were some account losses in that division. I was just wondering if you could comment on whether that has stabilized given the CapEx that you've spent there. If you could just comment on that and just trends in terms of actual shareholder accounts that you're managing in the U.K. I think, if I could just take it off and then I'm sure Andrew would add some color. Look, I think there is obviously a lot of account pressure and competitive pressure in the U.K. We have renewed some accounts. We have won some accounts, and we have lost some accounts. On an average basis, I think our market share remains where it is on an aggregate basis. There is a lot of competitive pressure in terms of fee reductions, especially during the COVID-19 time, but also a very low level of non-recurring activity at the moment, lower dividends, a lot of deferred corporate actions. That has obviously impacted our performance in the U.K. market. I don't know, Andrew, to add something. Yeah, the only thing I would say, Sid, is one difference we've also seen between the Australian market and the U.K. market is we did see quite an uptick in shareholder numbers in Australia. Particularly across our largest clients in the ASX 50 and 100, we did see, really coinciding with the start of the pandemic in March, April, quite a significant increase in shareholder numbers, which has obviously been helpful as we charge based on holder numbers. We haven't seen that in the U.K. to anything like the same extent. That is another difference that we've seen between the two markets. Okay. Just the move to virtual AGMs. What does that mean for your revenues and costs, given that I presume that there'll be much more of it going forward? Look, that's been helpful in terms of the corporate markets business. Certainly, in the half, we did see some increases in our meetings revenue as a result of increased volumes of meetings. I think going forward, you're probably going to see more of the hybrid meetings as a long-term feature in both the Australian market and the U.K. market. That provides us with more revenue opportunities. Okay. On OPEX, just your costs there are reducing while the revenues are increasing. Just keen to understand what the trajectory is likely to be on costs going forward. Well, I think what you're seeing, Sid, is the operational leverage. We always expected to see the business, once it got to the sort of scale it is today, incremental revenue would come at an incrementally high margin, and that's what we're seeing. I think it's a great example of network effect, Sid. We definitely see that, and we continue to invest in the business because that's an important element of us to remain competitive, but also to invest in the business, as I said before, to offer different solutions on customer experience and engagement, but also look at opportunities to further our insights and data business and also our growth into the U.K. market as well. Okay, great. Okay, thank you. Thank you. Your next question is a follow-up from Kieren Chidgey from Jarden. Please go ahead. Hi, guys. Just two follow-up questions. One on CapEx, obviously, as you said, fairly subdued in the first half, and you flag 4% of revenues for the full year compared to, I think, probably closer to two in the first half. How should we think about the vector CapEx profile beyond 2021? Is it still sitting in that 5%-6% range where it's been prior to this year? Do you think a lot of the investment in the U.K., particularly around the old Capita businesses, is now done, and we can drop back sub 5% sustainably? I was going to say, Kieran, 4%-6%, I think is our guidance range going forward. Yes, Kieran. I think we should assume that 4%-6% is there. Look, as I said, we are a combination of a technology and a people's business. It is something that I think is here to stay. We need to ensure that we remain state-of-the-art, we remain competitive, we plug into ecosystems, and hence that to our platform is going to be an important component of organic growth. Okay. The second follow-up just on PEXA. Vivek, you mentioned potential offshore expansion into the U.K. Just wondering if you could elaborate on where that's at and likely timing around that. I'd probably prefer not to answer that question specifically, apart from the fact that there has been lots of positive conversations with key stakeholders in the U.K. environment. We have a team on the ground who is focusing on the next stage, and hopefully, in the not-too-distant future, we'll be able to come out and talk a bit more about it. All right. Would that require additional capital? Factored into the business plans. Okay. Thank you. Thank you. There are no further questions at this time. I will now hand back to Vivek for closing remarks. Thank you. I'd like to say thank you to all of you and for your support to the Link Group, and I wish you a very good day ahead of yourselves. Thank you.