Thank you for standing by. Welcome to the Link Administration Holdings Limited first half FY 2023 results. 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. Please go ahead. Thank you. Good morning, everyone. 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 people on this update today. My name is Vivek Bhatia, and I'm joined today by Andrew Maclachlan, our Group Chief Financial Officer. On behalf of the executive leadership team, Andrew and I would like to thank you for your time today as we present our half year results for the financial year 2023. The executive team and I have focused on serving our clients, growing our businesses, and supporting our people over the last six months. Today, I will start by providing you with an overview of our operational and financial results. Andrew will walk you through the detail of our financial update, including our divisional results, and I will return to summarize, provide an outlook for the remainder of 2023, and open for Q&A. Link Group's digitally enabled platforms connect over 110 million people globally with their assets safely, securely, and responsibly. Over the last 6 months, the underlying performance of our core businesses have been strong. Our people and businesses have remained focused on delivering for our clients and on our strategic goals. Our first half of FY 2023 operating EBIT was AUD 80.2 million, up 14% year-on-year and above the guidance range of AUD 75 million-AUD 80 million that we provided at our AGM in November last year. Our operating EBIT margin was up 170 basis points half-on-half. We have once again delivered on our guidance, and I'm pleased with the consistency of doing as we say. Calling out a few key achievements, our decentralized operating model is now in place, empowering our businesses with full end-to-end accountability for their operations. With increased flexibility and the ability to take greater control of their cost base, the businesses will now continue to optimize their models over the next 12 to 18 months. The PEXA in-specie distribution was implemented on the 10th of January 2023, delivering an implied AUD 0.27 per share in value creation for shareholders. The market value of the in-specie distribution to Link Group shareholders as of close of market yesterday is just shy of AUD 850 million. We are proud to have been part of the success of PEXA. Link Group shareholders now have been provided with a direct investment in PEXA, the operator of Australia's leading digital property settlements platform with great growth potential locally and overseas. Our Retirement and Superannuation Solutions business now services over 11 million super and pension members across 3 countries. It has renewed and extended several major contracts in the last few months, including AustralianSuper and HESTA. Earlier this week, we also announced an in-principle agreement with Rest to extend our long-standing relationship with them by a further 5 years, subject to finalization of agreed terms and conditions. We are thrilled to be selected through a rigorous 18-month selection process to partner with Rest on their exciting journey forward. As we announced earlier in the month, RSS have also signed a 10-year agreement with HSBC in Hong Kong for the provision of digital pension administration and value-added services to HSBC's ORSO clients, providing an immediate footprint in the Asian market for RSS. Our Corporate Markets business has delivered revenue growth of 2.5% on constant currency basis. India has again shown significant growth, delivering 35% improvement in revenues for the first half. Despite a challenging revenue environment, which is based on the subdued capital markets activity in the first half of this financial year, our Corporate Markets business has delivered an operating EBIT excluding margin income of AUD 28.1 million, which was up 14.5% year-on-year. Corporate Markets margin income has also benefited from higher interest rates over the course of the first half of the financial year. Announced on Monday, we are in exclusive negotiation with the Waystone Group in respect of the sale of the whole of our FS business, excluding Woodford-related liabilities. This follows a period of confidential, exclusive negotiations with and due diligence by Waystone Group. In addition, Link Group and LFSL are also in advanced confidential discussions with the Financial Conduct Authority, the FCA, to settle their enforcement proceedings against LFSL. We have said previously, no legally binding agreement has been reached with either Waystone or the FCA, at present, there can be no certainty that any of such agreements will ultimately be concluded. Our FS and BCM businesses have faced tough market conditions in Europe during the first half of the financial year. Both those businesses have continued to deliver for their clients, and have been focused on managing costs. Last but not the least, I am pleased to advise that the Link Group board has declared an interim dividend of AUD 0.045 per share, which will be 80% franked. This is 50% higher than the AUD 0.03 that we declared for the first half last year. Turning to our financial performance, I wanted to call out a few specific items ahead of Andrew's more fulsome summary that he will provide shortly. Our first half FY23 revenue was flat year-on-year, but was up circa 2% on constant currency terms. More importantly, our first half 2023 group revenue, excluding FS and BCM, was up almost 5% on PCP basis on a constant currency model. Operating NPATA, excluding PEXA, was up circa 5%, despite being impacted by higher interest expense and a higher effective tax rate due to geographic mix of earnings. For the first half of FY23, we reported a statutory loss of AUD 410 million. This was mainly driven by a non-cash impairment of circa AUD 449 million due to Fund Solutions assets, and about AUD 15 million related to the BCM goodwill, and was partially offset by an AUD 48 million gain on the sale of our PEXA holding in November of 2022. With the PEXA in-specie distribution now implemented, we expect to book a further gain of approximately AUD 322 million in the second half of FY23. Our balance sheet remains strong with leverage ratio at 2.3 times. On a pro forma basis, once adjusted for the PEXA distribution that happened last month, our leverage ratio will be 2.5 times, which is smack in the middle of our guidance range of 2-3 times. In addition, we continue to make progress towards our sustainability, our environmental, and our social goals as we strive to build a sustainable, diverse, caring, and inclusive organization. We remain on track to achieving our climate goals with strong progress in our absolute scope to emissions and emissions intensity per full-time employee. December 2022 was a giving back month at Link Group, we raised over AUD 80,000 during the month through donations and volunteering by our people, an increase of about 35% from the same time last year. We are very proud of the diversity of our people and the richness that brings to the business, and we continue to deliver on our 40/40/20 goals. As I've said many times before, one of the key differentiators of Link Group is the resilience and diversity of our business and our client base. This gives us the confidence that our businesses will be able to navigate the macro-operating conditions that we are facing, as evident from consistency of our results in FY22, which has continued in the first half of 2023. Our two core businesses of RSS and Corporate Markets continue to perform well. They collectively comprise 94% of our operating EBITDA. India in particular has once again performed very well for Corporate Markets during this period, demonstrating the continued buoyancy of capital markets activity there, and our strong leadership position in that market. By leveraging our robust, scalable, and importantly secure technology platforms, data, and digital solutions, we now administer around 41% of all superannuation accounts in Australia and approximately 1.5 million member accounts in the UK. Corporate Markets also has improved its market share of FTSE 350 to 33% and its market share of ASX 300 to 38%. Our high levels of recurring revenue, solid performance from our core businesses, as well as the geographic and sector diversification of our overall client base continues to provide us a degree of resilience and a solid foundation from which we can deliver consistent growth. I'll now hand over to Andrew to take us through the financial summary. Thank you, Vivek. Good morning, everyone. I'm gonna provide some more detail on the financials, 1st at a group level and then at a business unit level before handing back to Vivek to provide an update on our outlook. I'd also direct people to the appendices at the back of this presentation, which provide more detailed reconciliations of our operating to statutory results. As Vivek mentioned earlier, we've delivered on our guidance for the 1st half of financial year 2023. Our operating EBIT performance for the 1st half of AUD 80.2 million was up 14% on the 1st half of financial year 2022. Overall group revenue was AUD 592.2 million, which was up 1.9% in constant currency terms and flat once adjusted for FX. Group revenue saw benefits from higher member numbers in RSS, higher number of shareholders from Corporate Markets in India, and higher margin income from Corporate Markets in the UK and Australia. This was offset by lower revenue in Fund Solutions, BCM, and lower capital markets-related revenue for Corporate Markets in the UK and Australia. Operating costs were down by 2%, as the benefits of our now completed global transformation program helped offset inflationary pressures across staff and vendor costs. We've also seen the new operating model start to deliver benefits as our businesses take greater control of their costs. At the operating NPATA level, we've reported earnings of AUD 48 million, which includes a PEXA contribution of AUD 9.9 million. As you're aware, the PEXA in-specie distribution was implemented in January 2023. In the second half of FY23, there'll be only 9 days of contribution from PEXA to our results. For the first half of financial year 2023, operating NPATA, excluding PEXA's contribution, was AUD 38.2 million, up 4.9%. Operating NPATA excluding PEXA will be the metric to focus on for the current financial year. As Vivek mentioned, our statutory NPAT loss of AUD 410.1 million included a non-cash impairment charge of AUD 448.9 million related to the Fund Solutions assets, and a non-cash impairment charge of AUD 15.4 million related to the BCM goodwill. Our statutory loss also includes AUD 14.4 million of related acquisition and transaction costs, offset by a fair value gain of AUD 47.9 million on the PEXA sell down executed in November last year. As we've disclosed in our first half accounts, there will be approximately an AUD 322 million fair value gain that will be booked in the second half of this financial year related to the PEXA in-specie distribution, which was implemented in early January 2023. Improved operating EBITDA performance and timing benefits have seen us deliver net operating cash flow of AUD 150.4 million, and a conversion ratio of 117%. We continue to expect the full year conversion ratio to be in the 90%-100% range, as some of the timing benefits from the first half reverse. CapEx for the first half of 2023 was AUD 33.9 million, or 5.7% of group revenue. Since FY 2020, Link Group has now spent over AUD 250 million in capital expenditure as we continue to invest in our digital capabilities, innovative technology, and market leading platforms. Free cash flow of AUD 33.7 million was an improvement from the same time last year due to lower transaction-related costs and no PEXA-related CGT payment in the current period. This was partially offset by higher interest costs on our corporate debt. We ended the period with net debt of AUD 617 million, and our pro forma leverage ratio, adjusted for the PEXA in-specie distribution, was in the middle of our preferred guidance range of 2-3 times. Our interest cover remains very comfortable at 9.6 times. Looking now at each of our four businesses in turn, starting with our largest business, Retirement and Superannuation Solutions, or RSS. RSS revenue for the first half of 2023 increased by 6.2% to $267.9 million. RSS recurring revenue for the first half of 2023 was underpinned by higher member numbers and indexation and the benefits from the UK acquisition, partly offset by the impact of unclaimed super money and previously announced client exits on account of industry consolidation. Project activity was in line with expectations, although slightly below the first half of 2022, as evidenced by the slightly lower non-recurring revenue. Strong member growth in RSS continued with ANZ member numbers up 9.6% year-on-year. This underlying growth largely reflects continuing growth in member numbers, as shown in the graph at the bottom left of the slide. In the UK, RSS reported revenue of $5.2 million, which was up from $3.1 million in the PCP. This includes the inclusion of HS Pensions from the first of November, which contributed AUD 1.2 million. RSS now administers approximately 1.5 million member accounts in the UK, and we continue to see a strong pipeline of opportunities in that market, which is transitioning from DB to DC. RSS's first half operating EBIT of AUD 55.3 million was up 20% on the prior period, driven by revenue growth and strong cost control, with the benefits of our now completed transformation program. Operating EBIT margin improved by over 230 basis points to 20.7%. Turning now to Corporate Markets. This business, which is our most diverse in terms of geographical presence, had a solid revenue performance, with revenues of AUD 200.2 million, which was flat compared to the PCP. On a constant currency basis, revenue is up by 2.5%. Corporate Markets in India continues on its strong growth trajectory, with first half 2023 revenues up 35% on the first half of 2022. Now accounting for 10% of divisional revenue, ex margin income, in the first half of 2023. Registry and Employee Share Plans saw low single-digit recurring revenue growth. Print and mail revenue for Corporate Markets was significantly impacted as volumes normalized to pre-COVID levels, together with lower capital markets related activity, and to a lesser extent, impacted by clients transitioning to digital services. Print and mail revenue was approximately a 450 basis points headwind of Corporate Markets revenue growth rate in the first half of financial year 2023. Not surprisingly, considering the current macro conditions in the U.K. and Australia, capital markets related revenue, which we categorize as non-recurring revenue, has been very subdued during the first half of 2023. Higher central bank interest rates in both Australia and the U.K. have resulted in a positive as margin income has significantly improved. The earn-through rates have been broadly in line with expectations, while float balances have been lower on lower capital markets related activity. Despite the flat revenue performance, operating EBIT for Corporate Markets was AUD 43.6 million, up from AUD 25.5 million, reflecting a strong cost performance with the realization of benefits from the global transformation program and the new operating model. Operating EBIT excluding margin income was AUD 28 million. This was up 15% on the PCP. I'll finish with Fund Solutions and Banking Credit Management. Fund Solutions generated AUD 73.4 million of revenue in the first half of 2023. This was down 11.5% or AUD 9.5 million on the first half 2022. Currency moves clearly had an impact on this business, with revenues down 5.9% on constant currency terms. Fund Solutions' first half operating EBIT of AUD 5.9 million was down by AUD 11.2 million compared to the first half of 2022. This was due to the flow-through impact of lower revenue and inflation impacts on the cost base. Average assets under administration were down 10% on increased market volatility and broader UK investment market dynamics. According to Morningstar, in calendar year 2022, withdrawals from UK open-ended funds exceeded GBP 23 billion sterling, the largest outflow in a decade. In comparison, 2021 saw over GBP 27 billion sterling in inflows. Actively managed funds had the highest net outflows on record, while equity funds saw almost GBP 22 billion in withdrawals and non-sustainable funds saw over GBP 50 billion in outflows. For our BCM business, while the financial year started well with good origination volumes across the UK, Netherlands, and Ireland, higher interest rates have started to have an impact on our origination related revenue lines in the second quarter of the financial year. BCM generated AUD 59.1 million of revenues in the first half of 2023, down 11.8% on the previous period, or down 7.4% on a constant currency basis. Economic factors have had a direct and immediate impact on the business. Despite the challenging operating environment, BCM has delivered a credible result with operating EBITDA flat year-on-year and the first half operating EBIT of -AUD 7.7 million, a small improvement of AUD 0.4 million year-on-year, despite an AUD 7.9 million reduction in revenues. NPL run-off remains a headwind, the outlook for the pipeline of new books coming to market in the next 6 to 9 months remains challenging. I'll now hand back to Vivek to provide an update on our outlook. Thank you, Andrew. Looking at the outlook for FY 2023. We have provided more detail and metrics around our thinking for the remainder of the financial year. We are pleased to reaffirm our guidance for financial year 2023, with revenues expected to be at the lower end of our range. We are very well positioned to deliver operating EBITDA growth over the medium term, underpinned by our scale, expertise of our people, and modern proprietary technology platforms. Our core businesses are in very good shape with both RSS and Corporate Markets delivering on revenue growth and margin improvement for the first half of 2023 and continuing to see good prospects. We have been diligently focused on executing on our strategy to simplify, deliver, and grow over the last 18 months. We've taken key steps to simplify operating model and are coming to the tail end of the simplification strategy over the next six months. We continue to deliver to guidance with consistent business and financial performance as we successfully deliver for our clients. Our focus is now on strategic growth to reinforce and further expand our core businesses. We are confident that our core businesses of RSS and Corporate Markets have the diversity and resilience required to navigate the current macro operating conditions, as evidenced by their strong performance over FY 2022 and the continuing growth that we have seen in the first half of 2023. We continue to expect FY 2023 operating EBIT to be up 10%-12% on FY 2022, which is consistent with our prior guidance. Before we move to Q&A, I would like to thank my entire leadership team and every single one of our 7,200 employees globally for their ongoing dedication and focus. I would also like to thank you for your attendance today, and now open up for questions. Thank you. Thank you. If you wish to ask a question, please press star 1 on your telephone and wait for your name to be announced. If you wish to cancel your request, please press star 2. If you're on a speakerphone, please pick up the handset to ask your question. The first question comes from Ed Henning with CLSA. Please go ahead. Hi. Thank you very much for taking my questions. I've got a few of them. Firstly, can we just start with the transaction? How long has due diligence been going for on Fund Solutions, were there a number of other serious parties interested as a first question? Thank you for the question. As we announced late last year that we are commencing a process for the sale of our Fund Solutions business. As a result of that we had a number of parties who we were engaged with. Earlier in calendar 2023, we went exclusive with Waystone Group, and as a result of the last few weeks of exclusive due diligence, as we called out, we are at a stage where we made the announcement of intent. As we have said, there is still some work to be done, and at this point in time, that's all we can say. No worries. Were there a number of other parties that expressed interest at the time when you, when you announced the sale of the business? There were. Okay. Just the next one. With the announcement the other day, can you just confirm the FCA approved the announcement or looked at it, given you're in confidential discussions? Just the second part to that, thinking about the FCA are there any regulatory changes in the works beyond obviously, your impact from Woodford that might impact the sale of the Fund Solutions business, in the next 6-12 months that you're aware of? I'm not aware of any. I'll answer the second question first. I'm not aware of any changes at this point in time. As the first one all I can say is that we have obviously worked with FCA very collaboratively through the process. I'll just point you to the announcement that the FCA themselves made, which is available on their website right after our announcement on Monday. Okay. That's fine. Can I just finalize with one operational question? Can you just touch a little bit more on the growth outlook on RFS in the UK and Asia, both in the short and the medium term, if possible? Yeah, sure. look we are very excited about the opportunity to enter the Hong Kong market. You know, as you probably know, Hong Kong is going through a similar process of evolution in their pension space, probably about a decade or two short of where Australia is today. We can bring that expertise to the local market. You know, HSBC is a great counterparty to have a strong partnership with and again, that was a very competitive process over the last 18 months or so that we emerged as a successful partner for them. We're excited about that opportunity. As that enhances across other players in the market as well, we will continue to go down that path. We will probably wait for another few months before we come out and talk about where our growth prospects are within that particular market. We're very excited to be in that market with a strong foothold and a very credible a partner to be with. In terms of the UK, we clearly as we have said before, we clearly think that that's a market that we will be an integral part of. You know, the acquisition of HS Pensions late last year has added to our repertoire and our credibility in that market, and we will continue to work with a number of large clients, as we're doing currently, to expand our services and our contractual relationships with them. Okay. Thank you. Thank you. The next question comes from Nigel Pittaway with Citi. Please go ahead. Good morning. Just first of all, just getting back to this Waystone sale. I mean, you say it's not contingent on the scheme of arrangement with the FCA. Is that a possible situation that you do one part of it and not the other? Can you just maybe give some clarity over that? Yeah, look, I think it's a tricky situation at this point in time to comment more than what we have already said, Nigel. As you can probably understand we are in confidential discussions with the FCA. W e have given a timeframe with Waystone till the end of March as per our announcement. I know that you've been with us for a while since we have been navigating through this, so it's another few weeks that I ask you to bear with us as we go through the process, and then we'll probably be able to give a more fulsome disclosure as to how these interrelate. Okay, fair enough. Thank you. Just wondered on a slightly similar vein, just obviously with BCM, what's the current plan for that in terms of whether it stays in the Group, whether you're still looking to sell it or whatever. Can we just get some clarity on that? Yes, absolutely. With BCM, we continue to do strategic review on that business and also there are post-December last year when the last transaction on the table did not proceed. We have spoken with a few interested parties who have approached us for the BCM business. You know, it is very early days to comment on it. You know, if there's something substantial to say, obviously we will come out and say that. Okay. Maybe just turning on to the sort of extensions and renewals you've managed to do with RSS. I mean, again, it's obviously confidential, but in broad terms, are there any sort of major changes in terms of renewal pricing, et cetera? or can we say that's broadly similar across those renewals or how should we think about that? Yeah, good question, right. We obviously went through, as I said, an 18-month very rigorous selection process with Rest. We are very pleased with the outcomes, and obviously very, very, very delighted to be chosen as a partner for the next contract term. You know, broadly, we believe it is on similar terms. We don't comment, as you know, on individual contracts, et cetera, but we are very pleased with the outcome that we have landed on. Then maybe just my last question. Obviously, you pointed to the significant margin expansion on flat revenue in Corporate Markets. I mean, how much of that is sort of now demonstrating variability of the cost base, feasibility to sort of cuts in fixed costs? In other words, if activity were to pick up again how much does the cost base flex back up again, et cetera? Yeah, look, again, good question, Nigel. In terms of operating leverage, I think we're kind of what we are trying to do there, as we have said over the last 18 months or so, is that we're trying to variabilize our cost base so that we can create a lot more operating leverage in our business. We are very hopeful that as corporate activity in the capital markets starts to recur, that we'll be able to ride the wave on that. Our cost base is being addressed. You know, there's been, as you know, a Global Transformation Program. We do use our India hubs very effectively for the Corporate Markets business. Clearly that is showing through in the numbers as well. Obviously, good cost discipline helps especially when we know that there is a bit of subdued corporate activity. Obviously, cost discipline has been very important as well to deliver on those numbers. All right. Thank you very much. The next question comes from Kieran Chidgey with Jarden. Please go ahead. Morning, guys. I just wanted to sort of ask a follow-up question around RSS and some of the contract renegotiations coming through, and not sort of individually on specific contracts, but more broadly, how you're approaching indexation on a go-forward basis, just given the current elevated inflation backdrop, whether or not sort of the historical CPI and wage inflation drivers are still sticking in those contracts or whether or not there's sort of revised structures being embedded. I think it's a bit horses for courses, Kieran, on that one. I think we have different metrics at play. Suffice to say that we are very conscious that a chunk, a significant chunk of inflationary pressures do get indexed in contracts. That obviously is very important in today's inflationary times. At the same token we are also very focused on ensuring that our cost base continuously reflects the efficiencies that we have been driving through various transformation programs within the business as well. It is a good combination of both of those. You know, we have seen good margin expansion half on half as you can see in the RSS numbers. Again, that is a bit of a strong testament to the transformation programs at play, but also good cost discipline as well. Okay. In aggregate, sort of given all that, on a prospective basis, are you confident there's enough indexation coming through the portfolio more generally to compensate for cost inflation? Yeah. We think that we are well-placed in terms of the inflationary times. clearly that for us, that means is that we have to ensure that we have the best employment conditions for people to be in our organization. We have a, we've got a great program there in terms of building one of the best places to work for our people. You know, we focus on that quite heavily, but at the same time, we are confident that from a contractual perspective and our own cost management perspective, that we are well-placed in terms of managing the current macro. All right. Thank you. Thanks. The next question comes from Siddharth Parameswaran with JPMorgan. Please go ahead. Good morning, gentlemen. Just a couple of questions, if I can. Just following on from the vein that Kieran had around RSS and the good revenue growth that you had in the half, could you just perhaps help us unpack where some of that came from? You, you flagged there a lot of growth in member numbers in the UK, but I presume that isn't a big driver. I was hoping you could just maybe help us understand what's driving this and also just the outlook, given, well, for this division, that is this the new run rate that we should be expecting on revenue growth? Maybe if you could just give some comments and color around that, please. Sid, it's Andrew here. Just a couple of points. You know, member growth clearly was strong. We talked about 10% member growth in Australia and New Zealand on the same period last year. That was obviously a good driver of the top line. You would have recalled that there was a number of funds that we added in the back half of last financial year. They were fund consolidations that came into AustralianSuper, Hostplus and Cbus. That was obviously helping in the first half. indexation as Kieran mentioned, was another driver of top line growth. then a small contribution from HS Pensions, which only came on in the latter part of the half, I should say. They were probably the three key things, I guess. We call that USM. that's that's always, I guess, a feature in terms of the twice annually sweep. Yeah, we're very pleased with the growth. Look, we do see ongoing growth going forward, probably around the sort of 2%-4% sort of underlying growth excluding the benefit of further sort of fund consolidation activity. Okay. Thank you for that color. If I could ask a second question just around corporate profits and what seems to be a declining trend in the recurring revenue. I was just wondering if you could help us understand that. I take the corporate action side is in the non-recurring revenue. Is just on the recurring revenue, maybe just comment on contract numbers and maybe mix on that, on that. A big part of it, Sid, is what we call that in print and mail. Print and mail I think we called out 450 basis points revenue headwind. That obviously is impacted by capital markets activity. Also, you are seeing move towards digitization, which does have an impact in terms of print and mail revenue. Obviously, it is lower margin than some of our other revenue streams. I think you'll see that continue to be a bit of an impact on recurring revenues. That's offset by growth we're seeing. You know, we called out India again, was a real highlight for us with 35% revenue growth. Still seeing good growth in our registry and Employee Share Plan lines as well. Yeah, I think as a% of contribution to overall revenue, obviously, because margin income has also expanded, the% contribution to recurring obviously goes down as well. Yeah. Yeah. Okay, great. Okay. Just final question for me, just on leverage. You're at the midpoint of your target range in terms of debt-to-EBITDA, but I was just wondering if you could comment with the higher interest rates, whether you're happy operating at those levels or whether you'd rather actually be at the lower end of that. We are very happy with the 2-3x target range that we have put to the market. You know, as Andrew said, we have got good interest rate coverage, and we are very comfortable with where we stand on that one. You know, as you know, with high interest rates, we also have a bit of a natural offset with margin income, so we remain comfortable. Okay, great. Okay, thank you. Thanks, Sid. The next question comes from James Cordukes with Credit Suisse. Please go ahead. Good morning, guys. Sorry to go back to the RFS revenue growth. Look, just thinking about it, I mean, you've got 10% member growth in ANZ. You've got benefits from CPI, and I kind of add those two together, your actual revenue growth was below that. Kind of just interested in kind of what some of the other factors are just around is there scope of services kind of coming down? Are you giving a bit back to customers? You know, if member growth does continue to be pretty strong from mergers and that organic growth, I mean, are we gonna see revenue growth kind of below that headline member growth number and CPI? I guess you, James, you probably just gotta take a view on fund consolidation going forward. I said earlier, we'd expect the underlying member growth to be sort of 2%-4% going forward. That's what funds are sort of expecting. There will be, we think some ongoing consolidation in the market. We've obviously benefited from that this year. You know, in previous years, we've been on the opposite side of that. We do see there's an opportunity for some more of that activity to occur going forward. otherwise as we said indexation has obviously been a driver of growth. We've got going forward, the benefits from the expansion into Asia that Vivek mentioned with the HSBC also deal that we announced. We've obviously also got the U.K., which has now provided AUD 5 million of revenue in the half. You know, good growth on the previous year. Still small in the scheme of things, but good growth opportunities going forward there as well. I think just on the point that you make, James, on why is the revenue not keeping up with the member growth numbers? I think there's a mix there. There's also when consolidation happens, you generally are with the larger funds, who are typically on better terms, right? You definitely see that flight that occurs. W e'll probably see from a mixed perspective on large and small funds where you land. Also, there's also a bit of give back in terms of where we believe that there are larger funds that we can leverage scale for. Yeah. Okay. Thank you. Just thinking about the Quality of Advice Review, and I know it's early days, but, what are the opportunities that come about from that and what parts can you play in that, from your discussions with super funds? Yeah. It's a great, it's a great question. You know, we obviously are a great proponent of advice being available to the moms and dads in super funds because it is a missing piece. We know that it actually adds value. W e have been working with some of our clients on a retirement platform and we have talked about talking about a launch that over the next few months. As that happens we will probably talk a bit more about that to the market. You know, we are in the final throes of actually putting a platform together, which we believe can play an instrumental role in assisting advice being given to members in super funds. Okay. Thank you. Thanks. The next question is a follow-up question from Ed Henning with CLSA. Please go ahead. Hi. Thanks for taking my question again. Can you just go back to the, to the mergers of funds? Obviously, we know some that are still happening at the moment. Can you just talk about the impact that's flowing through from this year and for next or for next half, that you know of to date? we called out, Ed, if you remember, about 350,000 of new members that came on board from those 3 mergers that happened in the last quarter of FY22. That was Statewide Hostplus, Media Super, and LUCRF AustralianSuper. So that's had a benefit this half, will continue to have a benefit next half compared to the PCP. There are obviously other ongoing discussions and potential mergers. We can't really comment any further on that, but that may provide further benefits into the future. Not in the second half. Not in the second half. And then just- Yeah. Just one more clarification, if you can, on the Rest contract. Has the scope changed at all? Are you doing more or less services for them? We're doing a different mix of services. Most of the core services remain the same. On the fringe, there are some different services that are in and out. Okay. All right. Thank you. Thank you. Once again, if you wish to ask a question, please press star 1 on your telephone and wait for your name to be announced. Your next question comes from Andrew Buncombe with Macquarie. Please go ahead. Hi, guys. Thanks for taking my question. Just one from me. I can see that you've called out that the global transformation program has now completed. How are you thinking about other major cost out programs going forward, or are you waiting for some of this M&A to be completed first? Thanks. Yeah. Good question, Andrew. From our perspective, as I've talked about we do have transformation programs now within each of the two core businesses. Those continue. There is ongoing cost discipline in the BCM and FS businesses that I called out, and you can see that in some of the BCM numbers that has come through, despite some tough conditions. Within RSS, if I focus on that we do have a couple of major programs that are happening. And that's more to do with increased digitization and automation, increased use of AI, and that is resulting in a more efficient and lean operation, which will make us more competitive on the cost curve. From a Corporate Markets perspective it is also evident that you can see that we are actually using our India hub capabilities both from a capacity and a talent perspective to really good use to optimize our cost base there. Great. That's it for me. Thank you. Thanks, Andrew. The next question comes from Peter Lyttle with Lyttle Group. Please go ahead. Good morning, guys, and thank you for the presentation. Just a very quick question. There's been a lot of distractions for management. It's been a, what I would describe, I guess, as a hectic time for you all. Can you just talk about the impact that it's had on your ability to focus on the businesses, and also, with the simplification of the business now and less distractions, whether there's gonna be a little bit more strategic focus, and how the businesses have come out of COVID into a more COVID normal environment or a more normalized business environment? Thank you very much. Thank you. Thanks, Peter, for the question. You know, we have ensured through the M&A process that I've said this before, a very small portion of our organization has actually been involved in the M&A processes, which are, as I agreed, disruptive and distractive. Our businesses and the way the operating model works is that the CEOs of those businesses are very focused, and hopefully, as you can see, very strategic in the way that we have grown, despite all the, all the noise that has happened now in the market over the last 12 to 18 months. We have demonstrated our ability to onboard multiple new funds in our RSS business. We have demonstrated our ability to enter new markets through acquisitions. We entered the Hong Kong market. We have done acquisition in the UK market. You know, through our process in Corporate Markets, we have very clearly demonstrated our ability to increase our breadth of services in India and actually put that onto a fast accelerator pace start to grow our market share in the UK where we had some issues about 18 months ago. I would probably say that we have been very focused and very clear in terms of our strategic intent in our two core businesses, and very focused on ensuring that we can grow our market share and also keep on delivering on growth. Could I just add as well, Vivek? I think, yeah, Peter delivering on global transformation, which was a three-year program, and was significantly disrupted by COVID, particularly in the early days. N ot being able to travel, needing to I guess, move a lot of our people into a work from home environment and still deliver, in fact, over-deliver on what we initially promised, which was AUD 50 million of cost outs and actually delivered AUD 78 million, is something I think we're all pretty proud of, given all of those challenges that we had to face. You know, our as I said, I called out earlier in the presentation our two core businesses have delivered a 5% growth, half on half, on a constant currency basis. That is testament to tough times and yet being able to deliver on good growth. Right. Thank you. Thanks. Okay. There are no further questions at this time. I'll now hand back to Mr. Bhatia for closing remarks. Thank you very much. I thank you for your attendance today and for all your questions. We look forward to seeing you at the next presentation. Thank you.