Investors will be in listen-only mode. Questions are encouraged and can be submitted at any time using the Q&A tab situated on the right-hand corner of your screen. Just please simply type in your question and press send. The company may not be in a position to answer every question it receives during today's meeting. The company will review all questions submitted today and publish responses where it is appropriate to do so. These will be available via Investor Meet Company dashboard and we'll notify you by email when they're ready for your review. I'd also like to remind you that this presentation is being recorded. Before we begin, we would like to submit the following poll, and if you'd give that your kind attention, I'm sure the company would be most grateful. I'd now like to hand over to Jo Stent, CFO, and Harry Adams, CEO from Argentex. Good afternoon. Thank you, Mark. Good afternoon, everyone. Thank you for joining us, for this, H1 2022, presentation. My name is Harry Adams. I am CEO and founder of Argentex. Hi, everyone. I'm Jo Stent, CFO. We will start by giving a quick brief and a reminder of the business model and value proposition. Since inception in 2012, Argentex has been profitable and highly cash generative. We focused on building a diverse and high quality client base with a cautious approach to risk and compliance. Our continued investment in people and technology has resulted in strong growth in this sizable market. Argentex adopts a private bank style service to a broadly sophisticated corporate client base, offering advice and execution. We offer a full suite of FX products through spot, forward, and options. We are a risk as principal, and only cater for commercial transactions. Therefore, our clients do not speculate, we do not speculate with revenue generated solely from the spread. We target clients with an annual FX turnover of somewhere between a few million and a few hundred million. This is a market dominated by the high street banks who tend to be unable or unwilling to compete on price, service, and flexibility. Onto the summary. As you can see from the figures on the right, despite poor FX market conditions, we maintained the strong momentum through the six-month period, resulting in us paving the way and paying our first interim dividend of 0.75p. This demonstrates the board's confidence in the company's strategy and future prospects. We had a record performance for a H1 in revenue with a 33% increase to GBP 15.7 million. We also had a record performance for H1 in client activity as FX turnover, number of trades, and number of clients trading increased. We delivered this while continuing to invest in people, IT, infrastructure, and innovation. While this does not currently benefit the top line, it does pave the way for the next few years, which is why we remain confident in delivering our growth plans that we set out at IPO. Here we delve into our key metrics a little bit deeper. The top chart will show you the makeup of our FX turnover and revenue. The blue bars are the percentages attributed to swaps. We execute swaps when a client wants to move a value date of their trade. This could be an example for a drawdown. The client booked a forward contract, but they want to use it early, we would action a swap in the market. Argentex differentiates itself on service and flexibility. Swaps are an output of this. As you can see from the top right revenue chart, they can be revenue generating, therefore their contribution to FX turnover must be accounted for. If we strip out all swaps from the data, FX turnover grew by 34%, broadly in line with the 33% increase in revenue, resulting in steady spreads. Our spot forward revenue mix also remained steady at 50/50, with structured solutions revenue up 33%. The bottom right chart endorses our investment in technology and online client portal. We've experienced a 43% increase in active users of our current platform, and are confident of the uptake continuing into H2 and beyond as new phases of improvement and functionality are rolled out. Really the takeaway from this slide is that we have more trading clients. Those clients are each trading more notional, and the quality of the client is improving with an uptick in revenue per client. This is particularly encouraging given the FX market conditions in the period have been less than perfect, with subdued volatility and lackluster yields on G7 currencies. As I mentioned earlier on, we focus on building a high quality and diverse client base. We do turn away some clients and trades due to our rigorous onboarding and credit matrix. This belt and braces approach has resulted in immaterial bad debt since inception. The pie chart to the right should clearly demonstrate that we are not reliant or exposed to one specific sector. Encouragingly, in the hunt for a balanced book, our client concentration continues to decline, with our top 20 clients making up less than 42% of total revenue. The table in blue shows our top five sectors by revenue generation for H1. As you can see, the makeup of the top five in this period wouldn't necessarily make the top five in prior periods. Further evidence that we are not sector dependent. With that, I will pass over to Jo. Thanks, Harry. Just in terms of our growth strategy and how that is evolving, I'd like to give you an update in the following two slides, on two of the key pillars that underpin that strategy, the first one being our sales team and the second one being technology. Focusing first of all, on our sales team. We have made some changes to the structure of our sales team and our operating model there. Rationale being to enhance the effectiveness and scalability of what has made Argentex so successful to date. You may be accustomed to charts in the past that have shown our ability to harness and grow talent internally, and that the longer our sales team spend with us, the better they become and the more they contribute to revenue. That very much still holds true, and what this new system is intended to do is, as I said before, make it more scalable as we grow and become a much bigger organization. This chart here, this slide here in the top chart you can see that depicts how we've organized what we refer to as a pod model. Each pod is intended to contain 20 people at varying degrees of seniority, delivering an average revenue per annum of GBP 12 million based on current run rates. On the top half of this slide, I've isolated sales pod one because that has slightly different drivers and refers to some of the legacy core revenues for customers that have been with us since inception and relationships that are held at the founding partner level in most instances. We expect that to continue to deliver. We don't expect it to decline. Equally, we don't expect it to grow in the same way that the new sales business pods would do. Sales pods two, three, and four of a total of four existing pods are really focused on driving new business. They're currently operating at 60% output, and that we anticipate to gradually increase to 100% by September 2022 so u nderpinning the confidence in our forecast. Next financial year, FY 2023 and the following, we will add two subsequent pods. It's important to note that these pods they're not static, they are dynamic in nature such that by the time we come to introduce pod five midway through FY 2023, we will have a choice of staff, already seasoned staff from pods two, three and four that we can then progress through to five to set up that new pod, so that on average our overall capacity and output will increase. We believe this new model is scalable, it's also collaborative, collegiate and dynamic and really supports that dynamic consultative culture that Argentex is known for. You know, although it's early stages, the feedback from the new structure is, is good, and we look forward to sharing the results of it in due course. Moving on now to the next slide in terms of technology, we mentioned before that, you know, technology has always been a key part of Argentex's strategy, you know, with significant investment to date. As previously mentioned in previous presentations and previously we've alluded to, we were undertaking a review of our technology strategy. That review is now completed. We carried out the review really through the lens of the customer and thinking about, you know, their evolving needs as well as their user experience with Argentex. Not with an internal lens, through the lens of the customer. Right from the outset, a very clear business case was made to optimize our online portal through increased customer usage and demand, and that investment is well underway with an intended payback of less than 12 months as we drive forward to enhanced functionality and flexibility for our clients. The optimization of our online portal, I should say, is intended to be the first in a series of further technology-enabled complementary service offerings that will be introduced in due course. That's all I wanted to say in terms of the evolution of our strategy. I'll now move forward in terms of addressing some of the financial highlights in the H1. In slide 13, as Harry's already mentioned, the key financial highlights being that gross foreign exchange turnover grew by 67%. Once you exclude swap turnover from that, it grew by 34%. That group revenue then moved in line with the net of swaps turnover to the tune of 33% half over half. That really represents a record H1 for Argentex, which is a strong performance, as alluded to earlier. Our underlying profit margin has been impacted by our investment in growth and was the case for the full year last year as well as we moved to our new premises, for example, in September of 2020, as well as the ongoing investment in people and technology as before already alluded to. I'll come onto those in a little more detail in a moment. You know, as Harry mentioned earlier, we have proposed or declared a dividend of 0.75p per share, demonstrating the board's confidence in our strategy and future prospects. In the next two slides, I wanted to delve into two components of the financials, the first one being profitability, the second one being cash generation. The statutory financials are available in the RNS, you know, should you wish to ask any questions there. I felt it was important to dig into these two elements in particular, as we always talk about Argentex being highly profitable and highly cash generative. As mentioned earlier, we delivered a record Q1 and our H1 in terms of revenue. Underlying profit, we delivered at 29.9% versus 31.4% in the H1 of last year. Underlying we define as that's just really taking out non-recurring one-time items in order to give you a true or as true as possible comparison versus the prior period. All that is excluded there is some one-time legal costs in relation to the setup of the Netherlands operation, as well as one or two other non-recurring items. GBP 29.9 versus GBP 31.4, largely driven by that investment in people. Our average head count grew from 51 to 69 in total. We've continued to hire with the front office in mind and revenue generation in mind. That said, we have been building out the requisite corresponding infrastructure and in the supporting functions as well. We have made an effort to stay within that 60/40 split, front office, back office to make sure we have the right focus in terms of revenue growth going forward. Although we have that front office focus and emphasis on hiring, as you'll remember from our previously, we don't expect new hires in the sales team to deliver meaningful contributions to revenue until they've been here for probably 18 months. There is a short-term cost of carry there if you like. That's really the main driver. The other drivers are around our expanding international footprint. As we become an international organization, aside from the one-time legal costs that we need to incur to be able to set up the right framework in these overseas jurisdictions, we have incurred, for example, in Holland, while our DNB license is pending, we have to, we've incurred costs with a third-party provider so that we can continue to operate in that jurisdiction. There's approximately GBP 200,000 in the half of costs that will not be incurred post that license being in place. You know, while we can't confirm the sort of exact timing of that, you know, we are having constructive dialogue with the DNB, the regulator there. We are at a very much an advanced stage in terms of obtaining that license. If I move on now to the next slide in terms of cash flow. Previously, we've presented the statutory cash flow, when we've talked about cash generation, at Argentex. It's important to note that that does include the impact of client balance movements. What I've done for you here is to exclude that impact and show you the real underlying cash generation outside of client money movements. I've also excluded the impact of taxation, so you get a like for like comparison. A pre-tax cash flow from operating activities, you can see in the top half of this chart, demonstrates that we are highly cash generative, and have been consistently so, even through last year and the H1 of last year. I mean, that's driven by a couple of things, not least of which is that, about 76%-79% of our revenue has consistently converted to cash within a three month period. Then underneath in this cash flow chart, I've then laid out for you what we've invested in s o cash used in investing activities in the prior year would be the premises move as well as technology, and in this year, technology alone. Then in terms of financing activities, that is, of course, return to shareholders by way of dividends in the prior year a nd I've then reconciled it back to the statutory increase, decrease in cash on that bottom line. I hope that gives you a clearer view and demonstrates Argentex's highly cash generative nature. With that, I'm going to hand back to Harry for his statutory outlook. Thank you, Jo. At the full year results, we highlighted how FY 2021 was a year of resilience and investment. We are very proud of how we navigated all three national lockdowns in the reported year, however r ecruitment was a challenge. Due to the change in priorities for some, we experienced a higher than usual attrition rate of the sales team in the first six months of this calendar year. This resulted in a summer recruitment drive and the implementation of the new pod model. We've already seen churn decline to levels not experienced before, with 11 out of the 12 new summer recruits still with us. The new office, which was designed around employee wellbeing, has undoubtedly improved the quality of applicants coming through the door. We had a few questions regarding management. As we continue to invest in people, the organizational structure, it has to evolve. Jo's arrival brought discipline and independence to the finance function and Andrew's shift to Chief Commercial Officer sees him manage the day-to-day running of the front office. Olivia's expertise and experience as Chief Compliance Officer gives me peace of mind, allowing me to fully focus on strategy and execution. Our international expansion plans are progressing well. Holland is gathering pace and has produced half on half revenue since inception. The team is still modest, however, we have budgeted for it to double over the next six months, taking on German and French speakers. Both our Dutch and Australian regulatory applications are in the latter stages of approval. Onto the outlook. We've been very pleased with this record set of H1 results, especially given the flat market conditions. Our strategic focus has technology at its core, and we continue to evolve our proposition, products and footprint to meet the growing needs of our clients. While short-term macro challenges and uncertainty remain, I'm excited by the journey ahead and confident in our ability to continue growing and performing for our clients and our stakeholders. This brings the presentation to a close, and I will welcome any questions. Jo Stent, Harry Adams, thank you very much indeed for updating investors this afternoon. Ladies and gentlemen, please do continue to submit your questions using the Q&A tab situated on the right-hand corner of your screen. Just while Jo Stent and Harry Adams take a few moments to review investor questions submitted already, I'd like to remind you that a recording of this presentation, along with a copy of the slides and the published Q&A can be accessed via your Investor Meet Company dashboard. I'd also like to remind you that your feedback is important to the company. Immediately after this presentation has ended, you'll be redirected for the opportunity to provide your feedback in order that the company can better understand your views and expectations. Jo Stent, Harry Adams, obviously investors had the ability to pre-submit questions. We received a number which we've kind of tried to theme, and thank you firstly to all those investors that took the time to submit questions ahead of today's event. Then perhaps we can then turn on to the live questions. The first question reads as follows: "What will be the principal drivers behind a much improved H2 performance versus H1? Sure. I'll take that one. Typically we see a much improved performance in H2 versus H1 for a number of reasons. I mean, we've spoken about it throughout the presentation that the longer the sales team or the longer a salesperson is with us, the better they do, and then they start to contribute to revenue. There's a bit of seasonality in there because in H2 you have two quite popular year ends for our clients, being December and March, and that's when they sort of like to trade typically in order to get some certainty over their various requirements. Also kind of natural calendar seasonality. I mean, in H1 we have two summer months, we have Easter, et cetera, where, you know, the market in general is quiet versus only perhaps, you know, one, in the H2 being December. We do historically see, about 40%-45% of our revenues come through in H1 and the balance in H2, and obviously contribution margin following that as well. That's great. Thank you, Jo. Just turning to the next question. It reads as follows: "I'm trying to get my head around why FX versus revenue growth do not match. Could you please clarify? Yeah, I'll take that, Mark. We've had a few questions since the presentation on the live panel regarding swaps. Let me spend a bit more time on that. If we were to execute a trade for an example of GBP 1 million to USD on a forward contract, going out one year for a client, and that client actually paid for the contract in a year's time, then in terms of FX turnover, we would have accounted for GBP 1 million worth of FX turnover. If, however, the client would like to take advantage of the service and flexibility that we sell, and which is why, you know, one of the big reasons that we're in business, and draw down early from that contract, we have to action a swap in the market. Effectively what we do there is that we sell the contract that we originally booked, and then we buy it back for an earlier date for when the client would like to pay for that contract. Rather than just having GBP 1 million worth of FX turnover, we have the original GBP 1 million of FX turnover from the original executed trade. We have a second million for canceling out or buying or selling back the contract, and then we have a third million for executing the trade for actually when the client wants to pay. You know, this isn't something that we push. It's not really a product per se. It's really just sort of an output of our business, there's been a few questions asked regarding this and, you know, whether one in particular I read about cannibalizing our existing flow. This isn't, this isn't a product. We make the money, the majority of the money, as you can see from, let's run it back to slide eight. The majority of the revenue is generated on the actual execution of that trade, whether it's a spot trade or the execution of the forward trade. We've tried to cut the data and answer the question that, you know, we thought we'd probably get of why we have had more swaps in this period. Realistically, the only, answer I can give you is we are giving our clients what they want. If they wanna pay early for their contracts, then we allow them to do that, and for that you will have a slightly inflated FX turnover. As I said in the presentation, we're unable just to strip it out because swaps still do generate 6% of our overall revenue. Great. Thank you very much, Harry, for that. Turning on to the next question. Following some changes in the management team over the last 12 months, can you give a concise rundown of who is discharging what duties in the Argentex leadership team? Yeah, absolutely. I covered most of this in the presentation. You know, Jo has come in with a huge amount of experience and brings independence to the finance function. Andrew Egan, my co-founder, has moved from a managing director role to a Chief Commercial Officer. His job now is focusing on the day-to-day running of the business, the front office, the revenue generation. We have Olivia as in Chief Compliance Officer, who her role is to not only make sure that we're doing things in the correct manner, being the eyes and ears with the FCA, also getting us through the regulatory processes. With the support team that goes on behind, you know, we have had this new leadership team that's been initiated. In terms of changes at top level, yes, I can see why from an outsider's point of view it can be rather unnerving. However, you know, what we have in place now is by far and away a far better structure, and there are absolutely no holes in the day-to-day running of the business. That's great. Thank you. Couple more pre-submitted questions before we turn to the live questions. The first one of which, can you go into some more detail on when international markets, e.g. Australia and Amsterdam, will contribute to revenue? Jo, do you want? Sure, I'll take that. In terms of Amsterdam, it's already contributing to revenue. We saw a contribution to revenue in the last financial year, and that has increased this year. It's quite encouraging and it's set to be on track with our expectations. The regulatory approval is still pending in Holland. The full license is pending, and I think I mentioned earlier we're having constructive dialogue with the regulator, and I would say we are at a very much an advanced stage in terms of receiving final approval there. I think that's pretty encouraging and, you know, we are set to double the team there. We have five there already, including the managing director, and our budget, we're budgeted to double that team over the coming financial year. Over the next 12 months rather, I should say. In terms of Australia, we have been progressing quite nicely there as well. We're at a pretty advanced stage with the regulator on the first step of our market entry there. It's worth saying though that we do at present have a handful of Australian clients. We know that market quite well. You know, it's not starting from a standing start that it might have been otherwise. You know, in terms of that contributing to revenue, I mean, I would think in the next financial year, we could see a contribution from the Australian market. That's certainly something that we have in mind. Albeit pending that regulatory approval process. Thank you very much indeed, Jo. Finally, to what extent do you see inflation impacting Argentex over the next year? Yeah, that's actually a really good question. In terms of inflation, you know, the obvious way of central banks dealing with inflation is to toggle with interest rates. You know, as of the sixth or 7th of March 2020 when certainly the U.K., the U.S. and Eurozone had interest rate or pushed their interest rates to zero, that yield or cost of carry on those currencies has been incredibly flat or close to zero. We expect, and I think it's a fairly reasonable expectation that central banks will raise interest rates over the next 12-12 months to however many years it takes them to get inflation under control. That will improve the market dynamics and the cost to carry. It could only be positive for us. Thank you very much indeed, Harry. Well, look, that takes care of the pre-submitted questions, and thank you to us once again to all those that did submit questions, and I hope that we have managed to summarize because we did receive a number of questions into those ones that we've just given responses to. Harry, Jo, perhaps I could ask you just to open up that Q&A tab. I know you've referred to a number of a similar nature, so I don't want you to go over old ground, but could I just hand back to you to read out any questions and give a response where you feel it's appropriate to do so, and then I'll pick up from you towards the end? Sure. This is the first time I've done this, so it is fairly taxing in terms of the questions keep popping in. Some of which, you know, we can't answer because we're unable to give forward guidance, I'm sure you can all appreciate. There have been a couple of questions regarding Amsterdam and, you know, do we see a similar sort of mix of revenue as London? Again, that's a really good question. What we find is that the Dutch market really do prefer trading their currency online rather than over the phone. They tend to be a little bit more sophisticated than what we're used to in the U.K., therefore they're less interested in that hand-holding, that high touch product that we've been so successful with in London. They're more interested in having a seamless client journey online, that's something that we've really worked hard on in building over the last 12 months or so that will be going live at some point early next year. That's really sort of the main difference between Amsterdam and London. Got one question here from Katie. What client risk does the company take on, if any? Again, really good question, that. The company has had immaterial bad debt since inception. That's not to say that we haven't had some bad debt. You know, we have had clients fall over, especially in the early days of COVID. Just to give you an example where we would see bad debt, i.e. that's where our risk lies. If a client were to do a trade and let's say for argument's sake, selling GBP 10 million and buying USD, for three days' time, on a spot basis. In the meantime, we actually execute that trade, so we lock that in and we don't ask any pre-funding from the client. We pre-fund that ourselves. If the client weren't to pay us or in two or three days, then there would be that mark-to-market profit or loss, that would be sitting with us. Now, you know, this is quite rare, if I'm honest. You know, we, we don't have many clients who don't pay. We have had sort of specific problems with private clients as an example, who will book in a trade and then they'll work out in two or three days' time that the market's moved in their favor, and then they'll say that they don't want the trade anymore. No, unfortunately, they are contracted, they have to pay, and if we do have to go down the legal route, then we'll do it. You know, we are, we are belt and braces in terms of our, our risk offering. We make sure that any clients that are trading with us are creditworthy and they completely understand at the time of execution what that actually means. W hy the increase in swaps transaction from clients versus history? Again, you know, I think we spent enough time on swaps to talk about the fact that, you know, it is an output of what our clients want to do. It's certainly not a metric that anyone should be focusing on. There was a question regarding products saying that they had seen in a webinar talk about products that were going to be initiated or brought out in the interim. I think you're probably leaning to, you know, one of the few webinars that we've done. Really, you know, what we're trying to get across here is that we're not standing still. We're not just gonna watch the rest of the market eat our lunch in terms of, you know, the competitors' investment has seemed to have gone very well. Equally, we don't wanna be investing for the wrong reasons. We wanna make sure that it's a calculated approach. We're confident that the investment that we've made to date is the right investment. We're not sort of starting to chase revenue where it can be a risk whether it's pulled off or not. It's very much enabling our client base that we already have, and trying to offer them a few more products that we're not currently servicing. You know, watch this space. Let's click on swaps. Would you like to answer that, Jo, regarding swaps? Sure. A question came in around will we continue to use the indicator net of swaps to better sample underlying growth? Sure. I mean, we've always historically declared our gross FX turnover alongside our revenue. You know, I think it's helpful to see the net of swaps figure also. Absolutely, we'll keep doing that moving forward. There's a few comments and questions regards to comparison with Alpha FX. I can understand why you'd be focusing on these questions given current ratings. We, you know, we incepted our businesses similar sorts of times. Alpha FX have been two years ahead of us really in terms of incepting, listing and rolling out some great products that they're doing incredibly well with. They're a good company, they're well run. You know, it is certainly a good comparison for us to have. You know, I would like to be closing that two-year gap, and I think we're going some way to closing that as quick as we can. There's a question here. A question here. 43% increase in users of your technology solution is very impressive. How is a user measured? That chart that's currently on your page, bottom right, shows you the number of online users. These are clients that they're active clients that are using our online platform. They're logging on. They can use the platform for various things at the moment, such as uploading beneficiaries to ourselves, so they don't have to do a callback. There's various other opportunities out there that the client could be using that for. Just going back to it, you know, it'll be totally overhauled come the beginning of next year. There's one there, Jo, for you. The question is, can you clarify the nature of the GBP 3.2 million payables balance loans and other debts due to members and former members of AGFX LLP? Absolutely, at the time of listing at mid 2019, Argentex LLP was then became a subsidiary of the PLC. At that point in time, there were a number of partners that made up that PLC, made up the LLP entity and t hey had retained balances within that entity. As you'll probably be aware, within an LLP structure, you can't ordinarily retain profits. It must be distributed to the partners. There was a decision made at the point of listing, rather than the partners withdrawing those balances that they had accumulated, they would keep the cash in the business, and that would be distributed within two years of listing thereafter. That's what that relates to. There is an agreement in place whereby those balances are being repaid to the, I suppose, previous partners, some of whom are still in the business. By the first calendar quarter of next year, that will be paid then. There's another one there for you. Client year-end. The question is, given your comment on client year-ends and AGFX period ends, can you give more color of how cash fluctuates during reporting periods, i.e., is period-end cash when to expect to see the peak net cash? Following on from that, what are your views in use of net cash? To answer the first question, no, not necessarily. It doesn't match. It doesn't necessarily follow as such because it depends on the mix of spot and forward trades the clients place. Also depends on the collateral that we might take or the client balances that we might accumulate from the client at that point in time. To answer the first question, not necessarily. In terms of the second part of that question, use of net cash and why such and such a high cash balance. Absolutely. We are in a situation whereby we have to back-to-back all of our transactions. Any trades that clients book with us, we then place an equal and opposite trade with our financial institutional counterparties. We have to place collateral for those. Equally, it might be that as the market moves, the mark-to-market on those forward contracts and positions, we create a positive or a negative balance, and therefore, you have to be prepared, and you have to have a buffer effectively for the times where there is potentially a negative balance there. Albeit, you know, we would be, pointing towards our clients to fund that, and we do, margin call our clients and have mechanisms in place, that facilitate that in our terms and conditions. There could be a point in time where we would have to withstand, that on a short-term basis. That's why we do retain, a reasonably high cash balance. Right. I think, actually, Mark, we've probably answered the majority of the questions on there that we're able to. I appreciate some people might be disappointed by the lack of answers to a couple of the questions, but, unfortunately, we're unable to go into those at this time. Look forward to updating you over the next six months or so. That's absolutely no problem, Harry. Thank you for giving the responses to those that you have. Of course, we'll make these all available to you post the meeting as well. Harry, Jo, I know investor feedback will be particularly important to you guys. I'll shortly redirect investors for you for them to provide you with their thoughts and expectations. Before doing so, perhaps I could ask you just for a few closing comments. Then I'll redirect investors. Yeah, absolutely. Thank you everyone for your interest and your time this afternoon. I appreciate this is being the first of such broadcasts and level of engagement with the retail market. We've learned an awful lot over the last couple of years of being a listed business, and this is certainly the first step of ensuring that our engagement is improved. You know, thank you again, thank you for your time, and we look forward to speaking to all of you or presenting to all of you again over the next six months or so. That's great. Jo Stent, Harry Adams, thanks once again for updating investors this afternoon. Could I please ask investors now to close this session, as we'll now automatically redirect you for the opportunity to provide your feedback in order that the company can better understand your views and expectations. This may take a few moments to complete, but I'm sure will be greatly valued by the company. On behalf of the management team of Argentex Group PLC, we'd like to thank you for attending today's presentation. That now concludes today's session, and good afternoon to you all.