Good afternoon, ladies and gentlemen. Welcome to the Argentex Group PLC final results investor presentation. Throughout this recorded presentation, investors will be in listen-only mode. Questions are encouraged. They can be submitted at any time via the Q&A tab situated on the right-hand corner of your screen. Please just simply type in your question and press Send. The company may not be in a position to answer every question received during the meeting itself. However, the company will review all questions submitted today and publish those responses where it's appropriate to do so. Just a reminder that this presentation will last around 30-40 minutes. Before we begin, we would like to submit the following poll, and if you would give that your kind attention, I'm sure that will be highly appreciated by the company. I'd now like to hand over to CEO Harry Adams. Good afternoon, sir. Thanks, Mark. Good afternoon, everyone. Thank you for joining us. As Mark said, my name is Harry Adams, and I'm the founder and chief executive of Argentex. Hi. Good afternoon, everyone. Jo Stent, CFO. Hello, everybody. I'm David Christie. I'm the Chief Operating Officer. Unlike these guys, I'm relatively new to the investor pool. I've been here with Argentex since October, and I formally joined in March. I joined here for a few reasons. One, to take advantage of the massive opportunity in front of us. Second, to work with Harry and the team and the fantastic team that he's building, as well as this is not my first rodeo and I've scaled and transformed companies very similar to Argentex in the past. I'm here to help Harry do that again. Great. Thank you. Just a bit of an order of play. We'll start with a company overview, a bit of a reminder of what we do and the market. We'll then get into the financial and operating highlights. Spend a bit of time talking about the growth strategy and how that's evolved, and then finish on an outlook and summary. If I can ask you to flick over to slide three. Shortly after taking on the responsibility of sole CEO last summer, I conducted a full corporate and strategic review of the business. It was very clear that to fully capitalize on the huge growth opportunity, it was imperative we evolved our strategy. We did this whilst delivering a solid set of results in what was Jo's first full year as CFO. This new strategy pivots around investment in people, investment in technology, and investment in overseas expansion. David is case in point of the caliber of talent that we are attracting, who with his wealth of experience, can hit the ground running, instantly helping drive shareholder returns. The investment case can be categorized into growth, market, and people. Since inception in 2012, Argentex has been profitable and highly cash generative. Our focus on building a diverse and high quality client base with a cautious approach to risk has led to strong growth and immaterial bad debt. Let's back a slide. Sorry. The FX and SME payments market is absolutely vast with an estimated 15% being serviced by non-bank providers such as Argentex. Across EMEA and APAC, a highly fragmented market offers huge opportunity to scale. We've exceeded a group headcount of 100 as we continue to invest in people at all levels across the U.K., the Netherlands and Australia. We have increased bench strength at exec level, giving us the experience required to transition from single product, single office, to multi-product global organization. On to the next slide. Thank you. I'm sure some of you are familiar with this, but 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 riskless principal broker and only cater for commercial transactions. Therefore, our clients do not speculate, we do not speculate, with revenue coming solely from the spread. We target with an annual... 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. Risk mitigation has always been at the core in our pursuit of revenue. Our client base has never been so diverse, with revenue concentration declining to a record low of 36% from our top 20 clients. That pie chart at the bottom should clearly demonstrate that we are not reliant or exposed on one sector. The second-largest sector in pink is in fact others and is made up of 31 different sectors. In FY 2022, we returned to double-digit revenue growth, posting a record GBP 34.5 million. Not only did our existing client base trade more notional currency, but they traded more often. New business remained strong and we continue to invest in grassroots sales staff who start to generate meaningful revenue over an 18-month period. Despite a flat FY 2021, the five-year CAGRs for our key KPIs remain incredibly impressive. I'll now pass over to Jo to talk about the financials. Next slide. Thank you. Overall, we're very pleased with the progress we've made in financial year 2022 in terms of our strategy and setting the agenda for the medium term, in combination with delivering a strong set of financial results, which I'll share with you now. On slide seven of the presentation, you'll see the key financial highlights for FY 2022. In summary, group revenue increased by 23% versus prior year to GBP 34.5 million and driven by a 17% increase in corporate clients traded in the year, with the total number of corporate clients traded reaching 1,624. Of the GBP 34.5 million in revenues, this includes GBP 8 million new business or 22%, which was generated from 528 new corporate clients traded with us during the year. Moving on to adjusted operating profit. On this basis, we delivered a 26% year-over-year increase to GBP 11 million in FY 2022, with associated margins modestly increasing year- on- year to 31.9% versus 31% in the prior year. Operating profit, however, increased by 33% to GBP 10.4 million. In line with our accounting policy, we do adjust operating profit for items which are not part of ongoing regular operational expenditure, such as, setup costs and legal setup costs for overseas subsidiaries and any, restructuring costs during the year. Including any such adjustments, as mentioned previously, reported operating profit increased by 33% to GBP 10.4 million, which is greater than the increase in adjusted operating profit, and this is driven by a greater amount of one-off expenditure having been incurred in the prior year. In terms of administrative costs, we incurred a total increase year-over-year of GBP 4 million, GBP 2.6 million of which is directly attributed to our ongoing investment in people, with average headcount increasing to 86 FTE in the year versus 67 in the prior year and with headcounts surpassing 100 as at March 31st. Other increases in administrative expenditure can be attributed to people-related items such as recruitment, technology costs and international expansion. If we move on now to slide eight, this lays out a summary statutory P&L, which a review of which we've already covered. If we can move on to slide nine, please. This slide shows that we generated a total of GBP 17.2 million in cash in the year before any movements in client balances are taken into account. Net of client balances, which would be represented by any collateral or any variation margin collected, we generated GBP 11 million in cash from operations, GBP 6.1 million of which was utilized in investing and financing activities, leaving a net increase of GBP 4.9 million in cash year-on-year. GBP 2.1 million of the 6 million utilized can be attributed to investing activities, as noted here. GBP 1.7 million of this represents our investment in technology. This is an increase year-on-year of GBP 500,000, largely driven by the investment in our enhanced online platform capability. We're pleased to note here that this investment has paid back already within a 12-month period as anticipated. Other investing activities represent GBP 400,000 regular additions to fixtures and fittings. Moving on now to financing activities. Of the total GBP 4 million utilized in the year, GBP 3.1 million of this was returned to shareholders by way of dividends, and the remaining GBP 900,000 represents the annual associated cost of the lease on London HQ. It's worth noting that we remain a debt-free organization with no such associated financing costs. As previously mentioned, we have carried out an end-to-end review of our strategy during FY 2022, and as such, our investment in people, technology, and international expansion was somewhat felt in the year as previously addressed. We do anticipate that a significant portion of the investment required will be reflected through the next two to three years with return on investment anticipated to materialize in the form of a change of product mix, with the technology-enabled components carrying significantly enhanced operating margins, thereby affording the group the ability to deliver enhanced earnings and quality of earnings that would not otherwise be achievable while maintaining the status quo. If we move on to the next slide, please. Slide 10 here shows the KPIs that we use to measure our business performance. As previously mentioned by Harry, the five-year CAGR on revenues to March 2022 is 27%, and this has been driven by the upward trend in corporate clients traded over that period that you can see in the upper left, coupled with the increases in number of trades and average revenue per trade outside of the COVID year. It's worth noting we have not altered our business model or risk appetite during that time period to deliver this growth, which is clearly demonstrated in the lower half of this chart by the spot and forward mix and associated cash conversion ratios remaining consistent over that timeframe. We are, however, pleased with the progress to date on our structured solutions product offering. This area is beginning to contribute meaningfully towards revenue and will be a key area of investment moving forward. With that, I'll hand back to Harry. Thanks, Jo. As I opened this afternoon's presentation, I stated how important it was that we evolved the strategy over this business. It's driven by investment in people, investment in technology, and international expansion. Over the next eight slides, we will demonstrate why investment in these three pillars is so important and what progress is being made. The next slide, please. In the last 12 months, we've hired nine new members across the executive and senior leadership teams and three new advisory board members with a combined 272 years experience in financial services. They also have an average of 10 years service in either the foreign exchange or payment space. As we execute the growth strategy, it's important that we not only continue to attract and retain top talent, but we also have a healthy balance between front and back office staff. It's a testament to Argentex brand and culture that we're able to attract this level of talent. On to the next slide. This may be familiar to a few of you. The new sales pod structure has evolved over the last six months as we take a more global approach. We now have evidence that the optimal size of a pod is eight, as this is a more manageable team for the sales partners, which allow for the pod model to be scaled and repeated. As you can see in the U.K., we continue to retain clients from our legacy pod, and we now operate four corporate pods and a new institutional pod. A technology solutions pod will also be incepted later this quarter. On to David. Thank you. Thank you, Harry. The cross-border market, which is dominated by banks, is vast and players, compete on a number of dimensions. Typically, they're either FX-led, which is high value and low volume, predominantly service-driven specialists through human touch, or they are payment-led, which is typically high volume, low value, which is tech-driven generalists. At Argentex, we believe that service is something that clients of all types deserve and demand, something the new fintechs, as well as the incumbent banks, do not deliver on. As we expand our product and capabilities, we will ensure that high levels of service are still at the core of our value propositions. This technology-enabled rather than led approach will complement rather than supplement our service proposition, allowing us to deliver a better USP that is still highly scalable whilst allowing us to differentiate from the pack. It's about the right tech, the right touch, not one or the other. Next slide, please. Drilling into this in a little bit more detail, we can see that there are areas where we excel, like service, speed, and price. However, we have a little way to go on digitization and building our product range because we're still pretty much at the start of that journey. This is a strategic key initiative going forward to address. To be clear, we never want to be in the hyperscale, complete tech-driven fintech arena. I can attest as an ex-fintech customer, there's nothing worse than having a problem or a complex requirement that's being dealt with by a chatbot. Although the banks have high levels of trust, a core value that I exploited by default in the past, they do struggle delivering quality service as they are a generalist. They are effectively an inch deep and a mile wide because they're trying to sell everything to everybody. They are also highly risk-averse, which makes them slow. This is something that we've exploited over the last 10 years. As being a specialist, we are an inch wide and a mile deep with our expertise, making us much more agile and responsive to client needs and demands. In summary, to go deeper in existing clients and win wallet share, as well as drive into new segments, we will need to deliver more products in more geographies at pace, while still maintaining but not sacrificing the core values we excel at. Next slide, please. The FX world of large corporates and financial institutions is the core of our business. Recent technology investments have been about supporting these core clients with additional online services, and you can see what we've delivered in green. We are seeing utilization of the online proposition increasing as clients do more of their administrative trades online. Trades we would have historically lost to their banks. To add even more value and create more stickiness with these clients, we will be delivering them more functionality with virtual account capabilities and payment capabilities in the very near future, as you can see in orange. These solid foundations and product investments will also be leveraged by our funds segment, where we already have 36% of our business, as Harry mentioned earlier. This gives us great leverage from this initial investment. We have concrete demand for these capabilities from our existing base, and we're pushing this aggressively and taking on the banks with faster time to onboard, better client experience, and of course, our exemplary service. In due course, we will add even more functionality to service this segment to meet all of their specific requirements. That will help funds and financial institutions manage the investor experience even more. These additional products also lay the foundation to attack the payment-led mid-corps and enterprises, which fundamentally require the same types of functionality, but with much reduced lev els of control and a simplified client experience, something that we've already designed and built into the new platform already. However, to excel with these particular type of clients, we need to add additional functionality like connection into ERPs and things like request to pay so they can send currency invoices to their particular clients, and we can attack the exporter market. In summary, our technology roadmap is delivering progressive builds that allow us to add more wallet share in existing whilst also targeting new segments. All of these segments are significant addressable markets. In the U.K., it's a GBP 6 billion market opportunity. In the EMEA region, it's a EUR 52 billion opportunity, and in Australia, it's a AUD 2.5 billion revenue opportunity. As Harry has said earlier, these are all highly fragmented markets and dominated by banks, allowing us a lot of room and opportunity to grow and exploit. Next slide. With the Birst platform already bedded in and delivered, we want to really start driving adoption. We have made great progress so far this year, increasing online revenue year-on-year by 766%, albeit from a very small base, with limited adoption so far. As Jo said earlier, the initial investment has already paid itself back, and we will be pushing this capability to all remaining clients that want this in the coming months. Starting immediately, the intent is to mine the existing CRM to untap the latent demand that we have already captured in previous sales calls, have not been able to address economically and thus not converted so far. By building out the first technology sales pod, which will refine the go-to-market approach for these new products, we can attack new verticals and then push these new propositions across the rest of the sales pods to cross-sell. Going back to the competitive landscape we saw earlier, the direction of travel will be towards the center of the upper right quadrant to create clear space between our sales and the rest of the competition. Jo. Thanks, David. Next slide, please. Turning our attention now to the third pillar in our growth strategy, our international expansion program is progressing well. As David mentioned earlier, the addressable market across EMEA, of which the EU would be the greatest part, represents a EUR 52 billion addressable market opportunity. Australia represents a AUD 2.5 billion opportunity. On that basis alone, you know, these markets are incredibly attractive for us moving forward. In keeping with our brand, we have deliberately chosen jurisdictions which not only have the significant addressable market and associated revenue opportunities, but also have robust regulatory environments. In the Netherlands, for example, we have actually just been awarded our license, our e-money license application, or been given notification that is imminent with the DNB. We understand that we will be one of very few e-money licenses granted in that jurisdiction. Following on from that e-money license, we intend to apply for an investment license in the same jurisdiction to afford us the ability to passport seamlessly into other EU countries and have the Netherlands act as a gateway or hub into the rest of the EU. In Australia, by expanding into this region, we become a truly global organization. We've hired a senior management team, including at the supervisory board level, while we trade as a foreign entity in that area. We deliberately hired at this level on day one in order to appropriately manage the time difference and geographic distances involved. With the significant addressable market there alone, and although we are trading already as a foreign entity in Australia, we anticipate this entity to contribute meaningfully towards revenue once we have a domestic Australian Financial Services Licence in place, which has just recently been submitted. The transition to become a multi-jurisdiction business has many implications, one of which is our intended move towards a calendar year reporting year-end commencing December 2022, and this is to be in line with most other global organizations reporting against a calendar year. Moving on now to sustainability. Before I hand back to Harry to summarize and focus on outlook, as part of our strategic review in FY 2022, we did also put together our sustainability strategy, the three pillars of which are outlined on this slide, namely people, planet, and partner. In formulating this strategy, we recognized the need to balance likely impact against measurability of any initiatives based on our size and the industry in which we operate, and concluded that in order to maximize our impact while retaining an ability to measure against any goals we set, we would need to partner with appropriate organizations. We're pleased to announce two partnerships created in the year with Social Mobility Foundation under the people pillar and the Earthly organization under the planet pillar, and further details of these can be found in our annual report. Finally, we recognize the need to evaluate the upstream and downstream impact across the value chain to have a full understanding of the baseline for improvements in order to determine an appropriate net zero target and timeframe, and this is work we've committed to carry out in FY 2023. With that, I'll hand back to Harry. Thanks, Jo. In summary, we remain a very well-capitalized, high-growth business in a large and growing market. The wind is back in our sails with the current momentum underpinned by our resilient business model and our evolved strategy. The investments we have made in technology and people are already paying dividends, and we expect this trend to accelerate as we launch the new technology solutions pod after the rollout of the virtual accounts and payments offering later this year. In order to scale effectively, we need to take a global approach to our decision-making and strategic execution, hence the increased bench strength across the senior leadership team and the decision to change our year-end to December. We expect to generate a strong return on investment in the medium term through growth in revenues, optimization of revenue mix, boost in profitability, and improvement in earnings quality. Thank you for listening today. That concludes the presentation, and I welcome any questions. That's great. Thank you, Harry, Jo, David, 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 the screen. Just while the company take a few moments to review those 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, will be accessible via your Investor Meet Company dashboard. Harry, Jo, David, as you know, we received a number of pre-submitted questions, and we received a number of questions throughout today's meeting. If I may just start off the Q&A with a number of these questions. The first one of which reads as follows: What should we extrapolate from the positive start to the year versus full year expectations? Thanks, Mark. I'll take that. Yeah, you know, Q1 was very encouraging, although, you know, rather unsurprising given the amount of investment in people and technology that we made over the last 12 months. Market dynamics continues to be supportive of our robust business model. I guess these factors combined with, you know, the confidence in us meeting expectations paint a pretty rosy picture. We have demonstrated hopefully in the last 20 minutes or so, half an hour, you know, what we have in the pipeline. We do have high confidence in delivering not only what we've been discussing today, but also, you know, other things that will probably come down the line over the next three to four months. In terms of, you know, answering that question, it's encouraging. Can't give you too much forward guidance. You know, we're way on track. That's great. Thanks, Harry. Turning to the next question. New numbers suggest less confidence about growth and more investment required to support growth. Is the business struggling to keep pace and take share versus its competitors? You know, in terms of competitors, we see banks as our competitors. They still demand 85% of this market. As I said earlier on, they're reactive. They're not flexible. Majority of trading goes through these banks. We don't have to work that hard in order to beat them, both in terms of price and also digital offering. Quite clearly, we have to transform our digital offering to bring it up to a certain level that our clients expect. We've done that. We've already rolled that out to our clients, and now we're looking at sort of the next chapter of our technology and digital transformation. I think in terms of, you know, expectations, I'm now sole CEO, and I'm actually adamant that we don't fall into a pattern of missing growth expectations. I believe our own forecast that we've put out today, along with Singer's, you know, they are more than achievable. Well, in my view, it is a conservative view. Thanks, Harry. Let's turn to the next question, if I may. To what extent has full year 2022 benefited from volatility that may not reoccur in the current year? And what caution has kind of been baked into the numbers given the volatile macro backdrop? Volatility is helpful to us. I think we've mentioned in various presentations over the last few years that it does help both in terms of today being a prime example, getting the pound at the forefront of our clients' minds, and it might spur them on to trade. Ultimately, you know, our clients require a commercial reason to trade. If they're not trading today, it means that they might be trading in a few months' time or even a year's time. In terms of, you know, how integral volatility is to our numbers, it's not at all. Now, I think we proved over the last sort of 10 years or so that the robust business model that we have in place can operate in absolutely any economy. Clearly, you know, the buzzword is inflation. How's inflation going to affect our business is yet to be seen. The way central banks will tackle inflation is by raising interest rates. To be honest, that's only a good thing for us, because that creates more of a cost of carry when we're trading forward contracts or option contracts, with the difference in interest rates between those two currencies. That's great. Thank you very much indeed. Can you give more concrete detail about the market opportunity in Holland and Australia? When will they become meaningful to the group's top line? Sure. Yeah, I'll take that. I mean, I think as we already mentioned, the addressable market is significant, you know, with EMEA at EUR 52 billion and the EU representing a large portion of that. With the Netherlands becoming our hub into EU, that should give you an indication of the opportunity that we see there. Australia addressable market alone there, AUD 2.5 billion. Again, you know, a significant opportunity. You know, while we obtain our investment license in the Netherlands and while we obtain our Australian Financial Services License in that jurisdiction, until those times, you know, these jurisdictions, we don't anticipate to contribute meaningfully to revenue. Having said that, the Netherlands has already demonstrated half on half growth since inception, and it's already, you know, delivering pleasing results, and contributing to revenue. But certainly we would expect an uptick into sort of the back end of calendar year 2023 and into 2024. Australia, however, you know, we anticipate a contribution to revenue starting midway through calendar 2023, which is reflected in the note issued by Singer Capital Markets today. You know, with meaningful contributions kind of commencing 2024, which is really, you know, one of the reasons why in over a three-year period, it really reflects an investment period for us and that return on investment coming through over the three to five-year term, of which, you know, it is not reflected in the numbers issued by Singer Capital Markets, but is certainly indicated in the narrative. Thanks, Jo. That probably ties in nicely to the next question, which is, do you think the current spend the last 12 months on technology is higher than the expected steady state, i.e., the average over the last three years? Sure. I mean, we did invest more, you know, GBP 500,000 more in technology in FY 2022 versus 2021. Yeah, we made a deliberate decision to increase our investment in technology to drive growth moving forward. We have, however, taken the decision to bring control over our technology operations in-house under the leadership of David. That will. While we would maintain a similar or slightly higher level compared to FY 2022 in terms of total spend, the control that we obtain and the efficiencies that we would garner by bringing by insourcing these activities effectively means we gain more throughput moving forward and generate more of a, I guess more outcome and output from that to deliver the growth strategy moving forward. I don't know if you wanna comment, David. Yep. We've had an incumbent in for the last 10 years, has done a great job, become too costly. We believe we can double the throughput for roughly the same cost. There is a marginal bump, as Jo's highlighted, while we do that transition, but we're already making fantastic progress with the first team built and a second one due to be built very shortly, which has allowed us to accelerate the amount of product that we're developing and delivering right now. Thanks very much indeed. How many sales staff were employed at the end of full year 2022, and how many do you expect to be employed by the end of full year 2023? Let me share. Yeah, I don't have the sales staff from the s- Oh, sure. You'll see the average headcount in FY 2022 was 86 total FTE, but 52% of that was what we call front office, so between sales and dealing. If you expand that to include all client-facing team members, that would be more reflective to say 65% of the total would have a client-facing role. Moving forward with our increases in forecast increases in staff, that proportion is unlikely to change, and certainly we haven't forecast that to change materially over the forecast period. Thanks, Jo. I think this question probably furthers that, is what level of revenues are the support staff at the end of year full year 2022 capable of supporting? Sure. I mean, I think our hiring plans moving into FY 2023, as well as what we've already built across FY 2021 and 2022 will more than ably support the revenue projections that we have in the market. That's great. Thank you. When will the new trading and client service platform be available to all customers? It's technically available now, but we're going through a phased rollout. We've rolled it out to approximately about 10% of our clients so far. We're actively driving that through the remaining ones that would like the service. It's a work in progress at this point in time. We're really pleased with the level of engagement, the feedback, and the adoption so far. Thank you. There's a number of questions around, I guess, this next topic, so, I hope we address all of those in one, but it reads as follows: What are the next products in the suite of tech-enabled products, and what will be the cost of the continuing development of the platform? Within the presentation, we actually showed you the rollout. Obviously, what was in green was, you know, what actually has been delivered, which is really around the FX-led type client base. The next series of products really centers around the virtual accounts and the payments capability. That's imminent. In the blue you saw that there was a suite of specific types of products and services that would be delivered to specific segments, that's specific to them. In addition, as Harry pointed out earlier, about 3% of our revenues is in options, and we'll be putting a lot more thoughts and effort on supporting that initiative from a technology and a governance perspective behind the scenes, as needed. That's great. Thank you very much indeed. I know this is the first day of your results roadshow, so I know you have meetings after this meeting as well, but I don't know if there's anything else that needs addressing at all, Harry. I don't know if there's any further to add. No, nothing from me, Mark, apart from thank you, everyone, for your interest, your continued support of Argentex. It's gonna be a hell of a year ahead of us. We're very excited about what we've put in place, and what's coming down the line over the next sort of nine to 12 months. Thank you. That's great. Thank you, Harry. Thank you to all the investors for submitting those questions. Of course, we'll make these available to the company and anything that we haven't had the time to go through, we'll make available and publish responses where that is appropriate to do so. Ladies and gentlemen, please do not close this session as we'll now automatically redirect you for the opportunity to provide your feedback in order that the management team can really better understand your views and expectations. This will only 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 this afternoon's webinar. May I wish you all a very pleasant afternoon. Thank you. Thank you.