Good afternoon, ladies and gentlemen. Welcome to the Argentex Group PLC interim results investor presentation. Throughout this recorded presentation, investors will be in listen only mode. Questions are encouraged. They can be submitted any time via the Q&A tab that's just 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 it receives during the meeting itself. However, the company will review all of the questions submitted today and publish responses where it is appropriate to do so. Before we begin, I would like to submit the following poll, and if you could give that your kind attention, I'm sure the company would be most grateful. I'd now like to hand you over to CEO, Harry Adams. Good afternoon, sir. Good afternoon, everyone. Thank you for joining us. My name is Harry Adams, and I am CEO and founder of Argentex. Hi. Good afternoon, everyone. Jo Stent, CFO at Argentex. Hi, everybody. Good afternoon. My name is David Christie, and I'm Chief Operating Officer here at Argentex. Just to take you through the order of play today, we'll start with a company overview of which I know many of you might be familiar of what we do. We'll then take you onto the investment case. We'll spend some time drilling into the financial and operating highlights. I'll take on the growth strategy and finish off with the summary and outlook. Hopefully, you can read those bullet points at the bottom on this slide, which is there to show you that with the short reporting period of this year, HY22 in the deck is the period from the 1st of April 2021 to the 30th of September 2021, and HY23 is the current half or the half just gone that we're reporting, which is April 1st 2022 to the 30th of September 2022. Appreciate it can be quite confusing. It confuses us, too. Just starting off with the company overview and a reminder of what Argentex do. 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 structured solutions, as well as offering multi-currency virtual accounts and payments via our new wholly owned platform that was launched earlier this year. We are a riskless principal broker and only case it for commercial transactions. Therefore, our clients do not speculate. We do not speculate. Revenue coming from spread, payments, and account fees. 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 as we focus on building a diverse, high quality client base. The pie chart here at the bottom should go some way in displaying how diverse our client base is, demonstrating that we're not overly reliant or exposed to any one sector. Since our IPO in 2019, we've demonstrated a resilient business model will perform in any macroeconomic backdrop, posing a four-year H1 CAGR of 25.7%. HY23 delivered a record revenue of GBP 27.4 million. Not only did our existing client base trade more notional and more often, new sales continued to be strong. The investment case can be categorized into growth, market, and pinnacle. Since inception in 2012, Argentex has been profitable and highly cash generative. 10 years of solid foundations have served the business well. With the overhaul of the strategy in late 2021, the business is now in a period of high growth. The FX and SME payments market is absolutely vast, with an estimated 15% being serviced by non-bank providers such as Argentex. Across the U.K., EMEA, and APAC, a highly fragmented market offers huge opportunity to scale. We've exceeded our group headcount of 100 as we continue to invest in people at all levels across the U.K., the Netherlands, and Australia. We've increased bench strength at exec level, giving us the experience required to transition from single product, single office, to multi-product, multi-office. I'll now pass over to Jo Stent to take us through the financials. Thanks, Harry. Just focusing, first of all, on the summary slide. As you can see, pleased to report a record performance in the half with revenues up by 75% and adjusted operating profit up 55% half-on-half. New revenues contributed GBP 5.1 million towards the GBP 27.4 million total revenue in the half and is up 59%, versus the same period in the prior year. As you can see in the chart, there's this middle line of metrics there on the slide. Revenue growth was underpinned to some extent by the increase in number of corporates traded, having grown by 12% half-on-half. The main driver for growth in revenue has been the increase in revenue per corporate client traded during the half versus the prior year. That was as a result of the change in product mix and new offerings, in the main, which we'll come onto a little later as we talk about that. Adjusted operating profit margins reflect a planned decrease versus H1 2022 as a result of our investment period pertaining to the growth strategy, and is ahead of full year expectation at 26.6%. The ramp-up in investment and growth is offset to a greater degree than expected, driven by the contribution attached to revenues generating beyond expectation. As costs ramp up into Q4 in line with plan, we would expect margins to level out to be closer in line with full year expectation. Investment in people is the main driver of the increase in cost base half-on-half, with average FTE growing from 69 to 107 across the group. We've invested in people across both front office and back office in every geography, maintaining our 60/40 split to support the sustainable top-line growth. I think the other metrics speak for themselves, Inge, if we could move to the next slide. In terms of underlying metrics, what you can see here is those key elements since IPO. In the top half of the slide, you can see across a number of corporates trading in every half since IPO. First half since IPO, number of trades as well as gross FX turnover excluding swaps, showing demonstrable growth over that time period, with the exception of the COVID year. In terms of the product mix, the bottom left-hand chart shows that that has changed in this half versus prior periods. Historically, we have offered 50/50 spot forwards, that's been fairly consistent over the prior three halves. In this half, options or structured solutions is now contributing towards 9.5% of revenue. We've seen a slight decline in terms of the percentage that is represented by spot trades, while maintaining a fairly consistent level of forwards. Also important to note here that the revenue generated by each of these products or the spreads attached to each of these products differs significantly, with options carrying significantly higher spreads than forwards. The spreads attracted by forwards now has increased based on the change in the interest rate environment that we witnessed across the first half of this year in particular. All of that contributes to the product mix and the enhanced revenues per product has contributed. It has been the biggest contributor, apologies, to that increase in revenue half-on-half. Specifically outlined in the bottom right-hand of this page is the performance of the online platform. In terms of new product offerings, we are tracking online activity separately with it being a new investment. I am pleased to say that that is exceeding expectations in terms of delivering results with an increase of 82% in the half of clients trading on the online platform and delivering revenues of GBP 0.9 million, again, well ahead of expectations and anticipated ROI. Moving on to the next slide, getting into the income statement. The next two slides show the income statement cut in two different ways. This first slide shows the statutory income statement or P&L. As can be seen here, as we have talked about, revenues increased by 75% and the adjusted operating profit moving by 55%. Just as a reminder, adjusted operating profit adjusts items that are one-off in nature and not part of ongoing operating activities to provide clarity or a like-for-like comparison of regular ongoing operations. Items that are adjusted include any restructuring costs and any overseas setup costs, which totals GBP 0.8 million in the half. As noted earlier, the primary driver for the increase in cost base has been the plans and the planned decrease in adjusted operating profit margins beyond those elements that are directly revenue driven as our continued investment in people, and we will come onto that a little bit later. In addition, the adjusted operating profit and margins were impacted by the introduction of a CVA provision at the half year for a total of GBP 0.9 million, as articulated in the RNS. This is primarily driven by those prevailing broader market conditions that we are witnessing and anticipate to continue at least in the short to medium term. It also takes account of the natural incremental risk that sits alongside a business like ours that is rapidly scaling across a number of geographies. We do have one specific provision that we have made against one client which we understand to have had a number of significant positions with other foreign exchange providers and banks to the tune of over GBP 100 million. We had a small position with that client in the amount of EUR 432,000. That position has been provided in full, and I can get into that in the form of questions later. If I move on to the next slide. This recuts the P&L beyond the statutory definitions. We are encumbered by accounting standards, of course, and that means that we need to disclose certain costs and administrative costs, including things like commissions, which clearly move in line with revenue. This shows the operating leverage, or flexibility within our P&L by having extracted those costs that we have for statutory purposes, certain administrative costs, and puts them above the line. Were we able to do that from an accounting standard point of view, then that would show a contribution margin of typically 70%. On average, in the half, direct costs such as, but not limited to, bank charges, commissions, and one or two other items there. They typically represent 30% of revenue, and that has remained consistent in the first half of this year. Leaving that contribution margin, so to speak, of 70%. With that incremental revenue versus expectation that was generated in the half, 70% of that contributed towards more fixed costs in the form of staff costs, staff salaries, and associated on-costs, as well as other costs, which are trending in line with expectation and in line with our investment and growth plans. In terms of staff costs, you can see there that those more than doubled half-on-half, and that's partly driven by the increase in average FTE half-on-half, from 69 to 107, and also driven by inflation, and also driven by an overall, outside of inflation, increase in average cost per FTE, which really is a reflection of the change in makeup of our teams, particularly in the back office, as we hire more senior, seasoned people and incremental expertise to cater for that change in product mix and that expansion across multiple geographies, and resulting in that net adjusted operating profit there. That incremental contribution has meant that either the net or the adjusted operating profit margins were significantly higher than expectation in the half, albeit we would anticipate that depending on how much revenue or trades were brought forward from the final quarter of this year, clients ordinarily expecting to trade in the final quarter of this year. You might expect that some of that would be brought forward into the final month of the half, given the market conditions that we witnessed at that time. Therefore, you might expect as a result, as the cost base continues to ramp up in line with our investment plans, that that margin might come back and level out more in line with overall full-year expectations in the market. Moving on now to balance sheets and cash on the next slide. On the left-hand side there, I've drawn a summary balance sheet, and on the right, I've focused on cash, and specifically own cash in the business. You can see on the left-hand side, we did have some significant gross movements across assets and liabilities since the year end, albeit the total net position has only moved by GBP 3.7 million. That's basically a reflection of the fact that we are a risk-first principal and do back-to-back all of our positions. If you focus on the gross movements, you can see that's a reflection of our increased size of book and the size of our business, as well as the significant sort of volatility that we saw and those all-time lows on GBP versus USD towards the end of September as this is a snapshot in time as at the 30th of September. The mark-to-market impact is reflected here with those significant increases reflect that. Further, other assets, just to clarify, other assets include or are the collateral that we place with our financial counterparties, and the variation margin that they call upon us for as those mark-to-market positions move. That's all set by and funded by the collateral and variation margin that we collect from our clients. In the balance sheet, that is included in trade and other payables from a statutory point of view, which is why on the right-hand side, I wanted to kind of lay that out more explicitly. If you move to the right-hand side now, if you look at cash of GBP 51.6 million as at the 30th of September. If you add back the collateral that we placed with our institutions, less the amounts funded by the collateral and variation margin collected from clients, we had a net cash position of GBP 25.8 million as at the balance sheet date. Which means that we generated an incremental GBP 5.6 million in own cash since the year end. I think that really is testament to our internal control environment and processes and our ability to manage and withstand excessive liquidity risk that we witnessed at the end of September. Moving on now to cash flows, specifically on the next slide. Statutory cash flow includes those movements in client balances, I think we've already addressed that point in the previous slide. The only other points of note in our cash flow are that we continue to invest in technology. We invested GBP 900,000 in the half, that's only partially reflected in the P&L as we capitalize over a period of three years. Financing activities in the main reflects the dividends of GBP 1.5 million that we returned to shareholders for the final dividend for the FY 2022 year. The remaining GBP 0.3 million is only the IFRS 16 charge for the lease on HQ. Just to reiterate, we are and remain to be debt-free. Just to expand upon the point on dividends, because of the short accounting period, for nine months, ended 31st of December. For this period only, we've made the decision to evaluate a dividend reflective of the performance in that nine months, then we'll move to an ordinary interim and final cadence as we move to our new financial year commencing January 2023. With that, I'll hand back to Harry. Thank you, Jo. Now we'll go through our growth strategy and demonstrate how that's driving the business and providing the results that we're happy to announce today. Just as a reminder, our three pillars of growth are technology, international expansion and people. This simple graphic demonstrates what we need to accomplish in order to become a full service currency and financial solutions provider. We'll drill into each pillar now of the strategy in a little bit more detail, starting with an overview. Just over 12 months ago now, we acknowledged that our strategy had to change in order for the business to capitalize on the huge growth opportunity that was right in front of us. The company has made giant leaps forward in each vertical, underpinning the success of the half. With David's lead, our technology and product offering is unrecognizable to 12 months ago. We now have the framework to further innovate modules to be added to our platform, which David will address on the next slide. We're committed to replicating our scalable model overseas, expanding our client reach globally, and are very pleased with the traction we've gained in the Netherlands and Australia. Our electronic money institution license has allowed us to passport seamlessly across EU member countries, which opens up further potential to disintermediate the clunky banks across the continent. Finally, this has all been made possible by the talent we've attracted at Argentex over the last 12 months. The business now has the bench strength to not only think about innovation and change, but to implement and manage it. We'll continue to invest in top quality people across the group as our product and the territories we operate in expand. I'll now move over to David. Thank you, Harry. Our increased investment in technology is across all of our three pillars. Firstly, on products, we launched our new online platform back in February. A full list of all the features are available in the appendix. More recently, we added virtual account capabilities where clients can hold and pay balances and make payments from balances, authenticating transactions via a secure biometric app, as well as delivering a PSD2 open banking API. Going forward, we will be adding further payment capabilities. Specifically, mass payments, which will allow us to help our clients handle unlimited amounts of payments processed from files rather from having to key them manually. We have a number of these types of clients already, but we want to offer them an even better experience through an improved product. This product extension will allow us to enter new opportunities and new segments like global mobility or international payroll. Product design has already been completed. A number of building blocks have already been procured to start the development process, which will be starting imminently. We will also be adding request to pay. For our funds clients, this will allow them to manage capital calls for their investor base much more efficiently and effectively. For our corporates, this will allow them to pay in local currencies where they will be able to hold, request and manage funds as needed. The design of this particular product is in the final stages. In parallel, we are enhancing our core systems that underpin our options products and structured solutions. Looking ahead, we will also be looking for deeper integration into our clients' core fund administration systems or ERPs. We'll be offering FX and payments as a service through an extended set of APIs, as well as adding additional FX products like micro-hedging online as well as white label capabilities. Technology will also underpin our international expansion, supporting local regulatory and reporting requirements, as well as helping us manage follow the sun capabilities from an operational perspective. Looking further ahead, we will also be looking to deliver 24 by seven trading capabilities as well as multilingual support for our non-English speaking clients. Finally, technology needs to support our people pillar. Over the previous period, we have more than doubled the size of our technology team. We have created a dedicated digital transformation team, as well as built out a program management team. We've also appointed a business lead to drive the revenues that come from these new products. We will continue to invest in these teams as we scale the business, we will be looking to establish a headcount ratio of about circa 15% of our total headcount to ensure that the technology and product teams can keep up with the scale of the business as it develops. We will also be looking to invest in additional risk tools as well as automation for the business to help it scale safely as we grow. Clicking on to the next slide, please, Harry. Our European headquarters is based in Amsterdam, in the Netherlands, and we have recently been granted our EMI license by the De Nederlandsche Bank, one of only 10 granted so far. This region continues to deliver ahead of expectations, we will continue to invest in people, both front and back office, to deliver on our European ambitions, including further expansion across the region, for which the EU passporting facility that Harry mentioned will allow us to do this at pace. Our APAC HQ is based in Australia, with offices both in Sydney and in Melbourne. The experienced team that we've already hired have hit the ground running, have already submitted their AFSL license application, for which we're expecting a decision very soon. The local team are already contributing revenue, and this will accelerate once the license has been fully granted and the final technology pieces are delivered, which is in progress as we speak. Whilst both of these regions gain traction, we'll also be looking to explore new territories with similar market dynamics where we can expand to in the future. Harry, back to you. Actually, it's Jo. Moving on to people and culture. We are a people business, albeit enabled by technology, but people first. Driving a healthy performance culture has always been integral to our success and continues to be an area of focus, particularly as we grow at pace and need to manage execution risk to deliver on our growth strategy. We continue to hire across all geographies and disciplines in support of an optimal navigation through this investment phase. Notable hires that we've made in the period include those already indicated by David in terms of product and engineering and across technology and change management, as well as in credit risk, digital transformation, user experience, and sales and marketing. We continue to make key hires in those areas to support a sustainable growth, albeit at that fast pace that we desire as part of our growth strategy. Finally, on the next slide, we outline our progress in terms of our sustainability strategy. Briefly, in terms of our progress against our three pillars, people, planet, and partner. As I mentioned, we're making good progress across all three, but with a continued emphasis on impact and measurability, taking into account a business of our size and scale and within our industry. Pleased to say we're embedding the new partnerships we entered into in this last financial year with the Social Mobility Foundation and Earthly. We're exploring ways of further leveraging Cambridge's Institute for Sustainability Leadership to broaden education and awareness, both the subject and why it matters, across our entire team and every geography. Finally, we're working with Integrum ESG, which is an agency endorsed by Singers and recognized in our industry, and provides an alternative to a formal ESG rating, and effectively translates that into something which is more applicable, again, for a business of our size and scale. I'll hand back to Harry. Thanks, Jo. Really in summary, our new strategy has driven an exceptional set of results. We've delivered a record quarter after a record quarter after a record quarter, all whilst vastly improving the operational aspect of the business. Investments we've made over the last 12 months have led to a record half in revenue for our structured solutions division, our Netherlands office, and our online platform. Despite this gear change in growth, we've maintained a strong culture, which we continue to protect. Encouragingly, the increased demand for our products and services continued into the final quarter of the year, as market conditions find a new norm. Through the rest of the year and into 2023, we will continue to build brand awareness and market share in both the U.K. and international geographies, remain committed to delivering strong ROI and shareholder returns across the medium term. Thank you for listening today. That concludes the presentation. We will now push back for any questions. Harry, Jo, David, that's great. If I may just jump back in there and thank you very much indeed for your presentation this afternoon. Ladies and gentlemen, please do continue to submit your questions just by using the Q&A tab that's situated on the top right-hand corner of your screen. Just while the team take a few moments to review those questions that were submitted already, I would 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 dashboard. Harry, David, Jo, we obviously received a number of pre-submitted questions ahead of today's event. As you can see in the Q&A tab, we've also received a number of questions during the presentation today itself. Firstly, thank you to all of those on the call for taking the time to submit their questions. Guys, if I could just hand back to you to make your way through the Q&A tab to respond to those questions where it's appropriate to do so, then I'll pick up from you at the end. Thank you. Sure. Just going to run through the questions here. Margins have been better than expected, how do you expect this to trend for H2 and longer term? Jo, do you want to- Sure. As we talked about in the presentation margins, we're ahead of expectation at 26.6% in the half. That was driven by that increase in average revenue per client in the top line and the drop through to the bottom line. Equally, and more importantly, that revenue being ahead of expectation and the drop through associated with that really drove margins up. What we don't know yet, and we will over the course of this last quarter, find out is how much revenue or how much volume was brought forward from clients who would ordinarily want to trade, either in the final quarter or outlying months, and brought forward trades into the last two weeks of September, to take advantage of those market conditions. While that was a small portion of the incremental revenues, we still have to take that into account. Assuming that some revenues might be brought forward, and the revenues in the last quarter being more in line with where we might expect them to be and the ramp up in cost base across the year in line with expectation, you would expect to see that adjusted operating profit margin come back closer to be in line with what the full year expectation is. Thanks, Jo. When we think about the drivers of growth during H1, is it largely market volatility or other factors? I can answer that. I think Jo just mentioned there, volatility, and when the market's making new lows, specifically on GBP, what it does do is it drive clients to trade probably earlier than they thought they would, to take advantage of the rates or to protect themselves from further falls. Sometimes that does take revenue into a specific quarter. We're a trading business, we can't stop clients trading. We give them what they want. Really, what's been underpinning this set of results is really that strategy that I spent some time on taking you through earlier on, and that is going over the point that we've had a record half for the structured solutions division, which is new. The Netherlands office, which is only in its infancy period, and also the online platform, which again, is new. Really these are the sort of the exciting aspects, and drivers of growth that we see over the next few financial years. Can you expand on the importance of the growth in structured solutions? In terms of structured solutions, really it was initiated to facilitate more sophisticated products to sophisticated clients. Now, I said it in the last question, we give clients what they want, within reason. We have to ensure that they do meet specific criteria in order for them to have structured solutions as a potential hedging strategy. I believe that given the fact that structured solutions do have a slightly higher or probably much higher margin attached to them, it would ordinarily make sense for us to drive clients towards that, but absolutely we do not want to be doing that. We want to make sure that we have a healthy balance, a healthy mix of our products. I can see structured solutions growing as overall revenue of the group grows, but we would never want that to be more than 20% of overall revenue. Is this change in spot forward options mix here to stay? I think the reason why we've seen a slight drop-off in spot and potentially an increase in forward and options is really because we saw over the last few weeks of that half a lot of clients taking advantage of that drop in sterling and therefore were taking forward contracts and taking options. There wasn't really a drop in spot, it's just that we were executing more forwards and more options towards the latter part of the half. I see no reason for that not reverting back to where we've historically seen that product mix, and that was broadly spot being 50% and forward and options being 50%. You made a good start. One, how much the revenue generator do you expect it to be? Two, does this signal a gradual end of voice broking going forward? David, would you like to take that? From an online perspective, it's currently tracking at about 3%, and about 24%, 25% of clients are trading online. We give our clients the choice of whether you want to trade online or offline. We don't force them down one or other route. It's really being driven by client need. Because we're offering this to every client, we would expect, over time for this to maybe gravitate up towards maybe 40%, 50% of our client base using the online proposition. I don't see the end of voice broking, especially in the more complex products like options, where you have to have a conversation with a client and where people are hedging and they need to have a conversation about advice on where the market may move to, they're going to always be talking to a dealer rather than just transacting that online. That said, for administrative trades where clients are really happy looking after themselves online, the facilities are there for them to use it as they see fit. Thanks, David. Can you give us a more detailed view of the tech-enabled product pipeline and how your new tech offering will facilitate your international expansion? I think we pretty much covered that in the deck. As we mentioned, we built the original trading system, an online portal. We launched that in February. More recently, we offered the ability to hold balances and make payments securely from balances as well as an API layer to offer a PSD2 interface for those clients that wish to come in through that route. We'll be adding those additional payments, that bulk capability as well as that request to pay. What you'll find is that becomes an overall full treasury platform for our clients to leverage. That was articulated in the deck. Obviously, as we go on international expansion, we need to offer more localized services to them clients, whether that be multilingual support as well as enabling our staff to be able to support that transition and follow the sun capability. Investment in technology staff has grown since the new strategy was announced. Do you see any challenges in finding more good staff to execute the vision? Finding great staff is always difficult, but I believe we've got a great story to tell. We've got a great culture that we're building here, and we've been able to attract some great quality people already. As I mentioned in the deck, we've more than doubled our technology capacity in the previous period. I think with some of the unwinding of some of the fintechs, talent's coming back to the market, with the likes of Stripe and Facebook offloading people. I think that bodes well for people like ourselves that are growing and looking to hire to find some great talent and bring them to support our execution of the vision. Do you have any adoption targets? Not specifically. We do monitor adoption, as you know, across multiple KPIs, whether that be clients, transactions or volume. As I mentioned earlier, we want to give people the choice. I would like to see us generating about 10% of our revenues online or through online additional products or technology-based products, and more than 50% of people or our clients using the products that we deliver for them. No specific targets, but we will be tracking that and the mix of products that people use as we deliver these new things in the near future. It's another technology one here. Headcount has grown and will continue to grow and is your largest cost and increasing cost, what areas can technology help in making the business more scalable to increase margin? Okay. We've already automated the FX flows. As you know, we did quite a lot of transactions, about 18 billion a year in transactions, that's already highly automated. Apart from those transactions, we wanted to transact offline like options and some extremely large trades. We'll be focusing the guys in automation in both client onboarding and assisting that client journey, as well as treasury settlements and payments, as well as some of the risk environment behind the scenes like transaction monitoring, transaction screening, and providing some technology support there. That will make each of them departments more scalable, being able to handle more volume, and process more transactions and clients per head. There'll be a lot of focus in that in the short and medium term. Can you give a more detailed view of the opportunity in Holland and Europe that comes with the EMI license? Yeah, in terms of Holland specific, there are some key advantages of having that EMI license. David mentioned we're only one of 10 institutions with that license. It comes down to trust with Holland and Netherlands specifically, especially when we're moving into the virtual IBAN space, being able to have a Dutch entity offering the Dutch virtual IBAN to corporates out there and potentially the institutional side of the businesses. It really will be a huge selling point. I think we'll be one of the very few businesses that will be able to do that. Regarding Europe as a whole, again, that credible license allows us to seamlessly passport across EU member countries. The likelihood is we've already identified the other markets within Europe that have very similar market dynamics to the U.K. and the Netherlands. It wouldn't take a huge amount to get boots on the ground in those countries and start an operation. It is very exciting for us to have that license. What is the timeframe for Australian license? We submitted a while ago and we expect a nod from ASIC quite soon, imminently. In fact, I would hope it would be before this year end, unfortunately, we are in the hands of the regulators there. You talk about the lead time for license approvals. Are there any other markets you're looking at? Yeah, absolutely. In terms of the lead time for license approvals, they can differ depending on which regulator we're facing. As an example, the Dutch regulation is incredibly difficult, hard. It's taken a long time to get that over the line, whereas the Australian one, other regulators will take a slightly more pragmatic low-touch view, given the fact that we are FCA-regulated in the U.K. If we're looking to new geographies such as Canada, and potentially the Far East, yes, these are markets we're interested in, we need to get ahead of it, and start doing the homework to get these licenses approved sooner rather than later. Are you seeing expected elevated levels of bad debt as we enter a global downturn? Jo? Yeah. Just to build on the point from earlier in the RNS, we have included a GBP 0.9 million CVA provision, which is effectively a calculation based on our overall balance sheet position and potential future losses against that position. The GBP 0.9 million is net new. We don't have historically high levels of bad debt. We tend to balance our book insofar as possible. We're not overly exposed to any one particular industry, which does help reduce that risk somewhat. I think, given our view, is that given the incremental or given the sort of overall market backdrop, and what we understand to be in place for at least the short to medium term, we have reviewed our overall provisions, and put in place that GBP 900K, half of which is, I suppose, a general percentage. What might have been, say, 0.2%-0.4% probability of default effectively versus our balance sheet. That represents about half of the GBP 900,000. The other half of the GBP 900,000 provision is a specific provision with regard to one client who we had an overall position of EUR 430,000 with regarding plain, unregulated forward products. We understand from correspondence with them that that position is at risk, therefore, we've made a specific provision for that. Certainly the GBP 900,000. Do we expect to see it increase? Well, possibly. The probability of default percentage, we've more than tripled that from the 0.4%, so that's at 1.4%, just to give you an indication of order of magnitude of the change there. We may take a different view of that towards the year-end. I think in addition to that change in overall market backdrop, we are growing at pace. We're changing our product mix. The product mix, some of the products in there carry a different risk profile, we have to be cognizant of that as we grow and mature as a business. Hence why the change that we made at the half. Thanks, Jo. I think we'll take one more. I've been going through these questions, all four of them we've sort of answered along the way. Can you clear up the dividend situation? It's the last one. Okay. Just to clarify, because we're changing our year-end from March to December, for this year, we have a short accounting period of nine months, April to December. We move to calendar year from January forward. Although we're reporting on the half, we'll follow up with a three-month sub-period. The view was that rather than pay interim dividend now and follow up with a dividend relating to the sub-period performance, it would be more meaningful to evaluate the nine months performance, evaluate a dividend payable, a final dividend payable in relation to that nine-month period. From January next year, we'll be back to our regular interim and final cadence based on a half year to June and full year to December. Lovely. I think that concludes the Q&A now. Harry, David, Jo, thank you very much indeed for addressing all of those questions that you can from investors this afternoon. Of course, if any further questions do come through, we'll make these available to you immediately after the presentation has ended for you to review, and then add any additional responses where it's appropriate to do so. Harry, perhaps before redirecting those on the call to provide you with their feedback, which I know is particularly important to yourself and the company, if I could please just ask you for a few closing comments to wrap up with, that'd be great. Absolutely. Well, just to finish off, thank you very much for all your interest and your continued support. I appreciate some of you who have been holding the stock for some time have been through a bit of a rollercoaster, but it's good to be back where I firmly believe this business can get to. With the support and the new exec team that we've got around us, there's absolutely no reason why we can't follow through with that momentum. We look forward to some far better, very interesting times ahead. Thank you. Harry, that's great. Jo and David as well, thank you once again for taking the time to update investors today. Could I please ask investors not to close this session, as you'll now be automatically redirected for the opportunity to provide your feedback in order that the management team can better understand your views and expectations. This may take a few moments to complete, but I'm sure it'll be greatly valued by the company. On behalf of the management team of Argentex Group PLC, we would like to thank you for attending today's presentation. That now concludes today's session. Good afternoon to you all.