Good morning, and welcome to Ascential's results presentation for the six months ended 30th of June, 2022. I'm Rory Elliott, Ascential's Director of Investor Relations. We'd be grateful if you could familiarize yourselves with this disclaimer, particularly as it relates to forward-looking statements. In a few moments, you'll hear from Duncan Painter, our CEO, and Mandy Gradden, our CFO. They'll provide a summary of our results, the financials, and our outlook. You'll then have the opportunity to ask questions either here in the room or in writing via the webcast link. Firstly, however, we'd like to show you a short video of the highlights of the half. Palpable buzz on the show floor. My team's faces when they won the competition. Nothing is better than being back in person to make some of those connections in person. We delivered benefits to our customers' performance that helped us grow on average 3 times ahead of the market, helping them succeed on mainstream marketplaces like Amazon, as well as through newer platforms such as Walmart and Instacart. An example of this collaboration is the Digital Commerce Connect app that we launched with GSK, which helps us prioritize key trading decisions at the SKU level. The first half saw tough headwinds for most of the major marketplaces on the back of weaker consumer confidence and ongoing pandemic restrictions in some regions. H1 2021 was also a tough comparable period because of elevated trading levels during that time. With that said, activity levels remained well above 2019, confirming the structural move from brick and mortar to e-commerce. In January, we hosted over 60 brands and retailers, showcasing our tools that drive superior digital commerce performance. We have continued to win multiple awards, including for DZ, Alibaba Super Marketing Partners in Digital Intelligence and Strategic Management. While through 4K Miles, we have driven huge growth for Chinese brands across Amazon's U.S. and European marketplaces. At Intrepid, we're excited to have joined Ascential's digital commerce business. We look forward to combining our expertise on the major marketplace in Southeast Asia with Ascential's global footprint and deep data capabilities. Non-fashion products such as interiors, beauty, and consumer tech have continued to grow extremely strongly, becoming an increasingly significant part of our overall offering. This reflects our clear strategy to continue to expand our reach and relevance to customers across multiple aspects of the product design universe. At Lions, we were delighted to see our digital subscription business thrive during the pandemic, which gave us a really strong platform in which the physical festival could return this year. It was a bounce back that saw our revenue levels in line with 2019 when we last had our physical festival. Money20/20 Europe welcomed over 7,500 attendees to Amsterdam, more than doubling last year's numbers and comfortably exceeding 2019's revenue. With the presence of over 2,000 companies conducting over 14,000 meetings, we demonstrated the vibrancy of the fintech ecosystem and Money20/20's place at the heart of it. In March, Ascential's own Team Horizon were crowned the overall winner of The Prince's Trust Million Makers Fundraising Challenge. Our team raised GBP 420,000 over six months. We are extremely proud to have been made a platinum patron of The Prince's Trust earlier this year. Thanks, Rory. Good morning, everyone, and thank you for attending our results presentation. I also wanted to thank each of our colleagues that took part in that half year announcement video. I'm sure many of you would not realize just how excited they were to participate and be able to be part of the story of the great results of our company for the half. I'm delighted to report a strong performance and progress against our defined priorities and results for the half year. Organic growth of 42% and organic adjusted EBITDA growth of 38%. All of our segments achieved double-digit growth, reflecting continual structural growth in attractive end markets, boosted by the return of our two market-leading event products. Given the challenging macroeconomic environment we have witnessed in the half, I would like to thank all of our people for their commitment to delivering this continued success and outstanding set of results. Digital Commerce achieved strong organic revenue growth at 15%, pro forma at 19%, with execution, which is now 72% of the revenues of the Digital Commerce business at 19% organic growth and 23% pro forma. This performance is all the more notable given the global marketplace headwinds. Product Design continued its acceleration with a record revenue growth of 14% and strong subscription billings driven by non-fashion products. Fashion also returned to growth in the half. Marketing saw significant growth, with revenue up 88% and the return of the Cannes Lions Festival of Creativity saw revenue levels exceed 2019. Finally, retail and financial services also grew very strongly, with revenue up 74% through the continued resurgence of Money20/20 Europe, with revenue levels exceeding 2019. Let's now turn to our priorities and progress through the half. Our strong progress and performance was driven by continued focus on our key priorities and our disciplined capital allocation. Firstly, the outstanding performances of WGSN, Lions and Money20/20 created the headroom in the business for me to confidently make decisions to drive harder on our priorities. We have accelerated our activities to deliver on our digital commerce mission to be the number one global real-time platform that powers e-commerce, enabling consumer product companies to maximize their sales, share, and profitability across the world's leading consumer marketplaces. The two key areas we have accelerated in H1 are. We have expanded our execution delivery capacity and accelerated our sales, marketing, and capability investment to accelerate winning more customers. Mandy will update you on the initial results of this in her section, and we have increased the number of product offerings and capabilities we can offer to our customers across the execution business. The second is shifting our focus on the Digital Shelf reporting to the top global marketplaces. We have increased the depth and quality of our foundation data capabilities for these critical marketplaces. We will focus the product further by reducing the range of retailers we cover. This has increased the quality of data we capture across the leading marketplaces and allowed our customers to focus where it matters. To put this into context, currently we collect information on 1,500 retailers today, but significantly less than 100 drive over 90% of our customers' revenues. This change will improve the profitability of our business going forward. In addition to these two key areas, we have started to see positive traction for our cross-sell activity with multiple customers signing up for additional products in the period. We have expanded our quality partnerships with leading e-commerce marketplaces through the acquisitions of Sellics in Germany, covering Amazon sellers, and Intrepid, a leading e-commerce execution service to enterprise brands covering Shopee and Lazada in the fast-growing Southeast Asia region. We were involved in 22 new beta products and launch initiatives in the half, and also co-launched with Amazon the new Stream product at Cannes Lions, which for us was a seminal moment. It's the first time we've co-launched a product with Amazon. We now receive real-time data sources from Amazon, principally from Stream, taking our daily information intake to nearly a terabyte of information a day. Product design delivered a record 14% growth, primarily driven by the revenue of new verticals. We have also seen fashion return to growth. WGSN remains the jewel in the crown of our company, achieving both strong growth and excellent profit conversion. We were delighted to see our two market-leading events return and go live. Cannes Lions and Money20/20 Europe exceeded 2019 pre-pandemic revenues and profit levels. Money20/20 USA continues to trade very well. We believe H1 2022 has proven the long-term sustainability of our number one event products. I will now hand over to Mandy to take a closer look at the numbers. Thank you, Duncan, and good morning, everyone. I'm now gonna take you through the financial highlights of the first half and look at our adjusted results. We should start by saying that in this deck, the comparative figures for H1 2021 and all other figures in the presentation, unless otherwise stated, have been restated on a continuing basis, which is to remove the revenue and EBITDA of MediaLink for the first half of last year, which, as you know, we sold in December last year, and was obviously included in last year's first half. In addition, and consistent with the revised accounting that we announced at the full year, the GBP 6.4 million of CapEx that we spent on our new ERP and Salesforce systems in the first half of 2021 has been reclassified as an exceptional item. Let's start at the top of the P&L. As you've just heard from Duncan, in the half, we grew revenue well double digit across all our four segments, and that amounted to total revenue of GBP 261 million, up from GBP 154 million last year, which obviously is a growth of GBP 106 million or 69% on a reported basis. It's clearly 42% on an organic basis for the prior period, or by 40% on a pro forma basis. That's really a combination of both structural digital growth and the continuing events recovery, as we're gonna see on the following slides. Our EBITDA for the half was GBP 67 million, growing by GBP 24 million on last year or 57% on a reported basis, representing a growth of 38% organic, 20% pro forma versus the prior period. After depreciation, which is obviously growing and in line with the increased CapEx that we've been seeing over recent years, notably for our product development investments within digital commerce. After associates, which is mainly our 8% share of losses in Hudson. After interest, where we benefited this year from reduced interest rates due to lower opening leverage, as well as the interest rate caps that we took out a few years ago, we made GBP 48.4 million of profit before tax. Our effective P&L, our P&L tax rates were 25.3% in line with our medium-term guidance of between 25% and 27%. This is up from last year's 0% rate of U.K. tax, because last year we had the benefit of some discrete items, including the U.K. rate change and the revaluation of our deferred tax assets, as well as some additional U.S. loss recognition, which fully offset last year's tax charge. It's very important to note, and we'll see it in the appendix, if you care to go there, that our cash tax remains largely shielded by tax credits on acquisition consideration, which are recorded, of course, as a P&L tax credit in our adjustment column and also by historic losses. We actually received a small tax refund in the half. As a result of all of the above, our EPS on continuing activities was GBP 0.08, a growth of 40% on the GBP 0.057 we reported for the first half of last year. In terms of cash generation, as we'll see later in the deck, performance was also strong with 128% operating cash flow conversion. After M&A, we closed the half with higher net debt at 1.6x leverage ratio, well within our normal ranges. Finally, the board has decided to continue to prioritize the preservation of capital for ongoing investment, particularly in the digital commerce division, including potential acquisitions, rather than paying an interim dividend for 2022. The board will, of course, keep all capital allocation priorities, including shareholder cash returns, continually under review. Let's now turn to the segmental overview. As you know, we operate our business in four segments: digital commerce, product design, marketing, and retail and financial services, with the latter three also comprising, in our new divisional structure, the intelligence and events division. We're gonna dig into the results of each segment shortly, but meantime, the headlines to repeat them. Our largest segment, which is 42% of revenue of the company on a last twelve months basis, is digital commerce. This segment continued its strong growth trajectory with 15% organic growth and 19% pro forma growth in the half, with the latter comprising like-for-like results of all businesses acquired to date, including Sellics and Intrepid. Next, the product design segment, our largest profit contributor when looked at for a full year, performed very strongly, accelerating to a record 14% revenue growth, up from 7% in 2021. You can see that the marketing segment also displayed continued recovery, with revenue up 88%, chiefly through the return of the physical Lions Festival to Cannes this year after that 2-year hiatus. Lastly, the very strong recovery of Money20/20 continued, with its European division back in its normal H1 slot and driving significant like-for-like growth for the retail and financial services segment of 74%. Now we're gonna look in more detail at each of those segments. First, digital commerce, our largest business unit by revenue, where over 90% of our revenues come from digital subscriptions and platforms. You'll know here that we offer two types of products, an execution platform for both enterprise and for challenger brands, and that's 72% of our revenue, and then measurement and benchmarking products that are 28% of our revenue. Execution continues to grow at faster rates than measurement and benchmarking, with organic growth rates of 19% and 6% respectively, and pro forma growth rates of 23% and 6% respectively. This segment overall grew revenue strongly. Why do we believe that this is a strong revenue performance? As you may recall, around half of our revenues within digital commerce come from retainer and subscription, and half come from variable sources, a share of retail and a share of media. Essentially, that's a purely variable share of our customers' activity on the marketplaces, where the fees that are payable to us are linked to the number of SKUs under our management. Now, I'm sure you will all have been following the results of the marketplaces such as Amazon and know that their growth rates in H1 are significantly lower than our own. While we're not immune to the headwinds in the market that the marketplaces create, well, you can see that our growth rate is pretty strong in those circumstances. Growth is naturally comprised of customer retention statistics, so how many customers we retain or churn, and how much in each case we grow the revenue per customer that we make from those retained customers, and then how many gross new customer adds we add in each period. Net dollar retention rate is our annual measure of customer retention, and this KPI stands at 105% -- over 105% for the twelve months to June 2022. Last year for the twelve months to December 2021, it was over 110%. We've added 200 new... Over 200 new enterprise customers and over 1,600 new challenger brand customers in the half, which is similar to the whole of last year. Although of course, we did have fewer brands last year, and that is meaning we are clearly gaining market share. We welcomed two further businesses into digital commerce in the half, Sellics in Germany, which has joined forces already with Perpetua, and Intrepid, that specializes in the fast-growing Southeast Asian marketplaces. Both are performing well and contributed to the pro forma element of this growth rate. We incurred initial consideration for these two acquisitions of GBP 61 million in the half, and together they will add around GBP 30 million in annualized revenue and GBP 6 7 million in annualized EBITDA losses, on a pro forma basis for the whole of 2022. Let's talk about digital commerce margin. As you'll recall from our last results presentation, we have been expecting that the performance of digital commerce in 2022 would be more weighted towards the second half. Now, subsequent to that, the trend was somewhat amplified when Amazon decided to move Prime Day out of June into July, and it was further compounded by supply chain issues and inflation that really started to emerge post the war in Ukraine and the China COVID lockdown, which obviously impacted our China businesses. It's obviously been a time of enormous change. We continue to believe that our revenue growth will accelerate in H2, which is a view shared by Amazon with the positive outlook statement that they issued on their Q3 on Thursday last week. As we've gone through the half, we have taken clear decisions to maintain our investment in growth, with a real focus, not just on growth for H2, but more importantly on growth for 2023. We're very pleased that the seamless execution and the complete outperformance of product design, marketing, and retail and financial services segments allowed us to make those investments with confidence while managing the overall delivery of the overall margin and profits of the company. H1 is always a lower-margin half because of Christmas and Black Friday trading, which comes in H2, but the investments I've just referenced have had a one-off adverse impact on our margins in H2. This slide diagnoses the bridge. As you can see from the bridge, the major items are: First of all, you'll see that new, generally loss-making acquisitions have reduced margins for the segment by 3%. I think, as I will say later, the overall margin, the overall impact of all early-stage acquisitions, in particular of Intrepid and Sellics, is to adversely impact the digital commerce margins over the next couple of years by around 5% on a full year basis. That's mainly due to the very high growth rates that Intrepid is showing. Secondly, the move of Amazon Prime from June to July, we estimate to have impacted margins by around 2%. We then executed growth investment, which impacted margins by eight percentage points, and that's really made up of those three blocks you can see on the chart. An expansion of delivery capacity, particularly for H2 delivery, product engineering and product development, sales and marketing and divisional leadership, all ahead of the step-up in H2 revenue, which I've just mentioned. We'll no doubt talk about Edge Digital Shelf and their losses, and they expanded and impacted our margins by 1% in the half. Finally, we had certain one-off bad debt charges totaling GBP 2.6 million that we incurred in H1, which reduced margins for the segment by 2%. Investing to continue to drive long-term growth was a clear decision that we made progressively throughout the half, taking the benefit of the strong performance in the remainder of the group to really be able to seize the opportunity of capturing market share and long-term advantage. Let's turn to product design. Product design grew its revenue by a record 14%, which is a significant acceleration on the 7% that it recorded in 2021. You'll all know that billings is the key forward indicator of future revenues, and we continue to see excellent billings subscriptions growth. We recorded 11% growth in billings in the half, which obviously is an acceleration from the 10% we recorded for the whole of last year, and that's driven by both new business and also by record levels of customer retention, where our retention rates are now sitting in excess of 95%. When we consider how this 11% billings growth is made up, 4 percentage points came from adding new customers, which has been a specific growth initiative in new business sales that we've put in place this year. While 7% came from average yield per customer, which is of course a mixture of selling more products and from price, and you'll remember that we have an auto renewal price model, auto renewal subscription model with price escalators. As you'll know, the strategy within this segment is to drive growth in newer verticals such as beauty, insight, food and drink, consumer tech, and as you heard on these, on the video, these non-fashion products are now 45% of our subscription base and grew overall by 25% in the first half, demonstrating the successful extension of the WGSN brand into these new markets. After several years of decline, we were also pleased to see the fashion product, 55% of our subscription base growing modestly at 2%, although, as I've mentioned, this will of course have benefited from that higher inflation-linked renewal pricing mechanism. In terms of margin, with no new brand launches in the half and with consumer tech that we just launched last year already significantly exceeding its business plan, the product design segment saw good expansion. The margin saw good expansion to 48% and meant that we grew profit by 17% year-over-year. Now, we do continue to target margins of around 45% to give us room to invest in those new verticals in line with our strategy. Now, our third segment is the marketing segment, and as you can see from this slide where we've also given you the 2019 comparative figure restated for MediaLink to give you some pre-COVID context, the marketing segment continued to show very strong recovery. While the Lions Bench Awards benchmarks returned in a purely digital format last year in 2021, this first half of 2022 was all around the return of the Lions Festival itself with the associated delegate and partnership and digital revenues driving revenue up 88% with EBITDA growing by 70%. Notably, you will see that marketing revenues and profits are already back above the levels that they were in 2019, which is a great achievement and reflects the must-attend nature and the return on the investment that the product delivers for our customers. Overall, Cannes Lions, the festival, was up by 6% on 2019, and the broader Lions, including its digital revenue streams, grew by 8% on 2019. You can see that with economic conditions permitting, we do have further room for further growth in 2023 with, for example, around 5% of our delegates in Asia still subject to COVID-related travel restrictions this year, so not attending the festival. Our digital products, which are now 22% of our revenue, both within Lions, which is the work and the membership product, and within WARC, also grew strongly, with WARC continuing to grow over 20% in the half. In terms of profits, the marketing segment returned to normal H1 EBITDA levels of 54%. Noting that with all year-round staff costs, the segment tends to make small losses in H2 without the impact of the festival revenues, which are obviously all recognized in June. Let's turn to retail and financial services, our fourth segment. Remembering that Money20/20 is about 80% of this segment on a full twelve-month basis. I'm really gonna focus my commentary here on Money20/20. Here we see a continuation of the bounce back that we observed in 2021 as Money20/20 Europe not only comfortably exceeded last year's return from COVID performance but also exceeded by 30% the record revenue highs for the edition recorded in 2019. Profits for that European edition also exceeded 2019 levels, showing a very swift return on the investments we've made in the product and the customer experience to deliver an outstanding customer experience around the show. When you look at the revenue and profit graphics on the page comparing to the pre-COVID numbers, it's worth remembering that in 2019 we had about GBP 7 million of revenue and about GBP 2 million or just over GBP 2 million of profit from the Asian edition of Money20/20, which we have not yet relaunched. In terms of profits, H1 2022 obviously represents a very substantial improvement on the prior year's loss, although not quite back at the level of 2019, due to the weaker revenues from the retail elements of the segment, as well as the absence of that Money20/20 Asia event that I mentioned. As we say in our announcement, the Money20/20 USA, which is in the second half taking place in Las Vegas in October, is looking very well, and we look forward to seeing its strong growth this year. Money20/20 USA almost met 2019 levels of revenue last year, so we do have high expectations of a strong recovery in 2020 to well ahead of 2019. I'm now gonna switch gears from, for a moment away from operational matters and turning to adjusting items, where in the first half we've incurred GBP 89.7 million of adjusting items, with all items here consistent with prior year treatments. This caption covers amortization of acquired intangibles, share-based payments, the expensing of the implementation costs of our new ERP and Salesforce systems, earn-outs and M&A costs. Now, within this caption, as you'll see right at the top of the list, is a non-cash charge of GBP 31.4 million for the impairment of Edge intangibles relating to the Digital Shelf product, which had, as you have already heard, declined in profitability this year, and where we are refocusing on the top marketplaces in line with our marketplace strategy and of course to drive and improve the profitability. I would also mention that transaction and integration costs have increased on the prior period. This covers the cost of the integration of the digital commerce acquisitions we've made in the last 18 months, the professional fees on the two new acquisitions on Sellics and Intrepid, and also the professional fees associated with the review process considering our longer-term company structure. Now let's pull all of this together into cash and net debt terms and examine the cash flow for the first half. As you can see from the bridge, we had good levels of EBITDA and 128% operating conversion that has been used to fund CapEx of around GBP 14 million, and also to part-fund the acquisitions of Sellics and Intrepid, our investment in Hudson MX, and the deferred consideration on prior year acquisitions that we settled in the half. Net debt has increased to around GBP 173 million or 1.6 times EBITDA, still comfortably within our normal levels of leverage of 1.5 to 2.5 times. You can see starting on the left-hand side of the chart, our very strong operating cash flow, 128% conversion or 107% after CapEx and tax. The strong cash flow really has been driven from our H1 event. We normally in a normal year have a really good cash flow in the first half, and critically it has been enhanced by a good build-up of prepaid forward bookings in both product design and in Money20/20 USA. Moving along to the right, you will see GBP 25 million for non-trading items, which is mainly the ERP and Salesforce implementation costs and the M&A and transaction costs that we've just referenced in our one-off items. GBP 61 million for the acquisition of Sellics and Intrepid. GBP 18 million for the continued investment in our associate Hudson MX, which, as Duncan said, in his overall announcement, has made good operational progress in the half. Fifty-three million, sorry, as we had previously guided for deferred consideration relating to prior year deals. Lastly from me, we will return to our capital allocation considerations. As you will all know, there are a number of competing uses of capital that we consider and we seek to balance on an ongoing basis. Firstly, the GBP 14 million of organic investment in CapEx, which like last year, is chiefly set aside for building new products, and that's primarily in digital commerce. Our capital expenditure typically tracks overall for a total company basis at between 5% and 6% of our annualized total company revenues. There is M&A, where we've continued to execute bolt-on opportunities, as you've seen often in new geographic markets, to accelerate our strategy and bring important new capabilities within digital commerce. In the most recent half, we've invested GBP 133 million in M&A with an estimated GBP 150 million left to pay over the next four years as deferred consideration, which is, of course, based on our current performance expectations of those businesses over the next three years. Full details of that are set out in the appendix on Slide 26. Currently, and in light of our strong organic and M&A investment opportunities, we are continuing to prioritize our capital for digital commerce rather than for dividends or other forms of shareholder returns such as buybacks. As I said at the start of my piece, the board will keep shareholder cash returns under continual review. With that, I'm going to hand you back to Duncan, who will focus on the outlook. Thank you, Mandy. Our strategy remains unchanged. We shall focus on gaining a competitive advantage through this macroeconomic disruption by executing hard on our number one market products in I&E and continuing to double down on our long-term high-growth digital commerce division. While Amazon's growth has slowed in the past year, this is off very robust growth, a very robust growth period through COVID. Their powerhouse market of North America returned strongly to increase to 10% growth, with the guidance for the whole Amazon group in Q3 of 13% to 17% growth. Through our privileged position, we can see the momentum of the marketplaces months in advance, so we were not surprised by Amazon's positive results last week. We pushed forward through Q2 ourselves to benefit from this momentum. It also validates our view of H2. Winning customers and share are critical. E-commerce remains the primary channel for growth for brands. Clients are continuing to make significant investment to drive their long-term market share. We have seen this clearly with a 23% growth in our execution business in the half. Stepping back and reflecting on my CEO letter of May 2021, the principal hypotheses remain intact, and many have already been proven. Non-first-party marketing platforms are already seeing the significant impact of Apple's SKAN change. While Google postponed cookie deprecation with a further stay of execution until 2024 last week, the industry is no longer waiting. In periods of financial uncertainty, the platforms that have won in history were those that could most accurately attribute spending to sales. Today, the best platforms for this are the marketplaces. Our customers have achieved a 5x increase using our platform on Amazon compared to the 2x average. We have proven we can at least double the sales growth rate by using our platform compared to their peers. This track record is why we have such strong retention and continue to lead the market on significant new customer wins. It also demonstrates the strength of our business model, the unique platform we have built, and how we can continue to apply our winning formula to drive success for our new clients over time. Having had the luxury to invest hard due to overperformance in our I&E division, we have doubled the rate of new customer wins. The revenues of such will have not been added in any meaningful contribution in the half due to the activation timescales. We expect to see this gain flow through in 2023 and 2024 onwards. Our strategy is clear. We will continue leveraging our group product mix to gain this competitive advantage in the medium term. Digital commerce and product design remain set to deliver strong growth levels for the full year. For marketing and retail financial services, we expect to see continued recovery as we navigate beyond the pandemic. Despite the risks associated with the current economic environment, our businesses remain well set for the year, underpinned by high levels of digital and subscription revenues and multiple growth levers. Our ability to execute our strategy, combined with structural growth in our end markets and the success of our marquee events, Cannes Lions and Money20/20, underpins the board's continued confidence in our strong prospects for future success. That concludes our presentation for today, and we will now move through to Q&A, which Mandy will coordinate. Thank you, Duncan. Let's start our Q&A session with those in the room. Why don't we start with you, Will, then we'll go to Nick. Hi, it's William Packer from BNP Paribas Exane. Three from me, please. Firstly, in the half, there were GBP 13 million costs related to transactions and integrations, and as a comment in the release that you're continuing to explore a managed separation of certain assets. Could you just update. You know, obviously GBP 30 million is quite a lot of money, so any update would be helpful on how things are progressing there. Secondly, thanks for the additional color around the margin trajectory at digital commerce. I suppose thinking forward, should we assume that the one-off costs go away, and then the rest of the investments and dilution from the M&A remain, so more of a low double-digit margin? Is the achievable margin on an annual basis for the next 2 to 3 years, or should we be thinking more of the long-term guidance you already gave? Finally, lots of investment, new high-growth dilutive M&A, should we be upgrading our revenue growth guidance for the medium term for digital commerce in that context, or is the lower structural growth of the end market offsetting that? Thanks. Do you wanna take the first two, Mandy, and then I'll take the third one? Sure. In terms of the transaction costs of GBP 13 million in the numbers, they obviously comprise three things. The first is professional fees associated with the two acquisitions. The second is integration costs of the prior year deals. The third is the professional fees associated with the evaluation of the managed separation thing that we announced back in April. We have no further update for you today. The evaluation is continuing, and if and when that comes to a conclusion, we will announce that. It is not, it's obviously not the whole of that GBP 13 million, is what I would say. Secondly, in terms of whether one-off investment costs will go away, as you run across that margin bridge, we're obviously, you know, investing in those sales and marketing and so forth, but as the revenue growth comes, which we feel pretty bullish about the second half growth prospects, the second half weighting of the digital commerce numbers, the impact on margin abates. We would also expect the Digital Shelf to be a one-off given the actions that were taken, and we would also expect the bad debt to be a one-off. The guidance that we are giving in respect to the second half is we're targeting a mid-teens margin for digital commerce. Now, when you look to 2023 and 2024, the key thing you've got to take into account are the Sellics and Intrepid acquisitions, and I gave you the numbers earlier for the impact that that would have on this year's numbers. Around GBP 30 million of revenue, around GBP 7 million of losses. What that does is while we are very happy to continue to target the 20% that we have given for the composition of businesses at the time that guidance was given, we would expect there to be about a 5-point impact from bringing those two businesses in. Coming to your third question, Will. Look, I think obviously, you know, we gotta take into account, you know, that there is a significant continued amount of macroeconomic uncertainty. So I just wanna caveat what I'm about to say on the basis that, you know, if you'd have asked us in February what did we think was gonna happen in the next four months, we probably wouldn't have called any of the, you know, wars and other things that have been going on. But outside of those sort of conditions, then, yes, we would anticipate that the activities we've taken this half are going to allow us to gain greater revenue growth going into 2023 and 2024. We would expect our revenue estimates to drift up because of the actions we've been taking. Nick. Yes, Nick Dempsey from Barclays. I've got three. Just going back to the margins of digital commerce. When you said, Mandy, mid-teens, did you mean for the full year or in the second half? I would just like to confirm. Mid-teens for the second half. Okay, fine. I mean, given that many of your competitors are VC-owned loss making, won't there always be more things to invest in to keep up, to keep on achieving strong growth in digital commerce? Could we be hoping too much that you would get back to the 20% excluding what you've said about the new business mix? And just on the net debt slide on Slide 16, GBP 24.9 million of non-trading costs, can you give us your thoughts for the second half there? I guess that's the Salesforce and ERP, et cetera, but what's the full year kinda thinking at the moment? Okay. All right. Do you want to take the second one? Shall I take two? Yeah. Which one's the first one? Certainly, look, actually, Nick, what I would say to you in terms of this last six months is that we felt that the balance between sort of heavy loss-making VC businesses and themselves has actually tipped in our favor. It's tipped in our favor, because we are, as a group, able to, as you've just seen, you know, step in and take that overperformance and invest hard, for future growth. Where our sense is for many VC-backed loss-making companies, they're gonna be sitting there wondering whether that funding is gonna continue or not. I do think over the next 12 to 18 months, we expect to see quite a big shakeout, of those businesses. They're either gonna now have to pivot pretty hard to make profits like we do, or they're gonna find funding really quite tricky, going forward. We actually, you know, the irony is we actually think this current period really does help our business. We have, as you say, taken a range of one-off accelerators. I would say in the medium term, subject to the points around, we've gotta see the scale come through in Sellics and Intrepid, then no, our voyage of good margins in this business in the future absolutely continues. In terms of non-trading costs in the second half, they will be comprising the ERP continuation of the delivery there with the Salesforce system. They will continue to include the integration of the businesses that we've acquired within digital commerce. They will include the costs of executing on our Digital Shelf strategy and reducing the number of feeds we take, for example. All of those things in the round I would consider to be of the order of circa GBP 15 million of cash out in the second half. Gareth. Yeah, yeah. Just a couple on WGSN. The sustainability of that 14%, do you think you can continue to give us double-digit growth in the second half? The trajectory for fashion, is it continuing to improve or should we just assume that sort of 2% is the best for now? Then in terms of investment, you've sort of flagged a 45% margin, but you've obviously massively over-delivered on that in the first half. What's kind of the decision-making process there in terms of when you put that investment in to bring you back down basically to 45%? Shall I take this? Yeah, please do, Mandy. Given that we just grew the billings by 11% in the first half, that gives us good sight to getting to double-digit revenue growth in the second half. You should bear in mind though, there's a bit of that 14% revenue growth, which is advisory, which can be a bit more choppy between periods. But nevertheless, when we look forward, we'd be happy for you to go to double digits for the second half. Fashion at 2%, we've now had three quarters of fashion not declining. It's not quite at the stage where we are declaring victory. But it certainly feels that it is solidifying. You know, maybe we might do better in some periods or worse in others, but, you know, it feels reasonably solid, albeit we've only had 3 quarters of that. From the decision-making process around margins, yes, we outperformed in the half. That really is because, firstly, we had the consumer tech product that we launched last year over-delivering, so it got into profits quicker. Secondly, we didn't launch a new product this year because we were focusing all of our investment dollars on new business sales, which you saw come through in the customer volume stats. As we go through into the second half, we'll go through a process with the business. In fact, I have a meeting at 6:00 P.M. this evening to go through what their proposals are in terms of investments for next year. This is all around the launches that the business want to do. Our strategy remains to grow through the new verticals, and hence it seems sensible to set a margin target of 45%, which allows those OpEx investments to be made to build those new verticals. Are there any other questions in the room? Because I've just heard that we have no questions on the webcast. Well, maybe then. Oh, what's up? Hi, it's Hari from Goldman Sachs. Just a short one. Looking at acquisitions in the digital commerce segment, are there any areas where you see high growth opportunities and gaps in the portfolio? Then maybe just another quick one on Cannes, obviously returning to normality and getting past 2019 revenue levels, but where do you see a range of organic revenue growth targets moving forward into the medium term? Thanks. Do you want me to do the latter one? Yeah, why don't you take two and I'll- Okay. Take the first. In terms of Cannes Lions, clearly, that growth of 6% on 2019 was better than our expectations. We do still have some, you know, volume capacity still not returned in the product from the point of view of the number of delegates that I mentioned earlier, particularly from Asia. All other things being equal, we would expect to see, if you recall from our capital markets day, we are saying that sort of mid- to high-single-digit growth is what we target for the I&E brands or the I&E segment, within which Cannes Lions is obviously a key component and would tend to be more towards the mid-single-digit growing rather than the high-single-digit growing. Now, the only note of caution which I would sound is obviously next June is a long way off, and we wouldn't normally want to be giving guidance at this stage of the year. Obviously with the economic outlook, that could impact the propensity of our customers to want to spend money on their own marketing. On the other side of that, it is the number one event in the year. It delivers massive return on investment for our customers, and therefore it's very well positioned for any form of economic downturn. Thank you, Mandy. Then on Hari, on the acquisitions that you asked about. I think what we would say is when we came through the end of last half, we really said, "Look, primarily on capabilities, we feel we have very good coverage across the business." In fact, what you've seen in the results of this first half is we've been shifting gears into more and more integration activity, particularly in the execution business of the assets that we've acquired. We've then added Sellics, really around just to expand on the sellers piece and really gain us, you know, sort of market leadership around seller management businesses. Secondly, which is really an Amazon focus thing. Secondly, we really wanted to ensure that we had strong coverage of the top 10 global marketplaces and both Shopee and Lazada are genuinely marketplaces we think are the ones to watch. They're very aggressive in their growth and they're becoming much more international than I think most people realize. Very expansive, both into Latin America and Europe. Certainly we felt those were pretty important adds, plus of course, Southeast Asia as markets for us, you know, look very exciting and a long-term sort of growth trajectory there. No, I think as we stand at the moment, you know, in terms of sort of acquisitions, there's nothing that we're looking at right now that we would say is crucial. I think the only sort of area that we have on mind that is in the acquisition sort of field is we have been continuing to invest sort of strongly behind Hudson. You know, they, you know, we will see over the next sort of 12 months or so where our arrangement with them leads to and whether you know, they as an organization wish us to acquire that business or whether they're gonna carry on down the road that they're currently going. As we said, they've had an excellent 6 months of operational performance. We do have one question which has come in on the webcast, which is from Dan Cowan at HSBC, who would like to ask about the composition of the bad debt charge in the first half, which segment, and was it one account or many? Dan, it was in the digital commerce segment. We obviously have a charge throughout the business as normal. It was about half of it pertained to one account, with the balance across a much broader range of customers, particularly on the Challenger brand side, which is obviously a new part of the business for us. Gareth. Sorry, Gareth Davies, Numis. Just one follow-up. You gave the 72% pro forma coming from execution services, 28% from measurement and benchmarking. To be clear, is that after stripping out the revenues that you're basically switching off? Can you just confirm the scale of the revenues you're switching off? That's reported revenues. In terms of when you look at Digital Shelf, the amount of revenue it reported in the first half was GBP 7.5 million. A significant chunk of that would be switched off as we move the product in favor of focusing solely on marketplaces. That would mean that the composition of revenue in the future, if that was the only thing we did, would move more in favor of execution and less in favor of measurement and benchmarking. That's obviously a trend anyway because of the elevated growth rates in execution. To be clear, that's a negligible profit impact. No, it should have a good profit impact. All of the activities that we do on Amazon, doing more execution, which is more profitable and amending the product, curtailing big elements of the product on Digital Shelf, should both improve profits. Oh, we have one more question, sorry. This is from Silvia at Deutsche Bank, who says, "Good morning, Duncan and Mandy. You talked about how digital commerce, over half of revenues, is driven by customer transaction levels and thus exposed to adverse," and I would say also positive, "conditions. Can you also help us think about the potential benefits from your investments in growth to 2023, which would be secured or uncorrelated to marketplace performance? I guess what have we been growing in terms of retainer and subscription revenues, I guess is probably the focus of that. Principally, the majority of the net new customer wins that we accelerated in the half would be not on retainer. They would be on share of growth- Mm-hmm ...or share of products under management. I think there is a little bit of confusion out there. The way we charge our fees is total SKUs or total ASINs, if they're on Amazon, under management, to which we then obviously also benefit from the growth of those as well. I think there was, you know, I've had questions in the past around whether it's only the growth we get paid on, and the answer is no. We get paid on the. Whole lot. ...management of those products, and a percentage of their GMV. But yes, principally, we've been adding in the first half major products that will allow us to get the benefit of growth that we deliver. As you saw from the chart, we got a very good track record of delivering growth for these customers. On the execution side, really those that go from growth to subscription is our larger clients. They make that migration as they, as we make more and more income with them. That tends to be, you know, really a long-term discussion. It's not something we have that's a short-term discussion with those companies. We have seen a continued trend of the larger customers, when they hit a certain scale, will move across to a subscription-like product. We've seen a slight increase, I think, in the half on the level of subscription orientation out of execution, but it's not that meaningful at this stage. Great. There are no more questions on the webcast, so if there are no more in the room, thank you very much for attending our presentation. Yeah. Thank you everyone. Thank you very much.