Good morning, everyone. Welcome to the Presentation of Euromoney's Half Year Results for 2022. Very nice to have the first of our physical ones. We haven't done this for a little while, and it's great to see those of you in the room in person, obviously, and to welcome everyone who's joining us on the line as well. I'm here with Wendy Pallot, our CFO, who most of you know already, of course. Let me start by saying I think it's a good set of results, I hope. I think one of the reasons for that is that our purpose has never been more relevant. Providing clarity in opaque markets to help our customers compete successfully. I don't think the markets have ever been more opaque, and I think our products have never been more relevant, and I think that's what you're seeing demonstrated in the results. As you know, we operate through three divisions. In the first half, our business had a very, I think, strong performance. Subscriptions, which you know, make up 70% of our business, had an 8% improvement, and that's underlying. Actually, on a reported basis, that was 12%. We told you a couple of years ago that we were gonna turn around our asset management business, and we've now done that. Wendy will be giving you the details of that. Thirdly, our events are roaring back. Fourthly, our 3.0 strategy is delivering the growth that we promised it would. Of course, Euromoney continues to be, as it always has been, a really strong cash generation that actually drives and empowers the strategy in organic investment, M&A, and of course, allows us to continue to pay dividends. That 3.0 strategy and subscriptions, you can see here our three divisions, and you can see here how you can only do this and do this kind of result, I think, when you are really delivering value to customers. You can only do this if you're delivering increasing value to customers, and that's what drives that 8% growth. You can see that that has been progress over a number of years and we are pleased with that result, ambitious for the future and confident about it. That's the headlines. Let me hand over to Wendy to give you some of the detail. Thank you, Andrew. Good morning, everyone. I'm going to start with the financial highlights for the half. Underlying revenue for the group is up by 14%, driven by accelerating growth in subscriptions and the strong growth from our events portfolio. Total reported revenue increased by 19% year-on-year, and that included acquisitions which accounted for about 4 percentage points of that reported number. EBITDA was up by 12% underlying, with a margin of 25%. Adjusted operating profit was up by 15% underlying, with the margin unchanged to 22%. Of course, last year's profit includes the GBP 2.5 million COVID-related insurance credit in the first half. On a like-for-like basis, excluding that, our margin improved by 1 percentage point. Adjusted profit before tax was up by 16%. Adjusted EPS was up by 8%. Lower than the growth in PBT because of a temporary increase in the effective tax rate, which is expected to be 23% for the full year. The cash tax rate, though, is still as previously guided at 21% for the year. Our net cash position was GBP 12.5 million, and that included a net outflow of GBP 16.6 million with the acquisition of Boardroom Insiders during the period. Finally, the board has declared an interim dividend of 6.1 pence per share, up 7% on last year, which is exactly in line with our policy of paying the interim as a third of last year's total dividend. Our dividend policy for the year, which is to pay 40% of adjusted diluted EPS, is unchanged. Moving to the next page, let's look at those subscription revenues. Andrew's already spoken of the strong momentum we're continuing to see. Looking at the chart on the left, you can see from the arrows that total subscription revenue grew by 8% underlying. All divisions in the business saw subscription growth in this half. There was 17% growth in Fastmarkets, 5% in FPS, and 1% in asset management. The bars in the left-hand chart show reported growth, which is higher than underlying at over 12% for the group. That's the past. Now let's look at the future. The chart on the right-hand side shows the growth in the book of business or the BoB, which measures the annual contracted value of subscriptions on a like-to-like basis. For example, adjusting for acquisitions. This is a key leading indicator of our revenue growth for subscriptions. This chart shows the progress made over the course of the last 12 months, and you can see the upward trend in all divisions. The group BoB in the middle there increased to 8.1% at the end of March, which is almost double the rate of growth a year ago. Fastmarkets was up to 14.8% growth from 8.2% a year ago. FPS improved to 8.7% from 4.2%. The asset management BoB was at -0.3% at the end of March, up from -2% last year. The non-vote Investment Research BoB, shown here as the gray dotted line, was at +0.6% at the period end, and this BoB was the basis of the target that we set in this area, which I'll come onto in a minute. Slide 10 looks at the performance of our events businesses, where total revenue for the half was GBP 42.4 million, a 65% increase year-on-year, reflecting the return of in-person events against an all virtual equivalent. It's also an increase on the second half of last year, when in-person events returned, reflecting the strong momentum that we're seeing. Our events portfolio is skewed to the U.S. about a half and Western Europe about a third, where vaccination rates are high and travel restrictions relatively low. Demand for in-person events at FPS and Fastmarkets was strong, with combined revenues up 167% year-on-year. Event revenues for Asset Management were 5% lower year-on-year, but that's all about timing, and I'll come onto that in a later slide. As we look ahead to the second half for events, we are very encouraged by the booking patterns. Moving to slide 11, you can see a summary of our underlying performance. There are more details in the back of the presentation in the appendix on the divisions and some commentary. On the left-hand side, the stacked bar shows that 92% of our revenue was growing strongly. With the remaining 8% of other revenue, which includes activities like thought leadership and research, adversely impacted in the first half, largely as a result of the phasing of some client projects, and we expect some catch-up here in the second half. Looking at the divisional splits, Fastmarkets saw strong demand for its metals and mining, forest products, and agriculture prices. Revenue growth was largely driven by increased sales of data licenses, cross-selling of additional datasets to existing customers, as well as sales to new customers. This led to 37% growth in adjusted operating profit on the right-hand side there. At FPS, the return of in-person events and the continuing growth in subscriptions, which included a strong underlying increase in our People Intelligence business, resulted in 23% growth for revenue and 80% growth in operating profit. Asset Management revenues were down 1% overall and profit down 9%, reflecting our previously announced growth investment and the cost of physical events returning in full there compared to the gradual earn-out of the related membership subscription revenues. Central costs increased by 44%, but that's actually 19% if you exclude the GBP 2.5 million one-off insurance credit in the prior year. The 19% increase is about GBP 2.8 million extra costs, and it's made up of a few things. First of all, some investment that we signaled at the beginning of the year in common platforms across, for example, HR and finance, and that's gonna help release efficiencies across the group. Some inflation, notably insurance costs, and of course, some post-pandemic normalization for all our offices opened up during this period compared to the same period last year, when there were still some lockdowns. For the full year, we expect total central costs of approximately GBP 40 million. Total operating profit for the group, as you can see there, increased by 15%. Moving now to slide 12, where I'll cover asset management in more depth. In May 2020, we set a target of getting the non-vote Investment Research book of business to sustain growth by the end of FY 2022. This BoB makes up about 95% of what's in the asset management division's BoB. We are pleased in our report that this target has been achieved earlier than planned, as you can see in the graph. At 31st of March, year-on-year growth was +0.6%, and it has been in year-on-year growth consistently since December 2021. The turnaround has been driven by higher renewal rates following investment in sales teams and in auto renewals, integration of sales teams to drive cross-selling and new research products. Another driver of the turnaround has been our fast-growing Investment Solutions business, which I'll come on to talk about now. On slide 13, you can see our Investment Solutions business, which allows investment managers and advisors access to our proprietary model portfolios. In return, we receive a fee related to the assets under advisement. As the chart on the right-hand side shows, assets under advisement have been continuing to grow rapidly, reaching 2.1 billion at 31st of March this year. The annualized revenue associated with this is now around $3 million per annum. We've been able to drive favorable asset flows during these turbulent market times by providing strong customer service and giving access to our strategists' insight. Investment Solutions leverage our existing IP and can be tailored for individual partners. It's highly embedded and directly aligned with the interests of our clients, and we can co-brand or provide a white label service. It's also a business model that's highly scalable and will be launching products in Europe this autumn. On slide 14, let's look in more detail now at asset management events. The first thing to note is that our Institutional Investor membership model has proved relatively resilient during the pandemic. II membership revenue during the half is 66% of the equivalent period in 2019, which is higher than, for example, FPS events compared to 2019. Second, as a membership model, our revenues earn out like a subscription. As a result, when the membership book of business grows, which it has been doing here since December 2021, it takes time for the impact of that growth to be recognized in revenue. As a result of these two factors, as expected, the profile of recovery is therefore shallower than for traditional events. The recovery is coming. You can also see in the half we have grown revenue sequentially compared to H2 2021 by 17%, and we expect further growth in the second half. Looking now at other Asset Management events revenues, which includes Institutional Investor forums. You can see it's a much smaller number at just GBP 2.2 in the period. It's down compared to H2 last year, but that's just a timing issue with many events this year being pushed into H2. Slide 15, and onto cash generation and the uses of cash during the half. We generated GBP 31 million of cash from operations. Adjusted cash conversion was 90% compared to the exceptionally strong 142% this time last year. We expect adjusted cash conversion to increase in the second half as we collect cash from a high number of subscription contracts signed in Q2 this year compared to prior year, as well as for events held late in Q2. Cash outflow for exceptionals was a modest GBP 1.7 million, with majority being acquisition related. There's a full analysis of exceptional items in the appendix. The tax outflow was GBP 12.5 million. That includes a CAD 5.4 million payment of Canadian withholding tax, which we announced with our final results last year. After paying the final dividend of GBP 13.5 million and spending nearly GBP 17 million on the acquisition of Boardroom Insiders, we finished the half with net cash of GBP 12.5 million, compared to about GBP 25 million at the same point last year. Finally, we have a strong liquidity position with significant financial headroom through our GBP 119 million debt facility, which runs to at least May 2025. This slide summarizes the ways in which we have allocated capital over the last four and a half years, from FY 2018 up to the first half of 2022. Throughout this period, we have maintained a strong balance sheet and our cash generation is key to this. This has enabled us to allocate capital to fund organic investments, to pursue M&A opportunities, and to support and accelerate our strategy while still paying a healthy dividend. As you can see, we're a relatively capital-light business. Our CapEx investment has averaged GBP 5 million or 1.4% of revenue over the last four years. Of course, that number excludes the SaaS-related investment which, following account changes last year, can't be capitalized anymore. Even if you include the SaaS investment, so in old money, the average would still have been low at around 2.5% of revenue. Our acquisitions are focused on 3.0 businesses, either Price Reporting Agencies or People Intelligence businesses, with spend averaging GBP 28 million per annum. During this half, we spent GBP 17 million, of course, on Boardroom Insiders, a fast-growing People Intelligence business with a focus on the technology sector. As you will have heard at our recent People Intelligence Teach-In, we've built an excellent business there through 5 acquisitions with a strong growth runway ahead. The third element of our capital allocation policy is our dividend. Our dividend policy remains an annual payout of 40% of EPS, with our H1 dividend increasing by 7%. After allocating capital across all these three areas, even at the height of the pandemic, we maintained a net cash position. Our strong balance sheet means we are well-positioned to pursue further acquisitions. Now moving to slide 17 and looking ahead to the future. Reflecting our increased confidence in the benefits from the delivery of our strategy, today we are laying out our near-term and medium-term financial framework to FY 2025, which is summarized here. Starting with the near term on the left and an overview of our expectations for FY 2022. We expect double-digit underlying revenue growth for the group and an increase in operating margin driven by strong growth in both subscriptions and events. Overall, we expect to deliver results that are ahead of the board's previous expectations. As we highlighted in our March trading update, following the successful introduction of flexible working in October 2021, we're now in a position to rationalize our office footprint in the UK and the US. As a result, we expect to deliver approximately GBP 2.5 million of property-related savings in FY 2022 and about GBP 5 million per annum in FY 2023 and beyond. To realize these savings, we intend to sublet space in London and exit our lease in New York. Together, these have resulted in the GBP 19 million exceptional impairment, primarily against the right-of-use assets in the half. The cash flow impact of the downsizing, which includes the cost of the lease surrender and subletting, is expected to be about GBP 9-10 million, and that will crystallize in the second half of the year. We expect cash payback on the property rationalization to be within three years. Looking out now to FY 2025, we expect to deliver both strong revenue growth and a significant improvement in our operating margin to the mid- to high 20s%. We expect to achieve this margin uplift by leveraging scale in subscriptions, create one, sell many, continued growth in events, and through an efficiency program, which includes what we're doing with our property. Andrew will talk a bit more about this later. Let's look at the building blocks for this from 2022 to 2025 on the next slide. The table here starts on the left-hand side with our reported revenue and operating margin for FY 2021 by division and group. In the middle two columns, there are expectations for FY 2022 for underlying subscription revenue growth and operating margin. On the far right, we outline our range of expectations from 2022 to 2025. I'm going to highlight just a few key numbers and drivers on this slide. We expect Fastmarkets to deliver double-digit% subscription growth revenue per annum to 2025, and an adjusted operating margin in the high 30s% in 2025, reflecting continued success with its data licensing strategy and product expansion. For FPS, at our recent People Intelligence teach-in, you heard us talk about the exciting growth opportunities for that business, and this is one of the key drivers of what you can see here. It's faster subscription revenue growth and the margin uplift we expect in FPS by 2025. Events growth is also expected to be a driver of margin uplift. We expect our margin to increase to the low 30s% in 2025. For asset management, we expect low single-digit% growth in subscriptions revenue per annum up to 2025, and an adjusted operating margin in the mid-30s%, reflecting the turnaround of our Investment Research business, growth in Investment Solutions, which is highly scalable, and growth from new products and services to the wealth management sector. At the group level, therefore, between 2022 and 2025, we expect group subscriptions revenue to accelerate to high single- to double-digit growth per annum, and to deliver a significant improvement in operating margin by FY 2025 to mid- to high 20s%. Thank you. I'll hand back to Andrew. Thanks, Wendy. I'm just going to do a very quick few slides about strategy because, you know, our strategy is the same strategy that we've been talking to you about, and I think the emphasis of today is the fact that this is the evidence that the strategy is working. I'm just gonna give you a very sort of a reminder, but also just a couple of highlights. Just to remind you about the strategy, we call it that 3.0 strategy. It's about being embedded in customer workflow. What that does is it leads, of course, and stems from both, comes about because of and reinforces deep customer relationships. Of course, makes our products very, very sticky and creates a significant competitive moat. Because of the nature of embedded, you don't decide to embed one week as a customer and then take it out and then put it back in. It obviously lends itself to a subscription model and to recurring revenues and predictable revenues from our point of view. Because you're embedded and very close to your customers, you understand your customers better and can find new ways to deliver value to them. As well as the leverage that you get from not having to build new products to sell to another customer. Also the fact that you're delivering more value will lead to the fast growth that you're seeing coming through in our numbers. Of course, because of the model that Wendy talked about, it also leads to high margin. Of course, again, one of the advantages I think of this 3.0 strategy is that ESG for us is not something that we paint on the outside of our business. It's actually embedded in our businesses. We have five ESG focus areas, and these speak directly to the core of our strategy. We are a knowledge business, and a knowledge business is all about the people we have. Therefore, making sure that we have the best people and that they are motivated in our company is incredibly important to us. Of course, the value that we deliver to our customers stems from the data that we have and the data that we generate and the data that we discover and distribute. Therefore, making sure that we have the right information security is incredibly important. Our customers rely on us for this data, and much of that data is quite sensitive data. Therefore, issues around privacy, for instance, you heard about it at the teach-in for People Intelligence, is not some nice add-on or some governance issue for us. It is part of the fundamental value that we deliver to our customers. We help markets to operate with transparency, particularly in opaque times like this, and therefore we apply those standards to ourselves, and therefore transparency is key. Of course, sitting as we do at the heart of the industries we serve, we have an opportunity and a responsibility to make sure that we encourage good ESG practice in the businesses and markets that we serve. Now back at the start of COVID, we wanted to understand for ourselves how we could continue in our very uncertain times with our 3.0 Strategy. We developed these five priorities that we've been talking to you about now for over two years. Really we've made, I think, excellent progress and actually completed some of these, like for instance, as Wendy said, number three, returning that investment research to growth. You've seen the investments that we've been making in 3.0 Opportunities, and now in these results you see the returns coming through from that. We talked about carrying on doing acquisitions, and you've seen the constant acquisitions that we've been doing and the impact of those. I've talked about the roaring back of events. Wendy touched upon the platforms that we are building that both support the robustness of the results today and prepare us for growth in the future, including our margin ambitions that Wendy has already referred to. You can see that in action. This is Fastmarkets looking over 10-12-year period. You can see what that strategy that I just went through does. You have a perfectly good 2.0 business, which is fundamentally flat. You add the magic ingredient of the 3.0 of your strategy, and you get the performance that you see on the right. We've begun to talk about that now and applying that to People Intelligence, and we gave the People Intelligence teach-in just a few weeks ago. We hinted there that we would be moving it into a single business and a single brand, and we launched that yesterday. The brand is Altrata, and that is now our People Intelligence brand that encompasses all our brands and products. You can see that Altrata is nearly a GBP 50 million book of business. Fast growth, high subscription renewal, and obviously fundamentally a subscription business. You can see all the hallmarks of a 3.0 business, and it already has that 3.0 profile. But there's more to FPS than Altrata. This is the subscription element of FPS. I just said that Altrata was about GBP 50 million, so you can see that the total subscription profile of FPS is double that. You can see the growth rate of those subscriptions on the right. Again, the whole of FPS, you've got that subscriptions growing at 9% with a 96% renewal rate. Again, you know, the whole of FPS beginning to take on a 3.0 profile. I talked about events roaring back. Here are some specific numbers. They're not cherry-picked, but they are illustrative. And what's interesting is I think you can see certain patterns beginning to develop. Where you have a strong community and a strong customer proposition and a domestic audience, particularly in the States, you can see, for instance, in real estate, you can see that compared with pre-pandemic, they're absolutely storming. Where we have a more international event, but a strong customer proposition, and you see that in Capacity Middle East, for instance, you can see that again, we are in some cases outperforming where we were pre-pandemic. We just ran our biggest telecoms event called ITW in Washington, D.C., again a strong performance, but actually slightly under 19% performance because it has a significant Asia presence. At the moment, people are not traveling out of Asia to the US. The non-Asian elements are performing absolutely in line with the numbers that you see here. Just to be clear, the numbers on the right are where we've taken all the events that we run that ran in the same way pre-pandemic, just to give you a like-for-like comparison of the events that ran in that way. You can see the acceleration, and as Wendy said, we're very encouraged by the booking patterns that we see into Q3 and Q4. Wendy's already touched on this as well, asset management growth. Now that we've done what we said and turned the business around and done that early, now the attention is on growth. That is about building on the financial platform that stabilization gives us. We don't have a drag to compensate for. You then add Investment Solutions to that. You add the new product and focus on wealth management. You add the return and the strengthening even beyond that of events, and that is the bones of the asset management growth plan. Pleased to announce a teach-in. I think we had a very good response to the teach-in that we did for Altrata as it is now. We will be doing a teach-in on asset management led by asset management's excellent new leader, Fran Cashman. Fran will be talking to you about asset management on the 30th of June. These common platforms, we get on and do this in the background. You can see kind of in the middle of that slide that we are nearing completion on most of those. It's boring. It's easy to. It's all about the future. It's a bit disruptive, and it is absolutely fundamental. These are the platforms that support us today now in most cases, and in the future will provide the platform for that fast-growing, and high-margin business, that Wendy has given you the financial framework for. Some of it's already delivering savings. For instance, the real estate approach that Wendy talked about. A strong first half. As Wendy said, the 2022 results we expect to be ahead of the board's previous expectations. It's absolutely about the 3.0 strategy driving that growth. It's not that all the kind of. This is not a rising tide, heaven knows. So this is absolutely about the strategy driving that growth. Wendy has given you the new framework that we are sharing with you about the significant, revenue and margin growth through to 2025. Let's take some questions in the room. Annie. My first question is on the investment. I think there's a mic coming, Annie, so they can hear you over the live. Thank you. Firstly on Investment Solutions, you said you will launch this also in Europe. I'm keen to understand how much of the asset management guidance is due to Investment Solutions. If you can just run us through how much upside you see in Investment Solutions in the next two years. I'm also keen to see how much average price increases you were able to put through in Fastmarkets over H1. Then can you just update us on how many exchange prices you have today? Thank you. Thanks, Annie. Well, I think, Wendy, they're all for you. Excellent. On Investment Solutions, it's a great business. We talked about $3 million per annum revenue, sort of the going rate. I think its growth rate is so fast, it's such a good product, it's so embedded, that, you know, even growth at that level will make a big difference to our growth numbers. There is so much potential that it has over the next few years. I can't tell you what percentage it is of the total, and it is in the fragment that we've just given you. You know, we have very strong high expectations for the growth in that business over the next few years. On the average pricing rises. It's an interesting one because obviously Fastmarkets is a combination of increases because we're moving people onto data licenses, as well as the enrichments and other stuff going on. It's a bit different to the other businesses where there tends to be price rises coming in just on their own. I would say, in the other businesses, we're probably looking at increases up to about 10%, which we'll be putting through. On events. Certainly, I know delegate prices are up by about 5%. In Fastmarkets, I'm afraid I can't quote you an absolute number 'cause it depends on the client, the kind of data license they're taking, what they're using the product for, et cetera. Safe to say they are sort of well at the upper end of those kind of numbers. Double digits? Yeah. Okay. You know, assuming you're moving on to a data license. The number of exchange prices, that has gone up. I think we quote that in our statement. Okay. It is increasing. As you know, it's a couple of things really. Yes, we get some fees from that, but as you remember, the numbers aren't very material to us. It's more about the halo it provides, the quality that it says about our prices, and it provides a halo for all the prices we have at Fastmarkets. So it's really important to us from that perspective, and you know, indicative of potential future growth as the exchanges are used more. Thank you. I think there's just one thing I'd just add to that on pricing. You know, Wendy gave you the kind of price rises for the other division. I think it's fair to say that, which I think are very strong and are being done in a, you know, in tough environment. I think it's fair to say that even once you normalize for the sorts of things that Wendy's talked about, that you have even stronger pricing power in Fastmarkets. I mean, Fastmarkets has the strongest pricing power, and that's off a base where, as Wendy said, you're looking at price rises of up to 10% in the other businesses, and Fastmarkets is stronger. Thank you, Annie. Steve? Thanks. Yeah. Hi there, Steve Liechti from Numis. Just on the fiscal or kind of the 25 goals, can you just talk through what your macro assumptions are to get to those goals? Are you assuming or if there was a global downturn, might that affect the numbers? I guess you sort of talked to that a bit in the 3.0 conversation, but just to reinforce that message, I guess. You talked about the pricing, which was one of my questions. I guess cost inflation, if you could just go through that in a little bit more detail in the near term and on the midterm as well. Then finally, just give us any update you can in terms of the M&A pipeline. I mean, I know there's a lot of volatility out there, mainly one way in terms of prices for assets in the US specifically. Anything you can tell us there? Thank you. Let me Steve, thank you. Let me do the macro and the M&A pipeline and then ask Wendy to do the cost inflation, if that's okay, over the near and longer term. Starting with macro, I think we're not expecting some sort of rapid recovery. This is not based upon perhaps the optimism of politicians about everything being very short term, and we'll all be fine in three months' time, and that is not predicated on that. On the other hand, you know, all out nuclear war is also not factored into these numbers. Nor do we expect a I think it's fair to say that it's predicated upon a healthy environment that allows the continual return of events and a macro environment that is, you know, I think, rather not particularly optimistic. As I've said, I think our proposition is. I wouldn't go quite as strong to say countercyclical, but it is definitely benefits from our customers' uncertainty. Typically, you know, we have a negative correlation with VIX, for instance, on performance. It's a more prudent view of the outlook, but not apocalyptic, you know, not an apocalyptic one, to use a fraught word that's been used recently. It is not. This is not our forecast in the event of apocalypse. In terms of M&A pipeline, I think there are two issues. One is the pipeline, and the second is the prices. You know, you referred to both of those. I think the pipeline is actually increasingly interesting, and there are some good things in the pipeline very relevant to us. Prices at the moment have gone very high. We maintain strict financial discipline, as I think you know. At the moment, it is neither an issue about availability or strategic fit. We have to be able for our, you know, we are strict, and our board is strict, and our shareholders expect us to be strict on the returns that we will see from acquisitions. That means being creative. It means being very, very clear about why we are good owners. You know, we're not in the business of buying and selling businesses as a sort of a portfolio. We do it because we are the best businesses, and we cannot compete or show the financial returns unless we can really be good owners. I think that comes back to some of the platforms that I was talking about and Wendy was talking about, that it is precisely because we are becoming a platform company that we can plug in. That's obviously from a governance point of view and a cost point of view, but it's also these platforms are revenue-generating platforms. The ability to plug businesses into that is what makes us confident that there are good acquisition opportunities, but they're based upon us being uniquely good owners for those assets. Sorry, just within that, I don't know, I haven't got mine. It's okay. Just, are you saying that prices for the sort of assets that you want are not coming down despite obviously the markets? Just to record it for. I'll Steve's asking if prices are coming down for the assets that we are interested in. You know, the assets that we are interested in are not, there's not so much liquidity that one can actually say, Okay, here it is. I'm going to do it across the whole M&A market. Of the transactions, I mean, if you look at Informa's pharma transaction, that was quite a recent one, you know, that was a completely eye-watering price. Mintec was a very high price. That was in a sort of an area of price reporting. You know, now those are, I guess, a few months ago now. We are seeing no evidence of prices coming down, no. I'll pick up on the inflation question. Pretty obvious that we're obviously not immune to inflation. We're a people business primarily, and therefore we have people cost inflation. To a lesser extent, of course, we have inflation around, you know, event venue costs as well, those kind of things. I think the assumptions we've made have been relatively prudent, but I would say that as Andrew has already mentioned that, you know, our business model is one in most cases where, you know, we feel we can deal with some of this inflation by passing it on to our customers. We don't like to pass inflation on other price rises onto our customers unless we're creating more value. I think in this environment, customers understand where we're coming from. Asset Management, obviously, has a product which is critical in times of macro change. Fastmarkets, we've already spoken about massive moats and, you know, with the data licensing strategies still with plenty of runway, we can see price increases there. PI, you know, people are always going to need critical information on key people in order to recruit during this time, probably even more so during this time. I think when you look at things like central costs, central costs, yes, there will be some inflation. With the efficiency program that Andrew's talked about with the systems changes, you know, I would expect that that will balance some of that inflation in that area as well. Yes, it is worked into the numbers, but we feel, you know, we have some balance to that inflation overall in our business. Anthony. Thanks very much. A few from me as well. Just firstly on events, could you perhaps give a little bit more color on sort of what proportions you'd perhaps sort of classify by type? You know, if you considered, you know, where events where deal-making occurs, where there's sort of some form of membership model, some strategic link to subscription businesses, and then, you know, what other events fall outside of those categories. Secondly, on People Intelligence or Altrata, can you talk about the data within that? You know, how much is publicly available, and do you ever see instances of people wanting to be removed from that platform? I guess lastly, to take Steve's question slightly the other way, you know, if you are being sort of strict about your criteria, prices aren't sort of suitable, you know, how much net cash are you happy to run with on your balance sheet? Yeah. Thanks, Anthony. I think what's interesting about the event industry, we were just talking about before this started. I think what's happening is that it's about the value that gets delivered. If you can't show a value for being in the room, then people are not gonna come into the room. If you can show a value for being in the room, being there physically, then there is a huge opportunity. I think that the big distinction that's going to develop for us and for the industry in general is going to be around that. I think you've hit on a few of them. But you know, deal-making, I think a bit like recruitment. If you'd said two years ago, can you do recruitment? Yes. Recruitment of specialists or whatever, can you do that recruitment over video? I think most of us said, Well, that's never gonna work. Yet nearly all of us have done that and done that now, quite happily. Can you manage a team remotely over video permanently? We would've said no, and now we'd say yes. What we're seeing, and I showed you some examples, is where you deliver a unique value in the room, then in some ways, the value of the room goes up even more because people are much clearer about, okay, this is why I'm here, and that in a sense, their bar has gone up. You get over that bar, and as Wendy said, even in, you know, when we're trying to encourage people to return, we're still able to put up prices for delegates. I think that, Alastair, is the way in which I would categorize it. The reality is it's going to be a bit binary, that where you get over that bar, it's gonna be a fantastic business, and where you don't get over that bar, it's not gonna be a business at all. I think what you're seeing with a business like ours is that the majority of the business is getting over that bar, and the bit that gets over the bar will be a much stronger business than it has ever been. I think where you have parts of it where the proposition is not so clear, I think those parts of the business will struggle. For that, I always do say, Wendy, you know, we had some. We've talked over a number of years, even before COVID, about event rationalization, and that's kind of what this event rationalization has always been about. It's about trying to get as much of our events over that bar of that clear value for coming to the event. That's the distinction that I would draw. Then there are a number of reasons why they might be. It might be deal-making. It might be, actually to do with a community coming together to talk about the key issues in that community. It might be to do with capital introduction, where actually you want to. It's not so much about the deal, but it is about really getting to know whether or not this person is either got an asset that truly exists and you want to invest in or the other way around, that you're looking for somebody to manage your money, for instance. I think that's what we focus on now, is getting our businesses over that bar. When you do, the results are amazing. Can you specify what the majority is? Well, I think it's still a work in progress. To me, I think one has to think about the quality of the business. I believe that we will be able to have a, in every sense, stronger event business than we had pre-pandemic. That's to say that we will get to a place where our profits from events, if you want to look at it that way, will be higher than they were before. I suspect that it will be a while before the absolute revenue number is as high, but the business will be, in all important senses, better. I don't know, Wendy, if you have anything you want to add to on the financial side of, you know, event recovery. I think I'll just repeat some of the things that I said earlier on. The fact that, you know, Q2 was stronger than Q1. That because we are focused in the Europe and the US in particular, you know, we have got very good momentum and are therefore, and I think are likely to have going forward. I would also say that, you know, some of the feedback we've been having from our events is quite emotional. It's an outpouring of, I'm so glad we're back. So I mean, everything is pointing to, you know, a very significant momentum now. I hope we can give you more detail on that in Q3, which is a big quarter for us, for events and again at Q4. It's all very positive and I think, you know, probably one of the main areas which is above our expectations. The board at the beginning of the year was pretty bullish on subscriptions, and we delivered on that. I suspect we were a bit bearish on events, not wondering what was gonna happen. That's the bit where it's really exceeded what we were expecting. Now Altrata has information on, let's say 100 million people. I'm sure we have requests to remove, but we operate in a B2B environment, and it's a lot less prevalent in a B2B environment. I don't have a number to give you, but it's not a material issue for us. We take privacy incredibly seriously, and I think it's building that confidence with people that makes us confident about that not being an issue for us going forward. The net cash point. Yeah. I think we've always said as a board that we're willing to use our balance sheet for the right assets, and we continue to do so, particularly because I know the environment is more difficult, but actually the business is as strong as it's ever been, really, and in great recovery as well for events. I think with the momentum we've got, we'll just reiterate what we have said in the past, which is we're willing to leverage up. I think in the past we've talked about, you know, a maximum acquisition rate of perhaps 2. But because we de-lever so quickly and generate so much cash, we feel that will be fine, and then, you know, be happy to maintain something around 1.5, sort of medium term. That's the sort of a framework that those are the kind of places we're willing to go, but definitely would use our balance sheet if we found the right assets. If I can just follow up on that. Perhaps, but going the other way, if your net cash is building because prices for assets are too high to meet your criteria, how far and for how long do you let that sort of continue? Yeah. Well, obviously, it depends on how quickly it's generating, what's in the market, all sorts of conditions. If you're asking about share buybacks, money going back to shareholders, then actually, yeah, we'd look at that. It's not off the table. Certainly, if the situation was right and we found that there was no, you know, better way to make a return on that money, we'd certainly look at that too. Is there anything else in the room? Do we have anything else online? We currently have no questions on the telephone line. Very good. Yes. Thank you. Can I just ask you, has there been any rethinking? Sorry. Just for the Any rethinking on the asset management side? You know, I mean, clearly going back three or four years, you know, it might have been considered a pretty low margin, low growth part of the business. Now that you've turned it around. Mm. I just wonder whether I know you've been positive in the last two years to bring the business around, which you've now achieved to some extent. Maybe the returns are not at a level where you might consider a disposal or if, you know, if there was an interested party that approached you. I just want to going forward, say two to three years. Mm. Does this sit within, you know, the culture of the business? Thank you for the question. I mean, first of all, you can see from page 11 that it's actually a 37% margin business and has actually been high margin throughout. Actually it is. I take the growth point, but I think it's always been a high margin business, which I think speaks to the sort of underlying business model. I see it slightly the other way around. As you know, we did a strategic review a couple of years ago, and we decided to keep the business. I think the reason why we decided to keep the business is what you're seeing playing through in the numbers now. I think at the teach-in, you'll hear about the future, which will really, I think, demonstrate why we are the right owners and why it's a great business for us. With a lot of businesses, you don't always either want to or have the opportunity to think about whether you're the right owners. In this one, we absolutely came to that conclusion. Two years ago, we recognized there was work to do. The first part of that work was turning around, and the second part then was growing. We've demonstrated and done the, frankly, difficult part, which is the sustained turnaround. The plans we have, I think, for growth are exciting. Wendy's already talked about one part of that, which is Investment Solutions. To me, for us and for our shareholders, now is the time that the company and our shareholders will get the rewards for keeping the business. Absolutely, it's a full part of our company, and I think has great prospects. I think the other thing I'd just add is that as we emphasize, it's already a significant part of the business. As we emphasize the opportunities we have in wealth management, you know, it's easy to get caught up in kind of institutional, active only domestic equities, which is a tough market. Actually it's asset management as an industry taken in totality, and taken globally, we still believe remains a really exciting industry. We need to continue to make sure that we are playing to the huge growth areas of that market and not necessarily focusing on the areas where historically our business has played. Can I just add? Please. In terms of what you just said then, in terms of future M&A activity, should I therefore expect that your focus will also be put on the asset management side in that role? One of the rewards that our business has, I think, for turning it around is that it does now open up that area to M&A. I think it's fair to say that while we were turning it around, if a wonderful deal had come along, I'm not saying we would never have looked at it, but you know, it was definitely lower priority. Now it has a full place and potentially, you know, following Steve's questions and Alistair's questions, potentially it could be quite an interesting area for acquisition for us. Because potentially, you know, one might find that the pricing in that area might be more attractive than in some other areas. You're absolutely right. Thank you, everybody. Thank you very much for coming along in person. Thank you for people who've joined us online. We look forward to seeing you at the teach-in for asset management on June 30. Thanks.