Good morning, everybody, and can I add my welcome to Jamie's? Thank you for joining us for Gamma's first half of 2022 results presentation. I think everybody knows me, Andrew Belshaw. Slightly different role, I'm now the interim CEO, and I'll be introducing later Bill Castell, who's our new CFO. My speaker notes here actually say he's the first decent CFO Gamma's had, but I'm not entirely clear who wrote that. Obviously we're still virtual. Hopefully we'll be able to do this in person next time. This morning I'll give you a quick update of the first six months then hand over to Bill fairly quickly so that he can go through the results 'cause we're very proud of them. We're very excited about how we've done in the first half, so I'd like Bill to run that through with you. I'd like to sort of talk about some of the growth drivers for Gamma. I'm conscious every time we pick up a newspaper or turn the television on there's lots of doom, there's lots of gloom about the economy. I think there's some great reasons why Gamma's gonna carry on growing, and I want to share those with you. I also wanna say a few things about ESG as well. Again, as CEO taking over, it's very important to me, and I think very important to Gamma, so we wanna pick up on a few bits and pieces there. Talk about the outlook. We will go to Q&A as quickly as we can, hopefully leave lots of time for questions, and hopefully we will get everything done for you by 10:30 A.M. Look, we think we've had a really good first six months. As I say, there's lots of doom, there's lots of gloom. We are not seeing it in our business, or certainly we haven't seen it in our business, for the first six months of the year. There's very little effect on there of recession, very little effect of inflation, in the first half of the year. Gamma continues to do really strong business. Strong recurring revenues, strong cash generation, and what we do is business critical to the businesses that we serve. They need a telephony service. It's not something that you cancel when times get tough. We've had a very strong first half, which Bill will come on to explain. We closed the year with a lot of cash. Or sorry, we closed the half with a lot of cash. We've done a little bit of M&A, which again, we'll come and talk to in Spain. We've divested a business called ComyMedia, which was pretty immaterial and non-core. It's one of the business units that we acquired when we acquired VozTelecom, which was the UCaaS business we bought in Spain. ComyMedia we've divested. We still think we need scale in Spain and indeed in some of the other European countries, so we've bought a business. It's still subject to regulatory approval but we think that'll come through shortly, called Neotel, which just gives us a bit more scale and a greater opportunity to grow in Spain. Again, I shan't steal Bill's thunder but just to say I'm delighted with how all of the business units have performed in the first half. Our indirect business double-digit revenue growth is fantastic, buoyed up by the new products, and I'll talk about that when I'm talking about growth drivers in a moment. Our direct business, we said it would come back to growth in the first half, and indeed it has. Our European business, little bit mixed. If you remember, those of you that have covered Gamma for a long time, Gamma eight years ago, we had our traditional business that was coming down, and that's a feature of the European business. The traditional business things, you know, legacy calls and lines, that comes down. More than offset by our increasing UCaaS business, and you know, we grew our seats in Europe 7%, which we'll come on to talk to. Look, as I say, I won't steal Bill's thunder. Bill, would you please take us through the financials? Good morning, and hello to those who I have not already met. I'm just gonna take you through the first half financials. Before I go through the numbers, just reiterating, being here three or four months, a very strong first half set of results. If we move on to the next page. Sorry. As you would've seen in the RNS this morning, and I note that some of the analysts on the call have already published notes looking at this. You can see our revenue was up 8%, as Andrew said, to GBP 234.7 million. That flowed through, given good cost control. Our gross profit also grew 8%, keeping margins stable. Our adjusted EBITDA was up at double- digits growth at 13% to GBP 51.9 million, which again flowed through to an adjusted EPS up 16% to 35.6p. As Andrew stated, we're proud of the continuous cash generation of our operations being up 15% to GBP 49.5 million, which leaves us in a strong cash position as of June 30th of having GBP 75.6 million in the bank. Small amount of debt. As you know, we're unlevered as a company. But a small amount due to the acquisitions of around GBP 3 million, which therefore gives us a net cash position of GBP 72.6 million. As a result of all of that, the board signed off an interim dividend of 5p, which is up 14%. As you're aware, historically, Gamma, and going forward, does one third, two-thirds, one third in the interim, two-thirds at year-end. Again, interim dividend up 14% at 5p. Just to give you a bit of a line of sight of what I'm gonna go through next, similar to last time, I'll go through a bit of detail on the business units. I have a couple more slides on Europe given, as Andrew said, a mixed story there, so we've got a bit more analysis to share with you there. For the first time as well, well, actually, not first time, but I think in this format, we'll give you a snapshot of the cost base as of H1 2022, so that you can just see it. It's not gonna be a recurring item that we show every presentation, but given the inflationary environment, the macroeconomics, we thought it was a good time just to reiterate the cost structure, and then the standard kind of balance sheet cash flow. At the end, I've added a page just around analyst modeling guidance, just to reiterate some of the guidance that we restated in the RNS. There should be no surprises there. Moving on, I won't spend too long on here. This is straight out of the RNS. As I said, revenue was 8%, but so was gross profit. That allowed us to keep our gross margin maintained above 51%. Recurring revenue, which you'll see in note three of the RNS, still strong at 89%, so the same as this time last year, H1 last year, at GBP 208.7 million. A key strength of the business is that recurring revenue. We will talk a bit more about costs, but you can see on the operating expense line that we kept the expense growth down to 4%, so significantly positive, what I call jaws between the revenue and cost growth and also the gross profit and cost growth of over 4%. The effect of tax, obviously our tax goes up because our profits are going up, as you can see, profit before tax up 19%. The effect of tax rate has remained at 19%. We'll see whether new Prime Minister will still have the increase in April to 25% or whether that will be an action that she and her government decide to reverse. Moving on, if I go through the business units now, and again, this has been picked up, I can see this morning, a strong performance. As you can see from the graphs, a continuous story, double-digit growth both on revenue and gross profit, maintaining those margins above 53%. 10% growth in revenue, 10% growth in gross profit, margins at 53%. We'll talk about maybe in the Q&A, we made reference to this in our August the second trading update, a flow through of selected price rises. This is mainly on our traditional product base. We're being a bit more tentative on the cloud PBX 'cause that market remains competitive. Happy to answer Q&A, but I'm sure you're aware I can't go into too much detail given the pricing environment and our competition, but we will talk about that in a bit more. Really a strong, continuously strong performance in indirect. The direct business, I wasn't here at the, obviously at the back end of last year, but as Andrew said, kind of return to growth in our direct business as we come through post kind of lockdown and COVID. We wrote in the RNS and our previous announcements some significant wins, Department for Work and Pensions and Home Office, on that side. We've also seen, obviously that's the public sector. We also see some significant improvement and uptick in our enterprise business as those contracts and deals, you know, won at the back end of last year, we start to deliver on and the key contracts coming through. The 7% revenue growth turned into a 6% profit growth versus H1 2021. As we've referenced before, total contract value strong contracted pipeline coming through higher at this, at the end of H1 than it was in previous years. That gives us confidence going forward in the direct business. Like the indirect business, our margins are staying stable, constant above the 50% mark. We did make reference to announcement, as Andrew rightly said, recession and some of the supply constraints we did not see in H1. More recently, we've seen a bit of noise, and it is only the beginning of a bit of noise, and this is more in the direct business than the indirect business, where specific hardware. When a customer wants a very specific sort of CPU or hardware circuit switch, then sometimes there's a bit of a delay. It's still a rise, but there's a bit of delay, but again, not material, but we thought that we should indicate a beginning of a squeeze that we're seeing there. Europe, I've got a couple of pages here, summary page, and I'll go into similar kind of disclosure I think you've seen, maybe at the year-end last year. Cloud seat growth in line with market, I'll talk a bit more about that. We saw cloud seat growth in all of our markets, not just Germany. Gross profit in pound sterling was slightly up year-on-year, so versus H1. That was kind of a 1% of the revenue and 1% of the gross profit. Given the exchange rate and the euro movement, this is actually on a like-for-like basis in local currency of 4% on revenue and 4% on gross profit. Margins remain stable at 45%. You know, the European story is one of Germany performing well and more subdued performance in Spain versus prior periods and Netherlands, as you'll see in the next page, tracking as per previously. As Andrew said, the sale of ComyMedia, non-core business, that post-balance sheet event. At the same time, we've agreed to acquire Neotel business, which you'll see in the RNS. That is still subject to regulatory approval, and some closing conditions, but we don't see any problems in coming on that. On this slide, I'll give you a bit of time to look at all the figures on the page. We're looking at half-on -half since 2020, which was actually kind of the first full half of ownership for many of the businesses we bought then in April and in July 2020. You'll see the stories on our kind of UCaaS-focused growth area. As Andrew said, the seats have grown 7% and we've grown seats in every market we're in. That translated in local currency to a 2% increase period-on-period. You can obviously see the year-on-year, the far right is H1 22 vs H2 21. You can see on that the story in the Netherlands ticking up slightly to EUR 4.1 million, 2% growth there on period. In Germany, 6% growth which is continuing that story. You can see from the start in H2 2020 at EUR 6 million, now up to EUR 7.6 million. If you recall, as Andrew said, similar to Gamma historically, we have the traditional business that as expected is slowly declining. That continued to EUR 11.3 million, as you can see in H1. Epsilon business, which is our German mobile business, lower margin business, sub 20%, has period-on-period declined by 7%. You can see half-on-half last year, it's gone up from GBP 12.1 million to GBP 14.2 million on that side. This just gives you a bit of color on the performance. As I say, the traditional, as expected, cloud growth we're happy with going through the business, and the German business offsetting some of the subdued growth that we're seeing in the Spanish business. If I move on to costs, quite a lot of words on this slide and you wouldn't have seen it before. This is a snapshot, as I said, of the income statement costs for H1 2022. We just wanted to give a bit of color, both from the cost of sales, and on the overheads. You'll see, as I said before, the gross profit grew in line with revenue at 8%, hence the cost of sales is growing at 8%. You'll see that we've highlighted here three of the largest components, just to give you a taste of that, hopefully not a surprise. Data mobile cost of sales representing about 40% of our total cost of sales, which was GBP 114.3 million at the half year. The total, that is, so 40% of that. The traffic representing 25%, that can be bundled or unbundled in all of Europe. This is group, not just UK. In Europe, it is unbundled. In the UK in our direct business and others, there is bundling of traffic. Wholesale line rental, obviously, we're focused on that, as the PSTN switch off comes closer in 2025. Clearly we have products that Andrew's gonna talk about that help us in that journey. All of these cost of sales don't include all of the license costs, BroadSoft and others that are capitalizing comes through the intangible asset and are amortized through that. Just awareness that some of those licenses are not coming through P&L, but on the income statement, but on the balance sheet. That gives you a bit of color. The other items are stock and commissions that obviously go through cost of sales as well, the commissions in particular on the Epsilon business that I just mentioned. On the overheads, said earlier, good cost control for H1 at 4%, year-on-year. As Andrew, I think, has said in previous calls when I was listening, you know, staff costs represent three quarters of our overheads, so three quarters in the first half of that GBP 68.5 million of H1 total overheads was staff costs, so salaries and wages. IT and network represent about 10%. These include maintenance contracts and some licenses. Property cost represents around 5%. That gives you roughly 90% of our kind of total overheads balance. It gives you kind of the idea of the top three. The property rental costs, if you recall under IFRS 16, go onto the balance sheet. You'll see those amortize and come through. As I say, amortization, you'll see that on a cash flow statement as well. I think a general comment on pricing, as I've mentioned on the left-hand side of the graph here, that a lot of these cost traffic, WLR, data mobile, is kind of common practice in the channel when we put our annual price rises through in January, these flow through. Even if there are upticks mid-year, we flow those through. The only caveat to that is clearly in the direct business in these larger contracts, which we negotiate on a contract by contract basis, we take into consideration all of these costs, and price on a solution basis, going forward. That will give you some understanding of that. Moving on, balance sheet. I won't spend too long on this page. I think we've said we want to say strong balance sheet, GBP 75.6 million cash in the bank, net GBP 72.6 million. You'll see the GBP 3 million at the bottom for the debt acquired with subsidiaries. I know when we look at our net cash at GBP 72.6 million, others sometimes look at the IFRS 16 liability. You'll see that that's come down from GBP 13 million to GBP 11.7 million on that. You can see on the page that we've had the only thing kind of real step up increase apart from the cash is the receivables increase related to contract assets and some of the prepayments that I mentioned previously in one of our trading updates. Contingent consideration, which I know is sometimes also another adjustment, you can see is come down from the GBP 11.9 million this time last year to GBP 10 million. Again, this is the GBP 1.6 million contingent consideration that we did pay in Mission Labs. The GBP 10 million is a discounted number in line with IFRS accounting. A strong balance sheet, you know, unlevered cash generated business going forward. Cash flow, very happy with the cash conversion. This increased by 100 bps to 95% from this time last year. I'll give a bit more guidance on that at the end of the presentation. Tax cash flow decreased slightly. The R&D credit, as you can see on the page. CapEx, including intangibles, I see a couple of comments coming on that. When you look at Mission Labs, we bought Mission Labs in H1 2021. Andrew's gonna talk a bit more about our product pipeline going forward, the products that we've already got in market. You know, Mission Labs continue to build that our own software solutions. The kind of run rate is very similar to actually H2 2021, as you can see in our H1 2022 numbers. That's just continuing as expected. Contingent consideration, I've already mentioned the GBP 1.6. I talked about the discounted value of GBP 10 million. We expect that to be roughly GBP 10.5 million undiscounted in cash, of which, you know, quite a lot is payable in relation to our HFO business, around GBP 8.6 million within the next 12 months, just to give you an understanding of the coming forthcoming contingent consideration payout. Final page, and again, happy at the end, after Andrew, to go into Q&A on some of these topics. Just reiterating, first of all, you know, very strong balance sheet, in a very good position to go into what we think, not for Gamma in itself, but the whole economy and macroeconomy and global economy is gonna be an interesting time as we're all well aware. There are inflationary pressures. We don't think they will materially impact in 2022. You've seen our good cost control in the first half of the year, but may slow the growth in adjusted EBITDA going forward. Just to be clear, slow the growth, not slow EBITDA, slow the growth of EBITDA. Over expectations, I think you've seen a continuing message from the AGM announcement through to the August 2nd announcement, through to these RNS, pretty much saying the same thing, which is both on EBITDA and EPS, we expect to be in the upper half of the range. We've given the ranges there just for completeness as we know that obviously analysts will potentially update their views going forward. UK corporation tax, stating obvious, 19% as the effective tax rate at the moment. Some of our European jurisdictions, such as Spain, already at the 25% mark. In the UK, we're still expecting till we hear otherwise for the increase in April 2023 to the 25% corporation tax. Cash conversion guidance, although we're outperforming in you know 94% this time last year 95% we are still you know we will still look to outperform. The guidance we are maintaining at the 85%-90% level. That concludes the whistle-stop tour. As I say, happy to take Q&A later on the topics. At this point, I'll pass back to Andrew. Bill, thank you very much indeed for doing that. I think I've got control back, which is absolutely great. As I sort of mentioned at the very outset of this morning's presentation, every time you look in the newspaper, every time you turn the television on, everybody's telling you that the economy is in terrible shape. What I wanted to do is set out what I see the growth drivers of Gamma being, certainly over the short to medium term. I guess what I'm also doing as part of that is, I think sometimes people perhaps need a little bit of reminding of what we actually do and what we actually sell, so hopefully we can cover that off a little bit. The other question we get a lot is Teams good thing, bad thing. I'm gonna explain to you why Teams is a good thing for Gamma. Where are we? Have I got control? Yes, I have got control. Excellent. Look, these are the sort of five drivers, and they're the same as we sort of listed out in the RNS. The other thing I probably should have said right at the beginning of this is I think Jamie mentioned we're recording it. We'll also make a transcript available once we've sorted out some of the AI amusement that generally comes into those transcripts. The five drivers of growth that I see. Look, the cloud communications market, Gamma's core market in the UK will continue to grow, and I'll give you some market stats on that. I'll give you the latest market stats on Europe. We see Europe is still hugely under-penetrated, and we see that as a great opportunity for us as a group. In our core cloud PBX products like Horizon, the product we've been selling in the UK for over 10 years now, I'll just explain to you how ARPUs are moving on that given the other bolt-on products that we've now built ourselves that sit around that core product. I'll talk to you a little bit about how SIP's evolving and why that's a good thing for us and what that's doing to ARPUs going forward. I'll explain why Teams, particularly in the enterprise space, why we see Teams as a good opportunity for us. I can't spend very long on this slide, but depending on who you talk to, the cloud comms market in the U.K. is somewhere between 30% and 40% penetrated. What that means, if you go back to basics of the things we've been talking about for the last seven or eight years in Gamma, as a business, your evolution in your communications was you started out life years ago with ISDN going into hardware PBX. You might then move to SIP, going into a hardware PBX, and then you may move to a wholly cloud solution. Over 60% of businesses in the U.K. have still got that hardware PBX. Over the course of the next four or five years, the number who are taking a cloud solution, as you can see there, is gonna more than double. That is an amazing opportunity for us in our home market, a market where we've historically done very well. Europe, the story's even better. The slide or the graph on the right is perhaps a little bit noisy, but what you're looking at is market penetration. I think that's the Y-axis. I've only got a degree in math, but I get confused easily. On the X-axis, you're looking at market size. What somebody in marketing has done is had a bit of fun, colored some things in with some flags and tried to make the bubbles look about the size of the market opportunity. You see that the largest market in Europe, as we know, UK, as I just said, it's around about 40% penetrated today. That's people who've moved from a hardware PBX onto a cloud solution, moving to somewhere around 80% over the next four or five years. Look at the other markets. Netherlands, quite a small market growing very quickly. Spain and Germany, the other two markets where we've acquired businesses, there's an awful lot of growth to go in there, and I'd call out Germany in particular. As of today, this chart from the market data that we've got from this particular consultancy, they're saying Germany's about 10% penetrated. I've seen consultants come up with lower figures than that. Over the course of the next four or five years, Germany becomes 30% penetrated. In five years' time, the German market, the people who've moved to cloud, is still smaller than the UK. There is a very, very long runway of growth for us to go in Germany. You know, that is, I think, the challenge for us, not just and I said short to medium term drivers, but this one particularly, Europe, is gonna be a long-term driver for Gamma, for many years to come. The challenge for us is to do in Germany what we've done in the UK and grow our business to a similar sort of size because the market is there. We continue to look for acquisitions across Europe, particularly in Benelux, Spain, Germany, particularly in the countries that we're already in. They just give us scale and they make us more efficient. I think either Bill or myself have already said we increased our cloud seats in Europe by 7% in the first half. I think if you go back two or three years at Capital Markets Day and other presentations, we were quoting market analysts who were saying by now the market in Europe will be growing at +20% per year. It isn't. We're not seeing it. Our competitors aren't seeing it if you have a look at their results. We've been growing 7% in the first half. We think that's in line with the market. We'd like to get it growing a little bit ahead of the market but, you know, the European growth is there. The other thing we've done in Europe, which is really, really important, is for the first time we've launched a product that was built in the UK into Europe, into the Netherlands. We've taken our Microsoft Operator Connect product, and we've launched that into the Netherlands. We have live customers using it as of today. Again, going forward, a feature of what we need to do to become more efficient as a business is to take those products that we're developing and launch them around the whole of Europe, not just in the UK. Again, that's a story that you'll see more of over the coming two-three years. What are those products? And this sort of takes us to the third trend. I might just sort of pause here 'cause it's quite a busy slide and try and explain to you what's going on. On the left-hand side of this slide, you've got Horizon, our cloud PBX product. We've been selling it for 10 years in the UK. We've got 700,000 users on it. The prices underneath, I should explain to you, they're not ARPUs in the traditional sense of what our ARPU is. They're our list prices. For commercial reasons, I'm not gonna tell you what our ARPUs are. By definition, half of the customers are below that price, half of the customers are above the price. This is the list price. If you want a cloud PBX seat on Gamma's Horizon, our list price for that, these are wholesale prices I should say, is GBP 8. You'll sign a three-year contract, we'll charge you GBP 8 a month a seat. There's been a lot of commentary over what's happening to that GBP 8, and we've never shied away from the fact there is pricing pressure in our market. There has been for the last 10 years, and we do our very best to combat that, and we do our very best to hold our pricing, and we'll talk a little bit about that in the current market. What we've also done to improve ARPU is we've built additional products that sit around that core product. Your core cloud PBX product enables you to make and receive calls, run voicemail, do call forwarding, all of that kind of stuff that you can do on your phone at work. That's what Horizon does. We launched Collaborate a couple of years ago. Collaborate enables you to do video calling. It enables you to set up video conferences. It's designed for small businesses. It's not designed to take on a Teams or something like that. It's designed as a bolt-on product for small businesses who need a level of functionality. If you take that, we'll charge you another GBP 3. The ARPU's just going up. If you don't want that, if you want Teams, we can integrate Horizon with Teams, and we'll charge you another GBP 1 for doing that. We don't get quite as much, but we're still pushing the ARPU. Teams, good thing, drives the ARPU. Call recording, we've been selling that in the UK for quite some time now. Generally, we make about GBP 1.50 per user if you're taking that. Contact that we launched last year. Cloud Contact enables you not just to communicate by voice, but also to pull together all the communication you're having with your customer, whether that's by email, whether that's by text, social media, so that you have a single pane of glass that helps you understand how you've been interacting with a customer. It's a highly functional product, and therefore it carries quite a high list price. Again, it's just kind of pushing the ARPU up the whole time as people take these modules. Are people actually taking these modules? Well, as I said, in the top left box there, Horizon, we've got over 700,000 seats now. We grew 6% in the first half. Collaborate, we're just under 70,000 seats now. Our Collaborate attachment penetration, if you like, is around about 10%. Just a little bit lower than 10% across the entire base in the UK. Teams, we've got 5,000 users now, integrating with Teams. As you can see, that's the fastest growing thing, probably from quite a low base. I, you know, wouldn't necessarily extrapolate that out too far. We are seeing Teams be used more in the enterprise space than in the small business space. You know, that may change over time. If people want to use Teams, we've got a solution to link that cloud PBX functionality with the collaborative functionality that Teams gives you. Voice recording growing up to 83,000 users. Again, over 10% of the base take voice recording from us. Horizon Contact, it's a specialist product, it won't appeal to everybody, but you know, growing quickly, again, from a low base that we launched it quite late. If you look at the products that we launched some time ago in the UK, so things like Collaborate, voice recording, we're up to around about a 10% penetration in our base. What we're doing is we're working with our own salespeople, and we're working with our channel partners to incentivize them to get these penetration levels even higher. Again, this is the sort of dynamic we have. When people want to talk to us about pricing, we want to talk to them about attachment rates and penetration and selling more of these products. Because both us and our channel partners, we can get a bigger share of wallet from our end users if we can sell these additional products, into our end user base. What about SIP? That was kind of PBX. SIP's evolving a bit as well. The movement from ISDN to SIP, if you remember, SIP is an ISDN replacement product. The ISDN network's being turned off in 2025. As people are moving from ISDN to SIP, we think about 80% of the market has now moved, and we are still gaining customers who are moving from ISDN to SIP. The base is still growing. We're also now seeing some of those customers move on, to alternative products, and it's just worth explaining how that works because, again, there's an ARPU impact. Again, what you're looking at here, these are list prices, not kind of technical ARPUs, but hopefully you'll understand why I'm using the term ARPU to try and explain what's going on. SIP trunking, our list in the UK now is GBP 5. It was GBP 4.50, but it's one of the areas we are pushing our pricing. SIP is now GBP 5 list price, and we generally think there's about four end users using a SIP trunk. It's about the number of concurrent calls, so you don't have more than 25% of your people on the phone at any time, therefore, you can get away with sort of one-four contention ratio. The ARPU, not the revenue per trunk, but per user is around about GBP 1.25. As I mentioned a few slides ago, if you're a SIP plus hardware PBX user who wants to move to a cloud solution, well, we'd love you to move to our Horizon product, and you can see from the earlier slide the ARPU we make on that is at least GBP 8. As people move from SIP to hardware onto a Horizon solution, and, you know, we see some of that going on now, you know, the ARPU opportunity for us is large. People ask us about Teams. A lot of people are using Teams, particularly larger businesses, so the top end of the SME space, the enterprise space, people are moving to Teams. At the moment if you want to liven up Teams using SIP, we call that something different because we just have to change the names of everything to confuse everyone and ourselves. You can use Microsoft Teams Direct Routing, you can use Operator Connect, and we think the ARPU for that is around about GBP 2.50. Again, if people are moving from SIP plus hardware to SIP plus Teams, so not only do they want to use Teams as a collaborative piece of software, but they want to be able to make and receive external calls basically using telephone numbers, we can increase our ARPU doing that. Again, Teams is a good thing for Gamma. Third thing we see people doing inevitably is moving from our SIP plus somebody's hardware onto somebody else's third party or UCaaS platform. That's less good for Gamma because we'd rather they were using Horizon, but you know, you have to accept occasionally you're gonna lose some users. It's not all bad because a lot of these over-the-top providers don't have a carrier capability in the U.K. Therefore, they need somebody like Gamma providing the service that we basically provide to Microsoft customers to enable people to just make and receive calls into the U.K. public telephony network. Because we're dealing with carriers and because we're dealing with them in slightly different ways, it's quite difficult to get to an ARPU. We think the ARPU is about 60p. The ARPU, there is an ARPU in there for us, it's a bit lower. What we would dearly love everybody to be doing is moving to our own Horizon solution. If they move to Teams, that's okay. If they move to a third party UCaaS provider, that's not as okay, but there's still a revenue opportunity in there for us. We talked about Teams a bit. We see Teams adoption growing, particularly enterprise and, as I say, the very top end of the SME market. I think I've probably covered all of this, but there are three ways that we can monetize Teams and get revenue from it. Firstly, if you want to be able to just make and receive calls from your Teams, you need something called Microsoft Teams Direct Routing, or you can buy it as Operator Connect through to the Microsoft website, and we are an Operator Connect provider both in the UK and the Netherlands. In the UK, we're one of only two Operator Connect providers that can sell through the channel. We're in quite a good position to leverage that Microsoft relationship. We also bought a business called Exactive over two years ago now, and Exactive has the capability to integrate Teams with other third-party products. You might want to integrate it with contact center or some sort of CRM. They have a number of tools, and one of their tools is called Cloud UCX that enables Exactive to help you do more with Teams. The third thing we can do on the right-hand side there is we can integrate our own cloud PBX product, Horizon, with Teams. Just very briefly on ESG. ESG really matters to Gamma. I think we really cared about ESG even before we even knew it as ESG. In the first half of the year, we've launched a new ESG website that's got a whole bunch of data on there. The address is at the bottom of the screen. I just wanted to call out a few things. We said before on the environment, Gamma will be carbon neutral by 2042. In terms of the bits that we can influence, what's called our Scope One and Scope Two emissions, not those of our suppliers, we're gonna reduce that by 90% by 2030. In the bits that we can really influence, we're gonna get there a long way before 2042, because it matters to us as a business that we do that. On the social side, we've done a lot of work in the first half on ED&I and again, you know, sitting in this seat now as an interim CEO, it hugely matters to me that everybody can have a job at Gamma, have a career at Gamma, and thrive at Gamma irrespective of their race, their gender, their sexuality, or their creed. It's one of the things that I personally care about a lot, and it's one of the things that, you know, Gamma will absolutely be known for. We're also very conscious that there are a number of people in Gamma who are really struggling at the moment with cost of living. I can't tell you exactly what we're gonna do because we haven't told those people, but in the next two- three days, we will be producing a series of measures, a package, for the lower paid people in Gamma to make sure that they're not choosing whether they eat or heat over this winter. It's gonna cost us a little bit of money, but it's the right thing to do. As Bill said, even doing that, we're still confident that we can hit the numbers that we said we were gonna hit. On governance, it's probably the time just to say we've changed the board a little bit in the first six months of this year. We've welcomed Bill, who you've now all met. We also welcomed Sean, who's come on as a non-exec. Now is very much the time for me, I think, to acknowledge the work Andrew Taylor has done over the last four years and to thank him very much indeed, for the platform that he has built with Gamma, to enable me to take Gamma forward for the next few years. Thank you very much indeed, Andrew. I also, just in passing, wanted to say thank you to two other non-execs, who've left Gamma in the first half. That's Andrew Stone and Long Peng Wu, who may not be known to you. They were the representative non-execs of Gamma's founder shareholders. Frankly, without them or without Gamma's founder shareholders who took a punt on a business 20 years ago, none of us would be here today. Thank you to those retiring directors for your service, and I'm very much looking forward to working with Bill and Sean and the rest of the board going forward. Let's have a look at the outlook. I think we've covered off most of this. Look, on the recession, in the last few weeks we've had the first conversations, and actually it was with our team in Germany, who are saying, "We are just beginning to see the first signs of recession. We're just beginning to see the first signs of hesitation of people buying. I suspect we'll see a little bit more of that as we move into the second half. We don't expect that's gonna affect 2022. As we've explained many times, Gamma's a bit of an oil tanker, and these things take a little while to kind of work through. Just to reiterate the points I made at the beginning. The services that we sell are absolutely critical to business users. We sell them on a recurring revenue basis, and our cash generation is very good. We are, we think, well-placed to deal with the recession. Inflation, as Bill explained, the main inflationary driver we have is wage costs. As I said a moment ago, we will do the right things by our employees, particularly those who are lower paid, because it's the right thing for us to do as a business. On pricing, there are areas where it's easier for us to push pricing than others, and we're working through all of that with our channel partner and our direct customers, to just make sure we do what's right and what's fair. As we've said many times on the supply chain, I think, you know, a number of businesses have got different issues. We are generally in a very good place on supply chain. I think as Bill said, where people want one or two very specific products, sometimes it can be a little bit harder for us to source them. We can generally get something that will provide the solution that a customer needs. Look, in terms of outlook, you know, as I've just said, we think recession is highly likely in Europe, but, you know, we'd rather it wasn't coming. If it's coming, we remain confident we'll be able to weather it, and probably weather it better than some of our competition. Our business model remains the same. It's recurring revenues, cash generation. We have a product set, and I hope you've seen that addresses all parts of the market, from the SME through to the enterprise, and all of those parts are growing. Current PBX penetration in the U.K. is below 50%. It will double over the next four or five years. We have a fantastic opportunity in our home market. We have, I think, an even better longer term opportunity in Europe. No, that's not coming through in the numbers just yet, but it is a long-term opportunity for us, and we still believe that. We continue to build products using our own IP, and we're very proud of the things that we've built, and we will carry on doing that. It just gives us more flexibility to deliver what our customers actually want. We continue to look for M&A opportunities, both in terms of European footprint and also some of those technology opportunities. I'm ever so sorry, I have absolutely gone on a little bit longer than I'd anticipated, and I can only apologize for that.