Good morning, everyone, from our studios in Paddington. As with our events, in-person results presentations are back. For people in the room, thank you for making the journey. For people joining us virtually, welcome to Hyve's interim results presentation. My name is Marina Calero, and I'm Group Investor Relations. I'm joined here today by our CEO, Mark Shashoua, and by John Gulliver, Chief Finance and Operations Officer. As ever, the appropriate disclaimer that goes with any of the forward-looking statements are at the back of the slide deck. Without further ado, I shall pass you on to Mark. Good morning. Welcome. Welcome, all of you live here at the studios. Welcome, everybody on the conference call and on the webinar. Thank you for joining us today for our interim results presentation. As usual, I'll start this morning with an overview of the business. John's gonna take you through the financial performance, and I'll wrap up before we open up for questions. As you all know, we have seen unprecedented challenges over the past two years, and the most recent six months have offered no respite. We started the financial year with a promising recovery as in-person events reopened in all of our major markets. This was tempered by the emergence of Omicron. At first, it affected timing of the shows at the start of this year, such as Bett. It delayed international travel recovery, with China still remaining closed. It also compounded global supply chain issues for certain sectors. The situation was made more profound due to the geopolitical challenges that followed Russia's invasion of Ukraine, as Russia was the legacy of our business, and we had operations in both countries. Here I stand at the half year, and I'm pleased to say that not only have we navigated through these potentially crippling challenges, but we have also advanced our strategic aims while seeing a strong recovery across our market-leading events. I'm incredibly proud of the way that our teams around the world, the board, and the exec committee have consistently worked through these challenges. We have been relentless in supporting the communities that we serve, relentless in continuing to adapt and evolve our business, and relentless in providing protection to our people affected by the Russian invasion of Ukraine. We continue to make the right cost and investment decisions that evolve the business away from more volatile geographies to a business that is centered around key sectors of growth globally in advanced economies. I'm also conscious that in these fluid times, it's difficult to understand the recovery and the evolving nature of our business. These are the facts as we close off the H1. Excluding our operations in Russia, we ran 21 in-person events, together with 8 tech-enabled meeting programs, which delivered revenue of GBP 58 million, up from GBP 5 million in the H1 of last year. Our in-person events are recovering faster than anticipated. Our sharp focus on market-leading events, gaining customer market share and spend is delivering positive results across all of the key metrics. Some of our events have already fully recovered, despite remaining international travel restrictions, in particular affecting Chinese customers. We have successfully exited Russia, ensuring value for shareholders, a stable solution for our people in Russia, as well as providing continuity for our customers worldwide. Exiting Russia has accelerated our strategy of focusing on market-leading shows in fast-growing sectors in advanced economies. Also, we have advanced our omni-channel strategy by completing two strategic acquisitions. 121 Group, a specialist omni-channel meetings provider for the commodities sector. And the US virtual meetings and events company, Fintech Meetup, allowing us to enter a new growth sector. We continue to develop our brands within sectors in which we are already present, which I'll expand on in the following slide. We closed the half year with a better than expected adjusted net debt of GBP 64 million and available liquidity of GBP 141 million, despite the existing global headwinds. At our full year results presentation in December, I shared the data with you from events we were able to run last year. It clearly demonstrated the resilience of our market-leading events, the benefits of our transformation program, and exceptional efforts of our teams. As I mentioned earlier, the recovery trend has continued into the H1 of this year, faster than we had anticipated. Supported by the easing of COVID-related restrictions and growing return of international travel, translating into another strong KPI performance. Customers continue to increase their investment into attendance of our market-leading events, spending nearly 15% more on a like-for-like basis than they did on the previous edition. As exhibitors continue to make their return to leading in-person events, so do our audience. This, in turn, is very well received, with NPS scores going from strength to strength. As some of our events are entering into the preparation for the second and third edition post FY19, it's no longer about the unfolding of pent-up demand, but more an indication of gaining market share from smaller events. This has accelerated forward bookings, which currently stand at GBP 118 million for 2022, compared to GBP 21 million at the same time last year. Our teams are not only staging must-attend events, they also respond to customer demands and launch innovative new products, such as Ahead by Bett, an event focused on higher education alongside Bett, our main EdTech event, Shoptalk Europe, which answers the demand for an e-commerce event of Shoptalk's caliber for the European market, and Green Energy Africa Summit, which will be hosted alongside Africa Oil Week in October. We continue with the rollout of hosted meetings across some of our key events, and also the launch of the first in-person Fintech Meetup event in Las Vegas in March 2023. We are recovering faster and taking the opportunity to add organic launches and brand extensions that will drive growth in the coming years. As I mentioned at the start, we, like most businesses with operations in Russia and Ukraine, had to deal with extraordinary challenges caused by the ongoing conflict. First and foremost, our priority throughout the crisis was and continues to be the well-being of our people. For our team of 87 in Ukraine, this has meant continuing to pay and bring forward salaries, helping with relocation, and maintaining regular communication and support. We've also continued to cover the operating expenses of the business in Ukraine throughout this period. Needless to say, all events in the region have been indefinitely postponed until the situation stabilizes. For our 206 people in Russia and those in other regions who support the Russian business, our primary concern was finding a solution that met our moral obligation, crystallized value for shareholders, and offered the staff ongoing stability. As you know, on the thirteenth of May, we formally concluded the disposal of our Russian business to an international buyer for a maximum consideration of GBP 72 million, wholly structured as an earn-out consideration payable over a ten-year period. We also retained approximately GBP 10 million from the Russian business prior to the closing of the sale. The decision to exit wasn't made lightly and reflects the significant challenges that would arise from us continuing to operate in Russia. Both COVID-19 and the conflict in Ukraine have accelerated the change, which was already well underway as part of our TAG program, which we completed in 2019. Hyve is simply unrecognizable in comparison to just five years ago. Before beginning our TAG program, Hyve ran 269 in-person events, of which approximately 90% were based in emerging markets, such as Russia, Turkey, Ukraine, Asia, and Central Asia. By the end of 2019, we had expanded our presence in advanced economies and just 55% of the portfolio was exposed to emerging markets. Today's de-risked portfolio of 50 market-leading in-person events and 21 tech-enabled meeting programs is now nearly 90% rooted in advanced economies. In that time, average revenue per event has increased more than sixfold. This streamlined de-risked portfolio of high-quality market-leading events puts us in a strong position to navigate through further challenges that may lie ahead. As we pursue our omnichannel further, our strategy further, classifying our events based on their geography will become less relevant, as this strategy sees us focused on advanced economies with a portfolio of international products. Therefore, looking ahead, we will refocus our categorization towards sectors rather than geographies to reflect the evolving nature of the business. For the last five years, we've been talking about changing customer needs. It's no longer enough to run a portfolio of annual B2B trade shows. The next generation of events brings together the best of the physical and online channels, making the most of advances in technology to improve the customer journey and also ensure the right connections are made across their respective ecosystems. Events are becoming year-round, omni-channel hubs for industry community engagement, to trade, to learn, and to network. Let me take e-commerce, retail, and grocery sector as an example. We run 3 market-leading in-person events for the e-commerce sector community every year on both sides of the Atlantic through two of our key brands, Shoptalk and Groceryshop. These are supplemented by an online program of tech-enabled meetups. The first Shoptalk run under Hyve ownership since the acquisition back in 2019 was a particular highlight. The last two events were canceled due to COVID, but this year's edition, held in March in its home in Las Vegas, outperformed all expectations and delivered a double-digit increase in revenue compared to the 2019 edition. This is despite some corporate travel restrictions at the time. Our facilitated meetings program was rolled out as part of the event. This exceptionally strong performance made Shoptalk 2022 the largest ever event by revenue for both the Shoptalk brand and for the group. Look, it's simply impossible to convey the scale and atmosphere of the event on a slide, so we've made a short video for you all. As you can all see, Shoptalk has set the bar high with a record-breaking performance. We're now looking forward to the first edition of Shoptalk Europe, which is gonna be held in London in the next few weeks, which has already significantly outperformed its acquisition case. While our in-person events are delivering a strong performance, we continue to grow and roll out our omni-channel offering across the portfolio. During the year, we successfully held facilitated meetings across four of our shows, at Shoptalk, Spring Fair, Bett, and Glee. The feedback from customers was very positive, and it's clear that facilitated meetings are certainly here to stay and grow, as connecting people throughout the event is an incredible way to drive return on investment for customers, which in turn will help drive retention and new business. Despite the macroeconomic challenges we have faced, two key acquisitions were secured within the period, which both strongly support our omnichannel development. We acquired 121 Group in November 2021. Their Cape Town event is highly complementary to our Mining Indaba event, and outperformed its 2019 edition, even though both events were postponed to May. Since the acquisition, we've made good progress on integration, and the 121 team has held seven in-person and online meeting programs already. In March this year, we acquired Fintech Meetup, adding a new and rapidly growing sector to our product portfolio. Following its 2021 inaugural edition, revenue for Fintech Meetup 2022, held under our ownership, more than doubled with well over 2,000 delegates participating in 25,000 meetings online. In response to demand, Fintech Meetup will launch its own in-person event in the U.S. in March next year. It's set to become the key kickoff event for the fintech industry at the start of each year. A groundbreaking facilitated meetings program will feature at the heart of the event, which will extend to the entire fintech ecosystem. We're very encouraged, both by the progress we've made in rolling out our omni-channel strategy and by the clear growth opportunities that lie ahead. With that, I'll now hand you over to John. Thank you, Mark. Good morning, everyone. As you just heard, it's been an eventful H1 for Hyve. We completed the acquisitions of 121 Group and Fintech Meetup, which are contributing to our results, as well as the disposal of our events in Russia. Russia is now a discontinued operation and is excluded from the numbers we are reporting this morning. COVID continues to cause some disruption in the H1, though it was much less significant than the prior year. Despite initial fears, the Omicron variant had limited impact outside China, and we have seen a strong recovery across our other markets. We managed to run most of our events, with the exception of China, and delivered revenues of GBP 58.6 million, compared to GBP 5 million for the H1 last year, and GBP 27.9 million for the full year. Profits of GBP 9.5 million were lower than the prior year, but were the result of improved trading, as opposed to insurance proceeds. Receipts from insurance claims totaled GBP 10.6 million, compared to GBP 49 million in the H1 last year. Profits excluding insurance were break even in the half, compared to a GBP 20 million loss in the prior year. Net debt improved to GBP 64.4 million, from GBP 79.9 million at the year-end. This has reduced at a faster pace than expected, supported by increased forward bookings and cash collections. Our balance sheet remains robust with available liquidity of GBP 141 million, and we have started a refinancing process to replace our existing facilities, which expire in December 2023. I reported strong forward bookings last December, and I'm pleased to say that these have continued to improve throughout the H1. Forward bookings for FY22 are GBP 118 million. While we are mindful of the current macroeconomic environment, we remain confident about a strong outturn for the financial year. In fact, we are seeing pretty much a full recovery in domestic bookings. International revenues are recovering faster than we expected, but are still lower than pre-COVID levels, especially for Chinese participants. Let's move on now to look at our event schedule. As I said earlier, we ran a complete schedule of events, barring two in China and two in Ukraine. We also had to postpone Mining Indaba and Paperex, which were due to take place in the H1 and have now taken place in the second. On a like-for-like basis, we ran 20 events, excluding one ABEC event in October pre-disposal, compared to just 6 in the prior period. We also ran eight tech-enabled programs compared to just one last year, which shows the evolution of our omni-channel strategy. Looking at the revenue performance, you can see a significant recovery from GBP 5 million in the H1 of FY21 to GBP 58 million this year. This compares with revenue of GBP 63 million for the H1 of FY20, reflecting both the changes in schedule I've just outlined, as well as a partial recovery in some of our events this year. Let's turn now to the revenue bridge. After discontinued operations, revenue for the H1 last year was GBP 5 million. Events that ran in China in FY21 but were unable to take place in FY22 reduced revenue by GBP 1.6 million. Events that ran in FY22 but were unable to take place in FY21 increased revenue by GBP 49.2 million. Revenues for events which traded in both periods were up GBP 600 thousand. The impact of timing and biennials resulted in an increase of half a million GBP. There was also a GBP 5.4 million contribution from the acquisitions of 121 Group and Fintech Meetup, and a reduction of half a million GBP as a result of the ABEC disposal. There was no movement in foreign exchange at a revenue level. Taken together, this resulted in revenues of GBP 58.6 million. Turning now to the profit bridge. When restated for discontinued operations, we reported a profit before tax of GBP 29.4 million in the H1 last year. There was a GBP 4.1 million impact from Chinese events that were canceled, including CHINACOAT in December. Events which resumed in FY22 delivered an uplift in profit of GBP 17.6 million. As a result of cancellations in Ukraine, costs of GBP 400 thousand were incurred. The GBP 600 thousand revenue improvement from events able to take place in both periods resulted in a GBP 400 thousand increase in profits. The impact of lower insurance proceeds is of course the most significant driver of lower profits. We received GBP 49 million in the prior period compared to GBP 10.6 million this year, resulting in a net negative impact of GBP 38.4 million. Biennials and timing contributed an increase of GBP 300 thousand. The 121 Group and Fintech Meetup acquisitions delivered an uplift of GBP 2.1 million, while the ABEC disposal had a net positive impact of GBP half a million. Finally, FX movements accounted for an increase of GBP 2.1 million. Despite a year-on-year reduction in headline profits, we are reporting a significant uplift in trading profits. Let me update you now on insurance. In addition to receiving GBP 10.6 million of proceeds under our FY21 policy during the H1, a further GBP 8.7 million has been paid more recently. This takes insurance income for the full year so far to GBP 19.3 million. Aggregate claims to date total GBP 106.3 million, meaning just GBP 5.7 million remains. Having insurance placed for our major events in FY20 and FY21 has enabled us to continue trading throughout the pandemic, and positioned us well to take advantage of the recovery this year. Turning now to net debt. We started the year with net debt of just under GBP 80 million. An inflow of GBP 16 million from operations reflects strong cash collections. As I just said, we also received GBP 10.6 million of insurance proceeds. There was a net cash outflow of GBP 23 million across acquisitions and disposals, funded in the case of 121 Group from an equity placement of GBP 28 million. Interest and tax in the half amounted to GBP 6 million, of which GBP 4 million was interest on our debt facilities. The only other outflow of note relates to CapEx and lease payments, totaling GBP 2.7 million. GBP 7.5 million of cash related to the Russia business is held for sale, so this is excluded from our reported net debt. Overall, this resulted in an improved net debt position of GBP 64.4 million. When we announced the details for the disposal of our Russian business, I updated guidance for year-end net debt to a range of between GBP 80 million and GBP 100 million. This reflected the estimated impact of not collecting cash for Russian events during the H2, as well as the cost of disposal. I am pleased to say that we have retained more cash flow from the Russian business than expected. As a result of this, together with strong forward bookings across our portfolio, I am now expecting net debt to be within our original guidance of GBP 70-90 million. This is despite having absorbed the $5 million acquisition cost of Fintech Meetup and the associated costs of the Russian disposal. Cash inflows from the portfolio are now weighted in favor of the H1, which has helped deliver our strong net debt position at the end of March. We do expect net debt to increase in the H2, reflecting the cash collection profile following the disposal of Russia. Finally, we will receive GBP 8.7 million of insurance proceeds in the H2, which offsets the anticipated deferred consideration payment on 121. Year-end net debt of GBP 70 million-GBP 90 million represents a positive position, and would mean we enter FY23 with available liquidity of between GBP 111 million and GBP 131 million. This gives a significant headroom above our liquidity covenants. As I reported last December, we have successfully extended our covenant waivers up to and including March 2023. A minimum liquidity covenant of GBP 40 million remains in place until then, with leverage and interest covenants resuming on a quarterly basis from June 2023. Our current facilities mature in December 2023, and we are already working with advisors and are in advanced stages of preparations to refinance. We are grateful to our lenders, and indeed all our stakeholders, for the ongoing support which has enabled us to complete two acquisitions and two disposals during the year. We expect the continued recovery across our portfolio, as well as our exit from Russia, to be viewed as positive as we look to refinance. However, we are mindful that debt markets are somewhat disrupted at present, and the cost of debt is rising as interest rates increase and risk appetite wanes. We intend to take advantage of windows of opportunity as markets open up, most likely in the autumn. Turning now to forward bookings, where momentum continued throughout the H1. I reported in December that our forward bookings for FY22 were GBP 108 million. This of course included Russia, which as you can see, accounted for about a third of those bookings. Bookings for FY22 currently stand at GBP 118 million. GBP 80 million of this comes from domestic customers, while GBP 38 million is from internationals. This represents revenues to date for shows which have already been held and those which are due to be held later in this financial year. We have included about GBP 10 million for three Chinese events where there is a risk of postponement or cancellation, but excluded any bookings for future Ukrainian events. As Mark mentioned earlier, we have revised our operating segments to reflect the way the business is now managed, more by sector and industry than geography. The global communities division has been split into three. EdTech and Commodities includes our Bett portfolio, Mining Indaba and Africa Oil Week. We are delighted to have just held Mining Indaba in South Africa for the first time since before the pandemic, and it was the largest Mining Indaba edition we have ever run. We ran Bett in March, which was also very successful, despite having been postponed from January due to Omicron. Revenue recovery across these events of between 60% and 80% was impacted by their timing in relation to when markets reopened, as well as international travel restrictions. For events in the H2, we expect further recovery driven by positive sector fundamentals and limited reliance on Chinese participants. The Retail, Manufacturing and Engineering segment includes the Breakbulk and CWIEME portfolios and UK retail events, a number of which have taken place for the first time since the pandemic. Recovery levels across the segment are 60%-80%, which reflects a significant reliance on Chinese participation, especially in retail and fashion, as well as supply chain challenges. Across Retail Tech and Fintech, which includes the Shoptalk and Fintech Meetup events, there is a very positive recovery. The recent edition of Shoptalk is a good example, outperforming the last pre-COVID edition. This segment is tracking to exceed pre-pandemic revenues for the full year due to sector strength, a lack of reliance on Chinese participation, and the relaxation of COVID restrictions. On a fully recovered basis, these three industry focus segments form nearly 90% of our revenues, with Retail Tech and Fintech the largest contributor at around 1/3 of revenues. This will increase in the near term as we scale up Shoptalk and Fintech Meetup. You can see how our portfolio has diversified away from emerging markets to focus on key industry sectors. We do still have two geographically managed divisions, Eastern and Southern Europe and Asia. Both have near and longer-term challenges, but now form a relatively small part of our business. Eastern and Southern Europe includes Ukraine, where we are not expecting to run events for the foreseeable future. It also includes Turkey, where our events have been recovering, but the market continues to be impacted by severe economic challenges, including high inflation and currency devaluation. Despite sector strength and early pandemic resilience, Asia is now our most challenged segment in terms of recovery due to the reintroduction of restrictions in China, and there is still considerable uncertainty about the timing of these markets reopening. In summary, we have seen a faster than expected recovery across our key sectors, running almost a complete schedule of events, and this gives us confidence of a full recovery in due course. However, we are mindful of increasing macroeconomic and geopolitical uncertainty, which we are monitoring carefully. In light of this, we continue to take a cautious approach to the reintroduction of costs. Retain flexibility to reduce them should economic headwinds impact the pace of recovery. We told you that following the Russian exit, we expected to return to pre-COVID margin levels in the medium term and would review our overhead cost base. As you can see here, we do expect to return to these levels by FY25, when we will look to balance good margins with investing in future growth. Our margins will be impacted in the short term as expected as we complete our recovery from COVID and build scale following the disposal of Russia, while also facing rising inflation and pressure on wage costs. We are investing in organic growth opportunities across our primary segments to accelerate the speed of recovery. As Mark said, we will launch a number of new in-person events, for example, Fintech Meetup next year, as well as Green Energy Africa Summit at Africa Oil Week. It is important that we invest in these launches and brand extensions in the near term to drive growth and improve the overall profitability of the group in the longer term. Thank you very much. I'll now hand back to Mark. Thank you, John. In summary, we have seen a faster than expected recovery of in-person events across our portfolio, with the exception of China that is still effectively closed. Customer like-for-like spend continues to increase as we gain customer market share from smaller, less relevant events. Our cash management and net debt position continues to strengthen. Yet it would be naive to believe, to think that the challenges are behind us, given the global macroeconomic headwinds. However, the changes in our portfolio makes us much better positioned for this new environment. We are now have a de-risked portfolio with a smaller number of bigger, better events focused on advanced economies and fast-growing sectors. We continue to enhance it by rolling out our omnichannel strategy, including tech-enabled meeting programs. We're in a better place to weather potential uncertain times ahead. As a result, we enter the H2 of this financial year with confidence, but also mindful and alert to any global economic and geopolitical challenges that may lie ahead. Thank you all very much. We're now gonna open up for questions. Okay. I think we're gonna do in three stages. I think the first questions we'll take from the room, then we'll move to the conference call and then to those who have written questions through the web, webinar. We'll start. If you could say your name and where, what organization you come from as well. Thanks so much. This is Alistair from Investec. A few from me. Firstly, I think, I guess one for John. I think one of your slides you noted the debt structure you wanted a debt structure to allow sort of strategic plans. Would you like to actually de-lever as part of that? And how do you think about where your sort of target leverage might be over the medium term? Then on the sort of omnichannel sort of strategy- Mm-hmm. You know, you've talked about sort of expanding that. How much of your portfolio as it is today can support those facilitating meetings, online meetups? Or do you need to be sort of acquiring more events that then can support those? Mm-hmm. Lastly, you've sort of given some margin targets, I guess, overall. Could you talk about what cost savings in terms of your overhead you might be making post the Russian exit, that are contributing towards achieving those? Thanks a lot. Okay. Do you want to take that? I'll do that. Yeah, do that, then I'll do the omnichannel. I think the first thing to say, Alistair, in terms of the sort of amount of leverage in the business, that what we can see from our sort of 2, 3, 4-year plan is a natural deleveraging as we get to scale. We know that's kind of built in. I think what we would look to do in obviously the near term is to manage the leverage levels, 'cause obviously they are higher than we would like. What we want to get is in the future to have flexibility to make acquisitions at the point that it's right to do so. I guess we're looking to get a balance between you know, managing the leverage position, but also giving ourselves flexibility for the future. I think in terms of, you know, target leverage levels, we would certainly look to try and get back to between 1 and 2 times. In terms of the omnichannel portfolio, we have rolled it out to... Obviously we had it already with Shoptalk and with Groceryshop. We will continue to roll that out in any geo clone of a Shoptalk and Groceryshop, so Shoptalk Europe will have the hosted meetings. We have launched it at Bett this year. We have launched it at Spring Fair this year. We have launched it, and obviously we have Fintech Meetup as well. We will continue to do that. We trialed it at CWIEME, it went very well. We will trial it at Breakbulk next year. For a large percentage of our portfolio, I would say we will be rolling it out. However, there is a difference between the type of hosted meetings. For events like Spring Fair, Autumn Fair, Glee, these are traditional trade fairs. These hosted meetings are very much to drive retention of customers and improvement of customer market share as in spend, as well as driving new business. Yeah? It's a different. The principle is the same, but with an event like Shoptalk and Groceryshop and Bett and Fintech, these are sectors that are very fast evolving. It solves the network effect at those type of events, you know, which are more congresses than specific trade fairs. Hopefully that answers your question. As time goes on, we will look at other sectors that do lend itself to these type of programs, for more the network effect than traditional trade processes. Going back to costs. Yeah, thanks for the question on costs, Alistair. Look, we obviously commented on the fact that we would review our costs at the time that we announced the disposal of the Russian business. I think, you know, as I've thought about the cost review exercise, it's not about filling the gap that Russia's left. What is the right cost base, this business and this portfolio moving forward? I think on the one hand, you know, there is some simplicity, hopefully you're seeing that from our sector focus. You know, and in time that will drive efficiencies for us. On the other hand, we can see significant organic growth opportunities, which, you know, given we are looking to scale the business, I think we have to seriously commit to. As you know, with our model, that comes to investing, you know, a year or even two years up front. We kind of looked at that quite carefully and, you know, tried to be quite balanced around the costs. Having said that, we have looked to take a number of actions and, you know, there's sort of three ways in which I think about the costs, really. Although it seems a long time ago, you know, we took pretty significant cost action in response to COVID. I think I said, at the time we were taking about GBP 44 million of annualized costs out the business, and that about a third of those would be permanent. But clearly, there's been sort of lots of movements in the cost base. you know, given really the sort of two significant areas of the sort of permanent cost savings were either in the venue renegotiations we did or some of the restructuring we did, we believe those cost savings remain today, and we benefit from those efficiencies. That's about GBP 14 million. The second area we looked at is obviously with the disposal of the Russian business, there are naturally costs associated with serving the Russian business that we no longer need. Clearly the direct costs of running the business in Russia, but also our Dubai operation, some of our Beijing outbound sales operations, some of our London sales operation, some overhead costs, IT and other things. That's about GBP 30 million of costs that are associated with the disposal of the Russian business. Look, the third area we have looked to tighten our belts, as it were, on sort of overhead costs where we can. We think there's another sort of GBP 3-4 million there. I think, look, if I come back to my point, I think it's about a balanced approach at this point. You know, we've referenced some of the headwinds that, you know, we could be facing in the sort of foreseeable future. We have levers to pull to reduce costs further if we need to. I think one of the good things about the pandemic, we demonstrated to ourselves that our cost base is perhaps more flexible than we and others might have realized. I look at the cost, yes. I think if you add that up, that's a sort of good sort of GBP 50 million, compared to a sort of 2019 base. Slightly long answer, but. All right. Any other questions? Thank you. This is Simon Sheridan from Berenberg speaking. My first question, just about the comparison between 2022 and your pre-pandemic shows. I think on slide 21, you had some helpful figures there. I just wanted to understand that. Is that comparing solely the 2022 show to the pre-pandemic show, or do you include some obvious sort of new expansions to those shows in your 2022 figure? My second question is about your cost structure. If I'm thinking about venue costs and labor costs, how have they been trending recently? Would you say you've been able to achieve pricing on the exhibitors side that outpaces that? Finally, just in terms of your omnichannel approach, would you say there's been any potential for cannibalization at all from the digital side to the sort of actual physical show, or has it been completely additive in your experience so far? Okay. Thank you. I'll happily. Shall I do 21 and then? Yeah. I'll do the last one. You've got more presentation. I have. I still have to take it. Yeah, we'll share it. In terms of the percentages, it is very much like for like to 2019. But again, but also just to clarify, it's very much dependent on when the event was held, right? That's why the percentage is what the percentage is, you know? For example, Bett, largest EdTech show that we run, it's one of the largest in the world. It was held. It was supposed to be held in January. Omicron hit, and it had travel restrictions. When we moved it to March, the venue didn't have as much space as we needed. It's all relative, but it is like for like, is the simple answer to your question, to 2019. That's what's taking the time with some of the recovery is sometimes it's just, when you postpone a show, you can't get as much space. Do you see what I mean? It's relative, is what I say. It is like for like. Then this cost question is? Pricing. Pricing. Cost inflation. Yes. Let's take venues first. Our venues in the main are subject to long-ish term contracts. In most cases, we benefit from a cap only gonna help us. Wages, very different. I would say, I mean, I'm sure you all, you know, you're all seeing, everybody's seeing pressure on wage inflation. That's pretty consistent across many of our markets. That certainly you know is kind of the early part of how we sort of manage inflation from a cost and revenue perspective. Certainly that's kind of leading our cost pressure. We are pretty sophisticated at managing our pricing across the various markets. We have a yield-based pricing approach where we look to optimize that. Yes, I give Turkey as an example, inflation is currently 70%. You know, we are consistently passing on those kind of level of price increases to customers in that market. Ironically, it sometimes seems a bit easier to pass on 70% price increase than 3 or 4, where people have got used to very low inflation. Mm. We're very sort of sophisticated at doing that. We need to be, because the nature of our model is we rebook quite a lot of our revenues on-site, so we have to agree price increases before, obviously, a lot of the sort of cost increases come later. We're managing that carefully. You know, clearly there are different pressures around when it comes to sort of inflation. In terms of the omni channel, at the moment, we're seeing purely as additive, and that's largely for two reasons. The first is it's completely different price points. You know, if you're looking at Shoptalk, you come to an in-person event, and you're you know, there's multiple reasons to go to an in-person event, whether it's the content live, it's the engagement, the networking with the customers to see the new products, to experience community with your sector. A meetup, which is a different timing later in the year, and it is a touch point whose sole purpose of that meetup is to connect somebody largely for lead gen. Yeah? It's completely different, and the price point is completely different. At the moment, again, it's very early stages, but it is broadly, it's additive that we're seeing. Other questions? We have two more in the front. Hi, Steve Liechti from Numis. Just going back to your sort of percentage indexes, have you got any sort of up-to-date data, maybe on booking data links? If you took the B2B, the international travel bit and, okay, China's not gonna be great. Mm. Let's forget about that for a second. If you X out China, what do you think, B2B international exhibitors or travelers are indexing at now on an ex China basis, if that makes sense? That's the first question. Second question, I'm slightly lost on working capital as always. Yes. Could you just give us any sort of walk through for the full year on working capital expectations to get to your sort of debt target zone? And then finally, just on margin, just so I understand what you're saying, I know 2025 is sort of midterm, but are you saying this business really is now, given your growth aspirations, a 25% margin business? Or is it a sort of high twenties% business in the sort of long term like it used to be? Again, hopefully I'm clear in what I'm asking. Mm-hmm. In terms of international travel, and this is maybe frustrating, but it completely depends on the timing of the event, right? Broadly, today, we are seeing international travel coming back to where it was pre-COVID-19, right? Examples when John said Mining Indaba was the largest Mining Indaba event ever in our ownership. Well, actually, that is a very, very international event. People come from all over the world to go to South Africa. Quid pro quo then when I mentioned Bett before, that was because it was in January, there were still quite significant COVID corporate travel bans, especially in particular from America, to go outside of America. As every month goes on, you're seeing more and more international travel resume. We just had Breakbulk, which was, what? Two weeks ago. Largest Breakbulk that we've run. Again, very international. Just happens to be held in Rotterdam this year. It's a very international event. They come from all over Europe. I think that, hopefully that answers your question. Yeah. I do wanna point. Mm. Again, Chinese excluded. You know, they are broadly somewhat traveling, but very small. I mean, it's tiny percentage. Yeah. Yeah. The working capital, Steve, thank you for that question. I think if you look at the slide eighteen, isn't it? I guess what we've had the opportunity in the last three or four weeks to look at, you know, all the kinda metrics without Russia. What you can see there, if you look at the revenue profile now, as we look forward, this is on a fully recovered basis, okay? This is our financial year, Q4. Q4 is now 20%. Q1 is 5%. We're really looking at, for the rest of the sort of half of this calendar now, second half of the calendar, to only run 25% of our revenue. Of course, moving forward now, we are collecting cash for those events. It follows that in our H1 of our financial year, we've collected way more than half our cash for the financial year. It's somewhat inflating our 64 million of net debt at the year-end. I suppose if I try and give you a data point to look at that, I said without insurance, we were break even, and yet we've got 16-17 million GBP cash inflow from operations. You can see, you know, the benefit we're getting in the H1. The other piece which, you know, we'd need to sort of look at, moving forward is more of our revenues are now coming from delegate revenues. The likes of a Shoptalk, a Mining Indaba, a Groceryshop. They are more delegate revenues than they are, obviously exhibition revenues, and they come much later in the show cycle. That is gonna skew the cash more, towards those events, which again, you know, a big chunk of those are in Q2 of our financial year now. We collect more cash there. Really that is the biggest factor that explains why we're gonna go from GBP 64 million at the half to somewhere between GBP 70 million and GBP 90 million at the year-end. You've got the insurance receipts. That help to clarify? bit much, much more To say which way. Yeah. Margin. The question on the margins. I suppose, so you're asking aspiration. Look, I think the first thing obviously we wanted to signal was that we do expect to return to pre-COVID margins in the medium term. Look, I think there is an aspiration that our margins should grow. Improving margins. I think what sort of I'm trying to recognize certainly in the next couple of years is the need to invest in the organic growth rather than sort of acquisitions, which of course will press margins in the near term. I always say we do want to get a balance between being high margin and investing in future growth. Look, I think aspirationally there is the opportunity to have higher margins. Tom here from Citi. Thank you very much. Just the one question. On the bridges, you've got essentially, I think it's GBP 45 million of sort of incremental revenue coming in from shows that didn't run sort of last year, and then something like GBP 17 million of profit. Sort of implying about a 35% drop through. I'm just interested in whether that 35% drop through is what you would sort of guide us to traditionally expect on recovering revenue, or is there something around the launch of the omnichannel revenue that's making that drop through less pronounced? Yes. I think a couple of things. Well, first thing to say is I think in, you know, in a fully recovered basis, we would expect our drop-through to be higher than that, clearly at an event level. I think there's a couple of things going on. One, you know, a number of the events are still not back to scale. So the margin drop through wouldn't be as high. As you rightly identify, you know, there are both of those factors are impacting the drop through in the H1. Okay. I think that covers the questions in the room. I think we're gonna move to the conference call. If there are any questions on the call. If you would like to ask a question on today's conference, please press star one on your telephone keypad now, and you will be advised when to ask your question. That was star one on your telephone keypad. We currently have no questions coming through via the audio lines. That's all right. Well, we have a question through the webinar. The first question is from Fiona at Edison Group. It's on the new operating segments, can you just explain the groupings? Is there some commonality? That's one question. The second question is, looking at slide eight, can you talk a bit more about how the margin responds as the income sources evolve? Should I do the first one? Mm-hmm. You do the second? Let's get the what slide is it? This one is yours. The segment is, yes, there is commonality. Let's just look at. Here we go. It's on page 21 of this, of the deck. A large amount of it is also very much to do with how those sectors respond to digital adoption. Yeah? For example, retail tech and fintech, those are grouped because they are also primarily they're based out from America. They are very much solving what we call the network effect. These are congresses as well. The omnichannel strategy is largely to connect everybody within that ecosystem, both at the event and then throughout the year at different meetups. Yeah? It's a specific type of event and sector. That's why they're grouped together. Retail, manufacturing and engineering, these are very strong industrial trade fairs. Therefore it makes sense that they're grouped together. They have a different growth pattern as well. The omnichannel and doing hosted meetings as I was answering, I think it was Alex's question at the beginning. The meetings for them is largely to drive retention. Yeah. Retention and new business, and bring in an appropriate level of buyers to those particular shows. Whereas for retail and fintech, in particular, the hosted meetings, yes, you're bringing in the right buyers, but you're also going to massively monetize them as well, right? This is the network effect of everybody within that sector. Then the EdTech in commodities, it makes sense as well. This is EdTech show. This is a sort of combination of the full ecosystem events like Retail Tech and Fintech. It is a trade fair of which we're evolving into an ecosystem. It's more of an evolution, you know, and that's why they're grouped together. Obviously Eastern Southern Europe and Asia, the two geographical last parts of the business. Okay. That's the first one. The second one is looking at slide 8, can you talk a bit more about how the margin responds as the income sources evolve? I think this goes back to my comment around sort of increasing digital revenues underpinning. Yeah, these new revenue streams are obviously more profitable than taking space in the venue and charging for space. Over time, as we scale those, it's definitely going to improve the margin. I think there's other sort of indirect benefits. You know, the reason we do this is to improve you know the ROI for our customers, which we would hope would lead to higher retention levels and customers spending more with us. As these income streams evolve, it definitely is obviously gonna help our margin grow. Okay. Then we have a question also. It's two questions. The first is, given the success of Shoptalk and the ongoing recovery, what is the revenue potential of the fully recovered portfolio in two to three years time? Look, we're not giving forecasts at this stage. I'm sure many of the people in this room and online, in terms of analysts, will be giving what their view is of the business over the next two to three years. The second part we can answer. How do you see pricing for next year's events considering current? I think I've largely. Price rise is pretty much across the board. We are responding as well as we can. Okay. I think it's time's up. We're wrapping up. I just wanted to sort of take this time on behalf of John and myself. Look, thank you all for your time. Thank you for your patience, and ultimately, thank you for your support. It's been another very, you know, interesting six months, let's put it that way. We've, as we said, we feel that we're coming out of it very strong, as you can see, with the recovery of the shows. Thank you all very much for your time. Thank you. Bye-bye.