Welcome to the Keywords Studios full year results webinar. All attendees are in listen only mode. At the end of the presentation, there will be the opportunity to ask questions. There's a PDF of the slides on the right-hand side, and this webinar is being recorded. I now hand over to Jon Hauck and Sonia Sedler, joint interim CEOs. Jon, over to you. Many thanks. Morning, everyone. It's great to see so many people taking the time to join us this morning for our 2020 results webinar. We're obviously sorry that we can't do this in person, but here's to hoping that we might be able to see each other face to face later on in the year. Before we get into the main presentation, Sonia and I did want to make a few opening remarks about the situation with Andrew Day. As you all know, Andrew would typically host these presentations, but you will have seen from our RNS last week that he's currently away from the business focusing on his health. We don't want to elaborate on his health, as I'm sure you will understand that it's a private matter for him. We obviously wish him a speedy recovery and look forward to welcoming him back in the business. What I would say is that he's very much committed to returning upon his recovery, but that we're in a fortunate position of having considerably built out our leadership bench strength across the business in recent years as we've grown. That's included putting in place strong leadership for each of our service lines, as well as across the key regions, alongside a dedicated M&A team. Most recently, with the appointment of Sonia. Sonia will introduce herself to you later, but she brings a wealth of operational and business development experience to Keywords from some of the largest global professional services companies in the world, companies like Accenture, Sutherland, and most recently Diebold Nixdorf. We're obviously delighted that she has joined the business to support our growth going forward. Sonia and I will be splitting Andrew's duties between us. While Andrew's away, with Sonia focusing leading on the operational performance of the business, including our organic growth agenda, and I'll be focusing on the market-facing activities in the M&A, both of which are areas that I was already heavily involved in. Moving on to the presentation, if you could skip to slide three, if you would. I'll start by providing a summary of the highlights of our performance in 2020. I'm then going to hand over to myself to go through the financial performance in a bit more detail before handing over to Sonia, who'll provide an overview of our strategic progress and the outlook for our service lines. We'll then finish with some closing remarks. There'll be an opportunity for some questions at the end. If you can move on to the next slide. That we're really pleased to be sharing a strong set of results with you that saw robust revenue growth despite the clear constraints of the global pandemic. This has been driven by the continued strong demand for our services and the resilience of our business model, which enabled us to act with agility to respond to pretty dramatic changes to the way we work. At the end of the year, we still have almost 7,000 of our people working from home, and we've continued to deliver the excellent service that our clients have come to expect. Sonia and I would like to thank everyone at Keywords for their continued hard work throughout 2020. The group's strong response to the challenges created by the pandemic enabled us to continue to increase our profitability and cash generation during the year, further strengthening our strong balance sheet and liquidity. In May, we successfully completed a EUR 110 million placing that was well supported by shareholders. We're pleased to have been able to continue the highly successful M&A program that has always been an integral part of our strategy, adding breadth and depth to the group's services, particularly in game development and marketing. We've made eight acquisitions since the placing, including the acquisition of Tantalus that we announced last week, and which marks our first entrance into the Australia market. We started this year strongly. It's clear to us that the demand outlook remains strong for 2021 and beyond as video game publishers and developers are putting more focus on content creation this year, aided by the next generation of consoles that came to the market towards the end of last year. I'll come onto this in a little bit more detail later in the presentation, but we have recognized the increasing importance of ESG, and I'm really pleased with the progress that we've made on our responsible business agenda and the role that our business plays in our communities and the environment. Looking ahead, we're in really good shape to continue to cement our position as the go-to provider for technical and creative services through both organic and acquisitive growth. If you can move to the next slide. Coming on to the financial highlights of 2020, we're really pleased to have delivered a strong performance. Despite the COVID-19 constraints in the year, we saw a 14.4% increase in revenues to EUR 373.5 million in 2020. On an organic basis, revenues increased by 11.7%, which reflected a much stronger second half following the particular disruption seen with the early onset of the pandemic in the first half of the year. Pleasingly, full year adjusted EBITDA was up 28.8% to EUR 74.2 million, reflecting a 2.3 percentage points increase in our EBITDA margin. I'll provide a bit more detail on what's behind that performance and how we're converting that performance into strong cash flows in the financial review section a bit later. Moving to acquisitions on the next slide. We were determined not to allow COVID-19 to halt our M&A program and recognized early on the potential that the crisis gave us to enhance expansion. The equity placing in May provided us with the flexibility to capitalize on a strong pipeline of opportunities, with a particular focus on building out our Game Development and Marketing Services to position them as the go-to providers of choice in their segments. Since the successful placing, we've completed eight high-quality acquisitions, which we're thrilled to welcome to the Keywords family. Maverick Media, gnet, and Indigo Pearl have added some significant scale to our Marketing Services business, and it's now reached a size where we intend to report on it as a separate service line in 2021. Coconut Lizard, High Voltage and Heavy Iron brought three high-quality studios into the Game Development Service Line. Most recently, we announced the acquisition of a majority stake in Tantalus Media, which takes us to Australia for the first time with a leading provider of game development services within the region. This gives us a great opportunity to work with Tom Crago and his team to expand our game development services in that region organically and acquisitively, as well as seeding additional services into that business over time. Sonia will provide a bit more detail later on, but we continue to see a strong pipeline for further M&A. Whilst our primary focus remains on game development and marketing services, we will look selectively to acquiring other service lines where the right opportunities arise. Next slide, please. As I said earlier, we're pleased on the progress we've made on our responsible business agenda. We've always taken conducting our business responsibly very seriously. We recognize the increased focus on ESG. We aim to operate the business with the highest levels of honesty, integrity, and ethical conduct throughout everything we do, including the role that our business plays in the many communities it's involved in around the world and the impact it has on the environment. Over the last year, I think we've made some really good progress on our six priority areas of people, diversity, customer centricity and innovation, communities, and the environment, all underpinned by appropriate governance. During the year, we established the Global Diversity and Inclusion Council, as well as introducing unconscious bias training for individuals in hiring roles across the group. We also enhanced and relaunched our code of conduct, which is now available in 12 languages and is published on our website. We've also introduced the Keywords Care Scheme, which aims to encourage local community outreach efforts by matching the funds raised by our teams around the globe. Closer to home, we set up a EUR 500,000 hardship fund to help out any of our people who have been particularly affected by the pandemic. For the first time as a business, we quantified our global greenhouse gas emissions, focusing on Scope 1 and Scope 2 emissions, and giving us a starting point from which to set targets and measure our success going forward. There's still lots to be done, but as I said, we're committed to continuing to improve across all of our priority areas and to help drive our performance. We've established a responsible business committee of the board to monitor and report on that progress going forward. In this next section, I'm going to quickly run through the key financial highlights for the year in a bit more detail. Moving on to the next slide, please. As I mentioned earlier, total revenue for the group grew by 14.4% in 2020. Organic revenue, which excludes the impact of acquisitions and currency movements, grew by 11.7% in the year. As I'm sure everyone knows, revenue growth in the first half of the year was held back by the studio closures, particularly in our audio and testing businesses. The business delivered a much stronger performance in the second half of the year, with organic revenue growth of 15% and with all of our businesses settling down into the new ways of remote working. Adjusted EBITDA, which excludes depreciation and amortization, share option expenses, and M&A costs, increased by 28.8% to EUR 74.2 million. The group also received EUR 9 million in COVID-related employment retention subsidies, primarily in North America. Given the non-recurring nature of this income, this has been excluded as well from our adjusted EBITDA measure. This resulted in an adjusted EBITDA margin of 19.9%, representing an increase of 2.3 percentage points on the prior year. The margin was held back by the revenue shortfalls as a result of COVID versus our original expectations, particularly in the first half of the year. This was largely offset by a number of areas where we were not able to spend as much as we would usually expect, particularly in things like business development, some marketing expenditure, and travel more generally. Adjusted profit before tax increased by 34.5% to EUR 55 million, with the margin increasing by 2.2 percentage points to 14.7% and back in line with our historic norms of between 14% and 15%. Profit before tax on a statutory basis increased by 87.1%, reflecting the increase in adjusted PBT and the COVID-19 subsidy income I mentioned earlier, offset by a net foreign currency charge of EUR 6 million and an increase in the charge for share option schemes driven by our share price performance. The business delivered free cash flow of EUR 53.4 million, marking a good improvement over the prior year, and I'll provide a little bit more detail on the key pieces of the cash performance in a few more slides. Now turning to the service line performance on the next chart. Art and marketing services grew 17.9% organically. As some of you may recall, our Chinese business was one of the first to be impacted by COVID-19, with the closure of our five studios in late February. Some of our marketing businesses were held back in the first half as marketing plans were reassessed as a result of the initial disruption. Both businesses delivered a strong organic performance in the second half, with some catch up on the work that was delayed from the first half and resulting in an organic growth of 28% in H2. Game development, which is now our largest service line, delivered a strong revenue performance with organic revenue growth growing by 17.1% in the year. This was supported by a very smooth transition to the work from home model and continued recruitment across all of our studios, which allowed us to meet the continued strong demand and resulted in a good growth performance, particularly given the very strong comparatives in the prior year. Total revenue growth in our audio service line was up 12.7%, which includes the impact of the TV+Synchron acquisition in the prior year. Organic revenue growth for the year was 5.8%, and as we said before, the audio business was particularly impacted by the studio closures, which reduced our voiceover recording capacity in the first half. In the second half, we were able to reopen most of our studios, resulting in a much stronger performance with organic growth of 8% versus the flat revenue growth in H1. We've also developed a remote recording solution, which has proven to be a pretty reliable alternative to in-studio recording should we need to close our studios again in the future. Functional testing delivered a 6.1% organic revenue growth, representing a pretty robust performance given the operational constraints caused by COVID-19 in the first half. Our work in this service line typically needed to be performed in secure facilities and so was effectively put on hold when the studios were closed in late March. In consultation with our clients, the business worked very quickly to move the majority of our teams to remote working arrangements, and most of the work was transitioned by the end of the first half, resulting in a stronger performance in the second half with organic growth of just above 20%. Organic revenue in our localization service line finished the year down 4% in 2020. This performance was held back throughout the year by delays in the receipt of content as production schedules further upstream were disrupted at some of our clients. The second half did improve, we're expecting to deliver an improved performance again in 2021. Localization testing delivered organic revenue growth of 4.4% in the year. This service line, in addition to facing the similar constraints of our functional testing business, has also been impacted by some lack of native language resources due to the travel restrictions as a result of the pandemic. Again, delivered an improved revenue growth of 6% in the second half compared to 1.9% growth in H1. Finally, player support returned to growth in 2020, delivering 17.5% organic growth. This business was able to transition all teams around the world to remote working arrangements and benefited from new business wins and also some increased demand as a result of the increased player activity in the year. Now turning to cash flow. Next chart, please. In overall terms, free cash flow increased by EUR 39.8 million in the year. This was driven by the EUR 16.6 million increase in EBITDA and also a EUR 6.5 million reduction in the cash outflow for MMTC and VGTR credits. This includes around EUR 3 million of accelerated receipts as a result of COVID-19 that would have otherwise been received in 2021. As a reminder, these are labor credits that are earned during the year as work is produced but are not typically collected until the following year, resulting in a natural timing difference. Other working capital was pretty steady, but it was good to see another improvement with our trade receivable days, which were down from 44 at the end of 2019 to 42 days at the end of the year. We did see a slight increase in CapEx for the full year, which was driven by an increase in equipment expenditure as a result of the working from home arrangements that required some additional investment, partially offset by a reduction in the expansionary CapEx in 2020 compared to 2019. As I mentioned earlier, we also received EUR 9 million of subsidies, which we obviously didn't have in the prior year. Our cash tax decreased by EUR 8.8 million, largely driven by around EUR 5 million of tax payments in 2009 that related to 2018, but also the carry-forward of a larger tax creditor at the end of 2020 due to phasing. This all resulted in an improvement in the adjusted cash conversion rate to 97% from 80% in the prior year, albeit benefiting from some of the timing differences that I mentioned earlier. Next slide, please. Spend on acquisitions amounted to EUR 42.1 million in the year, including EUR 39.9 of cash spent on the six acquisitions that we completed in 2020. A further cash spend of approximately EUR 18 million has been made so far in 2021 following the completion of Heavy Iron in January and the acquisition of Tantalus that we announced last week. Our successful placing in May 2020 resulted in net proceeds of just over EUR 110 million, and this, together with the increase in free cash flow, resulted in an increase in net cash of EUR 124.3 million in 2020, compared to a decrease of EUR 18.3 million in the prior year. As a result, this resulted in net cash at the end of December of EUR 102.9 million versus net debt at the start of the year of EUR 17.9 million. Now on to my last slide before I hand over to Sonia. I just had a few comments on the strength of the balance sheet and some guidance for 2021. We exited 2020 with a very strong balance sheet, with liquidity of just over EUR 200 million through a combination of net cash of EUR 103 million held at the end of the year and a further EUR 100 million of committed headroom under our RCF, which is currently undrawn. Given the cash generative nature of the business, this puts us in a strong position to continue to invest in the business and execute on our acquisition strategy. Now a few additional elements of guidance for your models. We've made a good start to the year, with the momentum in the second half of 2020 flowing into 2021, offset by the full year impact of the weakening of the US dollar in the second half of 2020. Assuming rates remain at their current levels, that should have a full year impact flowing through into the 2021 year. In addition, 2021 revenue will benefit from the additional contribution of the Tantalus acquisition that we announced recently. Adjusted PBT margins are expected to be maintained following the improvements in 2020, within our 14%-15% historical range. The effective tax rate is expected to be in line with 2020, a rate of around 21%. We are anticipating CapEx at the higher end to 2020 relative to revenue, reflecting some expansionary CapEx and investment in equipment to support the new console cycle. We're expecting to maintain an overall cash conversion rate of around 80%, representing a slight reduction upon 2020 and reflecting the unwind of some of the phasing benefits in 2020 that I mentioned earlier. With the exception of the incremental impact of the Tantalus acquisition, all of the above items are reflected in the current revenue and profit market consensus for 2021. With that, I will now hand you over to Sonia. Thank you, Jon, and good morning, everyone. Thanks so much for taking the time to join us on today's call. Since joining the business, I've been really impressed with the scale, depth, and breadth of the Keywords business. Our team of over 9,000 of the very best people who deliver on our commitment to create value for our clients, our people, our shareholders, and the communities in which we live and work. I'm now going to give you an overview of our strategy and update you on our continued progress, as well as detailing our growth drivers and the outlook for each of our service lines. Next slide, please. Just a reminder of our strategy for those people joining us who are new to Keywords. As Jon mentioned earlier, we're continuing to deliver on our vision to become the go-to provider for technical and creative services for the global video games industry. At the same time, we continue to differentiate ourselves from everyone else in this highly fragmented market by providing a unique end-to-end game life cycle and global services platform. We've been successful in engaging with many of our clients who originally used us only for one of our services to providing a broader range of services, and in some cases, the full suite of all seven of our service lines at any time. This means that we're increasingly establishing ourselves as a valued and trusted outsourcing partner to our clients, the top games companies from around the world. We're pleased to report that this was only emphasized further through the pandemic, largely due to the critical business continuity we were able to provide. We have built unrivaled global scale with flexible resources located close to our clients in all of the key hubs for video game creation across the globe. This unique position gives us access to the top talent internationally who recognize us as their employer of choice. M&A is a key driver of growth and scale. Our diversified international platform, supported by a scalable and efficient infrastructure providing HR, IT, finance, and business development, means we're perfectly positioned to attract and integrate our target acquisitions. We'll talk more about how we add value to those acquisitions a little later. Our reputation for quality and expertise, our scale and global footprint, together with our comprehensive range of services, presents potential competition with substantial barriers to entry that helps protect our unrivaled market position. Next slide, please. This slide demonstrates the balance that we continue to create in the business with no overreliance on one service line, which is largely replicated across each of our regions. We said we would focus particularly on building out our game development, highlighted in red, and marketing services. Following the very recent acquisitions, game development will be our largest service line. As you can see here, we've grown out our art and marketing services line as a proportion of the group's overall growth. In this slide, you can see we've continued to maintain balance between the service lines throughout a period of significant growth. The balance is seen consistently across our regions. With our clear strategy to focus on building out our game development and marketing services, the very recent acquisitions will enable game development to become our largest service line. We've also seen our art and marketing service line develop further in 2020 to become a more significant proportion of the group's overall growth. As a result of this, we will be further extending our service line structure, given its importance, increasing our offering from seven to eight services, with the establishment of Market Services as its own individual service line. This will be in place and reported from interim this year. Next slide, please. I'm sure this image is familiar to many of you, but we feel it's important to highlight our geographical reach, as it's a fundamental part of our competitive advantage. Where possible, we've established offices close to our client base, as proximity to our clients remains important, even in this virtual world. So take Canada, for example, we have established hubs in Montreal that can provide all of our service lines close to major clients such as EA and Ubisoft. We now have operations either through acquisition or organic openings in most of the key video gaming hubs around the world. Most recently, we entered a new geography with the acquisition of Tantalus Media, giving us presence in Australia, from which we fully intend to expand. We recognize how important it is to have access to the best talent. This has been a key priority for us whilst building our platform. Since joining, I've been thoroughly impressed by the caliber of people we continue to attract and the passion with which they enable us to expand our services around the globe. We now have over 9,000 people working in the business in over 50 languages across more than 65 studios in 22 countries on five different continents. I think that is testament to our clear vision, our ambitious growth strategy, and our ability to execute effectively. It is an unrivaled offering that our clients truly appreciate. Next slide, please. This may be another familiar slide, we're proud to be in an enviable position of working with the who's who of the video game industry. That's 23 of the top five games companies by revenue across all formats of games, and all of the 10 leading mobile publishers by revenue. Next slide, please. A reminder of what all this means for the long-term track record of the group. You can see here that the group has delivered strong and consistent year-on-year growth across all of its key metrics, with organic growth in the range of 10%-15% in the last few years, and compound annual revenue and profit before tax growth of approximately 40%. Our business has consistently delivered growth in both profit and revenue. Next slide, please. As well as consistent growth, the business has successfully maintained diversification of revenue and clients. To date, we now service over 950 clients across the globe, 120 of which are using more than three of our service lines at any one time, up from 108 in 2019. Our existing clients represent a substantial opportunity for cross-selling between service lines, and this forms a significant part of our sales strategy going forward. On the right-hand chart, you can clearly see that our client diversification remains strong, with no clients representing more than 10% of our revenue, which maintains our low customer concentration risk. The top five of our clients represent just under 30% of revenues, which is roughly the same as the year before. Although we have sought diversification, we are not actively averse to clients growing beyond 10% should the opportunity present itself. Finally, you will see from the bottom right chart that we continue to grow across almost all of our service lines. Overall, we feel positive with the diversified growth that these KPIs demonstrate. Next slide, please. Building on Jon's earlier comments on the service line performance, you can see from the slide the significant levels of organic growth achieved in 2020, which we plan to build further in 2021. We are particularly excited about the imminent introduction of the new consoles, and we believe that this will help drive positive performance across the business. As publishers start to focus on AAA games for the new consoles, we expect to see increased interest and additional demand for our suite of services. I'd now like to add some color around what to expect in the coming year from each of the service lines. We've had a great start to 2021, particularly in our art creative and marketing service lines, where we carried forward from 2020. That continues to benefit results on top of what we expect to be a year of increasing demand. As previously stated, we will be reporting separately on our marketing service line at our first half 2021 results. Through our ongoing organic and acquisitive growth, we plan to establish a highly specialized video games marketing services business as the partners of choice for games publishers and developers. Our aim is to provide global reach and deep expertise in a sector which is known for its highly evolved gaming communities and interactive user experience. We see game development as our largest addressable market, and this service line continues to grow quickly despite some unavoidable pandemic-related projects. We're working hard to mitigate the impact of the delays, but we acknowledge that they may restrict our ability to meet previously achieved high growth rates. However, the underlying demand for this business remains strong, and it continues to be a focus for our acquisition program. Looking at audio, we've introduced a market-leading remote recording system that enables us to effectively deliver to our clients, even under the most onerous of pandemic restrictions. Beyond the near term, this market remains highly fragmented. It continues to represent an exciting opportunity for us to grow our market share both organically and through the acquisition of outstanding studios, as we did successfully with the acquisition of Jinglebell. As part of our audio service line, we have built out interesting offerings with neighboring industries and our music management services, sound design, and sound effects businesses. This area continues to perform well, as does our work in subtitling and dubbing of film and TV content, where we serve clients such as Netflix, Amazon, and other streaming providers. We've identified that this is an area of high potential for further growth in 2021. Our second-largest service line is functional testing. As Jon said, the pandemic has impacted every business differently, and it has meant that we've had to manage certain constraints. In particular, restrictions around colleagues' access to our secure facilities. It has also meant that we've had to be more innovative with our recruiting and training staff. I'm pleased to say, by the second half of the year, we've overcome most of these challenges, and we're confident we can continue to meet the growing demand, even whilst operating in a very restricted remote working environment. Keywords is the leading player in this large and growing area of the market, and we see it accelerating further as clients move a higher proportion of their activity to outsource providers. The scale we've achieved to date, along with our geographical spread and proven robustness, even in the most challenging of circumstances, positions us well to benefit from this ongoing trend. Localization also sits in a very fragmented market characterized by single language competitors. Keywords has been able to scale to a level that enables us to deliver simultaneous multi-jurisdictional localization projects for our global video games customer base. We plan to build on our team's market position through an increasingly differentiated offering. Having strengthened our sales efforts, we will fully expect to leverage this investment and build on the strong H2 2020 result as we move into 2021 and beyond. Having put in place the necessary workarounds to allow us to move forward in a COVID-constrained world, we fully expect to build on the momentum achieved in the second half of 2020 for localization testing. We are the market leader, and this positions us well for further growth in 2021 as we continue to develop our operations in Montreal, Dublin, Katowice, Milan, Singapore, and Tokyo. Finally, our player support service line continues to build in strength with our immersion into the gaming communities delivering substantial organic growth in 2020. We're now clearly differentiated from the generic call center operators that have historically been our closest competitors. The successful extension of our services to cover more touchpoints of gamer engagement and the deployment of our systems and tools has enabled us to manage an increasing volume of transactions. We feel this positions us so that we can expect to make a consistent and steady progress in 2021. Next slide, please. Moving on to the key growth drivers of our industry. As you're aware, the video games market is a consistently fast-growing industry with the current expectation that it will achieve compound annual growth of just 9% by 2023. Demand for video games accelerated during the pandemic. With the International Data Corporation, IDC, estimating that global revenues grew by as much as 20% in 2020. However, much of this growth was from new gamers entering the market and increased gameplay of preexisting content rather than from new content creation. We did in fact see a reduction in content due to pandemic-related production constraints. As the world begins to normalize, we expect our client base to focus on development of new content to build further on this increased interest and engage their expanded player base, driving further demand for Keywords Studios services. In addition to this, the requirement for content developed for the recently launched next-generation games consoles, as well as continued servicing of the streaming platforms, will continue and drive further market growth. With the expansion of the market appetite for outsourcing and with clients engaging with their service providers in an increasingly structured way, we are confident that Keywords is well-positioned to be the provider of choice due to our unrivaled scale, global reach, and breadth of high-quality services. Overall, we're seeing the industry continue to evolve and mature while service provision still remains highly fragmented. This landscape provides us with the opportunity to fulfill our ambition for further acquisition and unprecedented growth. Next slide, please. Keywords has an outstanding track record of organic growth and is currently the only global full-service provider in the market. We have been able to leverage our significant scale and reach to achieve our ambitious targets in an otherwise fragmented marketplace as we win larger projects, an increasing share of the wallet from the world's largest publishers and developers. As we continue to grow a diversified and well-balanced business across multiple service lines, geographies, and clients, we have established an increasingly predictable and recurring revenue base. Our global sales team leads with our embedded local business development teams to drive strong organic growth through expanding our engagement with clients and delivering enhanced cross-selling opportunities. Finally, a critical factor in our ambitious growth strategy is our ability to deploy our significant resources and infrastructure to help unlock the potential for revenue growth within the businesses we acquire. The following slide illustrates the outstanding success we have been able to achieve with this model over the lifetime of Keywords. Our commitment to building value through strong, consistent organic growth, together with targeted acquisitions, is at the heart of the Keywords strategy. We have successfully acquired 52 businesses since IPO, whilst maintaining an average organic growth rate of 15% since 2013. Through our structured integration of diverse services and geographies, we've created a single comprehensive platform that delivers an unrivaled client experience, meeting their needs and exceeding their expectations. As Jon mentioned, since the EUR 110 million fundraising in May, we have acquired eight businesses for a total maximum consideration of EUR 130 million. Having defined our strategy, we focused our acquisitive search on game development to build scale and marketing services, where we plan to establish a best global marketing capability, specifically for the video games industry. It should therefore be no surprise that seven of the eight acquisitions were in these service lines. Our position remains strong with cash generation and undrawn revolving credit facility, leaving us with EUR 203 million with which to implement our strategy. Our pipeline is continually under review to enable us to identify and select the highest quality opportunities to further develop our client offering and allow us to achieve our goal of being the go-to provider for technical and creative services for the video games industry. With that, I'll now hand you back over to Jon, who's going to run through the summary and outlook. Thank you. Many thanks, Sonia. Let's move on to the next slide if that's okay. That just to sort of summarize our strategic priorities, I'm not going to spend long on this because hopefully it's very familiar to everybody. As Sonia said, we are going to continue to drive the organic growth of our business and further expand out our service line capabilities. We're going to continue to focus on the M&A agenda with a particular focus on marketing services and game development. We will also look at opportunities in other service lines on a selective basis where it makes sense to do so. It's pleasing that we've got a really healthy M&A pipeline of high-quality acquisitions that we're working on. Now on to the last slide on some outlook comments. As we said, trading in 2021 has started well, despite some ongoing constraints from COVID-19. Some of the underlying drivers of growth across the video games have arguably been accentuated during the pandemic. As Sonia's touched on, we do expect publishers to increase their focus on the development of new content going forward to keep the expanded player base engaged. We're already experiencing good demand across our service line, and we're starting to see the benefit of the newly launched consoles alongside the ongoing development of the subscription and streaming platforms, which are all good backdrops for us. The vast majority of our business continues to operate well in a remote working model, and we shouldn't experience the significant disruption that we felt at the outset of the pandemic last year. Alongside our continued revenue growth, we've demonstrated that we can continue to grow profitably, and we expect to maintain our margins within that 14%-15% range. As we said already, we started well on the acquisition side of things with the acquisition of Tantalus Media. As a cash-generative business, we've got a strong balance sheet and an undrawn RCF. We remain really well-placed to continue to execute on the M&A agenda going forward. I guess in summary, we're in a strong position within a buoyant industry, where the structural drivers are playing to our strengths and we're confident of further progress in 2021. Look, that brings us to the end of the presentation. Thank you for bearing with us. I'm now going to hand you back to the operator, and Sonia or I will be happy to take questions. I will say we've got quite a few people on the call, so we're going to try and limit it to one each and see how we go, because we do want to make sure that we finish on time. Thank you very much. We're just taking questions verbally. To ask your question, raise your hand using the hand icon at the side of the control panel or at the top on a device or mobile, or on the conference call, dial five star. We'll first of all go to Ken Rumph at Jefferies. Ken, do you want to unmute? Go ahead. Hi, everybody, and welcome, Sonia. Thanks for jumping in, so new into the job. Welcome. My question concerns space. You suffered a little bit at the beginning of 2019 in having to ramp up property costs because the business grew rapidly. It feels like with a kind of hybrid model in future that, I don't suppose with the growth that you're going to cut back on property, but you're probably a little bit more flexible in future, that you don't need a seat for every person. Shall I give an initial view on that? I think it's fair to say we're still working through exactly what the new world means for us. Our anticipation is that we will look at providing some form of hybrid model. We have actually, as part of our annual engagement process with the employees, we did ask them what their preferences were, and there were a small proportion that want to be back into our facilities. About 40% of the business would like to stay working from home, and about 40% or so are looking for some sort of hybrid model, and I think we're going to be able to accommodate everybody. There are certain parts, certain services, certain things that we do that are better in studios, hardware testing, recruitment training, that sort of thing. There are other bits of our business that can operate perfectly well in a work from home environment. Whether that means that we need more or less space, it's difficult to tell at this point, Ken. My instinct is we'll probably end up with the same space, but we'll just use it slightly differently with more meeting space, more meeting rooms, more hot desking. I think it could give us a slightly more flexible model to grow. Because in the old days, we were constantly trying to predict six months out what our space needs would be. These days, I think we can grow in a work from home model and then only take on extra space when we need it. At the moment, we've got more people than we actually have seats as we are today because we've been growing whilst we've been in a work from home model. Thanks. Bye. We'll go to Natasha Brilliant at Citi. Natasha, go ahead and ask your question. Thank you for taking my questions. A question really just on the margin outlook, particularly into the medium term, and I know you're always keen to keep a lid on that 15%, upper end of the range. If we look forward a few years and post-COVID-19, is there any scope for further operational leverage? You've talked about increasing your scale, improving market share. Will that help to support higher margins in the mid-term? I think we've said that our main focus is on the growth opportunity, and if we can continue to deliver the growth agenda and maintain our margins at those sort of 14%-15% levels, I'll be very happy. There are clearly some opportunities to improve margins, and if we're in a slightly different phase of our development, then I'm sure we could run the business differently and deliver slightly higher margins. That really isn't our focus. Our focus is on the growth. We will, as we've said, we need to continue to invest in the business to support that growth into the service line structures, the regional structures. I think you're right, Natasha. I think there is an opportunity for some upwards expansion on margins. That's not the way I would encourage you to guide you to at this point. Okay. Thank you. We'll go to Katie Cousins at Shore Capital. Katie, go ahead and ask your question. Hi, all. Just about on the media potential, and what service lines you can prioritize that with going forward. I know you mentioned audio, but is there scope to work in special effects with the graphics and game development and localization, or am I thinking way too far down the line, and is it just get up and running and see where it goes for now? Well, I think you're right over the medium term. I mean, we've always said that there are quite strong similarities and overlaps between the sort of work that we do for video games and the work that gets done in TV and media. Obviously, we're fortunate that video games is really at the top of the apex of the complexity and the interactive nature of the content. Where we're currently seeing the most overlap is on what we call localization, is subtitling and dubbing in the TV space. TV and film space, I should say. There are clear overlaps there. The Netflix and the Amazon of this world are really interested in video games and how video games are able to be launched in multiple languages at the same time. Whereas film and TV has historically followed more of a water flow model. They're very interested in how we're doing it, because that would allow them to get content out faster across more markets. As you've probably seen, we've just been quietly building more of a presence in that kind of subtitling and dubbing space. You will have seen last year, we dipped our toe in the water in terms of the TV+Synchron acquisition in Germany. That did give us some extra capacity on the video game side of things in terms of studio space, but it was primarily TV and film focused. We've also been building out our studios, so that many of them have now got Netflix accreditation, so that we can do work for Netflix. Netflix is now a substantial client of ours. I think we'll continue to do that. The other interesting area is this sort of broader convergence, and I'm sure you've heard us say in the past that we're seeing films particularly start to use game development-type technologies to help render things like scenery more effectively. Disney using game engines to render films, and that's clearly a skill set that we have in abundance in our business. It's something that we continue to watch and monitor with interest. We will continue to explore those opportunities going forward. I think it's fair to say our primary focus remains on the video games industry. We've got a lot of runway to go. Our primary focus is going to be to continue to build out our service lines, and particularly on the M&A side of things, the game development and the marketing service lines. Brilliant. Thank you. We'll go to Patrick O'Donnell from Goodbody. Go ahead and ask your question, Patrick. Thank you. Yeah, just a question really around given the degree of consolidation you've done now on the game dev services line, wondering if you see an opportunity around pricing there as you get that kind of go-to-partner status, or indeed if you see that sort of opportunity on pricing across any of the service lines at the moment in terms of increasing prices and whatnot? Yeah. As we said before, we do think that we can increasingly use price. It's fair to say that we haven't historically used price as a major lever, because we've been in this growth phase, and we're looking to develop partnerships with our clients and sort of prize out this work from within their walls to allow us to service them with more breadth. The game development business is one where there's a natural pricing point every time a project comes to an end, and we bid on a new project, and that is a service line where the resources are in high demand across the whole industry. We need to do that very carefully, and we're trying to build partnerships with our customers. I think we'll use pricing appropriately, but we don't want to take advantage of our position, because we are trying to build long-term partnerships and relationships with our customers. Thank you. We'll go to Nick Dempsey at Barclays. Hi, guys. You're talking about seeing the same kind of momentum at the start of 2021 as you saw in the second half 2020, then you're about to hit a period of pretty easy comps. Effectively you're saying you're happy with consensus revenues. I'm thinking something like 13% organic for the year. That's pointing to implicitly very low double digit or even high single digit organic growth in the second half. Is that just natural conservatism or is there something that we should be considering that might drive that level of slowing? We're really pleased with the way the business performed in the second half of the year. As I said, we had a lot of disruption in the first half, but it was really comforting to see the performance come through in the second half once we'd kind of settled into the working from home model. It's fair to say that some of that growth in H2 was probably some catch-up work. It's very hard to sort of quantify it, but there were projects that were carved to happen in sort of April, May, June, July that didn't happen until the second half. I don't think it's quite right to take the 15% and sort of roll that forward. There's no doubt that we're feeling confident around the demand side of the business. Whether there's a bit of natural conservatism, I'm putting my CFO hat on now, we're still at the very early part of the year. We're confident that it should be a positive year for us, but at this stage in the year, I think we're comfortable with where we are in terms of the consensus position. If we're able to beat it a bit, then clearly we'd be very happy. That's sort of the background behind why we've positioned it the way we have. There's certainly nothing that we're seeing in H2 that would sort of alarm us in any way. That's great. Thank you. We'll go to Chirag Vadhia at HSBC. Chirag, do you want to unmute yourself? Go ahead and ask your question. Thanks. I guess you've got EUR 203 million in cash and RCF on the balance sheet now. What kind of size of deals, the pace of spend and any sort of competition that you're getting for within the acquisition space, within games development and marketing? Is there anything you can say on that? Yeah. I guess I would probably expect more of the same, honestly, Chirag. If you look at the sort of deals we did last year, those are probably sort of in our kind of sweet spot of what we would expect. We are in a fairly fragmented industry, so there aren't a big number of large players out there that we could look at. There are a few, and we wouldn't rule out those. I think in terms of expectation, I would probably expect more of the same. Now, as far as sort of competition goes, there clearly has been a lot of consolidation activity in the industry. Clearly, our publishers have cash and have capacity for acquisitions. The publishers tend to focus on a slightly different profile of business. We're very much focused on the work for hire studios, whereas the publishers are tending to focus more on studios that have IP, and that's not where we focus, that's not what we look for. We're not as competing with the publishers for those sorts of assets. Whilst who knows what happens in the future, but certainly if you look at the businesses that we brought in during 2020 and indeed Tantalus this year, they are at pretty consistent valuations to what we've seen historically. I think, Chirag, more of the same and whilst I'm sure we always compete, we're not seeing that unduly impact on our ability to continue with the M&A momentum that we've got. Great. Thanks very much. We'll go to Alasdair Young at Panmure Gordon. Alasdair, do you want to unmute yourself? Alasdair, the button is either at the top or at the side. We'll come back to Alasdair, and we'll go to Caspar Erskine at N+1. Caspar, do you want to unmute yourself? Go ahead. Caspar's audio is not working. You can come in on the conference call, and we will send that number to you now. He made such a good start. Ken Rumph from Jefferies has got another question. Ken, do you want to unmute yourself? Always ready to fill a gap. I was just going to ask, you made the point in the past that although areas like player support have lower revenue per employee, they got lower costs, so at the end, basically, EBITDA margins perhaps are similar across the different divisions. I have to say, looking at the recent deals, Heavy Iron, Tantalus, High Voltage, you're a bit coy about the sales, but the implication was they were all making kind of higher EBITDA margins than the group average. Is that just perhaps that they happen to all have had a kind of pretty strong sort of final period before you acquired them? That it gets evened out by other things. Shouldn't we expect a little bit of margin benefit this year from that? Or is it just too small to make a difference at the group level? Thanks. Well, no, I think that's probably a fair comment, Ken. All of these businesses are a little bit different, and what drives the profitability differs. On the game development side, many of these businesses are kind of smaller. They may have four or five projects running at any time, and you can have a year where you start the year with five projects, and they run all through the year, and you have no gaps, you have no bench, and you can have a very profitable year. You can get years where you have natural gaps between ramping down projects and ramping up new projects. That business is a bit more inherently lumpy. We sort of said that within game development, we've got a bit of that in our business coming into next year where we've had a couple of very large projects that are rolling off and ramping up. I think you're probably right. Some of the game developer businesses are probably at a slightly higher EBITDA point. Generally speaking, across the service lines, if you look at our service lines, you're absolutely right. Some of them at slightly higher gross margins, but then less OpEx hungry. The net margin to the EBITDA level, it often evens itself out. Thanks. We'll now try Caspar again. Caspar, do you want to go ahead and ask your question? Yeah, sure. Sorry about that. I just wanted a quick one on, you mentioned you're seeing a higher degree of demand at the moment, partially driven by a COVID-19 tailwind. I just wondered if you could break that out. Is this, do you think, publishers just seeing greater levels of content demand from users and therefore requiring your services more? Do you think this is them actually outsourcing more creative elements of game development, and this potentially allows KWS to operate potentially higher up the value chain over time? Yeah, I think, Caspar, it's really hard to sort of call out the relative impacts of those. I think it's probably a combination of all of that, actually. As you said, there's no doubt that the content production was disrupted in 2020. People that follow the video game space more generally, most companies were calling out that they have had to delay certain games, et cetera. I think we sort of felt towards the end of the year, early this year, that some of those projects that were put on hold are starting to kick off again. We're seeing a little bit of that flowing into the first half of this year. There's no doubt as well that we continue to see an increasing trend towards the use of outsourcers like us. In a year where businesses are going to have to focus on getting content out, the chances of that work needing to lean on outsourcers like Keywords is probably increasing. I think it's a real mixture of a number of things, but it just, I think, points to a positive backdrop for Keywords in 2021. Jon, I'd also like to just add that I think the industry is starting to mature more and really sees the benefit of outsourcing, as well as looking at potential partnerships around not just the core outsourcing areas, but creative opportunities through co-development with organizations such as us. Those are real opportunities as the market does start to mature. Yeah, I think that's a really good point, Sonia. One of the things that we've been thinking internally is, I think, and I hope that what we've demonstrated to all of our clients is a very strong level of resilience to continue to maintain services in what has been a very difficult year. We're kind of built to do it because we're built to provide the services. We've got the processes to monitor work activity, and maybe that makes the working from home a little bit easier because we've already got those processes built in. Possibly, once publishers have got comfortable with their teams working from home, it's perhaps not as big a leap for the work to be then done by third parties. Over the medium term, it'll be interesting how that pans out. It certainly shouldn't slow down the move to be increasingly looking to outsource partners. Yeah, no, it makes perfect sense. Thank you. I'm afraid we've run out of time. If you do still have a question, please pass it on to MHP. Jon, do you have any closing remarks? Yeah, just really to thank everybody again for joining this morning. I would like to say if there is anybody from Keywords on the call, just want to say another huge thank you from Sonia and I. They've all done an incredible job. As I said, we're looking forward to further success in 2021. Thank you very much. Many thanks, Jon. Sonia, and to you all for joining. This is the end of the webinar.