Good morning, everyone. Great to see so many of you as well for our results in person. I have to say on a personal basis, first, for me as Keywords with a hat on. Great to see you. As some of you know, I used to work at Novartis, and I've been joining straight from there as Chief Digital Officer. In terms of background, I used to work at BCG, where I started my career, before spending a bit of time at HBS, then effectively moved to Amazon almost 20 years ago now, which was a fascinating adventure, before running a business called Bragster, which was a user-generated content platform, which I sold to the Guinness World Records. After that, for the last 10 years of my career, I've been working across digital and technology transformation, at first at places like EMI Music, which then became Universal Music, then moved to a business in the U.K. called Sainsbury's Argos, which I ended up co-running, before effectively working at Novartis indeed. Today I was actually very attracted to joining Keywords for several reasons. I think first and foremost, it is a first market leader in this category, which is unique. I think it's really a hidden gem in many ways, in a sector that you'll see has a great TAM, as we talked about before the break, and also great potential and great growth. It is also an incredible platform where there is a lot of end to end services that we have that very few in the sector have. I'm getting a view of how much this is being appreciated by our clients. I think there is so much more, as you'll see through this presentation, to go after in terms of scope, in terms of depth, in terms of scale, what we have in our hands. It's also part of a global play, but at the same time, as you will see, still highly fragmented. We're only still a small fraction of that, so I think much more to go after there. I think it's also very fortunate for me personally to get to join a business that, as you will see today, is performing well. You'll see the organic growth that we'll show today. Strong business across all the different service lines that we have. At the same time, you'll see how much we've been investing into the capabilities that we have behind the platform, both in terms of M&A and in terms of our own capabilities as such. Stepping back over the past four months since joining in December, I've had the chance to spend a lot of time with our studios, about 35 of them so far, among the 70 that we have. Really enjoying being on the ground with the teams, with the network of entrepreneurs that we have. I also got to spend time with our top customers, many of our top 25, which I think is incredibly useful to set up the strategic partnership that we wanna build, but also to get their feedback. Another piece I've been spending a lot of time on is with about 60 leaders across the Keywords organizations that we've been mobilizing towards building the next iteration and next chapter of the strategy, together. I'll share a bit more about that. A few observations of what I've seen so far. First one is, I've been really impressed by the quality of the talents that we have within Keywords. A lot of entrepreneurs, a lot of passion, a lot of energy, but a really strong network of great leaders across the organization. Secondly, to me has been the quality of the work that we're delivering for clients, and that's something that seems intangible, but I think I'm fortunate to get the benefit of the quality of the work that has been delivered to our clients over the past 4 or 5+ years, which, as you will see, creates a lot of repeat customers. I think that is also a strong intangible for what is to come in terms of retention and what we wanna build with our top clients. Finally, I think there is an amazing platform. I'm only getting to fully appreciate the stickiness of the platform and how well-positioned we are for what is about, I think, to happen, as a next chapter into the sector itself. Great place to be, and I have to say, I'm probably even more excited than I was before joining. In terms of agenda for today, I'll start by sharing the highlights on the results. Jon will then do a deeper dive into the financial review, going into much more detail. I'll come back to share a snapshot of where we are in terms of strategy and how we see it evolving, and then sharing a few specific points about the outlook as we see it for 2022 and beyond. I'm pleased to say that we've had a good 2021. It has been a strong year with very strong revenue coming across all areas of the business, across each of the service lines. As you will see, this is flowing through in terms of bottom line, in terms of profitability, and also in terms of cash conversion. We're sitting on a very strong balance sheet with good shareholders' return. We have also been very active in terms of acquisition, probably one of the record years in terms of proceeds that have been invested with six acquisitions across Game Development, Marketing, and Art. Also very proud about the progress, I'll touch on that we've made on being a true responsible business. You'll see a few examples of what we are already starting and I think much more to come in the years ahead on that. We have also been evolving our strategy. I touched on it. We have mobilized about 60 leaders across the organization to come to that. We'll also mobilize some of that team at a Capital Markets Day on June 8th. I'm pleased to see the team shaping the strategy effectively together. It's not just coming from a few of us. Finally, in terms of trading, as you might have seen in the RNS this morning, we've had a very strong beginning of the quarter. A lot of demand for content across the industry so far, and notwithstanding the situation in Russia, we are confident to be on the high end of the consensus so far for the year. Maybe a quick word on Russia and we'll touch very happily more on it in the Q&A, or Jon will briefly touch on it as well. We have one of our studios in the Game Development side as an operation in Russia called Sperasoft. It is only a relatively small part of our business, but of course something that is critical for us to handle very well. I have to say, I'm very proud about how the team has stepped up to take this on, both from a speed and urgency point of view, but also from a humanitarian point of view across the organization. In terms of results, we've grown at 37.1% year-over-year in 2021. 19% of this is organic growth. You've seen 56% in terms of year-over-year adjusted PBT increase. That represents a margin increase of 210 basis points, getting us to 16.8%. Now, I have to flag that this is partly also due to COVID, where a lot of the expenses, travel and others, have been reduced in that time. But well comfortably above the 14%-15% that we have historically had. In terms of dividends, we have just announced a dividend of 1.45p per share for the final dividends, getting us to 2.15p for the full year. I touched on the acquisitions earlier. We've made six of them over the course of the year. Four of them that you see on the left are on the Game Development side. Heavy Iron in the U.S., Climax Studios here in Portsmouth, Tantalus Media, and Wicked Witch, both in Australia. Wicked Witch coming up announced in December. We have made some moves as well onto the outside with AMC also developing the region in Romania. One that I'm very excited about as well is Wicked Witch in the space of marketing/community management Player Support, which I think you'll hear much more, and it's a space on which I want to invest more going forward. All that for a consideration of roughly EUR 125 million-EUR 126 million. In terms of responsible business, something really close to my heart, something on which obviously as a business we wanna operate with the utmost standard of integrity of ethical standards, but also wanna mobilize our teams. I think with five key priorities, top of the list are people, including a DE&I agenda. All five are equally important, but the people one is something that is probably top of the list for a reason. We have 10,000 Keywordians. Our assets are really our people, plus some of the technology we're investing in. Clearly, we wanna promote the diversity inclusion agenda. We wanna make sure that we have more people from a diverse point of view, working in the gaming industry, so taking steps along those lines. If I take very concretely four actions that we have taken in 2021 and starting to expand this year with even more intensity, the first one is, you may have seen, but we got an A rating moving from BBB in the MSCI ESG ratings, which is good progress. Now, we still have quite a bit to go, but an area of focus for us. We've also established a partnership with Women in Games, where I'm very proud of this, and I'm with the team later this week, spending a few hours with them on there. This is a broader partnership where there are about 500 champions in the industry that we wanna leverage on much more. We've also defined our first environmental policy and energy policy for the group. We are in the process right now benchmarking each of our studios against the type of standards that we wanna have. So that's the first step to make sure that we can assess where we stand, but making progress on that. Jon, myself have been visiting a lot of our studios. We're looking at opening a new presence here in London. We're looking at Katowice, where we just signed a new lease in Poland. We're absolutely making sure that the right standard of sustainability are being set from the get-go. Then probably what I'm most proud of is how much the team has stepped up in terms of hardship funds, when events happen. We've seen that in the space of COVID, where the teams in India, for example, have set up different COVID clinics immediately with the absolute urgency. When the hurricane hits in New Orleans, the teams were there as well. More recently, in Ukraine, how much the team stepped up in terms of putting the right all sort of initiative where we have matched within Keywords to make sure that we can double up on the efforts being done there. Beyond that, we have an ESG committee that is in place, where we have led by Georges Fornay, Jon Hauck, myself, a strong part of that, and we have two of our new NED have been joining that as well, Marion Sears and Neil Thompson. On that, I'll pass on to Jon to cover the financial review. Great stuff. Thanks, Bertrand, and good morning, everyone. I'll now run through the financial performance of the business in 2021 in a bit more detail. As Bertrand mentioned earlier, total revenue for the group grew by 37.1% to EUR 512.2 million. Organic revenue, which excludes the impact of acquisitions and currency movements, grew by 19% in the year. As I'm sure everyone knows, revenue growth in the first half of 2020 was held back by the studio closures at the early stages of the pandemic, particularly in our Audio and Testing businesses. Nonetheless, we've seen very strong demand throughout the year, particularly in the content creation services, service lines such as Game Development and Art, as the industry focus back on content creation following some of the delays, and the disruption in 2020. Adjusted EBITDA, which excludes depreciation, amortization, share option expenses, and M&A costs, increased by 48.4% to EUR 110 million, reflecting operating leverage from the revenue growth, but also the short-term benefits of a reduction in certain costs such as travel, marketing, and some property costs due to COVID-19. This resulted in an EBITDA margin of 21.5 percentage points, representing an increase of 1.6 percentage points on the prior year. Adjusted profit before tax increased by 56.4% to EUR 86 million, with the margin increasing by 2.1 percentage points to 16.8%. Now this is above the group's historical margin delivery of 14%-15% and partly reflects the short-term benefits from the cost savings I mentioned earlier. Nonetheless, it's a really nice position to be in, but it's not necessarily sustainable in the long term. Profit before tax on a statutory basis increased by 47.7%. Pleasingly, the business generated Adjusted Free Cash Flow before tax of EUR 92.3 million, marking a good improvement over last year, and I'll provide a little bit more detail on the key pieces of the cash performance in a few more slides. We've now turned to the service line performance. The Art service line grew by 24.4% organically, following a continuation of the strong underlying client demand that we saw in H1 across all of our Art studios. We've continued to expand this service line with the addition of new studios in China and India to help us expand to meet the demand that we're seeing. We are now reporting Marketing as a standalone service line for the first time in these full year results, and with it delivering a very impressive 37.7% organic revenue growth. This follows the disruption in the first half of last year and as clients switched their focus to online and digital marketing in the absence of physical industry events. Game Development, our largest service line, delivered a strong revenue performance with organic revenue growing by 16% with a renewed focus on content creation, driving strong demand for our services despite the COVID curtailment of our usual trade show-centric business development activities. However, our ability to meet this demand is being constrained by a challenging recruitment climate, where skilled resources are in high demand, and the focus is on building out our recruitment capabilities in each of our markets to help us meet the demand that we're seeing. Organic revenue in our Audio service line was up 27.4%. Our Audio services business recovered strongly following the COVID-19 impacts throughout 2020, but particularly in the first half when a number of our recording studios were closed during the lockdowns, and as it took time to put in place our remote recording solutions. Our music and sound businesses have continued to grow, as did our work in dubbing and subtitling of the film and TV content where we serve clients such as Netflix. Functional Testing delivered 17.2% organic revenue growth, and this strong performance was delivered against softer comparatives given the service line was considerably constrained at the beginning of the lockdowns in the first half of 2020, where we needed to work through agreements with our clients to reflect the new security protocols for remote working, rather than our norm of conducting these services in secure testing facilities. Organic revenue growth in our Localization service line recovered in 2021, up 12.2%. This improvement reflects the reflow of certain projects that were delayed in 2020 when production schedules were disrupted at some of our clients. Localization Testing delivered a better performance in 2021 with organic revenue growth of 16.7%. This service line, in addition to facing similar constraints as Functional Testing, in H1 2020, has also been impacted by reduced native language resources due to people returning to be with their families in their home countries and the subsequent travel restrictions that we've been experiencing. Finally, Player Support continued to grow in the full year, delivering 12.7% organic revenue growth as it benefited more directly from the increase in game players that the industry has seen while it successfully transitioned in 2020 to remote working, and that enabled us to provide continuous support to our clients throughout that time. Now turning to cash flow. In overall terms, free cash flow, which includes all operating expenditure, CapEx, tax, and interest payments, increased by EUR 7.3 million year-on-year. This was driven by a EUR 35.9 million increase in EBITDA and a EUR 13.5 million improvement in working capital, albeit offset by an outflow of EUR 5 million on MMTC tax credits that are received a year in arrears. We did see a EUR 5.5 million increase in CapEx, reflecting the increased size of the business and a return to more normal levels of spending following the COVID-19 disruption in the prior year. In 2020, the group benefited from timing differences on tax and as a result, carried a much larger than usual tax creditor at the end of that year. As a result, cash tax in 2021 increased by EUR 19.4 million versus 2020. This all resulted in an improvement in the adjusted cash conversion rate to 107.3% from 97.2% in the prior year. Spend on acquisitions in the year amounted to EUR 63.1 million, including EUR 14.4 million of deferred consideration in respect to prior acquisitions. This resulted in a net cash increase of EUR 2.7 million in 2021, versus the net cash increase of EUR 124 million in 2020. Now, as everyone will no doubt recall, our successful equity placing in H1 2020 resulted in net proceeds of just over EUR 110 million, which was used to pay down drawings on the RCF and was the principal driver for the cash increase in the prior year. A quick few comments on M&A. Alongside our organic growth via acquisition is at the heart of Keywords' strategy. You'll see from this slide that we have a very strong track record of delivery from the 56 businesses that we've acquired since IPO. With the graph on the left-hand side demonstrating how we've brought these businesses together as a platform for significant organic growth, with the businesses growing at an average of 15% per year since IPO organically. We target businesses that will add to our client offerings, whether through capability, scale, reach, or access to talent, and we target businesses with the right culture that we can plug into our platform, fully integrating them to release their potential. Since the 110 million fundraising in 2020, we've acquired 12 businesses for a total maximum consideration of over EUR 200 million. Our more recent focus has been on Game Development, and Marketing, and Game Development, where we're not yet at scale, and Marketing Services, where there's an opportunity to create the first global marketing capability for the video games industry. It should therefore be of no surprise at all that 11 of the 12 acquisitions were in these service lines. Our strong cash generation and the RCF leave us with funding to support our strategy, and we have a very strong pipeline that we're actively reviewing, with a particular focus still on Marketing Services and Game Development, albeit we will continue to look at the right opportunities in other service lines, as well as technology that we can bring in to augment our services. Finally, a few comments on the funding position of the business and guidance. At the end of last year, we increased our revolving credit facility to EUR 150 million from the EUR 100 million available from the previous facility. There's also an accordion feature that allows this to be extended by a further EUR 50 million subject to lender consent. We exited the year with a very strong balance sheet with liquidity of over EUR 250 million through a combination of the net cash of EUR 106 million and a further EUR 150 million from the RCF, which is completely undrawn. This, together with the cash generative nature of the business, puts us in a strong position to continue to invest in the business and execute our acquisition strategy. Now a few elements of guidance for the remainder of the year. We've made a very strong start to the year and expect demand to continue to be strong across all of our service lines. Total revenue is also benefiting from the recent currency movements, and particularly the strength of the U.S. dollar. The adjusted margin, PBT margin, is expected to return back towards the 14-15 historical range in 2022 as some costs return and as we continue to invest in the growth and capabilities of the business. The adjusted effective tax rate is expected to be in line with the rate in 2021 of around 21%. We're anticipating CapEx to continue at a similar level to 2021 relative to revenue, reflecting some expansionary CapEx and investment in equipment to support the growth in the business. Overall, we're expecting to maintain an overall adjusted cash conversion rate of around our 80% target. As Bertrand said earlier, we're clearly monitoring the situation in Russia, where our Game Development teams located there continue to work exclusively for customers outside the country. In parallel and in close partnership with our clients, we've been actively looking at relocating some of that work to other locations across the group where we can, which benefits from our local global footprint. Notwithstanding the uncertain situation in Russia, given the strong underlying trading across the group, aided in part by favorable currency movements, we're confident of delivering performance for the full year towards the top end of the current market expectations. I think that's probably enough for me. I'll now hand back to Bertrand, who's going to spend a bit of time talking through the strategy. Thank you, Jon. Mm-hmm. Thanks for that. I'll cover the strategy historically of where it has led us. I'll quickly run through a few of the growth driver that we're seeing in industry and how I think we are playing to that, before sharing a little bit of a preview ahead of the Capital Markets Day about some of the five areas that we've been focusing on to keep evolving our strategy, and then sharing a bit more about the outlook. If I go back to strategy, I think one of the strengths of Keywords has been to position itself as the go-to provider for technical and creative solutions for the video game industry. You have quite a few things in there. The first one, as I mentioned, I'm getting to fully appreciate, is the unique end to end solution platform that is in there, that is valued by customer, where more and more are coming to us asking if they can at first maybe in a couple of service lines, but then progressively valuing how we can accompany them across their journey. What we see as well is more and more publishers and clients are starting to get structured towards in favor of our business, in terms of starting to think about how can they work with partners like us to maybe offload some of the the assets that they have or the headcounts that they have on their team, where we can take some of this on. You can sense more and more professionalization and organization towards that. I think we have also a very strong set of resources with the 10,000 Keywordians that we have, with the proximity. I'll share a bit more about the firepower we have there in terms of global footprint, in terms of type of teams that we have in place. All this in its own right attracts, I think, the right type of employees who wanna work in that type of environment. It also attracts on point number six, the right type of targets, as Jon was alluding to. I think all this gives us a very resilient business, highly diversified geographically, but also in terms of client base. I would like to call it the picks and shovels of the industry, which is really experiencing the gold rush right now, which I think is a very good position to be in. My own way of looking at this is starting to look at it as a flywheel or as a network effect. First of all, I think there are very strong barrier to entry in this business that I'm starting to realize. It's not like you could set up right away in this and actually create that type of platform. This has been years in the making. If once you start at the top from really quality type of work, quality engagement, quality propositions that you can offer and solutions to our customers, then all of a sudden that attracts some of the best publishers to the table. You'll see 23 of the top 25 publishers that we work with long-term engagement as well, which then in turn attracts the right type of talent that wanna work in that environment, where they know they're going to work on the best titles, they know they're going to get a longevity as well in into a Keywords. At the same time, I think it really attracts the right type of targets from an M&A point of view, which fuels then getting a better proposition in its own right. I think there is really a virtual wheel that we are building on in here. Now, bringing this to life more specifically. We have eight service lines that we've been focusing on. We've been building that over time. First point I would make on this is I think it's well-balanced. It fits with the game life cycle and what our customers and clients are expecting from us. We've been building as well towards more and more value-added services across the value chain. You can see the investments that we have made over the last three, four years, in particular, in terms of Game Development with high margin proposition, very high demand from customers. We are starting to make investment on the Marketing side, where we start getting closer to scale, even with some gaps that I'm quite excited about filling in. We are more and more embedded as well into the workflows of our customers, which I think is very important if we wanna have sticky propositions and really working alongside them as true partners. You see that in many examples. With one of our studio, High Voltage Software, for instance, out of Chicago, about 135 developers. They are the biggest partner of Fortnite Epic Games over multiple seasons now. It's really a united team where you would be at pains almost to know who is from Keywords or from High Voltage versus who is from Epic Games on that, which is a happy place to be as far as I'm concerned, and I want to build more towards that. You see more and more teams being embedded. You see more and more co-development starting to happen. You see us having technology capabilities where we can help clients on difficult technical problems that they have as well on their side. I think all that is the direction of travel that we wanna keep building upon. At the same time, we're seeing new customers. I know a few of you were at GDC, at the Game Development Conference last week, and I visited three customers who are in the early stage. They have about 40-50 developers so far, but they're starting to think about how can they build a team of 400-500. They are not going to hire those teams, but they're starting to reach out and saying, "How can we help come to the party and build those teams effectively together?" Likewise, if you take the geographic footprint, I think this is one of our strengths we want to build on in terms of scale, in terms of depth, in terms of reach. We have had about 9,500 Keywordians on average across last year. We've now passed the mark of 10,000 Keywordians, which we celebrated recently, even 10,500 now. Why does that matter? I think from a client lens point of view, this allows us to deploy resources internationally very quickly, whenever they need it. It allows us as well to have the choice between proximity for our customers. Take in Montreal, some of you have been into our facility where we have now 3,000 people, 2,000 testers, for example. Many clients value the proximity of the team. At the same time, it allows us to offer some onshoring, offshoring based on pricing, but also more importantly for customers based on the flexibility to be able to deploy the work across the network, rapidly. This also allows us to attract talent across different geographic footprint. We've seen some talent who wanted to move around, wanted to work from several geographies to move into Spain to be able to do an assignment there. We've opened up, you've seen from Jon, some of our capabilities with Tantalus and Wicked Witch in Australia, where we're building up. You can sense more and more of this coming up. I'll make a small point as well for our Audio team, which is more and more clients are trying to reach more players, more customers at the end of the day. Having that footprint, the right linguist across the network, allows us as well to be able to do Localization in more places around the world. Now, this one is probably the slide that to me convinced me to effectively join back in mid last year to join Keywords. I think this is a very important one. We are serving 23 of the top 25 publishers. We're working with 10 of the top 10 on the mobile side. On top of that, we also have the Epic Games of this world. You also have Riot Games. You also have Tencent of this world that we work very closely with. I think maybe a number that is not on there, but what I value a lot is the stickiness of our proposition. Roughly 80% of our business is repeat businesses. That happens just because of the relationship of our studios with our clients, because of the type of proposition, because of more and more extended partnership being developed with them. Which I think is very important one, including in terms of quality of earnings, but also for us to be able to predict how we keep evolving our business. On the right-hand side, what you see is we keep increasing a metric we've been showing for some time. The number of studios, number of clients who are using three or more of our services, now reaching more than 130 of our clients. Among the nine hundreds, we have a long tail as well of customers with about 950 customers in total. But that's quite interesting, I think. Beyond the numbers themselves, what you see is like how much this propagate, which I think is very interesting for me to study. We also are highly diversified. Even now in the context of Microsoft acquisitions of Bethesda Softworks, of Activision Blizzard King, even with Take-Two and Zynga, we still have hardly any customers taking more than 10% of our business, with the top five taking hardly 30% of what we have. A good, well-positioned diversification, I would say. This allows us to build, and again, beyond all this allows us as well to attract the right type of talent and the right type of acquisitions as well, who wanna work with those clients longer-term, especially in the current world, where many of them have really a choice. Now touching on the market growth, there are three key points I wanted to deliver about this side. I know I've had the questions even before starting on what does the TAM look like, what does the market look like? I'll try to bring a little bit of a perspective, and we'll share more at Capital Markets Day on this. First, what we observe is about 9% growth CAGR in the space. Right now, very strong demand that is mostly driven by a strong appetite for content that if anything is going to increase substantially. You see content coming in different ways. You see it in terms of more and more technical, complex type of content that is being required. You see as well the streaming platforms coming up quite strongly. You see, again, taking on Microsoft propositions like Game Pass, where you get more and more subscription base, where and Sony doing their own reply as well to that. You've seen where this movie is going into in terms of Netflix and other subscription base. It really creates a battle for content. I'm not even touching here on the Metaverse, but many of those trends are naturally creating that big drive for the space we are naturally in. In terms of TAM, you see now it's a business that will probably be above $200 billion. Looking at our space specifically, we estimate it to be around $35 billion, of which $11 billion is being outsourced right now. We're still the by far, I think the business leader or the leader in that space right now with EUR 512 million, this is only 5%-6% really of the total market that we sit in right now. That's why I'm excited as well about the potential that we have behind in terms of acquisition, but equally in terms of organic growth and keeping building the propositions we have. Beyond that, what is important to me in terms of trend. The more I get to talk to customers, the more I realize that is how much they're structuring themselves, as I was alluding to earlier, for taking advantage of partners like us that can help us manage the complexity of their project as well and their own growth in the sector. To bring that to life, specifically, I was talking to a few publishers last week, some of the biggest ones, and we were going through some of the key pain points. The thing that really stuck with me most was how many now need teams of 500+ to get a game to market. With more and more complexity where they need to get the portability done to be cross-platform by time of launch on day one, more and more languages to reach their players, and often with delays, as you know, in the industry that can reach 1.5 years, even on titles that are meant to be launched on a yearly basis. That's why many are reaching out as well, looking at how can we remove some of the pain points that they are facing from that angle? How can we step in? How can we provide some of the resource and some of the technical solution associated to that? I expect that we'll see more and more of that coming in. I won't go too long on this. I mean, this is what we covered previously. I think that's where probably the mirror of the previous slide of how much we're equipping ourself with the capabilities to be able to take this on. As you can see on the right-hand side, growing significantly faster than the market itself. Now, I wanted to take a bit more time on this slide. It's very high level, for now, but this is what I was referring to earlier. We've been mobilizing a team of about 50, 60 leaders across Keywords right now, across what we call, Jon and I, the five work streams. I think we have business that is doing very well in its own right, as you have seen, much more to come. There are many more opportunities to go after. That's why we wanted to take a breath to really explore those and to look at how do we organize ourselves, how do we put our resources, what kind of choices do we wanna make, to take this on? The first one is about strategic partnership. This is, as you've seen, often we do with different service lines serving our customers. We often have even five, six, seven studios serving the same customers as such, but I think there is so much more to go after. We can organize ourselves better. I wanna have much more discussion at the CXO level. I wanna have much more of the QBRs. A tangible example of that is one of the leading publishers two weeks ago in Montreal asking us to have sessions where they would showcase their pipeline up to 2027 very openly, and then reversing the pitch to us. Instead of us coming with spot proposition or a specific studio to say, "Keywords, what would you do based on the pipeline that we're showing to you right now? How would you assemble the right type of solution? We're thinking internally, how do we adjust some of our team, how some of our skills, how do we build solution architects, solution producers to be able to take that on and harmonize that type of work? I think there is much more value to go after, much more value to be created together based on the pain points from our clients, and much more value to be captured there. The second piece that you probably won't be surprised from my background to go after is technology. This is a topic we'll talk about more. In short, there is some basics that is in place right now within Keywords, but we wanna keep evolving that. We wanna accelerate on that. How do we have the right workflow? Workforce management systems, how do we have the right digital asset management system in-house? How do we think about automation at every single step of the platform that we have right now? Examples of those in translation in TM, for example, we have a business called Kantan AI. How do we use that much more? We recently won a very big pitch with the big publishers by leveraging the strengths of what we have on the technology side with our Localization team. We have that across each of our service lines, but it is subscale. And a lot of it has been we haven't put a lot behind it. We haven't necessarily put the investment behind it. How do we step back and really look into that? Likewise, I also wanna look at it from a customer lens. What are the type of technology that are popping up in the market, where they would want us to invest in those and to be able to address their needs? All this backed by the right backbone in terms of capabilities as well. A quick word on the third one on the right, adjacent markets. First and foremost, I should flag that our absolute focus and my absolute focus is into the gaming space. Our DNA is into gaming, will always be. You've seen we have a great market ahead of us to go after on that front. There is an opportunity cost to look outside. There are some natural adjacency where I think we'd be remiss not to at least explore. Some, like movie and entertainment, is a natural one, where you see those two worlds converging more and more. You see the Netflix of this world, the Amazon of this world, getting into the gaming space and being incredible producers of content. Actually, in fairness, we already do a lot in M&E, even without having ever announced it across several of our divisions, including in Audio, including in Localizations. Should we go and push the accelerator on that or not? Is that something that we're looking into? Likewise, we're looking at virtual productions. We're also looking at pieces like live ops, especially in a world where you get more and more GaaS, Games as a Service, production happening. Officially, we launched one of our new studios at GDC on Thursday last night called Lively. A spin-off from our entity at Electric Square here in Brighton, exclusively focused on live operations associated to that. We're also looking at the Metaverse. I'll be very happy to talk about it more in the Q&A. There's a lot of hype, there's a lot of noise around that for obvious reasons. I think we're not in the space of creating the architecture behind it, but when you map it to the service lines that we have, I think we could be very well positioned, almost even passively. I wanna put the right team behind that to explore how can we take that on across the different service lines that we have. Maybe more on that in Q&A if relevant. The next one is on Keywords. This is a big one culturally for us as a team. And maybe my absolute starting point on this is our strengths and our magic source lies into the entrepreneurs that we have within the business, the entrepreneurs who are joining us, who are part of our studios. But at the same time, how do we build the right spine so that we can make them more efficient? How do we take some of the work in terms of HR, in terms of IT and finance for them when they join? Many of them haven't set up a studio to work on that. They really wanna work on the creative content, on the creative process associated to that. We're looking at how do we build that spine? How do we build the right business partnership and the right backbone to be able to do that, and also to scale over the long term? Finally, talent. Talent is the name of the game. That's what we stand for. We're looking at various areas in terms of recruiting. How do we attract? How do we set up the right academy? We already have places where we have teaching classes at university in Game Development from our own studios. How do we set that up in a more systematic way? How do we take a longer term view on attracting talent and rising them all the way to seniors, which is what the market is mostly looking for? How do we retain them? In terms of career development, we see a lot of very good and encouraging activities across different of our studios, but how do we share the best practices and systematize that much more? Clearly a very important topic, including in terms of leadership development over the years ahead. Again, we'll share all this, and we'll bring all this to life more at the Capital Markets Day. Maybe one last piece before moving to Q&A. I'll share a few things in terms of outlook, looking at 2022 and beyond. Jon already covered this in terms of how we've been performing across the different service lines. I'll just add maybe a few commentary around those. The Art business, we touched on it. There is more and more need for creative content. There is more and more need for technology as well associated to the Art itself. We've had a very strong beginning of the year on that front. I think we have some phenomenal studios. Some of you were mentioning Volta earlier, Liquid Development in the U.S. Lakshya Digital is a great one for us, and we have great operation in China as well. Marketing. I'm very excited by this because I think this is a new service line. As Jon said, we are only starting to present it as a service line for the first time now. We're starting to get to scale in this side of the business, especially on the content creation side. We have about five of our studios now are getting well known in terms of capability to do trailers, live in-game engine. Some of them are in London, if you ever get the chance to visit them, but it is really impressive to see. Likewise, we're having a good run right now in terms of strategy, in terms of some of our PR studios that we have. Candidly, we are still largely subscale in other areas. We are nowhere yet in terms of performance marketing. Hence the excitement that I have on the acquisition of Waste Creative here in Farringdon that we did in community management very recently. There is also much more technology that we wanna bring into this. I wanna build a 360 capabilities here, specific to the gaming industry. With the gaming DNA, I think there is much more to go after. Maybe a nod to the good beginning of the year, but at the same time, we are careful as well not to overheat that service lines because they've had a tremendous year already last year. We also wanna make sure that they grow with the right management structure as well across the service line itself. Game development is one of the most important one, has been one of the fastest-growing one, already 27% of our business. What I would say there is like strong. It's probably the area where we have the strongest demand. Unfortunately, the world is short on supply of quality talent on that front, so that's why we're spending so much time on focusing on talent. That's really the name of the game. A very strong start, and it's the first time, I think, Jon, that we're seeing such a natural book of revenue that is already locked in for quite some time in the division, which gives good prospect for what is ahead for the rest of the year. Finally, on this slide, Audio, I touched on it. I have to say, when I joined, I thought that there would be much more technology coming into the Audio piece, and we will. Also got to appreciate spending time into our Audio studios, into our booth, and spending time with actors as well, of which is a job in its own right to manage a pool of thousands of actors, extremely professionally organized, the payment and others. Clients really value the high-end quality Audio that we're providing. I got to appreciate how much there is a specialty here that is really needed, especially when more and more publishers are looking to extend the reach towards their players. Finally, I'll take the first three together in terms of F QA, in terms of Localizations and LQA. What we're seeing there is, Jon alluded to it, is we've had, especially after a break on content in the early part of 2020, we've seen a strong resurgence of more content with more players in the market. All this is starting to come to us. Hence we've seen, in particular in FQA, a very strong first couple of months, which is a result, I think, of many titles that now have to go and hit the market fairly closely. In Localization, probably the push there is driven by, again, more and more appetite to go and talk to the right, to have more and more players on board. Finally, Player Support. One of my surprisingly favorite one. Many would think about Player Support as being customer support, where BPOs could step in and do that in a very traditional way. I think the gaming DNA there is absolutely paramount on that. At the end of the day, that's where the rubber hits the road. That's where you're really talking to players, especially VIPs, in free-to-plays as well, of how much spend is happening at that time and where you can unlock experiences and transform a bad experience into a good experience. More and more spend goes as well in terms of community management. I suspect you'll see more and more of the Marketing spend finding its way on that front. That's where, again, Waste Creative is an interesting one because it touches on community management. It joins Marketing and Player Support, which I frankly actually see as one and the same to some extent in terms of how it's going to evolve. GDC, again, if it's any indication last week, was also a good indicator where I was surprised by how many meetings I had, where demand was really, really strong on the Player Support side. On this one, I'll go very quickly, but the main point of this is I think we have a strong track record over the past years in terms of delivering consistently, typically between 11%-19% in organic growth, close to 40% CAGR, in terms of adjusted PBT. We hope to be able to keep building on that record going forward. Finally, to close, in summary of what we've been discussing so far, we've seen a positive start to 2022 so far. Notwithstanding Russia, we're confident about performance being on the high end of expectations as discussed. We see strong margins moving towards the 14%-15% area that we have. We're in good position so far, but at the same time, the world reopens up. I wanna make sure that the guys go to GDC, go to event, travel, get to see clients, and also make the right investment where we need to for the long term. We are well-funded in terms of acquisition. There's a healthy pipeline, a healthy hopper behind. We have a strong balance sheet to take this on. Well-positioned in what you're seeing as the growth market of probably $35 billion, $9 billion-$11 billion into our type of areas. How do we take that on? I really look forward to spending more time with all of you, with some of you on the virtual screen as well at the Capital Markets Day, which we'll be hosting on June 8th here in London. On that note, we'll move to Q&A. Thank you very much. Just in terms of Q&A, we'll pass around the mic, but we've got one question online maybe we just start with. Can you comment, and this is from Patrick O'Donnell, a good buddy. "Can you comment on the level of strategic outsourcing you're seeing across the business? You previously alluded to this in Functional Testing in North America. Are you experiencing this in other service lines, such as again, development or Art services?". I can start. Yes, we're seeing more and more of this. I think the discussion I was alluding to with some of the publishers last week is a reference to that. They were literally going through the pain points that they're experiencing, including in game dev in particular, where there will be a lot of spend over the next 36 months. The pain point that they are facing, if you start from a customer lens, is needing 500 developers to get a AAA game to market. More and more delays, more and more complexity, more and more needs to land everything at the same time, and coming to the realizations of you cannot just do that on your own. It doesn't scale very well as a model. I would expect that we'll see more and more of this way beyond Functional Testing or Testing in general in that capacity. I would also expect to see more of the Marketing budget moving. That's why I'm excited about Marketing service line and Player Support moving as well to a different set than it is right now. I think it is across the board. Again, I'm coming back to the TAM. EUR 11 billion basically in our area being outsourced, and we're only really scratching the surface on this being EUR 500 million. This is, I think, what attracted me to that space in the first place. Thanks, Bertrand. We just talk? The mic's there now. Morning, it's Will Wallace from Numis. Two questions from me. Firstly, to talk about the TAM. You have presented, not you personally, but Keywords has presented TAM numbers before, which are considerably smaller than the numbers that you're presenting today. I'm just keen to understand how you've come to the total that you've come to today. What have you included in that? And if you could just discuss a little bit more about why it's perhaps different from what we've previously seen. Second question is completely different. If I look at the acquisitions that you undertook in the year, you paid EUR 126 million or so for around about EUR 40 million of revenue. You've paid about 3x revenue on average, which is some way higher than the historical levels. Sounds like you're continuing to look at the higher margin areas like Game Development and Marketing Services. Should we think about that as being kind of a likely sort of a multiple that you might pay in future? Or has 2021 been unusual? Shall I- Yeah. Shall I try to- Go for it. pay for those? Go for it. Firstly, for the TAM. Look, we stopped talking about the previous TAM because we knew that we had dramatically undersized it. We actually did two pieces of work. We did our own internal research, where we started to try and look at what publishers were spending on R&D, which is typically the types of spend for Game Development, Art, often Localization, Testing goes into that R&D, looked to that as a percentage of revenue and tried to then correlate that to the size of the industry as a whole, and we came up with an internal view. We then actually commissioned some market research. I think that quoted the company in the charts that we used. Comfortingly, they came back with a very similar number, but going through a much more rigorous process. That was a combination of quantitative data that they had, but also interviews with clients, et cetera, to try and build it up on a more bottom-up basis. You know, you gotta treat it as directional. If it's $30 billion, if it's $35 billion, the point is it's a very, very large amount of spend, and Keywords is very small. We think it's quite an exciting opportunity for us, both to increase our share of the current services that are being provided by external parties, but also, as we've said over the years, we are seeing this gradual trend to using more and more external provision. Therefore, there's an opportunity for that $11 billion to grow into that $35 billion. Coming on to M&A, I think, from a valuation perspective, we look more at the EBITDA multiples, honestly, in terms of the way we benchmark the deals that we're doing. You're absolutely right, though. The focus on Game Development particularly, which tend to be higher margin businesses, does mean that if you're paying similar multiples, the revenue multiple does increase a bit. We're not actually seeing a great deal of upward pressure on valuations at the moment, but there, you know, there is clearly a lot of demand for Game Development type of businesses out there. Yes. We have a question, firstly online, from Nick Dempsey at Barclays. "Can you explain a bit more about the push to new content in the industry right now? Is it simply the pandemic causing some delays and we're now seeing those games? Did the pandemic drive more engagement? Or is it approach to free-to-play in live-service games?". I think I'll start and maybe Jon, do you wanna comment. I think it's a mix of things. It's more players in the market, so there's been an appetite to get more content on there to capitalize on that. I think you have newer players coming in as well, including some coming from the other industries like Netflix, Amazon, coming into the fray. I think you're right, there's been some delays as well on the back of COVID, which we're starting to see that coming up actually right now, associated to that. I think there are more fundamental trends as well. There is also more and more move into GaaS, which we serve more and more, Game-as-a-Service, which is continuous stream of content. It's not just a one-off, which actually makes it much easier for us to plan our resources, to have the right communication with clients, to be on board, to have those type of teams, as I was referring to at High Voltage, for example. I think it's a combination of all of those, but we see it coming quite strongly. I would predict that what we start having discussions under the radar, they haven't materialized yet, but more and more coming from outside of the industry of gaming, saying, "How can we tap into the gaming engine and gaming capabilities as well to create content for gamified world going forward?" This is probably looking at on the longer term piece of that, but it has been very strong. Morning. Bridie Barrett from Stifel here. I just wanted to talk to you about wage inflation, and this is something that you started talking about last year. Obviously, we're seeing it across the entire sector at the moment. But it really didn't seem particularly evident in your gross margins last year, which increased, I believe, a percentage point or so. I wondered if you could just add a little bit more color. I mean, you mentioned it could be an issue in Game Development, but we're hearing more widely that, you know, that the other businesses are seeing it across QA and, you know, really across the board. Can you maybe sort of quantify your expectations a little bit this year? You know, if we're talking about double digit rates, which Team17, for instance, pointed to this morning, realistically, is that something that you can pass on in your rate card to clients? Shall I do that? Yeah. Yeah, I mean, look, every business gn the planet is dealing with wage inflation and inflationary pressures at the moment. I think it's very hard to put a number on it because we've got lots of different markets, 23 countries, and different service lines that are experiencing slightly different pressures because of the type of labor that they employ. I think it's fair to say on the Game Development side, that's probably where we're seeing it mostly pronounced or more pronounced. These are resources that Bertrand was saying, they're in high demand. And so as if you're in high demand, you're able to command higher salary points. We are fortunate, if you like, in that that particular business is project-based. We've got a natural opportunity to increase our rates, if we have cost-based pressures, when we renew projects. We've actually been able to increase rates on some existing projects as well. We don't always have to wait, but that's a little bit harder to do. Look, you know, as Bertrand's been saying, I mean, at the GDC, you know, the consistent theme coming back, everybody I spoke to was, there is so much demand for content, and scarce resources. To a certain degree, our customers really need us. Price is not a, you know, this is not a service that's historically been particularly price sensitive. All of our customers are experiencing the same thing as well. I'm not saying it's easy, but certainly, I think we've got a good opportunity to pass those on. There's always a bit of a lag, and so I think there might be a bit of short-term margin depression because of it. But certainly, you know, we can accommodate it comfortably within the sort of guidance ranges that we're giving. Thank you. I would echo that. Just maybe to add to Jon's point, it's like, it's true, a lot of discussions we're having at GDC with clients in general have been more about how do we build, take on those pain points that we talked about, which are different than a pricing discussion. They're really about how do we get more flexibility, how do we avoid those delays, which are way more costly if you take it from a client lens point of view. The reason as well I keep anchoring on the five work streams, and again, we'll have more at the Capital Markets Day, but it's also to take a longer-term lens on this. That's why I wanna make sure that we invest in technology so that we can also be ready for that. We're not only depending on just growing, doubling the talent pool that we have for doubling the size. That's why we're investing in strategic partnerships so that we can be at the table to have those discussions and to see where, how do we split the pie basically as those kind of events happen. That's where also the geographic footprint that we have helps because we can also alleviate some of the concerns in probably higher inflation regions to make sure that we have the right presence locally, but also onshore, offshoring to take this on. I think it reflects, you see the work streams that we're taking on, hopefully also partly reflect to address that on a long-term view. Thank you. That actually leads quite neatly into my second question, which is just about investment in additional technology. In terms of the approach there, are you thinking about acquisitions, or should we maybe be penciling in more CapEx? Or indeed, is it already wrapped up in that 14%-15% margin target? That's something we'll share more at the Capital Markets Day. We're doing the exercise right now to look on a three-year lens of how much head space do we have on that. Clearly, we wanna underpin anything under at least the 14%-15% margin that we have. But beyond that, some acquisitions we're looking at right now. Some acquisitions we have already done, but I think have been sub-scale in how we've been utilizing them. Some on technology will be partnerships simply. It's where the partner's knocking at the door saying, "Look, we have a very strong tech stack as such. How can we use it more with the type of services and solutions that we provide?" Which I don't think will be dilutive from that lens, but how do we find the right type of partnerships there? Some will be talent. Some will be how do we keep investing in talent in a technology mindset across the organization. I think we have many in our engineering teams. We have 1,500 engineers. How do we leverage that more, as part of it? I think it will be a mix, not necessarily heavy in terms of CapEx or investment as such. We wanna be thoughtful about how we do it, but we wanna take a three-year lens on that. Just, we have a question online. We've sort of numbered these questions, so I'll try to combine them, but it's mainly from Thomas Singlehurst at Citi. So it may be something we're gonna touch on CMD, but when the focus on M&A around Game Development and Marketing Services, why wouldn't margins mechanically move up relative to the original 14%-15% range? Or do we see this normalizing more in 2023? Yeah. I think I was accused last year of having upward pressure on my margins, which, from a CFO perspective is a lovely place to be. I think that you know, you're absolutely right. As the Game Development business it grows, we might see some upward movement in margin because of mix. I will say that the Game Development businesses, while are higher margin at the gross margin level, they are a bit more OpEx heavy. Actually, when you get down to EBITDA, the differences between our service lines are not quite as apparent as you might imagine. Yes, there is likely to be a mix effect there. At the same token, you know, strategic partnerships, when you're entering into longer-term relationships, there's a pricing piece there. As Bertrand said, we are gonna continue to invest in the business. We really do feel like we've only just got going in terms of building out our global platform. We're only really starting to see the strategic power that this platform can bring in terms of what we can do with our customers and to support them, and we've got to invest behind that. The growth opportunity for us, we think, is very substantial. I think that investing behind that, whilst being disciplined on a margin perspective, is gonna deliver the best value for the business. Good morning. Ken Rumph from Jefferies. Three questions. Firstly, on M&A, you set a new record for total spend, but 2017, you were less than half the size. Relative to the size of the group, you know, that figure's got smaller. Are the big deals out there that could lead you to spending a couple of hundred million that would be kind of proportionate? Or in a sense, do you have enough of a foothold in all the areas you're in that you can kind of grow organically without necessarily needing to acquire? Shall I have a go? I think what we're seeing in some of our service lines, like Localization, Testing, we've been pretty successful actually growing scale organically. You know, in the last three years we've opened up capabilities in Poland, in India, in Mexico, building on the footprint that we've already got in the business. It's fairly easy. You've heard us talk about land and expand. We've now got 1,000 people in Poland testing, and that's within the last two years. I think in those service lines, we've created a platform that allows us to grow that organically through investment rather than necessarily through M&A. On our other service lines, like Game Development, you know, we are subscale at the moment. You know, it's 27% of our business. Our clients are probably spending at least 50% of their production budgets on the Game Development piece, and so you would naturally expect over time for that to become that sort of size within our business. I think M&A is a really good tool to do that. We're also starting to see our studios expand geographically. As Bertrand mentioned earlier, Electric Square have set up a new offering called Lively. They opened a studio in Leamington Spa. Our High Voltage studio in Chicago has opened up a capability in New Orleans. Once you get to a level of sort of geographic scale, you can actually start to grow organically as well. What I think, to answer your first question, you know, we're looking at a very, very strong pipeline. I've actually increased the size of our origination team because we've got a lot of deals. But we're gonna be disciplined, and we're not gonna chase them. There are one or two in there that are a little larger, and that's partly the reason I've been comfortable carrying the cash balance that we've got, because if one of those did materialize, then we would need the cash that we've got. But I think, you know, looking forward, you know, I think 2021 was a very successful year. I'd like to think that we can repeat that. As I say, I think that will increasingly be complemented by, if you like, organic investment and expansion as well. Everyone ends up in Leamington Spa, who knew? On the margin point, and a related one about work, one of the things that you mentioned that was kind of a suppressed cost last year was facilities, that you didn't, so to speak, maybe have as many seats as people, but because people weren't in the office, that didn't matter so much. What's the future in terms of hybrid working? Also could you comment on churn within the organization? What's the kind of turnover within the business of staff? I think on the facility side, you know, we were very positively surprised about how well the business moved from working in studios to working from home. Actually, we've been quite cautious about returning back to studios. All of our studios are now open, but we've been quite cautious about the way that we have returned to studios, and that's a decision that all of our studio leads are considering themselves, but they've all broadly come to the same conclusion, to be quite cautious. We don't really know exactly how we're gonna use them going forward. Testing's a really good example. Prior to COVID, those services were contractually required to be delivered in secure facilities. We'd be keen to not go back to that situation if we can contractually, but we may not have the choice. Customers, once they get comfortable with working back in physical studios, I suspect might want us to increasingly provide those services, which will mean we'll need to add footprint to be able to accommodate it. I'd like to think that we can allow for a portion of hybrid working, which means that we can get a bit more flexibility in the way that we grow. You know, we invest in the footprint when we know we need it, rather than pre-COVID, we were trying to look six to nine months out to predict the space that we would need, and that can be quite challenging when you're growing fast. I think it's, you know, we're being cautious about how we return back, and over the next few months, I think we'll have a clearer picture as to exactly what that hybrid working model looks like across our different businesses. There was a second bit of that, wasn't there? Churn, sorry. Honestly, we're not seeing a big increase in churn. We've seen a little bit more movement in the Game Development side, but around the edges honestly at this stage. As you know, Ken, some of our businesses are designed to churn. You know, the Testing business thrives on having, you know, a relatively fresh level of resource that comes into it each year. We're not seeing any increases in churn, noticeable increases in churn across our business. Thanks. Finally, not to leave Bertrand out. Looking at the business and talking to customers, where do you see the obstacles to growth? You know, some perhaps are in customers and how they're set up, often still very kind of fragmented, even big companies. And others, I guess, are on your side in technology and people. Where do you see the obstacles to growing into that $11 billion becoming $35 billion? Quite a few areas. If you take game dev, it's really. That's why I'm focusing on anchoring on talent. It's really a hunt for how do we find the right talent, and even to be more specific, it's probably the intermediate/seniors. How do we build to that? Everybody's taking that on right now in the industry, including on the acquisition trail, including in terms of people hopping around. How can we take a longer lens on that? That's why I'd like to think that we can set up some academies. I think we can use our geographic footprint as well to use that. We're talking with one of our leaders, [Matt Vaudra], in India, about setting up actual longer-term play on the three-year horizon about how do we accelerate some path to get people at high level. Many of our studios across the U.S. and Europe are doing that as well. It even goes to the details of how do we build. Not details, but how do we build career path? For example, one of our studios here in up north called d3t led by Richard. I think he's thinking very thoughtfully about, are there some managers who wanna run big teams and really wanna run leadership? How do we get the right leadership development piece on that? Versus some others absolutely don't wanna do 40 reviews on a six-monthly basis and wanna be technical director on that. How do we create the right track? One piece is really on talent. I'm anchoring on that because I think it's one of the big limitations in the industry right now. How can we win on that? I think we have a fundamental advantage here, which is if you are thinking about it in the shoes of a talent, we can offer a diversified portfolio, geography of titles, AAA to mobile that effectively people can work on. Another limitation is if you take all the way to Marketing, and I'm picking some of the areas where we're going to invest most in, we are only at the early stage of developing that proposition. We're starting to hit scales in areas like trailers, content creation, a little bit into strategy, into PR, but as I mentioned earlier, we have a long way to go in performance marketing. We have a long way to go, as we know in this business, if you really wanna have a 360 proposition and you wanna have influencers, you need to be able to pay them, to have the right technology behind, to have the right analytics that is behind. That's a limitation for the industry so far. I think we wanna be ahead. We wanna invest in those type of areas. The other one is, to me, strategic partnerships. How do we, instead of being a partner where we do each studios on their own, how can we have the relationship also with the CXOs so that we can tap into the bigger budget pools, so that we can have those discussions? We can have the example I was taking on where we get to see the roadmap to 2027, so that we can then go back home, build the right solution architect, and build those solutions together with them. I think that resonates so far. We'll have to prove it in practice that we can make it happen. I think it has all the hallmarks for us to be able to be more and more embedded with our partners. I think the only thing I'll add, Bertrand, is to the first point around talent. We're starting to put in place a bit more structure around some of our regional capabilities, and particularly if you look at Game Development, encouraging the studios to collectively get together on things like recruitment. In the U.S., we have 4 or 5 studios there, largely going about in recruitment independently, and we're starting to think about how do we bring those together to create a more powerful recruitment platform. Same in the U.K., where, you know, we had a conversation, d3t said we can't find enough seniors, but we've got lots of juniors, and Electric Square and Studio Gobo were crying out for juniors. Well, you know, let's work together a bit more on the recruitment. That's something, again, I think plays into the power of having the platform and the network. It'd be a lot harder to do if you were just a single studio on your own. I think we've got time for one last question from the online audience. So Edward James from Bernstein is asking, for Bertrand, you mentioned building a full-service Marketing service line. Just looking at the technology and the performance capabilities needed, can you clarify the strategy in this vertical and the expansion into Marketing technologies, if this is needed and Keywords' core competencies as you see it? Yeah, happily. I feel first and foremost, I don't want to overpromise neither. We are at the early stage of that. It's the first time that we're putting the service line effectively together. It's roughly EUR 50 million of the EUR 500 million that we do. So we are still at very early stage. I think we have real strengths I was alluding to on the content creation side trailers. If you look here in the U.K., you have Fire Without Smoke, which I think is a brilliant studio. You have G-Net Media. You have here in Farringdon, our operations with Maverick Media. For example, all those have incredible capabilities. Trailer Farm is another one certainly set up really, really strong in their area and recognized as such. I keep hearing about them wherever I go with clients. I think there is scale that is starting to build up on that front. We're looking at how can we, a bit like to Jon's example, keep the absolute entrepreneurship of the studio, each of them managing their P&Ls, each of them managing their operations, but there's a value in scale basically together. The other place I was alluding to performance marketing, influencer marketing. Jon and I saw quite a few recently in that space. Some are more on the project base, which doesn't necessarily scale very well, but is in high demand. Some are really on the technology base, where it takes more time to scale, but when it scale, it really scales big time after that, as we have seen with many in the traditional Marketing, I would say, providers outside of gaming. I have a strong appetite to go into that space. We'll probably have to look at a couple of investments in that area. Waste Creative is probably one of the building blocks that we're putting there. Maybe I'll add one more piece, which is, there is a strong view as well as we still have to form it with the team. Right now, we have Marketing and we have Player Support being seen as totally different service lines operating. They are different type of operations as such, different type of headcounts as well. I think there's a value of bringing those two more closely together, in terms of at least capability, leadership and others, because Player Support becomes more and more player engagement. We are getting really strong at that. It becomes more and more player community management. We just added a brick into that wall, which is called Trust & S afety, which will become an important piece. Many customers start from there in terms of discussion. What I'm saying is, like, there are some piece on which I think we are ready at scale, but there's an entire puzzle of which I wanna have a three-sixty propositions. We're mapping that out right now with the team. We have many of those elements of the puzzle, a few that are missing. How do we bring it together and over the next three years build something that, quite frankly, could be a very meaningful service line for us. Yeah, I think just to add to that, I almost view Marketing as a mini Keywords. You know, within Marketing, there are the service lines, the capabilities that we need to build up, and I think we're looking at it in the same way. You know, we've got a PR capability in the U.K., but actually you need geographic reach in that service line. We'll be looking to build that out in the U.S. and perhaps in Europe as well. Other service lines are more like sort of a systematic play where you can have one that services globally. We're almost looking like a mini Keywords, where we build out the service line, geographic reach, scale over time. Do we have any further questions in the room? Bertrand, you're okay to wrap up. Yeah. Thank you. Great to see you. As I said, great to see you in person. Great to see some of you on the screen. I think we'll be on the road for the next couple of days, Jon and I, to take on more of the questions. As you can sense, there is a sense of excitement about the opportunity. I'm not just talking about the two of us here on stage. I'm talking on behalf of the 10,000 of us. There's a genuine sense of excitement being at the right place at the right time for us to take it on and for us to grab it. Thank you for following our story.