Good morning, everyone, and thank you to all of you in the room for braving the tube strike. I heard some of you even slept over in London as well to be here. Thank you for that and thank you to the many of you on the screen as well for joining our year-end results. John and I are delighted to share this with you. It has been a very good year, and at the same time we've had a good start of 2023. In terms of agenda, I'll start by sharing a few of the highlights. John will go in much more details on the financial review for each of the three big segments, Create, Globalize, Engage. I'll then pick it back up on giving an update on the strategy and how we're executing compared to what we shared at the CMD when we were in this location together before sharing the outlook and then moving to Q&A. I think it's fair to say that we have delivered an excellent performance for 2022. We've been very active on the M&A front. As you will see, we'll show the details of that with a very healthy pipeline coming in behind that. And probably most pleasing from my side is also the fact that as a team, we've stepped up and starting to really deliver on the strategy that we lay out in June 2022. All this, I think, keeps positioning us as the platform of record, the partner of choice for the industry. In terms of numbers, 34.8% growth year-over-year, of which 21.8% came in organically. A little bit of benefit and tailwinds on the FX, but a very, very strong underlying on all of those fronts. We've done an Adjusted PBT of EUR 112 million, largely in line with what we shared effectively a couple of months ago, converting it to an Adjusted PBT margin of 16.2%. John will share the details of the bridge of the ins and outs of what has come into that. You'll see partly flattered by FX, but other elements coming in. All in all, you'll see very comfortably above the 15%, Adjusted PBT that we've been guiding towards. Very strong underlying. This has converted into cash, now to the extent of having EUR 82 million in the bank, after having spent EUR 160 effectively in terms of M&A over the course of the year. This is a slide that you have been accustomed to see. We've been showing the last five years, consistently. The main message on this one is that this is not just a one-up story. This is a story of delivering consistently year after year, whether it's on the top line in terms of CAGR, as you can see over there. I would just warn not maybe to get used to getting into 20%+ every single year as such. I think the main point is like we are very comfortably above the 10% guidance that we have been typically giving. Strong Adjusted EPS as well, so converting on all the metrics. Again, the consistency is the main point of this slide. I'm sure many of you have had your eyes as well on the market more broadly. We thought we'd share that and give a bit of more colors to it. If you look at the market overall, it has partly paused for breath in the EUR 200 billion markets around the video game sector, but after very, very strong growth. Actually, what is the most interesting to me on this slide is actually the right-hand side. I always keep my eyes on the number of concurrent players that we have on Steam, you can see it has been kept growing well into double-digit over the course of last year. The players are there, the player are active, probably more active than ever. On top of it, you have seen the announcement on PS5, probably in the future on the next generation of Switch coming up. There is a very, very strong base of players that is there in the market. Now, probably more relevant for us is this slide, is when you look at our market, you may remember we shared that at the Capital Markets Day. We operate not so much into the EUR 200 billion market, but we really operate into the content creation segment, which is roughly EUR 35 billion. Of this, roughly, we estimated that EUR 11 billion has been externalized to service providers like us, of which we are, we are leading the pack, growing this year nicely to EUR 12 billion+. Very healthy grow into the external service provision basically on that front. With still we see it up to 2027, a strong CAGR of roughly 9%. This is per the very latest IDG data that just came out in March. In this, we've been gaining share. We are roughly at 6% market share right now. Gaining comfortable share in that front, still comfortably ahead of all the competitors into the space. The most exciting piece to me on all of those slides is the fact that we're still only 6% of the market in which we are operating. That gives you a sense of the opportunity that we are going after. I touched on the acquisition front. We have done 5 acquisitions in 2022 for a total consideration of EUR 140 million. Very glad to have also welcomed 47 in January 2023, so 6 addition more recently in the PR space, the leader into the PR space, into gaming, into the U.S. All in all, really great addition to the Keywords family throughout the last 12, 13 months. At the top side, John will share a bit more. You have three very strong high-quality game dev entities that have effectively joined us from Forgotten Empire, Smoking Gun, Mighty Games, where we have added capabilities, including in live ops, which you'll see is really key to us, where we are ready to double down. Very strong client base as well from Microsoft to Netflix, and also a very strong component on tech associated to those all the way from Vancouver to strengthening our presence as well in Australia. On the bottom row, what you see is with LabCom and Forty-seven, as we have been one of the leaders in the UK, we've added presence now in Milan with LabCom and in the US, very, very strong player with Forty-seven coming in as well. I'll touch on the Helpshift more later today when doing a bit of a double down on the investment that we've been making on the technology front. On that note, I'll pass on to John to share more about the results. Thank you very much, Bertrand. It's great to be with you all today. It's also a very sad day because it's the first year that I'm gonna be wearing my glasses to read my notes. A bit depressed about that, but there you go. I'll be taking us through the strong financial performance for the year, looking at each of the service lines in a little bit more detail, and spending a little bit more time on margin because there are a few moving pieces in there that we want to highlight. Pausing a bit to walk us through M&A and how we're prioritizing the opportunities before handing back to Bertrand to go through our strategy. Diving straight in, some of you will be very familiar with these numbers following the trading update, but as Bertrand said, it's been another very strong performance last year, with revenues up 34.8% to EUR 690.7 million as we saw sustained demand for high quality content, and also benefiting from some FX tailwinds through the year. Organic revenue growth, where we remove the impact of acquisitions, grew by 21.8%, well above our medium-term targets, but again, flattered by around 3 percentage points from FX movements in the year, and particularly the strong dollar. This was delivered by good performances across all of our service lines, which I'll walk you through in a little more detail in a second. But you'll see that all service lines are performing very nicely. This growth provided the foundation for a 33.4% growth in Adjusted EBITDA to EUR 146.9 million, with adjusted profit before tax rising by 30.2% to EUR 112 million. Margins did normalize through the year and came in at 16.2%, which as expected, was lower than the 2021 margin of 16.8%. I'll provide a bit more color in a second on that so that you can see some of the movements. It was also really pleasing to see the profit growth translate into very strong cash delivery, which again, I'll walk you through in a second. Now turning to margins. The headlines in 2022 were dominated by global events. These have had an impact on certain parts of our business and also on our margins. In order to help understand the underlying performance, we presented a margin bridge, as there have been some offsetting impacts in the year that aren't obvious in the headline numbers. First to FX. We flagged through the year that FX has two impacts on our business. The first is a simple translation. When we consolidate our local business performance into our EUR reporting currency, as rates move year-over-year, the reporting numbers can also move. The second impact arises when our studio billings are in a different currency to its cost base. We have several studios around the group where we bill in US dollars and where the cost base is in another currency. We've seen a period where the US dollar has been strengthening, which provides a P&L benefit, both in terms of the top line, but also margin. We flagged in the H1 that this has contributed to around a 1 percentage point improvement to our margins. The dollar did continue to strengthen in the H2 and resulted in a full year impact of around 2.5 percentage points. This, as you can see, was partially offset by the costs of transitioning our business out of Russia, which impact margins by around 2 percentage points during the year. As we flagged at the half year, we expected the major transitional activity to happen in the H2 of the year. It's been a big exercise. It's involved moving more than 400 people and their families to three new locations in Serbia, Armenia, and Malta, as well as our existing operation in Poland. Our focus has been on protecting the work that we do for our existing Western client base and meeting our contractual commitments. It's been a very disruptive period from a cost base perspective. At this point, we still have about 80 roles to move, and we're targeting the middle of the year to complete the exercise. I'm pleased to say we're now in a position to take on new work in our new locations. Whilst there's still some cost to be incurred in 2023, including a modest one-off charge to close our offices in Russia, we now have a really solid platform to grow from. Finally, as we've been guiding all year, we have the impact of certain costs post-COVID that would come back into the business in 2022, particularly around travel, business development, and return to office costs, as well as some provisions for vacant property that is no longer being utilized, where we've continued to operate largely a work from home model in certain parts of our business. This is the first full year that we've reported under our three new service lines, Create, Globalize, and Engage, having announced the change at our CMD in June and reported in this way, at the interim results. We've also added a little more disclosure in terms of profitability in each of the service lines to try and help you understand more of the drivers in the business. I'll start with Create, which combines our game development and art services businesses, which are more exposed to the earlier stages of the development cycle. This service line represents around 40% of our group revenues and 47%, sorry, of our adjusted EBITDA. As you can see, the business performed very well with 46.4% revenue growth and 25.9% organic revenue growth. Both businesses saw very strong demand, with art services delivering a particularly strong performance and our recruitment efforts in game development allowing us to take on more work in a capacity-constrained environment. I've already talked through the move out of Russia in our game development business, which has been a drag on margins for the service line, although they've remained healthy at 25.3% compared to 26.4% in 2021. With an Adjusted EBITDA growing by 40.2% to EUR 69.7 million. We continue to focus on building our game development offering. We're really pleased to bring three high-quality teams into the group in the H2 of the year. With Forgotten Empires, bringing Live Ops capability. Sorry, bringing experience in real-time strategy games and Smoking Gun bringing Live Ops capability as well as access to talent in Vancouver and the Mighty Games team supporting the scaling of our business in our broader Australia business. We expect to continue to see robust demand for our Create service line. Whilst we are starting to see a more cautious approach to investment in new games at the beginning of the year, we expect Create to remain resilient due to the quality of the studios and the talent, our strong client relationships globally, and the mix of high-quality IPs that we work on. Moving on to Globalize, which is our largest service line by the number of people, is focused more on the post-production side of the industry. It brings together our audio, testing, and localization businesses across 27 cities around the world. Total revenues grew by 29.8% to EUR 300.9 million, representing 44% of group revenues. On an organic basis, revenues increased by 23.4%, reflective of a period where each of the lines of business within Globalize performed very well, despite it being a slower period for new launches. This revenue growth translated strongly into profits, with Adjusted EBITDA up 30% to EUR 61.6 million and Adjusted EBITDA margins maintained at 20.5% compared to 2021. We've also introduced new technologies like KantanAI to support clients, as well as bringing in Mighty Games to be able to offer automated games testing solutions to complement our existing quality assurance offering, and Bertrand's gonna spend a little bit more time walking through that later in the presentation. During the year, we saw the trend towards external service provision continue across our global service line. Even in a more constrained market environment, we believe this trend will continue over the medium term as the opportunity to move from fixed to variable costs for this part of their business will continue to be very attractive for our clients. Last but not least, our Engage service line, which is currently our smallest service line and brings together our marketing and player support businesses. Again, the service line performed very well, with revenue growth of 24.1% to EUR 114 million and organic revenue growth of 9.7%. H2 really continued the trend we saw in H1, with player support performing very strongly, growing its client base and expanding its work for existing key clients, with marketing delivering a more modest performance. This was partly due to a very, very strong 2021 performance, where we saw the Engage service lines for marketing grown by over 150%. Also reflected some delays in work in certain studios which we're now starting to see come back through in 2023. Adjusted EBITDA rose 20% to EUR 15.6 million and adjusted EBITDA margin fell a little to 13.6%. We've continued to broaden our Engage offering through acquisitions, significantly increasing our pre-ART capabilities with acquisitions in Italy and U.S., as Bertrand's noted, as well as acquiring the Helpshift technology platform to create a holistic player support offering that we believe is unique in the industry. We'll continue to broaden the offering and collaboration across the Engage service line to be able to offer a holistic solution focused on driving and maintaining player engagements with our clients' games. Now turning to some cash flow. In overall terms, free cash flow increased by EUR 25.4 million year-on-year. This was primarily driven by the EUR 36.8 million increase in Adjusted EBITDA. We had a EUR 0.6 million working capital inflow, although this was EUR 10 million lower than last year, driven by an increase in WIP at the end of the year due to the very strong growth, but also offset by a reduction in debtor days from a very good cash collection performance. We also continued to invest in the business, with CapEx increasing by EUR 7.6 million, which has gone into expanding our footprint in a number of regions and continued investment in hardware to support the growth of the business. Cash tax paid was lower year-on-year, mainly due to phasing of tax payments returning to a more normal cycle following the COVID period. Together, this meant that our adjusted cash conversion rate was 100.1%, a significant rise from H1, as we expected, and well above our full year guidance of cash conversion rate of around 80%. In terms of deploying that cash, as you know, M&A is a core part of our strategy. As we noted earlier, we completed 5 acquisitions in the year, which resulted in an increase in our spend on acquisitions to EUR 116.4 million in the year. Of this, EUR 25.8 million was in respect of the cash component of prior year acquisitions, and EUR 3.1 million was linked to acquisitions and integration costs. This meant that despite a very, very strong cash performance, we did see a small reduction in our net cash position to EUR 81.8 million from EUR 105.6 million at the beginning of the year. Together with our EUR 150 million RCF, this leaves us with a very strong financial position to continue our value-accretive M&A agenda. Just to note, we don't have any exposure to the Silicon Valley Bank, which I know has been a hot topic over the last few days. Before I hand back to Bertrand, I did want to spend a couple of minutes touching on our M&A agenda. You've seen this slide before, but I think it really highlights how our M&A program has enabled us to build out our platform systematically, moving our focus into new areas of the business in order to improve our capabilities and our scale. Looking at our focus moving forward, they really remain unchanged from what we said at the CMD in June. We've continued to execute against them. In Create, we continue to look to build our scale and capabilities as well as our geographic footprint in order to get access to new talent pools around the world. As you've already talked about, we've completed 3 deals in 2022, and this continues to be a core area of focus for us. In marketing, our strategy has been to broaden the offering to create, if you like, a mini Keywords for marketing and gain increasing access to the CMO budgets of our clients. During the year, we successfully expanded our PR capabilities with our 2 recent acquisitions in Italy and U.S., and we're looking to build out our expertise in other areas, and particularly areas like social media and influencer marketing, which are both increasing areas of focus for the industry. There's also an increased convergence between gaming and M&E worlds in marketing as we see more and more crossover between IPs, and with the most recent examples of The Last of Us and Hogwarts Legacy being two recent examples where we've seen that between the two industry. Technology will continue to be a critical part of our strategy and as Bertrand is gonna spend a little bit more time later explaining how Mighty and the Helpshift acquisitions are enabling us to grow our offering as well as automate some of our processes within the business. Finally, at bottom right-hand corner, the area where we continue to evaluate opportunities is in the adjacent market space, in particular media and entertainment, where we're seeing more and more convergence at a customer level, but also we're seeing the increasing use of game engine technologies to deliver the film and TV content. Finally, before I hand back to Bertrand, a few comments on the balance sheet and some comments on the guidance for the year. We continue to have a very strong balance sheet, as I mentioned earlier, with great access to capital and with net cash of over EUR 80 million at the end of the year, together with our EUR 150 million revolving credit facility. This gives us access to over EUR 230 million of liquidity that we can use to continue to invest in the business and pursue our value accretive M&A agenda. We started the year well, and whilst we do expect organic growth to moderate from the very, very high 2022 levels, we expect to continue to remain above the medium-term guidance of 10%+ for organic growth. Adjusted PBT margin is expected to return to our 15% guidance in 2023, as previously flagged. Given the potential to draw down on the RCF and the higher interest rate environment generally, moving forward, we are going to focus our margin guidance at the operating profit level, which is pre-interest costs, which has historically been very, very similar to adjusted PBT. Again, we expect that to be at around the 15% level in 2023. Adjusted effective tax rates is expected to stay in line with 2022 at a rate of 22%. We are expecting CapEx to continue at a slightly higher level to 2022 relative to revenue, reflecting some expansionary CapEx and continued investment in the platform. We still expect our overall adjusted cash convergence conversion rate to be in line with our target of 80%. As I mentioned earlier, we did benefit from the strength of the US dollar in 2022, we do remain mindful of potential foreign exchange movements that are outside of our control. Based on the current rates, we do expect to trade in line with current market expectations for the year. I think that's it for me. I'm gonna hand back to Bertrand to walk us through the strategy. Thank you, John. As John was talking about his glasses, I'll take the opportunity to flag that in a couple of weeks or three weeks, he's going to hit a big birthday. John, happy pre-birthday. It's a big number. A good number. In terms of strategy. I think strategy probably on snapshot on our slide is like, clearly we wanna keep establishing ourself as being the partner of choice in the industry. That's what we're working towards. I think that's starting to really happen. I'll talk a little bit more about the strategic partnership we're investing in. The three line service line are really making an impact. You could sense John describing them. When I started at the end of 2021, one of the observation I had was how much clients were wondering about what are you really about Keywords? Because you've been growing very quickly, but you have those 8, 9, 10 service lines. How should we really think about this? I think the 3 service lines, Create, Globalize, Engage, have really helped simplify the message, and more importantly, have helped actually really get access to the right deciders in each of those big segments in its own right. It has also helped internally in partnership, I enjoy myself seeing that every day in terms of collaborations within the service lines themselves. They are much more cohesive now and also across the service line. We have added 3 new countries since we saw each other last time, so growing to 26 right now. We have 12,000 talents, teams across the world, speaking 50+ languages. We have the chance to serve the who's who in the industry now, 24 of the top 25 publishers. You can sense we've made substantial investment in mobile as well, building a strong presence, knowing that historically we've been more on AAA, PC, and console, which serves us really well, but we wanna make sure to really serve across the industry itself. We touched on the market earlier today, of a EUR 12 billion market of which we are roughly 6% right now. This one is one I use systematically when seeing some of our partners and publishers. I have to say, their eyes tend to pop when seeing that slide. You have seen it many times, but it's one that is really important to them because many partners want us to be on the same time zone to have the proximity to where they are, but at the same time to be able to serve them 24/7 to have the full day-to-night effectively type of setup across the globe, which this offers. There is something more subtle about this, which has largely changed over the last year, which is we're having more and more discussions with partners about how do you change your business model from fixed cost to variable cost? What are the resources you really wanna focus on that you should have in-house versus where we could help you as part of that? It changed literally into some of their business models. We're having a few of those fairly large-scale discussions. We're at the table at least for those. For that, you need to have the infrastructure around the globe to be able to serve them, to be able to move rapidly as well, those type of resource and talent. On top of this gives us access to talent on a more global scale, which is perfectly handy with the type of growth that we are planning for. An extra point on this slide is that if we had looked at this slide a year and a half ago, you would have seen nothing in Australia. We had no presence there. There was clearly a glaring gap. It started with M&A, M&A of Tantalus. Adding on the back of that, Wicked Witch added Mighty Games on the back of it as well, and organically adding Adelaide very recently. Now for a total of almost 200 developers and artists into the region and serving the broader region as well with a very high bar in terms of quality. That's another reminder of why we're doing those acquisitions and how we are growing organically across this map. Very proud to be a responsible business. That's something on which we spend a lot of focus and attention on 5 key elements: community, people, planet, client, and governance. We have behind that an ESG committee at the board that is very rigorous. We have started to put proper metrics behind it where we are testing ourselves and to see what makes sense, what works, what doesn't work, really what drives the right behavior within the business. It's something across the board that our teams care passionately about. I could go on and very happy to cover in Q&A as well. I'll probably double-click just on the people front, which is obviously an essential element of our business. Proud to see the progress we're making in terms of employee talent engagement across Keywords. We do a lot of town halls. We do segmented town halls, both with discussions, learning sessions for us as well to take the pulse of the organization. We talked at the CMD as well about the type of setup and organization that we've been putting in place. We're making a lot of progress on that. John, myself, we're visiting various of our studios across the UK last week, and every single one of the studios started by showcasing their credential of how they are a great place to work in terms of not only in a few years ago, but really in 2022, what they're doing for 2023, having the badge effectively for that, which is key to our recruiting too, key to our retention as well, and to the type of business we wanna be. We talked for the first time about Women in Games when we were in this location in June last year. We were just at the early stage of joining joining this. We wanted to really partner with them. I'm proud to say that now we are really leading across the organization under the leadership of Trina Marshall in our team. We're now having more and more men and women and men having both actually joined, participated, being part of that and really make it a key priority. Finally, a lot is going into NPS investment. A lot is going in terms of learning and development across the organization. This slide is something that we shared at the CMD, and I'll spend more time on the next one. Those are the five key pillars on which the five key work streams on which we decided to invest. This is what I wake up thinking about. This is what I go to bed thinking about, are we making the right progress there? Do we have the right leaders behind each of those? Do we have the right resources, the right capital allocation behind each of those elements? Let me go through a few of them, and I'll double-click on a couple of them right away afterwards on technology and on one Keywords. Just to give you, bear with me maybe for 5 minutes where I wanted to give the practical progress that we've been making on this, and I'll try to do this consistently in the years to come. On strategic client partnerships, we are investing into what we call SPR, strategic partnership reviews with our top 25. We have been on the road. I've been in the U.S. twice this year across the U.S., heading back next week, where we're literally sitting down with more and more of our top partners, typically bringing top 10, top 15, top 20, with one of the biggest publishers recently. They're the top 30 coming over, dedicating a full day to this. We are matching it with our own teams, and where John, myself, our service line leaders will be there as well. The team effectively going into a dialogue, reviewing the pipeline, adding forward visibility, which is critical in those type of times, making sure that we understand their workflows, our workflows, how can we have technology discussions as well with them. Really building on that front and being a good partner where we can really help as opposed to just selling a very specific service line as such. I think it's starting to have its impact. We are starting to measure it. There is a lot of intangible that showcase the progress and probably reflected in some of the numbers that you have seen as well. We still have a lot of work to do. If you take on the marketing side, John referred to it as a mini keywords. Part of what we wanna do this year is how do we effectively understand the needs of the top 25 CMOs in the industry? You'll see much more on this. We're also going to start seeing some more complex deals that we're making, where we get the advantage of being able to do things we were never able to do before, where it takes multiple of our studios to come together to be able to serve the needs of our clients. It commands a much bigger value when we can effectively unlock those together, but for that, you need to be at the table. On the technology front, I'll double-click on the first one right away. Beyond that, we've been investing in the team. We have a strong CDIO who has joined us as well. We have Jamie Campbell investing into the labs. Just to give you a sense, we have a leadership summit with our top 50 in Montreal in May, which will be largely dedicated to innovation. Not long-term, 5 years innovation, truly practical innovation in terms of our own pipeline, our own backbone, in terms of OpenAI, of course, in terms of the tech movement that we have made, how do we become more of a product organization as part of that? It will be a big part of the agenda that we wanna drive. One Keywords, I'll make a small note. Again, back to Montreal, we had, I think end of January or early February, I went over there with a team, led by Nicolas Lioret-Drouin, who you saw on stage last time. We're doing tremendous work organizing our shared services. Maybe it's less sexy on paper as such, but critically important to be able for us to have the type of operation scale that we wanna have. Gathering all the leaders across finance, across IT, across HR, across legal, and really bringing down all of our processes, where can we automate, where can we be more systematic around the way we approach that so that we can serve our studios better and be more efficient there. A lot of progress starting to happen. Now we'll think about it one point in time to showcase that. In terms of talent, a lot of investment there as well. We have reshaped our talent teams to be able to go more directly where the talents really are, especially in this world where there is a lot of high-quality talent in the markets. I think we're equipping ourself to be able to win there. We have made some adjustment for a lot of our teams across the globe to make sure that we accommodate for the standard of living and making sure that our teams are well off and can operate properly. A lot of initiatives as well on the academies. Now, three academies around the world, in India, in Dublin, and in Ottawa, keeping investing that in partnership across our different studios. Finally, on adjacent markets, a big topic for us, John hinted to media and entertainment already a couple of times. There is one where we absolutely wanna win, and you can sense already the investment we're making starting to pay off. It's in Live Ops. Our clients expect us to be strong in Live Ops. Many of our clients are looking at how can they make the move in a substantial way over the next three years. We have, as you probably remember, one of the largest operation with Fortnite in the U.S. I've been working with them for the last six years, season after season, owning in partnership with them some piece of that experience. Clearly, we have launched a new studio as well called Lively at GDC last year that is going from strength to strengths, completely dedicated to live ops, where we have also reshaped the teams accordingly to go after that. The acquisition of Smoking Gun is another example of going in that direction. One that I'm very excited about is virtual production. We had the early innings of that, very early stage. When you think about the 3,500 talents we have in game engineering and as technical artists, mastering Unity, mastering Unreal 5, this could be something that is really transformational in the way that virtual production is being done in the media entertainment sector. We're putting a small task force behind that, but to see of how we can really play our cards properly in that type of setup. I hope this gives you a bit of an overview of the progress we're making. I'll double-click on, as I said, on two of those. The first one is around technology. My general sentiment, stepping back from any of this, is it starts feeling like more and more like a technology company. We're all about talents, we're starting to act like it, we're starting to think like it, we're starting to equip ourselves with the right talent and some of the products that will be at the core of what we're building here. Kantan, if you remember, is a partnership that we just signed with Microsoft when we saw each other in June last year, KantanAI in the localization space, where we're able, in partnership with Microsoft, to have one common workflow where they can pass on the words that needs to be translated. I'm talking about millions of words. Effectively, the ask that they had was, "How can you translate those within 48 hours?" We had made the acquisition of Kantan 2 years ago, and we really went for it to say, "How do we co-invest in that platform?" I'm proud to say that now, a few months later, we've been hard at work. It has been sweat and tears, but now we have a platform where we are fully embedded together as partner. We are present on 22 titles across Microsoft in 35 languages and with an average turnaround time of 42 hours, which is unheard of in the industry. It allows us to take some volumes and some work that we would have never been able to take on before, especially in areas like live ops, where speed is of the essence. Mighty Games, John touched on it, recent acquisition last year, in Q3 last year. This is one more in the QA domain, but fascinating one. It's right now, it's still early days of it. It's still an early entity. It was exclusively focused up to recently on mobile, on Unity, where effectively what it does is that as you are developing as an engineer, instead, the traditional way of working is you dev and then actually you pass it on to the QA team, potentially even years later, with a lot of surprises potentially coming on. Here, you're able, in real-time, to see the quality of your code, where effectively it will autoplay itself. The game will learn. That's where the AI comes in. It will learn to distinguish what is a tree, what is a dragon, what is an environment, what is a buy button behind, but also on a multiplayer scale, and being able to play at 20, 30-plus times the speed that you wanna have. This has deep implication for us because it allows us to tie it up to our 23 creative studios with our partners to see how can you attach that in dev to have dev, QA really operating together with the insight that comes with it. Our QA team also looking with the 5,000-operation team that we have, how can you have the best of both world, of quantitative testing and qualitative testing? Early days of it, don't wanna overpromise, but that's how we are, we are starting to think about it. Maybe as a quick heads-up, we'll be at GDC in the US next week, where we are going to showcase the first parts of how this can apply not only to Unity, but it can also apply to some of the other engine, including for AAA. HelpShift has been a big one for us last year. In truth, it's not really new. We've been partnering with HelpShift for some time, in the domain of player support, player engagement, player experience, and community, and we've been very impressed by them. That's why we wanted to have a piece of that. We think we can build a comprehensive solution that fits with our partners' needs. Effectively, what it does is it allows to take roughly 30% of the tickets away and automate those real-time, so that effectively as a player, John being logged into a game or Charles being through a game, how can we take that on and answer real time to unlock the player where they are in the experience, especially when it's a fairly easy query? It's backed by a CRM, where we also understand this is player Will with an XP 5 type of level. In this type of game, at this sensitive stage of monetizations, how do we come in then with our agents to effectively give you the full VIP services to unlock you from that experience? It's a combination of the two things that I think is quite powerful. To tie it all together, where now the teams are starting to work with the content team so that the agents are able to have automatic translation to multiple languages, so that they can multiply themselves in terms of how much work they can handle in real time. Hopefully, that gives you a bit of a vignette. Those are three distinguished products so far. The real Holy Grail, if you take a three-year lens, will be how do we keep building that, building the organization for that, the real product DNA that we have behind, so that we can really go and scale that in partnership with our clients. Another one that I was going to double-click on and is in the theme of one Keywords is also we've been looking at how do we. This feel like a good time for us to reshape and to refresh the values we have. We have historically had what we call the Rules of Nine. We felt it was actually a good time to refresh with what we for the next four or five years, where do we really belong? The overall tagline, I'll play a video right away, but it's what we call Imagine more. Imagine more for your clients, for your publishers. Imagine more for your studios. Imagine more for your career. Imagine more for your investors. That's something that I think resonates quite well with what we are aiming to do as a team. I'm proud that we have about 75 champions who have worked on that. This is their work. Now we have released that effective in January to the overall team, working now on embedding that everywhere across the organization. From art creation to game development, localization to launch, we're helping define the games and entertainment landscape and ultimately the experiences of over 3 billion players worldwide. Combining our expertise and imagination, we're more than the sum of our parts. Together, we have the power to unlock the potential of gaming and beyond. Today, we invite every corner of our global community to Imagine more and step forward in shaping the future. Keywords has an international team of thousands, which means a clear, shared mission is everything, especially when we collaborate. This is why we've created 5 unifying leadership principles. Why are they called leadership principles? Well, it's a mindset, one that actively seeks positive change rather than waiting for it to happen, empowering us all to achieve success as one. We collaborate with our clients as an extension of their team. With shared passion and purpose, we proactively support them in bringing their stories to life. We believe in a network with efficiency at its core. Combining the strength of a global platform with the agility of local studios is our superpower. We embrace technology, innovation, and our entrepreneurial spirit to help our clients and industry thrive. Leveraging the sum of our experience brings new value to gaming and beyond. We champion diversity of talent and ideas from every corner of our global community. Inclusivity makes us stronger and enables us to deliver world-class entertainment creation to our partners. We pursue open and honest relationships with our people, clients, and communities. Clear and authentic communication is foundational as we create success together. Keywords Studios has the power to elevate the games industry and beyond. As we engage our superpower to unlock our full potential, we invite you to Imagine more for your clients, your studios, your careers, because together, inspiration is limitless. I hope you heard that. Maybe to bring us home in terms of outlook, clearly, we have a lot of work to do, a lot of work on our hands. I think that's where agility comes in. This is a challenging year in terms of macroeconomic context. We have had a good start of 2023. There is a lot of healthy demand out there. I'm personally, I think I'm speaking on behalf of all of us, very excited by what's ahead of us. I think we have a strong strategy. We're executing on it. We're building that relationship with our partner at a strategic level right now. We aim to know, we are at the table together, understand their needs, and hopefully have an offering that really resonates with them. We have an opportunity as well in this current context in terms of M&A that is really strong. You can see we're on fire on that lens. There is a very healthy pipeline as well behind. I have to say, for many independent studio, it's more comfortable to be well seated within a Keywords type of setup than being independent. On top of it, ultimately, we are building our platform both on the technology side and on the talent side. The thing personally that I'm most excited about is that we have a team of 12,000 and growing, talents behind us, that is, excited, I think, by the agenda, where we are having the communications, we are having the discussions, and that is, quite excited themselves by imagining more for our clients in their own way. On that note, probably a good time to open up for Q&A. Good morning. Morning. Katie Cousins from Shore. I've got a couple, if that's all right. Thank you. First one on, how much visibility do you have over the year to come at this point? Then thinking about you talked about more complex projects potentially coming through, including more studios. Will that overall help your visibility in a couple of years? I can ask the others after that one if you want. I'll start on. In terms of visibility, I can share high level. Of course, we look at that in our monthly business review. We advise very close to that. I would say very healthy. If you take them one by one high level, game dev in particular is at a very similar level to what we had last year in terms of forward visibility. Part of it is because you've had supply-demand mismatch and still strongly the case. I think that's very strong. Art, probably a bit lower than it was last year, as such, especially in some areas of the world. That's something we're looking into. Higher than what we would have actually in previous year to that. Still at a healthy place, but that's a bit the nature of art as well, where you get actually shorter time cycles than you have on game dev. On the Globalize side, what we see is probably the way we look at it is what I tried to share with the fixed cost moving to variable cost. One, our studios are busy, but on top of it, we're gearing up as well to be able to take on some bigger deals and bigger engagements, which are not necessarily easy to do because you have to think about multi-hundreds of people, that you have to effectively bring on board, learning and development, talent and all the, that. I think that's where I think the agility of Keywords is really a very strong strength that is tough to capture in those type of discussions. That's where, that's where we're building together. On the marketing side, there were a few delays at the end of last year, as John pointed out, on the back of a very, very strong year the year before. You can sense that many partners are thinking about how do I go to market with the key IP and the key assets that I have right now. I would say fairly solid across the board. Now that the only one we're looking a little bit more into is in some region on art, but the rest very much at parity. In terms of the complexity of the deals, yeah, that's something I'm relishing, frankly. It's each of the areas, especially in Globalize, that's the one I was alluding to. On the creative side, what you have is some engagements that we simply couldn't take with one single studio because a single independent studio would have been too small to take those on. Now, that comes with some challenges. It means that's where we need the service lines to really come to their own. That's where leadership comes in too. What I'm seeing is more and more without having imposed it to any of the studio, because I'm very, very thoughtful about keeping the independence and the P&L management on each of the studios themselves. If you remember the hubs we talked about, the natural leaderships on us to pick the right leaders as well for that, are really organizing themselves. They're starting to pitch it with who is the lead studio? How do you make sure who comes in? What kind of skills do I need to have? I'll give you one more little example. Here in London, we moved into a new office two weeks ago where I was surprised, six of our marketing studios asked to come together into one place. If you were to walk around, and maybe we should have you there, is you will see six distinguished DNA into the business themselves. You work across Itchy, across Fire Without Smoke, across Maverick, with a common area where everybody starts by visiting and sharing the case studies. It's early days, but they are on the back of that, they are pitching together. They are sharing experiences together. That's what we're trying to promote. Brilliant. Thank you. Just on the increase in CapEx, how much of an increase and kind of a breakdown of the moving parts in that? You talked about a one-off cost relating to the Russian studio. Is that expected to impact H1 or H2? And an estimate around about what that? Sure. could be. Thank you. The CapEx, I mean, it's been running at sort of between 3% and 4% of revenue. I'm probably expecting it to be nearer the 4% sort of end of that range in 2023. It's a combination of things. I mean, in 2022 we did spend a bit more on some of our property footprint. We obviously opened 3 new studios in Europe, for example, and obviously you need to open up the offices. We have seen some of the studios needing to take on more space because we've effectively been growing in a work from home environment, and we're now starting to bring people back into offices. Even with work from home, we needed to create a bit more space. I'll see that continue. The area that we're probably seeing a bit more incremental spend around is some of our internal IT, part of the technology agenda. There are some parts of the business where we're looking at standardizing our platforms. That's a bit of CapEx that perhaps we haven't had in a meaningful way in the past. It's, as I say, it's nudging it up. It's not a dramatic change. As far as the one-off kinda closure costs are concerned in Russia, the honest answer is we don't know the quantum because we're busy trying to move people. At some point, we will have some redundancy costs. I think it's gonna be sort of EUR 0 to 5 million type of levels and will probably fall around the half year. It might some of it may be, H1, I think some of it may fall into the H2. It's around that sort of level. Thank you. Welcome. Yes. Good morning. Hi. Thanks very much for the presentation. Will Large from Liberum here. Just a couple from me. Firstly, on terms of the split in the EBITDA margins and looking particularly at the Engage division and obviously as that scales, where do you see EBITDA margins for that business over the sort of medium to long term? You want to start? Yeah. Yeah, I mean, that's a business that is sort of subscale relative to some of our other service lines. A collection of relatively smaller studios. As we grow that business, we should expect some operational leverage to come through. I couldn't put a number on it, honestly, I think it's gonna be sort of half one, sort of 1.5 type increments over the next two, three, four years. Partly will depend on M&A. There are a couple of slightly larger opportunities out there. If we bring those in, they've already got a bit of scale in them. I would hope that over the next few years, you can start to see that EBITDA performance nudged up. It's also got a player support business in it, which is a maturer business. Certainly on the marketing side, I'd expect that to nudge up over time. Okay. Thanks. Second one, on the technology acquisitions, how are you ensuring some sort of discipline in terms of the valuations that you're paying for these businesses, given that they're sort of relatively early stage? You go. I can start. It's a good question, but very strongly. It's like we wanna make sure that we don't add too much. That would be dilutive, of course, to what we do. We're getting towards a 15% Adjusted PBT on the whole as part of that. We also wanna we wouldn't go into buying SaaS businesses that are bleeding money at all on the country. I mean, Helpshift is profitable even when we started to be very clear. Each of the businesses that we do should be incremental over time. When you look at Kantan, it gave us specifically, if I'm really going through the three, Kantan gave us access to volumes that we couldn't get before in a very meaningful way. Now it's starting to count. You've seen the number of titles that we have as a presence with one of our largest partners in the industry, and who is a great partner, a very respectful partner, who wants to co-invest in those. If you look at Mighty, I think we still have some go-to-markets to work on on that front of how do we make it really scalable. It's all about the volume on that front. I think it's a wonderful tool if you are a developer, if you're one of those 23 studios on the Create side, led by Ashley. She's all over that right now because it gives you true differentiator as well to be able to help devs to really add insight to the quality of the code, to get forward visibility where you can get. It gives you access to cross-selling as well because then you can say we have a QA platform as well with 5,000 people plus technology that we have behind that. We look at it on the whole, but clearly, I think the guidance should give you the overall view on that front. Clearly we want to be a profitable business on the technology side as well. I would argue what I really like in those is like they're much more sticky. They are really SaaS businesses at the core of it. They are embedded into the workflow with your partners. That is a different type of relationship that you can leverage on the back of that. Thanks. You want to add anything, Walter? I think you covered it. I think the only thing I would say is that I think some of the recent moves on the technology sector have helped actually. I think something like a Helpshift, I'm not gonna say it would've been unaffordable, but I think it would've been harder to do within our current construct than it was given the way that that market moves so. Thanks guys for the presentation. Oliver here from Peel Hunt. I just wanted to get an understanding of in the sort of medium to long term, the three different segments. Do you expect Engage to catch up to the other two and become sort of the same size as the other two, or will you focus more on the higher margin areas? I can start. It's going to be depending on some of the acquisitions we have in the pipeline, frankly. It has definitely the potential to catch up. It has, I would add to John's earlier answer, there's a potential to catch up as well on the margin side. I think I generally believe we are subscale right now. Look at some comparators into the industry and marketing overall. Once you start being on the CMO agenda, which is we're probably three, four years ahead into the other divisions, it commands a different premium, different relationship. You don't have to do RFPs at every single turn as part of it, and you can really capture much, much more of those. I don't know it's the honest answer, but there is enough in the pipe that it could become at parity with the others. If Tony, our leader of the segment is listening, the answer is absolutely yes. I was gonna say, if you ask Tony, he's desperately keen to make sure that his business is the same size. As Bertrand said, I think, I think that will partly depend on the M&A side of it. We're clearly focusing more of our efforts on marketing and game dev, and therefore by definition, you would expect those two to grow from an M&A perspective, perhaps a bit quicker than the Globalize service line. I'll add one more thing, maybe directly to your question as well. On the M&A side, we are mostly looking at additions that would be accretive onto the margin story right away into Engage as part of it. I'm fairly optimistic knowing that we have work to do. Okay, great. Thank you. Thanks, everyone. I think we should just go to. There's a question on the phone lines, please. Can we go to that, Saskia? Thank you. Yes. As a brief reminder, that is star one to ask questions over the telephone. We have a question from Nick Dempsey of Barclays. Please go ahead. Yeah. Good morning, guys. I've got three questions. The first one, yeah, you talked about strong start to 2023. You did reference some caution on new games from customers in Create. Does that caution eventually hit you but with a lag? For example, might that logically impact your momentum in Create sometime during 2024, the fact that those people are more cautious on new games right now? Second question, have you noticed it becoming somewhat easier and perhaps more cost-effective to hire talent as, first of all, some video games groups have started to look to save cost, and secondly, just the large online groups have been reducing headcounts on software developers more broadly? The third question. There was a report a few weeks ago from a university in Quebec about setting out the case, at least, to the Quebec government regarding how they should change tax benefits for video games groups to maybe support local companies more, give less benefit to what they regard as multinationals. Do you see any risks in the next few years to those good benefits you get from the Quebec government? Well, thank you. Thank you, Nick. I think we can probably do a task on those. I'll start on the first one. John, on the content side, we don't know, but we haven't seen any lag. At least that's all I can say at this stage. I think it's grown into really a solid base because we spend a lot of time thinking about that. That's a value as well of being on the road. Again, I spend probably 30%, 40% of my time with clients at the more senior level. At least we have forward visibility of what is coming. It comes back to your question as well in terms of forward visibility. Maybe a bit of colors we can add. The first one is on the. Our segment is not. That's what I try to showcase. It's not necessarily the $200 billion market you see in there. It's the $35 billion of content creation. Actually, this one is really going strong. When you look at even the Microsoft, ABK types of transactions, the Game Pass, all those are really a story about getting more content that are valuable for clients and for players at the end of the day. The push to Live Ops and to GaaS is probably more present than even when we were talking about in June. We're equipping ourself for that. I think we're strong in this. We have a right to win on that front. We really wanna push. The complexity of the titles means more and more content, even with some of the delays, means more and more content that needs to happen beyond that. I remain bullish on content. I remain probably even more bullish, you can sense, on the externalization of that. What I was sharing in terms of some business model discussions we're having with some of our partners is an example of that, where literally some are thinking about, "Do I really need to have 1,000 or 2,000 testers necessarily within the organization? Can an external partner, a partner of choice that I can trust, that has the legs, that has the network, can help me for that versus what is really core? You can sense some of the market share that we have been or the movement and the CAGR that we anticipate, and we've seen even last year, moving from EUR 11 to 12 billion-plus is probably a reflection of that. Thirdly, we're gaining share. We're also working hard on those 5 work streams to make sure that we are the partner of choice from a reputation point of view, from an investment point of view, having proposition that really resonates in terms of volume, so that we can tap into volume we couldn't get before. Finally, I would say beyond that, you also have some other elements that have not necessarily been talked about, but take the PS5, take some of the new consoles that are coming to market. Those are going to give another lease of life effectively to the market if you take the longer-term trend on that. That's our view. At least we haven't seen any of the impact on us so far. We're working hard as well to accommodate for our clients, but that's where we are good at, to have the right agility to be able to accommodate their needs. Yeah. I think the only thing I'll add to that is we've had a couple of years where we've frankly had more demand than we can actually cater for. Even with a softening, that doesn't necessarily mean that we can't keep ourselves busy. As we come out the other side of this economic cycle, I'm absolutely convinced that publishers will double down back on content creation again. At that point, they're gonna need us more than ever, because they probably won't have grown their internal capacities. We've seen that before. I haven't been through a cycle in the business, but certainly speaking to colleagues and other companies that have, you see quite a meaningful acceleration of a trend towards external provision when you come out the other side of one of these cycles. There might be more turbulence and to your point, short-term on some titles, but again, I think the macro trends are really compensating for that. At least that's what we're seeing. On your question about talent, we haven't changed our approach much because we thought long and hard about that with a lot of layoffs happening in the market, more in the tech companies. The way we see it is like it's not unhelpful to some extent because it has removed some of the pressure on where you had many asks for big salary increases, such. At least this has alleviated the pressure. We have doubled down on our recruitment team to go where the key talents are, but being very, very specific about the briefs. The type of skill set that we need, the type of seniority that we need, the ones on which we can really, be what Keywords does best. Yeah. I think the senior, I mean, as you say, we had the opposite problem. It was a very, very hot labor market. It's still quite hard to get hold of really good senior engineers. There's still scarcity of talent for that demand. I think the layoffs are only helping that position relative to perhaps 12 months ago. Shall I pick up the last one? Yeah. Thank you very much. Thank you very much. On the Quebec? I mean, I haven't seen the paper, Nick. I mean, the only thing I will say is, it's been an unbelievably successful incentive tool for Montreal and Quebec. You know, it's got a huge video game hub there. It's now evolved into a technology and broader entertainment hub. The university infrastructures are there to support engineers, so it's been an incredibly effective incentive tool. We have a level of forward visibility on that from a relationship perspective, which I can't really comment on, but I'm not concerned over the medium term. In fact, the opposite. We're seeing more and more countries look at the success in Montreal and are introducing similar incentives. Look at the Middle East. Australia launched a very similar tax credit last year. Ireland have recently launched one. Many of the states in the U.S. have either already got or are looking at introducing something similar. If anything, I think we see more countries and governments looking at these sorts of incentive tools. Thanks a lot, guys. Thank you. Thank you. Our next question comes from Rahul Chopra of HSBC. Please go ahead. Yes, good morning. I have two questions. I mean, one is, given the level of automation you have seen with the recent M&A, can you give us any sense of what is the utilization rates at Keywords? Just want to understand if there is any change in utilization level from recent peaks. Wanted to understand on that. The second question is around the guidance. You're talking about 10% plus guidance for 23. Any color in terms of how probably you're seeing that in larger clients or the smaller clients within your guidance? Any color on that, please? Thank you. Raoul, can you just repeat the second one? Forgive me, I missed that. Large clients to small clients? Sorry. What did you mean? Look, sir, I mean, in terms of outlook for 2023, any difference you're seeing in larger clients versus smaller clients in terms of how they are looking at? I see. Utilizations, maybe I'll give John a second to think about it, but we haven't disclosed it externally. It probably goes back to the question we had earlier. I can openly share that utilization, at least forward planning visibility is as strong as it was last year in areas like game dev, a bit weak in some areas in art, healthy across our Globalize business so far. Coming on, bearing the point from Nick in the earlier question, and as you can sense, we are building quite strongly on the marketing side. Hopefully that gives you a good indication. To your point about large and small clients, I spend probably a disproportionate amount of my time on the top 25. We have even extended it now to the top 50, it's really only practically with the top 25 that we can do those SPRs, those strategic partnership review. They represent roughly, in total, if you take the top 25 to give you an indication, about two-third of our, of our business, a bit shy of that. What we're looking at is metrics about how many of our services do they use, what's the cross-sell across those, the larger deals I was talking about. We've openly shared that roughly, we've now 150 partners who are using three plus of our, of our services. I think we've shared in the appendix that we have, now over 10 of our top 25 clients who are using almost the vast majority of our services as such, but still there is, despite that, a lot more to go after. What we look after is actually what are the white spaces we have among the top 25? How can we get much more share of wallet? How can we be much more embedded into the workflows, the Microsoft example being 1, but now we're expanding that across the rest of the top 25. It's really, for us, the top focus is share of wallet, deep partnership with the top 25 while cultivating as well the next generation that is coming across. Yeah. Thank you so much. You're welcome. Thanks. It's Kevin Ashton. Yes. Singers. Just following up from that, I'm just see if I can understand a little bit where you're aiming at with the strategic partnerships. Obviously more services make sense, but, I mean, are you on a path towards like full lead game development, like a Fort or Playground Games or something like that? I don't know. I think Sumo, way back when, was telling us they led on Crackdown 3. Is that where you're aiming at? Are you nearly there? Are you somewhat. I just genuinely kind a get a feel for what path you're on here. I'll start and maybe the two of us can complement on that. To be very clear, we absolutely don't aspire to own the IP. We're very, very clear about that. We won't go there. We wanna be Switzerland, be seen as Switzerland, act as Switzerland as well, so we can really work across the industry, which is something that our partner truly value. Now, we have the ability to do full stack development if we wanted to, if you look at the full services that we have. If you take on the Create side, a lot of what we do is really more and more co-development. It can be small pieces as such, but it's really co-development, coming with a partner. The partner largely calls the shots, but we are there. Part of the strategic partnership is as the trust builds up, they trust us with more and more piece of their world. It can be an entire world, Fortnite would be an example of that. It can be take on an entire side of a Live Ops operation so that they can get their dev team as well on the creative side to move to the next iterations of it, which I think is very healthy. Do you, for example, do full game levels at the moment or? We probably don't at the AAA game. The sweet spot would be on AAA. We would be a significant co-development partner within a game. We might do a third of the effort to produce the content. We do have studios that have done full game development on sort of more AA type titles. Think something more casual that goes onto the Apple Arcade, for example. We've got a couple of games. I think they're in the top 10 for a while. We can do the full stack. I mean, we have the capability to do full game development on larger games. It's clearly a slightly different risk profile, and it's lumpier. As we get bigger and bigger, I think we're able to take on larger projects. As we said, you know, one of the opportunities now is to start to think about bringing studios together who can co-work on the same game, and therefore bring more resources to play. I think the strategic partnership opportunity is a bit different, though. That's really reflecting that whilst we do a lot of work with many of the large publishers, they are quite transactional relationships and sort of mirror the fragmented nature of the way the publishers are built themselves. What we're trying to do is elevate those conversations and have a more strategic discussion about how can we join this up? How can we be more proactive? How can we support you better? We use the example of Elden Ring where, you know, massive game, six of our studios worked on that game, but there was no coordination. If we could have had a conversation earlier, we probably could have addressed a few more of the pain points in that process, by being a bit more proactive and more strategic together. Thank you. I'll just make a small plug as well for Warped Kart Racing, if you get the chance, on the Arcade. It's one of our studio, Electric Square, in the top 12 for the last 6 months into the ratings there. I think we've now gone through the questions from the room and from the line. I do have some through the webcast. There are quite a few, I'm not gonna go through all of them. I'll try to amalgamate some. Apologies in advance if I don't get to your question. We will try to come back to you separately. I think the first one is around AI and ChatGPT and the launch of the fourth version this week, do you see the risks? What are the risks? What are the opportunities that are coming from that? How are you looking at it? You You clearly touched on it in the presentation in terms of AI within the business, but what's your view on this? So very passionate about that topic. I think part of the culture I'm trying to create is a culture of curiosity as well. Of course, the organization, John and I have been mobilizing our team. Quite frankly, they didn't need much mobilization. We had each of the service line directors over Christmas. We're all over it, playing with it, playing with DALL-E 2 on the outside, playing with Midjourney. Overall trying to get a sense of the command. What does it really take? What does it do? What does it not do? Instead of just reading to really playing with it. Whether it's on the outside, whether it's on the localization side, whether it's on giving ideas if you're a marketeer, whether it's in terms of peer review for testing. We are quite passionate about it. I think prize number one is really to understand what it can do. We are all over GPT-4 yesterday to understand the implications. Fundamentally, what we believe is that this is a tool that at least we need to master, where it can give superpowers to our humans and talents. At the end of the day, that doesn't just happen on its own right. It's actually how do we use those? How do we understand the commands? Where can it generate some creative ideas as well that then our artists can effectively, or our linguists, or our marketeers, or our engineers can effectively use for the better of the game. At the same time though, we've put a small team in place, which I'm quite passionate about, to work on the ethics and the IP rights associated with that. Ultimately, we don't work just for ourselves. Back to your question, we work for publishers with their own point of view about that, about protecting also their IP. We wanna be very cognizant of that as well. We wanna think about it at both sides of technologically, what can we do? Somewhere we wanna be on the leading edge of that to augment that to the power of the 12,000 talents that we have, but at the same time, making sure we do that ethically and within the right respect of the IP. Perfect. Thanks, Bertrand. Over to John. Just on margin guidance, we flagged in a statement that we're looking at operating profit. Yep PBT going forward. First of all, can we just confirm that if there were no acquisitions this year, there are further acquisitions this year, then the PBT margin would still be 15%? Secondly, if we do M&A even in a higher rate environment, clearly it would still be expected to be accretive, even with the interest costs. Two yeses. I'll elaborate a little bit more. No. I mean, we've always talked about 15% PBT margins being the kind of the historic norm. Within that historic norm, we haven't had any interest costs in the business. It's really just to get out in front of that. We are gradually chipping away at the cash that we've got on the balance sheet each year. There will come a point that where we might need to leverage the balance sheet. I just wanna make it absolutely clear that the 15% doesn't include an interest cost. In terms of the, sorry, the second bit of the question was on? Would M&A still be accretive with the higher rates? Absolutely, yes. We look very closely at the M&A. If we start to incur some debt, I think our M&A will still be accretive. Just following up on M&A, we see there's more and more peers that are getting funding, trying to look at the full service offering, like Keywords. Are you seeing more competition for opportunities? We're generally not, actually. I mean, we work very hard on the origination side of the business. Many of the opportunities actually come to us now. We've clearly got a reputation in the industry, as being a, not only an acquirer, but a good acquirer. That's super important. I think we've got a fantastic culture. We work very hard to make sure that the cultural fits right with the companies that we're looking to bring into the business. You know, we're not complacent, but genuinely we're not bumping up, bumping into that much competition on the deals that we're doing. Okay. I think we've probably got time for two quick ones to finish. One is metaverse. It wasn't on the presentation. Is that still a focus area for the business? Well, I'll give you that, and then I'll come back on a slightly different question. Yeah, Meta still a focus. We made one of the points in the adjacency when we talked in June. In fairness, we've probably prioritized lab ops and virtual production much higher, as you can sense, because they are absolute practical applications that are for the taking right now. We're organizing ourself around those. We stay close. Our promise at the time was to stay close to understand the needs of our clients. We have a few engagements along those lines as such, but we'll go where our publishers really want us to go as part of that. Yes, I think it will come. Right now, it's more about curiosity, and we've prioritized lab ops and virtual production very strongly. Okay. The final question is back to John around cash and capital allocation. Dividend went up 10% this year. It's still a relatively small dividend. Is that something you're looking to grow over time or increase or other opportunities to use the cash? No, I don't think so. I mean, I think the challenge I often get is why do you pay a dividend at all? It's obviously not delivering a great deal of yield. It's there because we think it's important that as we grow our business, we grow it in a disciplined way. Just having that dividend, I think, reinforces that desire. There are some investors that require a dividend, and even though it's a relatively small one, it just hopefully makes our shares as liquid as possible. At this point, we're clearly prioritizing the value accretive M&A in terms of how we want to deploy our capital. Brilliant. Thank you very much. I think that's all we've got time for today. I'll hand back to Bertrand and John just to close it up. All in all, thank you for joining. To all of you, thank you as well for joining on screen. I hope that the message that really comes across is that we are building for the future. We are still only 6% of, I think, what is going to be an incredible market, incredible journey over the years to come. We shared our strategy at the CMD last year. What we are focusing on and heads down on is long-term view, but executing on it step by step, adding to it. That's our commitment to keep sharing. That's what we're focusing on internally. As you have seen from John, a very strong presence on the M&A side, a very healthy pipeline as well, coming in this year. Could even be a very interesting year in this context to reinforce our platforms as part of that. You can sense we're also investing on areas, obviously, all the way from talent to technology to build the underlying platform that we have behind. Thank you for being on the journey with us. We're excited. I hope you are as well.