Good morning, everyone, and welcome to our H1 results. It's good to see many familiar faces in there. I know that we have quite a few people on screen as well. Many of you have been with us on this journey since the very early days, so we thank you for that. It's also good to know that we have quite a few investors who have been looking into Keywords, doing quite a bit of work, so we hope you'll be interested, and thanks for being here with us today as well. Talking about newcomers, we also have Rob Kingston, who is now officially in the seat as CFO. So welcome, Rob, and Jon, who is now fully operational as COO, so giving us more muscle as a team overall. So today, we'll go through. I'll cover the H1 summary first, then Rob will come on stage and share the financial review. I'll go a little bit longer on technology and AI, of course, a very important topic nowadays, before closing on outlook, and then the three of us will come for Q&A. I think it's fair to say that we've been delivering in a challenging market. We've been gaining share while building for the future. You'll see good performance for H1. At the same time, we invested massively into M&A, into technology, into the platform, while executing on the five key pillars of our strategy, that I'll share a bit more about. In terms of numbers, it – how does it translate? A 19.4% revenue growth for the first half on a year-over-year basis, and organic growth at 10.4%, very much in line with guidance that we gave at the beginning of the year, and adjusted operating margin at 15.4%, again, very much in line with guidance. Now, this comes after a couple of incredibly strong years into the industry, especially on the back of COVID. And the industry has been probably pausing for breath a little bit in 2023, so I wanted to take the time to share about how it has normalized and also a couple of trends that we have seen from our clients, from our publishers in the industry. First off, publishers this year have been more cautious about their cost base and managing that wisely. At the same time, you've seen many publishers that you cover, have been thoughtful as well about which IP they cover, mostly focusing on big, reliable IPs that they've had, for some time, de-risking some of their operations, which tends to play well to our strengths. We tend to be very strong on triple-A titles with publishers for a long period of time. At the same time, as we all know, we have the Microsoft, Activision Blizzard King transactions going on that has been in the air. I don't want to pronounce myself on the outcome of it, but it has put a bit of a pause for breath in the market as well in terms of content creation. I personally would expect that irrespective of the outcome of it, once this settles down, you will see much more of a race for content on the back of it, for the Game Pass, for others, having to reply and making sure that they have the right content for 2024 in that space. We're having some of those discussions. Mobile market has also been slower this year, probably more challenged, partly due to privacy changes imposed by, mostly by Apple in terms of IDFA. I think, by the way, that this plays to our strengths. You'll see some studios that we brought on board recently, like DMM, who are really at the core of influencer marketing, social marketing, online content, which could play very well when you think about the years ahead, to position ourselves and getting a lot of demand on that level. More recently, we have had the U.S. strike on the entertainment side in particular that has had an impact on almost of a standstill on some of the M&A operations overall. Clearly, this is a temporary situation, but something that impact 2023. So all in all, when you step back on this, you see the Create division has been incredibly resilient, very strong growth. Rob will share the details on that. Part of it was, if you remember last year, we were turning down a lot of demand because we simply didn't have the headcounts, the engineers to be able to fulfill it. This year, still there is a shortage of supply versus demand on that front, so we're still holding very strongly. And also we had a strong back year as well in terms of release coming up in the second half of the year. Other area like Globalize and Engage have been more impacted. Again, Rob will share the details. Growth has been moderated on that front, but coming on the back of very strong comparables last year, like Globalize was growing 20% plus last year, and in each of those categories, still comfortably gaining share. So on the right-hand side, just stepping back for a second and take a three-year horizon. What we see is that since COVID, or the beginning of COVID, the gaming sector has grown by 25% that time, so which is quite an impressive number. Keywords, in that same time, has been doubling in size of our business and making sure that we have the right operational leverage as well to scale that in a proper way in terms of operations. And on average, we've seen an organic growth of 18% over that period of time. Now, in the spirit of stepping back again, I think it's really important in those times as well to look back at the broader trends when you look at midterm, when you look at even from 2024, some very, very strong trends that are overwhelmingly positive for the sector in its own right, which I think tend to be forgotten a little bit. The first one is what I was just highlighting in terms of engineering capabilities. So there is a shortage of quality engineers. You'll see us keeping investing massively into that area. We're fortunate as well, through the acquisitions we have done, through the quality of our studio, to really be on the triple-A side and to have really quality people on that front. Secondly, there is... When you see external flex happening right now, which we have seen many layoffs, whether it's in technology company, ad publishers this year, many of you see that as a way as well to scale their operation and to rightsize it where they need it to be. Part of it, they've been growing probably a bit too fast for their own comfort on that front. Typically, what we see in external service providers, and many of you cover it in other industry, is you get to see right on the back of that external service provider, the years afterwards tend to benefit very strongly. So, we're getting ready as well to make sure to take care of that and to be able to help our publishers on, not only with their demand shorter term after that, but also the type of flexibility they'll, they'll be needing.... I have a few example of that. The third one is on AI. I'll cover that in much more depth, but what I wanted to flag here is, like, we have—there's been a lot of noise on AI, AI, but we are collaborating very, very closely with all, most of the top publishers in terms of figuring out together what does it really mean? And I think we are very much at the center of the industry, to be able to help there, almost playing a role as an aggregator. LiveOps is a critical one, and you've seen that we took the turn probably ahead of the pack on that front. We have invested massively in LiveOps. We have full cycle game development as well, that in play with some of the biggest players in the industry. LiveOps has a profound impact on the industry because it's going to create a huge amount of demand in terms of content, in terms of assets that needs to be ready, in terms of the velocity that needs to be ready for that. Hence, you often hear me talk about the platform we are building to be ready for that type of element. And probably more importantly than anything else, the players are there. There's been less spend, especially on mobile, but we're 3.3 billion players around the world. When you look at all the TAM data, the number of concurrent players has never been as strong as nowadays. At the same time, you have some of the constraints related to hardware that have been removed more recently on PlayStation 5, and you know, some other platforms that probably will make some announcement in due time as well. So all in all, I think very strong trends coming our way. Along those lines, this is the size of, of our opportunity. This is really the size of the prize for us. As you know, we have, we are the leading player in our space. We are roughly three times the size of the next one. But the important piece to me is on the left-hand side, is that there is still 90% white space up for grabs in that market overall. That's why, again, we want to play the long-term game, making sure that we build our platform properly. In terms of share, we've been gaining share in that market. A lot of data from IDG, from ZOO Digital has been coming across on that front. We are now comfortably above 6% market share. As a reminder, the total market is roughly $200 billion, of which $36 billion is the content space, the content creation. That's really the space in which we operate at Keywords, of which still only $13 billion has been externalized. When we first showcased that at the CMD, it was roughly eleven and a half billion, has grown now to $13+ billion there. And as much as it has been pausing for breath a bit this year, there is roughly a 9% CAGR expected over the next 4-5 years ahead of us in that space. Going back to our fundamentals, we serve 24 of the top 25 publishers. We serve all the mobile partners, at the same time, with the geographic footprint, to be able to take on that demand and the type of flexibility that is needed, to play in that game. I'll spend a little bit more time on this one, before passing on to Rob, but this is our strategy, as many of you witnessed, or were with us on the journey when we put that up at the CMD, in May last year. 5 key pillars on those. I won't go in full details, but the two that we've really amped up over the last year, certainly, have been the two on the left: strategic partnership and technology. On strategic partnership, in particular, I'm just coming back with Jon from a couple of conferences at Gamescom. We're talking about it at the break with at XDS last week in Vancouver, just coming back from it. I think 30, 40 consecutive meetings with CEOs, CXOs of our companies. I think it's fair to say that we're starting to get to know each other quite well. We closed on a few important deals as well for the future, and we've been talking for some time about some lighthouse deals as well. Happy to bring a bit more color to those, but we have got a few over the line fairly recently. Those are long-standing engagements, whether it's in FQA, in Globalize, where we have had some of... One of the top 5 publishers in the world, who has now looked at how can they move some of their fixed cost into variable cost, and where we have already nowadays more than 500 testers in the span of just the last 6 months, having moved to Keywords across our operation in Poland, in Montreal, in Mexico. But those are very important signs and gives us a template as well with many more publishers to be able to do that. Again, especially on the back of some layoffs and some reshaping their own structure, which I think will play to our strengths. Likewise, in Create, we have had a couple of very important ones, including one where we now, for one of the big tech publishers in the world, where we have more than four studios collaborating with an anchor studio coming on top of it, and where none of our studio individually could have taken that engagement. So we couldn't do that before, now organizing ourselves to be able to do that. Likewise, in LiveOps, where we now do some full cycle game development for some of the biggest partners and publishers, basically, in the world. It's not just the big ones, it's also small ones. I was in Europe recently, where we have a publisher which is really worth a lot of attention, growing now from 200 people to roughly 700 people, and their exam question to us was: How do we scale to the next level now? So they're growing incredibly fast. They have a publishing arm as well, looking at what is the type of tech infrastructure they need to have in place to be able to bring it to the next type of level. Asking us to do an audit, an advisory piece, to be able to help on that, touching all of our service lines together. And of course, a lot of discussion, again, going on into AI. On technology, I'll keep it for the section that we'll have later on. All I'll say right now is that there are three key areas of focus, essentially, in terms of strategy there. The first one is internal efficiency, where you'll see a lot of investment internally in our own operations, using technology, using AI across all of our divisions. We are building a suite of products that is starting even to become a platform. Dare I say, even with an ambition over time, could we become more of an ERP on post-production for the industry? I'll showcase a little bit the vision we have on that. And thirdly, we are very much embedded with many of our publishers as an aggregator, as an advisor, to help them navigate through that area, including investing as well into a lab, of which we have invested in some high quality profiles into the lab itself.... One key word, I'll just point, one that I'm personally very proud of, and I think Jon and I spent a lot of our life on it over the last year, is really the story of Sperasoft. I think it's worth probably sharing more properly at another date. We call it now Sperasoft 2.0. Now that we have effectively stopped our operation in Russia, we have completely been able to move across multiple locations across Europe, even across Asia. I got the chance recently to go and visit the team in Armenia, in Serbia, in Poland, where we have now, in total, 600 people strong, incredible quality engineers, highly valued by the market. I think in, in a perfect sweet spot as well for LiveOps in many of what they do on there. But a remarkable story of resilience, and I would argue that this year has been all about making sure that we made the transition. I wouldn't have necessarily bet it on, on such a positive outcome. Next year will be all about growth, from that on. They have a really good platform to build from. Talent and capabilities, again, investing massively, as you would expect, on game dev in particular, but across the board. Very proud of the push that the teams have made and frankly, the leadership we have taken in terms of women in game. Finally, in terms of adjacent markets, we talked a lot about it, but we have made some moves there. I flagged already, LiveOps. We have studios dedicated to it that are up and running, incredibly productive at full capacity. We have LiveOps that is in there as well, Lively that is in there. We have looked now and made some moves, as you know, with DMM and others, into media entertainment, into TV marketing, spanning the two, and including a shot at transmedia there, which is starting to become a reality and into Virtual Production. I should flag as well, Big Pharma, which is a very interesting launch that we had, a couple of months ago. Finally, in terms of M&A, big part of our story, big part of our DNA. I think Jon leading the effort on that front. We have had 4 big studios joining the family very recently on the first half alone, for a total consideration of EUR 130 million. I think really good quality assets, Hardsuit Labs on the game dev side, very, very strong studio. Lab42, which is an interesting one because we often ask about how do we organize all of it. Lab42, while we made the acquisition just three months ago, is already fully integrated within the UK hub as part of it, working very closely with the Climax team, Climax Studios. Strong move with Digital Media Management. Very important one, I think, at the sweet spot into the wheel that we're aiming to build on marketing, as we talked about in many Keywords, social marketing, influencer marketing, a good piece of technology underlying that. And fortyseven, which is really the premier brand in terms of PR to the gaming industry in the US, by far, and known that way. A top of the spear that allows us to get access as well into deeper relationship with clients on the marketing side, complementing nicely what we have in terms of geographic footprint in Europe in particular. And maybe last point I'll say on that is, of course, very diligent and, you know us for the rigor, that we put into M&A, the type of principles that we have behind. But I've never seen a pipeline that is as healthy as what we have right now. And partly, it might be related to the point earlier about the industry pausing for breath a little bit. If you're a smaller player, you're probably a bit more vulnerable right now. If any of the big IP sneezes a little bit, that's our opportunity because we can offer those partners to effectively get access to the top 25 players and really to join the platform. We've seen quite a few of those more recently. Rob, I'll pass on to you. Great. Thanks, Bertrand. Good morning, everybody, and it's great to be here. Obviously, I'm only two months in. It's been a steep and enjoyable learning curve, and I'm delighted to present the results, my first set of results to you today. So if we turn to slide 10. And this, this really represents my key themes from the results, from my perspective. We've delivered a good first half, in a tougher market this year. As Bertrand laid out, the industry dynamics weren't as favorable as they were in 2022, but despite this, we've delivered strong revenue growth. At the same time, we've kept our focus on costs, but haven't taken any knee-jerk action to ensure we can survive the surge in demand when it comes. Profit margins are in line with what we said they would be, and we continue to invest in building our platform to take advantage of the opportunities that lie ahead. Finally, we extended our debt facility out to 2027, increasing the size by roughly 2.5 times, and this gives us plenty of liquidity and firepower to deliver on our growth strategy. Looking at the key KPIs, I won't repeat Bertrand's commentary, but a good set of numbers with organic revenue and margins in line with guidance. Importantly, we've continued to invest in M&A. We've announced 4 high-quality deals with a maximum consideration of EUR 130 million, with around 2/3 up front and the balance only paid if growth objectives are met across the earn-out period. CapEx is slightly ahead of where it's been previously. There are a couple of timing reasons for this, behind why the spend was H1 weighted, and the percentage should fall in the second half. As normal, cash flow is H2 weighted, and with more acquisition activity in H1 than last year, we've moved into a small net debt position. However, with a new enlarged debt facility and future cash generation, we have plenty of flexibility to continue to drive the business forward. Moving on to the next slide, you can see that our 19% increase in revenue was slightly weighted towards organic growth. Also, unlike last year's tailwind, we've seen a small negative impact of around 2% or EUR 8 million due to foreign exchange rates. We flagged this at the beginning of the year and expect the trend to persist in the second half. Looking in more detail at revenue growth then, you can see that we've had a varied performance across three service lines, reflecting the trends in the market and growing our share. Create was the standout performance through a combination of M&A and very strong organic growth. The 22% was spread across art and game development, with both service lines remaining in strong demand. And I think this is a real demonstration of the quality of service we provide. We're a true partner to our clients on some of their biggest releases, including Starfield, Diablo IV, and Hogwarts Legacy. In addition, performance reflects underlying fundamentals, where high-quality talent remains scarce in the industry and it's capacity constrained at the high-end level. Globalize grew by 5% and well ahead of the market, which declined according to IDG. Within this, we saw a good performance for our functional testing business, but localization had a tougher time as clients looked to manage costs. For example, some clients have only focused on core languages, where large audiences guarantee returns at launch. We do not believe this is a permanent shift, but as Globalize operates across a broad cross-section of the industry, it reflects less activity in the gaming space. And finally, we saw strong overall growth in Engage due to M&A. In our player engagement business, we saw some contraction in the mobile market after two extremely strong years. We experienced clients scaling back on the number of people to support, with the current trend of sort of lower customer spend and user engagement, although this improved Q2 versus Q1. On the marketing side, it's natural, which is naturally more susceptible to a slower economic environment, we saw a number of late-notice delays into the second half. This part of the business should bounce back fast when the environment changes, but remains exposed to further delays as work is weighted to Q4. Now, as you know, there are entertainment strikes currently taking place in the U.S. They started in the latter part of the half, so had limited impact on these numbers. However, the strikes are now beginning to impact our media and entertainment audio businesses and our U.S. marketing studios, who all serve the gaming, film, and TV markets. We cannot predict when the strikes will end, and therefore, assume the financial impact to be around 2%-2.5% of full-year organic revenue growth should the strikes persist to the year-end. But after cost control, we expect a limited impact on adjusted operating profit. It's also worth noting that when the strikes are resolved, there may be a period of time before activity starts again. But when it does, we expect to benefit strongly from the surge in demand in this area. Turning to margins and looking at more detail. As we've already said, we've delivered a good performance in line with our expectations and guidance. While below the first half of 2022, it was largely in line with the second half as the business started to normalize post-COVID. And looking at the slide, you can see the longer-term trend is centered around the 15% level. In addition to this, we've continued to invest, adding talent as appropriate, and making sure that we can run the business suitably for the long term. Moving on to the core financials. We've talked through most of these already, I think, but we delivered a 10% increase in adjusted EBITDA to just over EUR 77 million. Adjusted operating profit rose slightly lower than last year, and adjusted EPS was flat period-on-period, reflecting margin normalization post-COVID, increased interest costs from the timing of M&A, and a higher number of shares in issue. Finally, we've maintained growth in the dividend in line with our policy. We've increased the interim payout by 10% to GBP 0.0085. And while small, I think it's important discipline for the business as it allocates capital. Adjusted free cash flow was EUR 13 million behind last year due to two working capital timing differences. First, we saw a delay in the receipt of UK tax credits. We'd been expecting to receive these in H1, but they landed in July and August. Second, we also saw a temporary increase in our debtor days, as some of our clients used Keywords to manage their working capital at the half year. But as of July, debtor days were back in line with last year. Separately, CapEx was weighted to H1 as previously flagged. It was around EUR 10 million higher than the prior year. Around half of this was linked to the purchase of long-term software licenses to lock in favorable pricing. Then we also continued to invest in supporting our operations move out of Russia. These are now fully set up, and so I'd expect the second half CapEx to be back in line with normal run rates. Adjusted cash conversion is always second-half weighted. For example, if you look at last year, it was 58% in H1 and 100% for the full year. And if you're to add back the tax credits that we've now received, we're at 49% underlying cash conversion for the half. So overall, we still expect to see cash conversion for the full year around the 80% mark. The business has a strong financial position, having run a net cash balance since the equity raise during COVID. At the end of the half, we moved into a small net debt position behind a very active M&A program. We invested over EUR 90 million on broadening our platform. As you can see, we still have nearly $400 million of available liquidity, and our cash flow is H2 weighted, so we'd expect this to see growth in the second half, absent further M&A. Overall, we have flexibility to continue to pursue our growth strategy and take advantage of weaker market conditions that some of our smaller peers are experiencing. Turning to guidance. If we exclude the impact of the US entertainment strikes, we still expect to deliver full-year underlying organic growth at broadly a similar level to them in the first half. I'd note this is weighted to Q4 as we build into 2024, and there's always the potential for some contracts to slip into Q1, as clients are currently very budget conscious. As I've said, the US entertainment strikes are continuing. Disappointingly, we expect to see 2%-2.5% impact to organic revenue growth for the year. Now, we're doing everything we can to manage costs across the business, but also balancing that with preparing to service the pent-up demand when it is released. Overall, we expect to largely mitigate the impact of the strikes to adjusted operating profit, with margins expected to remain above 15%. The rest of our guidance metrics are in line with what we said previously, and we continue to be mindful of the FX rates, where the US dollar to euro rate is expected to move against us. So on my last slide, before I hand back to Bertrand, I just wanted to show this one to finish. It's one of the key reasons why I wanted to join Keywords. The consistent track record is quite remarkable, with top-line growth matched at the operating profit level through the cycle. Importantly, as I look ahead, we have the key pillars in place to continue that growth as the leading player in a large, growing, and dynamic market, and I'm delighted to be here. Back to you, Bertrand. Thank you, Rob. Thanks for that. I think now I'm going to spend a little bit more time on technology and AI. Obviously, it's a hot topic right now, so I thought it would be worth taking a little bit of a glimpse on that in terms of the progress we have made, maybe sharing a bit of vision that we have on that front. I hope you'll find it helpful to some of the discussions that we've had more recently. Before we start, I have to say, I find it actually even more exciting as an opportunity and the upside than I even found a few months ago, and you know I'm coming from a tech background. I think we're uniquely placed to win on AI. I think we have a great platform to take that on. I think we're definitely determined to take the lead into that space. We want to do it respectfully, in the right, responsible way with our, with our clients. But our layout, maybe on the left-hand side, you see some of the, the strategic pillars, the three key areas I was talking about earlier. The first one is we definitely want to use it to create internal efficiency across our own operations. This is key to us. This is part of what we do continuously to make sure that we remain competitive, that we have a platform that can be at the right price level, at the right flexibility for our partners. Concrete example of those, we have a big initiative going on around globalize right now, where we're using technology to streamline a lot of our own operations to make it much easier for clients to operate with a single point of contact with us, which requires all of our processes to be more harmonized. I'll share a bit more about that, but big, big initiative in the goal. We're also using AI tools everywhere across the business. Jon and I have been pushing that, everywhere, across each of the service line, each of the divisions, each responsibility to make sure that we look at the efficiency and where AI can help with quite a few early wins under our belts on that front as already. The second one is around building AI product platforms. So I'll touch much more on that in a minute, but we, to give you a sense, we've put 200 heads behind that initiative right now. So we're pretty serious about that. Those are product guys, product teams, who have really come together across the different products, some that we've acquired, some that we had, some in which we have invested quite significantly. But I think that's a very, very important component of our story going forward. And by the way, we didn't wait for ChatGPT to come in to effectively launch that. You know, it was one of our pillars from the very early days of it. And thirdly, I touched on the labs earlier, but we have launched. We definitely want to be innovating for the future. There's a lot to be invented. There's a lot to be figured out. There's a lot of partners out there. How do we figure out which ones to map, which ones are the winners? For that purpose, we have launched a lab and an AI center of excellence under the leadership as well of Jamie Campbell, and you might have seen that recently, we brought on board Stephen Peacock. Interestingly, Stephen was the head of AI/ML at Amazon, at AWS, Games. We didn't approach Stephen. He came to us, asking to join the team. And I think if you were to ask him, and I hope you'll get the chance, what really attracted him to Keywords has been the ability to be really at the center of the ecosystem into the gaming space and how we could shape effectively AI with our partners, in that space. Why can we win? I think there are quite a few elements that are important to flag here. The first one is we have very strong client relationship. We're in the middle of it. I've been spending, Jon as well, more and more time with some of the CTOs at some of the leading publishers, and frankly, nobody has the answer, but part of it is to be at the table to be able to look at that, jointly together. We have also a strong track record of 4,000 technologists in Create. So we have across our engineering team, 4,000 engineers, who naturally, technology is part of the DNA, it's part of their oxygen. I'll show a bit more about that. And I have to say, when I walk around our studios, I thought that I was ready for battle a few months ago to go on almost a crusade, to make sure that everybody was really leading the pack in terms of AI. I don't have any convincing to do. Everybody's already looking into it. What are the players? Where can it be used in production? Where can it help on some of the workflow, the processes that we have? Jon and I were part of a pitch that some of our teams were putting together. They were all around Midjourney. They were all around the different platform that exists to be able to make their pitch, at least on non-production, in partnership with our clients better. We're also continuously mapping the environment. There will be some winners, there will be many losers in that space. We see thousands of startups emerging based on AI, some at mad valuations, some actually very well grounded in that. So part of our job is to be able, on behalf of the industry, to map of who are the winners in each of the subareas. In art, for example, we mapped each of the 10 subareas, looking at who are the three that we think are most promising and how do we use that in a proper way? How do we help our partners navigate through that? How do we test? And we have the advantage of being able to use our scale as well to be able to leverage that. Scale to me is the next one. We are in that unique position where we have scale, we have a moat in a fragmented industry. Not everybody can start that, and many would see, think that big publishers will invest massively in AI themselves, but many are looking at us saying, "Keywords, can you help us? And can you help being the platform of record for some of the needs that we have into that type of space?" So all in all, you can see that this is something important to us, but we want to do it responsibly as well. So there's a lot of questions about ethics. There is a lot of questions about IP. I'm sure we'll touch on those. That's why we can only move as fast as our publishers are willing to move on those. Some have told us point-blank, "We don't want to have anything to do with AI until we really figure out the framework overall of what it, what it is," and some others want to experiment, more ahead.... Now, there's been also, I think one thing that has been largely underestimated is what you see on, on the left-hand side, is how much, tech advances have helped create bigger, better game, better experiences for players. And what you see on the left-hand side is a graph that Charles put, put, and I thought was very interesting, which is how much more employment and engineers have been leading to the gaming industry, with the progress of technology. So we went back in time, all the way to Unity, to Unreal, from the early days to now, Unreal 5.2. As an aside, I should flag that in Unreal, we typically get access to it 18 months before the market even gets access to it, by the nature of our partnership and co-development with many of the publishers themselves. But you can see the market has grown 5x over that period of time, which is something that is often, I think, forgotten. Many assume that technology means much less employment on the back of it. There's much more than the engines themselves. It's all the piece of technology. It's how do we use the workflows as well in the proper way. All those have really helped creating those better experiences. What you see on the right hand, on the right-hand side, is it's really a race to the top. Look at the ones like God of War, like GTA, Call of Duty. Look at Final Fantasy, Horizon West, and look at the budget as it has evolved over time. Multiples in terms of growth on the budget associated to those. That is not just because the budget have exploded, it's also because this is a big industry with more and more players, with a bigger and bigger fan base as well, that is behind, that expect those type of experiences. Look back at Call of Duty: Modern Warfare as well, and how fast it got to $1 billion intake after launch earlier this year. Much faster, even than Top Gun: Maverick on those. So I think the world tends to forget how big of an industry this really is, and it's really a race to the top at the end of the day. I personally believe that AI will be an accelerant to this. You could map it out almost on that graph of how much we're going to be one of the consumers of AI, hopefully shaping some of it as well, but it's going to create more work for all of us, while at the same time being grounded in reality checks. We spend a lot of time, for example, on 3D modeling, and I can assure you that area is far from being market-ready at all on that front, because there's a lot of intricacy, there's a lot of rendering issue, a lot of complexity on the engineering side, but we want to be there to be able to help publishers navigate through that. Now, many publishers will also use that to be able to reinvest into the game. So hopefully, there will be savings that we can pass on together as part of it. I'll share some of that a bit later. But this is the voice of our publishers themselves. If you talk to Andrew Wilson, he has been on record talking about the fact that we can do more with AI. So it's not about leveling just to do less and just to be more efficient, it's also we can create those experiences. Same goes at Activision Blizzard. I found a Microsoft one. This is from Matt Booty, he runs a studio across Microsoft. Very interesting. Look, Matt is talking about he dreamt that he would have some AI bots to spend all night testing the game. This would change the game because it means you can test much earlier, you can get the sense of the quality of your game as you are developing them, themselves. That's exactly what Mighty is all about. So Mighty is one of our own proprietary piece of AI and technology that we have in there. Ubisoft, we spent... We had a summit with our top 50 leaders, done three, four months ago, where effectively all of us, we dedicated two and a half of the three days entirely to technology and to AI. We had many external speakers, external partners coming over, including La Forge, which is the Center of Excellence lab at Ubisoft themselves. Incredible to see how much like-minded we are on there. But the main point of that to me is that there is no intent from the publishers to do it themselves. There's a really intent to collaborate and to find ways we have the scale to be able to help on that front. And I would add that complexity is good for us. Complexity is what we do. A lot of our engineering work is about complexity and handling what it takes to get a game to market, and even the fact that we have a role to play as an aggregator for the industry. Now, this one I find very interesting, and it's, you know, I often talk about Mighty, about Kantan, about Helpshift, but I wanted to bring a bit of bigger picture of what we really do day to day here. Across the three divisions, whether it's in Create, whether it's in Globalize, whether it's in Engage, you recognize some of the logos, but there are some we never talk about, but that we use daily. Memfret is an interesting example in terms of one of the products, proprietary products that we have. This came from a couple of our studios who were frustrated about some of the rendering, highly technical, complex issues that we have in the industry that typically create leaks in terms of rendering capability, especially for MMOs, big player, big multiplayer games, with big memory potential leaks behind. Those guys found a solution to fix that. We're now starting to look at how could we productionize that to help the industry more broadly. So we went through it with Jamie Campbell, and when I was talking about the Center of Excellence at the lab, at what are the 38, I think we looked at products that are homegrown to some extent, which one are the 3, 4 that we could effectively go and scale ourself. Spectrum Labs is an interesting one. This one is being done in partnership with a company called Spectrum Labs. In the Engage area, it's all about community management. It's all about sentiment analysis. How can we read real-time, thanks to technology, the sentiment into your community? When you have hundreds of millions of players into a game, how can you detect the poisonous area? Where can you detect the risk that something's going wrong into your network, so that you can really have healthy community behind? We're working with all of those, with already a long-standing partnership there. PXN is an interesting one. PXN is one about distribution of assets when a game is about to be released. Think about a big production like Baldur's Gate, like Starfield. Those are massive, massive production, where I mean, thousands of assets of different shapes or forms, video, asset, text, audio, needs to be moved from one area to the other, to the media, for the trailers and others. You need the underlying digital asset management platform to be able to do that. We have one of those that is quite renowned in the space called PXN. Now, it's also at the bottom line, you'll recognize a lot of the engines that we use in the ad. Again, many of those we get access way before they get released on the market, which gives us a real advantage as well on those. Same goes now on Stable Diffusion, on Midjourney, we're big users across the team of each of those tools. What I'm trying to say here is, like, this is part of the DNA of what we do, and I would forecast that when we see each other in a couple of years from now, this will be part of the oxygen of what we do naturally into many of our divisions. Now, on this one, I wanted to bring a bit to life of how we are thinking about bringing all this together. Those are not just isolated products that we see as independent from each other. We are starting to really think about how could this be an integrated product platform. We have a long way to go to really make that completely happen, but you can see some progress already being made over the last year. You recognize some of the big ones, Mighty, Kantan, Helpshift, but look on the top left, for example, in terms of language AI. Now, we are already getting the teams at Helpshift collaborate with Kantan, so that if you remember on Helpshift, which is all about helping, taking some of the ticketing away and player support, one of the limitations we have is some gets patched to agents, but then you need agents of multi languages, which adds exponential complexity to be able to handle the operations. Kantan helps us, making sure that we can have a first translation that doesn't even go to production, but so that our agents get a first translation so that they understand what the tickets are about. It means we can focus much more on monolingual agents, can really be excellent at what they do in terms of the relationship with the players themselves, way more efficient in terms of our own operations. XLOC is another interesting one, where everything that has to do now with text and audio assets is in a single place. Combined with Mighty, this, we realized, that just a few months ago, while experimenting with them between the two teams, all of a sudden, overnight, you can run a batch over a game and see all the string, the strings of text associated to a game itself, and you can visually see the ones that don't fit into the frame itself. That allows you to completely accelerate the way that you can do testing around those. Keras and Kantan Automate, which is a new addition to the family in Kantan more recently, gives us a direct access now to the engine in a consistent way for all the audio files that we have on there. So think again about LiveOps and the necessity to be able to handle files at massive type of scales. That's what we do. So you can see we're building a wheel here that hopefully can be more and more integrated into the workflow of our clients, of our partners, joining them up. Again, we have work to do to completely build that vision, but you could see spacing up where it can be à la carte at the menu of whatever you want to take. But we, we also have a shot here at building what could be more of an ERP for post-production for many of the publishers in there as well. Now, I'll go even more tangible on some of those and, and some specifics. Kantan, we talked about, but to give you the latest update, we now have 30 million words that have been translated across Kantan. We handle more than 3,000 projects every single week. We're live on 28 titles across Microsoft. We have an average turnaround time of 30 hours, critical for LiveOps, and more importantly, since we saw each other last time, we have now expanded that to other clients, looking at the top 5 clients on which we can naturally go and grow with them, using it internally on behalf of our clients for better efficiency, and some of them looking at integrating that into their workflows. Helpshift, this is probably one of the a snapshot of a fascinating case study. I cannot name the client, but we have a landmark clients of which we are now at 29%, almost 30% of the tickets have been automated, with 20% improvement in terms of efficiency for them. So it gives you a sense of how much we can split between the two of us. We have, importantly to me, also, CSAT that has improved by 7 points in terms of customer satisfaction. And that's the best of technology and services coming together. Mighty is another one that you've heard about in the very early days of it. This was very embryonic when we acquired Mighty a year ago. We had 4 developers attached to it, it was only in Unity. Well, less than a year later, we're now proud to say that we are live on Unreal. We are live on custom engines as well. We have the ability now to work with AAA clients on the back of it. We start having interesting case studies as well with clients. So we have the first few pilots going on in the second half of the year, with including some very big names. I cannot name them right now, but making good progress on that front. To give you a sense, we were at Gamescom a couple of weeks ago. We had more than 50 demos with many of the big publishers coming on and getting a sense of what this thing was all about. I think it was a really massive, massive eye-opener. And one advantage that we have as well is we have 24 studios on the create side that do code development with our partners. It requires a lot of trust to make it work because you need access to the code base, but that's what we do. That's where we are positioned, and we have now, Jon has pushed many of our studios to make sure that we use it internally already, ourselves, so that we can naturally go as an extension. That's probably the best go-to-market that we have in there. So I think it's really illustrating the power of our, of our platform. So all in all, I think I won't go into much details, but I hope it gives you a sense of the momentum we're building on this, the traction we're building on this, the progress we're making, that we're really serious about it. It gives you a sense, hopefully, of the platform that we intend to build with this. And at the end of the day, we view this as an incredible tool. It's an incredible tool that helps us accelerate and hence, the type of operations that we have with a combination of tools and services. So I, I'll move on, but I hope that, this gives you a bit of a glimpse. I realize I spent quite a bit of time on these sections, but it's obviously a hot topic. I hope you find it helpful. Maybe to bring us home, I'll close on the outlook itself. Rob reminded me to put this slide together. I tend to forget because I take it for granted. But it's true that it's good to go back to fundamentals of the platform that we have in our own hands. We have the chance to be a market leader in our space. Again, three times the size of the next one. We have a big TAM, a big addressable market in front of us. We work with most of the top publishers in the world, whether it's on AAA and on mobile as well. Now, we are building a massive accelerant on technology, but combined with the talents that we have on board, and, of course, a very strong track record as well on the M&A front, as talked about earlier. There's also a very compounding growth model that we have. We talked about this at the CMD, but this is probably more relevant now than ever. We are working consistently of delivering a 10% organic growth through the cycles, which is very few B2B IT services are able to do consistently. At the same time, operating with an underpin of 15% adjusted operating profit, as we're consistently delivering, as Rob showed earlier, with a very good cash conversion consistently as well, and while having a very strong M&A story. We've even amped it up a little bit to EUR 100 million plus. Look at the last couple of years, even this year, already being at EUR 130 million of consideration. So and firmly on track to reach EUR 1 billion of revenue, well inside. So I hope this gives you a sense of the compounding force that is behind Keywords. This one I find actually very relevant as well. This gives you a sense of the agility and the entrepreneurship within Keywords. When you go back in time, just 10 years ago, it was entirely globalized. It was entirely a localization business at that stage. Look at how much it has evolved over the course of, of just 10 years. Now, we have 42% of our business is in Create, which is a very healthy business, strong margin business, good growth. If we could have more developers, we would take them on as well. We have 20% in Engage, which Jon describes as a mini Keywords that we're building, I think quite rapidly as well, and still with a very strong fundamentals on Globalize, with all of it working, nicely together. But it shows fast-forward in the future. It shows as well our ability to be able to be agile, to take on LiveOps, and to be ahead of the trends where clients are really going by being, joined at the hip with them, LiveOps being a prime example, but also in virtual production, also in media and entertainment, also into, into areas like technology, as we touched on. So all in all, I would say we've had a good H1. I think we're gaining share, in a, in a particularly tough year, but it shows the resilience of, of our model. We have a strategy, we're executing on it, on all levels. I think in particular with amping the ante in terms of strategic partnership, in terms of technology, with a very strong M&A machine behind. And finally, we are very passionate about building a platform for the long term, with a compounding model, that hopefully is very sustainable for the long term. That's what you are, you are buying into. And as we pause to Q&A, I'll just pause on that. I think we tend to forget what we do at the end of the day, which is in, in, in those type of setup. At the end of the day, one of the highlights for me and is, is really the type of titles that we work on. This is just a small selection that allowed us to talk about it. We happen to be, happen to be the B2B hands behind the scenes on it, but think about Starfield, Diablo, Hogwarts Legacy with Warner, Baldur's Gate, one of my favorite Belgian fellows on that front. But on each of those titles, we have many, many studios working on those. Each of our service lines are engaged on those, more and more integrating the way they are, that they operate together. And for many of those, we have been working for three-plus years on those and have big engagements as well, that are recurrent over the years to come. So hopefully that. It's always good to remind ourselves of what we do at the very end of the day, but that's the exciting piece within the, within the company. So on that note, I invite Rob and Jon to come over for Q&A. Hi, Will. Morning. Thanks very much for the presentation. Could I have two questions, please? Firstly, you flicked past the savings that Helpshift was generating in one particular instance and said there was mentioned a 20% cost saving. Are you seeing more instances of where you are able to cost, you know, price per for value rather than price based on the amount of work done? And is that more use of technology driving that? And the second question I had, I wanted to dig in a little bit on strategic partnerships. To what extent should we expect you to be making announcements of X hundred people are moving from X client over to Keywords to do this, that, the other, sort of from a, you know, on a, on a long-term type of contract, three years, whatever. Is that the sort of thing we should be expecting to see over the next few months? I'll start maybe on those two, and Johnny can help me out. I think really good questions, things that we are working on very closely. Helpshift, you're right. Maybe as a quick reminder, well, I went a bit fast, but we see 20% saving in this case. This is one real case study, fairly large scale as well, CSAT improving, but that gives us the ability to pass it on. So we are pricing accordingly so that we can effectively get... I mean, to some extent, you have a SaaS business on 30% of it. We are roughly taking 30% of the tickets that would have been handled by agents now being automated. But I like the nature of SaaS business. It gives you higher margin on the back of it. But keep in mind that we also have agents behind, and actually, one allows us as well to get access to the business and to be more competitive there. So it's a bundle pricing in the way it's being organized, Helpshift partly as well on volumes of tickets that we can take over, but the pie is bigger and being divided by between the two of us. What I like in there is, like, it's not just a cost equation, it's also CSAT has improved. When you think about the fundamental of Helpshift, what it does, it says, look, in this type of ticket, complaint from a client or for a player right now, we can go and intervene right there, right then, live. We don't have to wait for a day before handling their issue, which is the real-timeness of this is really important because the players in the game wants to continue the experience. So you, that's where you really see the improvement in the experience itself. Or on the contrary, the smartness and the brain behind Helpshift is you have a CRM underneath it that says, "This is Will. Will is really a top three spender or is a key influencer into the node. Go ahead and send the right agent that can go and help them on the back of that." So you can see how much it creates much more value. So we still have to figure out exactly at massive scale what the business model would be, but you have clear upside for both of us, the partner and us. This is, by the way, a partner that is very cost conscious, and we've increased the pie actually with them. On your second question on strategic partnership, I don't know if we plan to announce. Even this is not easy because we tend to be in the shadows behind many of the publishers. Often, we don't talk about it because we want them to shine as well about, about the titles. But that's where, and then maybe at one point in time, where the CMD or the mini event that we do, we'll talk them about table, client A, client B, client C, with their approval, or we'll try to get some of them to tell the story, which I think would be even more powerful than us. But the more fundamental point is, that's why I try to bring it to life, both in Globalize and in Create, where we see more of those. You know, we've gone long on building those strategic partnership. It's starting to really pay off. Those are big engagements. I think we have the muscle to be able to do those. We build architects as well that allow us to architect those type of solution for partners. I'm partly particularly attracted by the fixed cost to variable cost, and I would personally suspect that next year you'll see more and more of that. Because you have some who have closed, too close to the bone, to some extent. You have some that, on purpose, have reshaped their own operations to be able to do that. And likewise, you see some newcomers who, on purpose, don't even decide to get those type of operations. They come to us fairly early on, I think, Keywords, "How can you help us, making sure that you handle all of our post-production from day one?" Jonathan, if you want to add. Not much to add. I think the only thing I'd add is that we've seen this sort of trend using external providers consistently over the last few years, but it tends to be quite tactical in the main. So, you know, people add us as testers, and then gradually, over time, our external testing becomes a bigger component of the testing activity. I think when you've got an economic situation like we've had for the last year, some publishers have used that to sort of look at their cost base and accelerate that sort of fixed to variable cost. Very often, we're able to do it more cost effectively, and obviously, they can use us to manage the lumpiness of volume because we've got the scale to do that, because we're testing for lots and lots of clients. Yes, I'll come to you right after. Hello, I have three questions. The first is in terms of, you mentioned the earn-out multiples. How should we think about earn-out multiples for the prior period acquisition, given the slowdown? Are they on track, or how should we think about modeling? Second, in terms of automation, could you give us examples of, automation in your own internal utilization levels? Basically, how utilization levels have changed, and basically just some sense around that. And finally, in terms of the entertainment strikes, you mentioned that you're penciling 2023. How should we think about 2024 in terms of the bounce back, or in terms of how should we expect revenues to come back in 2024, if at all? Can you just remind me, the first one on multiples? What? Multiples, the earn-out multiples for the prior M&A. Should we think about, given the slowdown? Yeah. Okay. Jon, maybe you want to start with the multiples and what we see? Yeah. I mean, I'm not sure we're seeing a big, a big change in valuations, honestly. But I think what we are seeing is perhaps more companies coming to us this year than we've seen previously. It was a very similar phenomenon that we saw during COVID, where, you know, when you've got an economic environment like we've had, some of the businesses on their own are actually quite fragile, and Keywords is quite an attractive home. You've seen that within our Create service line, we've been able to keep our studios very busy, even during a period where the economic backdrop is weaker. And I think that's because there's a very powerful aggregation effect that you get. We evaluate every M&A deal in its own right. We obviously look at the future cash flow generation that we expect from those businesses. So I'm not seeing valuations coming down, necessarily, but I do think it's creating a good environment to attract and bring really high-quality studios into the business. I'll probably take the one on... Or we can take both. The one on automation as such, I could go on utilizations, but maybe I'll give you a more concrete example, which is Globalize is one where we have two different type of businesses to some extent. We brought together FQA, so testing, and different siblings of them, if I can call them that way, and then localization business. But to some extent, what we realized, we have two leaders who really joined force and as we put that under Globalize, and they looked at. Look, there's too much complexity for clients to operate with us in some instances, where we have too many points of contact, too many divisions, too many sub-service line, basically, to those. So they took that on fairly early on. When we put Globalize together, first, they've joined from a leadership point of view, so it's really one united team. We've put some single point of contact, something that we embed with clients as well to make the life much easier. We've taken a few lighthouse clients on which we wanted to demonstrate that. I think we were very impressed by the impact, so hence we authorized more of those, based on customer satisfaction and recurrence of revenue and more volume coming our way. But the next step was then technology, was how do you make sure you have the right platform so that those assets in XLOC in QA can really be shared and having one single work stream? And the piece where we're even pushing with content is to have one work stream where we can even share with clients all the way. That, to me, is the Holy Grail, because then you get one single work stream where clients and us get to see what is happening. You get real-timeness, again, very important in our operation lab. So you'll see more and more of that across all of our operations everywhere. And lastly, on the, on the strike, maybe I'll pass on to Rob, but tough for us to predict in 2023, but we gave our best estimate of what we see based on what we see right now. Maybe the one point I'll add is, I think Rob touched on it, is there will be probably a bit of a period of adjustment as soon as it reopens up. I don't know when. I cannot predict. We made the assumption right now until the end of the year. However, I've been privy to a few discussions with some of the big studios on the M&A side, and what they all expect is they've asked us to be ready big time for a tsunami of content that comes on the back of that, which is not really surprising. So we also have to gauge about how do we handle our operations to also be—we tend to be very flexible and to adjust very quickly our model, but as well, to be ready to have the right strength and man and woman power as well, and technology to be able to take the demand as soon as it comes back in. Yeah, I don't think there's much more to add. I mean, we obviously don't have a crystal ball, but you know, we'd expect a surge in demand at some point, and obviously, there's a lot of working out for people to work out their schedules and things, so I'll just have to see. I mean, obviously, our guidance overall, you know, 10%+ organic growth, 15+% margins still holds, and we're very confident of that, and so we'll just have to see. ... Yeah, hi, it's Nick Dempsey from Barclays. I've got three, please. So first of all, just on this year in terms of organic growth, are we saying that if some of those projects that you hope to come in Q4 spill into next year, that we'll have to take another cut out of organic revenue growth? Or have you already captured a conservative approach to that in the way that you are guiding? Second question, I guess you've always been able to evolve your business along with your customers as they change by making acquisitions, but maybe not in this space, but outside this space, we've seen some eye-watering multiples paid for anything that's got AI in the title. Yeah. So is there a risk that you won't be able to evolve yourself through acquisition without blowing through all of your financial targets for acquisitions? And then the last question, just looking at the testing area, you're obviously doing some accelerating Mighty Games pretty quickly, but we're talking about 40 people working on this. It seems a bit unlikely to me that's gonna be the final word in AI testing. So is there a risk that you're just one of 20 people who's having a go at this when previously you were able to be dominant in a people-driven world of testing? Okay, good questions. Maybe, Rob, you want to take the first one? Yeah, sure. I mean, I think, you know, as always, with our business, you know, projects move around all the time. Indeed, we've seen that this year, certainly in Engage, where some of the marketing projects, you know, moved from the first half to the second half. But I think ultimately, we'll have to see how it goes. I mean, we've given the guidance today for this 2%-2.5%, because that's what our best estimate is, what we think the overall impact is, from the strikes. You know, importantly, we've largely mitigated that at the operating profit level, as by being tight on costs. You know, today, that's our guidance as to where we think we're gonna land the year, and we'll just have to see from there. On your second question about M&A and multiple, I totally understand your question, but I think you can probably trust us over the years to be rigorous in terms of how we approach M&A. Jon gave a sense as well. I mean, typically, on 5-7x multiple, we've been fairly rigorous and systematic. Even if you look at some of the tech acquisitions we made on Helpshift, on Mighty, we've been actually fairly diligent as well in the way we approach those. We didn't go for any of those big VC-backed that has a pitfall of money going the other way around. That's not us, we wouldn't do that. I would even argue that if you look back at the four quadrants, and maybe Jon can comment more, but the four quadrants of acquisitions, game dev, marketing, M&A, and tech, that we have showcased before. On technology, actually, it's not necessarily about pure acquisition on that front. A lot of it will be via partnership, and I think we have a unique position there that can really be an accelerant, where that's why we have mapped 200, 300 meaningful startups, big technology company, look at what is fluff, what is not at risk of really making the cut, what really works, and with the advantage of having 4,000 engineers, that can really go and test that at scale with our partners and seeing what is real on that front. We've even mapped three in each, taking world-building, for example, the Promethean AI of this world. Taking NPC, non- playable characters, how do we map the Inworld of this world, the Charisma AI of this world, so that we get a sense of what works, what doesn't work with our partners as well. So I think that's really one of our secret powers here. But a lot of it will be via partnership. I'm personally very interested, and we are—we're having a few discussions on go-to-market partnerships. Where could we be the implementer, so the, service provider as well, that helps on the implementation of them. What their issues will be, having access and cash to be able to do a go-to-market. We're perfectly placed for being able to do that. And in the meantime, I'll take maybe the third one, which is on Mighty, 40 people. Mighty is just one example. And again, it was probably the newbie into the suite of product we have there. But if I just step back, even just take Helpshift, Mighty, Kantan, it's already 200 FTEs on that front. It starts counting. 200 product guys, that's quite an investment in that space. Now, they're being monetized already right away as part of it. You can sense I'm pro- coming from a product background myself as well. I build product teams, so how do we really think about the product organization? That also goes beyond that. But you'll see hopefully through the vision of the wheel that we have, some of those already new additions to the family on that front. So I definitely expect us to see more investment in that. This being said, it's not just about headcount. It's also about being in... One of our strengths is to be able to be in the workflows of our publishers. There are many, many testing platforms that are popping up. I've seen many. I've talked with many VCs as well around those. Many are, personally, won't even make the cut as such. There are some interesting ones. We'll always keep a lookout on that. But the main difference that we have is that we have access to the Microsoft, to the Activision, et cetera, of this world, to be able to be in their workflows. To implement Mighty, to make it work, you need access to the source code of a game. If you're a startup where I'm a big publisher and I don't know if you're going to be alive in 2, 3 years from now, I'm never going to give you access to that. This requires a real relationship of co-development. That's why Create and I think 24 Studios gives us a totally unfair advantage on that front, that we, we-- Jon has been really leveraging across the team. Yeah, and I think just going back to the kind of the technology side, I mean, and the second question, I mean, clearly, we're in a kind of max height phase. But we recognized two years ago that technology was gonna be increasingly important in terms of the way we deliver the services. That's why we made some early moves with Helpshift and Mighty. And bear in mind, Mighty have been developing that solution for 10 years. So, you know, these things take a long time to develop, refine, and as Bertrand says, the, I think the difference between us- ... and perhaps some of the external technology companies, is that we've got the service muscle to go alongside the technology and the relationships with our clients, and these are not plug-and-play solutions. These are solutions that need to be implemented well. It's you need the human aspect to make sure that you're maximizing the effectiveness. In terms of other technologies out there, we're monitoring the landscape very, very closely. There are hundreds of AI startups out there. Some of them will be successful, others won't. I think for us, it's all about making sure that we are right at the forefront of understanding what's out there, what the capabilities are, and I think we've got a big opportunity to then help our clients navigate through that landscape, as a, if you like, working in partnership with some of these technologies. As we said earlier, we've always had new technologies come around. Maya, our tools, you know, these are just different tools that allow us to augment and be more effective in the way that we're delivering our services. Yes. Thanks so much. It's Tom here from Citi. Two questions, if it's okay. The first one, just a recap, if that's okay, on the sort of order of cyclicality. I just want to get your latest perspectives on whether Engage will lead Create in terms of growth, or the other way around, in terms of the phasing of cyclicality. That was the first question. And then the second question was, you flagged marketing as having, you know, a concrete sort of step down in the H1. But then I'm interested whether that's purely cyclical or whether there are some structural elements because, for example, E3 appears to have just come off the radar. Does that... You know, is there a, you know, a one-off element in decline in marketing? Thank you. Yeah. You want to start on the cyclicity? Yeah. I mean, it's difficult. I mean, one of the things you've seen is our Create service line has performed incredibly strongly, despite the fact that we've had a much weaker market backdrop. And I think what you're seeing there is the fact that that's a service line that has been in such high demand that we've been turning work away. And therefore, even with a reduced demand backdrop, you can still keep those service lines busy. The same is not true of something like Globalize, for example, where I don't want to say it's infinitely scalable, but we can generally scale into whatever demand is there. And when the backdrop's a bit weaker, you obviously see that coming through in your growth rates more than you do in Create. So I've been very comforted by the fact that within Create, we're still seeing that underlying demand coming through. We're still seeing our that service line being particularly strong. I think there are signs. I mean, Bertrand and I were at Gamescom and XDS most recently. I think there are signs that the industry is starting to come out the other side. I think we're starting to see publishers look at content in a more meaningful way, and that should be good for our Globalize and Engage service lines. On the Engage, Engage sign, you know, look, marketing, I think we said at the beginning of the year, we hadn't seen it at that point in time, but we always felt that marketing would be perhaps the place we'd see the weakness first, 'cause it's such an easy area to cut costs, if that's what you're looking to do. It doesn't necessarily mean that we're not, we're not being engaged on titles, but trailers are smaller, the marketing budgets are smaller. And again, I think once we see the industry feeling a bit more confident in terms of outlook, I think we'll see those businesses, return to much stronger growth. I would agree with that, and maybe to add a bit more color on your point about cyclicality on related to E3 and marketing. I think it's purely cyclical. I think E3 are gonna go, right, but it's being already replaced by a lot of digital conferences, which was a fiesta of trailers as well when you look at it. If you go to Gamescom and you look at the opening night, it's actually 40, 50 trailers of which, if you look at it, quite a few of ours are appearing in those. I'm just making a plug for our work on Age of Empires. But more importantly, I think it's also a lot of time we spend on it as well, to be in the right category for marketing. So there is marketing and marketing, right? There is also the social dimension, influencer marketing, digital marketing, the backbone to be able to manage those influencers, snackable content for TikTok, for the social platforms. Incredibly high demand on that. If anything, it's about... That's where technology also came into place. How can you handle that type of volume that needs to move extremely, extremely fast, on those? So that I find very interesting. It's a bit unfortunate for DMM right now with the strike, to some extent in the U.S., but I'm very bullish about what this business can do, and we're going to open the door for them with already good reception on the video game side. So that's a very interesting space. There are spaces like, analytics as well, when you think about lab ops, where, we definitely want to fortify the position we can have there as we build a puzzle, in that type of area. And again, Helpshift community management, trust, and safety. We categorize that as player engagement. It's broader marketing in a way, but really important discussions that we're having with players as well on the, those ends. I think, I think that's important actually. From a structural perspective, that's definitely a trend that we're seeing. It's sort of gone away from being sort of one big launch, and then you wait until you do the next big launch. You're seeing much more games as a service, much more evergreen, continuous content production, and that is driving demand for social media, community management, and that was why, you know, we're very excited about bringing Waste Creative into the business, about 12 months ago, with DMM, who have fantastic credibility in that kind of social media marketing, TikTok, YouTube, like you say, it's more snackable type content. Other questions online as well, potentially, James? Yeah. Thanks, Bertrand. We've got a few questions from the line, which I'll try and work through. I think the first one is: Can you give a sense of what publishers are cutting most on in FY 2023? And a few examples of those. Is it less languages? Is it less player support? Where is this most keenly felt? ... Yeah, I can start, and maybe the three of us can jump in. I think you are largely on it. Those are the ones that are really the easiest one at the fringe, if effectively to cut. Less languages is one. We've clearly seen that. You've seen probably FQA has been doing, holding very, very strongly. We talked about, well, some of the case. Loc has been more challenged this year. And a part of it is that it's typically instead of 35 languages, you go back to the very core 15 languages that you have on that front. I think it's also one of the first things that gets reopened when you have invested in your titles, in your IP, and then you need to reach a broad audience. Marketing is one, as well, for exactly the reasons we discussed. Part of it is events like E3, but those are very short term and quickly being replaced by other setup or welcome back, but also because it's one of the easiest one to cut off. You, you can see that in many other industry, but as Jon says, it's also one of the first one that comes back, and we, we start seeing the signs of that already, in H2. Player support, no, it's not being cut. I think, in the sense that, publishers really want to make sure that the example of Helpshift, it's, it's really well handled. However, there is more about how can we get the best of cost and, and scale that we need to have? Hence, that's why we're coming with solutions like Helpshift, plus the agents coming behind. However, what you see in impact is not a cut, a deliberate cut. It's more that if you have less mobile spend, it goes back to the mobile trend, then by default, you have a bit less players to be supported at time of spend itself. That's where we've been suffering from that in the first half very clearly, so they will directly correlate it to mobile on that area. But step back as an overall portfolio, again, you know where all the strengths are. It's like there's a value as well of being diversified, and a year and a half ago, as a board, we were talking about a lack of exposure to mobile, well, despite having presence across the top ten. Now, we're very glad to be present there, but there's a bit more cyclicity, of which I think we'll be delighted to be on as soon as mobile picks back up. Yeah, I think mobile, I mean, for the last two years, that business has grown very strongly. It's by growing teams. This year we haven't lost any customers, we haven't lost any projects, but the team sizes are getting smaller to reflect the, if you like, the contraction in the mobile side. The only thing I'd mention is, I think outside of those areas, I think we have seen a focus on core generally. So I think publishers have focused more on core IPs, those that they are really confident that they can monetize. Which, as I say, that does affect the demand backdrop for something like Create, but because that was an area that we were already capacity constrained, you haven't seen that come through in the numbers as strongly as perhaps you have in some of the other service lines. Thanks. That's answered actually a few of the other questions, but one more is really around phasing of growth. We talk about in the release that growth will be weighted to the fourth quarter of 2023. What does that imply for the run rates in kind of Q2, Q3? Do you want to start, Mark? Jonn, you want to start? Yeah, I mean... So, across the year, we saw, you know, strong, strong Q1. I would say Q2 wasn't as strong as Q1, and probably Q3 has followed that, and then we're expecting a strong Q4. Obviously, notwithstanding the impact of the strikes, I think some of the, some of the trends we saw, certainly in Engage, where a couple of projects got moved into the second half, that's really where we're seeing things in Q4, I think, coming through. So that's broadly the shape of things overall. I think that's right. I would just add as well that Q2, Q3, when you look at it as well on a year-over-year basis, like, Globalize was growing at 25% in those quarters, so there's a year-over-year impact as well on those two in particular. Yeah, I think that's something that we, that you have to bear in mind. I mean, last year was an exceptionally strong year and Globalize growing at 20%-25%, that's not normal. And so to a certain degree, there's an element of consolidation this year, when you absorb that level of growth. Thanks. And a couple more. One around the main engine, game engines, and they obviously offer a number of proprietary tools that come with that. Do you see those as threats or opportunities? I really see that as opportunity, and that's why I put that slide as well of showcasing. The more complexity there is in the engine, it plays completely to Keywords' strengths. That's what we do, being able to unpack the engine. If you talk to... I mean, we're very close to Unity, to Unreal. We might be the biggest user of Unreal and Unity in the world when you think about it, without even talking about the proprietary engines. But you have plenty of ways to use it. You have bad ways to use it, good ways to use it. Getting early access as well is really important as part of that. So there are even some areas where we're considering some partnerships. Some of the products we have, or could we embed them with the engines as well, so that we get a distribution platform right away as an excellent, and vice versa, a discussion the other way around. So I really view this as an opportunity. It has historically always been, and I think this is definitely a close partner for us. Okay, I think we've got two more, and then I think we need to call it to a halt. And one is just on the strikes, and you've given 2%-2.5% impact to growth. Does that include—and there's two strikes underway at the moment, which is the writers and then the actors strike. There appears to be potential for the interactive media teams to go on strike as well. Is that impact in your numbers and in that 2.5%? There's a small amount for that, which allows for the bits around the sort of US side of things. I think beyond that, most of the sort of activity happens outside of the US. So, obviously, it doesn't include any kind of impact, sort of wider impact from that, but we think at this stage, we're comfortable with that 2%-2.5% for this year, and then obviously, we're confident of the growth beyond that into next year. Thank you. And then finally, to probe Jon on M&A, clearly, the shares are a bit lighter than they were. Does that change anything about how you look at M&A, and the attractiveness of Keywords as an acquirer? No, I don't think so. As I say, I think the attractiveness of Keywords as an acquirer from a seller's perspective is arguably a bit greater at the moment, because I think we're seen as a very almost a safe haven when times are a little bit harder. We saw exactly the same dynamic, if you remember, in COVID, where we saw a very strong pipeline coming out of COVID just because smaller businesses were feeling more vulnerable. From a multiple perspective, you know, we look at the assets that we're acquiring based on their future cash flows, and we've been very selective over the years. We focus very much on culture and quality, and I think at those sort of valuations, you know, IRRs well in excess of our WACC, you know, we'll continue to look to build the platform out selectively using M&A. Thanks very much. I'll hand back to you, Bertrand, just for any final remark. Yeah, just final closing. Thanks, thanks for being with us. Thanks on the, on the calls as well for, for joining us. Thanks for following the Keywords story. Overall, maybe I would say three things. The first one is, you can sense this is a more challenging year, but we're executing well. We have gaining share as well, consistently. I think we're demonstrating as well the resilience of the model. When we've been talking about being the picks and shovels in gold rush industry, I think this year definitely exemplifies that. Two, more importantly, if you take a midterm point of view and you see many structural trends that are incredibly favorable to us, we have a strategy that reflects that, five key pillars on which we're executing. We're heads down on focusing on that. We're putting the right investment as well behind, with probably even more emphasis now on strategic partnership and technology, on which we've been on since day one. And thirdly, I think what motivates all of us is really what you see on the board here, but also building a platform so that we can really be the partner of record for the industry, and that's what we're building. We have share, we're perfectly positioned to be able to take that on. Technology and talent will be a big part of the answer to that, and that's where you'll see us keeping investing. So thanks for joining us, and talk to many of you very soon.