Good morning, ladies and gentlemen, and thank you for joining, which is our second results presentation in the last week. Although, of course, I'm rather more delighted to be presenting fully audited results to you this morning. A clarification, I hope, a demonstration that the presentation adjustment to our 2020 balance sheet was as described, a presentation or adjustment. It was a benign issue. Kath will go into the final details about that this morning as well. If we look at our strategic and financial highlights, I think the first thing that I'd say to you is that, you're all aware of the transformation acquisition that we did of GP Strategies, and I think, there were many people who were concerned that we were converting the business back into a transactional services business, where of course we started eight years ago, and moving away from the high visibility of revenue that we'd enjoyed by buying so many SaaS software companies. I can genuinely say to you that's not the case. One of the things that we found most attractive about GP Strategies was its mix of long-term services contracts and transactional contracts. Kath will give you more detail about this shortly, but if we look at the breadth and portfolio mix of contracts across the business on a pro forma basis during 2021, our long-term services contracts and our SaaS contracts were broadly about 70% of our total revenue, which I think represents and demonstrates the complete strength and visibility we've got of our revenue stream. The other thing that we've done for you today is given more guidance about GP margins. You will note from the results that we weren't able to give you last week, but that we saw a very, very sizable leap in our margins in GP during the 10 weeks of our ownership last year. They went from a sort of 5, circa 5 to 6x. Despite 6% EBIT margin up to a 9.2% in that 10-week period, which was ahead of our expectations. That was caused, I think, by more of the commercial transformation coming through earlier because we had done the initial research program between the summer of the announcement of the deal and October when we completed, and a lot of those behaviors were beginning to occur already within the GP workforce, which I congratulate and thank them for. If you like, there was an easier lift for us as we went into that process. As you see a massive 4% leap in margins during that time. That and a number of other factors have given us confidence about giving you some additional color on the margin enhancement journey that we're going through this year and into next, such that we're able today to upgrade the expectation of the average margin within GP only across the year to 12% from 11%, and indeed, which of course is a very significant upgrade when you think of the $500 million of revenue we're talking about, that margin being on. One of the other things I just want to keep the boundaries within is just to be clear that we still expect our exit run rate margin to be around about 15%, as we leave this year. I don't want this upgrade of the average to change expectations for how we're going to exit the year, and then we will continue to improve margins during 2023. Our expectation of where we'll eventually get to has remained the same. It's just a changing of the trajectory. One of the other things about this is that we can very much confirm that we anticipate the group blended margin, which of course incorporates GP, and we're expecting legacy LTG margins to remain broadly similar to that which they've been in the past. It will therefore be a blended margin in the mid- to high teens%, and I think that's pretty in line with where the market has been expecting. We've also confirmed, obviously a number of times, and I'll go into more detail later, that the other acquisitions that we did, which were also very strategically important, are performing well. They're fully integrated. Indeed, two of those businesses, Reflektive and Bridge, were loss-making when they arrived with us, and they are now very substantially profitable. I suppose one of the things that I'm most delighted about, let's face it got overshadowed last week, is that when you actually look at the consensus that was created in October when we completed the GP acquisition, so that was the first time its contribution was flowing through to our numbers, and you look at the numbers that we've announced today, that's a very substantial beat indeed on all measures, revenue, profit, cash, organic growth within GP. All of these things are obviously really important to us and matter, such that I'm looking forward to Kath explaining the financial highlights to you because I hope that we're going to land those messages appropriately. I'm just gonna call out a couple of things, and then leave Kath to deal with the detail. One of the things that has always mattered to us, as you know, particularly as a buy and build story, is generating great cash from our acquisitions, and we did that again during 2021 such that our net debt was only GBP 141 million at the end of the year. You know, I am very comfortable, as is Kath, about the prediction that our leverage will be circa 1x or perhaps even better by the end of this year. The other thing is that we had a bit of a milestone moment. You'll know that we've always adopted a pretty aggressive dividend policy within the business, and we hit a full year dividend of 1 pence per share for the first time, in our 40% increase to 0.7 pence for our final dividend for the 2021. I hope that demonstrates to you not only the confidence that we have in the outlook going forward, but also our ability to still within very sensible proportions continue to progress our dividend accordingly. If we move on to a slide that you've seen before, but I do just want to emphasize some important aspects of this. We of course care a lot about where the market sees us and where we're strategically positioned within that market. If we look across digital learning in its entirety, which is a big capital for a lot of what we do. Some of the talent management sits outside that, but it is a big capital. I'm proud that LTG has been in the strategic leader position for many years, I think it's five or six years now, consistently. If you look at last year's graph, which is on the left-hand side, you'll see that we had just drifted ever so slightly back from top right-hand corner to middle of the top right. We're still in the most senior position. You'll have seen another business coming up through the ranks called GP Strategies on the left-hand side there. Of course, GP Strategies now is part of the group. You'll see that we've returned to a position that we've occupied for many years at the top right-hand corner. It's crowded up there. There are many other organizations. They're all challenging for that position, and we are in no way complacent or nonchalant about the role that we have. Indeed, this week is our very big Learning Technologies, and we have a very big crew over here from the U.S. and the U.K. I will be very interested to see how the group is perceived when we're talking to customers and prospects during that time. I'm particularly confident and interested in the way that we're now positioning ourselves as a strategic leader in this market with a much broader range of capabilities. I'm gonna come to talk about that a little later. Let's move on to the financial results. Kath. Thank you, Jonathan. As noted in our trading update, we've made a presentation adjustment to the 2020 balance sheet and cash flow statements, and provided summary information as to the equivalent adjustments to the 2019 financial statements. The adjustment relates to a technical IFRS requirement with respect to timing of recognition of trade receivables and contract liabilities. The adjustment amounts are GBP 6.2 million in 2020 and GBP 7.4 million in 2019, and reduces both assets and liabilities on the balance sheet with a zero effect on net assets. On cash flow, it has the effect of decreasing both trade receivables and payables with a zero effect on cash. To be clear, this is a presentation adjustment only, and you can see on the table on the right there is no impact on net assets and no impact on cash. There is also no impact on the P&L. It's also important to note that it does not change the fact that contracts have been signed and invoices have been issued, which have been and will be recognized in the following years. Moving on to the presentation of our 2021 financial results. Overall achievement of the business on all measures isn't something that we're proud of. We're very pleased to see the upward trend again following the flattening in 2020 due to the COVID disruption. Reported revenue is up 95% at GBP 258.2 million, a combination of 8% organic growth, with content and services coming back strongly as expected and the benefit of acquisitions. I will cover the other metrics in more detail on the following pages. The chart on the left-hand side shows the relative values of our transactional and SaaS and long-term contract revenue. On a percentage basis, 75% of the business relates to SaaS and long-term contracts, which is at similar levels seen in 2019. This includes the addition of GP Strategies for the last 10 weeks of the year, which is circa 2/3 long-term contracts and 1/3 transactional. As Jonathan has noted, on a pro forma basis, circa 70% of the group will be in the SaaS and long-term contracts category, which gives us great confidence on the visibility and security of future revenues. In the middle chart, we can see the growth across all divisions and the revenue contribution from GP Strategies for the last 2.5 months of the year. Here we can see content and services back to 2019 levels and the acquisition of PDT and a good step up in software and platforms revenue. Looking at the right-hand chart, we can see following the acquisition of GP Strategies, we continue to be predominantly exposed to the U.S. market. Despite the U.K. absolute revenue increasing, on a proportional basis, this has decreased to 12% of group revenue and the rest of the world is now 13% with operations across 34 countries, giving us the ability to deliver to truly global companies who want localized delivery. As we move to look at software and platforms, we saw a step up in revenue to GBP 130.5 million through a combination of an organic growth and contributions in the year from Bridge and Reflektive acquisitions in Q1 2021. Organic growth for the full year of 2% masks the strong growth from Breezy and Rustici. Excluding an 11% reduction in PeopleFluent due to the higher churn from customers with less complex needs, organic growth for remaining businesses in this segment was 17%. If we continue to focus on this group of businesses, H1 2021 compared to H1 2020 saw extremely strong performance of 21% organic growth. H2 saw more moderated growth of 12% due to stronger comps as we experienced a COVID bounce back in 2020. Jonathan will talk more about software and platforms in a later slide. Adjusted EBIT increased in the year to GBP 36.4 million for similar reasons, and adjusted margin declined due to a different portfolio mix and the impact of Bridge and Reflektive being initially loss-making upon acquisition and becoming profitable in H1. Now looking at content and services. As previously mentioned, content and services revenue bounced back to pre-COVID 2019 levels as expected with organic growth of 25% and the initial contribution of PDT since acquisition in Q1. Adjusted EBIT grew 33% to GBP 10.6 million through a combination of organic growth and the acquisition of PDT, with margins at 23.7%, slightly lower than last year. A strong growth at Leo, which is at lower margins, partially offsets the higher margin PDT business. As we move to look at GP Strategies, the initial contribution for 2021 since acquisition on the 14th of October was GBP 82.9 million and GBP 7.7 million adjusted EBIT, representing a margin of 9.2% compared to before acquisition, where margins were in the region of 5% to 6%. The 2020 revenue on the slide shows the reported GP Strategies business, including divested businesses. In 2021, revenue increased on an organic constant currency basis by 9%. We're very pleased with the margin performance in this time, as we've seen swifter than anticipated operational improvement with some short-term operational leverage benefit. As we've mentioned, GP is on track to deliver against the initial FY 2022 double-digit margins, and due to their performance to date, we are confident that margin increases quarter over quarter will continue. With that confidence, we are happy to confirm we expect margins to be 12% for 2022, with exit margins in the mid-teens. Jonathan will cover GP Strategies progress in more detail shortly. We've seen a significant uplift in adjusted EBIT, +36% with margins in line with expectations given the expected change in revenue mix following the acquisition of GP Strategies and the rebound of content and services. LTG margins excluding GP were moderated by the initial loss-making acquisitions of Reflektive and Bridge, portfolio mix and an incremental share-based payment charge of GBP 1.2 million related to new LTIs granted in 2021. As mentioned, GP Strategies margins have seen earlier than anticipated benefits and we continue to expect to see margin accretion in 2022. As expected, there was a material improvement of 17% in diluted earnings per share following the significant improvement in adjusted EBIT. Incremental interest related to the new debt structure, a higher adjusted effective tax rate and a higher share count following the placing in July moderated the diluted EPS growth in comparison to adjusted EBIT. Reflecting good performance in the year and confidence in the outlook, the board has proposed a 0.7 pence final dividend, taking the full dividend to 1 pence, which will be paid by the 21st of July to shareholders on the register by the 1st of July. ROAE has been presented on a 2021 pro forma basis due to the significant increase in capital employed following the acquisition of GP Strategies late in the year, and therefore there not being a full year benefit on this acquisition. We expect to see an improvement on this in 2022 as we see the benefits of the operational improvements dropping through to the bottom line. As we turn to look at cash flow, the chart at the top re-shows the key cash flow movements. Starting on the left-hand side, operating cash flows were GBP 37.5 million for the year. There was GBP 9 million of capitalized development costs, primarily related to capitalized development, capitalized investment in internally generated IP, and IFRS 16 lease payments amounted to GBP 4.9 million. GBP 311.2 million on acquisitions reflected the net cash outflow for GP Strategies, Bridge, PDT Global and Reflektive. Dividends of GBP 6.1 million were paid in the year for the 2020 final dividend and the 2021 interim dividend. The contingent consideration and earn-out of GBP 0.5 million was for Breezy and Watershed. Following the share placing in July, we saw a cash inflow of GBP 85.6 million, and currency changes on the retranslation of debt resulted in a final position of GBP 141.4 million net debt. Operating cash conversion for the year was 76%, with a higher working capital investment following the change in revenue mix, which you can see in the strong growth in content and services, where the payment profile is different. We expect to be in line with normal cash conversion levels going forward. Details of the new loan structure are in the bottom right-hand box, and we repaid the $40 million term loan facility in March 2022. Net debt to EBITDA as at the end of December 2021 was at 1.8x, and we expect to de-lever during 2022 to circa 1.1x excluding any future potential acquisitions. I'd like to cover some additional pointers for guidance. For revenue, we continue to expect to grow ahead of the market, and here you can see our expected medium-term growth rates. For 2022, where we had previously guided to flat year-on-year revenue for GP Strategies, we expect a small percentage growth as we go through the integration activities during the year. After which, we would expect to revert to medium-term growth rates as we highlight here. For adjusted EBIT, we expect an incremental GBP 3 million share-based payment charge related to the new LTIPs grants in 2021 taken above the line, and you can see the stretching target in the footnote at the bottom of the page. Notwithstanding this additional share-based payment charge above the line, we remain comfortable with consensus and note that we expect an H2 weighting from the GP Strategies margin improvement. With respect to finance charges, our debt is currently on a floating basis, and with the expected interest rate increases, we estimate our finance charge will be 3.5% for 2022. Following the acquisition of GP Strategies, we are estimating an increased tax rate in the region of 27%. We've included an estimate for our dollar sterling effects adjusted EBIT sensitivity for guidance, and note that the average FX for 2021 was $1.34 per pound. The average year to date rate until the end of April was broadly similar at $1.33 per pound. With that, I'd like to hand back to Jonathan to take you through the rest of the strategic review. Yeah, thank you. Firstly, let's just look at the acquisitions that we did early last year. You'll recall it was a pretty prolific time from the time of COVID, where we did a placing on the market in May 2020 through to when we did the next placing in 2021 to finance the GP Strategies acquisition. We made 8 acquisitions during that time, 3 of which were during early 2021. The first one was Reflektive, San Francisco-based business, providing performance management solutions. Very smart software, used by a lot of mid-market companies and some large enterprises as well. It was significantly loss-making in private equity hands, and I am delighted to say it has exceeded our expectations in terms of its turnaround. I think there were more benefits from it being part of the LTG family. It always felt to me like a business that was too specialized, providing one niche software product, and that felt much better if it was housed within an overall family or portfolio of products, and that's exactly what we've done. We've been able to strip out a number of the costs, create lots of synergies in the back end, and that has now become astonishingly one of our higher margin software businesses. I would just remind you that we acquired that for one times revenue, around about $14 million. Bridge is effectively now our strategic learning platform bridgehead into the market. This is again, a mid-market product, very elegant, very learner-centric and celebrated for that capability. We're also expanding its capabilities and it is moving upmarket and providing some enterprise customers with solutions as well. Indeed, we're bringing a number of our talent management solutions to bear on that product. We're combining a number of different software aspects that we've acquired to create a more fully-fledged solution. That's constantly being evolved and rolled out this year. Finally, PDT Global, who I remind you is a specialist business in diversity training and consulting. We initially put that with Affirmity because we absolutely believe that those two businesses were very aligned with each other, and indeed they are, and they're working well together. However, what we didn't spot at the time, of course it was six months before the GP acquisition, was the very strong, really strong cross-selling possibilities that exist between PDT and GP Strategies. PDT is regarded as a global expert in DE&I matters, and actually enjoying some really good opportunities and cross-sell with GP customers, including a very large contract with one of the FANGs businesses that we've made in the last month or so. If I move on to GP itself, I suppose the first thing to say is that who know me well have heard me say these things a number of times. Just to act as a quick reminder to you why GP is important to us. The highlights are it's a large global provider of workforce transformation services. It's seen as an absolute expert in what it does. No question about that. It is very, very well regarded, which I think is underpinned and underlined by 25% of Fortune 500 and Global 500 companies using its services. That's pretty astonishing. We've told you before about the incredibly long tenure of some of its big customers, and that long may it continue. Of course, yes, there is another aspect to this. Not only does it bring some really important capabilities to broaden our offering, I'm gonna talk more about our go-to-market strategy, as it were. There was always this latent margin enhancement opportunity that we really felt that we could deliver on, and we've talked a lot about that already. There's still more to do. We're very confident about it. I think when you begin to get the mechanics right for these sorts of things, you start to really understand how they're going to evolve and happen. Let's just move on to the detail around that. We've talked about a number of things that were relatively quick wins. There were some obvious overheads that came out of the business, low-hanging fruit, which were things like cost of being a listed public company and so on the New York Stock Exchange, obviously disappeared on completion. There were a number of other things that we've been able to do to the overhead base and the G&A base to be able to optimize it. There's still more to come during 2023 where contracts roll off. We have rationalized senior management. About a 15% reduction in total number of senior managers. We did that at the end of 2021. We had a very small overall workforce rationalization program in early 2022. That involved about 45 people. Of course, respectful of those people losing their jobs, but it was a very, very small percentage of the overall workforce. Part of that was because of the other program that we've implemented, which is we've wanted our existing chargeable staff who make up the broad about 75% of the total workforce within GP is involved in a chargeable role. Of those people, we were able to find pockets of underutilized capacity. Once we brought that to the fore and made that very visible, we were able to start flowing more work through that capacity. Now, there's more to do to refine it. We're about a month away from a system whereby we can globally see every chargeable person in the group and be able to move around workload to the areas of white space and spare capacity accordingly. We're not quite there yet, but we're getting there. In terms of the profound effect that we've had, and this actually is an attribute of the earlier than expected margin enhancement last year in the final ten weeks. We have seen a reduction in the amount that we spend with external subcontractors, an increase in the amount of work flowing through the organization, and that, of course, has a profound effect on a drop through where that subcontractor cost no longer exists. That drops straight through to the bottom line. You know, 5% to 9% EBIT margin lift, we were pretty thrilled with, and that, as I said earlier, underpins our confidence about upgrading to a 12% average margin for GP only across the year. We don't want to at the moment create any expectations that our exit margin at the end of 2022 will be higher than the sort of circa 15% that we've already guided to. If we now move on to what I believe is far more important, of course, getting GP to be commercially optimized and operate in a way where we can all reliably predict margins against that very visible contract length of revenue flow that we already have. What you don't want is a situation where margins are oscillating. We really feel confident that we've got that utterly under control and a general direction of improvement will continue. That is, for me, not quite a once and done, but it's a reasonable way to describe it, that will underpin everything that we do going forward. The most important thing about why we did GP is to genuinely change and transform what LTG is capable of doing in the marketplace. I think I brook no argument from anyone where I say that organizations are struggling and feel challenged about all of the genuine workforce mobility issues that they've got and that we're all facing The Great Resignation et al. Actually, this has been building for some time. I think given the age of the young incoming workforce, the fact they're digital natives and have high expectations, our customers have been coming to us saying, "We recognize the need to provide multiple ways of developing the talent within our business, give them lots of choice, have it very elegantly presented and also measured and analyzed so that we are effectively doing for our staff what we probably do for our customers in terms of the new digital services that they've been developing and providing over the last few years." That's a recognized need. We don't develop that need anymore. We don't evangelize about it. We merely respond to the request to help deliver it. Now, when you break that down and think about your own learning situations, you will have experienced learning and personal development through many different types of modality. Of course, you'll have done some classroom training. You'll of course have done some e-learning as well. Some of it perhaps less enticing than other parts of it. You may be a line manager where you're managing the ongoing review process and feedback process with your reports. All of these things will have, I hope, various elements of technology to them. If you're still doing annual staff appraisals on paper, then woe betide you. You've got some developing and catching up to do. In general, I think it's fair to say that we all know that there are various bits of technology that have been implemented by large organizations to do all of these different things. The problem is that they're relatively inelegantly connected or indeed not connected at all. What we're trying to do, and I believe that we have a really compelling offering here with a new enlarged, enhanced LTG go-to-market offering, is that we now have highly respected multi-location global capabilities in terms of consulting and advisory that arrive with GP. We can sit alongside a client in a very trusted environment at the very senior level and advise them on their overall strategy. We get the thinking out of the way. This is how you could go about doing this. Of course, through our learning services capability, mostly brought to us by GP Strategies, but there was some already within LTG. We're able to help a client in a number of different ways to develop the different components that they're going to deliver to develop the talent within their organization. That isn't just learning content. It's everything across that entire spectrum, from videos, updates, content itself, and then, of course, blended learning, whereby you're not just delivering things on a screen, but you're also delivering things with expert facilitation. Perhaps still on a screen, maybe in a classroom these days as we return from COVID. That blended learning is incredibly important. Don't think that people learn on just one type of modality. They don't. Do remember the other thing is that we learn about 70% of everything that we learn in the workplace informally from our colleagues by osmosis, by the water cooler, asking someone how to do something. You know, sometimes I ask Kath. We're sat beside each other about how I might do an Excel function or, you know, what a certain term means. Like, strangely enough, I asked quite a lot about IFRS 15 last week. You know, you learn informally from each other. Now, we're not always in the workplace together anymore in this hybrid environment, and we need to be very aware of using technology in an appropriate way to try and augment that and support that hybrid, remote working situation. All of these things create fabulous need for what we do, but they're many disparate components. The reason I've gone through each one of those is to try and describe the disparate nature of those components. In doing so, I hope you get the sense that there's a real sort of trepidation and challenge for our customers. That's what we want because we're able to get alongside them and solve those problems for them. Then finally, it's an important distinction here, we're not trying to always push our technologies in, into the customer. They may well have a competitor's solution that is just as good and is already in place. Our offering is to say, "We will help you do an assessment during our advisory phase. We will then understand what your legacy solutions are, how we can meld with them and fit with them, and what your gaps are, and how we might be able to fill those gaps for you." We're not trying to go in and say every time we talk to someone, "You need to rip out your learning management system and replace it with ours." That's just nonsense. We are trying to help them understand how to link things together to make them the most effective solution they can be. We don't think, we don't know for sure that there is another organization out there that has as broad a range of capabilities and a willingness to just plug in the right level of each capability to meet that customer's needs in the, in the way that we can. We meld ourselves to the shape of the problem. I'm very excited. I've seen some early signs of it. We haven't launched this yet. This is going through customer research at the moment. We'll launch in the next couple of months. You can't keep good salespeople down, and we've already had a number of our GP and LTG colleagues working together through their own means of connecting with each other, and we have two or three great examples of strong cross-selling that's already occurred. I'm incredibly encouraged by that, and I'm excited to launch this go-to-market strategy in the coming weeks and months. Let's look at the overall diversity of our business. This slide is an evolution of a slide that we've given you for the last couple of years. If first of all, I look at the left-hand box, you might notice that the 2021 pro forma, of course, you know, I talk about diversity, but then I've got this gargantuan orange block of about two-thirds of our total revenue. This is our revenue mix, by the way, with the major components that are delivering it. GP Strategies, as a $500 million revenue acquisition, naturally brings a rather big part of our overall revenue. Please don't be concerned about diversity, because the one thing that was very attractive to us about GP is it was already a very diverse business. Its range of services across managed learning services, consulting and advisory, and staff provision, where appropriate, to organizations where they need expert assistance, is profound. It is a very wide and diverse mix, not only across the range of capabilities it provides, but also a number of locations globally, and the customer types. Talking of customer type for a moment, if you look at the bottom right-hand chart, we've now incorporated GP Strategies revenue portfolio mix into this chart, and you'll see that we have a very balanced spread of, if you like, risk or exposure to certain categories. You know, much more mindful of that these days from the times where we had some hospitality and travel exposure back in 2020, for instance. You'll see that we have approximately five segments around about the 13% to 14% mark in automotive, education and not-for-profit, finance and insurance, manufacturing, aerospace and industrials, and then finally in professional services, and then smaller segments in the other ones. We feel really appropriately dispersed and diversified across the major organizations and customers that we could possibly be seeking to deal with, and we don't feel particularly exposed to one or another. I did just want to take a moment to talk about PeopleFluent a little more during this slide. Kath mentioned earlier that we had seen 2% growth, organic revenue growth in the software and platforms division in 2021. Had we not had PeopleFluent within that would have been 17%. PeopleFluent, as you will see, and you know, it was a declining business in terms of revenue when we bought it. We predicted in May 2018 that that would take a couple of years to turn around. I'm not gonna hide behind COVID as an excuse, but we made all of the strides forward that we hoped to in 2019. 2020 definitely put a punctuation mark in that progress. 2021 saw more of a revenue decline than I wanted to see or would have liked to see, around about 11%. Interestingly, that masks a couple of pieces of good news. It was a very big renewals year, and we churned about 22% of those available renewals to us. Only retained about 78% on an annualized revenue basis. That was an improvement from where we started at about 73% in 2018. That was the position we inherited. We still have more to do on that. If I look at the, what we're doing is trying to get ourselves ahead of an understanding of where PeopleFluent will eventually end up. We have now got a piece of software that is very clever in the way that it produces heat maps of each of our customers and the way that they use the functionality within our software. We can see those that are using the deep functionality well, and those that skirt across the top and use what I would call our shallow functionality. It's a bit of a generalization, but it's fair to say PeopleFluent is a very long-standing, respected enterprise solution that can deliver lots of configured capabilities. If you have complex requirements where you want the software to meet your needs rather than you being dictated to, that you must adjust your processes to meet the way the software works, then PeopleFluent is absolutely fabulous. We've got some great examples of customers that are very loyal and long-standing that use extensive capabilities within the software. If you are skirting around the edges and just using the basic functionality that any learning and talent management system can provide you with, then it's fair to say that PeopleFluent is not the most elegant, modern-looking solution. Where we are vulnerable is where companies choose to add another component or another module of their enterprise resource planning system, ERP system. Workday, for instance, where they already have the finance system and the basic HR systems, they often put learning and talent on as additional modules, and it's dictated to by the central IT function that that's what happens. It's a very defensible situation, if those sorts of solutions cannot meet the need, but where they can meet the need of customers that use a shallower level of that functionality, then that's what ends up happening. We've done some predictive analytics on this now, and we can see that, the number of customers that really use our deeper functionality is increasing as a proportion of our overall revenue, obviously because we have churned some of those customers that weren't using as much of the functionality, such that we believe our retention rates will go up. I'm not going to predict to you that PeopleFluent is all of a sudden gonna become one of our fastest growing software businesses. I would remind you about a couple of things. When we bought PeopleFluent, within a few months we broke out to other businesses, Affirmity and VectorVMS. They are growing. PeopleFluent as an overall business, of course, it has declined. It still represents a, you know, a very strong profit contributor to the group, and it's also been a big underpin of the other enterprise solutions that we're providing. From an infrastructure perspective, it's been a great benefit to the organization. I would also just point out that given the very large additional revenue that we've added for GP Strategies, and indeed the growth that we've achieved through our organic growth for our other software businesses and the addition of Bridge and Breezy and so on, PeopleFluent is around about 8% of our overall revenue, group revenue mix these days. While important and not to be ignored, the decline is rather more muted than it would be if it were back in 2020 or something where it was still a very significant proportion of our revenue. I also don't want it to overshadow the fantastic growth that we're experiencing in all of our other software businesses or as a general portfolio if you like, excluding PeopleFluent. 17% is really strong, and I have no reason to believe that that sort of trend won't continue going forward with those businesses. I hope I've nailed that point, but I also believe that investors and analysts want as much color as possible around PeopleFluent, and I hope that's helped with that. Final point on this slide that I'd like to mention is our cross-sell continues to make progress. Nearly 20% increase on the average number of cross-sells by our BUs. This is excluding GP. We just can't do the data on that yet, and it is too early. I look forward to presenting that stat at the end of this year when we have GP very much as possible. A slide that you'll have seen from us on a number of occasions we felt was important to continue with, because while it's only one facet of the story, I think it's a really important one. The LTG backbone and benefits that we're able to create it are really important to us, and they continue in a significant way. Of course, we had the relatively sort of flat plateau of profitability from 2019 into 2020 for obvious reasons. You'll see that the graph is now showing that not only are we having acquired GP Strategies, we're still advancing our profits dramatically. That delta really matters between the acquired profit, the profitability at the time of acquisition and the profitability we're achieving. I very much look forward to achieving or beating that consensus estimate of GBP 93.5 million EBIT this year. Looking at that incredibly substantial delta that we've created through the talents of our staff and the efforts of our staff and of course our acquired staff to deliver exceptional performance and improving the operating model of how they work. ESG, of course, is very important to us. I think we're rather fortunate actually as a business in the way that we're positioned with ESG because we genuinely help our customers. We empower them to achieve their part of their ESG priority. Very much of course focused on the development of their workforce and people, possibly also their customers. It's a joy to be able to do that and, you know, we operate in an environment that we can be proud of. A couple of points to make here, that there is a slide in the appendix. Very happy to spend a bit more time with anyone who wants to during questions about what we're doing to our own business in terms of our own focus on the other aspects, the environmental aspects and so on, of how we operate our business. I'm not gonna go into all the detail on this slide for the sake of time. It is fair to say that we are reaching a very large audience with our solutions, and we are making a big difference to what they're able to achieve in terms of the development of their own people or indeed their extended enterprise. I also want to make one other point on this ESG slide. It's not actually mentioned on the slide, but you'll see it in a note to the accounts that we've announced this morning. There was some concern raised when we acquired GP Strategies over GP Strategies' longstanding 10% ownership of an organization called National Aerospace Solutions. Which operates very specialized wind tunnels basically I think in the Mojave Desert in the U.S. GP was a 10% investor in this some 10, 15 years ago, I think. There was some concern over whether this had any involvement in the aerodynamics of missiles and other things. We listened to investors considerably over those concerns. I'm very pleased to say that in a very elegant way, we were able to work with our substantial partner, Bechtel, who owns 70% of National Aerospace Solutions. A few weeks ago, we completed the sale of our 10% stake in that business for around $3 million. It does not affect our profit and loss account at all. It came in as GP generated around $1 million a year of investment income from National Aerospace Solutions, which clearly won't do going forward because we have no involvement with National Aerospace Solutions at all, but we felt it was an appropriate disposal to make. I'm pleased to confirm that this morning. It's been a funny couple of weeks for sure. I just want to close down with the presentation before questions and just try and express to you in my normally enthusiastic way, how very positive we are about the future of this business, and how, you know, I won't deny that you feel a bit crestfallen that, through, you know, a very technical matter with IFRS 15, which was benign on the balance sheet, but it still understandably caused concerns, consternation and overshadowed what we believe is a very strong and positive set of results. We're looking forward. We're focused on delivering what we can for the business. We think that the GP Strategies acquisition is truly transformational. We're not looking over our shoulder at that margin. We're very comfortable about that margin improvement program. We're excited to bring out our new go-to-market strategy. We think that customers are going to react very, very well to that, and certainly the first signs of that are very positive. There's just momentum. You know, 2022 has started well. It's completely in line with our expectations, and we're expecting to make significant progress this year. I am very hopeful for what we can deliver during 2022 in terms of that margin improvement and the overall performance of the group. We are just allowing ourselves or, you know, I'm allowing myself to just begin to think about acquisitions again, which I hope is again an indication of confidence about where we've got to so quickly. I don't think you'll see anything anytime soon. I certainly don't think you'll see a large strategic acquisition anytime soon. That will certainly stay into next year for sure. I think that there is a possibility of some tuck-in bolt-on software type acquisitions in the later part of this year that we would announce internally. I hope that's going to be possible, and we're allowing ourselves to consider at least targets these days, which of course will take some time to achieve. I look forward to answering any questions that you've got and, thank you for listening. Claire, over to you. Thank you very much, Jonathan. We're shortly going to begin opening the lines for questions, but before we do so, I'd just like to explain how today's Q&A will work. You may continue to send in your questions by typing them into the questions pane within the software. That's usually located on the right-hand side of your screen. When we take your question, you will be unmuted and invited to speak to members of the board directly. We will announce you by name, and then your line will be open. In the event that we have a poor connection or cannot hear you, we will look for your typed question in the control panel. Our first question today is from Gareth Davies. I'm just going to unmute you now, Gareth. Morning, Gareth. Morning, both. Three quick ones from me. The first one, you've guided to 7% organic for software and platforms in the medium term. I just wondered if you can talk mechanically around sort of what your internal assumptions are to get you to that. Do you need to get PeopleFluent back to growth to deliver that? Or does it just sort of continue to become less important given the strength of growth you're seeing in the other businesses? Presumably that's making no assumption for further software acquisitions at this stage. The second one was just going back to cross-sell. Great to see you having some real early success there. I just wonder if you can talk a little bit around kind of sales team incentivization and how you're kind of getting them motivated to go out on that. I suppose it's something that people often talk about, and it can be quite difficult to implement in terms of incentivizing sales teams, etc. The final one was just simply, I think at the time of the GP transaction, you noted some non-core revenue that you may look to dispose of at some point on a forward-looking basis. To having had sort of time to do a little more diligence, can you give any flavor for the sort of scale of what could be on the block there or is that sort of one disposal that you've already completed sort of it? Thank you. Can I pick on software and platform things? Yeah. Gareth, on software and platforms growth mix and why we're comfortable about guiding to 7%, clearly 17% of the other than PeopleFluent businesses growth definitely leads us to have some confidence there. You're quite right that we're expecting them to outgrow and become a bigger part of the mix than PeopleFluent. That has quite a pronounced effect quite quickly. That's another reason why we see the mix causing something like 7% growth. One of the other things is that we are seeing some accelerating growth in some of the other businesses. We always mention the superstars, the Rustici, the Breezy and so on. You know, don't ignore Bridge. You know, Bridge is beginning to show some strong growth. Also, you know, admittedly from a smaller overall contribution, but Watershed, our learning analytics business. There are a number of other parts of the software and platforms mix that are growing nicely and cause us to have that confidence in the medium term. Yes, just to clarify, you're absolutely right. We are not factoring in an unknown acquisition into that growth rate. On the cross-sell point, and I'll leave Kath to talk about your other question. The cross-sell point, yes, to be honest, no incentivization has changed. We have spoken about this before. I think rather wrongly, we didn't think we needed to suss some double incentivization costs years ago. We consulted with other people in their businesses and we got a very strong hint that that's something that would change things. We decided to incur that about 2 or 3 years ago, and it was transformational in terms of the focus it put on salespeople. Rather than feeling that something was being taken away from them, they felt something was really being granted and given to them. You know, we all know that sales forces generally behave towards the financial incentives in the direction that you give them. At the moment, we've maintained absolutely the same policy on cross-selling incentivization. It's working. Do bear in mind, I said that effectively it happened anecdotally and informally, rather than through our own process of driving our new go-to-market strategy. There are a number of new initiatives and incentives that will accompany the launch of that go-to-market strategy into. In terms of GP Strategies, is it something you've been able to start to implement there in terms of, I mean, I know you're very focused on getting chargeable hours up and that side of things, but have you been able to replicate what you've got in the core business into GP relatively rapidly, or is that something that comes with that go to market? To be honest, we would say that GP has always felt like it has a more sophisticated sales model in every aspect than us. In fact, that's one of the reasons why its Chief Sales Officer, Francesca Ferragina, has become the Chief Sales Officer, Chief Revenue Officer of the group. They already had cross-selling incentivization. Believe you me, you know, GP within its own boundaries of what it does cross-sells quite dramatically. We've been adopting quite a lot of their policies. As I say, the new go-to-market strategy will see the formalization of all of that brought together. Thank you. Gareth, just to pick up on your last question regarding non-core revenue. There are some businesses that we are looking at disposing of. We are not currently in any processes right now, and so therefore, we haven't called this out separately. As and when we move into processes, but we're not expecting that to be until later in the year, then we would highlight that. You know, at this point in time, we're focused on improving profitability to get them ready for sale, but we're expecting at the moment that those businesses will be part of the group for substantially most of this year. We have that. I can't remember how much it is, but around about $10 million of pass-through revenue, haven't we? That we're not going to now declare on the- Yes. Online. Yes. We've restructured the P&L slightly. Where GP had originally shown around about $10 million of revenue, we have reclassified that. It's literally just pass-through revenue. That's just will be netted off in the costs. Okay. Perfect. Thank you. Thank you very much. We don't have any other questions coming through at the moment. We'll give you just a few seconds, just in case you change your mind and have something that you'd like to ask Jonathan or Kath. Okay, we do have a question that's come up. I'm just going to unmute Kai. Morning, Kai. One second. There we go. You should be live now, Kai. Hi, sorry. Can you hear me now? We can. Morning. Perfect. Yeah, I see the green mic. Perfect. Morning, both, Kath and Jonathan. Just a couple of questions, really. The first one was around the, I guess midterm, organic growth. You said software, 7%. What about the non-software business? I appreciate GP Strategies as sort of a mix of consulting, IT service, content, and publishing. I'm just curious, kind of, the blended non-software growth, what you would expect there over the midterm. That was the first one. The second one was a question for Kath around the presentation adjustment, and it's really sort of on the back of incoming questions over the last week from investors. Sort of just wondering whether that was something that you yourself spotted in terms of it was perhaps you thought the treatment wasn't appropriate. Was it something that the auditors spotted? I'm just kind of wondering how this came about. Then secondly, also your level of confidence that there won't be any sort of further adjustments to the historic numbers. That was the second one. Third one was just around currency. You obviously have a pretty big sort of dollar, U.S. dollar, earning business now, and the exchange rates moved in your favor. I'm just wondering, in addition to the revenue benefit, what is the actual earning sensitivity, or is it pretty well matched now in terms of cost base versus revenues? Yeah, I'm just wondering kind of if there could potentially be a earnings tailwind developing if we were to stay at the current exchange rates. Thank you. If I move back to your guidance slide. Yes, please. That would be helpful. We can see on the guidance slide, we have given medium-term growth rates for Content and Services and GP Strategies. As I mentioned, we are expecting low single-digit growth for GP Strategies in 2022. We do expect that through the integration process that we will be disrupting the business and therefore, at this point in time we're not expecting to be at the median growth rates, but following 2022, we would expect to be moving towards those growth rates. With respect to the balance sheet adjustment, you know, through the audit process, there's always, you know, discussions that are ongoing between the auditors and the company and the various reviews that happen, and through one of these discussions, with respect to the net down of trade receivables and contract liabilities for 2021, and how we had treated that in the past, and that's how that came up. In terms of my level of confidence that there's no adjustment, I mean, I would like to say that this is actually just a presentation adjustment. We haven't changed the P&L, we haven't changed the balance sheet, we haven't changed the cash. We have changed the presentation of the numbers. I would hope that through, you know, the rigorous process that we go through the audit, that there aren't any further adjustments. I mean, I would just like to say, you know, IFRS 15 is a particularly technical accounting standard. When I was looking to learn a little bit more about it and Googled it and brought up KPMG's summary paper, it was 369 pages. I also take comfort that our own auditors were leading on their own technical team. There are some things that are more difficult than others in accounting. As far as we're concerned at this point in time, there is nothing for us to be uncomfortable about, given the process that we've just been through. With the final question with respect to FX. The last point on this slide is the EBIT sensitivity is half a million pounds. I would like to reiterate, you know, we have seen a very, you know, recent move on the dollar/sterling. If we should continue to see that, yes, then we would expect some upside from that retranslation. However, as at the end of last week, dollar/sterling exchange rate for the year, the average was 1.33, and the average for 2021 was 1.34. I think we all know just how volatile the FX can be. I would like to see a little bit more of, you know, the FX sticking where it is before we start taking some additional profit into our numbers. To Greg. Great. Thank you. Could I just add one quick one? Most, you know, most of your competitors, particularly companies with sort of, you know, software and, you know, consulting type activities, have talked about increasing pressure on salary, you know, salary inflation. I just haven't heard you really mention it at this point. Obviously the progress in terms of, you know, expected margin improvement, you know, seems to suggest that it's not really an issue for you. I'm just wondering if you could perhaps give a bit more color on that, please. Thank you. Sure. No, that's a good question, Kai. Thank you for giving us the opportunity to talk to that. So of course we're not immune to it. The Great Resignation is prevalent to all. In particular, in technical roles in the U.S., we have seen some people leaving for incredible salary leaps. As a general policy, we don't counteroffer in response to that because we think that just creates a situation where you're being disrespectful to all those other colleagues who aren't resigning, but are also doing similar quality work. What our general policy is that if that role is required in North America and we backfill, then there may be a requirement to up the salary for that. But we're not finding incredible pressure to do that. What we normally do, however, is for a technical role, we now have such flexibility and scale in the group. You know, we have some proper offshore technical excellence centers in India and Hungary that haven't just been established. They've been long established, both acquired through acquisitions, with, in this case, with Bridge and Reflektive. We are relocating some technical roles, particularly engineering roles, to those locations, which of course is considerably lower cost. So that hasn't caused us a particular problem. One of the areas that we all need to be mindful of is where we're providing customers with particular staff that we're charging for to provide technical expertise or expert services to them within managed learning services, although that's mostly within GP. Some of those contracts, some of those long-term contracts have appropriate pricing escalators in them, but not all. As they come up for renewal, we're renegotiating those, very mindful of putting those in. We have some exposure to a small percentage of contracts that are, you know, still long-term left to go with no pricing escalator in. What we're doing there, and planning to do, we've found no immediate pressure on this at all in terms of margin compression. Our mitigation is that what we will do, and we're already beginning to, is as we see somebody progress through their career in the organization and become more advanced in their capabilities and then hence command a higher salary, we are beginning to move those people across to other contracts where their practice can be recognized for their additional capabilities. We're backfilling them with similarly capable staff, but maybe at an earlier stage of their career. Of course, that has a commensurate cost differential. We're doing this in complete transparency and openness with our customers. There is always some element of churn on a contract. You don't expect on a five-year contract for the team to remain entirely the same for five years. That would be, you know, a nonsense. Indeed one of the expectations of why we're used is because we develop people so that they can progress through assisting the customer and then maybe move on to a different contract. We're being a bit more proactive about that. One of the other reasons why we perhaps haven't mentioned this as a challenge is that the group has operated a 3% merit-based salary increase policy for the last eight years, so nothing to do with cost of living. It has been generally accepted by staff, other than those in some very high inflation regions, India and Poland call out in particular. It's been where we've done something more than this, it's been generally accepted by staff that you know that is a fair thing to remain consistent on even though we have a hopefully temporary increased cost of living situation going on. We're also in a rather fortunate situation this year, it's a once-only situation whereby, as a philosophy, as a group, we are absolutely devout about ensuring every single member of staff, irrespective of which business they work in or which central department they work in, has the opportunity to earn a performance-related bonus. Those bonuses are tied to either individual company performance, where that person has a direct association with that business or to the overall group performance when they work centrally. GP Strategies didn't have that policy. Their bonus policy was confined to senior management, and therefore we have just introduced to some 4,000-odd people a bonus policy where the bonus as a percentage of their salary ranges from a low end another 3% through to 10% or 12% for more senior people. That is fully costed incidentally. That's all, you know. It obviously only gets paid if we achieve the results, so it is self-financing. Of course that and it's very expected to be paid by the way. It's very important to me philosophically this first year of launching the bonus that these staff receive it and believe in it. It's a big part of our alignment and cultural incentivization program. Therefore, there are staff who are anticipating, if you like, an additional bump in their salary through the bonus and that variable pay compensation opportunity is something that's been very well received. That entire mix, alongside the general margin improvement activity that's going on within GP, causes us not to be in a situation where we carry steady state into the year and say, "Oh, my goodness, you know, if salary inflation continues, we may have some margin compression pressures on us." We're simply not seeing it like that. Honestly, if this rather febrile environment for employee mobility and salary inflation continues for another couple of years, no one is immune to it. As I say, we're planning our mitigation strategies and beginning to implement those. I believe that we will be able to cope with it. You know, it would be foolish to say it won't have some effect in years to come. No effect at the moment, hence the reason it wasn't mentioned. That's great. Very detailed. Thank you. Thanks. Thank you very much. Okay. That's all of the questions answered for today. I think we'll now end the call. Thank you for joining us for today's session, and have a wonderful rest of your day. Thank you, everyone. Thank you.