Hello there. Very good morning. You're watching Proactive London, and Jonathan Satchell is joining us today from Learning Technologies Group. A warm welcome back. Today, we're discussing your half- year trading update for the six months to the 30th of June, 2022. Good to see you, Jonathan. Maybe just kick us off with some of these highlights during the period, if you would. Yes, indeed. We're delighted with this set of results, Katie. We've announced that revenues will be not less than GBP 280 million and EBIT of not less than GBP 43 million. Naturally, GP is a large contributor to that. Before we get onto that, it's also shown a really strong set of resilient organic growth throughout the group at 5%. You know, considering the current macro backdrop, I think that's a very strong result. We're also seeing margins hold up very well in the other parts of the group, you know, given the inflationary pressures and so on and so forth. I'm very satisfied with the way the LTG core group is performing. If we turn to GP, I think we need to put a special acknowledgement out to all of the people within GP. Because I'm sure when we bought the business last year, they were somewhat astounded that we thought we could improve profits to take them from 5%-12% this year, which is what we forecast we'll do. That's more than doubling of EBIT margin. We are now proving we're very solidly and well on our way to doing that and perhaps achieving more than that. Although we were the catalyst for that's actually been caused by some really assiduous focus on detail and good work by the people within GP, and I'd just like to call that out because they've done a great job. When you do that sort of commercial transformation, there's also a risk that you know, you disrupt and distract people in the business for a while. We were conservative about the way that we forecast organic growth might occur, organic revenue growth might occur in GP during that time. We've been very pleased to see that has been much more robust and strong than we had expected, and we'll give further details about the actual percentage when we announce our results in September. Okay, we look forward to that. Your revenues are in U.S. dollars. How has a stronger dollar impacted you? Sure. Actually, about 70% of our revenues come from the dollar, so when we convert them to our reporting currency, sterling, we are, of course, getting a benefit from doing so. That really only started to occur mostly in May and June, where the dollar became much stronger. We expect that, although I'd never be a currency speculator, we expect that dollar strength will continue through most of the second half of this year, given the sort of current macro environment. We will gain more of a benefit in the second half than we did in the first half. It does come with a bit of a double-edged sword, though, because we also, as a natural hedge, we borrow in dollars. We owe $265 million on our long-term loan. Our net debt number has actually gone up very modestly from the end of last year, not because we haven't generated more cash. We have indeed generated substantially more cash in the first half of the year. We've had to revalue our dollar loan in sterling, and because of the strength of the dollar, that's changed the value of the loan quite considerably. You know, it comes with a number of different aspects to it. Yeah, in general, strong dollar is good for our numbers. Okay. With reference to GP Strategies, how has this new shape of the group, how will it impact your customers? Yeah, it's an interesting question. I mean, we've added a global services capability in 34 countries, 4,000 people delivering a very wide array of different capabilities and services across the learning and talent development spectrum for our large global customers. That aligned with all of our technology capabilities and products means that we have a much more comprehensive service than any of our competitors throughout the market, and we're very focused on delivering really to the absolute shape that our customers need this to deliver. It could just be a small amount of managed learning services or consulting, but some of our customers are now beginning to take the full array of capabilities that we have. We've done a lot of market testing for this, and we're receiving very good feedback. Perhaps the best way of seeing an affirmation for it is that we're going to be announcing very shortly a significant person from the customer side of our industry who's had a glittering career in as a Chief Learning Officer in many large organizations. He's actually going to be joining the business and assisting us in our endeavours to deliver on that challenge that our customers have of both attracting, retaining, and developing their talent, and we think it's a great opportunity in this market. Okay. Well, we look forward to maybe potentially meeting that person. That would be great. Yes, indeed. To welcome on w hen they're ready. Anything else you want to add today, Jonathan, while we've got you here with us? No, just to say, you know, we live in uncertain times, and we are very much respectful of that, but we see a little softness in certain sales pipelines and so on, as you might expect. We are navigating these choppy waters exceptionally well. As I said, I'm very proud of all my colleagues, and a special call-out to our GP colleagues who've achieved an immense amount in this first six months of this year, and I fully expect them to continue doing so going forward. We've proven the journey. I feel very comfortable about the margin transformation and the organic revenue growth in GP. We will now continue to refine that margin transformation going forward, such that I think we'll look back in the rear-view mirror in a year's time and believe that we made a very astute and fortunate acquisition of an exceptional business. All right, Jonathan. Thank you very much indeed. From Learning Technologies Group, discussing your half-year trading update with us here at Proactive London. Thanks so much.