Good morning, everyone. Welcome to the Learning Technologies Group final results for 2022. My name is Claire Walsh, and together with Jemima Gurney from FTI Consulting, we'll be supporting today's session. Before we get started, I'd like to go over a few items so that you know how to participate in today's call. Our Chief Executive, Jonathan Satchell, and our Chief Financial Officer, Kath Kearney -Croft, will present the results and will then answer questions. You may send in your questions at any time during the presentation, typing them in the questions pane within the software. It's usually located on the right-hand side of your screen. When it comes to the Q&A, you will be unmuted and invited to ask your questions to members of the board directly. We will announce you by name, and then your line will be open to ask your question. If we have a poor connection or we cannot hear you, we will look for your typed question in the control panel. Now, let me please hand you over to our Chief Executive, Jonathan Satchell. Claire, thank you. Good morning, everybody. Welcome to this results presentation. It's good to be here. Firstly, just looking at the highlights of last year. We're delighted that we delivered on what we said we would, which of course is the commercial transformation of GP Strategies, which was the big factor of 2022. Before we go into the details of that, I'd like to take a moment just to pause and acknowledge the immense achievements of both GP staff and their leadership team, and of course my colleagues within the LTG who supported them in achieving that. It really was a phenomenal task and achievement that we're highly respectful and appreciable. I'm not going to go into a lot of detail about the financial highlights because Kath is going to now take us through those in more detail. Good morning, everybody. We're very pleased with the achievement of the business in 2022 on all important measures and the upward trend continuing. Reported revenue is up 131% at GBP 596.9 million. The performance benefiting from a combination of 3% underlying organic growth, the full-year contribution of 2021 acquisition, concluding the transformational acquisition of GP Strategies, and FX tailwinds due to the strength of the U.S. dollar in 2022. Taking into consideration GP for a full-year, pro forma organic constant currency growth was 5%. Adjusted EBIT is up 84% to GBP 100.9 million, also driven by a combination of the full-year contribution of 2021 acquisitions, organic growth, and FX tailwinds. Adjusted EBIT margin at 16.9% was lower than prior year, as expected, due to the change in the portfolio mix following the transformation acquisition of GP Strategies and its inclusion for the full-year. I will cover the other metrics in more detail in the following pages. In the chart on the left-hand side, we can see the increase in revenue in all reporting segments. While the full-year of GP Strategies is outstanding, we're pleased to see continued growth in Software and Platforms revenue. Now looking at the middle chart, it is clear that we continue to be predominantly exposed to the U.S. market. Despite the U.K. absolute revenue more than doubling, on a proportional basis, this has decreased to 11% of group revenue, and the rest of the world is now 21%. With operations across 35 countries giving us the ability to deliver to truly global companies who want localized delivery. Looking at the chart on the right-hand side, we see the split of our transactional and SaaS and long-term contract revenue. With the inclusion of GP Strategies for the full-year, we continue to see high levels of SaaS and long-term contracts with 71% for 2022, giving us confidence on the visibility and security of future revenues. Moving to look at the reporting segment and starting with GP Strategies. The 2021 figures shown here in light orange are pro forma figures for the full-year, and GP Strategies initial contribution for 2021 since acquisition on the 14th of October shown in dark orange. In 2022, revenue increased on a constant currency organic basis by 6% for the full-year and 5% for the period of ownership. Organic revenue growth for the year was driven by increases in multi-year Managed Learning Services customers in the EMEA and Americas region, alongside large project organic growth in Effective People and Enterprise Technology Services businesses. We're very pleased with the continued margin improvement during 2022 through the commercial transformation program, with full-year margins at 12.2% and Q4 exit margins in the mid-teens as expected. Jonathan will talk more about the commercial transformation program shortly. As we move to Software and Platform, we saw a step up in revenues to GBP 149.7 million through a combination of 5% organic growth, the full-year benefit of 2021 acquisition and FX tailwinds due to the strength of the U.S. dollar in 2022. Good growth in Rustici, Breezy, and Watershed for the year was partially offset by an expected 10% reduction in PeopleFluent due to the higher churn from customers with less complex needs. Excluding PeopleFluent, organic growth for the remaining businesses in this segment was 12%. Continuing to focus on this group of businesses excluding PeopleFluent, H2 2022 compared to H2 2021 saw a very strong performance of 16% organic growth. In H2, saw more moderated growth of 8% as the macro environment and strong H2 2022 reduced Breezy's growth rate compared to H1 and the higher impact on churn in Reflektive technology clients was felt. Adjusted EBIT increased 11% in the year to GBP 40.3 million and adjusted margins declined 100 basis points, reflecting the blend of the portfolio businesses and their varying margins and growth rates. Turning now to look at content and services excluding GP Strategies. Revenue increased due to a combination of the benefit of PDT for a full-year, good growth in PRELOADED and Affirmity and FX tailwinds. This was partially offset by organic revenue decline driven by lower services revenue from software businesses due to large implementation projects in 2021, not repeated in 2022, and clients taking longer to proceed projects into delivery phase, particularly pronounced in LEO in H2. Adjusted EBIT grew 10% to GBP 11.7 million, with margins increasing to 24.4% as the portfolio mix benefited from the growth in the higher margin PRELOADED and Affirmity businesses. Moving to look at cash for the year. Adjusted operating cash flow increased to GBP 38.9 million, an increase of 88%, reflecting the increase in adjusted EBIT, partially offset by working capital investment and other operating cash items broadly offsetting each other. Cash conversion for the second half was better than H1 as expected, finishing at 82% for the full-year compared to 60% for H1 and reverting to its normal 80% range. Net interest paid reflects a combination of the higher debt levels following the acquisition of GP Strategies and higher interest rates. The interest reflects the cash interest paid for the first half of the year as the loan interest was fixed for six months in July and payable in January. Increased tax payments reflecting large size of the group. Integration and transaction costs primarily relate to the GP Strategies acquisition and remain in line with expectations as the business continued to prepare for the integration of LEO and PDT and active at the beginning of 2023 and work on its go-to-market strategy. We continue to expect total GP integration costs to be in the region of $13 million. Earnout payments relate to Breezy, PDT, eCreators, eThink, and Watershed for their FY 2021 performance. The proceeds from net asset sale relate to the disposal of GP's NAS JV, which was completed in April. Free cash flow for the year more than doubled to GBP 50.3 million. Looking at balance sheet and net debt. The graph at the top of this slide reflects the movement in net debt from the end of December 2021 to December 2022. Free cash flow is as I described on the prior slide, and share capital reflects cash income from the issue of employee share options. GBP 9.1 million dividends paid in the year reflect the final 2021 dividend and the 2022 interim dividend. As previously noted, we rolled the interest period in July for six months, and the GBP 4.5 million reflects the 2022 portion of this, which is included in net debt calculation and was paid in January 2023. Our loan facility is all U.S. dollar-based, and the FX impact of GBP 23 million on the debt balance more than offsets the FX benefit received on the cash balances. We finished the year at GBP 119.8 million debt compared to GBP 141.4 million at the beginning of the year, and this translated to a significant deleveraging through the year from 1.8 times on a covenant basis at the end of 2021 to 1.1 times at the end of 2022. This is broadly in line with our targeted one times year-end net debt leverage at the beginning of 2022, prior to a significant strengthening of the U.S. dollar. Moving on to briefly talk about our debt facility. Our banking syndicate included Silicon Valley Bank, with the SVB UK holding the loan. Following the demise of SVB in mid-March, HSBC UK Bank plc purchased SVB UK. Our debt facility has remained intact, with SVB UK continuing as a facility agent and security agent of the debt facility. During 2022, we repaid Term Facility B of $40 million and 9.6 million GBP of Term Facility A for the first of the ongoing quarterly payments of $9.6 million. As we now look at earnings and dividend growth, as expected, there was a material improvement of 62% in adjusted diluted EPS 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 moderated the diluted EPS. Yeah, sorry. The diluted EPS growth in comparison to adjusted EBIT. Reflecting the significant uplift in diluted EPS in 2022 following the transformational acquisition of GP Strategies, the board has proposed a GBP 1.15 final dividend, taking the full-year dividend to GBP 1.6. The final dividend will be paid by the 14th of July to shareholders on the register on the 23rd of June. Return on capital employed has improved as expected as we saw the operating improvements in GP Strategies and other improved profitability dropping through to the bottom line. Finally, a few points for guidance. For 2023 adjusted EBIT, we expect an H2 rating due to the continued margin progression in the second half of 2023. Despite a challenging macro environment, we expect to deliver high single digits adjusted EBIT in 2023, supported by a strong pipeline, particularly in GP Strategies. With respect to finance charges, our debt is currently on a floating basis, and with interest rate increases, we estimate our finance charge will be circa 7% for 2023. We continue to expect our adjusted effective tax rate for 2023 to remain in line with 2022 and be in the region of 27%. We've included an estimate of our dollar sterling FX adjusted EBIT sensitivity for guidance, which has increased due to the growth of our U.S. business. Finally, for non-core businesses, we've added some additional details for modeling purposes. With that, I would like to hand back to Jonathan to take you through the strategic review. Thank you very much. Ladies and gentlemen, I think as you can see, these are a very good set of results, 2022, and of course, GP Strategies is a big part of that. Let me dive a little more to a bit more detail around the progress that GP made and some of the achievements that it made as well. Firstly, a pro forma growth, which obviously is a best measure of its year-over-year performance, was 6%. I think it's often felt that when LTG acquires businesses that it believes it has a transformational capability around, often that's because they have been growth impaired. People doing software business being a prime example of that. Well, I'm pleased to say absolutely not the case for GP. That business exceeded our expectations. Yes, of course, the margin improvements came through as expected, it produced more growth than we were planning for. We were estimating that we might see somewhere between 2% and 4% growth, and we saw 6%. That growth, obviously at a lower rate, has continued into this year as well. I think that's very encouraging indeed. We did a bit of brand rationalization in the business, most importantly, our enterprise technology implementation business that was until now under a GP Strategies brand became Effective People, just to differentiate it. We've spoken many times about the depth and strength of the long-term relationships that GP enjoys with its customers, many of them in its top 50 customers. The tenure of that is around about 16 years. Well, its relationship with General Motors actually goes back four decades, astonishingly. Clearly the relationship is at an all-time strength. For the sixth consecutive year, they've won GM Supplier of the Year. That is not just an easy thing to win because you've been around a while. The way that they actually do that is a very scientific measurement system, with a lot of feedback points within the organization. We are very proud to be continuing to receive such an accolade. I talked about organic growth. Of course, partly was driven in 2022 by sales achievements that GP made in 2021 or the beginning of 2022. I'm pleased to see that those achievements continued through the year, with around about $200 million of net new contracts won in the year. That's the multiyear value of those contracts, not just single year value. Even so, those new wins are flowing through to our organic revenue growth that's continuing to this year. As I said before, the one thing that GP is very good at is not just winning net new business, but also expanding the spend of its existing clients. We talked a lot about margin, and actually, I'm quite looking forward to the point whereby GP's margins, are no longer a big topic of investor conversation because they're actually like done and dusted. We are still on that journey. Just to give you a little bit more color, you've all heard about this, so it really is merely confirmatory. You know, we did take the margin up to the 12% that we suggested we would across the entire year. Q1 was low as we were disrupting the. Sorry we're having a few. It's back. Apologies for that. I think we were having some problems with audio for a moment. We've trailed the margin story to you quite a few times. Q1 was challenging in that we put a number of changes into the business which reduced margins for a while from the exit run rate that we enjoyed at the end of 2021. From Q2 2022 onwards, we saw a steady and linear growth in margins through to the exit run rate of about 14% as predicted at the end of last year. Interestingly, I think we've said a number of times that our margin improvement journey this year, of course, has a lower trajectory. We're expecting a couple of percent has taken a slightly different route, if you like, because the good practice that we embedded in the business last year has continued, but we've made some structural changes this year in that GP has become the entire content and services capability of the group. We have merged LEO and PDT. That PRELOADED the only services business that's still to go across to GP at some time later this year. GP and GP's content division is now merged with LEO and PDT. As expected, when you do that sort of thing, our LEO staff, who've always delivered very high margins, are working on different systems because they're all embedded within GP systems now. We're bound to see a little bit of lack of productivity or low productivity while this is happening. Therefore we've seen margins abate very slightly, and we're working through that in Q1, and we fully expect Q2 on, onwards to be back on that improving margin journey such that GP's margins will start to move towards LEO's former margins. It's absolutely as planned, and that's what we're expecting to occur. The other thing, of course, that we did was launch GP Strategies as LTG's market-facing brand for the entirety of its solutions. This was something that had a lot of careful consideration, research, and the feedback that we're getting about it has been very strong and very positive. One of the things that we find customers say to us a lot is that they are large international customers that are fed up with dealing with a large roster of multiple suppliers, not only having to procure from them, but also manage them to provide their individual services and software, and also work in conjunction with each other. We of course remove that obligation and difficulty, and we're also enabling procurement to contract with us on a single source contract, which is proving very popular indeed. I think you're more than well aware of the different services that we provide, the presentation gives you a sense of all of those different capabilities, both services and technology. If I move on to look a little bit more about one of the rationale for doing the GP Strategies deal and what it added to LTG, this is of course the opportunity to cross-sell and expand our offerings within the existing customers that we've got. You're well aware of those top 15 clients. 93% of them already take something more than just a single service or software from us. There's really long tenure with them, seven of them are already, you know, half of them are already using an LTG technology. We're making some progress. We actually were fortunate enough that we carried into when we acquired GP, we had some commonality of clients, so some of those seven were already preexisting. We are seeing no decline at all in the market demand characteristics. People are quitting work where they don't feel that they're being appropriately developed, and this is a concern for C-suites that we continue to see very much at the top of their mind. Particularly as, even though we may be in tighter economic circumstances, there is a genuine desire by employers not to lose their existing talented staff because they know that the upskilling challenge, the hiring and upskilling challenge is really hard. Also the workforce is shrinking. They are very aware of the challenges that would face them if they reduce the size of their workforce or they don't do enough to retain them properly. Those characteristics, which are very positive for us, are being maintained. From a cross-sell perspective, just want to talk to you about a couple of different cross-selling stories that now exist. We are making good progress with cross-selling. You'll see, for instance, that we've seen a 29% increase in the number of GP clients that now have an LTG product or service over the last year. We are in 168 of the global 500 companies, which is a very significant proportion for any customer, any supplier. And 86% of the LTG top 100 clients have more than one product or service. So there's a great opportunity for us to cross-sell there. Just looking at a few of the stories that we haven't told you before. You've heard about AICPA, you've heard about a very large energy company that take multiple products and services from us. But also we're doing the same thing with a large global bank. A combination of our content and services team, and also our analytics tools are making a big difference there. We've taken our diversity and equity and inclusion training into a longstanding defense client of GP. A global investment bank now uses both Reflektive and also uses GP services to support their global employee onboarding experience in a multimillion-dollar contract. A couple of different global automation manufacturers are using a combination of technology and services from us. We really are making significant strides into cross-selling, and we expect substantial progress on that matter this year. If you look at the bottom right-hand corner of this slide, one of the things that I'm heartened about, and this supports something that our GP leadership colleagues said from their experience of prior economic downturns in the Managed Learning Services element of their business, not something that LTG has experienced of before. TrainingIndustry.com, which is the, probably the most authoritative research house for the economics of our industry, American-based organization, has for some time said market size is around about $360 billion-$400 billion. The biggest part of that market by a country mile is about $300 million of internal spend, and then about $100 billion external spend. What they are seeing is a shift where 1%-2% of the internal spend is being shifted to external. We're very heartened by the potential growth in the external market being caused by that change in buying characteristic. This is a slide that you'll be familiar with. You've seen it a number of times. We've just ordered it slightly differently for you. We find great comfort in the diversification of our customer base. This is the entire business, so it includes GP Strategies. You'll see that automation was the largest type of customer that we have. We're also very strong in other segments like manufacturing and aerospace, finance and insurance, FMCG, media and marketing, and government. Then only slowly do we tail off into the other segments. We really are nicely diversified, and we're seeing some significant growth in government spend at the moment, particularly in the defense sector in the U.S. You are aware of our continuing desire and strategy to build the business inorganically. It's fair to say that there are a number of opportunities that we're looking at at the moment. We are mindful of our constraints around how we finance those with our internally generated cash and debt availability. I'm very pleased with the speed at which we paid down our debt last year, so we do have firepower. We are considering a number of opportunities, almost all exclusively in the software space. We're not rushing. I don't think we need to rush. I do see signs of some distress, particularly amongst those businesses that are not yet cash positive. The follow-on financing market is pretty difficult for those organizations, and we may well be able to take advantage of situations there. We are actively on the trail for further acquisitions along the lines of the target sectors that we've described to you before. We make a number of a big play of the fact that we are, I think, reliably able to improve the operating model of the businesses that we acquire. I'm not gonna labor the point around GP Strategies. I reiterate what a fantastic job the entire team has done in achieving that. Sometimes it sort of feels a bit like it sort of. It perhaps isn't as recognized and appreciated by the market when you see some share price reactions and so on, when you deliver such strong results. There we go. A more than doubling of profits achieved by a business that's gone from circa 5% to circa 15% margin over a year is I think a pretty phenomenal achievement and well done those people. We fully expect to continue that. Without any further acquisitions this year, we still expect substantial growth in our adjusted EBIT. Yes, of course, we will be facing a higher interest charge this year than last year. That's a fact of the world and the macro environment. In terms of the operating performance of the business, we still see modest to reasonable revenue growth and I think very substantial and significant EBIT growth. We're very comfortable and confident about that. We continue to make progress on our ESG priorities and have a high regard for what the importance of that. Across the bottom, you'll see our key ESG initiatives. Of course, we're in a business where we can genuinely make a difference for our clients in the way that they deliver on their ESG initiatives. The delivery of learning and development to people, of course, is a key priority. We focus on taking care of our own people, and indeed, our flexible working policy and everything has been very well received and works well and has a number of beneficial effects and knock-on effects on our carbon footprint, et cetera. We are putting in more measures for the way that we look at our environmental sustainability. We, of course, are very conscious of our protecting, cyber security standards, and that will always remain so. Then finally, we're very respectful of the government's requirements of running a business like this. In summary, we look back on a very positive year of achievement in 2022. I think the cash conversion is something that Kath called out. I haven't mentioned, you know, it matters a lot in terms of continuing with our buy and build strategy, particularly in this environment where we wouldn't use equity to finance acquisitions unless it was a compelling reason to do so. We are very satisfied with the margin improvement in GP, that will more modestly continue this year as predicted. We are a much bigger scale business. That gives us opportunities to win work that frankly isn't possible elsewhere. We are looking at the moment at a significant pipeline of large opportunities, some at an advanced stage, and these are multi-tens of millions of dollars contracts, one of which is a very large North American telco that may well require something in the region of $10 million of custom e-learning content to be created in a matter of six to nine months. All I can say very simply, we haven't won that yet, but there are very few other companies that could actually win something like that because they simply won't have the scale of the resources that they would need to allocate to that work. We are excited by the opportunity ahead of us. We see relative resilience in our customers in the market, but of course, we're very mindful of the macroeconomic backdrop. We have been given a cautiously optimistic statement for this year, and I have every anticipation we will either deliver on it or be ahead of it. With that, let's take some questions. Thank you very much. Good morning. My name is Jemima Gurney from FTI Consulting. We're shortly going to begin opening the lines for questions. You may continue to send in your questions by typing them into the questions pane within the software. When we take your question, you'll be unmuted and invited to speak to members of the board directly. We will announce you by name, and then your line will be opened to ask your question. 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 is from Jessica Pok. Jessica, you are now live. Please ask your question. Jessica, I don't think we've been able to connect you at this point, but we can read out your, read out your question as it's written here. The 1st question from Jessica is, d o you have any stats as to what the corporate learning market is forecasted to grow this year? A second part to the question, Jessica has asked if you could provide more color on the contracts in the pipeline for GP Strategies and how much of these are included in guidance. If one, is this upside risk to guidance? Okay. Yes. Morning, Jessica. A couple of things. I believe the growth rate for the external segment of our market is somewhere between 2%-3% forecast this year and next. Of that sort of magnitude. The contracts that are in the pipeline range in size and variety. There are three that come to mind that are of great interest to us. One is with a high-volume existing customer, one of our largest customers, who again, this characteristic of consolidation that happens during more difficult challenging economic times. There is a possibility they're certainly talking to us about a possibility of consolidating some of their supply chain to us because they want to leverage the management capability that we've got and look for some economic savings because of that. That could be as much as a 25% uplift in the current value of that contract, which is very meaningful indeed. That's an existing customer. The other two would be our new logo wins, both of which are very meaningful in their own right. In fact, one I alluded to earlier, which was this North American telco. Those are the sorts of contracts we talk about. Of course, there are many other much smaller contracts, much smaller potentials in the pipeline. Of course, our software businesses as well. I didn't mention that our PeopleFluent business has launched, properly now launched to the market, its new recruitment software, which replaces the old solution, which was a cause of much churn. This new solution is based on our Breezy software, but it's an enterprise version, it has much more functionality, and it's receiving rave reviews at the moment and selling very fast indeed. We've got a good pipeline for that as well, alongside other things. We're comfortable with that pipeline. In terms of the very large contracts, no, they are not factored into guidance because these are, as some people in the market would call them, they're whoppers or whatever it is. I think it'd be foolish to factor those in because we may well not win them. Thank you. As a third part, Jessica has also asked if you have any thoughts on Reflektive for the year? Reflect on Reflektive. Yes, Reflektive continues to be worked on to be integrated into our Bridge software. We're consolidating and integrating our software platforms quite considerably at the moment. Eventually, Reflektive will just exist within Bridge, but that will take some time. That's our focus. Reflektive did very well. It's a Silicon Valley startup. It did very well a few years ago in garnering customers from its sort of fellow early to early-stage technology company sector. It's seen some enhanced churn in those customers because simply it's obviously tightening their belts, and they can't afford things. In its more established enterprise customers, such as a very large investment, global investment bank, we have a very stable customer base. Reflektive is probably gonna track sideways this year. We wouldn't expect it to advance. It's a relatively small business in the entire sort of mix of the portfolio. What we are very happy about is it brings a very enhanced performance management and feedback mechanism to Bridge without us having to build it out from scratch. Thank you. Our next question is from Gareth Davies. Gareth, you are now live. Please ask your question. Good morning, guys. Can you hear me? Can you hear me? No. Yes. I believe we can hear you now. You can hear me. Okay. Perfect. I want to ask something Jessica just asked it, but be slightly cheeky and ask a different question. Can you, when we're thinking about the shape of growth this year and how much visibility you've got there, what are the sort of moving parts? Clearly, that's quite a positive message on PeopleFluent. How do you see that impacting the kind of underlying performance from PeopleFluent? Two specific ones for Kath. Just in terms of working capital, there was a bit of seasonality in 2022 in terms of sort of bigger outflow H1 and then came back in H2. Can you just talk about that in 23? Do we need to be mindful of that in terms of the shape of that H1 versus H2, in combination with an improving margin? The final one came through from a client. In terms of contingent liability, I mean, you typically don't structure deals with big contingents in them, but is there any outstanding from memory that is not anything significant, but can you just confirm that? Thank you. Okay. Gareth, morning. Dealing with the sort of breakdown of what we expect to be the Software company growth this year. Rustici and Watershed, who of course are stalwarts of our growth, will continue to feature. I think it's fair to say Rustici now we believe grows as a reasonably absolute level of around about $2 million-$3 million of revenue growth a year of absolute revenue. Of course, percentage is coming down because Rustici is now a mid $20 million revenue business. It is just metronomic in the way it delivers that growth, which is fantastic. Watershed continues to grow nicely. Our other very fast-growing business is unpredictable at the moment, and that's Breezy. Just to remind you, we bought Breezy at around about $3 million revenue in 2019. It peaked at $16 million of annualized revenue in the middle of last year. Actually ended up in the sort of mid-15s, because in the second part of the year, it saw quite a lot of churn. Rather than churn, it's actually just pausing with customers. Bear in mind, these are mostly small and medium-sized American businesses, not completely, but majority are, who are using it to hire handfuls of people. This is not, you know, a mega, big recruitment tool. It is, it is, it's a tactical applicant tracking system, and very well regarded in that market. We've got plenty of customers at the moment that have not switched off their data. They don't want to lose all their records and all that sort of thing, but they've paused their credit card payments, and they're not using the service because they're not hiring people for obvious reasons. It is very hard to predict when that will just return, and we expect it to be quite hockey stick when it does. What's curious is that we're seeing that pausing churn, for want of a better word, or temporary churn, but we're also offsetting quite a lot of that with new wins. The messages that come through as the performance of our Breezy business are genuinely mixed. At the moment, it's sort of moderately tracking sideways in that sort of $15 million range. We expect it to break out of that upwards at some point, and clearly, depending on how far into the year we go before it does, that will have an effect on Software and Platforms growth or not, as the case may be. That's a difficult one to predict, and I genuinely wouldn't call it. I don't think the business is in control of that. I think that's very much a market thing. PeopleFluent's interesting. We're delighted that we've got a product that's a new product that is being so well received. Of course, we still have churn. Therefore, I don't think that this is significant enough that besides the original recruitment revenue, product revenue was only modest. It was about 10% of the overall PeopleFluent Software revenue. This is not going to move the dial on the overall revenue, and therefore, we don't think it will affect our prediction of around about that 10% decline rate at the moment. It is great to see a new underpin that we're bringing out. That team is capable of bringing out a product that hits a very good market fit and is well received. We see it as a naturally positive, but I don't think we're yet factoring it into the sort of volume that would cause us to adjust our expectation of the decline in the revenue cap. Yep. Gareth, on working capital and cash conversion, we do still expect to see some cyclicality, H1 versus H2. The timing of which it will depend on how Q2 pans out in terms of that growth during Q2. We are expecting to see a lower H1 cash conversion than the full-year. Possibly not as low as we saw last year, but again, that will depend on the shape of the business during Q2. With respect to contingent liability, we do still have amounts in place for PDT and eCreators. They are linked to revenue growth, they will only pay out on performance of that business. They'll be in place for the next couple of years. They're relatively modest, aren't they? Yeah. I mean, it's there is a cap. I can't remember the total amount, but it is, you know, it will be in single million dollars combined. Again, will be based on performance. Otherwise, we'd be very happy to pay them. Our next question is from Yemi Falana. Yemi, it does not appear that you have a microphone connected. As such, I'll be reading out the question, which is in two parts. Firstly, as we move into phase II of GP Strategies integration, what are the risks and opportunities you see? Onto the second part. Secondly, ex M&A, it appears your balance sheet firepower will be quite significant come year-end. What should we think about as the order of priority for use of this balance sheet capacity? Is acquisitions or shareholder returns too simplistic? Are there any internal investment opportunities you see? Do you want to do this? Second one? Yeah. We are expecting on an organic basis to deleverage during this year. I'm not expecting Jonathan to keep the checkbook in the drawer. Therefore, I do expect that we will have made some moves by the end of the year and where we end up on the balance sheet will depend on what that looks like. You know, our focus is still on M&A, making sure that we can add to the business. We still see opportunities in our space. With the focus still on the Software and Platform. Clearly there's always jostling internally for an investment for products and we have to balance that, in terms of where we get the best value for our money and for shareholders' money. With regards to the GP margin question, I don't know if you answered it before I gave a bit more color around GP margins. Just to reconfirm that. The changes that we made last year were broadly around a focus on improved procurement and fiscal discipline in the organization, then also a real focus, an absolute laser focus on utilization, and the use of subcontractors appropriately and not inappropriately. That would really nut down to where the big changes came in. There was also some low-hanging fruit in terms of the cost of not being a public company, for instance, which obviously won't repeat. This year we've always advertised that the improvement would be less significant. We've done the big, the big leap, so it's a couple of percentage points. And in a way, you could argue that even now the marginal gains are harder to get. There's one area which I alluded to earlier, which is the big area of concentration, which was the, is the final, if you like, gross margin improvement, which is that the GP content development team, which is very substantial, I mean, it's the largest content factory in the world, use different processes and a different approach to things, and we believe that we can help them be more efficient in the way that they do certain things. LEO has always been proven to be a very good business at achieving high productivity and very reliable high gross margins at its work. Now they are merged together. The methodologies and the approaches that LEO takes have been incorporated within GP. While you do that and train those in, you see a little bit of a sort of productivity hit, if you like. The irony is that as you're striving for more productivity, you actually go backwards for a temporary time period. The other thing is we've actually taken the LEO team slightly backwards because they are also now working within GP systems, not within LTG's, and that's obviously very different for them. It takes a while to get used to those things. Some of the systems that project managers use to be very quick to approach margin changes. You know, this is a. Often we're doing fixed price contracts with variable labor inputs. You need to be very agile about the way you see if you're burning too hot on a certain type of labor on a particular project, you need to be able to adjust for that. The systems are capable of telling us that in GP. They're different. They do it in a different way than we have in LTG. People are getting used to that and perhaps haven't seen all the signals immediately. We've seen a modest gross margin decline in the first couple of months of what we now call GPLX, which is the LEO and GP content division combined. Fully to be expected. We are already seeing that abate over the last couple of months, and we'll see it improve throughout the year. That's a big factor 'cause don't ignore the fact that GPLX is a $90 million revenue division, so it's meaningful. That's a big part of the story of the margin journey. There are a few other things actually that are coming towards us, which are long-term contracts that GP was entered into that will roll off this year that we'll either change the terms of or not re-enter. These are more modest savings, but they're all contributing to margin improvement. Indeed, it's fair to say real estate slim down is a big factor as well. The average tenure of our leases is around about five years. Every year we're seeing about 20% of our office facilities come up for renewal, and we are giving very careful consideration as to whether we renew them the same size, less size or not renew them at all. You know, if you add all of these things up, they're relatively minor other than the GPLX aspect, but they all contribute to our full confidence of a continued expansion of GP's margins, obviously at a much lower increase than last year. I think that's enough detail to give you comfort. Our next question is from Thomas Singlehurst, which I'll be reading out. The question is in three parts. First is, can you talk about visibility on growth? What% of revenue effectively is already booked? Second, are there any big set piece opportunities in terms of new contract wins, or is the focus more on expand than land? The third, which may have been addressed already, is when you think about M&A, what areas are you focusing on in terms of capability and or geography? I can skip pages. I'd like you to ask the subsequent questions in a minute because holding all these questions in my head, I clearly don't have a good enough brain for it. In terms of the first question was. Visibility. Visibility on growth. Well, the revenue that we already have booked we told you is in the circling 70% of all of our contracts are long term. We come into the year feeling very comfortable about that. Naturally, we also have a long-standing backlog order book from the sales that we've made in the previous year of more transactional projects. When we formed the budget, which wasn't quite at the new year, it took us a month or so into this year before the budget was fully finalized. Of the GBP 600 some odd million worth of revenue, we were well towards GBP 500 million that we felt very comfortable, that was visible and understood, and then the rest was the gap that we needed to sell to. We have a very high percentage of overall revenue visibility and feel very comfortable with that. It's been one of the things that we've tried to convey to the market a number of times. Although we're now a much lower proportion of SaaS revenue, our GP business enjoys about 2/3 of its revenue from long-term contracts, which are actually, ironically enough, longer term on average, four to five years, than our SaaS business, which is about 2.5 years. Of course, the difference is in those contracts, there's more margin variability than there is in a SaaS contract. We've already demonstrated our ability to regularize and make those margins much more reliable. We have no doubt that that will continue. From that perspective, we get a lot of comfort on both sides of that. What was the next part of the question again? Are there any big set-piece opportunities in terms of new contract wins, or is the focus more on expand than land? I think perhaps, Tommy, you put this question in before I spoke to the big pipeline opportunities. 'Cause I think I've answered already. We have certainly one major and a number of more medium-sized opportunities with existing customers, which naturally we feel more comfortable about winning. We're not competing for them other than whether the customer decides to do it or not. There will always be in the GP business and elsewhere in LTG a land and expand mentality, and we enjoy good success there. I am heartened by the number of new logo opportunities that we have at the moment at medium to advanced stage in the pipeline, some of which are very significant indeed. It's a combination of both. The final part of the question? M&A. Yeah. Again, I think we might have covered this before the question was after the question was put in. As I say, we are in reasonably early to middle stage conversations, one advanced conversation with software businesses that we like. We think they fill some very interesting gaps in our portfolio. Areas that we're particularly focused on are the entire sort of ability to deliver the skills agenda. Companies are very focused on assessing what skills they have, what skills gaps they have, what they need, and then finding a way of delivering against those. We have much of the ways of delivering the opportunity to close the skills gap. That's what we do. We're a learning business. We haven't at the moment got a technological capability, perhaps AI-driven, of actually understanding precisely what the current skills capability is and therefore what the skills gap is. That's a moving feast, and you need technology to help you do that. That's an area of focus for us. Thank you. That was the last question. We will now end the call. Thank you for joining us. Thanks very much, everyone.