Good morning, ladies and gentlemen, and welcome to the Learning Technologies Group PLC Four-Year Results presentation. Throughout this recorded presentation, investors will be in listen-only mode. Questions are encouraged and can be submitted at any time using the Q&A tab situated on the right-hand corner of your screen. Simply type in your questions and press send. Before we begin, we'd like to submit the following poll, and if you give that the kind attention, I'm sure the company would be most grateful. I'd now like to hand over to the management team from Learning Technologies Group PLC, Jonathan, Kath, good morning. Thank you very much. Good morning, everyone. Well, it's nice to do this in person, isn't it? We've been a bit slow in coming back to doing in-person presentations, post-COVID, but it's very nice to see a few people in the room and do this in a hybrid way. So welcome to our first one for about four years. Firstly, I just want to talk about how proud I am of the business and the team in what has been a pretty challenging place. I don't know whether you've noticed, but 2023 perhaps wasn't the best year for the corporate world and the macroeconomic background. But I think that we demonstrated a really solid, stable, resilient performance, and well done to our people who achieved that. I'm particularly proud of those results, following a notable decline in corporate sentiment in Q2. I stood, or rather, on a webinar a year ago, almost to the day, and was still feeling pretty confident about our outlook. That became somewhat more negative and pessimistic in the ensuing weeks. It was ironic. We literally sort of came to a cliff edge in terms of corporate sentiment and activity, shortly after that presentation. Amazingly, almost every large corporate customer and prospect engaged in some sort of delayed spending review, which lengthens sales cycles, blah, blah, blah. What's really positive is that although that was difficult, it was mostly offset by continued resilience of our long-term services contracts. With those above $10 million—and we had an unusual year where there were a lot of them—every single one of them was retained. That gave us a great deal of reassurance and confidence about the future. I'm going to talk a little more about AI later on, so I'm not going to talk about the significant progress that we've made in that regard now. But you begin to get a sense of the scale of the business when you realize that LTG - and we're just a, you know, a medium-sized UK corporate with a lot of businesses around the world - delivered learning, or was involved in the provision of learning, to over 200 million people last year across the globe. I find that stat quite astonishing. In fact, we think we've underplayed that deliberately because we don't want to be overstating it. But some of the numbers indicate something quite a lot higher. You know, do bear in mind that we're involved in 75% of all digital learning content launches throughout the world. Indeed, of course, we build a lot of content for many of the world's largest corporates and governments. Something that you'll notice a little different in tone, we became more active last year in our portfolio management. It was deliberate. It was intentional. I'll talk more about it a little while later. But it culminated in the sales of Lorien and TTI direct staffing businesses, both of which we had judged to be completely non-core. We had acquired them with our GP Strategies acquisition turnabout years ago. You should look to expect more of this during 2024. Alongside those disposals, we also focused on further integrations, which I'll demonstrate later with the rationalization of our brands and our operating businesses. So something that those of you that know us well will recognize, we've always focused on delivering strong margins and turning that into cash. We are delighted with our performance in this regard and believe it's ultra-vital in this high-interest rate and slightly more dangerous business environment. It's worth remembering, and it's, it's easy to forget this, but in December 2021, a couple of months after we borrowed the money to buy GP Strategies, our net debt was GBP 141 million. Pretty big sum of money. 2 years later, without any benefit from other proceeds from disposals or anything like that, just normal operating cash flow, we'd nearly halved that debt to GBP 78 million. We care about this stuff, and we don't think that's a bad performance. In fact, we're proud of it. Of course, in January, almost immediately as we came into the year, we added the proceeds from the Lorien disposal. Not very much, but it was circa $20-odd million. And so, alongside continued strong cash collection during Q1, our Net Debt today is substantially lower than that, but Kath tells me I'm not going to tell you the number, so I won't I won't tell you the number. Talking of Kath, let me hand over to her so that she can give you more color on our financial performance. Thank you, Jonathan, and good morning, everybody. The financials are presented on a continuing operations basis with the UK apprenticeship business under discontinued operations on a separate line on the P&L. For continuing operations, we saw a resilient performance for 2023 with revenue of GBP 562.3 million on a constant currency basis. Revenue was down 2%, reflecting the strong foundation of our SaaS and long-term contracts, of which the latter were flat and the reduction in SaaS revenue was primarily due to the expected revenue reduction from the PeopleFluent churn. The challenging macroeconomic backdrop affected transaction and project-related work primarily in the content and services division, and the software and platforms division was impacted by the reduction in job postings in Breezy. Adjusted EBIT was GBP 98.5 million, reflecting the same drivers as revenue and the impact of the temporary issues following the Leo integration with GP's content business to create GPLX. Adjusted EBIT margin for the group in H1 was 15.1%, improving significantly to 20% as GPLX issues were resolved, resulting in FY23 margins being 50 basis points up on 2022 at 17.5%. The continued commercial transformation program in GP, in combination with rigorous cost control across the wider group, delivered substantial benefits in the second half, which are sustained into 2024. The group had a record year for operational cash generation and continued to delever, making a voluntary GBP 25 million debt repayment in September 2023, with leverage ending the year at 0.7 times on a covenant basis. The chart on the left-hand side reflects our reporting segments for content and services and software and platforms, and the proportions remain the same. In the following slides, I'll cover the performance of the two divisions. The chart in the middle reflects our diversified footprint, and we continue to remain predominantly exposed to the U.S. market with slightly higher exposure to the U.K. and similar exposure to the rest of the world, enabling us to deliver to global companies with localized delivery. Looking at the chart on the right-hand side, we see the split of our transactional and SaaS and long-term contract revenues. With the challenging macroeconomic backdrop affecting the transactional revenues, we continue to see resilience in SaaS and long-term contracts moving to 73% of revenues, slightly higher than 2022, giving us confidence in the visibility and security of future revenues. In 2023, revenue decreased on a constant currency basis by 1%, driven by the challenging macro affecting the volume of learning projects in GP Strategies. Strong performance in both Affirmity and PRELOADED partially mitigated the impact due to the subdued macro, and we're pleased to confirm that all clients with contracts above $10 million were renewed in 2023. Despite the challenges in 2023, GP Strategies' profit has more than doubled since joining LTG, and the graph on the lower part of the slide shows the margin expansion achieved through the commercial transformation program and the hard work and diligence of the GP employees following the LTG methodologies. We can see in the latter part of the graph the impact of the GPLX issues had on H1 performance and the start of improvement in Q3 with significant improvement in Q4 in conjunction with a normal strong quarter. Q4 margins are the strongest of all quarters, which drives the H2 rating in this business. Adjusted EBIT for content and services reflected the macro and GPLX integration challenges with the resilient performance for the full year despite this backdrop. In software and platforms, we continue to see a mixed business performance with revenues declining due to a combination of the higher churn expected in PeopleFluent, 11.8%, from customers with less complex needs, sorry, lower transactional revenues in Breezy related to job postings, and lower revenue in Reflektive due to the softness in the technology sector customers and the commencements of a strategy to migrate customers to a version of Reflektive within Bridge. In addition, we saw weaker demand in VectorVMS due to reduced contract labor usage and lower healthcare rates. And this was partially offset by continued strong growth in Rustici and good growth in Bridge. We continue to expect Breezy to be well placed to benefit from the pickup in the SME recruitment market once this returns. Adjusted EBIT benefited from operational leverage in Rustici and optimized central costs, including right-sizing the facility's footprint to match working practices. We're pleased to report record operating cash flow, both on adjusted and statutory measures. Adjusted operating cash flow increased GBP 3.1 million, with operating cash conversion improving to 88% compared to 82% in the prior year. The improvement reflects a lower working capital investment than 2022, including a circa GBP 7 million lower bonus accrual due to non-performance against targets, partially offset by lower share-based payments and higher R&D-related capital expenditure as we've continued to build out our functionality, particularly in Bridge and Breezy, and starting to develop AI-enabled products. Lease liabilities decreased as we continue to rationalize our footprint and earn-out payments related to Breezy and eCreators for their performance in FY2022. As we come towards the end of our earn-out agreements, payments will be immaterial this year. We implemented a restructuring program in late 2023, which cost GBP 2.5 million, with an ongoing annual benefit of GBP 9.5 million. Free cash flow for the year finished at GBP 44.4 million, GBP 5.9 million lower than the prior year, primarily due to net higher interest payments, including GBP 4.5 million related to H2 2022 paid in January 2023. The graph at the top of this slide reflects the movement in net debt across the year. The non-cash change in interest accrual reflects the change in accrued interest payable in the following year. Our loan facility is all USD, US dollar-based, and the GBP/USD FX rate used to retranslate the balance sheet was 1.27 at the end of 2023 compared to 1.21 at the end of 2022. There was a net benefit to debt of circa GBP 6 million. The GBP 41 million reduction of net debt to GBP 78.6 million translated to a continued deleveraging through the year to 0.7 times on a covenant basis at the end of 2023 compared to the 1.1 times at the end of 2022. Taking into consideration GBP 15.5 million cash received from the sale of Lorien in January, the leverage ratio would be 0.6 times. We've continued to pay quarterly repayments of $9.6 million and in September, voluntarily repaid an additional $25 million. With the swift deleveraging and the balance sheet strength, we are taking the opportunity to reassess our capital allocation priorities. Our first priority is to reinvest in the business to drive organic growth. In 2022, we invested 2% of revenue in CapEx, primarily in the development of software products. In 2023, we increased that to 2.5%. For 2024, we expect this to increase slightly as we put further investment into developing AI-enabled products. Strategic M&A is at the heart of LTG's philosophy, and we've had a temporary pause in 2022, which continued into 2023. The strength of our balance sheet gives the board confidence to return to value accretive acquisitions in 2024. Taking into consideration the ending net debt, in addition to the receipt of the cash following the disposal of Lorien, a leverage ratio of 1.5 times would provide approximately GBP 110 million for acquisitions that align with our strategic objectives. Ensuring our debt levels remain at comfortable levels allows everybody to sleep easily at night. Paying down debt remains one of our capital allocation priorities, as evidenced by the voluntary $25 million payment in September alongside the regular quarterly payments. LTG has a progressive dividend policy, with dividend cover recently in the circa five times range. To ensure maximum flexibility for capital returns to shareholders, we will be including a resolution at this year's AGM to enable share buybacks should it become appropriate to do so. However, this is not an indication of intent at this time. The strength of the LTG balance sheet provides optionality, and we are conscious in ensuring we are making best use of the company's cash resources. Adjusted diluted EPS for continuing operations has reduced due to a combination of marginally lower adjusted EBIT, significantly higher interest costs, partially offset by a lower tax rate due to the recognition of its deferred tax asset related to U.S. tax losses. While 2023 was challenging, the business proved resilient thanks to its high levels of SaaS and long-term contracts. This combined with the record operating cash generation has given the board confidence to propose a final dividend of GBP 0.0121. This reflects a 5% increase on the 2022 final dividend subject to shareholder approval at the AGM and giving rise to a circa 4% increase in the full year dividend. Return on capital employed is in line with the prior year. As with prior announcements, we're including some technical guidance to help with modeling. For finance charges, we continue to have a term loan structure in place, and interest is charged on the gross debt. With the benefit of cash on deposit and in interest-bearing accounts, we're forecasting a net circa interest rate of circa 5.5% based on what we know today, although noting interest rate forecasting is very difficult. Adjusted tax and FX guidance is in line with our prior guidance for 2023. A reminder of the treatment of non-core assets is here. This year, the reported 2023 comparators will continue to include Lorien and the external staffing business of TTI Global contracts that were disposed of on the 2nd of January and October 2023, respectively. But we will share like-for-like comparisons to aid understanding. And with that, I'd like to hand back to Jonathan. Thanks, Katharina. So, we get lots of feedback about how complex the group appears, and I hope today that we can improve on that for you so that you get a better view as a result of our efforts to rationalize our own operational benefit. It's an interesting thing. We believe we integrate and rationalize our group well, but we're always criticized for being too complex. Actually, one of the other things we're going to do is, moving forward, you won't see all of the different brand logos on this slide. We're giving it to you for the last time to show the rationalization, which I'll talk to you about in a moment. But you'll now just see us report in two divisions, content and services and software and platforms. You've known about those divisions for many years, but remember, they're made up of 17 acquisitions on top of the original business that created LTG, which was Epic. However, if you look here, there are only 3 businesses in content and services and 7 in software and platforms. I can assure you we haven't been careless and mislaid the other 7 businesses. So what's happened? Well, we acquired something called Patheer, which was an early-stage acquisition for us to get into AI, which provides skills matching capabilities, and that's now fully integrated into PeopleFluent and Bridge. Reflektive was bought because it's an exceptionally capable performance management tool that has now been built into Bridge as an enhanced performance management module. And Bridge has moved from being a single product to a modular product, and that gives us obviously upselling opportunities. And then you've got Gomo and Instilled. Gomo is our homegrown authoring tool. Instilled was a video capability acquired with PeopleFluent, and both of those are now fully integrated into the Bridge product, providing those capabilities. You're no doubt aware we've talked to it and, and Katharina alluded to it of the challenging integration that we incurred with Leo when we merged it into GP last year to form GPLX. But I want to be really clear. It was worth it for the benefits that we are now deriving from that combination, which created the world's largest learning experience development studio. And likewise with PDT, which is now the foundation of GP's diversity, equity, and inclusion solutions. Finally, let's just talk about Open LMS for a moment. We always talk to it as a single business, but what it is actually is a combination of three acquisitions. We bought the global market leader, and then we acquired the number two and three to put alongside it. So I hope that gives you a better appreciation of the scale and extent of the integrations and rationalization that we've been undertaking. Where appropriate, where acquisitions are bolt-on rather than strategic, we almost always integrate them with other businesses that we already own. So the business is perhaps not as complex as some people sometimes fear. Alongside that, cross-selling is slowly gaining traction. It's not an easy thing to do. We have our co-CEO of GP in the room, actually, because we have a very big European Learning Technologies show this week. Rustici Becker is over there. If you want to chat to him later, he is one of the people who's ultimately responsible for cross-selling. And, you know, we are really focused on it. 35 of GP's top 100 clients take some form of other LTG product or service, mostly, of course, a product because they don't have many other services. That's something to be proud of. Not all of those have occurred because of our relationship with GP. Some of those we share were shared clients beforehand. But even so, it's a significant stat. Turning to AI, I said I'd talk to you a little more about that. And I'm going to apologize, but be a little controversial for a moment. I watch others' presentations all the time, and I see people boasting of all the wonderful things they've done in terms of integrating with GenAI. Well, I don't think that's that, that great, to be honest. And I won't just tell you, we've done it because we have to do it. And so, yes, our tools now are using GenAI to develop some content, to develop storyboards, to localize content, to develop images, to generate images that can be used within content. And latterly, and still to an early extent at the moment, we're using a very clever tool, which we're partnering with, that can develop videos. So instead of doing our normal situation where we send the media team out to shoot a video, which is one of the most costly things and time-consuming things to do, we're able to create those GenAI-generated videos that, you know, give the impression of two people having an interaction, difficult conversation, something like that. And that can all be done now with technology, which is amazing. But that technology isn't ours. We're using others' technology, and we're integrating it cleverly and effectively into our tool. And so I'd say to you, "So what?" You know? And that, for me, isn't the big differentiator. In fact, I call it table stakes. So sorry if you think that sounds controversial, or our industry might think it sounds controversial, but frankly, it isn't. I think it's just candor. And we're doing that. Tick the box. Celebrate that we're in the same place as our competitors, but we're not ahead of them. So how can we get ahead of them? That's the thing that interests us most, and that's why we haven't come out, you know, at the beginning of last year when everyone was talking about AI and saying, "We're going to do this hullabaloo or that." We've waited, because we think there's a real opportunity with AI. And if you look at things, the thing that you can do with AI to best effect is to look at how you can take a careful and considered approach to this. And we've been aided by a handful of deep relationships with key clients who have tasked us with helping them implement AI learning in the most impactful way possible. That's been unbelievable for us. We've slipped into many dead ends. We've learned many things along the way, but all of that has informed us of how we can truly make AI make a difference to learning. The holy grail for me and for many professionals in this industry - Piers is over there. We've been in this industry for 3-4 decades - is always wanting to be in a situation where you can deliver something that's personalized and targeted. How many of you have done learning that you've gone, "Oh, for goodness sake, I know half of this stuff, and I've had to go through an hour's worth of e-learning course, just nuggets of learning, five minutes, that makes me compliant"? You know? How have you been able to actually, you know, deal with that? So what we're trying to do is avoid that situation. But we need to know three things, and they're hard to know. This isn't just about getting your assessment. We need to know what you know today, what you don't know today. That's not just a subtraction of what you know. It's actually a different question to answer. Most importantly, what does your employer or your business or just the industry demand of your skills tomorrow? So how what's your competency gap, effectively, commonly known as a skills gap? And how do we get you there? If we know those three data points, we've done enough learning content over the past four decades that I promise you we're not concerned about our ability to design appropriate content and chunk it up into appropriate nuggets that are properly tagged that we can deliver, deliver the right piece of content to your learning style at the right time. But we have to use AI to, to play to one of its greatest strengths, which is assimilating multiple data center sets and deriving meaningful insights from that data in a consistent and most importantly, repeatable way. Now, that's what AI does. Not GenAI, but just AI in general. And it does it in a way that we simply couldn't as humans do it. So we're enormously fortunate in owning the plumbing of the industry. I've told you about the many times. It's also one of our very best acquisitions, Rustici. But if you think about what they do, they sit at the very heart of the launch of 75, in our estimation, 75%-80% of all the content that's consumed across the world by corporates when they're training their people. So we see all of this content launched. We have a knowledge of the meta tag wrapping around every piece of content. Some are good. Some are not so good, but we have the knowledge. Now, of course, that data has to be protected in particular ways. But we are already in the place where we are in the flow of that data. No one else is, not to the same extent. And that gives us a real advantage. Don't forget, we also own Watershed, which has spent years refining how to gather the alternative data for its customers to inform us of the competence of people and the impact learning is having on their businesses. So we're very excited by this. We're early stages. We have completed the conceptual design of this, and we're now entering the development phase in earnest. And I look forward to updating you about that later this year. I think the first prototypes and MVPs will probably emerge. If we were lucky late this year, I'm going to tell you early next year, to be precise. And I think it does two things. I think it one gives us the opportunity to provide a whole enhanced product set to Rustici and its customers. and we're not frightened of the fact that we think we should make this available to the industry because we think it's absolutely essential for the future and of the effectiveness of our industry and personalized learning. But also, it will give us distinct advantages in the way that we deliver those tools and capabilities into our customers, potentially using their technologies rather than the ones that we've developed because the one thing we're finding with AI is it is quite transferable once you've got the AI engine to do the work it needs to do. Okay. So the other thing I'd say to you is it's, it's a hard thing to do, which in a strange way, we feel is a rather distinct advantage to us as we already have so much exposure to the various components required together with that global breadth of understanding and ability across the group. So we're feeling pretty excited about that. We've talked about execution priorities quite a lot. I suppose one pivots towards these when you're not just going, "Oh, we've grown by X%," and so on and so forth. But I think they're always important. And what we've done in the last couple of years is we, we knew we had a year of focused execution in 2022, through the commercial transformation program of GP, which went astonishingly well, and we had great cooperation and collaboration from our GP colleagues, which I am forever grateful for. The results are plain to see. This next this coming year is also going to be an important focus on execution, but we absolutely recognize that we need to return to growth. But I am genuinely cautious on when corporate, corporates and governments are going to become more confident to effectively begin their discretionary spend again. So we found, I think, we've plumbed the depths. We found where they're willing to spend as an absolute minimum level, and you've seen that in the resilience of our revenue. But we don't have the confidence in that market yet to show that corporates are spending that extra money that they normally do on developing their people. And of course, that will return. I think there's a tight correlation to when animal spirits and the general economy returns, but it's going to take some time. However, there are pockets of real hope for us. We've seen LATAM really grow for us in the last couple of years, particularly last year, and we expect that to continue this year. We also saw the Middle East grow for us very nicely last year, naturally, given the events of the last few months and particularly the weekend. I think I should note a note of caution on whether we think Middle East will see any significant growth this year, but I hope it will. A sign of our intent to return to meaningful inorganic growth, and we've signaled in a couple of ways, is the appointment of a new colleague, Asad Ali, who is a career M&A banker and has joined us as our new head of corporate development. And he's chosen to do that. Please take an opportunity out. Assad just put hand up. If anyone would like to speak to him afterwards, please take an opportunity to ask him why he joined. I asked him, and he said, "We're going to buy some stuff, aren't we?" I hope that's absolutely the case, and we're going to do that together. So, I'm delighted to have someone on board alongside me that has the experience to help us navigate what I think are going to be some interesting M&A waters over the next couple of years, and also, the active portfolio management that we've signaled to you. Alongside that strengthening, we've also made some internal leadership moves, which are beginning to have an impact on our operational business. The leader of Rustici, obviously a business that's very well revered by the outsiders and within our group, has also now become the leader of Watershed. Those businesses you might remember were together at the very beginning. Watershed was actually born out of Rustici and was the reason we bought Rustici in the first place. We invested in Watershed. We then separated them, I think, for the right reasons, but we've now chosen to bring them back together. Tammy is having a meaningful impact on that since taking it over last November. Alongside that, the leader of Rustici has gone to—sorry, the leader of Watershed has gone to run Open LMS for us. That's a business that we are watching with interest to see what we can achieve there. Naturally, GP's margin improvement journey is now going to slow down, okay? Nothing wrong with that. We've always signaled that we do not believe GP will get to a 20% EBITDA margin. On an ongoing basis, we think it'll be high teens, and we're beginning to approach that. Therefore, you will see a slowdown, but there will be some more modest increases this year and next. It's also worth mentioning that we're creating a subsidiary within GP, which is solely focused on U.S. government contracts. Whilst we don't anticipate this will benefit overall margins, it is an important development that will refine our foreign owner obligations and enable us to be more collaborative with the mainstream commercial GP business whilst maintaining vigilant protection of the U.S. government's confidential information. You know, we are respectful of the restrictions that are on us as a foreign owner, and we need to ensure that those work as appropriately as they can whilst being absolutely maintained. I believe that we're going to do that very effectively by hiving off the common government contracts into a single subsidiary. You'll have noticed my more pronounced language around active portfolio management. This is intentional, and it's come about for two reasons. One, our lack of desire for obvious reasons to raise equity at these levels, and also a recognition that a tighter focus on pure learning and talent development is really important. You can't travel along this road that we have of 17 acquisitions over 10 years and not collect some quality businesses that don't quite align with our pure mission of learning and talent development. Do bear in mind that with PeopleFluent and GP, we bought two similar businesses to ours in that they were longstanding buy-and-build stories. So over time, you pick up that their missions were slightly different. And indeed, GP Strategies had a devout mission at the very beginning of being an engineering training business. And we just sold, very much nearly the last engineering business that sits within the GP portfolio. That was Lorien Engineering that we sold a couple of months ago. And that will result in substantial additional capital to support our acquisition plans as we continue with our active portfolio management. And be assured, we won't waver from our absolute devout focus on profit and cash generation. So, a few key messages. I'll leave you to review these yourself, and I've, I've spoken to each one of these, or Kath has. But I want to convey my final point, and that's to do with what our customers are telling us. Most importantly, rather than listening just to learning and development and HR people, which we have the delight of talking to all the time, we also get now to see just how much more important learning and talent development is to the C-suite. Late last year, CEOs were surveyed, and the survey found that CEOs' top internal focus was to continue to attract and retain talent. I suppose nothing big surprising there. But they're willing to keep spending on upskilling that talent over the coming years. That, for me, is really important. I think we've got past the point of needing to evangelize or argue about the concept that there's a real challenge to business now, and that is, how do we know stuff? How do we make sure that our workforce is competent for tomorrow? I think AI is sufficiently scaring the C-suite to know that its business is going to change in shape. People are going to change the shape of what they do, and they need to be prepared for it with the right methodologies and infrastructure in place to be able to deliver learning swiftly and effectively. I really believe LTG is well positioned for this. These are complex, challenging demands, but we have spent time in a considered way building a wide breadth of capability. Sometimes that's found to not be appealing in the market. You know, this question of, should we have services alongside software? We personally believe that it's the way our customers buy things, and therefore, designing our company to meet that customer need is rather appropriate. We will continue to pursue, finding a way to deliver comprehensive solutions. As we emerge from this quieter period in the economy and the markets, we think that there is a great opportunity, one, to return to organic growth, which of course, we're focused on and want to. But we're also going to get back on that acquisition trail again. After we made the huge leap by making the acquisition of GP Strategies, we're ready to make some further, more, you know, equally meaningful, perhaps not in size, but certainly in strategic intent, meaningful leaps as we make further acquisitions going forward. So we're very much, perhaps it's been a challenging couple of years, but we're very much focused on our ability to see the business move very dramatically forward in the next couple of years, and I think AI will play a big part in that. That concludes our presentation. I'm very happy to move to questions. Jonathan and Kath, thank you very much indeed for updating attendees this morning. Before we drive to the online questions, perhaps I could turn to the room for questions if I may hand you the mic. Thank you very much, indeed. Morning, Gareth Davies from Numis. A couple from me. The first one, you alluded to Breezy as being kind of a part of the reason for the -4 in software and platforms. Can you just talk a little bit about current trade in January through April? Are you seeing sequential stabilization as we start to hit easier comps? Are we back into growth yet? Maybe expand a little there. Yep, very happy to. So Breezy, for everybody else to benefit, is our small and medium-sized business American business recruitment platform. It's a very well-regarded tool, funny enough, just voted by CNN in their top five recruitment software platforms. So you post your job advert on it, or you, sorry, you process your job applicants on it, but you post your job advert through it, and it goes on to all the various job sites and so on, around your market. And what we've seen is very interesting. So the business grew from $3 million of revenue to about $15 million across 2019 to 2022, and then it literally, in Q4 of 2022, stopped. And we thought that was a bit strange. It just started flatlining. And MRR has grown tepidly from there by about 5%. So, perfectly stable, but not much growth. So, you know, the software platform is very solid. But what we saw was a complete decimation of the job posting spend, which was the transactional revenue, which used to run at about $400,000 a month and is now like $150,000. What we've seen, and that's been relatively consistent through last year. I think we had a spike in one month, but it's been relatively flat and consistent. We are beginning to see the tentative signs of improvement, but we're talking about tens of thousands of dollars. So I think we saw $180,000 in February or something like that. So we've not yet breached $200,000, but we are just seeing a very small pickup. And I'm not going to call it. It will just happen, Gareth. You know, we have no way of saying when it will, but we're there. It's an incredibly stable business. Customers are massively loyal. Software platform is absolutely fine, stable, good monthly recurring revenue. Transactional revenue's still very depressed. The second one, Kath, Kath tagged GBP 110 million of balance sheet capacity in terms of sort of M&A potential. You've obviously talked a lot in that presentation around portfolio management, and I think your word was substantial capital. Can you, can you put any context on substantial? Are we talking kind of double the 110, or are we? Gareth, you're not supposed to ask questions like that. Look, we've said that we are sharpening our focus on learning and talent development. We are fortunate enough to have some very high-quality businesses in the group. We, frankly, have a slightly different opinion to the market about the collective value of those businesses, and perhaps some outsiders do as well. But, I wouldn't want to be drawn on quantum. And then final one, just debt refi due 2025, 1.5x given your record of big year end feels quite cautious. I thought, I thought 2 would have been what, what you'd have been gunning at personally, but, but just in terms of that debt refi, what's the kind of timing and? So we'll expect to do that, starting in the springtime, probably, you know, rolling into the summer. And capacity, TPC, I think you're a 1.5x of we're talking about leverage on M&A. I think, you know, last year, we were told that expectations had come down. They now seem to have gone up slightly. So, you know, 1.5, I think, is where we're being guided in terms of normality. In terms of our capacity and ability to deleverage, you know, we wouldn't say anything was off the table, but we would want to be able to see that the cash generation would come through to be able to delever back to more normal levels quickly. Hello. Thank you. This is Richard. Sir Richard. From Davy. Couple of questions. If you look at your revenues by end client sector, does that explain the flat revenues? I'm thinking of that, you know, as any number of companies in the agency sector, where a third of their business is from technology clients who, where spend is down 20%. Two-thirds is from everywhere other than technology that's up double digit, and you do the math on that, you get flat revenue. So I just wondered if you'd done that sort of analysis to share the impact of reduced tech spend. And the second question's on the personalized AI. Is this a premium product that you can charge more for, or is it more about being ahead of the industry and winning share? As part of the AI analysis, have you identified some fringe businesses where AI is a threat that we need to be mindful of? Okay. You've done that standard analyst thing, Paul, of asking so many questions. We don't remember them all as we go. But anyway, in terms of sector spend, it's mixed. We have some specific analysis and then some anecdotal analysis, but of course, bear in mind, we don't group all of our spend across all our different businesses and divisions and then look at it like that. But I can tell you that financial services companies are definitely down on spend. Mike might rush to add to this in a moment. We've seen relatively stable spend in the sort of countercyclical industries that you expect, like government, for instance. Automotive has stood up astonishingly well, so we were really pleased with that. We had some unfortunate exposure, more than we realized, actually, in our small Reflektive business, which had sold it, you know, San Francisco, startup-based, and it had sold to all its startup mates, its performance management system. And guess what? All of those stopped using it as they began to realize that no more money was arriving in funding, and they need to cut their costs. So, we saw some, pretty savage decline in, in that spend in Reflektive, but we've ended up buying that business incredibly well. You might remember we paid a, a very small amount of money for it, and we've got some great technology. And we also have really good, solid clients like Goldman Sachs use it globally, for instance. So we saw a bit of tech sector softness there. We've seen a—I think, Rustici—a little bit of tech sector softness in GP and the larger-scale staff. And then it's just been sporadic and spotty. You can't really describe it. You know, big German engineering business has slowed down on its spend, and we're putting less people through certain learning programs at the moment than we did last year, you know? But it's going to come back. It's not discernible. It's not easy to describe a particular trend in something that we can talk to. But I suppose my takeaway would be, we're very exposed to automotive. We were concerned whether, you know, the macro might have a bigger effect, and it hasn't. I think they have so many challenges with new product launches and the general state and change and pace of change in the auto industry that learning is an absolute requirement. On the AI matter. So interesting. We're more focused and you might consider this rather inappropriate, I don't know, but we're more focused on developing a great solution than we are yet on the commercial imperatives for it. One, because we think we jolly will have to, and secondly, because I think the commercial situation will sort itself out, especially given Rustici's unbelievable market dynamic and penetration. So, of course, there will be a price for this product. Rustici's is already a premium-priced product, and this will just be a very major enhancement to its capabilities. So, we haven't thought about the commerciality of it yet, but I suppose we're not thinking about it in that way because we're not concerned about it. We want to see what it does first. And to a similar point, when we have that capability that we can then pull across into other parts of the group, and that's the great strength of the group, the transferability, we think that we will be more focused on the way we target that capability. It may well come within our managed learning solutions from GP, for instance. And that may just be about providing this as an additional, lock-in capability. So we want to be open-minded about how we do it. The fringe businesses that might be under pressure? Are you talking about our fringe businesses? Well, look, I think I spoke to the point earlier, the big concern that we had, and we've got some Goldman colleagues in the room, you know, Goldman's published a note that included us last year suggesting that we might be vulnerable to the threat of Gen AI. We countered that by saying, "Look, you know, it's not the panacea yet. It might be eventually, but, you know, I'm rather" should I say so? I'm rather not enjoying, but I'm rather relieved and reassured by us following a relatively normal technology hype cycle curve, okay? And we are definitely in that point at the moment where the early adopters have gone, "Ooh, this is great. We've made a big fanfare about it, but it's not quite doing everything we thought it would." Look, it's very clever, and of course, it learns and becomes better quickly, so we need to always be respectful and acknowledge that. But, we are not seeing swathes of customers all of a sudden saying, "We don't need an agency like you with expertise to create our learning content anymore because we're doing it all ourselves." What we are seeing is that our fees can become lower and more efficient for our customers, our costs come down because we can get certain things done very well by Gen AI. And as I said earlier, and I do reemphasize this, we are not making this point to you that we're different and cleverer than anyone else. We all should remember that we're all accessing someone else's GenAI capability, and accessing it is not complicated or hard. It's going to be how you implement it and how you consider that human-AI interface and how it works in best combination that will be the differentiator eventually. Thanks. It's James Tate from Goldman Sachs. I've got two questions, please. I think firstly, given the focus on returning to acquisitions in 2024, could you give an update on what are some of the key criteria when assessing potential targets? And just secondly, on GP Strategies margin, the exit run rate last year was around 17%. However, given that Q4 is a seasonally stronger quarter for the business, how should we think about the cadence of margin improvement through the year? Thank you. I'll give you too much information. It'll be slightly more positive, so Kath can take that one in a moment. Do you want to do, John? Do that now, and we'll come back to the acquisitions? Yeah, so you're right. Q4 is the strongest quarter, and we've often talked about Q1 being a weaker quarter, particularly with the exposure to Asia. If you look at the content and services H2 margin, which is about just over 15%, and gauge from there, you know, we expect the full year to be a little bit more, but we would expect to have an H2 rating still. Should I also give you all that answer without a number at all? It's going to be better than last year. We’ve signalled there’s some consistency here, James. We said when we bought GP Strategies that we knew that we had lurched dramatically towards services revenue. I don't think we did a great job about getting the message across that, you know, three-quarters of that revenue was long-term contracts, so it wasn't transactional, it wasn't vulnerable, it was resilient. And I hope that you look at these results now, two years on, and see that in what is, you know, a testing time so we can finally put the, "Oh my goodness, LTG's become a projects business," in the rearview mirror because we haven't. We've got part of projects, and they were down last year, but look at how resilient we were, and that was all because of those fabulous long-term and contracts and deep customer relationships. But even so, it's services revenue, and we have always geared ourselves to being a, you know, Learning Technologies Group. The clue is in the name. We are very focused on delivering a mixed blend of learning delivery and technologies that support it and technologies at the delivery end as well. We've got a lot of those. I think that you'll see us focus on a couple of different things. One, upgrading certain things, so either adding to or literally swapping out and upgrading. And also, we're keeping a very strong eye on the market in terms of, IP. We think that there's going to be a really interesting dynamic that goes on over the coming years with the way large language models will need to commercially deal with the IP that they need to stay alive and deliver the generative AI output that they need to. And so I think IP libraries which are not in trend at the moment may well come back into trend, but for a different reason. We're also focused on the new technologies. I think we've waited for a long time. I happen to also have been a non-executive director of an augmented reality company, an augmented reality marketing company where I've learned loads and had more false alarms than you can imagine over the last six or seven years. I still believe that technology will come to the fore eventually. I don't know whether any of you have seen Vision Pro, but it's jolly well too heavy for your head, and, you know, it's a good start, and it's way better than Google Glass, but it's not there yet. But are we 2-3 years away from something technological, you know, some hardware that's going to go, "Wow, so this now works"? You know, if you can have some of your Ray-Ban sunglasses with AI cameras in them and all the rest of it, then, I think eventually we are going to be in a situation where AI becomes a much more mainstream reality. It will be unbelievably powerful for learning. So we're tentatively watching all of those things. We're not about to buy an AI hardware company, by the way. But we are tentatively watching those sorts of situations. I'm not ruling out buying a services company. It would have to be territorial or very specialized in what it does. We are really excited about some territories that we can grow into, and we're, and we're impatient, and maybe we'll buy into the territory rather than just grow organically. But our emphasis is more looking at software and platforms. Thank you. Any other questions from the room? Claire, maybe if I could just hand over to you for any online questions, perhaps, that we have for many investors, and then I'll pick up with you at the end. Yes, certainly. Good morning. Following up on the last question, we have a question from Kai Korschelt at Canaccord Genuity. What will be the focus areas for potential M&A, software or services? I think I've answered that, but morning, Kai. Yeah, I mean, the emphasis is the tilt is more towards software, software and platforms, and clever infills, bolt-ons, or something strategic. So I'm broad, okay? And it's one of the reasons why we've strengthened our ability with the appointment of Assad because it's something that requires constant focus, and what it got from me was, and from Piers who are obviously much more involved in the operational day-to-day was sporadic focus. Any other questions, April? Yes, there is a question from Alastair at Panmure Gordon. Given the inflationary backdrop, please give us a sense of price versus volume in content and services. Interesting question. Morning, Alastair. So, we do have some more swifter ability to adjust prices in our content business because naturally it's project-based. Average project length is 6-9-ish months. So, we go out to market with what we think are relevant prices. We haven't seen a ridiculous inflationary environment in terms of our cost inputs. Clearly, our main cost input is labor. We hire, we have staff in-house employees for an enormous amount of that labor, many of them offshore, and we do hire some freelancers for particular needs. The freelance rates have gone up. Our in-house labor rates have gone up, but not to a point that's causing us a massive issue with margins. So we've made some modest price increases, but we haven't been sort of exerting pricing power. I don't think we really would have it because it's a very competitive market where we're putting, you know, 10%-20% on our prices. We're making much more modest increases. There's a reasonable balance between, you know, volume is down, there's no question, and there's a small offset by some customers paying us a little bit more for what we do, but it's not significant. Any further questions? No, that's it. Perfect. Thank you. Jonathan, Kath, thank you very much indeed for updating investors. I know investor feedback will be particularly important to you both. I'll shortly redirect those online to give you their thoughts and expectations, but perhaps, Jonathan, just a couple of closing comments just to wrap up with, and then I'll send investors to give you their feedback. Sure. So, thank you, everyone, for coming and seeing us. By the way, this is our new office. We've moved from around the corner, and this is where we're based now. So, thank you for joining us this morning. Thank you, everyone, online. And, let's see where this rather interesting journey goes over the coming months. There are, there are many things to be excited about. It's great. Jonathan, Kath, thank you once again for updating investors. Can I please ask investors not to close the sessions when they automatically redirect you for the opportunity to provide your feedback in order that management can better understand your views and expectations? It's going to take a few moments to complete, but I'm sure it'll be greatly valued by the company. On behalf of the management team of Learning Technologies Group PLC, we'd like to thank you for attending today's presentation. Good morning to you all.