Good afternoon, everyone, and thank you for coming, and welcome to the first Moonpig Group Capital Markets event. I'm Nickyl Raithatha, Chief Executive, and I'm excited today to share an update on all aspects of Moonpig Group, highlighting how we have built a platform to design to deliver sustainable compound growth for the long term. First, I just want to draw your attention to the disclaimer. If you can take some time to read it in your own time. In terms of the agenda, we have a packed agenda ahead of us today. First, I'm going to be walking through an update on our overall strategy and highlighting some of the most exciting initiatives that we're working xt, our CMO,Kristof, will dive into the markets, the customer demographics, and how our online marketing strategy is driving the shift online. David, our UK General Manager, will then showcase how our platform enables us to offer the best card and gifting ranges in the world. After the break, Georgie, our Chief Product and Technology Officer, will explain how our use of technology and data is fueling our growth now and into the future. And finally, Andy will present the financials, demonstrating how we've achieved a unique combination of growth, profitability, and cash generation. Before we start, I just want to give an overview of the team. The core leadership team has been together at Moonpig Group now for five years, with the notable additions of Alex, who joined to lead our international markets, including Greetz, and Georgie, who joined just as we shifted our technology focus away from platforming and towards growth. You have five of us presenting today, but the whole team is here in the audience, in the front row, and so please do take the time to speak to any of the leadership team in the break or at the end of the session. Today, we're going to cover a lot of ground, and I want to begin by highlighting the key messages that underscore the opportunities ahead of us. We have built a platform to deliver sustainable, compounding, double-digit growth. It's underpinned by our extraordinary cohorts, which are now even more impressive than before, and power our growth and profitability. We continue to extend our distant market leadership in a market that is rapidly transitioning online with a huge runway ahead of us, and our investments in technology and AI are now directly powering that growth. Our business has structurally high profitability and cash generation, which, combined with market leadership and our cohorts, give us all the characteristics of a true platform business. The net result is that we are generating excess cash, and today we're announcing a new dividend policy and our first share buyback program of up to GBP 25 million. Moving now to the presentation. Moonpig Group today is the leading online platform for cards and gifts. We have 12 million customers across our four brands, and together, sold almost 50 million cards and gifts last year. Moonpig represents over 70% of the business, with Greetz in the Netherlands and our experience brands in the U.K. making up the rest with around 15% each. Our vision is to become the ultimate gifting companion. We want to make it as easy as possible for our customers to be as thoughtful as possible on all of the occasions that matter to them. And we do that by investing in technology, investing in our brands, and investing in our product range, so customers can always find the perfect card and gift every time. We're confident that if we deliver on these pillars, then we will capture the huge growth opportunity in front of us. The group is now approaching 25 years old, but it's the last 5 years that have been absolutely transformational. During this time, we've not only expanded by adding Greetz, Buyagift, and Red Letter Days to the group, but we've also seen a significant step change in our scale. We've built new technology, operational, and supplier platforms that have unlocked a wave of innovation and expansion that are driving our growth today and positioning us for an exciting future. I'll now walk through the strategy and growth opportunity for our card brands, Moonpig and Greetz. We operate on a card-first, gift-attached model. The strength of our brands and our market leadership have consistently allowed us to acquire card customers profitably. And cards are the key to generating incredibly rich customer data, which we then leverage to build loyalty, to increase purchase frequency, and then to cross-sell gifts effectively. Over 60% of all cards are given with a gift, and our strategy allows us to capture this gifting opportunity without the need for additional marketing costs, as we use the data to recommend highly relevant gifts based on customer preferences through our cross-sell page, and in fact, we have designed our entire business model and technology ecosystem around this highly valuable and proprietary data set. It is a growth flywheel that strengthens with every interaction. Each card purchase gives us deep insights into the unique relationships and occasions being celebrated, and it feeds directly into our data science models to deliver highly relevant and personalized recommendations. 90% of all card-giving occasions repeat on the same day every year, and that allows us to exponentially enhance personalization over time, and this is a really critical differentiator for our business, unlike any other online shopping vertical. We have precise intent insight into future customer intent year after year... With every customer interaction, we improve the experience, and that drives higher loyalty, higher purchase frequency, more gift attachments, and viral acquisition. And the flywheel continues to gain momentum as we accelerate the capture and use of data, and as we implement new AI technologies, we collect more reminders, we drive more customers to our apps, and more customers onto our subscription scheme, all of this driving increased customer lifetime value. And the best way to see this flywheel in action is by looking at the remarkable strength of our customer cohorts. What we have seen in the last few years is that our customers have become universally and unequivocally more loyal than before. If you look at the chart on the left-hand side, you can see that prior to the pandemic, all of our customer cohorts displayed astonishing resilience. Essentially, every group of customers became an annuity from year two onwards, with 100% revenue retention. And while the pandemic clearly disrupted that pattern, it only served to improve it. And what we've seen is that all of those cohorts have now settled at a new baseline, 20% higher than previous levels. What's even better is that it's not just the older cohorts that have improved. What you can see on this slide is that all of the new customers that we acquired during and since the pandemic, have shown higher revenue retention than customers did before COVID. This is the result of all of our strategic investments paying off, driving higher customer lifetime values across the board. I'll turn now to the card market. We are the clear online leader in a large, growing, and under-penetrated market that is rapidly transitioning online. We estimate that the market today is only 15% online in the UK, and 20% in the Netherlands in value terms, and it's significantly lower in volume terms. Going forward, we expect the structural trend of the market moving online at one to two percentage points a year to resume. And indeed, as Kristof will show later, we see an enormous runway of growth ahead of us. Why will the market continue to move online? Well, put simply, it's because we have a vastly superior proposition than the offline market. We have all of the advantages of standard e-commerce, including convenience and selection. But we also have a wealth of personalization options, which make our product more meaningful to our customers and their loved ones. And as we continue to enhance our proposition with new ranges and new technologies, this gap, compared to the offline market, will continue to widen, and that will accelerate the move to online. Looking within the online segment itself, we have dominant market leadership. We're almost six times larger than our nearest competitor in the U.K. And not only that, but our market share has continued to grow in the U.K. over the last few years, as our investments in brand, range, and technology continue to power that flywheel that I outlined earlier. This is the clearest demonstration we can give of our strategy working. So why does our market share continue to grow? It's because of the deep and ever-expanding competitive advantages that we've built. Our most enduring advantage is the strength of our brands and the scale we've achieved relative to our competitors. Being significantly larger than the next player in our markets gives us unmatched marketing power and viral growth potential. And the scale also drives highly attractive unit economics, with lower customer acquisition and operational costs. However, today, our most valuable moat is data. We have more data on gifting than anyone else, and we capture more new data points each day than the entire rest of market combined. Our ninety million reminders are a core part of this moat, driving nearly 40% of our business now. The more data we collect, the more personalized and relevant we can make the customer experience, and our proprietary technology platform is designed to fully leverage this data, making our model incredibly difficult to replicate. Let's now shift to growth and how we will deliver it. There is still a long runway of growth ahead of us, and the best way to demonstrate it is to break down the opportunity into three compounding levers. We are still very early in our journey of capturing all card buyers in our markets, of capturing a significant share of their wallet, and of getting them to add more to their basket. There is no reason why we shouldn't aim to double each of these metrics here, given the opportunity you can see on the slide. In fact, if you look at the right-hand side of the page, you can see that each of these levers has contributed significantly to our growth over the last five years. We've seen a 60% growth in our customer base, a 20% growth in their frequency, and a 25% growth in average order value. And it's exactly these three growth levers which build to give us confidence in achieving double-digit growth for Moonpig and Greetz going forward. We expect our customer base to grow by two to three percentage points a year, with each customer purchasing 3%- 4% more often and spending 3%- 5% more on each transaction. We'll now take a closer look at each of these levers one by one. The first lever is growing our customer base…. The number of active customers that we have is the net result of how many new customers we acquire and how effectively we retain our existing customers. We acquire new customers by optimizing our current marketing channels, launching new ones, in particular on social media, by forming new partnerships, and by enhancing the onboarding experience for first-time customers. It's been great to see all of these efforts coming together this year as our new customers have returned to really healthy growth. We already have fantastic retention from our customers, evidenced by the cohort patterns I shared earlier, and the fact that 90% of our business is coming from repeat customers. Part of this is driven by our relentless focus on making sure the customer has a great end-to-end experience, which we measure through NPS. But the key way to drive retention is to leverage the fact that the majority of customer purchases repeat on the same day every year, and our hero tool for that is reminders. I'll deep dive into that now. We've made significant efforts over the last years to collect more reminders from our customers, and we now have over 90 million across the group. This is a crucial asset that really is quite unique to the gifting vertical, given that most e-commerce purchases are not linked to a calendar event, and over the last couple of years, we've started to focus more on how we use these reminders by personalizing them to drive conversion, and it's starting to make a real difference. We now see that almost 40% of all orders are made when a customer already has a reminder set with us. I'll turn now to the second lever, frequency. Getting customers to make more purchases, more purchases each year, it's a combination of getting them to our sites more often and then improving the conversion rate when they do. On top of a regular marketing drumbeat, we have also made significant strides on moving our customers onto our apps, where we know they buy 15% more often. And we've launched numerous creative features inside our cards, which are starting to show a positive impact on frequency for customers that engage with them. Our technology roadmap is heavily focused on driving conversion rates by removing friction throughout the journey and by using data science to personalize every part of that journey, and Georgie is gonna talk a lot more about that later. But the one initiative that is really making a difference this year is our new subscription scheme, Plus, which I'll focus on now. We launched Plus in June last year, and we have been overwhelmed by the results. Not only has the customer uptake been higher than we expected, but also the impact on customer behavior and the renewal rates into year two. So as a reminder, this is our membership scheme, where customers pay GBP 10 a year to get 30% discount on all cards and various other benefits. We now have over 700,000 subscribers across Moonpig and Greetz Plus, with that growth continuing even after we started to annualize the first renewal dates. Customers signing up to Plus have a significantly higher base frequency than our average customer, and yet we are still seeing this frequency jump by over 20% after they join. The scheme is not only profitable for us, but customers are also receiving great value, with the average customer saving over GBP 15 a year, which is critical in driving the high renewal rates that we have seen over the last few months. Plus, today, is driving just short of 20% of our entire business, and this will continue to grow over the next twelve months as we scale, supporting the long-term growth and frequency across the business. I'll now turn to our third growth lever, average order value. The primary driver in the long term of average order value is our gift attach rate, getting customers to add a gift to each card purchase. But there are also two other important factors that underpin our 3%-5% annual growth target. Price, which comes from a combination of direct increases in card or postage pricing and a gradual shift in the price mix of our gifting range, and upsell, where an increasing number of customers are choosing to upgrade to a larger card, a tracked delivery service, or to add an extra gift to their main gift. But the main driver is gift attach, and I'll focus on that now. Gift attach, powered by our cross-sell page, is driven by the range of gifts that we offer, and most importantly, the specific gifts that we choose to recommend to each customer. You'll hear more about these key drivers later, with each having a clear roadmap for significant enhancements in the coming years. Our gift recommendation engine is becoming increasingly sophisticated as we leverage advanced AI technologies to better understand our customers' intentions. We've built new fulfillment centers and stock management systems that enable us to collaborate with partners like The Entertainer, significantly expanding our gift range. The introduction of digital gifting, a Gift in a Card, opens up an entirely new and limitless way for customers to send exciting products. So while gift attach growth has been slower in recent years due to our focus on card volumes amid a challenging external environment, we are confident that moving forward, gift attach will regain momentum and become the primary driver for AOV growth. Bringing together our overall strategy for Moonpig and Greetz, we have built a platform where a powerful data flywheel gives us extraordinary customer loyalty and unlocks a clear path to delivering consistent double-digit growth. I'll now turn to our experience brands, Buyagift and Red Letter Days. As you know, we acquired these brands in 2022 with a clear strategic vision: to enter the structurally attractive experiential gifting market, and to unlock transformative opportunities for Moonpig's gift offering. Despite the challenging trading conditions over the past two years, driven by significant macroeconomic headwinds, we have consistently executed our strategy with focus and speed, and we remain as confident as ever in the long-term strategic value that these brands will deliver to the group. Our strategic execution rests on two key pillars. First, we've completely transformed the experience brands, including their operations, marketing, technology, and commercial platforms. We've made significant progress here, and I'll walk you through that shortly. And second, we've integrated these brands with Moonpig, successfully launching and scaling digital gifts on our platform. Since the launch eighteen months ago, we've seen strong traction of this, and we anticipate substantial growth in this area over coming years. The gift experience market has consistently outpaced the broader gifting market, and we expect this growth trend to resume once cyclical headwinds subside. In the U.K., the gift experience market is valued at over GBP 6 billion, and yet gifting aggregators, where we are the clear market leader, account for just 5% of this market. As we advance our transformation, we're confident in capturing a larger share of this segment, something we're already achieving this year, given our outperformance compared to the wider gifting market. As I mentioned, we are in the later stages of a major transformation of our experience brands across three areas. First, we've completed an operational transformation by relocating head office, outsourcing non-core functions, and building a new leadership team. This has resulted in greater efficiency and over GBP 1 million in direct cost synergies. Second, we've rebuilt the technology platform, replacing two decades of legacy systems with a modern AI-powered stack. This has already generated GBP 20 million in gross sales growth, and with the replatforming now complete, we are turning our focus fully towards leveraging this platform and accelerating growth. Third, we are enhancing the customer proposition. Our new platform provides greater flexibility for us now to expand our range, to introduce new brands, and to develop new and innovative ways for customers to discover and book experiences. This work is still underway, but we are confident this is gonna allow us to better respond to shifting customer preferences, and as such, it's gonna be a major focus for us, major focus area for us going forward. So where does this transformation take us? In the medium term, we anticipate double-digit growth for our experience brands, driven by the ongoing transformation plan and the structural shift towards more experiential gifting. Four key drivers underpin our growth expectations. First, increasing the number of orders through range expansion, enhanced marketing efforts, and a stronger focus on technology. Second, steady growth in average order value, fueled by price optimizations and smarter upselling strategies. Third, growth through third-party sales, not only via Moonpig, but also through partnerships with major online platforms like Amazon and Argos, and exclusive retail agreements with partners such as WHSmith and John Lewis. Fourth, we have a unique opportunity to boost the total value of each order by engaging gift recipients directly, offering multiple upsell and cross-sell opportunities. This focus has already started to deliver results, with over 1,000 experiences now available for booking and upgrading through our platform. Despite a challenging trading environment, our strategic transformation is well underway, and we are making significant progress in unlocking the full potential of our experience brands. The second strategic pillar behind the acquisition was integrating experience products directly into Moonpig cards, creating not only a powerful distribution channel for the experience brands, but also introducing a new, exciting way of gifting for Moonpig customers. We launched the first-ever gift in a card on Moonpig eighteen months ago, and as we've expanded the product range and increased awareness, we grew gift experience gross sales on Moonpig to GBP 2.3 million last year. We expect this to double both this year and again next year. While there's still work to be done, refining which products and price points resonate best with customers and optimizing our data science algorithms to better understand the new category, the strategic rationale for the acquisition remains as compelling as ever. Let me take you now through our new markets business, where we're making significant progress on two exciting expansion initiatives, each with the potential to unlock substantial medium-term growth opportunities for the group. The first initiative is expanding our card business into new markets, including Ireland, Australia, and the U.S., all of which have now successfully launched. The second is entering the corporate market with a new product, Moonpig for Work, which enables companies to easily send personalized Moonpig cards and gifts at scale to their employees and clients. We'll go through each of these in turn, but first, it's important to highlight our operating principles and our expansion model. Corporate innovation is challenging, and so we have structured our expansion teams to remain as entrepreneurial as possible. Small, agile teams that operate separately from the core business and report directly to me. They are given short, clear, short-term milestones, allowing us to test and learn quickly, while continuously evaluating whether the path forward is viable. Our expansion strategy is straightforward and focused. We aim to bootstrap our way to product-market fit, which is the point where we can acquire customers profitably, and this approach applies to all of our new markets, allowing us to limit investment, to maintain a rigorous testing process, and to only scale once we identify a clear path to profitability and the potential for significant returns. Let me walk you through this approach on our international markets, where we've launched in three countries over the last two years. Each of these three markets has a strong culture of greeting cards, and none has a direct Moonpig competitor, giving us a valuable first-mover advantage. All new markets start in the discovery phase, and over time, if successful, move into the Product-Market Fit stage and then the profitable growth phase. Ireland was our first market and is now firmly in the third phase. Two years ago, our small team quickly identified a target demographic, secured a local production partner, launched a small gifting range, and tested a variety of marketing channels and partnerships. And through a combination of low-cost operations and rapid iteration, we successfully found a way to acquire customers profitably, well below their Lifetime Value. As a result, Ireland has become a profitable market today. While it's still small, it continues to grow steadily and offers a strong validation for our expansion strategy. In Australia, which we launched just over a year ago, we started with very low brand awareness in a market of a similar size to the Netherlands, and so whilst building brand recognition has taken time, we can see it steadily growing, and as a result, we're seeing consistent improvements in customer acquisition costs as our marketing efforts gain traction and lifetime value is rising every month, so as a result, we can see a path to profitable unit economics in Australia, though we are not there yet, and finally, we launched in the US around six months ago. We are still incredibly early in exploring this market, but we have had some early exciting wins, including some viral TikTok videos at Father's Day in June, which led to more new customers in one month than we got in the entire previous year. To highlight the disciplined investment approach that we take, these markets are self-funding in aggregate, with the profits from Ireland offsetting the investments in the other two markets. And the only reason that is possible is because we have designed our expansion to leverage a huge amount of our central capabilities. This international strategy is designed to use group capabilities and assets wherever possible, only localizing where essential. And this allows us to maximize on our existing strengths, such as targeting Brits living in Melbourne or Americans in the U.K., and using our group creative assets. We also leverage our tech platform to deliver world-class apps, reminders, and APIs off the shelf, and of course, can offer a full suite of 40,000 card designs in an instant. This just leaves our international team to focus on the final 10%, tweaking comms to resonate with a local audience, adding a tailored card range, and finding local gift partners. A great example of this strategy in action is our approach to the U.S. market. Rather than dealing with the complexities of physical gift sourcing and fulfillment, we deployed the digital gifting capabilities that we developed for experiences in the U.K., and we used it to launch gift vouchers in the U.S. In summary, our international expansion leverages core group strengths with a self-funding model. We have profitability in Ireland, strong momentum in Australia, and promising early results in the U.S., which position us for continued growth in the future. Next, I'm excited to introduce you to our latest product, Moonpig for Work. I thought the best way was through a short video introducing the product. Here we go. Introducing Moonpig for Work, the world's first employee and client appreciation platform centered around a greeting card. It's now super easy to send highly personalized cards to your team and clients. Let's take a look at how you can celebrate your team's work anniversaries. Start by creating a new project, then choose a design from our range of work anniversary cards. You can then add your company logo for that extra personal and branded touch. Using our AI-powered editor, you can generate a heartfelt message, add a photo of the leadership team, and decorate with stickers. Thank you. ... Next, paste your list of recipients, complete with their names, addresses, and anniversary dates. We'll then do the rest, scheduling each card to arrive right on time for each person's unique anniversary date. In just a few moments, you can create hundreds of personalized cards with the right anniversary year and recipient name, and send them to a different home address, all on different dates. That is personalization that just doesn't exist in today's market. I think this is an incredible product, and it has the potential to unlock a substantial new market for us. One of its key advantages is the ability to attract large corporate clients who could spend a hundred times more than a typical customer. The product is inherently sticky. Once customers start sending cards to employees, it's difficult to stop. And plus, it offers strong operating leverage. It requires no additional investment in our existing facilities. We are, though, still in the very early stages of the product. We currently have five customers in a private trial, and we've been refining the product based on their feedback. Over the coming months, we'll carefully expand the platform to more customers with a focus on continuous improvement before a full market launch. Next year, our focus will mainly be on testing different customer acquisition strategies while further enhancing the product, adding more automation, adding gift options, and adding more occasions. Beyond that, there are many opportunities to scale, but for now, our only priority is to achieve product-market fit within the core offering, and that brings us to the end of the first section. Moonpig Group demonstrates all the hallmarks of a platform, with market leadership, strong customer retention, and high profitability. Our incredible customer cohorts at Moonpig and Greetz have grown even stronger over the last five years. We expect Moonpig and Greetz to achieve consistent and sustainable double-digit revenue growth, driven by increases in active customers, purchase frequency, and average order value. Our experiences business is executing well against its transformation plan, and the long-term strategic opportunity remains as compelling as ever. Although still in the early stages, our new markets offer significant potential for long-term growth. With that, we'll move to a short Q&A session just with myself to answer your questions. Yeah, and then we'll continue with the rest of the presentation. We'll probably take 10, 15 minutes of questions now. I have a question at the front. John Stevenson, Peel Hunt covers the... A couple to get us going. First question: You've done a lot of heavy lifting, obviously, in terms of the systems behind this in getting, particularly gifting into the card business. What are the biggest blocks now for attach, and how are you sort of trying to solve these? And a second question just on Plus. I mean, clearly, your best customers have gone in there, and you've got great results. To what extent have you got experience of bringing in newer and lower-level spending customers, and are they showing the same sort of trajectory? Yeah, great questions. So, I think on Attach, you're going to hear a lot more about that later. I think actually you'll see David will walk us through exactly what we're doing with the gifting range, and Georgie is going to talk a lot about how the algorithm is getting smarter. Those are the two drivers of Attach. It's really, it's all about, you know, how can you make sure you have the best gifts, and then you show the right gift to the right person, given we have limited real estate, and we've got a long runway there. I think the key is that we've just built capabilities that allow us to now really execute. So within the range, we've built a consignment capability, which means we can work with new partners in much more interesting ways than before. And we've built digital gifting, which kind of is an unlimited variation of where that can take us. So that's really exciting. And I think, you know, the way that we are using AI to leverage that data, to understand exactly what your intent is, to understand the message inside the card is making our algorithm smarter every day, and so. But we, you know, we'll cover that a lot more in the next couple of hours. I think on Moonpig Plus, we've seen, as you would expect, our best customers were the first to sign up. I think it was quite an interesting moment for us when we started to annualize, you know, in June, because not only do you kind of see, well, what are the renewal rates going to be of existing, you know, members, but you start to see, do you start to sort of lower the sign-ups? What we've seen is that the sign-up rate, so if we essentially measure the percentage of customers that are signing up every day or percentage of orders signing up, hasn't changed as we started to annualize. Even customers that are coming back, you know, the second year, we're still seeing really good sign-up rates. All of the sign-up is organic. We haven't spent a penny acquiring any members, so this is just basically customers, as they're going through their journey, being tempted, and of course, we optimize that flow. The last point, I think, to your question was, as customers have kind of, I guess, less frequent, I wouldn't say lower quality, but less frequent customers have kind of joined, what we've seen is the frequency uplift has been consistent. So actually, we see that, you know, more than 20% frequency uplift, regardless of if a customer was buying 15 cards before or five cards before, and that's been very consistent across the base, and that's really encouraging for us. Hi there, Andy Wade from Jefferies. Sorry. A couple for me. The first one, I suppose, on gift attach. We've got the sort of 17.3%, in terms of that gift attach rate now. Obviously, just sort of reflecting back on that, it's about the same level we were at, at the IPO and FY 2019, but there's been a huge amount that has been done in that time. You know, your gift range has extended, you've added more categories, you've got brands in there you didn't have. And the algorithms have gotten smarter over that time as well. So I appreciate that we've sort of seen a bit of a cyclical headwind from, I think it was September, October 2022, that sort of time when you first noted it. But I guess the question is, I'm coming into land here. Is the quantum of what you've got to change is gonna be significant enough to drive the uplift, given what we've already seen in the last few years hasn't done that? Yeah, absolutely. I think, you know, we kind of look at kind of the trajectory before the pandemic, was essentially we were adding between one and two points a year to attach. So that trajectory was very, you know, pretty consistent if you look kind of 2018, 2019, 2020. It hasn't moved that much since 2021, so since sort of the peak of the pandemic, and I think, you know, we have seen, you know, pretty significant headwinds on gifting, and, you know, we see that across the group. The way that we think about it, and the way that we know that actually what we're doing is adding real value, is we measure the uplift. Every time we deploy a new algorithm or a new upgrade to our recommendation engine, we kind of A/B test that. So we show it to two different groups of customers, and we can measure the difference. We know that actually we've driven the attach rate significantly through what we've done. We do similar things when we launch a new, you know, a new brand. We saw the attach rate lift on the kids' range when we launched The Entertainer. We saw it lift on food and drink when we launched Hotel Chocolat. We are able to measure the impact we're making, which tells us that if we weren't doing this, the attach rate probably would have been going backwards. I think really the macro headwinds have been pretty real. We're starting to see those, you know, stabilize at the sort of gift prices that we offer, so at the 15 to, you know, 20 GBP kind of average gift price on Moonpig. And actually, I think that gives us a lot of confidence that now we'll really start to see that attach rate momentum pick up. And so, you know, I think the other thing to remember is, you know, we're selling, you know, whatever it is, two or three times the amount of cards that we were prior to the pandemic. We've got 60% more customers. So the fact that we've kind of maintained the attach rate, even as we've kind of really grown the customer base also is something that, you know, is quite exciting to see. And just following on from that, just from what you said there, it's well, clearly inferring that the propensity to attach from your customers over that period has gone down. You said that it would have fallen. Presumably, you're confident that that is a cyclical factor rather than a competitive factor. And what makes you confident in that? That is the first part of the follow-up. The second part is, if it is a cyclical rather than competitive factor, I don't wanna talk about competitive factors. It could be that more people are just using Amazon Prime than they were, as an example, three or four years ago. But what makes you confident it's a cyclical rather than competitive factor? And secondly, if you do believe it's a cyclical factor, could we see quite a big reversal if, as, and when, as in a positive So we absolutely believe it is a cyclical factor. You know, I think all of the research, and we'll run through some of the research, you know, tells us that, you know, customers are still giving gifts with cards. And, you know, that's something that, you know, you know, is a huge market. We offer the most convenient solution, obviously, you know, to attach a gift with Moonpig, compared to buying it elsewhere. You know, it's harder to combine those cards. And so, you know, from our perspective, I think the research tells us that customers are still willing to do it. I think all of the evidence we've shown in terms of how, actually, you know, when we put the right product in front of the customer, they do buy it. When you put the right brand in front of the customer, they do buy it, tells us it's there. You know, but we have, you know, we have data on gifting. You know, the gifting market, we track pretty closely. You can see this year it's down 15%, year- on- year. Last year, it was down, I think, even slightly more, the UK gifting market. And so I think, you know, we, we're very confident there's no, you know, there's absolutely no structural trend away from gifting. I think this is just actually, you know, getting people to... You know, if you think about the nature of our business, they come to buy a £4 card. Getting them to upsell to, you know, a GBP 15, 20, 25-pound gift, it's harder when there's a cost of living crisis going on. And actually, you know, I think the important thing now is, you know, our attach rate is in growth. And so, you know, as we... You know, if we think about a flat baseline, then actually we're pretty confident that the sort of what we're doing in terms of self-help is actually gonna really, you know, drive that momentum of attach going forward. Really helpful. Thanks, Nickyl. I've got a couple more, but I'm gonna let someone else have a go. Only two? I know. For now. Hi. Hi. Vish Salem from UBS. Just a really quick follow on from that one, just to kind of sort- Yes. -side thought. The kind of convenience factor of that gift attach for you guys is obviously even more compelling if the card is being sent directly to the recipient rather than going via the buyer, as it were, because it's all sent in one convenient package, right? What percentage of the cards bought, do you know, go to a different person than the buyer, go directly to the recipient, as it were? So it's around 60% in the UK, it's 95% in the Netherlands. Any other questions? Oh, got one at the back. Hi, David Hughes at Shore Capital. Previously, you've talked about international expansion in the US and Australia having challenges to do with the reliability of next-day delivery through the postal services there. Is there anything you're doing in terms of your proposition or the way you're targeting that or your way you're planning on to deliver to try and overcome that? Yeah, I mean, look, it is, it's a fundamental difference with at least how the postal services used to operate in Europe, which was, you know, a reliable next-day service for, you know, a very affordable price. I think the way we're approaching it is two-fold. I think one is to make sure we give the customer options. So, you know, I think even in the U.S., there's an option for a FedEx option. It's pretty expensive, but actually a large amount of customers are taking that premium option if they want it the next day. But the major focus for us is really on telling customers they do need to order things in advance, and... I think, you know, actually, there are lots of categories and products where customers are accustomed to, you know, to buying and waiting, even knowing you need to wait three days and, you know, four or five days for something to arrive. So, you know, the way we can do that, you know, really grows over time when we build that reminder space. So, you know, a lot of our education in these markets is, you know, we're not entering a market selling convenience. We're entering a market selling a product that you cannot get elsewhere, because the concept of a personalized card in Australia, or a printed personalized card in Australia or the U.S. is completely new. It doesn't exist. And so actually, we're selling that novelty factor, which is why you know, we're bringing customers to us. As they come to us, as we get their reminders data, I think that's when the flywheel really starts to work, and you can kind of offset it. And it mirrors, to some extent, what we're doing in Europe, which is trying to pull our customer orders forward so they get better at planning, because, you know, we know that actually the days of, you know, 100% reliable next-day delivery are not, you know, not here anymore. Thank you. And just one more, if I may. In terms of the overall card market, you've talked historically that that's very consistent at around twenty cards per person per year, but it's the online penetration you expect to grow. Is that still the case? Are you still seeing that kind of stability in the overall market, do you think? Yes. So actually, you know, Kristof, in the next section, is going to run through the updated market data. So we've got kind of refreshed data there, but the overall cards market in the UK and the Netherlands is growing in terms of value. You know, still very healthy in terms of per capita. We talked about, you know, frequency being a big driver for us. We have a huge amount of share of wallet to go for. You know, our average customer is buying, you know, three, just over three times a year with us, and, you know, we know that they're buying, you know, kind of close to 20 cards in total. So there's still a huge opportunity for us. Georgie? Thanks. Hi, it's Georgina Johanan from JP Morgan. Just a really quick one, please. Just at the beginning of the slides, you talked about how that 2016 cohort had actually landed higher in terms of spend than the previous kind of cohort. How much of that step up is actually volume, be it frequency or incremental gift attached from that year, and how much is perhaps just infla\tion and card prices and so on, please? That's just order frequency. So that's... Is that right? No, it's, sorry, it is right. Is it revenue of- Order frequency. That's. I think it's so yes, so the jump in frequency is a 20% growth in order frequency from all customers. Maybe I misunderstood, but I think on the slide, it's showing a sort of annual revenue percentage versus first-year revenue going from 51%- 63%. That's all coming from the order frequency, is it? No, sorry, so the slide, I think there's a chart on the right which shows the sort of the average uplift in frequency. So 20% of that growth in all cohorts is frequency, and the rest would be through average order value. Okay. Thanks. Thank you. Hi, Ross Broadfoot from RBC. So 51 million card buyers in the UK and Netherlands are currently at around the GBP 4 card. So that's really the gateway. By lowering that gateway in terms of that price, what do you think that could do for the business? Is that something you've considered? It's actually. Well, it's something we've considered, but it's not something we see as an obstacle to growing in any way. You know, one thing about greeting cards is they are incredibly price inelastic, and so we've done a lot of testing over the years, increasing prices, decreasing prices, testing different prices, and we see zero impact on conversion in either direction. Actually, that's, you know, that's something that is a really interesting component. You know, there are other players out there that offer, you know, similar-ish products for us, at least on the surface, for, you know, for GBP 1.99, and you know, they've been unable to get traction. So, you know, and then probably the third thing, as Kristof will show shortly, is, you know, when you survey customers, when you ask them their reasons for buying online, their reasons not for buying more online, price just sits right at the bottom of that list. And so for us, actually, you know, to grow the business, it's really about, you know, just having exciting, compelling product that brings people on board, marketing in the right way, and then using that data to really just get that flywheel working and get them to buy more cards more often. And, you know, for us, it's about having a better product, a more convenient product, and a better design, not price. Should I take one more question, and then, I'll turn it over to Kristof, if there is one? All right. Thank you. Thanks very much. So yeah, next up will be our Chief Marketing Officer, Kristof Farhi, who's going to be talking about the customer and the market. Great. Thank you, Nickyl. Good afternoon, everyone. Pardon me. I'm Kristof Farhi. I'm the Chief Marketing Officer, and it's great to be speaking with you today. So I joined the Moonpig leadership team five years ago, after two decades of leading marketing in organizations across a range of industries and sectors, working for companies such as William Hill, Yahoo, Checkatrade, and Ladbrokes Coral. And here are some of the things that have stood out in my time at Moonpig so far. One, the power of our brands, from people singing the jingle to me when I tell them I work at Moonpig, to the fact that nearly 90% of our traffic comes directly to us. It's a number I haven't seen in any other online business. Secondly, the strength of our installed base, with nearly 90% of our revenue coming from existing customers. Thirdly, there is so much market to go at. We believe there's a 5X opportunity to grow card volumes, and as the market leader, it's ours for the taking. This afternoon, I'm going to be taking you through that opportunity and how today, Moonpig Group operates in a large, underpenetrated market that's moving online. It's a market where we hold a clear leadership position and are well prepared to take full advantage of the consumer shift towards digital channels. The market we operate in is significant, under-penetrated, and moving online at pace. The gifting market across the UK, Netherlands, and Republic of Ireland is worth GBP 58 billion, with GBP 2 billion in cards alone, GBP 24 billion in card-attached gifting, and GBP 6.5 billion in experiences. There are two key points here, which I want to bring your attention to. Firstly, while we've seen a shift online, with a 50% increase in both volume and value penetration between 2019 and 2023, only 6% of single greeting cards are currently purchased online. Secondly, while the volume penetration of this large market is still low, the customer penetration is much higher, with around 40% of people in the U.K. already in the habit of buying cards online. That means that a large part of the growth opportunity will come from getting existing online buyers to buy more of their cards online, and we are clearly in a position of strength with our large existing customer base and established market-leading brands. The singles card market itself is large and growing, valued at GBP 1.4 billion in 2023 in the UK, and EUR 309 million in the Netherlands, with both markets in year-on-year growth. But most importantly, the cards market is characterized by predictable, recurring purchases, with 88% of our current sales mix coming from recurring calendar occasions such as birthdays, anniversaries, as well as major occasions like Mother's Day, Father's Day, Valentine's Day, and of course, Christmas. And this is where the magic of Moonpig Reminders really matters. It means we can talk to customers at a point of purchase intent, because for nearly all of those repeat occasions, we know when that's about to happen, and nobody else in the market does. And this is core to why we have such strong retention in our customer base. Our 90 million reminders are driving almost 40% of orders, and it's something that no other online shopping vertical has, and that we can take full advantage of. What's more, the greetings card market is incredibly resilient. Research shows that cards are among the consumer categories most resistant to economic downturns, and this was evident from our research during the time of our IPO, and it still holds true today. So even when customers consider cutting back in other areas, such as travel or groceries, card purchases remain a priority. Additionally, all age groups continue to buy cards, with cards per capita at an average of 19, and all consumer groups expect to buy more cards online in the future, with the 18- 34 age group showing the largest projected increase in online penetration at 12 percentage points over the next three years. This means that the pool of our potential buyers will continue to increase, ensuring that this market is going to continue to grow. What's going to drive this shift online? As you can see on this chart, at the top of the page are the reasons why customers buy cards online, and they're very clear. It's personalization, choice, and convenience. As you've heard from Nick already, those are our core existing strategic pillars, and central to what we've been focusing on as a business already. What's interesting is we often hear the question, whether price is a barrier to buying more cards online, but consistently, research on our price elasticity test, they show this is not the case. Again, this latest piece of research backs us up, as you can see towards the bottom of the chart. So far, I've outlined the clear potential in the cards market and the fact that customers across all age groups expect to continue to move online, and that our core strategic pillars align with the core drivers of that migration. Now, I'd like to talk to you about how we believe we are ready to take advantage of this. Moonpig and Greetz have established clear brand leadership in the online card market. As you can see on the left-hand side, the market has consistently moved online, and we expect that to continue. We anticipate online penetration to increase by five percentage points in the U.K., and three percentage points in the Netherlands by 2027. Then on the right-hand side, we have clear market leadership, and that leadership has extended significantly over the last five years. In the UK, Moonpig outperforms its nearest competitor by nearly six times, and in the Netherlands, Greetz leads by almost three. This shows the flywheel of our business working. As the market moves online, our leadership will only strengthen. We are proudly for everyone. Our existing customer base is broad, with wide representation across all demographics, age, gender, region, and income. During a period when our active customer base has risen from seven million in 2019 to over 11 and a half million in April 2024, this customer profile has remained consistent. This broad customer mix provides a stable foundation for growth because we already know that our current proposition has mass appeal and relevance. As the market continues to shift online, we are not reliant on any single group or income segment. According to OC&C, after analyzing market data and considering the current online proposition and the barriers preventing people from buying online, they estimate there's an almost fivefold increase in volume that could be achieved, and what's really interesting here is that it comes from two distinct levers, both of which are in our control. Firstly, there is an opportunity to increase the number of online customers by 60%. Secondly, there is an opportunity to triple the frequency of online purchases from customers. Combine these two levers together, that's more customers buying more cards, there's a potential fivefold increase in the current online market volume without us changing our current proposition, and there is potential for this to grow as we further evolve our product offering in the next few years. Now, we have designed our entire marketing strategy on two pillars designed to unlock those two growth levers. The first pillar is focused on growing our customer base to capture that 50% market growth opportunity through new customer acquisition and retention, and we do this with strong leading brands, combined with data-led performance marketing, enable us to acquire customers efficiently and effectively, and we build retention through our indispensable reminder service, combined with personalized CRM to deliver the right message at the right time, resulting in remarkable customer stickiness. All of which, we believe, puts us in a strong position to take advantage of the opportunity we see in increasing online buyer penetration. Now, while a large part of our increasing frequency is driven by our technology and data science, marketing also plays an important role, so our second marketing pillar focuses on increasing frequency for existing customers. With our Plus subscription, we already have over 700,000 subscribers with a higher frequency than the standard customer. We know app drives frequency and lifetime value, and it's core to all our marketing activities. Combine these with our AI-driven next best action programs, which expose customers to even more of our offer. We believe we're in a great position to take advantage of the opportunity to increase frequency. So let's go into our acquisition strategy in a little more detail. Our acquisition activity uses broad reach brand campaigns and a targeted AI-led multi-channel approach, with a broadly 50-50 budget split between awareness and conversion activity. We have the strongest brands in the market, both at over 90% brand awareness, and to continue to build and maintain those brands, we use mass reach channels such as TV, YouTube, video on demand, and digital radio. For conversion, we use Google, social platforms like TikTok and Instagram, and the app stores to harvest and convert intent. So wherever and whenever customers are looking for our brands or for a particular occasion, we are there. And this combination of driving awareness and converting intent is how we acquire roughly a couple of million customers per year who pay back within twelve months. So what's the end result of this marketing strategy? Well, it's a business that has extraordinary customer characteristics, because our brand awareness and position in the market ensures that nearly 90% of our traffic come to us through brand search or direct. Now, I've worked across many different industries, and I haven't come across an online business that has this level of direct traffic. It is both unique and compelling. Over the last years, we have complemented this through a broad social media presence as those platforms have grown significantly. As just one example, in the past year alone, we have doubled our direct traffic from TikTok. All of this sets us apart from other businesses who are largely dependent on paying Google and Meta to drive traffic for them, while our brands, built and nurtured over the last twenty years, do the heavy lifting for us. The other key element in growing our customer base is keeping as many of the customers we have as possible. Let's turn now to how we do that. We create personalized welcome journeys for new customers, as we know the importance of early engagement in developing that Moonpig and Greetz habit. In the last year alone, those journeys have driven a 10% improvement in the 60-day repurchase rate. And as Nickyl highlighted earlier, our 90 million reminders are key to building loyal customer relationships, with 39% of orders placed within 7 days of a reminder. And we know our customers love our legendary reminder service. When I tell people I work at Moonpig, yes, they sing the jingle to me, but everyone has a story to tell about how our reminders have saved them from forgetting many important occasions. And when a customer hasn't set a reminder, we use our data to create intelligent, personal reminders, recognizing past behaviors to encourage customers to purchase again. Data is also key to reactivating inactive customers through personalized win-back campaigns. All of this activity is core to driving retention, ensuring we build a strong customer base, creating more opportunities to drive usage, which continues to compound over time. Now, I'll focus on the second pillar of our marketing strategy and the second element of the market opportunity, growing customer order frequency. Firstly, in order to engage with customers, we need them opted into marketing, and working with our colleagues in product and tech across the customer journey, we've achieved a 60% year-on-year improvement in opt-in rates, enabling us to engage more effectively with customers through all our CRM activities. Our subscription product, Plus, drives both frequency and retention. With over 700,000 active subscribers already, Moonpig Plus takes our best customers and grows their frequency by 20% compared to a standard one. Promoting Plus as a service is a core activity alongside the app, where we also see an increased order frequency from customers. In addition, our next best action activity utilizes a combination of AI and real-time data to create hyper-relevant customer emails to drive frequency. So as an example, if a customer's bought a new baby card and doesn't attach, they would get an email highlighting our brilliant baby gift range. All of this activity combined is designed to ensure our customers return to us for more and more occasions, so that Moonpig becomes the first place they start for any gifting or card occasion. So to conclude, Moonpig and Greetz are the clear online leaders in a single cards market that is large and moving online. There's opportunity to grow online market volumes fivefold, and our marketing platform grows active customers by driving acquisition and retention. Our technology initiatives give us multiple levers to continue to drive customer frequency. So thank you for listening. I'm going to hand over to David now to take you through the customer proposition. David? Thank you, Kristof. Good afternoon, everyone. I'm David, the general manager for Moonpig, and I'm really excited to be here to explain how the platform we have built enables us to source, create, and personalize the perfect card and gift for every customer and occasion. Now, I've been with Moonpig Group for six years, having spent time in retail with the likes of Sainsbury's and WHSmith, and the majority of my career in online, including Play.com and Rakuten. Now, our product range is a huge competitive advantage for us, and the platform we have built ensures we can always have the perfect card, which is critical in unlocking customer frequency. Alongside, of course, continually evolving an amazing gifting range, which is part of our long-term strategy to grow gift attach. Now, let me explain how we've achieved this. We've created a platform that delivers the ideal card and gift combination for every occasion. What does this mean? For our customers, it means they can easily find a card that reflects their relationship with the recipient, personalize it meaningfully, and pair it with a recommended gift for a complete gifting solution. For our business, it means we have a world-class range that gets customers buying more cards and adding more gifts every time they engage with us. The platform's strength is built on two key components: one, a design platform that offers a carefully curated, personalizable selection of cards for every occasion, powered by technology that lets customers create truly one-of-a-kind designs. Two, a flexible gifting platform designed to deliver curated gifts through diverse sourcing channels, which perfectly align with our card designs. Let's explore each of these in turn. Our global design platform is the engine behind our cards, a marketplace that lets us source cards instantly from designers globally. The platform allows us to launch trending designs rapidly, adapting them to local markets to ensure every customer has relevant options. Our technology then gives customers tools to personalize, edit templates, and add features to both the front and inside of the cards, delivering that unique card. And with over thirteen thousand customizable designs on the front of cards and ten million creative features used, we really do make card creation effortless. Now, let me show you how our platform enables the creation of an unrivaled range of cards. Ensuring we have the perfect cards for every occasion is key to capturing all of our customers' card purchases and unlocking frequency. To do this, our card teams collaborate with a diverse network of creators worldwide to guarantee that we always have the designs our customers want and right when they need them. This could mean our in-house design team delivering seasonal ranges or partnerships with independent artists, capturing moments like the buzz of a Taylor Swift tour, or indeed, strategic alliances with major brands such as Disney, to secure exclusive collections. Our marketplace model enables collaborations with a wide variety of content creators, including leading card retailers, and we're thrilled to announce a new partnership with Scribbler, bringing their popular humor cards to our platform very soon. Scribbler's enthusiasm to join us highlights the value of our marketplace as a powerful distribution channel and confirms that major brands see us as the go-to platform for cards. But it is by blending our extensive card range with tech-driven personalization features, that we are able to truly differentiate our offer from the offline channel.- Our tech-powered platform allows customers to personalize cards in a way that truly sets them apart from the offline market. In recent years, we've significantly enhanced these features, adding custom stickers, video messages, and flexible photo templates, creating even more options to help customers create cards that no one else can do. Customers also love them, using these features on over 10 million cards now. With our acquisition of Buy ag ift, we've taken the gift-within-a-card concept to a whole new level, which I'll update you on later. Our creative features don't stop there. We have an exciting roadmap of new innovative features driven by emerging AI technologies. Our future AI features will set us apart from both the online and offline competitors, attracting new customers and giving all customers reasons to buy more cards with us. How will we achieve this? We're just beginning to explore AI card creativity. In the last year, we launched Smart Text, a ChatGPT-powered tool that assists customers in crafting meaningful messages, a feature which has now been used in over six hundred thousand cards. By removing barriers to online card purchases, this feature encourages repeat visits, offering a valuable solution when customers struggle to find the right words. We're only getting started with more AI-driven feature innovations launching soon. In the next few months, we will launch AI stickers, where a few simple prompts enables customers to create custom stickers tailored to their cards. Imagine wanting to create a unicorn-themed card, which features a cake with exactly seventeen candles on for your niece's seventeenth birthday. Well, soon, our new AI feature will bring this to life in seconds, adding a truly personal touch to any card. Alongside this, our AI team is actively exploring new ideas that can completely reinvent the card creation process. AI-generated cards or features such as face swap could all be possible in the future. But it is our upcoming AI handwriting feature that I believe is a true game changer for new customer growth. Soon, customers will be able to upload their own handwriting to the platform, which addresses a major barrier to online card purchases, as for many, the personal touch of a handwritten message is essential. So let me show you how we'll be bringing this feature to life. Introducing your personal handwriting at Moonpig. 30% of card buyers don't buy cards online because they want to add their own handwriting. We launched handwriting functionality in 2017, and while this offers a great solution for doodling and children's drawings, customers told us it wasn't always convenient for handwriting, with 72% not having a pen and paper to hand. We're about to make it easier than ever. Simply create your own handwriting in under 60 seconds by writing out the letters with our simple creation tool, and it will be saved to your Moonpig account, ready to use for any card, any occasion, forever. Your personalized handwriting will appear like magic in your font list, where you can easily select it. Type your message as you normally would, and your own handwriting appears in the card. You can adjust it however you like, change the size, the color, or even add stickers. By using AI, we ensure your handwriting looks beautiful every time by perfecting your letters and joining them up, too. It's fun, fast, and completely customizable. And now it works seamlessly with our other creative card features to really make the most personal card ever. The first version of your personal handwriting launches this Christmas, with more improvements coming in twenty twenty-five. I have to say, I absolutely love that feature and so excited about it coming this Christmas. It'll definitely improve my handwriting. Now let's turn to our gifting platform. Our gifting platform is transforming our business into a dynamic gifting marketplace, designed so that we can curate our range to drive long-term growth in attach rate. Unlike traditional retail ranges, our mission-based sourcing approach is tailored so that we can recommend specific gifts for occasion, delivering a low inventory, high margin model. Our platform leverages a variety of supply routes, including wholesale, dropship, consignment, and digital delivery, to keep our gift offering flexible, relevant, and scalable. So let me explain the approach for each of these supply options. To drive attach rate, we must continue expanding our gift range to offer the perfect gift for every occasion. To achieve this, we've developed direct sourcing partnerships with leading brands, giving us access to fast-moving gifts with proven sales records, ensuring we not only boost attach rates, but also maximize margins. We collaborate with trusted brands to offer a wide range of gifts across categories. In chocolate, for example, we cover every occasion, from everyday indulgences with Cadbury to premium milestone birthday occasions with Hotel Chocolat, with partners often collaborating with us to create exclusive products, seasonal items, and joint marketing initiatives. While this has previously formed the vast majority of our gifting range, that's now changing with the new capabilities we've built. Two years ago, we made the strategic move to bring gifting fulfillment in-house within our Tamworth facility. This decision has transformed our flexibility in product range and inventory management. Upgrades to our stock management system mean that as of last month, we are now able to work with partners on a consignment basis, which really is a game changer for us. It means we can find world-class partners to manage entire categories, getting access to leading brands and their complete product ranges, all with no inventory risk. Our first partner launched with this model is the toy giant, The Entertainer. The early results are encouraging, and we've already seen strong growth in the attach rate for baby and kids cards in the very short time since we launched. Combined with our flower business, consignment now makes up over 20% of our gifting range, and we have an ambition to double this in the coming years as we look to find new category partners in verticals like health and beauty, homeware, and books. We have built the capability to create a physical gifting range that perfectly complements every card design. With our acquisition of Buyagift, we've also now got the capability to expand into digital gifting options as well. Digital gifting is a key strategic pillar of our business, providing customers with a new way to gift, and enabling us to source an experience for every recipient and every occasion. In under two years, we have delivered a GBP 2 million business that is on a trajectory to reach GBP 5 million this year, and we see growth potential in this category rising to GBP 10 million over the next eighteen months. Alongside strong growth in digital experience sales on Moonpig, we've expanded our gift in a card concept beyond the experiences sector. Our first step is launching digital gift cards in the US, with plans to bring them to the UK very soon, and by introducing same-day gifting through e-cards, we've extended our peak sales periods and established ourselves as the go-to destination for last-minute gifts, so in summary, the last couple of years have given us transformable new capabilities to grow and enhance our gifting range. With the addition of consignment capabilities and digital gifting, as we continue to add more brands, new category partners, and expand our digital range, we are confident that this will drive our gift attach rate higher in the long term. Now, let me show you how bringing all of this together creates something truly unique, an experience that simply can't be matched by anyone else. So for the ultimate gifters among you, here's what can be created when we combine all our unique features and extras into one unforgettable gift solution. Now, while customers don't have to be this creative, and many may choose not to be, those who want to unleash their creativity, will find that only Moonpig has the tools to make it happen. This Disney card showcases full personalization, custom stickers, a video message, photo upload, and even someone's handwritten note. Paired with an afternoon tea experience and a Disney-themed bouquet, recommended by our engine, this card is a one-of-a-kind memorable gift only available with us. So in summary, our platform enables Moonpig and Greetz to source the best card designs and gifting brands from a broad range of partners. Our technology is enabling a rapidly increasing number of our customers to personalize their cards in innovative ways We now have a full consignment availability, capability, enabling us to work with partners to manage entire categories, all inventory-free, and digital gifting sales are doubling year- on- year. Thank you for your time. I'm excited about the road ahead and the incredible potential our platform holds for the future. Now it's time for a break. There are tea and coffee outside, and we'll see you back here at 3:40 P.M. Thank you very much! ... All right, everyone. I think, hopefully, everyone is in and seated. Cool! So we'll kick off with the second half of the event. First, Georgie's gonna talk through technology and how we're using data everywhere in the business to really, you know, enhance the growth. Then Andy's gonna take you through the much-awaited financial section, which will kind of remind you of the quality of our model and, of course, talk about cash returns. And then we'll have the whole team up here to have a kind of extended Q&A session after that. So, yeah, over to you, Georgie. Thank you, Nickyl. Welcome back from the break. I'm Georgie Smallwood, Chief Product and Technology Officer at Moonpig Group here. I joined last year after almost two years in tech, the last few years in Berlin, where I led tech teams at some of Europe's fastest-growing consumer technology companies, including N26 and TIER Mobility. I was drawn to Moonpig because it's a brand with a clear purpose, a huge market reach and opportunity, and more importantly, a commitment and a talent for tech-driven growth. When I joined, Moonpig's technology team was wrapping up a major replatforming effort, and it was the perfect time to jump in as we pivoted from transformation to growth. Today, I'm thrilled to show you how our rich data insights and tech capabilities position us at a powerful intersection of innovation and growth that redefines customer experiences and expands our impact at the group level.... Before 2022, Moonpig embarked on a multi-year re-platforming journey. Since then, it's taken us less than 12 months to get our organization running at true growth levels of impact and delivery. We introduced a strong focus on experimentation, and this data-driven approach has enabled us to move rapidly into growth phase, and a period where you really start to see the return on investment shine. Since the last financial year, we've been accelerating that growth. With 162 experiments, we are delivering more personalized experience and faster product iterations every day. The step up in experimentation, and its corresponding impact, is key to our payback model, where every single investment we make and every product we build pays back within two years. What's been really fantastic is that the way that we designed our platforms perfectly sets us up to take advantage of all the emerging technologies we are seeing now. The direct result of this is that technology is driving the revenue growth of Moonpig Group, and we do this through two principal ways. Those two ways are through continuous compound improvements to our user experience, and secondly, leveraging AI over our unique customer data. The good news is that both of them are flywheels that continue to get smarter every day. Starting with the first, we are running large numbers of experiments, and every time we roll one out, we get better at learning and get better at predicting the right experiment to run next. Each of these experiments is a directly controlled test, where we show different versions of a feature to different customer groups, and then we measure the difference. With each test, we are then able to directly see the impact that the change has had on a particular KPI, such as conversion rate or order value. The second way that we drive revenue growth through technology is by leveraging AI over our unique customer data, and this is where the magic of Moonpig really shines. Online greeting cards provide rich, multidimensional data sets, revealing demographic details, emotional context, relationships, and customer intent that other verticals just don't provide. Even having worked previously in a digital bank, I am astounded at the information that we have here at Moonpig. Many companies know what their customer is doing, but Moonpig's magic is that we know why they are doing it, and we can leverage that to drive each KPI. Now, I wanna share some examples of the types of experiments that we are doing, and those that make a huge difference to customers every day. The first bucket is about removing friction and improving the conversion rate for customers. We did over seventy experiments in this space in the last year alone, each one designed to create a more seamless journey for our customers. Many of you who might use the product have noticed this continuous stream of improvements over the last year. Just one example is our introduction of social sign-on with Apple and Google. It's one of the many changes that streamline the user journey. Previously, customers had to manually enter their email and password, but after implementing this feature, we saw an additional 2.5% of customers move on to the next step in the journey. Another example is the functionality to save your card drafts. Before, customers could lose their progress if they left the page, but by allowing them to save their drafts, we've seen an additional 1% of customers complete their order with us, so we can really see that small changes to the customer experience can have a huge impact on performance, and we've also done loads of tests that have driven up our average order value. One example here is the introduction of new ways to showcase add-on gifting products. Previously, these product details were shown in a singular way, but after redesigning the experience to make it more engaging and give the customer more choice, we saw a 54% growth in adding a second gift to an order. It's important to note, though, that not all of our experiments are technically complex. Some are as simple as testing different copy changes, like here, where we introduce emotive language to encourage upsell behavior when selecting card sizes. Through this small adjustment, from the actual card size to a more emotional copy, we saw an extraordinary change in the customer's behavior, and only when you have a culture of experimentation like we do, can you test for things like this, as they wouldn't show up as a statistical opportunity in performance reporting, and another area that we are obsessed with experimenting on is customer satisfaction. Making the user experience more intuitive is crucial when focused on building a loyal customer base. One improvement is in address suggestions. Previously, if an address was invalid, customers were required to correct it manually, but now we offer smart suggestions to autocorrect the address, resulting in an incremental 75% of incorrect addresses being fixed. This reduces friction and ensures smoother ordering processes, but also more successful deliveries for our customers. Another upgrade was the date first checkout flow, which now allows customers to select their delivery date very easily, with the experience prompting them to recognize that they can order in advance. This enhancement has led to a 6.7 percentage point increase in forward ordering. That's a tongue twister. As customers can more easily plan their deliveries and take advantage of more economical postage pricing. These examples are just a glimpse of the many adjustments that we've made, and each experiment contributes to a smoother and more efficient user experience... It's these continuous iterative approaches to testing and refining that drives the compound growth in our key metrics, so we've looked at how experimentation is driving significant improvements to the experience, but now let's have a closer look at our data intelligence layer, how we leverage our unique data sets with AI technologies to enhance our algorithms and ensure we connect customers with the perfect card and gift every time, and like I said earlier, this is really where the magic that is Moonpig comes to life, so let me show you how we do it. First, our strategy begins with understanding who you are buying for, why, what, and the style that you prefer. We even understand how much effort you're willing to put into personalizing the card. This level of customer understanding is vastly superior to other online commerce verticals, where they only know what you're buying and not much else. This deep level of customer insight allows us a unique position to capture intent accurately and on an individual level, and then our proprietary algorithms process all of this collected data and provide recommendations at key moments in the customer journey. Our algorithm also knows where gift purchase intent is the highest, and the AI will step in to make data-driven improvements in gift ranges, making sure that your experience is perfect. With over forty million cards sold, this AI-driven approach enables us to provide an unmatched, personalized experience, which ultimately drives a stronger conversion. When thinking about that customer journey, we ensure that at every touch point, the online experience is highly targeted, thanks to this unique and extensive data set that only we have. We have tens of millions of visits to our homepage every year, and because of that, our ability to personalize our content across sites and apps is incredibly important. For example, the homepage banner can be tailored specifically for you, whether you're a target customer for our Plus membership, or you need to understand a creative feature that you haven't used before. The homepage will ensure that you start your journey on the right foot. Reminders, they are the most incredible asset that we have. For each of the 90 million of them that our customers have set, we actively suggest products tailored to previous purchases and what we believe will suit that occasion and your recipient the best. This drives the impact of reminders to nearly 40% of all orders, performance you won't find anywhere else. Targeted promotions are something that we've really focused on in the last 12 months. We know that offering personalized promotions at the point where a customer is most open to convert makes them so much more impactful. We also know that not everyone needs the same level of discount, and margin awareness was key when running the experiments in this area. The most important thing, though, about our algorithms is that they power these experiences, and that they're self-learning. Every single page a customer visits, every card they click on, every reminder they set, all contributes to a more personalized and more optimized customer experience, and thus, more revenues. But it's not just our existing data powering the customer's personalized experience. At Moonpig Group, we create new insights, and they're helping us to better understand our customer's intent and ensure we match them with the perfect card. Let me show you the transformation from manual processes to AI-enhanced methods that we've just begun to explore. Before AI, in the past, employees manually tagged each card with simple keywords like anniversary or bubbles, in this case. When a customer searched for these terms, the system could only provide them an exact match based on those tags. For instance, if a customer searched for bubbles, it would return only the one card in our range of over thirty-five thousand. With AI, the process has become far more sophisticated, and we've begun to generate consistent and systematic detailed descriptions for every card using large language models, making it easier to find relevant matches to a search query. Our AI now not only provides exact matches for those search terms, but also delivers similar matches to the search that the customer entered. By analyzing the meaning and context behind each word, the system surfaces cards that align more closely with what the customer is looking for. A great example is that bubbles now returns champagne, but also a picture of a bubble bath. And the reason this is so impactful is in the last six months, since beginning to build our semantic search, we've processed over one million completely unique search terms entered by customers. Manual exact matching isn't possible on this level, hence, why only one card returned the search of bubbles. But with AI, we can now return 440 relevant cards for the same search term. One of the metrics which we track while experimenting in this space is how quickly the customer finds the card that they want, and we've seen this time reduced as we've brought these enhancements to market, and we expect this to continue, making it faster than ever to find exactly what you're looking for, which we know drives conversion. The best part of this is that we have built our search architecture to directly integrate with OpenAI, so every enhancement that comes to market, for example, GPT-5, will additionally and immediately improve our capabilities. Our algorithms are the invisible driver within all of our performance metrics, none more important than gift attach. Attach rate is an absolutely critical part of the future growth of our company, and the way we use our data to power our gift recommendations is the primary driver of that. Over the past four or five years, we've nearly doubled our attach rate from around 9% to over 17%, marking an incredible journey of growth that is not nearly done. Each new data set that we integrate lifts our algorithm's performance, making our recommendations more precise and more impactful. Initially, our cross-sell algorithms focused only on customer browsing behavior. If a customer browsed romantic gifts, for instance, we made a manually chosen suggestion, like a heart-shaped chocolate box, that matched that theme, next, we layered in card design data. If someone selected this Bundle of Joy card for a new baby, our algorithm started to intelligently recommend complementary gifts, like a plush toy. These suggestions were reflective of the purchasing trends of customers who made similar choices, helping us to pinpoint the most popular gift pairings, then, we've incorporated individual customer behavior. For instance, if a customer, like Emma here, tends to buy higher priced items, then we tailor our recommendations to suggest premium gifts, like a bottle of Moët. This approach ensures recommendations match each customer's spending profile, optimizing every interaction at a single customer level, but our journey hasn't stopped there. With the advent of AI, things are getting really, really exciting, and now we use AI to analyze the sentiment behind the messages customers write, even inside the card, incorporating that real-time insight directly into our gifting algorithms. We call this Live Inference, and it enables us to make recommendations even more meaningful, and let me show you this in a little bit more detail, because it's actually really cool. We've just started using Live Inference to interpret sentiment and context within a customer's message as they are writing it, allowing us to continue the enhancement of gift suggestions that drives a stronger attach rate and increases average order value, so imagine a customer is sending a birthday card to their mom. The message might include personal details, like what birthday it is, that they love baths, and that it's sent from her daughter and her grandchildren, along with a heartfelt mention of a celebration of her new role as a grandmother. Our AI system analyzes these nuances in real time, informing the cross-sell algorithm of these insights about the recipient's interests, family, relationships, and emotional tone. With this understanding, we can immediately recommend a truly thoughtful gift, like a personalized mug celebrating her as a grandmother or a lovely bath gift set. By capturing the finer points in each message, our AI delivers gift suggestions that resonate deeply and align with the customer's intent, ultimately enhancing the likelihood of them attaching a gift. And by combining these advanced AI capabilities with our unique data sets, card design, behavioral insights, and real-time sentiment analysis within messages, as well as our rich customer profile data on reminders, addresses, and relationship types, we're delivering the most targeted gift recommendations in the world. And this is only the beginning of our plans to optimize our unique data set. We've got years of enhancements planned to ensure that any journey with us is tailored just for you. So to wrap up, here are the key takeaways from today's presentation. Technology is driving the revenue growth of Moonpig Group. Rapid experimentation is delivering consistent upgrades to the customer experience and driving our key performance metrics. Pairing our customer data with intelligent capabilities delivers an unmatched, personalized experience. And AI unlocks significant improvements to our recommendations, which we expect to drive growth in conversion and gift attach rates. Thank you for listening, and I'll now pass you to Andy to take you through the financials. Thanks, Georgie, and good afternoon, everyone. For those of you who don't know me, I'm Andy MacKinnon, the CFO of Moonpig Group. Now, today, you've heard from Kristof on how our marketing strategy positions us to grow the online card market fivefold. David has explained how our platform is designed to ensure we have the perfect card and gift for every customer on every occasion. And Georgie has explained how we use technology and data to drive revenue growth. I'd now like to bring all of this together and explain how it provides us with a platform for delivering sustained, compounding, double-digit revenue growth, high profitability, and robust cash generation. We've built a platform with outstanding financial characteristics. Our revenue base consists of loyal customer cohorts, which continue to strengthen, and our revenue growth is underpinned by clear drivers. We have structurally high profit margins, low CapEx, which is managed within a clear ROI framework, and negative working capital with low inventory. Together, these result in high, consistent, and growing operating cash flow. These attributes are reflected in our medium-term targets, which are for double-digit percentage annual revenue growth, an adjusted EBITDA margin rate of 25%-26%, adjusted EPS growth at a mid-teens percentage rate, and net leverage of approximately one times. Our financial model is built on the foundation of loyal customer cohorts. At both Moonpig and Greetz, existing customers now account for nine-tenths of total revenue. This means that we've built a high-quality, resilient, and predictable revenue base. In addition, we've strengthened these cohorts consistently across all customer groups over the past five years, reinforcing the revenue growth potential of our business. Our cohorts demonstrate exceptional loyalty, and we further strengthen them through significant increases in both retention and frequency. At the time of the IPO, we highlighted how our cohorts exhibit remarkable predictability and consistency, and you can see this on the chart on the left, which relates to the years before COVID. It shows year-one retention at around 50%, followed by an annuity-like retention pattern in subsequent years. Since then, we have step-changed our cohorts. The second-year retention rate has risen to 58%, and we've increased order frequency by 20% over the last 5 years. As a result, we've significantly increased customer lifetime value, and importantly, these gains are not specific to particular cohorts, because we've seen improvement across the entire customer base. Indeed, we strengthened every single annual customer cohort. The cohorts of customers that engaged with Moonpig during the lockdown period have seen the most notable uplift. However, it's particularly encouraging that more recent cohorts are also outperforming those from equivalent pre-COVID periods. Let's look at the charts again. The chart on the left shows revenue retention from the cohort acquired in FY 2018, which has risen from 52% in the year following acquisition to 72% last year. The middle chart shows the cohort acquired in FY 2020, for which revenue retention reached 73% last year. This is materially higher than the retention rate for pre-COVID cohorts at the same five-year mark. And finally, the chart on the right shows the FY 2022 cohort with a retention rate of 56% last year. This compares favorably to the pre-COVID cohorts, which had a retention rate of around 50% at the equivalent three-year point. This consistent upward trend across all cohorts gives us confidence that the improvements in cohort behavior are not just temporary and should continue to be sustained over time. Looking ahead, our goal is to create smiling cohort curves, where revenue consistently improves over time, driving an upward trend on the right-hand side of each chart. Moonpig and Greetz have a clear path to double-digit revenue growth, with three powerful revenue growth drivers. We aim for 2%-3% of our growth to be delivered by expanding our active customer base, 3%-4% by increasing frequency, and 3%-5% by growing average order value, which includes raising gift attach rate, pricing, and upsell. Our goal is to drive revenue growth equally through both orders and average order value, which we demonstrate in our second half results for FY 2024. These growth drivers reinforce our confidence in the group's medium-term target to deliver double-digit revenue growth. Looking ahead, we will align our disclosure with these three drivers and routinely report on active customers, orders per active customer, and average order value. We will explore these metrics on the following slides, in each case, looking at the position before COVID in FY 2019, during COVID in FY 2021, and most recently in FY 2024. Our active customer base is backing growth. Moonpig and Greetz grew their customer base in the second half of last year, reaching 11.5 million active customers at the end of April 2024, and this upward trend has continued in the current financial year. Looking ahead, each new cohort of customers should reliably drive the first few percentage points of our annual revenue growth. Now, let's look at how we're driving growth through increased order frequency. We've uplifted frequency by one-fifth across the last five years. Orders per active customer have grown at a compound annual rate of 4%, powered by levers that include our reminders, apps, and Plus subscriptions. This is important because frequency represents a long-term growth opportunity. While online buyer penetration of the cards market stands at 39%, customers are still buying most of their 19 cards per year from offline. Now, let's move on to the final of the three growth drivers, which is average order value. We've driven a 25% increase in average order value across the last five years through growing the gift attach rate, adjusting pricing, and upselling. We've built a strong track record of growing gift attach rate, increasing it from 14.3% in FY 2019 to 17.3% in FY 2024. Despite facing strong market headwinds with discretionary gifting, we've successfully maintained this rate above 17% during the downturn. Our card-first strategy ensures that even where attach rate remains steady, we can still grow attach gifting revenue by increasing card orders, as we demonstrate in the second half of last year. Through A/B testing, we've confirmed that we've positively impacted our attach rate through improving our recommendation algorithms, enhancing the user experience, and strengthening our gifting product range... When the external environment becomes more favorable, we expect these initiatives to contribute more visibly to headline attach rate growth. Recent gifting market headwinds have also impacted our experiences division. We expect experiences to deliver double-digit growth in the medium term, driven by four key levers. As Nickyl set out earlier, these four levers are increasing orders through the Buyagift and Red Letter Days websites, growing average order value, including the impact of price inflation, expanding sales through third-party partners, with Moonpig now the largest of those, and leveraging our redemption website to drive upsell revenue from gift recipients. We're executing strongly against our transformation plan for experiences, with technology improvements contributing a cumulative GBP 20 million of incremental growth sales. However, given the division's price points and focus on discretionary gifting, experiences is facing a challenging market environment, and this is reflected in our growth timeline expectations. Our platform delivers structurally high profit margins and high operating leverage. All our revenue growth levers are margin accretive. This includes gift attach rate, as the gross margin rate on gifting is higher than our target Adjusted EBITDA margin rate of 25%-26%. As our business grows, this operating leverage could either boost profit margins or, as we've chosen, enable us to reinvest any surplus above our target range to underpin and potentially strengthen revenue growth. This positions us to maintain profitability while fueling future growth. Our high profit margin is sustainable, thanks to the unique strengths of the Moonpig Group's business model. Our card-first strategy means that we can acquire customers on less than twelve months payback. Nine-tenths of our revenue comes from loyal customer cohorts, and we're able to cross-sell gifts to customers at nil incremental marketing cost. Together, these attributes give us direct control over most of our revenue base, shielding us from external risks, such as competitive bidding for paid traffic acquisition. Moreover, our scalable technology platform enables us to invest in new technology features that drive revenue growth. We've established a clear internal framework to monitor ROI. Georgie talked earlier about how we and our technology organization is now focused on delivering growth, and we're determined to ensure that we optimize the return on our technology investment. Each technology team operates with quantitative targets that align with either revenue growth or profitability improvement. We measure the impact of new features through A/B testing, which allows us to track the monthly financial contribution of each team. We work within an approximate two-year payback period, which translates to around a 20% pretax IRR over a three-year useful life, and our actual performance is tracking in line with these expectations. This gives us confidence that our technology investments are appropriately scaled and enables us to prioritize investments into the specific technology teams that are delivering the highest returns. We have a highly efficient working capital structure with very low levels of inventory and negative net working capital. You heard earlier from David about how our gifting platform allows us to operate with very low inventory. Since the operational facilities that we opened in FY 2023 reached maturity, we've consistently kept net inventory in the single-digit millions, meaning that we have low exposure to inventory sell-through risk. The balance sheet to April 2024, which represents a typical year-end working capital position, reflected negative net working capital equivalent to 25% of revenue. This means that as our business grows, we'll drive cash inflows from working capital, which feeds directly into our strong operating cash conversion rates. Our business delivers consistently high levels of operating cash flow. Operating cash conversion has been around 80% in recent years, with FY 2023 an outlier due to investment in operational facilities in the U.K. and the Netherlands on 10-year leases. This operating cash flow has allowed us to rapidly deleverage. If we were to continue letting that cash flow feed through to lower net debt, our current trajectory would take net leverage clearly below our one times target during the second half of this financial year. We follow a disciplined approach to capital allocation. Our target is to maintain net leverage at approximately one times over the medium term. We continue to prioritize organic investment to drive growth, in particular in areas like technology and marketing. While we will always prioritize investment for growth, our strong cash generation provides us with the financial flexibility to return excess capital to shareholders, and this is reflected in our new dividend and share buyback policies. Today, we're introducing a progressive dividend policy and launching our first share buyback program. Our new dividend policy commits to maintaining dividend cover of three to four times in the medium term. For FY 2025, we intend to pay a total dividend of GBP 10 million, which we expect to grow thereafter in line with adjusted EPS. The first interim dividend will be declared when we announce our half-year results in December 2024. Alongside this, we've today announced our first share buyback program, returning up to GBP 25 million, starting in November 2024. Our policy is that we will only conduct buybacks when they use excess capital and they are earnings enhancing. Let's now recap on the medium-term financial targets that align to our focus on compounding revenue growth, profitability, and cash generation. Our operational targets remain unchanged. We're targeting double-digit revenue growth, adjusted EBITDA margin of approximately 25%-26%, and adjusted EPS growth at a mid-teens percentage rate. For operating cash flow, we aim to maintain inventory in the single-digit millions. We expect to hold capital expenditure at between 4%-5% of revenue, and we aim for operating cash conversion of between 70% and 100% of adjusted EBITDA. Finally, as I've just outlined, our approach to capital allocation is to target net leverage of approximately 1 times, dividend cover of 3-4 times, a dividend which grows in line with adjusted EPS, and share buybacks where there is excess capital and it enhances earnings. In summary, Moonpig Group has a financial model which features a standout combination of revenue growth, profitability, and cash generation. We have clear drivers of revenue growth at each of our divisions. Revenue at Moonpig and Greetz is underpinned by resilient cohorts that we have strengthened. We have structurally high profit margins and robust cash generation, and we have today announced a new dividend policy and our first share buyback program of up to GBP 25 million. Thank you, everyone. Now I'll hand over to Nickyl to summarize the key messages from today's event. Thanks, Andy. I hope today's presentation has shown you how the competitive advantages that we have built position Moonpig Group as a true platform business, with market leadership, exceptional customer retention, and strong profitability. This all sets us up for a sustained double-digit growth trajectory. Our incredible customer cohorts at Moonpig and Greetz have grown even stronger over the last five years. We continue to extend our dominant market leadership in a market that is rapidly transitioning online with a huge runway ahead of us. Our investments in technology and AI are now directly powering that growth. This all leads to high profitability and cash generation, which is why today we are announcing our new dividend policy and our first buyback program. We'll now move to Q&A. If you just bear with us, we need a minute or so just to quickly get the chairs on stage. You can chat amongst yourselves, and then we'll have to take the first question in a minute or so. Just bring your water. All right, do you wanna come up? All right. You have the whole team here. Who wants to ask the first question? Oh, there we go. Sorry, they're in the back. Hi, Alison Lygo from Deutsche Numis. I'll kick off with two, if that's okay. So one, just on experiences, you talk about the kind of customer survey data you've got in terms of what holds customers back from maybe buying a card online. Do you have any kind of similar insight in terms of what maybe holds them back from purchasing a gift online or attaching a gift? And then wondering if you could talk a bit about how you're looking at evolving the offer for the consumer in the kind of experiences businesses, or anything there you're looking to do in terms of evolving the proposition for a new consumer. And then the second one would just be on M&A. So, clearly, you've said, disciplined in your approach to that, but just wondering what would be high on your wish list in terms of acquisition, if it was to come up? Is that a new capability, a market, anything like that? Thank you. Sure. I'll take the first, and Andy can pick up the second. And I think just for your information, Rohan, who runs our experience business, is here, so maybe grab him afterwards if you want any detail that I don't share. I think that so, you know, the data we do have, you know, on the UK is obviously, you know, the market is in decline, right? I think we get that data pretty consistently. And I think it's just really a kind of a result of, you know, discretionary gifting at a pretty high price point. It's kind of naturally gonna come under pressure when the consumer isn't in a strong position. I think that said, you know, there are pockets of demand, you know, when Coldplay's in town, no one minds spending, you know, GBP 200 on a ticket, right? You know, 800,000 times. So it's like... I think there are areas of demand. So really, for us, you know, what we're looking at now is we've built a platform that gives us flexibility to sort of to do a lot more with the range. And so there's a lot of work now on, well, what do we do with that? And so, you know, one pillar is trusted brands. So actually, can we follow the U.K. model and really bringing on more brands? And so, you know, we're starting to see that. So, you know, we've got some great brands. We've got, you know, Merlin Theme Parks, we've got, you know, Harvey Nichols, Harrods on board. We've one of the big launches actually in the last couple of months was getting the Stonegate Group, so Slug and Lettuce pubs, Be At One bars on board. And actually, you see instantly they get traction with customers when you just have these brands that just feel like people feel more comfortable gifting than maybe an unknown provider of a, you know, a flying lesson. And so, so I think, you know, pillar one is trusted brands. I think the second thing is looking at kind of more immersive experiences. So that might be, you know, if you think about the Balloon Museum that popped up or, you know, there are kind of various exhibitions going on, or things, you know, that kind of happen, including live events. And I think just, you know, can we tap into that in some way? I think that's something we're looking at, and maybe even offer a sort of live booking service, rather than giving it kind of without a receipt, without a date booked. And then the third area is subscriptions. So actually, you know, we sell... You know, we offer a HelloFresh box on the, on the platform, and it's been one of the best-selling products, not only on, on the experiences sites, but actually on the Moonpig platform as well, that amazingly a lot of people wanna give their mom or dads, you know, HelloFresh boxes on, on Mother's Day or Father's Day. But, you know, who knew? But, but actually, I think, I think there's something really there with subscriptions that actually, could you take that to flower subscriptions, Netflix subscriptions, chocolates subscriptions, cookery course, you know, lessons? I think there's, like, a lot we can do, and that's something we haven't really tapped. So, I think for us now, the work is about we've now got the capabilities to expand a lot, a lot more, a lot more than we were able to before. And so it's really saying, where are those pockets of customers still spending and still gifting, and actually just going there. So, you know, I think the next year we'll see a pretty strong evolution of the product, and we think that will, you know, chasing the demand is kind of obviously the right, you know, a better strategy than waiting for it to come to us. Yeah. And on the second point, there's nothing on the horizon in terms of M&A. I think, you know, a couple of points there. I mean, firstly, I think we're very conscious of the need to deliver on what we see as the potential of the experiences business before we look at other assets. I think also, there isn't a huge universe of assets that meet what would be our criteria. So, you know, I talked in the presentation about the fact that we'd need to have both a high strategic and financial bar. So it's something. It has to make sense in terms of being able to sell that product and cross-sell across to Moonpig customers. But also, you know, you've got to stand on a business that you acquire, so it has to have a really attractive P&L structure in and of itself. And so I think we'd be very selective. You know, we do look at things in the market as they come up. There obviously isn't a universe of assets to acquire in terms of moving into new markets, because nobody outside of Moonpig and Greetz in the UK and the Netherlands has created this concept of the online purchase of a physical card. So the route to market there is organic, because it's us doing the work that we've done in the UK and the Netherlands, again, in other territories. But, you know, we continue to look at the market, but as I say, with a very high bar. Sorry, John, you were ahead of me there, but I'm nicking the mic. Hopefully, I don't ask your question. I'm interested in your payback on your CapEx. You sort of talk about a less approximately two-year pre-tax cash payback, so on sort of 5% of revenue. So if we think about that, you're doing GBP 350 million of revenue. 5% is what? GBP 17.5 million. Two-year payback, that's GBP 8.5 million a year of benefit from ROI on projects that you're investing in, broadly. And that compares to PBT of GBP 60 million. You know, so if you're getting GBP 8.5 million of benefit from payback on projects, plus the market's moving in your favor, perhaps some cyclical tailwind at some point, is there potential that we just massively overshoot 10% growth? That's definitely one for you, Andy. Yeah. I mean, look, we are, you know, you know, when we talk about those paybacks, we're talking about, the payback on the, the CapEx, that we invest into the technology team. Clearly, you know, we've talked about our revenue growth drivers, and I think the important point is that, you know, that, that delivery on tech investment is not on top of, the delivery of each of the, those three drivers. It's actually how we deliver the improvement in, in, in AOV, frequency and, and, you know, to extent actually, customer acquisition. You know, I think we're at the, you know, we're at the. As, as Georgie said, we're, effectively at sort of that pivot point of moving into technology-driven growth. You know, I think we're comfortable with where we sit with our revenue guidance at the moment, and I wouldn't be wanting to call out any acceleration beyond that. Cool. Okay, thanks. Guess John can have his go now. Let's go, John. Brilliant. John Stevenson at Peel Hunt. Two questions, and they're different, which is good. Can you talk about the level of churn you see in the active customer base? I guess you get the year-one drop-off for the people inherently sticky. And second question, just wondering about sort of gift abandon. So for customers that are, you know, look interested in attaching, buy the card, but actually don't attach, and I guess you're not gonna give me a number, but, but how is that improving over time? Now, how are you getting better at stopping those gift abandons? Yeah, so I mean, maybe, maybe Chris, if you can talk to, you know, kind of what we're doing on, on retention and kind of about the, the sort of some of the initiatives there. Yeah, and, sorry, can you remind me the second question? I didn't get to write it down. Yeah, I don't think I put it in brilliant terminology, but, I mean, I guess customers that are, you know, abandon a potential gift purchase, I guess. So you buy a card, you are interested, they're clearly browsing gifts, but then actually don't attach. You know, what's your abandon rate? And I'm assuming you're not going to tell me what it is, but how is that number improving, and how are you improving that number? Yeah, I think actually, Georgie, you can talk to that. So a lot of the work we've done on personalized promotions is actually really helping on, on that front, and that's probably the main, the main initiative, there. So do you want to start with- Yes. I mean, my job is to keep the customers we pay to get, and we do that in a variety of ways, right? So obviously, we have, we talked about it earlier, we have clear welcome journeys, which are becoming more and more personalized with the help of Georgie's team, in terms of, you know, if you've come in through one channel, we might get you onto the app, we might put your free card in, might put a free gift. So that, ... Those personalized welcome journeys are increasingly more important to us to kind of get you locked into the Moonpig or Greetz habit. So that's kind of the first thing we do. We obviously have a huge amount of reminders. We've talked about ninety million, working across Georgie's team as well, in terms of putting that through the customer flow, because that's another great reason to get you locked in. We also want to get you on the app because we see better retention and better lifetime value on the app as well. So those are kind of like three of the key, sort of, tools we put in place during your first customer journey to get you kind of locked into the Moonpig or Greetz ecosystem. So that's really what we do to try and get you back, and get you back quickly, and get you into that Moonpig habit. Is there a number on churn we can talk to? So, I mean, the churn after year two is essentially zero, and I think you can see that in the cohorts. Yeah. You know, essentially, the question is just how many customers don't come, you know, only buy once and never come back. I think that's actually where... We know we don't share the number. It's kind of, you know, it's probably, you know, slightly less than half. That's probably the ballpark there. But, you know, really, for us, it's like, if you can grow that number, it's great, 'cause then, you know, we kinda know if we do get them, we've basically got them forever. Thank you. And Georgie? Yeah, I can add a little bit. So our personalized promos work is looking at exactly that. So exactly where at the point in the journey is best to put that promotion to make sure that we convert that customer into an order. And then also down, all the way down to the basket. So for instance, if you go through the funnel and you only have a card in, then we can add a promo for a gift to increase that average order value, and making sure that all those personalization algorithms are giving you exactly what you didn't really know that you needed, maybe, all the way through that journey. So the likelihood that you abandon the basket is actually quite low. Yeah. I think the other example I would just give on that is, we obviously have a huge amount of data, both from search terms and what people are clicking on. So we can see, in near real time, how people are shopping and what they're converting. The one example I would just say is in the baby category and the toys category, which was absolutely driven from the fact we could see an abandonment rate. We didn't have the right complementary cards in kids brands or in baby products, and that was the area, which is why when we talk about trusted brands, they are targeted, trusted brands to complement that data. That's exactly the reason that we ended up with a fantastic relationship with ELC, Early Learning Centre. I think just that there is another point, actually, that, you know, one of the other strategies we've looked at is actually, you know, if a customer isn't attaching, we give them a promo, they're still not attaching. Is there a chance to get them to attach something? And so actually, you know, we tried, you know, at the checkout, having sort of a second mini carousel, where you show much lower priced items. And that's actually where we're gonna be experimenting with gift cards when we bring them to the U.K. That actually, you know, maybe that's an opportunity just to put a GBP 10 voucher for another brand in there, which is, you know, low margin, but at least it's getting you to do something. So we're trying to be creative about where, when, and how we show different gifts and promotions. Got one at the back. Hi, Charlie from HSBC. Could you please commNent on the disparities between yourselves and where your cards are sold versus the offline market? For example, my mother would probably send one card to me, but would buy forty Christmas cards. I'm just wondering where the disparity is for you versus, say, the offline market. Yeah, David, do you want to talk to that? I guess it's a difference in probably category mix and pricing. Yeah. I mean, I think the difference really is when we're looking at the style of cards. So our big focus is on personalized cards and driving that. So we look at the occasion and recipient combination, which we refer to as combination, as the real focus of how we really drive cards. And I think there's an element of Nickyl mentioned it earlier, there are other places where you can get a cheaper card, but that's not really what we're driving, because they don't have the benefits within that. I think your point to Christmas is again a different proposition, where you're buying, often in bulk to send multiple cards. What we're doing is really trying to focus on the personalization, the upsell, and the features to offset that in other markets. So I think the whole point of the change from the online to offline is around what we're doing from making the features so much better to drive that point. Which is why maybe you know you said your mom buys the one versus the other one, the further ones in Christmas. I think the only other thing I would say is when we talk about you know frequency, we also talk about how many times we are trying to get cards. So we're doing a lot of work in terms of be it the promotions that we send through the journey, to try and encourage you to buy more. There is a level of activity that we do with Plus, et cetera. So while you know we know that customers come for specific missions, we're doing a huge amount in some of the smaller missions. And Grandparents Day is a fantastic example, where we've really embraced those sorts of things to try and get people to come and shop a wider range of cards with us. And certainly that is our focus, to make sure that we're communicating we're there for every occasion, and not just you know a big birthday or whatever it might be. Yeah. I think just for clarity, that all of the market data that Chris has shared in terms of the card market, the growth, that excludes what we call box sets. So that's where you buy 10 or 20 or 30 cards in a box, that doesn't include it. So all the data we look at is all about single-send cards. And so, you know, I think there is a question of can we really tap into that Christmas market? And, you know, you probably saw some of the capabilities in Moonpig for Work, could probably very naturally apply to that, but that will be a focus in, you know, in the future. I think we're also trying to build the Moonpig brand into being a better card. Right, so actually, for kind of sender and recipient, it means more, and I think that's part of the move as well, that we're trying to push. ... Hi, it's Anubhav Malhotra from Panmure Gordon. I just had a couple of questions. First one on, in the slide pack, you did say 37% of customers do buy online, but only 6% of the cards are sold online, individual cards. So is there still a case that personalized cards are seen as something that is for a special occasion? And then is there a case for you to differentiate between personalized and non-personalized cards on pricing on your website? That's the first one, and second one is on attachment rate. Clearly, that's a focus of the group to drive attachment rates. Is that a metric that you will be disclosing now onwards in your financial report consistently? Then just the last one, which is more a personal question. Can you get your tech to please tell the people buying cards that they're buying the same card that they bought last year? Because my wife gave me a lot of pain for that. On that last question, our previous CTO had exactly the same issue, and so reminders now do remind you of which card you bought the previous year. That's it. It's not a common error, but it's more than none- zero. I think maybe Kristof, do you want to talk to the sort of the customer trend and kind of the, I guess, how we can capture more wallet share from those 37% of people buying online? And then, Andy, you can remind- Yeah. on the disclosure set. Yeah, I think, I mean, I think that's our, that's our opportunity, right? So we've got 6%, but with this, people are in the habit, and I think the whole point of what we've talked about today, better proposition, better products, Moonpig, Moonpig's a better card, as well as, you know, we've got reminders and all these other services about driving that habit and getting people to come back to us more. So I think all of those tools are in place. And obviously, through you know, we have a huge amount of direct traffic as well, but obviously through our paid traffic, we are pushing that message out as well. So that's how I would talk about that. Yeah, and in terms of metrics, I mean, obviously, during today, what we set out is what we see as being the three key drivers of revenue growth for Moonpig and Greetz. We've said that we will disclose against each of those. So we are expanding our disclosure set to give active customers orders per active customer and alongside the average order value. I think attach rate is one, but not the only driver of average order value. We're not planning to routinely report on attach rate, but I think as we have done in the past, it's something that we'll periodically update the market on, at the points that we think is appropriate. Thank you. Yeah, Georgina is next. Hi, thanks. It's Georgina from JP Morgan, and just three quick ones, please. The first one, just around the double-digit revenue growth, guidance for midterm. Should we be thinking about you reaching that next year, or is it more like a midterm target that you'd expect to build to? Second one, just in terms of marketing, I know that you don't sort of share that as a consistent metric, but just given that we're sort of here today, is there anything that you can share in terms of maybe how that's grown as a proportion of sales or anything over the period, versus pre-pandemic? And then finally, just, all of the initiatives that you've talked about, about supporting growth, and thank you. It's all been sort of super clear, but just to understand, like, we can see that now starting, I think, to come through in the Moonpig brand, but it seems like Greetz has struggled a bit, a bit more to kind of benefit from those initiatives. And it would just be good to understand a bit why Greetz is sort of struggling a bit, I suppose. Thank you. Sure. So, Andy, do you want to take the first, Kristof, you can take the marketing- Yeah. And I'll take the last. Yeah, sure. I mean, look, the double-digit growth is a medium-term target, rather than something that we saying that we will deliver on, this year or next year. I mean, clearly, you can see, in the trajectory of the businesses and the updates on current performance that we've provided at our most recent set of results, that, you know, each of our businesses are in different stages. I think, you know, the Moonpig brand is clearly at that level and is effectively your sort of proof of concept, that this is a business model that is capable of delivering double-digit growth. Greetz is perhaps 18 months behind, and Nick, I think, is going to talk a little bit more about that in a second. But clearly, you know, there's an improving trajectory in terms of the Greetz business and moving in the right direction. And then obviously, at Experiences given, as we've talked about, the fact that the gifting market is going backwards by 14%, you know, while we're outperforming that, it's a tough headwind, and it is in a slightly different place. Yeah, Kristof? Yeah, I mean, I think, I mean, you know, we operate with a kind of twelve-month payback in terms of kind of marketing budget. So when I have my yearly sessions with Nick about how much budget I can spend, he asked me how much I could do to give him a twelve-month payback, and that's basically where we settle. So obviously, if the better I do my job and the better I get customers back, potentially the more I can spend. Yeah, exactly. And I mean, just, you know, historically, that marketing spend, you know, hasn't been wildly different. We. When it was easier to get customers during COVID, we did spend more, but, you know, I think on average, I think we worked to that payback model, and I think we don't see, you know, huge volatility going forward. I think on Greetz, yeah, I mean, the real story on Greetz is not that it's kind of worse, we think of it as behind. And so actually, you know, the real power of the platform meant that, you know, firstly, we had the platform at Moonpig during the pandemic, which is why actually Moonpig was able to hold on to so much of the uplift we saw, you know, during that extraordinary period, whereas Greetz didn't. The platform came about 18 months later, on Greetz, and it takes time really to work. And I think, you know, a huge part of the growth that we see is not just the features you see in the experiments, but it's actually the data starting to kick in, the collection of those reminders, the personalization. Actually, all of those, all of the algorithms basically are seeded with fresh data, kind of when you re-platform, and Greetz, you know, being smaller, has much less data each day, so it just takes longer to ramp up. And so, you know, we have seen that trajectory improve. We have seen it go from sort of minus 20% headwind to sort of, you know, pretty much flat now. And so actually, I think, you know, we are hoping that actually in the not too distant future, you will really start to see Greetz, you know, mimic Moonpig. You know, the economy, the consumer in the Netherlands, you know, from all we can understand, is in a slightly worse position than the U.K., so that is not helping. But really, the story here is just one of, you know, timing, and actually, you know, we'd expect to see that follow through. Any more questions? Thank you. So, first one, actually, just kind of following on from Georgie's question, so clear in terms of the pillars to getting towards that double-digit growth and not expecting to give different guidance to the different businesses. But I just wonder, UK versus Netherlands, is one of those buckets more of a kind of focus in each? Like, should we think about UK being more of a customer and Greetz being more of a frequency or something like that? And then, yeah, sorry, I forgot my second one, so go with that first, and I'll hopefully it'll come back to me. Yeah. I think the answer is no. I think, you know, we kind of see both. You know, they're very similar markets, similar customers, and, you know, we've got an almost close to identical platform, just at different stages. And so we'd actually expect the mechanics and the sort of the structural growth that we deliver through the platform to follow a similar combination. Great. And the other one was on those, kind of that 2%-3% active customer growth, just wondering if there's anything you can share in terms of sort of where you're looking at. Is there a demographic, a kind of type of customer, a channel you're reaching for? Like, where you're looking to kind of acquire those customers? Yeah, do you want to talk about our acquisition strategy? Yeah. Absolutely. I mean, as you've seen from the data we've shared today, we have a really broad base of customers. We're proudly for everyone, so there isn't, like, one demographic we're not reliant on, nor is there one that we're targeting. So I think it's a general behavior we're moving across multiple demographics. And as you, again, you can see from the data, we're seeing potential growth in every single one of those age groups. So I think it's about moving that, taking those barriers down, moving people online, and increasing their frequency, as well as new customer acquisition. Great. Yeah. And so, you know, we're always like trying new channels, and I think that's something that's really important. But I think what's sort of new is we're also trying new messages now. And so, you know, previously, we were always repeating the same message, you know, "We're convenient," or, "We're personal, download the app." And I think now you're starting to see innovation come through. It gives us an opportunity to talk to different customers in different ways. So there is an audience out there that may really be interested in our handwriting feature. There is an audience out there that may really be interested in, you know, our stickers feature or our photos feature, and I think that's where we're starting to be able to cut through to different audiences, but it's all through the sort of marketing machine that Kristof runs. But I think also we can, back to the good point, we can use. There's many more channels we have in play now, so we can use those channels to best effect. So if we need to talk about handwriting, we may want to demonstrate that on YouTube, for example, versus mass reach, like TV, where we're going to just mention it. So we use those channels to the best effect. Great. Thank you. Any other questions in the room? Okay. Please, yeah. Just on Moonpig for Work, which was quite exciting, what you talked about there. Have you done any work on scoping out the scale of the opportunity there? I mean, look, yes, we, we've got some high-level numbers. You know, I think you can look at it, you can look at it in multiple different ways. You can look at just how many, you know, how many small medium businesses are there, sort of the 50 to, you know, 50 to 1,000 employees. And you, you know, there are a couple of million in the UK. There are a much bigger number globally. Again, this is a, unlike sort of birthday cards, you know, if, if you're kind of looking at client appreciation and employee appreciation, that's a global market. So, so, you know, I think, I think the, the size of the market is, is, is, is absolutely enormous. You know, corporate gifting, you know, probably within your own companies, is, is a, is a big market on its own. You know, we know the market is huge. I think the specific numbers are kind of not something we spend a huge amount of time on because we know it's big. But for us, really, it's about, you know, can we prove that product market fit? Can we show that actually we can get, you know, we can find a customer profitably, and we know there are a lot of customers out there if we can make that happen. Thank you. Is there... Oh, Andy's got one more. I think we've got a few. Have we got any from the online audience? Cool. Okay, so a question from William Tamworth, from Artemis. With regards to gifting, to what extent are there operational challenges? For example, a gift arriving separately to the card or a gift arriving after the target date. Yeah, thanks, Will. David, do you want to talk to that, kind of how we're looking to manage those operational challenges? Yeah. I mean, the point around cards arriving at different times to gifts, we have a pretty simple principle, which is the card is always delivered with the gift. So when you attach, we always make sure that the two go in the same box, so there aren't those sort of different operational channels of customers expecting a card at any one point when they attach a gift. And we continue to sort of evolve our packaging and our recipient experience to get around that. So when we take flowers, for example, we are evolving even the packaging that goes in delivery, so we can make sure that when... George talked about add-ons, when we add a vase or whatever it may be, we're also making sure that it all goes in one delivery. Everything we do is about focusing to make sure the customer gets the card and gift together as a fantastic present when they receive it. ... Yeah, I think, you know, that there is one exception, which is when you put two gifts in a, you know, when you order two gifts, but such a tiny fraction of our customers actually do that, unless it's through bundling or add-ons, that, you know, we haven't kind of put the resource on to solve that. And I think your other question was on how do we manage delivery? I think that's really about better communication with the customer. So we're constantly trying to make sure we're helping the customer understand when it will arrive. And, you know, we know we're not in a world where we are promising that a first-class stamp will mean, you know, will guarantee delivery tomorrow, because it doesn't anymore. You know, and I don't, you know, we kind of don't see that changing anytime soon. So I think really it's about encouraging customers to order earlier, and being really clear on what different postal options we will give you. And I think something that is really interesting is actually, you know, we're looking at, can we offer a sort of a Moonpig tracked service that actually allows you to send a card next day, guaranteed? And that's something we're exploring, you know, with Royal Mail, but you know, something that will be potentially exclusive to us, but you know, could be a really interesting option for a premium, but something that can give the customer the clarity they want. Great. Okay, next question from Benji Dawes, from Premier Miton. How do you think about pricing in the long term, principally for cards, but also for the key gifting channels? And how might your approach be adapted if a credible competitor was able to offer similarly efficient online experience at a material discount? Yes, so, I'll let David take the pricing question and, yeah, and then maybe, Georgie, you can take the second question, because really, I think the price is not the competitive factor here, it's data. And so I'll let Georgie kind of touch on why. Yeah, sure. I mean, when we think about, pricing primarily in, in cards, I think Nickyl mentioned it earlier, we have done, an enormous amount of price testing over, a sustained period now. And what we see every time is that it has no material, literally zero effect on, any conversion rate that we see in customers, both up and, and down. So, and we've. That's after numerous amounts of, AB testing on different standard card pricing. What we do look on pricing is, promotional activity. And the way in which we use that is very much around the data, which Georgie will talk to, but making sure we use price to drive long-term good behaviors, whether that is, via the app, whether that is, through use of reminders, et cetera. So we combat any. We look at pricing not from a standard flat price on retail, but more about how we can encourage people to do long-term behaviors that are good. And we use promotions tactically in that way. And of course, algorithms are a big part of how we use that and understand customers as well. Yeah. So I mean, look, we have hundreds of millions of data points a year that we collect. And unlike, you know, a lot of online verticals, we're not only taking data points that are demographics or what you're buying, but we're also having the reminders. We know who you're buying for, we know why you're buying for them, we know where they live, we know what you bought them last year. And all of that information is feeding into our algorithms on a daily basis. So they keep getting better and better. And as the market leader, we have so many more data points than anyone else. It just continually contributes to our competitive advantage. It would be very, very difficult for a competitor just to lower the price and compete with us, because we just have so much more data than anyone else in the market, and we just know our customers so much better, that the offer that we can give and the personalized experience is just a completely different level. Yeah, and I think there's a few proof points here. I think, you know, one is the, you know, the largest card brand, you know, card business in offline business in the U.K., you know, has an online offering that is, you know, a disruptive pricing compared to ours and isn't able to get traction. And so I think that's a proof point that really it's the data moat that we've created, which is driving it. And then, you know, I think to answer the pricing question, probably, you know, directly, like, if you think about the guidance we have, you know, double digit growth and the AOV within that, that does not rely on card price increases. You know, that's - I think that's something that, you know, is one of many factors, that something happens, we know postage prices can change, you know, delivery prices can change. But, you know, we don't, we don't kind of, you know, we don't have a reliance on higher card prices to hit that double digit growth. There's a question here from Neil Shah from the London Stock Exchange Group. So what's the environmental footprint of a printed card in comparison to an electronic card? And do you see electronic cards making a comeback? I never knew they were a thing. So, you know, no, we don't, is the answer on e-cards. I think we've seen no evidence whatsoever that, certainly in the UK and the Netherlands, there is demand or appeal for electronic cards. If it's created, it will be us creating it, because we're able to make the card so special and put the gift inside the card. You know, and actually, you know, we know that in the US, that does have more traction. But, you know, we don't... we haven't seen any real evidence of that. In terms of the environmental footprint, Andy, do you want to talk to that? Yeah, I'll take on that. I mean, obviously, to the extent that a physical card is being delivered, then there is a greater carbon footprint, within, and that's Scope 3, within the value chain, as opposed to within our organization. Only what I would say is that, you know, in common with most listed businesses, we've got very clear net zero commitments, and a strong operational focus on making sure that we engage with our suppliers to reduce not just our internal carbon footprint, but also our Scope 3 emissions over time. Any further questions? Great. Are there any more questions in the room? Otherwise, we will wrap up. Amazing. Well, thank you, everyone. Thank you everyone for coming and for staying with us for the last three hours. Hopefully, you've heard just how excited we are about the future of Moonpig, and you know, we're proud of what we built, and we're excited for what the group can deliver in the future. As many of you as possible, if you'd like to join us, we're heading downstairs to the Happenstance for some informal drinks, so it'd be great to see you there. Thanks very much.