Good morning, folks, and welcome to the Marlowe plc Capital Markets Day 2022. It's been a highly successful year for the group since we set out our vision to become the leader in business-critical services and software which assure the safety and regulatory compliance at our last Capital Markets Day in February 2021. At that event, Alex and the team set out a new three-year strategy to achieve this vision, while doubling group revenues to about GBP 500 million and almost tripling group-adjusted EBITDA to GBP 100 million with a 20% margin. We said that we would target software annual recurring revenue of at least 10% of overall group revenues, and you'll hear today how our deepen, broaden, strengthen, and digitalize plan is delivering this compliance vision at pace. Run rate revenues have grown by around 65% to north of GBP 400 million and profits by over 90% to over GBP 72 million in the 14 months since that event, thanks to the consistent, disciplined execution of the Marlowe model. Underlying organic growth has now reached 8%. Acquisitions are compounding our growth and being successfully integrated into our platform, and you will hear today how the group is now delivering across the range of our clients' regulatory compliance needs. This clarity of purpose around the central theme of regulation is driving our strategy that is now being delivered by around 4,500 Marlowe team members. We thank them for their skills and commitment through this period. Our group has continued to swiftly scale throughout the year, our board and governance has evolved too. We've recently welcomed two new independent non-executive directors, Rachel Addison and Gillian Kent, who bring highly relevant digital and growth-focused public company experience from organizations such as Future plc and Microsoft. They've taken on the chair of audit and remuneration respectively. I'm confident that we'll bring to bear their experience in our next phase of growth. The team have decided to use today's event to home in on the group's governance, risk, and compliance division, which is core to our compliance vision and continues to demonstrate fast and sustainable growth. The GRC division focused on compliance software and consultancy has transformed over the past few years and now accounts for around 60% of group profits. Along with strategic and financial updates from Alex and Adam, we'll hear from some of the key leaders across GRC. We will hear from Gavin and the WorkNest team talking through the very successful integration of our HR, employment law, and safety operations and their strategy for growth. From Simon, CEO of Optima, on our occupational health strategy. Peter, our Group Chief Technology Officer, will take you through our tech strategy and introduce you to Teresa from Barbour, Josh and the VinciWorks team, and Rich from our CoreStream platform to showcase three of our key compliance software business streams. We will demonstrate how our SaaS platforms are providing an end-to-end solution to our clients' compliance strategies. You'll hear about the positive market backdrop that the group enjoys. We are focused across resilient sectors which are undergoing attractive long-term and non-cyclical growth in areas such as safety, health, and wellbeing, which continue to take on greater prominence across the business environment. It remains a source of great satisfaction for the whole Marlowe team that alongside the growth and returns that we're able to generate for our shareholders, our group plays its part in making a positive impact on organizations, and that our strategy, services, and software is so closely aligned to the important ESG themes that support our clients in achieving a sustainable future. Today's event is scheduled to take around a couple of hours, during which there'll be the opportunity to ask questions which will be answered at the end of the presentations, along with analyst Q&A. Please use the Q&A tool on the screen to submit these as we go. Without further ado, I'll pass you over to Alex and the team. Thank you. Let's face it, businesses today have a lot to worry about. Complying with ever-changing and increasingly onerous regulations is difficult, and compliance is more than just satisfying regulations. In today's ever-changing world, if organizations don't rise to these challenges, they fail. That's where the Marlowe Group comes in. Our mission is to help companies succeed by delivering a one-stop shop of services and software to ensure businesses have what they need to be safe, efficient, and compliant. Here's how we do it. We provide data and information on regulatory standards, covering areas such as health, safety, and the environment, and everything is delivered via our online platform, so the latest legislation is always at your fingertips. Our employment lawyers and HR specialists help to keep employers legally compliant and build productive workforces. We apply the latest regulations in the workplace by delivering advice and leveraging our powerful HR technology to help your business to succeed. We empower organizations to bring out the best in employees by actively managing their health and well-being, which in turn improves business productivity and engagement, ensures compliance, and reduces staff absence. At buildings like this, our health and safety consultants audit, assess, and reduce risk, and then we deploy our software to ensure workplaces remain compliant 24/7. Once safety risks have been diagnosed, our fire safety, water, and air hygiene specialists will inspect business premises to assure ongoing safety. Our e-learning has trained millions of professionals on their compliance obligations, building a culture of integrity and inclusion. We raise awareness of key regulatory risks such as anti-bribery, data privacy, ESG, modern slavery, tax, and ethics. Our supply chain management software gives you total visibility and control of your contractors, ensuring services are delivered to a high standard by vetted and audited service providers, allowing you to rest assured that your suppliers are compliant. We provide organizations with the software to efficiently manage risk compliance and audit activities in an environment that put the end user first. Our software adapts to our clients' processes and frameworks rather than limiting them to a one-size-fits-all approach. This helps achieve higher compliance standards and more effective risk management. Whether it's compliance software, health and safety, employment law, occupational health, or fire and water compliance services, you can count on Marlowe as the one-stop shop to help your company grow safely and succeed. Good morning. As we've just seen, Marlowe's vision is to be the leader in services and software which assure regulatory compliance. We deliver a one-stop approach to our clients' compliance needs from content, intelligence, and consultancy through to software and assurance services. Via software, we provide regulatory data, information, and practical guidance that enables key compliance decision-makers to assess the regulations that are applicable to their organizations. This is our compliance intelligence capability. Our consultants and auditors then provide the advisory services our clients depend on to help them to apply these regulations to their organizations. This is our compliance consulting capability. Our software applications help to monitor and control all sorts of risks. This is our compliance software capability. Then we deliver field-based compliance to test and inspect your business premises across areas like fire safety and water hygiene. This is our compliance assurance capability. Marlowe has become a broad compliance platform addressing the full cycle of risk, a proposition we deliver across 50,000 clients operating in all key B2B sectors. Whether by delivering innovative e-learning in the latest compliance standards, providing regulatory intelligence or GRC software, advice on an employee dispute, auditing health and safety standards, or by certifying fire safety compliance, all of our activities, whether service or software, are bound by the same mission of assuring business-critical compliance. This cycle is not just strategically coherent but financially compelling too. Over 85% of our revenues are recurring, and our clients take our intelligence, consulting, software, and assurance services via long-term contracts as recurring services or subscriptions, resulting in very strong earnings visibility. While our sectors and model are defensive, we're achieving fast-paced growth. EPS grew 50% in the first half. Operating profits were up 122%. Market expectations for FY 2022 see revenue growth of 61%, EBITDA growth of 83%, and EPS growth of 47%. Since 2016, our first year as a listed business, our earnings per share has grown at a compound rate of around 30% year- after- year. Nearly everything we do for our clients is underpinned or necessitated by regulation. Whether it's one of our 300 health and safety consultants conducting audit to keep you compliant with the Health and Safety at Work Act, one of our 100 or so employment lawyers advising you on the Employment Rights Act, our 700 clinical professionals assessing your employees on occupational health, an e-learning course we've designed to keep you compliant with a financial regulation. An annual Legionella test conducted by one of our 800 water compliance specialists. A risk management platform developed by our 120 software developers to help you comply with governance regulations like UK SOX. Everything we do has a corresponding regulation. Our customers place great reliance in our software and services. The defensive nature of our markets became clear during COVID, with clients requiring our services and software throughout. Across our business lines, we enjoy a similar channel to market. We sell our services to individuals such as health and safety directors, compliance officers, HR or facilities managers. These are the individuals who are responsible for compliance and safety in the workplace. Our six business lines operate autonomously, but they are all bound by this common channel to market, which results in strong synergy. We understand what our clients care about, and we can apply similar ideas and operational methodologies across our group. We benefit from the major competitive advantage of being able to cross-sell across these lines, accelerating growth and reducing the cost of customer acquisition. To pick a few examples, we often sell health and safety alongside employment law. HR consultancy is often delivered with occupational health or eLearning. Health and safety software sold with contractor compliance software. Water hygiene with fire safety. This is the power of being an end-to-end provider of compliance. The markets that we operate in are highly attractive and increasingly relevant. We are well-positioned to benefit from the ever-increasing needs of organizations for compliance. We are keeping clients for longer by broadening our service offering, delivering superior service levels and investing in our software product roadmap. Our services and software are largely non-discretionary as a result of their business-critical requirements and as we have just seen, thanks to the regulation that underpins them. Every one of our markets is experiencing structural growth. Regulations are not just complex, they are ever-evolving. For instance, the employment bill currently passing through Parliament will be a major source of regulatory change. Five years ago, fees to bring tribunal claims were abolished. These changes on top of an already litigious landscape have seen claims rise 30% annually for the last five years. This constant regulatory churn increases the need for our services. Insurance requirements often dictate the need. The digitalization of compliance, as we will hear later this morning, is accelerating growth across our markets. Our clients' budgets continue to grow at attractive rates because of the heightened focus on the environmental, social and governance issues inherent in business. The risks and costs of not implementing compliance significantly outweigh the costs of implementing it. The areas that we address are becoming more and more important in the eyes of our clients. Our end-to-end compliance model is bringing the market to us. If you are a compliance director responsible for many different areas of risk, it makes sense to have a single group addressing your requirements. It's easier having a centralized provider to assure consistency. It is all of these factors that are contributing to our accelerating organic growth and the growth of our addressable markets. As of today, we conservatively estimate our addressable market to be around GBP 8.4 billion with attractive growth rates of between 3% and 10%. As we have broadened our offer into new compliance areas, the size of the market opportunity has increased. Our strategy to achieve our compliance vision is well established. We are executing on the vision via our plan to deepen, broaden, strengthen and digitalize the group. We have delivered major progress. Deepen is all about deepening our presence across our current markets, which are all fragmented, both organically and through further M&A to consolidate this GBP 8 billion addressable market of which we have only GBP 400 million. We plan to continue broadening our capabilities and coverage across the compliance landscape, seizing the wider opportunity and expanding our coverage into new areas. Digitalize is focused on building the market leader in compliance and EHS software, responding to our customers' demand for digital solutions. Finally, probably the key strand, strengthen, is about ensuring that we are building world-class businesses, driving integration programs to realize synergies, driving organic growth and expanding our margins, ensuring that Marlowe is a platform that enhances businesses upon it. The execution of this strategy has resulted in major progress against our ambitious financial targets well ahead of schedule. At our last CMD, just over a year ago, we set out financial targets to roughly double revenues and nearly triple profits from GBP 37 million to GBP 100 million by the end of FY 2024. In just over a year, we are nearly 60% of the way towards achieving these targets. As of today, run rate EBITDA is around GBP 72 million, nearly double the figure it was at last year's CMD. Our group now has revenues of over GBP 400 million. That compares to GBP 245 million last February. The progress that we've made underpins our confidence that we will now materially overachieve against these original targets. We were generating maybe 3% of our revenue from SaaS when we set these targets, and we said we aspired towards achieving 10%. We're already at 9%. Our software revenues are growing organically at over 20% a year, and when we consider further planned M&A, we'll materially exceed this 10% target. Last February, our divisional margin was 16%. Today it's 19%, just shy of the 20% medium-term target. In around a year, it's expanded by over 300 basis points. That's thanks to significant operational improvements and integration synergies, the operational gearing we benefit from, the fast growth of our high-margin software and GRC activities, enhanced route density and other economies of scale, and the attractive financial profile of acquisitions we've completed in the year. Once we've hit the 20% target, we plan to go much further, and the financial characteristics of our sectors make this very possible. The cash we generate as a business provides resources to reinvest into compounding our organic growth via M&A. Our activities are highly cash generative with attractive working capital profiles. Working capital is around 5% of revenues. We targeted to achieve over 90% cash conversion. That's a figure that we've consistently exceeded since. Our compliance strategy has developed significantly. We now deliver services and software across our divisions, GRC and TIC, which help our clients to stay in control and in compliance with the constantly evolving regulatory issues and operational risks that they face. We've delivered 8% organic growth, 100 basis points higher than the prior year. We expect this growth to continue accelerating as we deliver better service and keep clients for longer, upsell and cross-sell across our business lines and benefit from attractive market growth. All of our markets are fragmented, offering significant scope for consolidation, and we've had a transformative year on the M&A front. Our M&A is delivering on the significant roll-up opportunity in our existing markets, deepening, as well as identifying complementary adjacent markets, broadening. We've deployed GBP 318 million on 23 earnings-enhancing acquisitions since February 2021. You'll hear from the leadership of a number of these acquisitions during today's event. Key ones have included the GBP 135 million acquisition of Optima Health, making us the clear leader in the corporate health and wellbeing sector. The GBP 50 million acquisition of VinciWorks, building our leading compliance e-learning and GRC software offer. The GBP 32 million carve-out acquisition of Barbour from Informa plc, broadening our activities into the compliance intelligence space. The GBP 25 million acquisition of EssentialSkillz, building further in compliance e-learning. The GBP 20 million acquisition of CoreStream, the enterprise risk management software provider, and the GBP 30 million acquisition of Hydro-X, further consolidating our leading position in water and air compliance. Alongside these major deals, we've continued to execute our bolt-on M&A strategy at pace. Bolt-ons like ESPHR have helped to develop our employment law and HR offer into the mid-market. We can bring deals like this into the group on attractive valuations of around 5x-6x. Deals like the GBP 7 million acquisition of ACL or the GBP 4.5 million acquisition of Santia have continued to scale our TIC activities, adding around GBP 20 million of revenues and offering further synergies to extract. An acquisition will continue to be a major tool that we'll use to add depth and breadth to our platform. All our markets are fragmented and offer major scope for consolidation, with our current market share only between 5% and 10% of each. Following our recent debt refinancing and as a result of the cash generative nature of our operations, our balance sheet is in a strong position to take advantage of this opportunity. With the resources that we have available to us, we believe we can add around £15 million EBITDA to the group over the next 12 months, and we're now able to fund our bolt-on acquisitions via the cash that we generate rather than relying on the equity markets. Acquisition is a tool that we use to broaden our capabilities, and alongside the major Barbour and CoreStream deals, broadening our compliance intelligence and our GRC software offer, smaller bolt-ons like CQC have broadened our activities into care quality compliance. Cylix back in May was our first step into the diversity and inclusion e-learning market, which we bolstered with the more recent Skill Boosters deal. Digital is where there's been such significant progress. We've executed seven software deals since February 2021. Just over 20% of group profit now comes from software. Our compliance software platforms are used by clients to implement governance frameworks and to manage, monitor, audit, and control risk and compliance and performance throughout their organizations. We built a leading position in the highly attractive e-learning compliance market, which is a vital part of the compliance journey, enabling our clients to train their staff via our software in essential regulatory fields or workplace standards in areas such as health and safety, code of conduct, or GDPR. As we've scaled, our investment in our product roadmap has increased, and we have the in-house expertise to bring our own SaaS products to market organically. This year we launched Prosure360, a supplier verification tool which allows our clients to vet and qualify their supply chain compliance. Not only are these platforms growing at a fast rate, but they benefit from highly attractive investment characteristics. We're able to add additional users with a low incremental cost to deliver, which leads to margin expansion. Revenues are locked into long-term subscriptions, and we achieve net retention rates comfortably over 100%. We find that clients who take both software and service from our group achieve much higher standards of compliance. Software supports our service strategy too. We've continued to drive our integration programs with intensity, delivering on the strength and strategy. The clearest indicator of this progress is the major EBITDA margin expansion to 19% that I alluded to earlier. The playbook of operational improvements that we implement to enhance acquired businesses is now well-rehearsed. WorkNest, as we'll hear later, is a clear example of this strategy in action. This part of the group has integrated 10 acquisitions into what was the Ellis Whittam platform before rebranding as WorkNest in October. We're now leveraging WorkNest's highly tuned sales and marketing machine to accelerate organic growth across the operation, selling additional products such as e-learning, HR, or safety software across the client base. We'll hear later on from Rory, WorkNest's marketing director, on how we achieve this. In a minute, we'll hear from Adam, our CFO, on the organic picture, which shows that while we scale and fulfill our ambitious compliance vision, we're making strides in improving the underlying business with accelerating organic growth and attractive financial metrics. Beforehand, we'll hear from Teresa, the Managing Director of Barbour, who will showcase the initial part of our compliance cycle intelligence. Barbour delivers our clients access to regulatory compliance data, advice, and insights on a subscription basis via software. We acquired the platform from Informa plc in August following our initial approach a few months earlier. Since the successful carve-out of the business, Barbour's integrated into our GRC division. Trading is well ahead of expectations, and we're now working on various strategic initiatives to integrate the product into our software environment. We're adding new functionality, and we're ensuring that we're selling Barbour across our client base, providing Marlowe clients with the intelligence that they need to succeed in these complex regulatory fields. Good morning. I'm Teresa Higgins, Managing Director of Barbour EHS. It's a pleasure to introduce Barbour as Marlowe's environmental health and safety information provider. Barbour is actually the oldest and best-known provider of specialist information. We date back to 1957 when we were first known as the Barbour Index. We've come a long way since then, and today, Barbour has evolved into a cloud-based SaaS subscription solution. We digest the latest in government regulatory data and information. We help businesses understand what legislation applies to them and how to stay compliant with those regulations. We do this in areas such as health and safety, occupational health, sustainability, ESG, and fire safety. Barbour provides this essential business information to a range of customers, large and small, in order to ensure the most critical regulations are complied with. This reduces customer business risk and improves safety in the working environment. Our clients are typically health and safety directors, compliance officers, facility directors, or an individual within an organization who is responsible for managing compliance and applying the relevant standards and regulations. Due to our SaaS model, Barbour has been able to scale very profitably. We generate GBP 7 million of ARR from over 1,100 customers and achieve an EBITDA margin of over 50%. Our customers consider Barbour a premium, non-discretionary product essential to understanding the law. We are growing organically at over 10% a year with very low customer churn. Cash conversion is around 100%. Our future revenues are contracted and secure and highly visible because of their subscription nature. At the start of the year, we know with a high degree of accuracy where 90% of our revenues for that year are coming from. As we add additional subscriptions, we have been able to expand our margins as there is only a limited cost to each additional client who uses the platform. We are a really compelling fit with the Marlowe strategy. Marlowe is a one-stop shop for all things compliance, and with Barbour as part of the group, Marlowe can offer clients all the regulatory data, intelligence, and content that they need to interpret the regulations that are relevant to them via our software platform. It's a vital part of the compliance journey. Equipped with this data and intelligence, clients can then work with other parts of the Marlowe Group to implement the regulations that they have identified on our platform are required for their organization to remain compliant. This could be via compliance e-learning, software testing, and inspection, assurance or consultancy. Barbour is firstly an online library of environmental health information. We store the very latest information from the Health and Safety Executive, British Standards, legislation, trade associations, with bespoke legal registers designed to help customers pick and choose which legislation is most relevant to their compliance requirements. These pre-populated legal registers save customers the time creating their own. Barbour also provide a range of tools enabling organizations to stay up to date with industry developments, new guidance, content, and legislation. Customers particularly like our technical guides on key topics which help our users feel like instant experts, offering fully editable templates and presentations. Key to our thought leadership in this space are our monthly webinars, and we produce a lot of content to help businesses navigate the complex landscape of legislation. Barbour EHS has been helping organizations stay safe and compliant for over 60 years. We are the trusted brand in this space, cutting through the information overload and getting straight to what matters to our customers. Our modules are wide-ranging. Our regulatory expertise covers real estate, environmental, energy, fire and security, international, mental health and wellbeing. We have over 1,100 customers subscribing to Barbour, and our international service means that we are increasingly receiving traction from companies with overseas operations who are seeking assistance on how foreign regulations apply to them. We sell our Barbour products on a mix of annual and three-year subscriptions, benefiting from a high retention rate of over 90%. Barbour service adds value to customers by reducing the time organizations spend wading through legislation sites and hiring consultants to translate legislation into real-world applicability. Barbour joined Marlowe from Informa plc last summer, and we have been really delighted with our new home. Joining a company focused on compliance like Marlowe, we have become part of a family. Marlowe is full of regulatory expertise, and people are genuinely passionate about reducing risk and increasing safety. As an organization, I think it's fair to say that Marlowe benefits from more compliance subject matter expertise than any other in the U.K. Since the acquisition, we have integrated into the GRC division and begun a journey on significantly investing in growth. Some of the immediate benefits we've received from joining Marlowe was access to Marlowe's compliance e-learning content, which allowed us to displace existing third-party providers. We have also moved onto a new CRM system to allow us to benefit from access to the wider customer ecosystem of the group. We've begun to focus on more organic initiatives to accelerate growth, investing in marketing and sales. We are planning to re-platform our content management system in the coming months, and the group's digital expertise has been vital in mapping this out. Perhaps the most exciting part of the Marlowe environment is the speed at which we move and the speed at which we make decisions. Autonomy, short lines of communication, and a real understanding of what makes compliant businesses work. We are really excited about the future. Being part of the Marlowe Group, we hope to leverage its wide compliance expertise and create new areas of legal registers which focus on other core Marlowe markets like HR and employment law. Marlowe's acquisition expertise also gives us the opportunity of accelerated growth by bringing in other providers of regulatory business information. This is only going to add further momentum to organic growth. Barbour is an essential part of the Marlowe compliance portfolio. In a complex world, more and more customers are going to need B2B, and we feel lucky to be part of a stable, compliance-focused business, which is providing customers with that end-to-end approach to compliance. Thanks, Alex and Teresa. The following metrics show the group's underlying picture is strong. Today, organic growth is running 8%. As you can see, this is a major acceleration from the 4% we were generating in FY 2018. This measure has been adjusted for an artificially low COVID comparator. The unadjusted figure was 15% for the first half. It is worth specifying exactly how we measure organic growth. We undertake a completely like-for-like analysis on revenue growth to give investors the clearest picture of growth. We do this by taking the current year's revenue, including revenue generated in the year by acquired businesses. We then adjust the prior year revenue to include the revenue generated by the acquired businesses as if we had known them during that period too. This enables investors to assess the organic growth of our entire business in today's form. To illustrate this, if we acquired a business halfway through our financial year, we would include six months of revenue for the acquired business and compare it to the same six months in the prior year. We really are seeing a like for like comparison between current years and prior years, and crucially, how both acquired businesses along with our core business are performing organically. That picture is positive and shows the steady improvement to today's 8% figure. The current performance reflects both the attractive structural growth rates of the GRC and TIC markets in which we operate, but also the operational improvements we make, the enhanced service levels we now achieve, and the focus we apply to sales and marketing. Another key measure for the group is our proportion of recurring revenues. Recurring revenues are key to the Marlowe investment proposition. In percentage terms, this metric has increased from 80%-85% from FY 2018 to FY 2021 as a result of both our M&A and organic efforts being focused on building this base. These revenues result in very strong visibility of our future revenues and a high quality of earnings. Continuing on our underlying progress, in line with our strategy and targets, divisional EBITDA margin has improved to 19% on a run rate basis. This is crucial. This is perhaps the clearest indicator of our ability to integrate businesses and create value through unlocking synergies and operational efficiencies, such as merging back office functions, integrating service delivery, rolling out our tech platforms within acquired businesses, and benefiting from economies of scale, such as route density, which allow us to improve the efficiency and productivity of our fee earners. We are also benefiting from higher margins and faster growth of our GRC activities, and as those activities continue to scale, both organically and inorganically, we expect there to be a natural improvement in margins. Cash conversion is a key organic metric of operational performance, and we aim to keep this above 90% in line with our target. Our sectors are not capital intensive, and they benefit from favorable working capital dynamics. In the 18 months to September 2022, a time period that isn't affected by COVID tax deferrals, we delivered 96% cash conversion. We are confident that we will continue delivering these sorts of levels, which will provide significant resources to fund our ongoing growth strategy. On the last chart of the page, we have tried to illustrate how restructuring costs are reducing and that we are achieving attractive returns from investing and restructuring. The chart demonstrates restructuring costs as a percentage of capital deployed. Restructuring acquired businesses is an essential part of our integration programs and ensures that synergies and returns are maximized. These costs are clearly identified in our results to ensure there is clarity on the underlying trading performance of the business. Restructuring costs are directly driven by the level of M&A activity undertaken by the business and cover areas such as redundancy payments following headcount reduction in an acquired business, the costs of closing down sites or the cost of implementing new IT platforms across acquired businesses. If we stopped acquiring businesses tomorrow, restructuring costs would entirely fall away over the next 12 months. In terms of performance against our key financial KPIs, the trend continues to be positive as we continue to scale the business. Total revenues have increased from GBP 129 million in FY 2019 to the current rate of over GBP 400 million per annum. The momentum has increased significantly in the last 12 months with over GBP 314 million of capital deployed acquiring annualized revenues of GBP 157 million. Our group adjusted EBITDA is increasing at a faster pace as we continue to expand our EBITDA margin. Annual adjusted EBITDA in FY 2019 was GBP 11 million, and our current run rate of GBP 72 million reflects an over six-fold increase in under four years. This demonstrates the progress we've made in building out the strength and scale of the group. Analysts expect our adjusted earnings per share to reach 36.8p for the current financial year. This represents a 47% growth on last year and 26% compound annual growth rate since FY 2018, reflecting the increased number of shares in issue resulting from equity raise to assist in executing the growth agenda. EBITDA over the same period has grown at a compound growth rate of 64%. Following the last placing in January 2022, we now have significant firepower in our balance sheet, supported by our new debt facilities, which will deliver further earnings-enhancing bolt-on M&A and continue to drive EPS. Thanks to the current scale and cash characteristics of the group, this cycle will become self-fulfilling, and we're able to fund a major portion of our future growth from the cash that we now generate. Thanks, Adam. On a run rate basis, GRC now accounts for 40% of our revenues, about GBP 160 million, and about 60% of our profits. It's been an area of major capital allocation focus in the past couple of years. Since the CMD last year, we've deployed GBP 271 million into 14 acquisitions with a particular focus on expanding our software offering. Within TIC, where we've already achieved leading market positions, we've continued to steadily scale, deploying GBP 47 million on nine acquisitions, and we've done this whilst remaining financially disciplined, achieving an average 7.8x multiple before synergies. Post synergies, our return on invested capital is comfortably above our 15% target, and we're confident that we can continue achieving these valuations in future. Our M&A capability is leading. Most of the deals we do are off-market, and we've refined and industrialized our process over the last six years. We're set up to pursue both large transformational opportunities like Optima or VinciWorks, alongside bolt-ons or complex carve-outs that others aren't equipped to deal with, like the Informa and Barbour deal. This leads to more attractive valuations, and we're proficient at sourcing targets, getting deals done, efficiently executing their integration programs. Our pipeline of M&A remains buoyant with around GBP 5-10 million of EBITDA in our near-term pipeline. We'll continue to use M&A to compound our organic growth across both GRC and TIC, and to do so in a disciplined way which drives attractive shareholder returns. Today, in particular, we're showcasing our GRC division, the quality of the platform that we've built and the scale of the future GRC opportunity. This is GBP 160 million revenue, GBP 40 million EBITDA division for us. Over the last three years, we've transformed GRC to become a one-stop shop, and we're very well-placed to go after this GBP 4 billion market. GRC encompasses our consulting and software solutions across enterprise risk, health and safety, employment law and HR, occupational health, and compliance e-learning. The majority of the compliance services we deliver in GRC revolve around our clients' employees and their organizational risks. Our consultancy services are delivered largely under three- or five-year contracts with subscription-based revenues. We provide a full range of business-critical services from health and safety support, advice and risk assessments, governance advice on employment law, HR or occupational health compliance. We deliver services ranging from those that protect the well-being of our clients' employees through to the training of their staff in relevant compliance standards via e-learning. Our cloud-based software applications are used to control and monitor risk across the organization. We deliver these software platforms as long-term subscriptions. All of our GRC offerings share an identical channel to market. They're seen as very logical extensions of one another, demonstrated by the regular cross-sell that we see across these areas. Our GRC division covers four main business lines. Our environmental health and safety business line comprises consultancy, software, and intelligence. As you've seen, we provide regulatory intelligence via Barbour to help key compliance decision-makers to understand what regulation and health and safety legislation applies to them. Our health and safety consultants from William Martin conduct audits and risk assessments, provide advice, and implement our Meridian SaaS platform to help customers track safety and compliance. WorkNest then extends this health and safety proposition into HR and employment law compliance, which it delivers alongside safety advisory and a range of digital products such as HR, safety, and case management software or e-learning. As Gavin and his team will highlight, WorkNest occupies a GBP 1 billion market that's growing at attractive rates of around 7%. We're comfortably outperforming that growth, achieving north of 10% organic growth each year. Occupational health is, of course, a central part of our clients' health and safety strategies. Back in 2019, we identified the market as highly complementary to our health and safety and employment law business. We saw that the decision-maker for occupational health is also responsible for other compliance disciplines such as HR and health and safety. These services are seen as closely aligned with HR issues often arising out of absence management issues related to occupational health, and health and safety consulting is closely intertwined with it too. We cross-sell a large amount of work across these two business lines, with 550 clients cross-sold in the past year. Within occupational health, we assure regulatory compliance for our clients. We improve the physical and mental health and well-being of their employees, minimizing workplace risk and maximizing corporate productivity. In many cases, the services are regulated by legislation like the Health and Safety at Work Act. They're specialist. They command attractive margins which can be expanded with scale. The market's about GBP 1 billion in size, with growth of 4%-5%, and there's a large amount of white space to go after, with more and more onus being placed on corporates to invest in this critical compliance area. Our compliance software business line encompasses compliance e-learning and compliance SaaS products. They empower customers to comply with numerous regulations to improve governance and control. One of our key value adds is that our software is built by developers who are able to collaborate closely with industry expert colleagues who live and breathe these areas. It's developed by practitioners with huge end-market expertise. As our SaaS applications become more closely integrated, we can share content and modules and integrate functionality. Intelligence tools can be linked to GRC SaaS, and e-learning can be linked to individual risks within our health and safety software, prompting the user to engage with a particular e-learning course. From a client perspective, the more integrated we become with their operation and the more integrated our capabilities are, the higher our pricing power and client retention rates. Taken as a whole, our SaaS platforms are increasingly providing an almost end-to-end solution to our clients' governance, risk, and compliance strategies. Since 2016, Marlowe's incrementally built its offering into the end-to-end compliance platform that we've become today. In core compliance service areas, fire safety, water and air hygiene, employment law, HR and occupational health, we've established market-leading positions of scale. Newer areas for the group, compliance software and contractor compliance have scaled fast and present clear opportunities for further fast-paced organic and acquisition-led growth. Crucially, as the range and breadth of compliance solutions that the group offers has expanded, so too has our addressable market. From GBP 1.6 billion in 2016 to GBP 8.4 billion today in the U.K. Despite now having revenues of over GBP 400 million and leading market positions, Marlowe represents only a small segment of each market we occupy with major runway for growth. We maintain the pace of our growth thanks to our well-designed organizational structure, which is focused on divisional, entrepreneurial autonomy, and agility. This structure gives our managers the resources and the responsibility to deliver their strategic plans while driving integration programs at pace. Each of our six business lines have autonomous leadership teams supported by dedicated integration resources and a well-developed integration strategy. This structure enables us to integrate acquired businesses efficiently with an integration program within one business, being largely discrete from that within another business line, so we can integrate multiple businesses concurrently without straining management bandwidth. You can see from the table, we're making strong progress on the integration programs. We're getting better at avoiding the pitfalls. With our track record and our scale, integration risk diminishes. We have the structure and leadership, integration resources, infrastructure, systems, and strategy to take on more scale with increasingly attractive synergies. We've begun the integration program between the recent acquisition of Optima and our other occupational health activities. On the other side of the integration, which will take about 12 months, we'll have one unified management team, one back office, one operating model, and the Optima tech platform will be rolled out across the combined business. The Marlowe model for creating shareholder value is now well established. Acquire, enhance, accelerate, integrate, and collaborate. This is our model for effective acquisition, operational and technology enhancements, accelerated organic growth and bolt-on acquisitions, and a well-oiled model to integrate businesses into our infrastructure, extract synergies and utilize scale efficiencies. One of the clearest examples of this integration strategy in action is evident in our recently launched WorkNest brand, which brings together 11 acquisitions. WorkNest delivers a one-stop solution of subscription-based employment law, HR and safety consultancy and software, and now makes up just under half of our GRC divisional profit. The first major deal we completed in the space was the GBP 60 million Ellis Whittam deal in late 2020. Ellis Whittam was generating revenues of GBP 16 million and EBITDA of GBP 4 million with around 98 employees. Through the integration of 10 bolt-ons and organic growth in excess of 10% each year, the business has grown to revenues of over GBP 40 million and now employs 435 people. The business now benefits from a single organizational structure and leadership. Common technology platforms and service delivery has been integrated. We're seeing a reducing cost to acquire new customers and more efficiency in service delivery. SaaS revenues within the business, in line with our broader digital strategy, are now approaching GBP 9 million, with over 20% organic growth each year. A common sales and marketing structure is in place, and the business has been rebranded with a common purpose and a united growth strategy. As a result of this success and the investment that the business has made in building out its infrastructure and the resultant highly attractive operational leverage that we're now enjoying, in the next three years, on a solely organic basis, we expect profitability to increase by over 70% from the current levels. We'll now hear from the WorkNest team to talk you through their strategies for success before they hand over to Peter Bell, our Group CTO, who will talk you through our digital progress. The WorkNest Group has been created over the last 16 months through nine targeted acquisitions assembled by Marlowe following the platform acquisition of Ellis Whittam back in 2020. It is now a central and high-growth part of the group's governance risk and compliance division. The WorkNest story has been one of strong organic growth in double-digit range, fast-paced acquisitions, highly effective integration, and the development of a clear operating model. It's a very clear example of the Marlowe model in action, bringing together highly complementary compliance-focused services and software businesses to create a market-leading platform via effective integration, operational and technological improvements, investments in accelerated organic growth and expanding margins. As a business, we exist to protect and nurture U.K. employers by advising and providing solutions to prevent and manage some of the most sensitive and crucial issues concerning people in the workplace. By doing that, our clients can focus on their own organizational success. We help our clients to prevent and solve problems and ensure regulatory compliance. We do that by providing high quality, commercially minded employment law, HR and health and safety advice, combined with innovative digital solutions. Our subscription-based consultancy and software model gives us strong future revenue visibility, with clients paying subscriptions on three- or five-year contracts. Our services are valued by SMEs and specialist HR, compliance, health and safety, and operations teams in larger organizations across some 54 vertical sectors. Not one of those sectors generates more than 4% of our revenues. Core to our offer is high quality advisory support. We offer the surety of a fixed fee, unlimited use model to most clients, and a considerable number of clients are protected through a legal expenses insurance policy. These clients are protected against fines, costs, and claims on the condition that they follow our advice. Nearly all of our clients take a blend of services alongside our software as a service digital platforms. WorkNest serves some 40,000 U.K. employers. Employee and workplace regulations affect everyone, and our clients come from some 54 vertical sectors across the U.K. There is huge organic growth potential, we believe, within both the SME and the mid-market target segments. Significant headroom to expand in the core SME market involves the addressable some 350,000 U.K. enterprises who employ less than 150 people. WorkNest and Marlowe as a whole benefits from strong tailwinds, pushing U.K. employers to seek advice. There have been over 40 major employment law and health and safety regulatory changes since 2010. In particular, the abolition of tribunal fees. Employers are facing growing employee claim levels, stricter enforcement, and more punitive fines. Insurers are increasingly penalizing employers not able to evidence strong safety practices. Local authorities are demanding stronger evidence of safety and employee relation practices before contracting for local services, which bring an increasing enforcement burden. Employers are taking more responsibility for employee welfare and well-being. Health and safety expectations are rising from both a corporate and public perspective, with major costs relating to non-compliance. We have a highly resilient business model with strong earnings visibility and addressable operating margin opportunities. Our revenues per annum are around GBP 40 million, generating near 30% EBITDA levels. Most of our revenues are delivered as a secure recurring subscription. Ours is a highly valued proposition with strong brand reputation. We've delivered consistent growth every year and including strong growth during the COVID-19 years. Our services are largely non-discretionary and underpinned by attractive regulatory drivers. There are attractive economies of scale across both software as a service and our subscriptions, with decreasing incremental delivery costs as the business continues to scale. We offer our clients either three- or five-year contracts, and the average contract with the majority of our clients is 3.8 years. Some 93% of our clients are retained every year. We target a sustained 15%-20% compound annual growth rate level by focusing first and foremost on our organic growth. We will continue to secure profitable multi-year contracts with annual RPI increases across both new business and renewals. We have a strong brand, high quality, and well-resourced service delivery, and established sales and marketing competencies in place to deliver that. We will look to cross and upsell our software as a service and other value-add services to our existing clients, both within WorkNest and the Marlowe Group. In the Marlowe Group, there are some 50,000 existing clients addressable for e-learning and other software service offerings. We will grow software as a service through continued product roadmap development, enhancing sales and marketing impact, and realizing integration benefits. We will deliver continued operating margin growth. Thanks to the rollout of new advisory support platforms, management information and resource planning competencies, we expect to be able to further improve utilization and absorb more work activities across largely the existing base of advisors and consultants. We are confident that we'll be able to achieve that without compromising quality levels. All of this will allow us to increase our gross margin position. We'll be able to leverage our back office roles across various support functions that don't need to grow at the same rate as our revenues. Firstly, I want to talk to you about our investment in marketing to deliver scalable and predictable growth. Over the last five years, we've continually refined how we use Salesforce, our CRM platform, and our associated marketing technology and data providers to build ever-increasingly intelligent inbound and outbound marketing programs. As well as understanding important metrics like cost per acquisition across our various channels, we can now forecast sales, qualified leads, and ultimately revenues through our in-depth understanding of the engagement pipeline volume and velocity. This improved understanding of what works and the use of multiple channels and techniques to engage our prospects means that we're able to feed our telemarketing team with much more engaged prospects. The result of this is that over the last two years, we've halved the number of calls our telemarketing team need to make to book an appointment, and we now convert an average of one in every 2.5 meetings we sit into a sale. When we started our journey with Marlowe, we worked with a specialist brand agency to understand how we could create a brand structure and strategy that would maximize the opportunity of bringing a range of people-led services and SaaS solutions together. The output of that work was the creation of the WorkNest brand. Creating a master brand with a clear structure for products and services below it makes it easier for clients to navigate across our services. Joining Marlowe was a highly attractive route for all the businesses that have now formed to create WorkNest. Targeted M&A achieved by combining WorkNest domain experts and Marlowe M&A specialists to approach and attract acquisitions. Our acquisitions have been across software as a service platform providers, notably e-learning and HR software, SRA-regulated law firms enabling access to public sector, education, and corporate client markets, and HR consulting practitioners who bring additional capacity and expertise and access to new nonprofit-making sectors. We have a sizable e-learning presence, some 2,200 clients with over 1.5 million users, and now plan to create a single leading compliance-based e-learning business. We bring high-quality, immersive remote learning courses, some 330 courses covering the full range of compliance and health and safety subjects. Safety and compliance e-learning is a highly attractive part of the compliance landscape with software as a service, operational and financial features in a fast-growth segment of the compliance market. Our platform is made up of numerous customizable e-learning courses with a built-in compliance platform, learning management system, authoring, and risk assessment tools. In a nutshell, our platform is aimed at ensuring the compliance of your workforce and minimizing people risk. We've invested significantly in our project resources, building out our WorkNest integration framework, our business analysis, and project execution capabilities. Our project teams are executing up to 30 in-flight integration synergy projects at any one time. Because we've now done this a number of times before, we're developing a very clear and well-rehearsed playbook. We identify and prioritize synergy opportunities by leveraging the WorkNest and Marlowe platforms, displacing third parties, and using centralized WorkNest departments wherever possible. We forecast to realize a further GBP 3 million of synergy savings as a result of various projects that are ongoing. We've invested significantly in our CRM and marketing automation platforms, and we focus on deploying this capability to all acquisitions as soon as possible. A centralized CRM platform enables our cross-sell initiatives, providing us with a single view of our client base. CaseNest, our enterprise legal and HR case management system, introduces standard ways of working, document automation, and the ability to distribute work to our U.K. population. We consolidate our back-office functions such as IT support, HR, and finance. We have made major progress in the 18 short months since Marlowe acquired Ellis Whittam. During this period, revenues have grown from GBP 16 million to GBP 40 million per annum. We've developed a clear and cohesive operating model and rebranded our platform for growth. We've delivered effective integration programs and are in the process of extracting significant further financial synergies. Organic growth is accelerating amidst markets that enjoy highly attractive backdrops. We have made major digital progress and now have software as a service business lines across health and safety software, compliance e-learning, and HR compliance. We have a clear strategy and major further growth plans and can see a clear path to achieving revenues of GBP 90 million over the next five years. We will achieve this growth by a continued strong organic growth supplemented by Marlowe's investment in further targeted acquisitions. Good morning. I'm Peter Bell, Group CTO. I joined Marlowe from Constellation Software in early 2021, drawn by the major opportunity of developing and delivering Marlowe's digital compliance strategy to support the group with its mission to be the market leader in compliance software. The scale of the digital opportunity at Marlowe, particularly within the GRC side of the group, is huge. Digital products are supplementing the group's compliance services as the core tools for ensuring, controlling, and prompting compliance standards across our clients' businesses. The deployment of our software significantly improves our clients' compliance standards and customer experience, resulting in high switching costs. From a standing start and following our entry into the software market in 2018, Marlowe has built a rich suite of software compliance solutions through both M&A and organic initiatives. With SaaS subscriptions now contributing around 10% of group revenue. In the last financial year, six software businesses joined the group. We expect SaaS revenue as a proportion of our total revenue to continue to grow as we benefit from the fast growth this market demonstrates, our diversity of products and the organic growth benefits that our cross-sale strategy and our large client database create. We're positioned very favorably to benefit from the further digitalization of the compliance landscape, and we see a long-term opportunity to transform our markets through greater adoption of software and digital applications. The developing Marlowe portfolio of software products addresses all aspects of an organization's compliance needs. Customers rely on our risk and compliance software to track and report regulatory risks such as AML, DAC6, or KYC across the organization. Our contractor management platform, eLogbooks, monitors compliance standards of service providers working at our clients' premises, giving stakeholders real-time visibility over one of the biggest areas of risk in a commercial organization. Since eLogbooks joined the group in 2020, we have developed and launched a new product, Prosure360, to verify and accredit contractors and integrate it to the platform with Meridian, creating an integrated health and safety and supply chain compliance proposition. Our digital EHS solutions police and promote safety in the workplace, recording incidents and highlighting areas of non-compliance. Compliance e-learning is playing an ever more important role for companies in ensuring their staff are compliant across such diverse topics as inclusion, GDPR, and health and safety. We have a range of e-learning platforms covering all aspects. Our HR software addresses employee relations and compliance issues from absence management to disciplinary, and creates an audible record of actions taken. We'll hear from CoreStream, Marlowe's enterprise GRC software, to demonstrate how they are helping large enterprises manage their risks innovatively. In combination with our other products, CoreStream's platform enables us to offer clients a complete GRC risk management solution to improve corporate governance and control, reduce risk, and enhance compliance. It also strengthens our ability to support clients with their ESG objectives. Good morning. I'm Rich Detels, and I'm the platform director of CoreStream, Marlowe's lead enterprise governance risk and compliance software. CoreStream is a SaaS platform that helps blue-chip private and public sector clients to address a multitude of risk and compliance challenges across their organizations. The platform centralizes activities, allowing clients to comply with regulation and legislation, as well as internal and external standards. CoreStream is a modularized product delivered as a SaaS subscription, which can be sold as an integrated solution or as individual modules. It is used by a large number of FTSE and Fortune 100 clients to undertake risk management, assess their control environments, and adhere to ever-evolving regulations. CoreStream is also suitable for smaller businesses and has a significant public sector footprint. Having originally worked as consultants at Deloitte, we founded the business when we saw a gap in the market for a software platform to manage the same GRC activities that we were consulting on. CoreStream currently employs around 40 people, roughly half of whom are software developers, and we are growing at a fast pace. We have software revenues approaching GBP 6 million. Over the last three years, these revenues have grown at over 30% each year in the face of a global pandemic and a replatforming exercise. We've managed to achieve this growth while maintaining profit margins of over 25%, striking the right balance between profitability and growth. In software parlance, that makes us something like a rule of 55 business. We joined Marlowe in July last year and have big plans to accelerate growth with their support. Since we joined, we've been working closely with the group CTO and his team, and Marlowe has appointed a non-executive chairman, who has led some of Europe's largest SaaS businesses, to help guide our growth. We are working with the group to expand our enterprise marketing, sales, and alliance capabilities. It is great being part of a growth-focused organization that really understands compliance. The governance risk and compliance market is experiencing fast growth rates with increasing social, environmental, and regulatory drivers, placing pressure on organizations to consider broader stakeholders in their decision-making. Solutions that can bring order to this chaos are now seen as value-adding rather than cost lines. There is a compliance as a competitive edge dynamic at play that is driving decision-makers towards software that helps them see through this fog. Customers are increasingly recognizing the need to digitize their processes, visualize their risk environment, and monitor the actions required to enable a compliance enterprise. The key part of this is that it is their processes. We regularly advise on cross-industry best practice, but we also ensure clients are able to reflect their uniqueness in how the platform is adopted. CoreStream is steadfast in its belief that GRC solutions need to be both intuitive and flexible to be successfully embedded within an organization. Our technology is about supporting our clients' processes and frameworks, not dictating what they should be. The CoreStream platform has a very broad range of use cases within GRC. Some of the key capabilities it offers our customers are the ability to document risk, compliance, and regulatory content in an integrated permission-controlled environment. Access views that demonstrate the linkages between the various areas of your GRC activity, enabling a risk-based coordinated approach to mitigation, audit, and assurance activity. Associate global content types such as policies, risks, and controls with your compliance and regulatory data to assess your level of coverage and identify areas of exposure. Map your business processes in our online Visio style capability, both to optimize the process itself and to identify risks, controls, and actions through a process lens. Assign and track accountability through clear ownership of tasks and actions, and to access reporting dashboards, providing real-time tailored insight for your GRC stakeholders and beyond. The flexibility of the CoreStream platform is enabling the creation of new solutions that Marlowe can provide to its extensive client base. One example of this cross-sale synergy in action is the recent development of an online environmental register with integrated risk and action tracking. This is a solution we configured in response to a specific cross-sale opportunity that now provides the chance to market an entirely relevant offering to a large number of existing Marlowe clients within its SRC division. We are also linking synergistically with the rest of Marlowe's GRC division. We are building an integration through to VinciWorks, Marlowe's lead e-learning brand, to enable our clients to seamlessly access training on specific risk and compliance topics. This is a new and exciting area for CoreStream as we receive frequent client requests for online training. This integration allows us to provide a seamless CoreStream-like user experience with an industry-leading e-learning platform while avoiding the cost of developing the capability ourselves. Our strategy has enabled us to grow circa 30% for the last three years while attaining an EBITDA margin of over 25%. We have been very successful at landing and expanding with customers where we sell one module, implement it and successfully widen the scope of the product into other customer use cases. Some of our largest customers are spending around GBP 150 thousand a year with us, several of which started as much smaller engagements. This is the best demonstration of how much our clients value the platform we provide. Our net revenue retention is approaching 110%. Revenue visibility is extremely strong. We very rarely lose a client, and our margins are expanding as we add further scale to the group. Each additional client has a lower incremental cost to deliver. In the medium term, we see no reason why our EBITDA couldn't be around 40%-50%. A large part of the success of CoreStream has stemmed from providing a leading solution, both in terms of technology and the subject matter. The best example of this is our work with channel partners, the key one of which is Deloitte. We work together in a number of ways, collaborative projects for clients, the design of several joint offerings, and the tech enablement of their traditional services. This has provided the blueprint to develop other partnerships, a key focus for the new financial year. The next phase of our growth is an exciting one. The management of risk and compliance obligations are only going to grow in importance, and the emerging focus on the environmental and social aspects of corporate responsibility is a significant challenge. We are well-placed to help existing and prospective clients respond to the next regulatory challenges, such as UK SOX, and we will continue to innovate in ways that our clients value. Thank you, CoreStream. Marlowe is fast becoming the acquirer of choice for established and ambitious compliance software business because of the support that our software ecosystem offers. We identify successful software businesses that have a track record of growth and in which we see huge potential. We then help these businesses to accelerate their growth and take their next leap forward as part of Marlowe. We provide access to 50,000 clients to cross-sell to and sales and marketing support from software sales specialists. With over 120 software developers proficient across multiple technologies, we usually have someone in the group who has already tackled a technical challenge to collaborate with. We benefit from unparalleled compliance subject matter expertise in-house to inform product development. Backed by access to capital, we are able to support acquired businesses in investing in credible new product initiatives with a long-term outlook. A great example is an ESG compliance tool that we are funding for our recent VinciWorks acquisition to implement. As well as capital, we are providing VinciWorks with expertise in environmental monitoring from our 4D platform, understanding of social aspects through our HR expertise and platforms, as well as our core governance understanding. Businesses benefit from readily leveraged best-in-class central technology functions previously beyond the means of standalone software businesses. Now I'm going to hand over to Josh and the VinciWorks team in Israel. VinciWorks is the U.K.'s leading regulatory compliance e-learning and software solution, and provides compliance e-learning software as a service and compliance management software in areas such as GDPR, anti-bribery, cybersecurity, tax evasion, code of conduct, and health and safety. It has become a core pillar of our compliance software offer, and in the six short months since acquisition, as you'll hear, we have made major progress. We have invested in a number of organic initiatives. We have accelerated investment in software development and course content creation in areas like anti-money laundering, an area in hot demand for our clients in the legal sector. We have completed the bolt-on of acquisition of Skill Boosters, the leading diversity and inclusion e-learning provider, that we are integrating into Vinci to broaden their capabilities for clients in this fast-growing segment of the compliance market. Thank you, and let me hand you over to Josh. Good morning from Israel. We are VinciWorks, a market leader in compliance software and e-learning. It is a pleasure to join you today for the 2022 Capital Markets Day, our first as part of the Marlowe family. VinciWorks' story began with a collaboration between 14 leading law firms who, under our guidance, worked together to establish a best practice benchmark for compliance. We worked with the top global law firms to put their differences aside. VinciWorks continues to cultivate that deep relationship with the legal sector and today, 20% of all U.K. solicitors use VinciWorks for compliance. Increasingly complex regulation over the past 15 years, such as the Money Laundering Directives, the Bribery Act, the Criminal Finances Act, the Modern Slavery Act, and GDPR, continuously increase the regulatory burden that organizations are facing. Today, we work with hundreds of companies in a diverse set of industries such as accounting, banking, finance, property, telecom, engineering, manufacturing, and retail. Our e-learning courses cover all regulatory and voluntary areas of compliance with topics such as GDPR, anti-bribery, anti-money laundering, modern slavery, health and safety, cybersecurity, all the way through to specialist compliance areas such as the DAC6 international tax directive. We differentiate against our competitors not only through our collaboration with law firms, but with investment in e-learning technology that makes our courses relevant to each industry, each geography, each job role, and is customized to each individual customer's preferences. VinciWorks training includes multi-jurisdictional and multi-industry content in multiple languages, which was the catalyst for growth across multiple industries and to dozens of countries around the globe. We are on a mission to reinvent the impact that compliance tools and training can make. We strive to solve real compliance issues with a focus on usability, elegance, and best practice knowledge. That integration of legal expertise and world-class technology can be seen in our compliance workflow platform, Omnitrack. Omnitrack is a simple, yet powerful, no-code tool for building compliance workflows and centralizing compliance processes. Omnitrack leverages our expert knowledge and deep relationship with leading law firms and with EU and UK regulators to help businesses manage their compliance processes across a range of use cases. These include customer due diligence and KYC for anti-money laundering, the EU Whistleblowing Directive, gift registers for anti-bribery, health and safety risk assessments, and diversity surveys. Because Omnitrack is a no-code solution, our clients can take our pre-built software and tailor it to their internal needs. Every time we show Omnitrack, we hear gasps of amazement at how easy it is for non-technical customers to set up sophisticated workflows that work to build automations that create efficiencies and save time, and to connect Omnitrack to existing software in their organizations. This double focus of VinciWorks on both training and software has helped us grow by over 20% every year for the last five years to generate GBP 6 million of ARR and approximately GBP 3 million of EBITDA. We serve over 600 clients, including 60 of the top 100 global law firms. Our focus on creating an international offering has positioned us to expand throughout the EU, the U.K., and the U.S., as well as to target large multinational companies who have a need for global compliance solutions across multiple industries. We are obsessive about customer support, building deep, lasting relationships with our clients, which result in retention rates of over 93%. Part of our growth and customer retention is due to the trust customers have in our expertise. VinciWorks has a dedicated team of experts scanning the regulatory horizon and tracking legislation as it progresses into law. We publish regular updates to help our clients understand the impact of emerging regulation. Over the past six years, VinciWorks has consistently been first to market with compliance solutions as new regulations come into force. This includes Money Laundering Directives, the Modern Slavery Act, the Criminal Finances Act, GDPR, DAC6, and the new EU Whistleblowing Directive. We leverage our thought leadership to create high quality content that attracts new clients and drives lead generation. This includes monthly regulatory updates alongside resources such as podcasts, policies, webinars, and guides to best practice. In 2021, our guides and templates were downloaded over 24,000 times, demonstrating the value that customers place on our compliance expertise. Since our brand is so tightly associated with best practice compliance, professionals from the community turn to VinciWorks first to help solve compliance challenges. The steadiness and certainty of leads through our content marketing process is what drives our reliable 20%+ growth over the past five years. We joined Marlowe in October 2021 after a competitive process with a range of industry and private equity buyers. We felt that Marlowe was the most ambitious home and the most natural fit for what VinciWorks was trying to achieve. We had some concerns about joining a PLC. VinciWorks has a small, super talented, and very agile team with a modern startup culture. We have deeply rooted core values that focus on rapid innovation and on freedom and responsibility. Unlike other buyers, Marlowe was receptive, even enthusiastic, about our culture, and has worked closely with us to integrate VinciWorks into the group. In a way that builds value along with independence. The Marlowe team has also been collaborating with us on a new and exciting ESG software product that takes a simple and systematic approach to ESG that cuts through the noise and focuses on the practical and straightforward steps that organizations can take to kickstart an ESG process. Environmental, social, and governance issues, ESG, are top agenda items for business leaders. Pressure from investors, customers, and employees are driving companies to formalize their ESG disclosures. An interest in looking beyond profit and assessing an organization's ability to positively impact its local community, its supply chain, and its employees' lives is bringing ESG initiatives to the board level. The tool that VinciWorks is developing will help organizations improve their competitive edge through improvements to their ESG disclosures. It will help organizations understand their current ESG strengths, identify gaps, define goals, and create an action plan for ESG improvements. Just a few months after we joined, Marlowe assisted us in our first bolt-on acquisition of Skill Boosters, a video-based training provider whose mission is to address meaningful workplace challenges in areas such as diversity, equality, and inclusion, leadership, and teamwork. Skill Boosters uses actors in real-life scenarios, films brave individuals relating their lived experiences, and interviews leading experts to affect organizational change in these areas. The Marlowe integration playbook has allowed us to seamlessly bring our businesses together into a true e-learning leader with a significantly expanded offering. Looking to the future, we are really excited to grow our businesses together with Marlowe, leveraging synergies across the group as well as benefiting from Marlowe's expertise in both acquisition and integration. That will accelerate our growth and build our brand into a leader in global compliance solutions. Thanks, Josh, Ruth, and Yehuda. As we've heard from Peter and seen in action from CoreStream and VinciWorks, we have a clear digital strategy. Our compliance software business now generates over GBP 36 million of ARR, with each product growing organically at between 20%-30% a year and delivering a consolidated EBITDA margin in excess of 40%. Our digital products serve over three million users. On a standalone basis, Marlowe's compliance software division would be one of the largest GRC software businesses in the U.K. What are our digital priorities in the short to medium term? First, we are focused on maximizing the potential of and delivering maximum value from the software businesses in the group by accelerating growth and enhancing profitability. We plan to continue developing the group's digital offering organically, leveraging the compliance and technology expertise within the group to launch organic initiatives such as the new ESG reporting software that we'll be launching later this year. We plan to expand the areas of compliance that we can address using software by bringing new businesses into the group via acquisition. This could be in new areas of supply chain risk, quality management, or information security. ESG is a key focus for our customers, investors, and colleagues. As a group, our proposition is strongly aligned with the following UN Sustainable Development Goals. Good health and well-being, clean water and sanitation, decent work and economic growth, gender equality, sustainable cities and communities, and peace, justice, and strong institutions. Our services and software generate significant social value. We manage workplace risk through regular audits and assessments, protect life and property from risks such as fire, safeguard employee legal rights, assure our clients' compliance, enhance corporate governance standards, test and improve water and air quality to meet environmental standards, improve and protect employee health, well-being, and mental health, train people via e-learning in areas such as diversity and inclusion, anti-money laundering, or bribery and corruption. We've been making progress with our internal ESG strategy. At our half-year results, we announced our ESG committee had been established. We have group-wide representation to make sure we collaborate on ideas and developments. Key progress has been made in writing and improving our policies, and we've started to consolidate ESG data tracking to be in a position to report on the group ESG metrics in areas like energy consumption. We plan to set group targets once all data is consolidated, but in the meantime, we're making great divisional progress. Our fire safety business is targeting to reduce its CO2 footprint by 10% between 2021 and 2025, and our water and air business is aiming to be carbon neutral by 2035. It's worth noting too that we use our own services and software to maintain ESG standards across the group. We use CoreStream to monitor risk. We use Meridian to monitor safety. Our staff have access to the Optima Health Employee Assistance program. We use our e-learning to educate staff in key governance areas and to promote diversity and inclusion in the workplace. Our staff have access to Barbour to inform them of key environmental compliance areas. Our HR teams work on employee engagement initiatives such as enhanced paternity and maternity leave, holidays for life events, and volunteering initiatives. We're constantly looking to strive forward, and we look forward to announcing further ESG progress, actions, and targets at our FY 2022 results. Before I hand over to Simon Arnold, CEO of our occupational health activities, some key takeaways. We've made major strategic progress with the disciplined execution of our deepen, broaden, digitalize, and strengthen strategy. Progress towards our FY 2024 financial targets has been very strong. Organic growth at 8% is accelerating. Our scale and position in GRC has developed rapidly and presents huge opportunity. Our software activities have become a major part of our story and present exciting growth prospects. Our integrations are on track. Our balance sheet is in a strong position at 1.5x leverage, and we have the financial firepower and cash generation to continue to execute on the bolt-on opportunities in our pipeline at pace and without the need for further financing. We enter FY 2023 as a broad compliance platform providing intelligence, content, software, and assurance across defensive end markets that are all experiencing attractive structural growth. Before we open up to Q&A, I'm gonna leave you with Simon to talk through his occupational health strategy. The recent Optima deal transformed the scale of our existing GBP 23 million revenue business, adding about GBP 70 million of revenue and GBP 11 million of EBITDA, and we'll add a further GBP 2 million of EBITDA through integration synergies in the first year. The deal is forecast to be over 10% earnings enhancing in year one. Thank you very much. Good morning. I'm Simon Arnold, CEO of Optima Health, the U.K. leader in the occupational health and wellbeing market. We assure regulatory compliance for our clients, improve the health and wellbeing of their employees, minimize workplace risk, and help maximize corporate productivity. Now, excitingly, Optima recently joined the Marlowe group, and I now head up the entire Marlowe occupational health and wellbeing business line with revenues of over GBP 90 million. Optima Health has become Marlowe's flagship brand in the market. The GBP 1 billion occupational health and wellbeing market is undergoing attractive structural change with growth of about 4%-5% a year, with increased corporate and public focus on compliance and employee wellbeing and mental health, all resulting in our clients allocating bigger budgets to their markets. Around 80% of employers don't offer the comprehensive occupational health services they should, which also provides a major runway for future growth, with ever more onus being placed upon corporates to invest in this essential compliance area. We're the leader in the corporate health and well-being sector. Marlowe's enlarged occupational health offering, headed by Optima Health, employs around 1,250 people, including around 750 directly employed clinicians. We provide the most comprehensive range of health and well-being services in the market, delivering around 750,000 interventions across a portfolio of over 3,000 clients and covering more than 2.5 million of the U.K. workforce, from SME through to large corporates across all sectors. Our mission is to empower our clients to bring out the best in their people by actively managing their health and well-being. Our focus is to understand and respond to the impact of work on health, as well as the impact of health on work. In doing this, we undertake in-depth clinical assessments and implement proactive workforce health and well-being strategies. The result, key outcomes delivered for our clients in terms of what's important to them, statutory and regulatory compliance, capacity release at times of great pressure, productivity improvements, absence reduction, and an increase in staff loyalty, and obviously a financial return on investment. The Optima Health business model is centered on the delivery of contracted annuity-type services. Over 80% of revenues are recurring, with an average client relationship length of nine years, and our clients tend to be on three- to five-year contracts. Now, our services are vital to our clients, requiring specialist knowledge and often are so complex to deliver effectively that the costs and inconvenience of switching service providers can be undesirable, leading to interdependence. Our organic growth has been running at about 12% a year over the past three years, and our net client retention last year was over 100%. Our business is highly cash generative, with cash conversion running at close to 100%. Alongside this model, under the Healthwork Group, we also have the existing SME targeted services, providing walk-in and direct services across the service portfolio in a wide range of locations across the U.K. Our services are driven by regulatory needs, which makes them non-discretionary and largely recurring. On top of this regulatory requirement, organizations are both recognizing their ESG social responsibilities and also appreciating the return on investment that's delivered via improved employee wellbeing, improved productivity, and reduced absence. The costs of non-compliance in this area are, of course, very significant. We work in partnership with our clients to help them define their overarching strategy and deliver their performance goals, and we enable that through a full spectrum of integrated health and wellbeing services from proactive preventive solutions through to more traditional reactive services. Occupational health and wellbeing is a natural fit for the Marlowe strategy as it benefits from a channel to market that the group understands and is common with many of the other business lines in the group. The decision-maker for occupational health is usually also responsible for other compliance areas that Marlowe covers, such as employment law, HR, and health and safety. These services are seen as logical extensions to one another, with HR issues often arising out of absence management related to and/or impacting on work. Like the rest of Marlowe, Optima Health is bound by the same mission of assuring business-critical compliance for our clients. We can now access Marlowe's very large client base and look to support the group's existing clients in occupational health and well-being, as well as offering Marlowe's broad range of compliance services to our clients. This compliance focus was key to our decision to join Marlowe as the right home for Optima Health. There was also a clear feeling that Marlowe is a growth-focused organization. They were set up well to get deals done and to help our strategic future strategy. Workplace health and well-being has never been more important, and looking ahead, we're excited by the potential shown in the corporate health and well-being sector. An NHS which will continue in backlog for years, a health and well-being agenda that's now at board level, a growing mental well-being agenda, a move to greater remote intervention, and a need for organizations to provide support for their people. We're perfectly set to ride on this forecast wave of growth. The integration of Optima and Healthwork brings significant synergy potential, and we've begun delivering this already. As we integrate Healthwork, we'll be able to take advantage of opportunities to remove duplicated costs in the overhead, and we'll seek to improve the efficiency of the Healthwork operation via integration with our digital platforms. Our leadership team, supported by dedicated integration and project management teams, are developing a clear program to bring the businesses together over the coming 12 months, and its implementation is now underway. Once integrated, we target to have one unified management team, one back office, an integrated operating model with unified processes, and the Optima Health technology platforms at the core of the combined business. We will also leverage the Optima Health sales and marketing approach across the group, which we expect to accelerate organic growth as we extend our share of wallet with each client. For instance, selling EAP services to Healthwork clients who couldn't offer this capability internally prior to the acquisition. We have a clear strategy for growth made up of several components. Firstly, with a clear market-leading platform provider in the U.K., and there's significant expansion potential in our core market. Organic growth of new contracts and expansion of our services such as active condition management with greater direct intervention in key conditions such as diabetes, and also leveraging existing strength in the SME sector. In addition to this, our in-house and first-generation outsource opportunities, which we are extremely well-placed for. Secondly, we continue to use technology to innovate, integrate with our clients, and become an even more fundamental part of their health and wellbeing offer. We see a future where technology plays a much greater role in clinical delivery and reduces the need for human intervention, leveraging the data asset that's rapidly emerging. We plan to build proactive, preventive, and ultimately predictive interventions to embed ourselves deep within our clients' operational and technological operating models. The final section of our growth strategy is M&A. The occupational health market is highly fragmented. Having invested in our operating model and technology platform, we believe we're uniquely positioned in our market to be the platform to consolidate the market. We have a number of discussions with attractive targets in exclusivity at the moment, which we expect to be moving on in the coming months. We believe this combination should allow us to more than double the size of the business over the next five years. That concludes today's management presentation. I'm Julian Wais, Head of Investor Relations, and I'm here with Alex and Adam, and we'll move now to Q&A. We've received some questions through the course of the presentation, but before we address these, we'll take questions from the analyst dial-in facility. I'll hand over for the telephone questions now. Thank you. If you would like to ask a question via the telephone line, please press star followed by one on your telephone keypad. If you change your mind, it's star followed by two. Our first question today comes from Sam Dindol of Stifel. Sam, your line is open. Please go ahead. Morning, guys. Many thanks for the presentation. Very interesting. Three questions from me, please. Firstly, on the cross-selling opportunity, are you able to give any sort of revenue metrics around that and, you know, what the potential opportunity could be? Because it seems like there's quite a lot between the different sort of software businesses. Secondly, on M&A, I think you said you can add GBP 50 million EBITDA through self-funded deals in the next 12 months. Do you think the journey to GBP 100 million will predominantly be self-funded M&A from here? That'd be interesting. Then finally, on VinciWorks, obviously, they have a lot of international clients. Is that something you will look to leverage with your other software businesses, perhaps going more internationally, in time? Many thanks. Thanks, Sam. Why don't I kick off with them, and then Adam, you can add some thoughts as we go. Cross-selling is a key part of the Marlowe strategy. All of the businesses in our group share a very similar channel to market to one another. We tend to be selling our services to similar individuals, health and safety directors, compliance officers, sometimes the HR channel, or the individual within an organization who is responsible for making decisions about risk and compliance areas. It's a major advantage that we have against our single service competitors, and we've got a very clear framework in the group that drives that culture of cross-selling essential cross-sales function, about six or seven people in that function now. Our commission scheme across the whole group, an integrated CRM platform, and it's one of the tools that we use to accelerate organic growth. If you think of our 8% organic growth rate, about 150-200 basis points of that is coming from selling additional services to existing, group customers. An important point to make is that nearly all of our customers across the group will be multi-service. They might be taking multiple fire safety services, multiple HR, employment law and safety services, alongside compliance software or health and safety software. In terms of statistics, roughly 60% of clients in GRC are multi-service across areas like HR, e-learning, health and safety, HR compliance software. Roughly 70% of clients within TIC are multi-service, taking a number of fire safety, security, water and air hygiene testing and inspection services. In terms of the cross-divisional piece, last time we ran the analysis, around a quarter of our revenues come from multi-service customers. It's something that we're making great progress on, and it's attractive not just in terms of accelerating our organic growth rate, but it also reduces the cost of customer acquisition. And it also increases the durability of our client relationships. We keep customers on average for about 12 years now. Around 8% attrition rate. We find that customers that take multiple services from us, so they might take occupational health alongside employment law, alongside an e-learning product, they tend to be much stickier, and we keep those customers for longer. In terms of the M&A piece, to answer your second question about the GBP 15 million of EBITDA that we think we can add to the group from current resources that we have available to us. I mean, yes, we expect a large portion of the progress from here to our GBP 100 million target to be self-funded. It's a question of pace, really. If you think we're at about GBP 72 million EBITDA at the moment, with identified synergies that we're working on extracting over the next 12 months, that figure goes up to about GBP 74 million. Add 12 months of organic growth at about that 8% level, that gets us to sort of GBP 79 million-GBP 80 million. Perhaps another% margin improvement, that gets us to about GBP 83 million-GBP 84 million. If we deploy the GBP 100 million that we've got available to us into converting our M&A pipeline, that gets us to the GBP 100 million target or just below. We can do that largely from the resources that we have available to us today. The international piece, I mean, you saw from some of the presentations that our software businesses are already international. VinciWorks works with global law firms who have offices all around the world. Some of the regulations that we help our customers to comply with are very relevant to international organizations. If you think about European regulations around anti-money laundering, whistleblowing, DAC6, these are international regulations relevant to a broad base of global customers. Compliance software is the area of our group that travels very well. We do expect to continue developing our software activities internationally, primarily selling to customers that are headquartered in the U.K. who have international operations. I think selectively in due course we will take that further. Many thanks. The next question on the line comes from Christopher Bamberry of Peel Hunt. Christopher, your line is open. Please go ahead. Morning, gents. Three questions if I may. You said you'd comfortably exceed your 20% margin target, and within GRC, you talked about, I think, what, nearly £3 million of synergy savings. CoreStream said they could get 40%-50%. With the current businesses you have within GRC, where can you get the GRC margin and hence the group margin? Secondly, could you give us a split of the £160 million of GRC revenues across those four business lines you talked about earlier? Finally, a number of times across the presentation you've talked about reducing the cost of acquisition per customer. Are there any metrics you could give us that, on that? Thank you. Yeah. Why don't I kick off on those? You saw from some of the presentations some of the very attractive margin profiles of parts of our group. We have a major margin expansion opportunity really across the whole group. In our TIC division, we currently have EBITDA margins around sort of 15%-16%. We think we can get them to 20% over the next few years. Some of that will come from further route density, getting more revenue per day, per fee earner out of our compliance specialists who are delivering our essential services. Some of it will come from leveraging our back office. As we continue to grow organically in the high single digits, we don't need to take on significant additional costs in our back office, so the operational gearing becomes increasingly attractive as we scale. Within GRC, we're currently running around a 30% EBITDA margin level. Over time, we think we can get that to 35%. Some of that will come from further utilization in our consultancy activities, triaging work effectively between employment lawyers, HR specialists and paralegals, depending on the complexity of the work that is needed. Some of it will come from the fast growth nature of our software activities that can have margins in the sort of 40%-50% range. These are platforms that tend to be growing at somewhere between 20% and 30% a year. We expect that pace of growth to continue. In terms of the second question, I think it was GRC split, was it? Do you wanna cover that one, Adam? In terms of the sort of rough GRC on the run rates now, it's around GBP 160 million, which GBP 90 million-GBP 100 million is occupational health, and the remaining sort of GBP 60 million is we've got our software revenues, which are currently at a run rate of about GBP 36 million, and then you've got WorkNest and our William Martin business make up the remainder. On the cost of customer acquisition point, it's not something we track on a group-wide basis. Very roughly, LTV to CAC will be about three times. We spend GBP 1 and we'll get GBP 3 back over the duration of that customer contract. Thank you very much. We have no further questions on the telephone line, so I'll hand back for any other questions. Thank you very much, operator. Well, we've had a fair few questions come in over the platform during the course of the presentation, and we'll get through as many of those as we can. The first question is around how are you set up to integrate the number of deals that you've done over the last 12 months? We've had a separate question from a private investor asking how important is IT integration in doing these efficiently and effectively? Well, integration is a core competence of all of the management teams across our group. When we set up the Marlowe business back in 2015, we knew that we were gonna use acquisition as a tool to compound our organic growth. We designed a structure that was very well suited to fast-paced growth through acquisition and subsequent integration. We have relatively small head office and then 6 business lines across our two divisions. Each of those business lines will have its own autonomous management team and a dedicated integration team whose full-time job is driving through integration programs. We've done this many times before now, and those integration teams are very well-rehearsed and well-versed in how to execute an efficient integration program. They're focused on removing duplicated costs, extracting financial synergies, closing down redundant and duplicated offices, integrating service delivery, and to the second part of the question, crucially, migrating acquired businesses onto our tech infrastructure. Technology is not just one of the key services we deliver in terms of software platforms we're delivering to our customers, but it's also a tool that we use internally to really drive the efficiency of our operations. You heard from Gavin earlier about the CaseNest employment law platform. This is a platform we use internally to improve the efficiency of managing employment law issues for our customers. On the tech side of the business, we'll use dynamic scheduling systems to improve the efficiency and the productivity of our field-based fee earners. From a financial perspective, we will move all of the businesses we acquire onto our integrated financial accounting platform. We'll move businesses onto our CRM platform. We use Salesforce. That's a tool we use to improve marketing, improve sales, but also to drive the cross-sales across the group. In short, technology and IT transformation programs are a very key part of integration. Probably sort of 30%-40% of our focus from an integration perspective revolves around IT systems change. Okay, thank you very much. We've had another question around organic revenue growth, and the question is, what are the factors that are driving this acceleration? We've had a corollary question from PNR Investment Management around customer churn. What are the main reasons for the churn? At a group level, what is the net revenue retention rate? Okay. Tools that we use to drive organic growth. I mean, I suppose the first is service and compliance. We're a compliance business, everything we do revolves around helping our customers to achieve higher standards of compliance, better standards of safety, and so lower risk within their organizations. The higher the standards of compliance we achieve, and we're achieving compliance in the sort of 97%-98% region, which is very, very high. The higher standards of compliance we achieve, the happier our customers are. As a result of that, they stay with us for longer, they're more loyal, so we extend our client relationship length, and we reduce our attrition rate. The second tool we use is sales and marketing. Again, you saw in the WorkNest and the VinciWorks case studies some of the brilliant automated marketing technology that we're using to improve our lead generation and conversion statistics. We can drive sales and marketing and accelerate organic growth and new customer acquisition by being clever about the way we're going around business development. The third tool we use is cross-sell and upsell. I mean, I answered that question at the start, but we've got a very clear culture to drive that cross-selling competitive advantage that all the businesses in the group have. We've now got about 50,000 customers in total. A large number of those customers require a large number of our services. The other factor that hopefully became clear in my presentation earlier is just the market growth dynamic. We're in attractive markets. These are defensive markets, but they're also growth markets. We're seeing growth accelerating across our markets. Regulations are complex, they're ever-evolving. The enforcement burden associated to them is continually increasing, and customers look to us as the experts in compliance to help them adhere to those regulations. The Environmental, Social, and Governance focus that our customers are applying is leading to growth in our markets. We're talking to more senior individuals within our customers' organizations. They're applying bigger budgets to these areas. Insurance requirements are driving growth in our markets. Increasingly, insurers are saying, "Unless you're working with someone like Marlowe, then we won't give you insurance." As our group has evolved, particularly on the GRC side, into faster growth segments of the market, and some of our markets are growing as fast as 10% a year, there's been a natural evolution in the growth that's available to us. That's also influenced the accelerating organic growth that we've been able to achieve. In terms of the question on churn, we keep customers for 12 years on average. That translates into about an 8% attrition rate. We're also able to upsell and cross-sell to improve that attrition rate, with net revenue retention running in the high nineties. Our software businesses will be north of 100%. You heard from Simon Arnold that Optima's net revenue retention is north of 100%. Across the group, it'll be around sort of 97%-98%. Excellent. Thank you. We had a couple of questions come in on management incentives, so maybe we can cover them off together. One is from N+1 Singer, and the other from Humewood Capital. The first element of it is what is the balance in terms of incentivization between individual business performance and the success of the wider group? I guess the corollary to that is how do you incentivize people to perform once we have acquired a business? I mean, we'll have a range of incentive plans in place across our group. We have an executive incentive plan, which is focused on essentially the creation of shareholder value, and it's linked to the Marlowe share price. A small number of senior executives are included in that scheme. Each of our divisional management teams will have a long-term bonus plan that we have designed around their key objectives, linked into group key objectives. They will have annual bonuses for achieving and exceeding budget and achieving certain cash metrics alongside that. We have incentive arrangements in place across our 4,500 staff in the wider business as well. For instance, in our TIC business, some of our fire risk assessors and fire consultants will be incentivized to produce more revenue per day per fee earner. The attractive by-product of those higher revenue levels are higher compliance standards. We can achieve better service and also reward our staff for doing that. Thank you very much. There's a question from Slater Investments around our IT platform. Given the overlap in our various GRC offerings, does that mean that over time we'll migrate to a single IT platform? We have about six or seven key IT SaaS platforms that we sell to our customers on a subscription basis. Peter, our CTO, was alluding to some of the value that we can add to those businesses when they join the group. One of the key areas is integrating the various platforms so the data that is in our eLogbooks system is also in our Meridian platform. Or as Richard Eddolls was explaining earlier, a CoreStream customer can be tracking a risk relevant to their organization and then can get access to e-learning, so the VinciWorks e-learning directly from the CoreStream platform. Providing that seamless user experience is one of the key things that our central IT function focus on. As a group of scale, we're able to invest in functions like UX, user experience, that smaller software independent software businesses wouldn't be able to. That's one of the key areas that we can really assist businesses that join the Marlowe Group. Yes, over time you will find that data and functionality across our platforms will be closer and closely aligned. However, we don't plan to fully integrate the distinct products, really from a user experience. What the user cares about is a similar look and feel, similar functionality, and that seamless data exchange between the different platforms. Thank you very much indeed. There's a couple of questions for Adam now. One from N+1 Singer. Since arriving, have you had to make any tweaks to strengthen the group integration process or the internal reporting? Along similar lines from Panacor Utility Wealth Management, are there any sort of key underpinnings to our acquisition accounting that you'd like to impart? Picking up the first question. Since I've arrived, look, I obviously when I joined the business, I went I made sure I got around all the businesses and understood where their strengths were and what their how their capabilities were, and integration is very strong within the business. As Alex has highlighted, we've got independent integration teams in each within each of our six business streams. I found no gaps in their skill set. I think we've got a very strong integration platform, and it delivers well. In terms of reporting, the reporting is good. Each of the businesses are subtly different, so we do allow them to focus on the sort of key KPIs that work well for them, 'cause that's the way that I think Alex and I get best benefit of understanding how each business is performing rather than pushing top-down on KPIs. The reporting is generally pretty good and timely, so very happy with the way that works. Thank you very much indeed. Just so, on acquisition accounting, no, it's fairly vanilla. Obviously, the rules are pretty prescriptive, so we just go by the accounting rules and make sure we get everything right, when we do acquisition balance sheets, et cetera. Thank you very much. There's a very topical question from Patchwork Investment, which is about the risks of cost inflation to Marlowe and how do we pass on the costs when we have multi-year contracts in place with the customers? Yeah. We've just been through a budgeting cycle, actually. We've just started our new financial year, and we factored in a 3% increase to wage costs in the next 12 months. Our large cost across the business is obviously people. We're not a business that has significant exposure to cost increases in other supply chains. In terms of how do we pass that cost on to customers, well, we've also budgeted for a price increase of about 6% across the group, most of which will fall into the next 12 months. The large majority of our contracts give us the ability to pass on increased costs to customers via annual price increases. Actually price is something that we do focus on very closely. Quite often we find that the businesses that join the group have not really used price as a tool to expand margins historically. As long as we're delivering a brilliant service and we're keeping our customers compliant, then the pricing power that we develop or have developed as a group is becoming increasingly attractive. We are using that as a tool to assist with our growth. Very much. There's a question from Peel Hunt asking about competition for GRC assets and how that relates to any movement in pricing that we're seeing. Over the last sort of 5 years, I think we've achieved a 7.8x EBITDA multiple pre synergies. That includes smaller bolt-ons where we'll be achieving sort of 5x EBITDA right up to much larger fast growth platform businesses. I think in TIC we've achieved around an 8.6x multiple for the larger businesses. In GRC it's been around 10x. They're the sort of valuations that we are seeing in the market at the moment. We're a very attractive home for businesses, and most of the deals we do are proprietary off-market deals. We have about eight people in our growth and M&A function in the head office now, and we are very proficient at sourcing attractively priced deals. We have significant strategic value that we can add to businesses that join the group. Access to a very large customer database, a core focus and competence in compliance. As an environment for compliance, software and service businesses to join, it's an attractive environment where we can add significant strategic synergy. These are competitive, attractive markets though. Sometimes we do compete against mid-market or large private equity firms. There's a business called Citation in GRC that's owned by KKR. There's a business called Alcumus which was recently acquired by Apax for, I think, 22x forward EBITDA. There are acquirers with deep pockets. Because of our acquisition model, our well-developed pipeline, and the synergies that we're able to achieve via effective integration, we still can be competitive. There's a follow-up question from Peel Hunt. We said that we're materially overachieving against our FY 2024 targets. How much of that is a genuine beat against our own expectations, and how much of that is an innate conservatism in the way in which we set the targets to start with? I think we culturally like to underpromise and overdeliver, and hopefully investors that have been invested in Marlowe for a while will appreciate that we tend to do that. I think when we were setting those targets at the start of last calendar year, we were doing about GBP 37 million of EBITDA. We thought over a three-year period, with the ability to acquire and continue growing organically in the highest single digits, that would be a very ambitious target. Fast-forward 14 months, already at GBP 72 million, I think we're delighted with the pace of progress. Brill. Thank you. I think there's time for one final question, and the question is from KKR. Could you comment on how route density in the TIC division works and how that can drive margin improvement? Yeah, absolutely. I touched on that earlier, but let me just bring it to life a bit more clearly. In our fire safety water and hygiene activities, our TIC division, we probably employ around 1,400-1,500 field-based specialists who are the individuals who are out in the field keeping our customers compliant. They're inspecting and testing their fire safety. They're testing their water systems for waterborne diseases like Legionella or Pseudomonas. Because we've now got very well invested planning capabilities, scheduling capabilities, and clever technology to help us execute our scheduling, and this is the crucial point, because we've got such scale, and we'll be by far the market leader in water and air and a top three player in fire safety, we have far more fee earners out in the field delivering our services than we did a few years ago. As a result of that, they are in closer proximity to our customers. They can get to our customers' sites more quickly, do more jobs per day and generate more revenue per day, as a result of that proximity, that scale, and the really well-oiled machine that we've got driving it. As I say, the attractive by-product of that is that we don't just generate higher levels of revenue per day per fee earner, but we keep our customers more compliant as well. There's still a long way to go on route density. On average, we'll be doing about GBP 600 a day per fee earner now. If you go back a couple of years, that will have been sort of 550. In our best performing regions, we might be achieving as high as 650, 700. If we can continue moving the average closer to the best performers, then the effect on our gross margins become really, really attractive. That's one of the tools that we'll use to carry on driving margin and getting closer to our 20% TIC EBITDA target that I alluded to earlier. If that's the final question, just wanted to thank everyone for listening today and thank our team for taking the time out of their busy schedules to present their businesses. Hopefully it's become clear that Marlowe is a broad-based compliance platform. We're operating in attractive and defensive growth markets, and we enter FY 2023 in a really strong position with momentum behind us and a very clear strategy for growth. Thank you very much.