Good morning, and welcome to the Oxford Metrics plc interim results investor presentation. Throughout this recorded presentation, investors will be in listen only mode. Questions are encouraged and can be submitted at any time via the Q&A tab situated in the right corner of your screen. Just simply type in your questions and press send. The company may not be in a position to answer every question it receives during the meeting itself. However, the company will review all questions submitted today and publish responses where it is appropriate to do so. Before we begin, I'd like to submit the following poll. I'd now like to hand you over to Nick Bolton, CEO. Good morning to you, sir. Good morning, thanks, Alessandro, and welcome to Oxford Metrics interim results for the period that closed at the end of March 2023. Indeed, when we presented the full year numbers at the back end of 2022, we talked about the year ahead being a year of opportunity and growth. Well, six months into that process, I'm really pleased to report that's exactly what is coming to pass. There are three big headlines in this set of results. Firstly, this is the highest ever revenues in any half, first or second, GBP 16.3 million in H2 last year was the previous best. Importantly, this proves that we can really scale production to meet the demand that we're seeing. The second big headline is that we're seeing continuing, ongoing strong demand across verticals and also across geographies. David, in a moment, will provide a bit more color to that. The third big headline is that the M&A pipeline is building well, and there are early signs that private business valuations are starting to move towards where public company valuations are now set. A year and a half into our five-year plan, I'm pleased to report we're definitely on track. In terms of the structure of this presentation, I'm going to hand you over now to David Deacon, our CFO, to take you through the financial performance. I'll then take the baton back to update you on progress as to the five-year plan. Lastly, we'll look forward with the outlook for the business for the rest of the year and the years ahead. Without further ado, over to you, David. Thank you, Nick. I would also like to add my welcome to this morning's presentation. Kicking off with the financial headlines. Starting top left, overall revenues at GBP 21.3 million were up 69.6% year-on-year. Adjusted for FX, underlying growth was in the region of 62.5%. The order book as at the end of March stood at GBP 22 million, up from GBP 9 million compared to this time last year. We report a statutory PAT of GBP 3.2 million, up from GBP 0.6 million a year ago. Middle left, on an adjusted basis, which excludes non-cash related items and exceptional costs, a profit of GBP 4.1 million is reported, up from GBP 0.3 million last year. During the course of the presentation, I will explain the bridge between last year and this. This represented an adjusted EPS of GBP 0.0264, up from GBP 0.0041 a year ago. The cash position at the end of March stood at GBP 63.6 million, which is after payment of the final two and a half pence dividend, equating to an outflow of GBP 3.3 million. During the first half, GBP 0.9 million was invested in new IP, which actually represents a decline compared to last year's GBP 1.2 million. This is due in part to last year including Valkyrie, and this year including slightly more focus on new product research, which does not qualify for capitalization at this time. The inventory position at GBP 6.4 million is more than double this time last year and is up compared to last year, end of GBP 4.5 million. Given the strength of the order book, we took a proactive decision to carry more inventory to underpin the level of expected second half shipments. This was the primary reason, but the additional inventory also has a secondary benefit, providing some protection against unforeseen supply chain disruption. That said, compared to last year, the situation is now much improved. The increase in inventory largely accounts for the decline in the GBP 67.7 million cash position compared to last year-end. Now let's take a look at H1 trading performance, starting with revenue, which I'll look at in three different ways. First, historical. As Nick said, the first half performance at GBP 21.3 million is the best ever half performance. It is worth noting this did benefit from the carryover of three and a half million that we were unable to ship in late FY 2022 due to supply chain constraints. Ignoring this for a moment, the revenues would still have been a record in any event. Looking briefly at revenues from a geographic perspective, the standout performance is clearly Asia-Pacific, accounting for 43% of revenues in the first half. Of this, Japan accounted for nearly half of these revenues, together with strong performances in China and in South Korea. All of these markets reflected a strong appetite for the new Valkyrie camera in the buoyant entertainment segment. Whilst there's been a change in the overall mix, there has been growth across all the markets when compared in real terms. In the box on the right-hand corner, USA up 46.9% and Europe up 24.4%. Thirdly, let's look at revenue from a market segment performance. Entertainment was the strongest segment, nearly trebling revenues year over year. Really this came as no surprise given the entertainment bias in the opening order book. That said, engineering, life sciences, and LBE also reported growth. Moving to the right, the order intake during the half was GBP 19.8 million, which after shipments meant the order book as a whole remained at a similar level compared to last year-end. The order book at GBP 22 million is perhaps a little more balanced now compared to last year, where there was that entertainment bias. The engineering order book includes our largest ever deal we mentioned at the preliminary results. Entertainment remains buoyant, GBP 8.1 million, and life sciences also has a healthy order book of GBP 6.1 million. Looking at some of the segmental highlights in the first half, in engineering, for example, the University of Manitoba acquired a very large Valkyrie system for both unmanned aerial vehicles and ground robot tracking in their indoor facility. Their studies aim to increase the capacity in research and skills training of UAVs and robots to help the local agricultural industry further embrace these technologies. In entertainment, COVER Corp in Tokyo implemented a new state-of-the-art studio using 200 Valkyrie cameras, which is being used for a wide range of content production, including VTubing. In life sciences, Victoria University, based in Melbourne, added 40 Valkyrie cameras to an already large Vicon and a system capability. This is an enhanced tracking, which means that the university has become the first official FIFA Research Institute for football technology. The university first collaborated with FIFA in 2016 when it developed an innovative international standard for FIFA's quality program to assess the accuracy of electronic performance tracking systems. In the LBE segment, customers have been calling off against existing orders, and many of our customers have ambitious rollout plans over the coming years. At present, the current order book of GBP 0.64 million probably does not reflect the potential and has more to do with ordering patterns in this marketplace. Sandbox VR recently announced the opening of their 37th facility in Kentucky, and Immersive Gamebox is expected to be at 46 active facilities by the end of this year. Based on the future rollout plans, which are publicly available on their respective websites, it does suggest there is promise of meaningful growth in the future. Together with Dreamscape and HOLOGATE, we believe we have all the main runners and riders in this market, if the segment does take off, we are definitely in a good place to benefit from this. Far the focus has been very much on revenue and order book, now let's take a look at the adjusted PBT. To do this, I've prepared a waterfall. On the left-hand side, you can see the adjusted profit of GBP 0.3 million, then moving to the right, there's a GBP 0.1 million adjustment relating to applying current FX rates to that outcome, so it would have been slightly enhanced. Gross margin generated by additional revenues added GBP 6.1 million to profits, from which I've trimmed around GBP 0.2 million to reflect a slightly lower gross margin percentage arising from the mix of direct and indirect revenues. Compared to last year, the cost base is up, in part due to some inflationary increases arising from payroll changes we made last Christmas to address the so-called cost of living crisis, which we did weight in favor of our more junior and lower-paid employees. For the most part, the increase is all around the planned organic investments described in the five-year plan. The focus of the team is on product research at the moment, working on new technologies to drive revenues in the future. More of this from Nick in a few moments. This also meant that R&D capitalization in the first half was GBP 0.3 million lower, whilst amortization increased by GBP 0.4 million following the launch of the Valkyrie camera in FY 2022. Finally, interest received added another half a million, taking all of those things together, we arrive at our adjusted PBT of GBP 4.1 million for the first half. In summary, the strong reported revenue performance is backed up by a healthy GBP 22 million order book going into the second half and a significant adjusted PBT performance of GBP 4.1 million. A strong cash position of GBP 63.6 and an improved dividend as well. In summary, the business is in a good place to move forward with the five-year plan. Before handing back to Nick, I'd just like to take the opportunity to remind retail investors that further information is available on our website, www.oxfordmetrics.com, where you will find some updated research prepared by Progressive Equity Research, which includes forecast numbers for this year and beyond. That's it from me. Back to you, Nick. Great. Well, thanks very much, David. I'd like to pick up the baton now, really, and talk about the five-year plan, what that means in organic terms, what progress we made on the inorganic side, then really move forward and look at the outlook. Starting, first of all, with just a reminder of the current five-year plan. This was the new plan that we launched in October of 2021, so we're now 18 months into that. It really recognized the area of expertise that we have is in this area of integrated smart sensing systems, where if you've seen this presentation before or had a chance to view some of those videos that David was talking about that are available on our website, what we mean by integrated smart sensing systems is that we look after the data from the moment it's sensed all the way through to it delivering actionable intelligence when it's applied to the market. We break that down to these 3 phases of sense, analyze, apply. Our thesis is, and we've demonstrated this both in the growth of Vicon as well as of Yotta and of 2d3, that if you look after the data across its full life cycle, you end up with more valuable, more powerful, actionable intelligence at the end of that chain. The five-year plan recognized that that was our area of expertise, and we then set about, through an organic and an inorganic investment plan, to drive that growth. Through that combination, really what we're trying to do there is expand the market applicability of our deep IP and therefore the addressable market, with the aims that over the five-year period, we'd increase revenues two and a half times and deliver a 15% return at adjusted PBT level. We really expect that growth to be divided about 50/50 between organic and inorganic. We're using three specific growth levers to expand that solution applicability that really break down to each of those areas of sense, analyze, and apply. The first of those is about extending our sensing capabilities, adding new and different ways to sense in order to then have that sensed information leveraged by our existing investment in our analysis software. The acquisition we made of IMeasureU a number of years ago, a New Zealand business that had expertise in inertial sensing, was exactly from that playbook. That's the first growth lever. The second is about enhancing the modes and the capabilities of our analysis phase. Now, what other analyses or analytical tools can we provide to better understand that sensed information? Actually, on the inorganic side there, the acquisition of Contemplas a couple of summers ago was exactly that. Their expertise in being able to sense and measure from plain video is another example of expanding our analysis capabilities. Thirdly, it's about seeing our IP embedded into other companies' solutions, and the location-based entertainment is the most advanced example of that. Really across the five-year plan, our aim was to step up investment to drive those levers across the business. Now we're in year two, it's a useful time to take checkpoint. Where are we with each of those tools? Let's start off, first of all, looking at the organic side of the investment. Really, as David's already pointed out in his waterfall slide, this is fundamentally about a targeted investment in R&D. Sure, we've made a few investments in and around sales and marketing as well, but fundamentally what underpins the plan and driving this increase in TAM expanding capabilities, it's about the careful investment in R&D. Specifically includes continued investment in AI, and given that that's on everybody's lips at the moment, I think it's worth just taking a sidebar on what's Oxford Metrics involvement in AI. Well, the first thing to say there is it's not new to us. We've been in AI for many years, both at a research level and also in product. In fact, if you're one of our entertainment customers using our Shōgun product, the finger tracking capability that's inside Shōgun, which shipped, I don't know, four years ago or so, is all driven by a net that's been trained on more higher fidelity finger information so that you can now drive a fully articulated finger model with just three markers on the hand. That's the first thing to say is that AI, we've been in AI for many years. I think the second thing is really is that we see ourselves as beneficiaries of AI, of a broader AI adoption, really for two reasons. First of all, it drives sales, especially in the engineering segment, where a lot of our engineering customers are building robots or testing robotic capabilities. It's not just in engineering, but also in life sciences. In fact, the image on the very front cover of the slide deck that was there is actually a picture of Tonal, who are a US-based business who are building an AI-powered home gym. If you like, a Peloton but for resistance training. They have a significant investment in a Vicon system in order to really develop their products, to build the datasets upon which they can then train their own device in and around their AI system so that it can offer better advice to the athletes who are training using their equipment. It's not just that example, as I say, it's across a wide variety of robotic implementations. Actually, David's example of the University of Manitoba is exactly one of those. That's the first thing is that we'll be beneficiaries because it drives sales. The second thing is to us, it opens up new market opportunities for our own application of AI. Putting that then to one side then, the sidebar on AI, where are we investing in that R&D? Well, mostly we're working on extending the sensing capabilities and enhancing the analysis side. Those are initiatives, and less so on the apply phase, less so on the embedding. Those initiatives are spread across all of our vertical markets, definitely in entertainment and life sciences, and also in engineering. More than that, actually, it's about adding new capabilities that will see us be able to add additional verticals on top of those. To give you an idea of the scale of that investment, we stand at just under 170 people today, and we've added 23 new R&D heads since the start of the five-year plan. That's really to capture the opportunities that we see ahead of us there. I think really, it's worth understanding there that the large proportion of those R&D heads are really working on new TAM expanding capabilities, as well as though adding a few of the heads who are working on enhancing our existing products aimed at our existing markets. Actually, I think the thing about the strong order book and of course the strong sales performance in the first half is it really reflects our historic successful capability to invest in R&D. This R&D investment on the organic side is really playing, is coming straight out of that playbook, and we're really looking at to drive the business onwards into years three, four, five of our five-year plan. That's the growth drivers on the organic side. If we turn then to what we're undertaking on the acquisition side. Here, the three growth drivers all count again, the extending sensing, enhancing analysis, and the embedding IP. Our focus on M&A targets is consistent with where we were six months ago. We're looking for businesses that are IP rich, that have got deep tech, that have got large moats based on the technology, that have got attractive cash flow metrics, clearly the fundamental assessment of valuation, perhaps in any business. Ones that offer us good to high revenue visibility to augment the strength of our existing revenue streams. We're also looking for companies that have got able management teams who want to join our project and collectively combine to achieve more than either can achieve alone. Our goal here is to identify latent talent, buy at a fair price, and then improve through a combination of innovation, technology synergy, and also commercial synergy. Can we bring effectively more technology to sell to our existing market? We've got 10,000 customers in 70 plus different countries. Can we broaden our product catalog to sell to that audience, or can we leverage our existing sales channel in some way or our back office capability? We have a direct subsidiary in the U.S. Can we effectively bring products through that existing channel, through that back office? Equally, are there areas of technology synergy? Can we bring our capability with dynamic metrology, with 3D understanding to have perhaps more static or more 2D capability within there? Through those synergies, drive out greater value. We've got to offer multiple integration choices. That could be an acquisition that's deeply integrated into the existing subsidiary, partially integrated existing subsidiary, perhaps where we might share an R&D capability or a back office, an HR or finance capability, or equally sit as a completely standalone subsidiary reporting into group. That gives us a bit more flexibility about the targets that we can look at. We're focused very much on the markets we understand, the entertainment, life sciences, sports, and engineering marketplace. Over the past six months, that's really developed. We've now gone from filtering hundreds of long list opportunities now to a defined target list of around 50 specific companies based in the U.K., Europe, and North America. We've now got ongoing engagements with a number of those targets, but at different stages of maturity. One thing that is worth commenting is that private market valuations are starting to normalize with public company multiples, which of course is what we need if we want to deliver an earnings accretive deal, which is very much on our minds. It's also worth stressing here is that they've got to be the right deals. David went to a board meeting recently and coined the phrase that the acquisitions need to be the right ones for the right reasons, and at the right price. That absolutely underlines what we're looking for here. We're looking for those right businesses, and we've got to make sure that we pay the right price, securing the value at the point of purchase rather than on some sort of mythical plan to drive value that comes out afterwards. Those are the threads then, the organic investment to drive the five-year plan, the inorganic plans to drive the growth. Let's move forward then and look at the outlook for the second half. First of all, as David's pointed out with the order book there, we've got full visibility of H2 revenues through that order book. More than that, and perhaps where David and my focus mostly is looking at that sales pipeline. Actually there, we've got a very encouraging ongoing sales pipeline. We expect to enter next financial year with a strong order book position. What that would then mean with our full order book is that we expect the second half revenues to show growth year-on-year. Last year was GBP 16.3 million. We're expecting a second half to report growth on that. Looking at the five-year plan, we're continuing to invest on the organic side to drive that five-year plan in and around that R&D function. Now valuation metrics are starting to normalize. M&A is a key focus for this management team and for the business more broadly. Underlying that, the acquisitions need to be the right ones, and clearly at the right price. All in all, what that means is that we're well-placed to deliver performance ahead of the market expectations. If you've been following any of the analysts, you can see they've all upticked our numbers for the full year. In summary, this really was a great first half. It was the best half in the company's history, with strong revenues and strong market demand. It's also one of M&A progress, really that puts us well on the road to achieving our five-year plan. Indeed, as we said at the back of the Christmas set of results, we expected this to be a year of opportunity and growth, and now we've made a great start to fulfilling this promise to be that year. Thanks very much for your attention. Alessandro, you go. Nick, David, thank you very much for your presentation. What I'll do is I'll just bring your cameras up now. Ladies and gentlemen, please do continue to submit your questions just by using the Q&A tab, which is situated on the top right-hand corner of your screen. Just while the company take a few moments to read those questions that have been submitted, I'd like to remind you that a recording of this presentation, along with a copy of the slides and the published Q&A, can be accessed via your investor dashboard. Nick, David, as you can see, we received a number of questions throughout today's presentation. If I could just ask you to read out those questions and give responses where it is appropriate to do so, I'll pick up from you at the end. Okay. Well, what a great lot of questions. First of all, thanks for so much engagement from you all. Let me pick off, there are a few in here that relate to competition. I'm going to pick off a few of those. Clearly we're talking here in the context of Vicon's competitors. The summary really there is that first of all, we have two principal direct competitors, Qualisys of Sweden and OptiTrack in the U.S. Qualisys we mostly see in Europe and in the life sciences market, OptiTrack mostly in the U.S. and entertainment market. OptiTrack themselves are actually owned by a Chinese conglomerate called Leyard. In both of those, we've seen a consistent level of competition from them. We like competing because we know when we do head-to-head with our product, we have enough features within our product to be able to differentiate against those. We've really maintained and grown our market position against those. We also have a series of indirect, just to pick up a question that again came up on the list there, a series of indirect competitors with different or less accurate or lower cost capability. On that side, someone's mentioned Xsens. They make inertial suits, so you still put on a Lycra suit, but you have these inertial sensors in there. There's also another business called Rokoko who make those inertial suits. We tend not to see them in our deals, mainly because that has a different characteristic about the noise characteristic and the accuracy characteristic in there. They are valid solutions within the space. Also there are some video sensing VC smaller startups who are also going after that lower end market. Really it's the direct competitors of Qualisys and OptiTrack that we see most frequently in deals, we really do feel we have a differentiated solution that means we can compete at that level. Hopefully that covers a number of the questions that people have been asking on the competition side. David, is there a finance question there you can see you'd like to pick up? Yeah, there are several along similar lines. We've been asked could we see a special dividend or a share buyback? In another question really relating to the number of deals and the size of deals that we might do, would there be further returns? As Nick said, our main focus at the moment is finding accretive acquisitions, of course, doing acquisitions is not always an exact science. We can't predict precisely when those things might happen. Really the short answer to the question is that at some point in the future, if we find we're unable to deploy some or all of the cash, we certainly would consider a return to shareholders. I'd have to say probably more inclined to do a return by way of a tender offer than a special dividend. Hopefully that just covers off two of those questions. Great. Let me pick off, there's one on the list here that's what are our thoughts on the Apple announcement last week, how does Oxford Metrics benefit from it? Yeah, last week was a pretty big week of news in 3D, I do think the Vision Pro is a really interesting device. Absolutely laden with technology and leveraging a lot of the things that Apple are amazing at. Because they've got that incredible capability in the silicon side all the way through to the application software, it means that they can actually bring a high degree of innovation into that device. I think that coupling of processing capability right alongside a sensing capability, which they then tout the very low latency, will be key in solution spatial computing. I think as 3D professionals, the first thing the R&D team were impressed with the capability of the device. Although we don't get invited to such press launches, so we haven't actually had a go with one. I think the thing to say about what it means really for us is that pretty much any expansion of ways to consume 3D content or create 3D content, which clearly the Apple device plays to, is generally of a benefit to Oxford Metrics. We saw that with the VR headsets that were coming out of Oculus. Clearly, we saw that out of the headsets that then drove the location-based entertainment business. Actually, we're seeing it within some of our industrial customers and also university customers with the existing Vicon business. I think overall, there's a clear net benefit there to Oxford Metrics, and I know that our development team wants to get hold of one of those devices as soon as possible. I hope that covers off your question, Krish Sankar. Any more finance questions there, David, you'd like to- There's one here from Vishal thanking me for the financial detail provided and commenting that over the weekend, various short-term saving rates have been announced approaching 5% and so forth for the next 18 months. The question is, are you going to park part of your cash to generate a decent return on that capital as well? That really is my goal, is to try and optimize obviously the amount of income that we can earn on the cash. At the same time, I'm simply not going to take any risks with that cash. I feel very responsible and a custodian, if you will, for the monies that we've got available. Through our existing arrangements, I'm already getting pretty attractive rates. The other balancing act that we need to achieve is that obviously Nick and I are privy to our M&A objectives and what might or might not happen. Therefore, I structure our deposits in such a way to give us the flexibility and availability of cash, so we're in a position to execute should we need to. Yes, I'm doing my best and looking to optimize rates at the same time as trying to give us the flexibility that we need. Great. Thanks, David. Paul, I'm going to pick up two questions in around sort of market development. Paul's asked, "Does TAM expanding mean total addressable market?" Yes. That's why I'm using the term TAM. All of our initiatives really on the R&D side are all trying to expand our capabilities so that we can reach a larger audience. That's what we mean by TAM expanding. Also had another question from Shagar about, "There's been a high level of female sports injuries this year. Have you seen an increase in the sports science and biomechanics side of the business?" Yes. There are a significant number of clearly high-profile female athlete injuries over the past 12 months. England's been deprived a number of their best players going into the Women's World Cup in Australia and New Zealand later in the summer. I think that's a great shame. We've always been very strong in sports science and biomechanics. Inside sports science programs like they have up at Loughborough, probably is the U.K.'s largest university on the sports science side. They have three Vicon systems that they use that have been applied to a wide variety of sports. Then of course in countries like Australia, where the Australian Institute of Sport has systems. As David mentioned, the Victoria University of Melbourne has just got this fantastic accolade by being the first university to be in FIFA's approved group to assess player tracking systems. When you see the pucks on the back between the shoulder blades of rugby players or Aussie Rules players or football players, effectively it's a Vicon system that's assessing the accuracy of those, but now based on the FIFA standard delivered by Victoria University in Melbourne. Sports science biomechanics has always been very strong. I do think there needs to be more progress made on female athlete understanding. I think that's been overlooked in so many ways. It's only recently that even football kit has been starting to be cut for women specifically, rather than just borrowing the men's kit. There was also a very interesting business I came across who's now making a football boot, a soccer boot if you like, a football boot, that's been designed specifically for women to try to avoid anterior cruciate ligament injury. Definitely an area of focus and really should be good for us. We're strong in that space and the more research that goes on in sports science and in biomechanics more broadly, the good news it is for Vicon and for Oxford Metrics. David, is there anything else on the finance side there? No, but I'm happy to. Most of them look like they're for you, but I'm happy to take the one from James V, who comments, "The level of visibility over the Vicon order book is unprecedented. What problems and opportunities does this visibility create for you? Are there any capacity issues?" Nick and I are really pleased to be where we are in terms of having the order book. Having that visibility really enables us really to plan in terms of production and supply chain and so forth. I'm struggling to think what problems there might be other than perhaps customers have to wait obviously a little longer than they used to. That said, buying patterns and behaviors have changed, and quite often orders are in relation to much larger, bigger projects. I don't think that's a huge issue. In relation to capacity, well, we were really pleased with the performance of the team during the first half, and it really demonstrated that when the demand is there, we can respond to that. There are no capacity issues that raised their head. Overall, it's a huge opportunity for us and is a much better way to run the business going forward. Yeah. Great. Thanks, David. We've had a question from Dhruv about, "Can we give us a sense of how big Qualisys and OptiTrack are? How big are the markets that we compete in?" It's clearly hard to get up-to-date information from one's a private business and the other one is a small division in a massive Shanghai-listed conglomerate. Trying to get clarity on the revenues that the others are doing. The best way to really think about it is the overall size of the market, because we know which deals we're in, we know which ones we win. There are a number of deals we also lose, so we're aware of those, too. Invariably, our estimate currently is that the overall it's about $100 million annual market within that space. In other words, we've got the order of about 50% market share within that. Although clearly with different penetrations in the different vertical markets. Hopefully that gives you some scale on that. I'm also going to pick up another question Vishal's asked us: "With the move into analytics and sensing, is there an opportunity to get some ARR revenue into the firm, probably via an inorganic focus too?" I think there are opportunities. Thanks for the question. Overall, our aim is to increase the visibility of our revenues within the business more broadly, both on an organic side and an inorganic side. That said, it's easy to look at the Vicon business and think that it's just a capital goods model, but it's worth remembering that 80% of our revenues in any one period come from existing customers. In other words, there's a higher quality there because I know the telephone numbers of 80% of where the deals are going to come from before we even start the period. No, we're definitely interested in driving a greater visibility from both the existing business and also then in the new lines. As we develop those and as we announce those, you'll see some of those things come through. The last thing that's worth saying on the inorganic side, we're not afraid of buying a business that's perhaps sold on an on-prem perpetual basis and helping transition them to more of an ARR business. Vishal, I think you might remember that we bought a business called Mayrise for the Yotta business, and we did exactly that too. Given our capital capability, that would seem like a good use of capital to help improve the visibility over time. Hopefully that covers your question. David, is there another finance one there? William D.'s come back, I failed to cover off another point he made. This is really in relation to would we consider carrying debt on the balance sheet, and if so, what level of gearing interest cover would you be happy with? I think the short answer at the moment, given the cash that we have on the balance sheet, that is sufficient really to expedite our plans from achieving the five-year plan goals. I think in the short term, the short answer is no. Never say never, I guess. Really the cash we have is more than sufficient to execute our plans. We had a couple of other questions following up on the points we made about AI, which I would just like to pick off. How will AI affect your business? Then there's a question around data sets as an enabler of the marketplace. Let me pick this off. The key thing to remember about AI is it's not just although clearly large language models or large multimodal models, which are very popular in the GenAI space right now and are very impressive, or coupled with the Diffusion Models of where you're getting images generated or videos generated. Things like Stable Diffusion, DALL-E 2, Midjourney, those are all good examples of that. Clearly, that's sort of the GenAI side. That's all relatively new. AI stretches back 30 years. Perhaps the biggest breakthrough in computer vision was the invention of Convolutional Neural Networks about what, 15 or 13 years ago. It's on the basis of those, of both supervised learning models that really enabled us to do the finger tracking model, and actually adds other capabilities to even the way we calibrate cameras. The thing to remember about AI is it's not just the GenAI side. There's already great, fantastic practical solutions out there that are already embedded in our solution, and also provides us an opportunity to bring further innovations to market. Coupled with that, just picking up another question in and around data sets. You may or may not know that you broadly need two things for delivering some AI capability. One is some approach to an efficient algorithmic approach, the second thing are the data sets by which to train those nets and those systems on. Data sets really matter. Clearly, we do sit on the fact that our systems are used for capturing data sets is key to driving the adoption within those robotics companies. Also we do sit on a fairly deep pool of our own data sets gathered over many years. Not just in the point data, but also in the biomechanical and bone data that underpins those. Data sets are key, but of course it's all very well having a functioning inference system. We also need the customers and the distribution system and the support structures and all of the other practical tools in and around those AI tools in order to make sure it delivers real benefit to your end use case. Of course, Vicon and Oxford Metrics have got that in spades and a great deal of experience. I think we're very well-placed to leverage that. The only thing I think we perhaps should have done is to put more AI stickers on the boxes so that people understand we've been in the market for a little while. There's one other question here, because I think we're down to the last couple now. There's a question around the metaverse growth and what role can we play in that growth. Clearly the metaverse means lots of different things to lots of different people. It's definitely driven the adoption of some of our solutions in the place with the games companies who are building persistent 3D worlds that people can go and attend to. It also is used as people devise devices to access the metaverse, like the Oculus headset or the Vision Pro headsets. They're often buying Vicon systems to act as ground truth systems so the engineers can get an accurate fix on where the actual headsets are. Equally, it's driving our LBE, location-based entertainment innovations like at Sandbox and Immersive Gamebox, which otherwise wouldn't be possible without the expansion of the metaverse and the tools to build those metaverses with. I think overall, the metaverse has got a long way to run yet. I think whichever way you look at it, again, as the ways to consume or create 3D content expand, metaverse being an example of that, those are only good for Ox metrics and for Vicon, a world which we've played in for a long time. One thing we talk about in a couple of the videos online is about how we've always sat at this interface between the real world and the virtual, between the analog world and the digital. Actually, if you think about what the metaverse is, it's about effectively sitting at exactly that interface. Given that's where our near on 40 year of experience is, I think we're very well-placed to realize growth from that initiative. Last couple of questions. One is how long does your IP last for? I think that's right. I think it might be a typo in the question. How long does your IP last for? Well, it all depends. In lots of ways, Vicon is a very well-engineered system. In other words, it's not based on one single piece of science that we've then got patent protected, really. It's a series of improving the weakest link in the chain over that 39 years worth of development. Actually within there, I can say there are some aspects to the techniques that effectively were established in the '80s. Clearly since then, the efficiency and the effectiveness of those capabilities have been vastly improved through constant innovation. Really, we really do feel that our IP is this foundational rock upon which the business is built. Definitely built to last, and I think will carry on being built to last in the future. The last question is around immersive. I think it says immersion leisure franchises. How does Oxford Metrics play into this? I think the question might be around Immersive Gamebox, unless there's another company called Immersion that I'm unaware of. I'll answer the question about Immersive Gamebox. They've got a really exciting rollout. They're supposed to be up to 46 sites by the end of this year. The management team there are the management team behind Tough Mudder, the assault course business. They're very well-funded by Index Ventures, and they're really going places and expanding. Each time they roll out a new site, they place an order on Vicon as we're one of the core technologies upon which they rely. That's the final question. Thanks very much for- Nick, David, thank you very much for that. I think you actually managed to address all those questions from investors. Of course, the company will review all the questions submitted today and will publish those responses out on the Investor Meet Company platform. Just before redirecting investors to provide you with their feedback, which I know is particularly important to you both, Nick, could I just ask you for a few closing comments? Sure. Clearly, through the presentation, also through that Q&A, I hope you can see that the company is in very rude health. It's in a very strong position. That's our strongest ever trading performance in any half. We've built a fantastic order book through that first half that we can now deliver into the second half, and we've made real progress on the M&A side. Really, when we talk about opportunity and growth at the start of the year, that's exactly the world that we're delivering. Going forward from there into years three, four, five of the five-year plan, I think we're really set to achieve some exciting growth on top of that already existing strong growth. Thanks very much for attending this morning, giving up your time to spend with David and myself, and actually, more importantly, for your ongoing support of our business. Thanks very much for your time, and have a great day. Thank you. Nick, David, thanks once again for updating investors today. Could I please ask investors now to close this session, as you'll now be automatically redirected to provide your feedback in order that the management team can better understand your views and expectations. This will only take a few moments to complete, and I'm sure will be greatly valued by the company. On behalf of the management team of Oxford Metrics plc, we'd like to thank you for attending today's presentation, and good morning to you all.