Thank you all for joining today's call. I will pass you over to Chris Lee, CEO. Chris, please go ahead. Thanks, Gareth. Hi, everybody. Welcome. This is The Pebble Group half year 2026 results. Myself and Claire are here to walk you through them. Those of you who have known us know we have been here a long time. We are invested certainly from a time perspective, financial perspective, and that definitely leads to emotionally invested as well in what we do. We are going to talk about The Pebble Group. We are listed on AIM, and we have got two businesses where all the action happens, Brand Addition and Facilisgroup. I will talk you through Facilisgroup, and Claire will do Brand Addition. We will share some numbers at the beginning and do a bit of an outlook at the end. As an introduction, we are in both Facilisgroup, Brand Addition, we are in the promotion product space. I have got a water bottle here very proudly with The Pebble Group. I use that every day because I am proud to be part of this business. Promotional products are aimed at all stakeholders, whether you are an employee, a customer, a supplier, or general brand awareness wants to be created with a company. In a world of digital, it really creates an emotional attachment and an impression on you that digital wouldn't. That is why it is a great industry to be involved in. Every company of every size, every sector, buys promotional products. In terms of the size of the industry, on a global basis, it is an estimation, our estimation, about $50 billion gets spent on promotional products on an annual basis. We roughly split that 50/50 between North America and the rest of the world. With The Pebble Group, with Facilisgroup and Brand Addition, our lens into that $50 billion comes from those two businesses. We have, I think, a unique perspective and insight into the industry with GBP 1.7 billion that we see. How does that get split between our organizations? At the bottom there, Brand Addition is selling promotional products like these to some of the best companies in the world, the most well-known companies in the world, who you would know the names of. That is selling a product in how we are involved. Facilisgroup is slightly differently. We sell technology to businesses like Brand Addition all over North America, and we give them that technology, helps their business become more efficient, hopefully more successful, and helps those businesses grow through the foundation of the technology that we provide. Our GBP 1.7 billion is a unique insight and a large insight into what is a fun and interesting industry to be part of. In terms of the, well, you'll kind of make your own sort of ideas of what the investment case is. To summarize what's on that table, we really are about creating long-term relationships with our suppliers, with our customers and our team and investors, to create value for all of them. We're not just looking for what can we make tomorrow and move on. We're actually looking to build relationships across all our stakeholders that adds value, and I think that's a theme that will come out throughout. By doing that in the right way, we do believe that we grow and we can create profits and cash that we can return to shareholders. In terms of the highlights of what we've done in the first half of 2026, every six months we do this, and I think sometimes it's nice to look back and see actually what's the story that's building, not just look at the half year itself. That's really what's on here. If I start on the right-hand side, Brand Addition, that's again selling product to the really large organizations. You can see there where we talk about long-term relationships, what are those retention rates like? What is that NPS score like? Then we're growing and bringing new logos into what we do as well. Claire and I joke about it, but I think because it's true, we've been part of Brand Addition for over 20 years, and it's kind of so close to us. But we always feel we don't do it justice into the terms of the quality of the organization it is. We've got some nice revenue growth in there in the first half of 4% on very consistent margins and both gross and net margins. It does create a lot of cash that we can use in, we'll go over on capital allocation slide later. But a very strong business that has been around a long time and has long-term relationship with some great customers and has performed well in this first half with a 4% revenue growth. Onto Facilis, and again, those of you who've been following us for a while will know we've put a lot of investment into our leadership and our team. That's translated into better quality technology, better engagement with our existing partners or customers, and now we're looking to grow again. What's really nice is not only have we got nice retention, again, nice NPS, but now we're actually into growth mode. Our historic numbers are 7% growth, which is great. But when we look forward, with a mixture of our growing partners, our existing customers, new partners joining us, those things are rolling up and our look-forward numbers are even more interesting and looking to get to double-digit growth on what we're doing there. Those two quality businesses generating profits and cash allow us to do what we do as The Pebble Group, which is present some nice numbers today, but also have made some pretty significant returns to shareholders, both last year, the full year 2025, and also in the first half of 2026. Claire will run you through some of those numbers now, and then we'll dive into the individual businesses. Okay. Oh, sorry. Okay. Thank you. We'll just touch on the financial highlights of the first half, and again, just re-emphasizing what Chris has said in that it's really nice to be able to sit here and say that we've had some sensible revenue growth. I'll touch on that a bit more when we get to the P&L, but that's on sustainable long-term margins that we've been delivering for over the long term. There, because underneath those margins we've got good discipline and cost control, then that improvement in sales volume is translating through to increased EBITDA. Outside of that, on the right-hand side of the chart is, we've got two really cash generative businesses. What that's enabled us to do is to make some sizable returns to shareholders, both across the whole of 2025 and in the first half of 2026. This chart's just allowing you to kind of recap on the different business models that we've got in the group. As we've said, we've got Facilisgroup and Brand Addition, and sitting over on the left-hand side of the chart, those two gray bars are showing you the revenue of both our businesses. You can see that Brand Addition, the business that's selling product to those large international corporates, is the lion's share of our revenue. Facilisgroup, where we are charging a fee for the technology that we provide and earning revenue on the market network that we create, is a smaller proportion of the group's revenue. But when you move across the chart, to the right-hand side, you can see in those two gray bars that because the revenues at Facilisgroup are SaaS revenues, they're where we generate really special margins. The EBITDA contribution of both our businesses splits roughly equally between the two. Group P&L, and as we've said, we've got 4% revenue growth, which is nice. We've kind of had a couple of years where we've not been able to say that, so it's good that we're having this experience through the first half of 2026, and that's a combination in both businesses of a really solid performance on our underlying existing businesses where we've seen some growth. Then the impact of new business wins, so we'll come on to talk about the investment that we've made in Facilisgroup and how that investment in sales and marketing is starting to take hold and be reflected in our financials. Also in Brand Addition, where we had some really nice new business wins in 2025, where those have been implemented, and we're starting to see those impacts as we move through 2026. As I said, that's been delivered on a sensible, sustainable margin where the teams in Brand Addition really. Facilisgroup is 100% gross margin, so our margin is in Brand Addition, and the teams have done a great job over the last few years of moving that margin forward, and we're at a great point there. Then below margin, controlling our costs means that our EBITDA moves forward. Below EBITDA, we've got the non-cash elements of our P&L, which is depreciation amortization. That's us taking through the P&L, the investment that we've made in recent years at Facilisgroup, and then the share-based payments is the charge for the LTIPs that we've got in place across the group. Balance sheet, when you're looking at our balance sheet, just think Brand Addition. There's no working capital in Facilisgroup. The working capital all relates to Brand Addition. So we talked about, it's working with large organizations, and so we've got a real high-quality balance sheet. The stock that we have in Brand Addition is underwritten by the customers that we work with. So that's really nice in the event of a brand change or a contract termination, then the ultimate liability for that stock rests with the customers and not with us. And then again, the high-quality organizations that we work with mean that we do not suffer any exposure on bad debt. So there is a movement in our working capital that follows the volumes in our P&L. But again, as I have said, we have got that real high cash generation in both our businesses, and the quality of the balance sheet just turns into cash. Which takes me nicely onto the cash flow, which I like to say, oh, it is nice and simple. We will see that movement in working capital. We have a really well-trodden path where we are at a low point in working capital. When we begin the year, that builds as we move through Q2 and peaks in Q3. We have an outflow of working capital that comes back through the second half, and we have publicly said that we expect to be in line with expectations for the year-end. From capital expenditure, we are always looking to improve our technology at Facilisgroup, and then we have an infrastructure that we have to maintain. But really clean cash flow. And then below that, those operating cash flows. You can see there the quantums that we have paid in the first half in terms of the dividend that we have made to our shareholders and the share buybacks that we have been implementing. Takes me on to our capital allocation. We have shared this slide a few times now. We are just moving from left to right, and the decision that we have very purposely taken is that we are going to invest some of the cash that we are generating into accelerating growth at Facilisgroup, and it is nice for us to be able to say that that is starting to impact, and Chris will give a bit more flavor around that as we move through the presentation. We have paid a dividend for the last three years now, and we did that again in the first half, and that quantum feels about a sensible number for us to fix into as we go forward. And then on top of that, we have got decisions to make around what do we do with the rest of our cash. And so far we have made the decision that we are going to return that to shareholders, be that through a tender offer that we completed last year or the share buyback that we have undertaken in the first half of this year. And then we always, we put this point four on here to bring out that we are alive to other opportunities. Like our group has grown successfully over time through acquisition, and so we are always open to looking at those opportunities should the right thing come along that will generate shareholder value for all of us. Good. Thanks, Claire. Thanks, Claire. Moving on to the individual businesses now, we're going to talk about Facilisgroup, and that's Matthew Cromar, who's our Chief Product Officer. He joined us just over two years ago, and part of our leadership team. Along with the other members of that team, have made a real difference into engagement of existing partners, but also now the growth of the business. We've got a really super team there that we're very proud about. We think of Facilisgroup, technology is definitely at its heart, so that's what we do first and foremost. Our partners are from GBP 2 to 20 million is really the sweet spot, but certainly we go a little bit below that to win new business, and we definitely want our partners to grow beyond GBP 20 million and stay on the journey with us as well. But that's really the sweet spot of where the majority of our partners actually exist. We provide that technology to just over 250 companies, and they put about $1.6 billion through that technology. That's an amazing scale. With that scale, we create a market network or a buying group to support both the supply side and the distributor side in helping them become successful. If we help them become successful, then so do we too. It starts with technology. The scale that that technology provides helps us provide a buying group, and with that buying group, we pull our suppliers and our teams and our partners together and create this great community. What you can see on the right is some visuals of our Chicago events that we had in July. I wish I could replicate the feel and the energy that comes from those events, because we're a great technology company, but more than that, we create even better value than just simply the technology for our partners and our suppliers. We had over 600 people there, and the energy that comes from that is so positive and, again, I wish I could translate this on screen. In terms of the actual financials that we've produced over, well, the last few years, but then this last six months, there's some really nice graphs moving in the right direction. Strong EBITDA margins, great retention. The sales or the GMV that goes through the technology and the amount going through our preferred suppliers all moving in the right direction. The bit that we want to focus on, and have done over the last 18 months, is how do we return this great business to growth? If we can do that, we think we have a really valuable organization that should create great value for our team, our partners, our suppliers, and our investors too. That top left-hand side is what we have been working on, is taking that back to growth, and if we can do that, as I say, we think we have got a super business for everybody to be involved in. Just going to get my next slide. Next slide. Is that it? Is that the next slide? Yeah, it is. This is something we shared with you at the end of full year 2025, so six months ago. We have got this amazing Customer Lifetime Value to Customer Acquisition Cost ratio. Why have we got a really good lifetime value, is that we have two sides to our income, being that subscription for technology and then that activity fee from helping our preferred suppliers and our partners talk to each other. We get that two-sided piece. We help our existing partners to grow. We have a super retention rate, and we are attracting partners that are a bit larger than the previous ones we were attracting, and then we have these really nice margins. The combination of those things gives us this amazing lifetime value. What it is saying to us in terms of customer acquisition cost is that we have got this ratio of 7: 1, again, something we shared with you at the end of last year, that if we can share it in that way, if we can have a 7: 1 ratio, then what we really benefit, it is saying to us spend more, and that is what we have been doing over the last 12 months. Sorry, I am really struggling to move those slides forward. I do not know if, Gareth or Sean, could you move the slides forward for us, because they are really sticking on here. Yeah. One second we will ask you to do that. We will go one back now, that would be great. Thank you very much. That 7: 1 ratio is saying invest more, and that is what we have been doing on the right-hand side from a base of full year 2024. We put more into 2025, and got some nice results out of, and so we have gone again in 2026. It is definitely sacrificing some profit margin in the short term, but for very good reason, because people talk about Rule of 40 businesses, and if we have got that at the EBITDA percentage level, if we can get a double-digit growth, we think the combination of those things makes us really powerful. If that is what we are concentrating on last year, if we go to the next slide, we will be able to show you how those results are coming out. The right-hand side there said we have had 7%, well, we have had 7% growth in our full year, in our half year 2026 results. Actually, if we look forward and see the activities that we have been doing over the last, well, two years really, they are combining now to show what we have from the beginning of the second half is a look forward rate in our technology subscription fees of around 12%. How that has come from three things. Our existing partners continue to grow, and so as they grow, we support them to grow, and that brings more income into Facilisgroup. We're attracting those larger partners, again, growing the GMV that goes through and attracting more revenue through that. Also, from the journey that we've gone on over the last couple of years is building our team to build the right technology, and then to win the trust of our partners and existing customers. As we've done that, we've had the confidence to actually say, "We now need to move that pricing forward as well." We did a pricing change in the second quarter that starts from the beginning of the third quarter. The combination of those things have now given us not only a historic 7% growth, but actually looking forward, a technology subscription fee of 12%. I think we've only been able to do that because the hard work that's gone in over the last couple of years. Go on to the next slide there. What we're able to do now is say, from those price discussions, long-term relationships, again, is a common theme that we have here. For a long time, our partners have been our rolling form of contract, which is absolutely fine and great, but what we wanted to do was offer our partners the ability to fix pricing and also back us in the journey that they're on with us. The trust and the confidence that they have has been incredibly well-supported. On an average basis, everybody was on four months in terms of the visibility of our revenues. Now, by our partners having a choice to do one, two, or three-year contracts, the amount of ARR that's gone into the longer term contracts has been excellent, and we've been very humble and very proud to be supporting the way we have. We've changed that fivefold in terms of the amount of committed revenue we have in the business. We take that with great responsibility to keep our technology moving forward. Our partners have certainly placed a lot of trust in us to do that, and that feels really good for myself and the team and all the hard work that's gone in. We'll take the next slide. I'll just finish off on Facilisgroup. We always set ourselves these three targets at the beginning of the year, never taking for granted our existing relationships and engagement, and that should be with investors, suppliers, partners in our team, and looking after each other, making sure we are the leader in technology and wanting that to come through to revenue growth. The statistics there in the lower half of that slide show you that that engagement level through length of contracts, partner NPS, and all the things that we've been doing there has been really powerful. Go to the right-hand side, it's really nice to see the revenue coming through, and we're able to achieve one in three because we put a lot of effort in to make sure our technology is the right technology that our partners wish for. It's constantly moving forward, and it's well packaged and put together. We signal we've been on this journey for a while with Facilis the last two, three years. It's really nice to put some actual revenue growth in historics. We certainly want to continue that trend and grow that. We believe we're a turning point in the business, but taking nothing for granted, but think we're at a good place. I'll let Claire now talk you through Brand Addition. Yeah. Thank you. Yes, sharing some more members of our team there. That's Helen Brothers. She looks after the consumer sales in Brand Addition where our customers are using products to support their own, as gift with purchase to support their own sales. Brand Addition, when you think about Brand Addition, think about business that works with some huge international brands, that it works with over the long term under contract. What these brands are looking for from us, it's for us to supply them with really cool product that engages their stakeholders, be that their customers, their employees, their suppliers. It's cool product, but it's cool product that's done in the right way, so that allows them to walk the talk on their own ESG commitments. We know what factories our products are made in whose hands they're made, and what they're made of. That's very important to the customers that we work with. And that we're all able to deliver and fulfill their requirements on an international basis. Think kind of really cool product, but delivered on time and made in the right way. Move to the next slide, please. Thank you. Similar positioning to on Facilis, sharing our kind of financial and operational metrics. It's nice, as I said right at the beginning, to see that growth in our revenue number, delivered on what we think is a long-term sustainable margin, and then that control of cost below gross margin, meaning that that new revenue, that revenue growth is translating through to EBITDA. Then those two pie charts at the bottom left, showing you there the really nice spread we've got in Brand Addition that's both by sector, kind of not overly dominant in any one sector and spread by geography as well. The same applies. We move on. Next slide. Here, this is just breaking down really the bridge of H1. That sales increase I referred to before is a combination of kind of increasing momentum from the new business wins that we converted last year. They were. We had some nice wins last year implemented in the first half, and they're starting to ramp up and translate into invoice sales, which is always nice to see. But then a really robust performance from our existing clients, which the last couple of years we've had some pressure on that underlying number. Again, nice to see that both those things are coming together. When we announced our results on Tuesday morning, we said the visibility of the sales that we've got both invoiced in the year and then booked to be invoiced in the year versus this point last year, we're up 5% on that. That's a nice place for us to be, and again, delivered on sensible margins and well-controlled costs. The next slide is just really, we've made the statement that we think that what we know and can touch and feel from our existing activity helps us make the statement that we're confident in achieving our FY 2026 numbers. Here again, this is just giving you some building blocks to support why we're making that statement. Taking you from the GBP 52 million, which was our half year invoice number, then the orders that have been received since then, that will be invoiced in this year, gets us to, we're at the low 80s as at the 7th of September. What we can see in terms of customer activity, what we know is coming up, and what we understand from the historics and how our clients performed over the long term, that leads us to be comfortable around making a statement that we think we're going to hit that, GBP 109 million for the full year. The next slide, that's all about the first half and our view of the second. This slide is just really trying to take a step back, and I think Chris touched on it at the beginning. We always feel like we don't do Brand Addition enough justice when we're having these conversations in terms of getting over what a great business it is, high quality, and that's not only the customers that it works with, but the people that work in it. Here, just putting out some stats. We've been listed, we listed at the end of 2019, and everything you can throw at Brand Addition has happened. We've pulled out four things here. We could have filled this with 10, but the sense of this slide is meant to say that whatever happens to Brand Addition, it holds onto its clients. We've got amazing brands that choose to work with us and choose to work with us over the long term, on a really well-disciplined and controlled business model that's churning out +10 points an EBITDA margin. Great client NPS scores of 60. That's the latest one that we're sharing with you today. That's all bound by strong cash generation. When we think Brand Addition, think amazing customers over the long term with great product, on a really well-disciplined business model that throws off a lot of cash, that gives us choices about what we do with that cash. Just to take us home, again, our three things that we're focusing on, and we've talked about it a lot. Number one is going to client retention. Holding onto those amazing clients is our number one priority, looking after them. Our NPS scores speak to the hard work that goes on around doing that. We have successfully negotiated, renegotiated our major contracts that have come up in the first half of this year, which is always nice to be on the right side of those conversations. The next piece of our jigsaw is retention, hold onto what we have got. The next piece of our jigsaw is getting some new logos, and we have had some really nice wins in the first half. If the invoice sales number have been supported by the wins from last year, we are always working on that pipeline and conversion rates to bring some new clients into the business that will support our progress next year, and we are excited about the brands that have chosen to work with us in 2026. Again, I have said it, but let us do that in a really financially disciplined way that means that when we do generate revenue growth, that that translates through to EBITDA. Cool. Back to you. Thanks, Claire. If we can just go on, we always do a bit on ESG, and that is Kirsten, who does an amazing job of leading our ESG initiatives. The primary audience for ESG is not necessarily our investor community, actually. It is our team and our clients, and particularly at Brand Addition, where those really large organizations want to know where the product comes from, whose hands it was made in, and what materials it is made of. We have just got a- Hi, everyone. Just to make you aware, we seem to have lost the management team. We will contact them as quickly as we can and try and get them back. If you are happy to please hold on the webinar, we will restart as soon as we can. Please hold on, and we will get management team back as quickly as we can. Hi, everyone. Apologies once again for the delay. We are in contact with the management and they are hoping to rejoin very shortly. If you can, please hold on. We have only got a couple of slides left, and then there will be Q&A. So obviously if you are able to hold on until they rejoin, that would be much appreciated. We are in touch with them and trying to get them back online as soon as we can. Thank you. Yeah. We are good. Go on. Yeah, go for it. There we go. Yeah. There's only me on there. I do not know are you on? Okay. Yeah. Are we back? Sorry. Welcome back. Yes. Yeah. Ever so sorry about that. We had literally a computer just crash on us, which we have recovered from now. Yeah. You hear us okay, yeah? We can. Thank you. Yes, that is all good. And thank you very much to the audience for holding on for those couple of minutes. Much appreciated. You were on this slide. Yeah 29, I think, talking about ESG once you Yeah can assemble your thoughts. That's great. All right. We'll hand over. No, we're all good. Apologies for you and hopefully you're still with us. ESG, we showed Kirsten, who runs it, and who's just actually helped us and got- Yeah this back online. Thanks. He's a multi-talented man. ESG, our audience is not necessarily the investor, but definitely our clients at Brand Addition and our teams. ESG to us is about doing the right thing, again, long term, and if we do those things, it all comes together. Overall about being a big, not only a successful company, but a responsible one as well. A lot of the initiatives that we do in the business are around there. Kirsten does a great job on Scope 3 we pull out there in terms of that is the bulk of the emissions that we are part of and managing those well with our suppliers, but also going down into gender pay gaps and just making sure that what we're doing in our communities is the right thing as well. Some nice initiatives there, but they can be seen if we move on to the next slide. What they can be done is seen. We have some very detailed reports on our websites on The Pebble Group. We do an annual report in terms of all the initiatives we have there as an organization overall group. But at Brand Addition as well, we do a really deep dive into what we do with our clients and what is important to us there. It is not necessarily slides that a lot of investors might. It is not as fashionable as it perhaps once was, but it has no less importance and relevance to what we are doing in our organization on a day-to-day basis. That just takes us to summarizing what has gone on there, and then we are happy to take some questions. I will move from left to right. Facilisg roup, Phil was in a better place. We have worked really hard with our team, with our technology engagement, existing partners and suppliers, and now we are moving that business into growth. If we can do that, we hope to win the trust of the investor, too. At Brand Addition, a great business in mid digit growth or single digit growth, but also really nice margins and cash generation. The sum of those two allows us to make those capital returns. As we sit here, we feel in a sensible place about full year for 2026. Also we want to create some value. We want to create value for ourselves, for our teams, our partners, and also our investors. Looking on how can we do that in terms of the position our individual business is in, and what they are worth. We are always keeping our eye on what are the opportunities to create value overall, not just tick the businesses along, and make sure we find the right homes for those businesses to achieve the right value and the right homes for our teams and our partners, too. We will stop there. There are some appendixes after this. It is all on our website. You can kind of drill into the numbers. But we will stop here. We will kind of come on screen, hopefully stay on screen. I am really happy to take any questions that you all have. That is great. Thanks very much indeed, Chris and Claire. That was all very good, and thank you for navigating the technical gremlins as we went through. I will now open up to questions from the audience. If you would like to ask a question, please do click on the Q&A button at the base of your screen and type in a question for me to ask on your behalf. We have already had a few questions come through. First of all, can you run us through the assumptions behind the $7 million LTV number quoted for Facilis again, please? Yeah. So, it's an LTV to CAC ratio of 7: 1, and that's for full year 2025. So we were comparing the incremental income that we received in full year 2025 versus the incremental investment that we made, and that was a 7:1 ratio. What goes into that is what you win, kind of how long you think you'll keep that, how it will grow during what you do. I think we have a WACC that goes in, a sort of weighted cost of capital. Then dividing that by the costs that have gone in. So, the 7:1 ratio was a full year 2025 compared an incremental ratio compared to full year 2024. That ratio of 7: 1 is very strong, so it says spend more to generate more. That's great. Thank you very much. A slightly broader question across the group. You've made a number of payments to shareholders over recent years via the tender offer and buybacks. Do you have any plans for further returns of capital? Yeah. Okay. I'll take that one. Yeah, I think we touched on that capital allocation slide, and our first decision has been to invest in ourselves and growing our business, and that's what we've done at Facilisgroup. We just talked about the LTV to CAC. When we get to the end of 2026, then we'll look at those numbers again, and if that continues to be a high number, then that tells us that we should continue to invest. So we'll do those calculations and make those calls. We're not planning to change the dividend payment, so we'll be making those returns. I think then, yes, we have got two really cash generative businesses, and so the option will remain for us to return that to shareholders if that's what we think is the right thing to do with our cash at that time. But again, as I touched on, if the right opportunity comes up for us to kind of look at something inorganic, then we're always live to that. That's kind of not been part of our recent past. Okay. Thank you. We've got a number of questions to do with sort of overall group structure, so I'll bundle these together slightly. The first two would be, what synergies are there in running both Brand Addition and Facilisg roup together, and how easy would it be to separate them? Then sort of aligned to that, five years out, do you envisage both of them will still be part of The Pebble Group? Yeah. So direct sort of operational synergies, no, there aren't any. Brand Addition is a partner of Facilisg roup and on an arm's-length basis like every other partner. But what we do, both businesses gives us a seat at the table at the top of the industry. So they're both leading businesses and Brand Addition being a global distributor and then Facilis in North America. So what we do get to be is at the heart of the industry and the top table, so there are industry knowledge understanding as opposed to day-to-day operational synergies. Which leads on to that second question. If we did believe that the sum of the parts was definitely sort of materially more valuable than the businesses together, then the separation issues would be minimal. They have certainly grown apart before they came together, and we could separate them quite easily if we could. I think it's very hard to say. What we want to do is run two really successful businesses in their own right, and for their clients and partners, for their suppliers and for their teams. If we believe they are, if that value is reflected on AIM and in their current ownership structure, then that's great, and we'll do that. But if for whatever reasons, and it might be to do with us, it might be to do with the structure of AIM or generally the market, if we don't believe that value is getting generated, then I think we will split them up. If we're in the world today, you'll go, "AIM feels really hard structurally, and it's quite difficult, so they probably won't be together in five years." That's kind of how you'll feel today, but we just need to manage both businesses well, keep them both in growth, accelerate Facilisg roup, and if the value comes through, great. But if it doesn't, we won't hesitate to do the right thing for partners, clients, team, and investors. Okay. That is great. Thank you. That is very clear. There was an additional question which you may not be able to answer. It was, I see Harwood Capital as a 20% shareholder in the business. Have you had any discussions about breaking up the group with them or any other shareholder or external party? Yeah. I think the discussion between us and Harwood, are all right, I think they should stay there. What is easy to do, you can find Harwood, I think they do some interviews about the whole of their portfolio, and that is in there. When they get to The Pebble Group, they do believe that the individual businesses will be worth probably more than the two put together. So that is no different to what I just said in my previous answer. We are aligned with them. They see a business that they believe has more value in it than is being reflected right now. We feel the same way, too. If the way to realize that value is to have two separate entities, then we want that shareholder value to happen as well. But we want to do that in a way that is good for our partners, suppliers, and team as well. Okay. That is great. Thank you. Turning to Brand Addition, we have got one question. On Brand Addition, margins have improved quite a long way. Do you feel they may have peaked, or is there room to go for more? I think, so we've given long-term guidance that we think that around about 36 points is a sensible number for people to think about when they're modeling Brand Addition. When we came to market, that was 30, and I'll definitely be on record as saying that that should be long-term thinking. I think the teams have done an amazing job in moving our margins up, and that kind of that improvement reflects the quality of the business and the services that we provide for our customers and the value that the customers place on those. I think the teams have done a great job, and I think thinking about Brand Addition as a gross margin of around about 36 points and a net margin of 10 - 10.5 would be a sensible place to model. Okay, great. Thank you. There's another question to do with group structure and M&A. Could you talk a bit about the potential for M&A and finding homes for each business? Could you clarify which business might be best to grow through M&A and which could be sold? Yeah, I think the sold bit can be either components. I think both are great businesses and can flourish under different ownership structures for sure. I don't think that there is a sort of necessary one instead of the other on that. I think probably the strategy is clear on Facilisgroup, it's organic growth with that LTV to CAC ratio. We feel as though organic growth is definitely something we should do, and we have a very specific model there. Brand Addition, we have grown by acquisition. I think, again, that sort of says that probably that sort of side of the business, if we were to choose to grow by acquisition, it's on that side of the business rather than Facilisgroup. Okay. That's great. Makes sense. Thanks very much. This is currently our last question, so a reminder to the audience, if you do have any last questions to submit, please do use the Q&A button at the bottom of your screen. The last question I currently have is actually to do with Facilisgroup again. How confident are you of the sustainability of the growth rates that you're seeing within Facilisgroup? Yeah, I think it has been a journey that a number of you will have followed us. We are really thankful that you have and that I hope you are now going to benefit from. So putting a really super team together, that has made better technology, better engagement with our partners, and now turning to growth. I think there is a big market that we are part of. Certainly, turning to growth is the right thing to do. If we can move that into double digit growth, I think that is really nice, and there is a lot of market share for us to go after. So I would hope there is, and I think we have got to do it one step at a time. I hope we are on the first way to proving that we are in the right direction in terms of it is our historic revenue now has growth in it, and we need to continue to do that over the next two or three sort of half years. If we do that, I think we have got a really valuable business. Thank you. It is a nice note on which to finish. So thank you very much. There are not any further questions at this time. I will hand back to you, Chris, if that is all right, for any final closing remarks. Yeah. Well, thanks for sticking with us, and I think this always gives me an opportunity to say thanks to our team. We have about 450 people plus in our group overall, and there are some people who, again, have been with us a long time through that journey, and some people are starting their careers with them. They put all this together. Claire and I are the face of it at this side of the table with our investors. But we have so many people who work so hard for the business on a day-to-day basis, and we thank all them for everything they do. I hope we are going to be here in the next six months and be able to talk an even better story that is ahead for us. So thanks to everybody, investors, clients, and partners, and definitely the team too. And we'll see you soon. Thank you. Thank you both. This is the end of the webinar.