Good morning, everybody. Thanks for joining us. I'm in China, in Beijing, and Mary, Scott, and Jean-Benoit are in London. We have Henry Cowling, who is in San Francisco on the West Coast, at an unearthly hour. Thanks for getting up early or staying up late, Henry. With that, let's just move to the first slide, if we can, please. Can you read up? We're going to run through the results. Mary will run through the results, and then Scott will run through business conditions and business performance. Henry will run through our focus on AI. We'll come back for a brief summary of the results after Jean-Benoit has taken you through what we're doing in terms particularly in pricing and utilization and billability. With that, Mary, do you want to get into the results, please? Thank you, Martin. Good morning, and thank you for joining us today. I'll start with the financial headlines. Our performance in 2024 was impacted by challenging macroeconomic conditions, continued high interest rates, and some underperformance compared to our markets. Net revenue was $755 million, down 11% on a like-for-like basis. Operational EBITDA was in line with expectations at $88 million. We made significant cost reductions to deliver an operational EBITDA margin of 11.6%, up 120 basis points like-for-like. EBITDA improved as these cost reductions took effect, and we delivered $58 million in the second half compared to $30 million in the first. Adjusted operating profit was $78 million, and adjusted earnings per share were $5.20. We finished the year with net debt of $143 million, below our target range, reflecting our focus on working capital management and tight cost control. Leverage was 1.6 times. The board is proposing a first dividend of $0.01 per share. Moving now to the income statement. In challenging market conditions, revenue decreased 16% on a reported basis to $848 million, and like-for-like was down 14%. Reported net revenue of $755 million was down 14% or 11% like-for-like. This reflects lower spending from technology clients, as well as a reduction from one of our larger relationships in our Technology Services practice. We reduced operating expenses by 14%, and the number of Monks was about 7,150 at year-end, down 7% on December 2023. Operational EBITDA of $88 million was down 6% on a reported basis, or broadly flat like-for-like. Operational EBITDA margin of 11.6% improved 90 basis points reported, or 120 like-for-like. We recorded an impairment charge of $280 million after tax, reflecting trading conditions in the second half of 2024, and a revised medium-term outlook after completion of our budget and three-year planning process. I've given you a breakdown of the adjusting items in the table on the left-hand side. The impairment charge, which mainly relates to goodwill, is included within amortization and impairment. Acquisition, restructuring, and other expenses were $29 million. This includes $19 million for restructuring, which has driven significant cost reductions, $5 million of lease impairments from our property rationalization, and $4 million for the implementation of our global finance system. Finally, net finance expense, which mainly relates to our term loan, decreased due to a benefit from foreign exchange compared to a charge in the prior year. Looking next at our three different practice areas: content, data and digital media, and Technology Services. My comments here are all on a like-for-like basis. Net revenue in our largest practice, content, was down 7%, with ongoing caution and lower activity from some of our larger technology clients, who are prioritizing investment in AI over operating expenses such as marketing. We continue to focus on reinvigorating growth, and Scott will talk more about this later. Data & Digital Media net revenue was down 4%, with growth in the performance business, but lower net revenues from data and CRM. Overall, the practice grew in the final quarter. Net revenue in Technology Services was down 35%. This was due to lower revenue from one key client, as expected, as well as longer sales cycles for new business, reflecting the macroeconomic climate. We have hired an experienced sales leader to drive growth in this practice. From a regional perspective, the Americas, which includes Technology services, was down 12%, and accounts for 78% of the mix. EMEA decreased 5%, and Asia-Pacific declined 13%. Moving to EBITDA by practice on the next slide. Again, my comments are on a like-for-like basis. In content, operational EBITDA grew 31% to $49 million, despite lower net revenues due to our action on costs. Operational EBITDA margin improved 290 basis points to 10.2%. We continue to focus on utilization and billability to further improve efficiency and margin. Data & Digital Media recorded a significant improvement in profitability, despite a slight decline in net revenue, as it managed costs in line with activity. Operational EBITDA was up 43% at $46 million, and margin increased from 16.2% to 23.9%. Technology Services was impacted by anticipated lower revenues. Operational EBITDA of $12 million was down from $43 million in the prior year at a margin of 13.3%. Central costs were down 16% year-on-year, reflecting tight cost control. Moving to the next slide, you can see that we continue to maintain a strong balance sheet with sufficient liquidity and long-dated maturities to facilitate growth. Our $100 million revolving credit facility, which remains undrawn, matures in August 2026. We have recently completed an extension for $80 million of this to February 2028 on the same terms. Our EUR 375 million term loan matures in August 2028. We currently have comfortable headroom against the key covenant. Moving to cash flow on the next slide. CapEx of $8 million is mainly investment in IT infrastructure. Interest paid includes the cost of our term loan, while lower tax paid reflects our performance in 2023. Restructuring and other one-off expenses include $16 million of restructuring payments, mainly related to people, and around $4 million of spend on our global finance system. There was a working capital inflow of $15 million, supported by our focus on improving working capital. Free cash flow was $38 million, up from $14 million in 2023. The cash spend on combinations was $10 million. This takes net debt to $143 million, below our target range, with leverage at 1.6 times. Turning to guidance for 2025. Given the combination of market uncertainty and technology clients prioritizing AI-related capital expenditure, we expect net revenue and operational EBITDA to be broadly similar to 2024. Comparators for the first quarter are expected to remain difficult, in part due to the residual effect of the reduction in revenue from one client in Technology Services. However, we anticipate an improved performance in the second half, supported by phasing of revenue from new business. Given the uncertain market outlook, we continue to focus on managing our cost base, utilization, and billability, and we'll take further action to support profitability. We anticipate a net finance cash charge of about $27 million and a tax rate of 30%-32%. Our expectations for net debt at year-end are in the range of $100 million-$140 million. We continue to focus on cash management, and our medium-term target for leverage moves to 1.5 times at the bottom of our previous range. As usual, we have included information on weighted average share count and adjusting items in the appendix, and we are happy to take any questions on these at your convenience. In summary, we expect clients to remain cautious in 2025. We are targeting a broadly similar level of performance as 2024, and we continue our disciplined approach to cost management and operational efficiency. Medium-term prospects remain good. With that, I will hand over to Scott for the strategy and client update. Thank you, Mary. Good morning, everyone, and thank you very much for joining the call. I'm going to focus on S4's strategy and history, including some of the recent challenges we have seen and the measures we're taking to put the company back on a sustainable growth path. JB is going to take you through our focus on margin improvement. We'll also cover some of the strengths and differentiators we feel put us in a strong competitive position today and take you through some cases to illustrate the work we're doing for our clients. Wes is with clients today, so Henry will then take you through the section he's prepared on our latest developments in artificial intelligence. Going back, we founded S4 in 2018 with the ambition to become a disruptive force in the marketing communications industry. We launched with four core strategic pillars. Firstly, we'd focus on digital marketing services, as this is a growth area, and at that point, 50% of spend was in digital. Today, that's over 70%. We would take a data-driven approach, offering clients integrated services in content, data, digital media, and Technology Services. We would go to market as faster, more agile and responsive, better, a better understanding of the tech platforms, and cheaper, more effective and efficient for our clients. More recently, we've added more to that, acknowledging how we work with clients to leverage the benefits of AI to achieve more for them. Finally, we'd have a unified brand to eliminate silos and provide integrated services to clients. The company grew via acquisition, with MediaMonks and MightyHive being the initial cornerstone deals, giving us a firm foundation in our service offering, a burgeoning global presence, and a strong client base, particularly in the technology sector. We expanded via M&A with a series of mergers to broaden the service offering, client portfolio, geographical coverage, and talent base. We also experienced rapid organic growth with new business wins such as BMW and Mondelez and the expansion of our existing relationships. Digital marketing and the technology sector boomed in the post-COVID recovery, fueling our progress and top-line growth, which continued to be strong in 2021 and 2022. By the end of 2021, starting with nothing in 2018, we'd announced 27 acquisitions and had grown to nearly 6,000 employees. We then moved into 2022, which was a watershed moment for the company. Whilst clients and revenue growth continued, which we were pleased with, we encountered two challenges. First, we needed to catch up on implementing internal processes, systems, policies, and controls. Our staff numbers and costs had grown disproportionately faster than revenue and negatively impacted our margin that year. Early in 2022, we experienced an audit issue around deferred revenue, which delayed the publication of our FY2021 numbers, impacting our share price and denting investor confidence. Whilst the audit issue was disappointing and ultimately not material, we had anticipated the need to tighten up internal controls and processes the year before. Mary joined us, Group CFO, at the start of 2022. We rapidly addressed the issues, building out a group finance team appropriate for the size and ambitions of the group, adding expertise and PLC experience, and putting in place robust processes and documentation for revenue recognition under IFRS 15. Colin Day also joined as Chair of the Audit and Risk Committee in August 2022, bringing a wealth of experience. In the last three years, we've had no other issues of this kind, and all results have been released on time and unqualified. Our auditors, PwC, have recognized the continued evolution of our finance function alongside legal and governance improvements. Now, in 2025, thanks to the work of Mary and her colleagues, we have group functions appropriate for a FTSE 250 company and a solid track record on reporting. We have strong internal controls and a well-established internal audit function. We have a well-functioning integrated finance team, which is focused on further improving forecasting and business support, automation, including the implementation of a global ERP, and cash management and working capital. In recent years, we've had some challenges which have impacted our growth and margins. We entered 2023 anticipating further growth and had hired aggressively in 2022, impacting our margin to service existing clients and prepare for another strong year. Unexpectedly, the tech companies pulled back aggressively in 2023, with significant redundancies and cost cutting addressing their overexpansion post-COVID. Mark Zuckerberg referred to this as Meta's year of efficiency, and others followed suit. Sales and marketing expenditures were reduced across the board, having historically posted strong double-digit growth. For example, Meta's spend was down 21% in 2023, and their margin increased from 25% in 2022 to 35% in 2023, with their share price surging almost 200%. This approach to cost discipline continued in 2024, driven by their strategy to significantly invest in CapEx, primarily hardware and software related to AI. In 2024, the hyperscalers, Google, Meta, Amazon, and Microsoft, increased CapEx investment 56% to almost $250 billion. This meant further pressure on operating and marketing budgets in 2024, with Google and Meta both down and Amazon flat. This affected our competitors too, but given we have almost 50% of our revenues in technology, it's had an outsized impact on our ability to grow. The content relationship with Mondelez ended in 2023, and in 2024, First American, a client in our Technology Services division, has seen very significant pressure on their business, given higher interest rates, and as a result, decided to ramp down and in-house the work streams they had with us. High interest rates and general economic uncertainty led to client caution, which impacted our project-based business, especially our ability to win new remits locally. We paused our M&A strategy in 2022 after 30-plus transactions in five years, and the scale of which had posed some challenges for us from an integration perspective and a need to focus internally. With declining revenues, despite cuts and cost controls, our staff cost ratios are in the high 70% versus an industry average of around 65%. The challenges we've had with our revenue trajectory have made it difficult to align costs with revenue. Whilst 2024 continued to be a challenging year from a growth perspective, we spent the year addressing these issues to rebuild our foundations for growth. Excuse me. Firstly, the pace of tech client spend cuts has slowed. The cuts I mentioned earlier have stabilized, with the declines in sales and marketing expenditures moderating towards the end of 2024. Whilst they do not provide forward guidance on sales and marketing expenditure, analysts project it will return to moderate growth in 2025 as they start to invest in differentiation for their AI products in a highly competitive market and illustrate some ROI on their CapEx investments. That said, the hyperscalers continue to invest very heavily in CapEx this year. Secondly, we continue to innovate our product. Launching our AI platform, Monks.Flow, at CES in January 2024, over the course of the year, we brought on board partners, won awards, and implemented it with existing clients such as Google, BMW, SC Johnson, and Amazon. We developed a specific AI-focused sales pipeline. We've had many updates on our AI approach, and Henry will do another one later. Thirdly, on client wins, the Whopper client losses are mostly out of our comparables, and we have had a stronger pipeline and new business performance recently, especially with the win of General Motors, which will scale into a top three client over the course of 2025, and a significant expansion of our Amazon remit, an existing client. Fourthly, from an integration perspective, the mergers are now all fully integrated, and we go to market as a single brand, Monks. We have centralized key functions such as finance, legal, HR, and IT, and the company operates on the same platforms such as Slack, Salesforce, Workday, and Google Workspace. Our migration to a single ERP is well underway and will be completed in early 2026, and we've simplified the business around marketing and Technology Services. We have a clearly articulated organizational structure based around geographical leadership and capability expertise. Finally, people. In 2024, we made several senior hires across country, regional management, capabilities, growth, and client leadership, all of whom are now driving new business wins. Also, JB joined us in 2024 as S4 Chief Operating Officer to focus on the optimization of pricing, utilization, billability, and improving our margins, getting staff cost ratios in line. I'll now hand over to him for an update on progress. Thank you, Scott. Good morning. Good afternoon, everyone. As a part of our continued push for further simplification and standardization, we launched in the second half of 2024 an operational excellence program centered around three pillars with a specific objective for each. One, growth, having greater predictability of our revenue forecast, resulting in more effective recruitment, resourcing, and investment. Two, productivity, getting more efficient use of our talent pool and technology, such as AI, to deliver higher net revenue per head. Three, profitability, achieving smarter pricing, live project performance tracking, and tighter cost control to deliver higher EBITDA. We are specifically addressing five key operational areas impacting primarily productivity and profitability. One, readjusting our non-billable versus billable headcount ratio. Two, making our billable people more billable across the board. Three, driving down our delivery costs to become more competitive and improving the mix of offshore versus near and offshore, which is yet fully maximized. Fourth, reducing our overruns across too many accounts because we are either overservicing them or not charging for everything we do. Five, addressing too many accounts that are below the profitability threshold, especially the long-tail. As a result, we are working on improving two key metrics. One, our personnel costs as a percentage of net revenue ratio, and two, our net revenue per head. We stabilized both metrics in 2024, and we look to continue improving on those two and others in 2025. We are on the right path. Thank you, JB. We have a strong talent base with a great mix of both entrepreneurial leadership from our various mergers, balanced with strong industry hires from technology, marketing, and consulting backgrounds. We have simplified our structure around a marketing and Technology Services practice with a client-centric approach to return us to growth. We have a very compelling client list with some of the world's leading and most innovative companies. Nine of them are what we call Whoppers. That is revenues of $20 million plus, which is a differentiator for a company of our scale. Most of our direct competitors have a much more fragmented client list with smaller relationships and a longer tail. As you can see, we continue to be skewed towards the tech industry, but recent wins such as GM, which should scale to a top three client across this year, are changing that profile. These are strong relationships that help us attract and retain talent to work on them. The continued softness we are seeing in technology client spend and the First American decline in our Technology Services practice have had a negative effect on the average revenue size of our top 20, 10, and 50 client segments. This is primarily driven by reductions in spend rather than lost clients. As we enter 2025 and build our three-year plan, we are stabilizing the business and focused on reinvigorating our growth plans. We have a very clear go-to-market strategy, which leverages our service capabilities and is underpinned by our expertise in both data and technology. We address four challenges for clients, the first one being brand relevance. Clients are saying, "It's a cluttered work, cluttered world, so how do I keep my brand relevant and current and build its brand power in the market?" For this, our go-to-market is real-time brands model, where we bring the best of our social experience and brand capability to bear. The principle here is that with our creativity, social area brands approach, combined with the power of data, we can be constantly adapting brand messaging to leverage and contribute to culture. Put more simply, we see creativity as inspiring through an ongoing and live conversation with people, not something that's finished and shipped as a campaign in traditional formats. We work in real time at the same speed as consumers to help our clients' brands be more relevant and strong. The second challenge is around complexity. Clients are saying, "It's all just too complex, and I feel like we're falling behind due to distraction. When my agency model is unwieldy and fragmented, it increases cost, reduces speed and quality, and distracts my team." For this, our go-to-market is orchestration partner model, where Monks are the trusted partner to significantly reduce the complexity and cost of the agency ecosystem. With an open-source model that allows you to plug in ideas from us or from elsewhere, but with our AI superpowered workflow suite, Monks.Flow, we make sure the right message gets to the right audience in the right channel faster and cheaper. This is the go-to-market for which General Motors appointed us in June this year. This was a disruptive moment in the industry with the replacement of a traditional holding company model with the Monks and some creative hotshots. There will be more of this to come in the industry. The third challenge is around media efficiency. Clients are saying, "I need to best manage marketing costs, and the number one line item in that is media. I'm concerned that I'm wasting spend and that my agency is not recommending what's best for me, but what's best for them." This will continue to be a big focus for our clients in 2025, not only because of economic pressure, but because of increased demands for transparency from the media market. Our solution for this is Glassbox Media, where we fully transparent media operations with AI tools that help clients directly observe and manage their investments due to our deep relationships with the platforms like Google, Meta, Amazon, and others. In a black box world, we are taking a glass box approach. The final challenge is around legacy operating and marketing models. Clients are saying, "I need work in a faster, better, cheaper way, but we are beholden to legacy ways of working and technology debt with outdated systems and processes." We help clients address this through digital business transformation. Our Technology Services and consulting practices enable transformation in clients via data optimization and management, tech stack integration, digital consumer experiences, cloud migration, AI and automation, and other aspects of harnessing technology innovation. All of this is powered by our AI solution, Monks.Flow. Our growth strategy is based around growing, keeping, and getting clients. Each of our major clients has a playbook developed with the growth team to identify and pursue organic opportunities, be they geographical or capability expansion. Sales strategies led by product leaders have been developed for each of the go-to-markets that I just discussed. We have engaged and are working with pitch consultants to help clarify our positioning and access larger RFP processes. At a recent AdF orum event, we were rated second out of 18 agencies participating and received strong feedback on our capabilities. Monks have always had strong partnerships with tech companies, given they are also major client relationships for us. We go to market alongside the likes of Google, Amazon, NVIDIA, and Adobe to provide services alongside their products and technologies. Finally, we're driving a conscious effort to increase our pipeline, pitch larger opportunities, and diversify our client portfolio. We have a healthy pipeline and are pitching major opportunities in auto, telecom, pharma, and FMCG. Google is our largest client with over GBP 100 million annually. We have a team of over 750 Monks in 30 markets working with almost 70 different Google teams and programs. We create content and B2B marketing for Google advertising, helping them convert advertisers. We help YouTube drive viewership via social media campaigns. We produce performance advertising for brands like Pixel and Chromebook to help them sell more hardware. We even help them design and bring to life their presence at CES. We are also one of two agencies working for Google on their media planning and buying and innovation. They are the ninth largest advertiser in the world, spending almost $9 billion a year. Google are also an extremely valuable partner for us. We provide services around their key products such as Google Marketing Platform, Google Cloud, and Gemini. Our new business performance has improved as the pipeline gets healthier, and the best recent example of this is General Motors. Last July, we were awarded the role of foundational agency across all four of their brands, where we will be responsible for producing all their marketing content, bringing them simplicity, consistency, scale, and efficiencies via the use of technology and AI with Monks.Flow. When announcing the appointment, the client made it clear that our technical capabilities were at the heart of our offer and differentiated us. The account is ramping up brand by brand and will reach full scale later this year. It will be a top three client for us, and we've also picked up assignments in Australia and China. I'll now hand over to Henry, our Chief Innovation Officer, to update us on artificial intelligence. Thank you, Scott. Hello, I'm Henry. I am going to, I think I'm just going to start by showing you some of our latest work. Then I'm going to tell you how it was made, why we did it, and what we think it means for our business and for the industry at large. If we could play the video, please. For too long, greatness has been defined by the grind, the relentless pursuit. Pain is power. Struggle is strength. Play has no place in sport. At Puma, we have always done things differently, championing the fearless few who show up exactly as they are, unapologetically authentic, joyful pioneers. Those who know that greatness is measured by the courage to play your own way. Your story makes you strong. Your journey is yours to define. Move the world like only you can, because greatness is in your nature. All right. The question we often get, obviously, is, where did you use AI? The answer is, of course, everywhere. Every shot in this film was made working with or using directly AI agents, not just the visuals, but the actual creative idea for the film, the script, and obviously every subsequent step in the production process. It is a system combining dozens of AI agents, each grounded in different data sets, and they work sometimes collaboratively or sometimes adversarially against one another to get the best results. We call this kind of system intelligence as infrastructure. We believe this system or systems like this are going to become the backbone of every major marketing organization as enterprise learns to adopt and unlock the value of AI. We built this to showcase our technology partnership with NVIDIA, and we have some important announcements about that, which I'll come to shortly. The system leverages NVIDIA NIMs, Cosmos, and Omniverse, some of their key solutions. To describe it in short, creative agents wrote concepts for the film, copywriter agents developed the script, and then visual agents actually created the storyboards. Art director agents built out the cinematic style, which you can see here. The product photography on the next slide, thank you, uses digital twins, and the motion is a result of agents working in Cosmos and Runway, another leading AI film solution. We did not do all of this just to create one film. Because of Monks.Flow, the proprietary AI platform that we launched a year ago, what we've made here is the ability for a brand to create tens, hundreds, thousands of pieces of content, all grounded in different data sets tailored to different audiences and channels, driving business growth. These are not just lower funnel assets that we're talking about here. We are moving clients from agencies to agents across the funnel all the way up to the big idea. We are going to have more announcements about this at Cannes Lion later this year. Real talk, this kind of innovation is causing some blowback in our industry. What we're seeing here is just a selection of the slew of negative comments that our Puma work has received from the more traditional agencies in our sector. Frankly, they hate it. I think they hate it because it's here to radically change their way of working. I think we can debate the ethics of AI all you want, but the economics are irrefutable. We believe that every client in the world will have to either buy or build systems like the one I've just described, and they will need disruptive and innovative partners like Monks to be successful doing this. To meet this demand, we've launched our Nvidia Foundry and Agentic AI Advisory Group in partnership with Nvidia. We launched this last week. This is designed to bring this kind of innovation to every major marketing organization. Eighteen months ago in this forum, we said AI is going to change the economics of advertising, and we committed to being fast and first in this new game. I believe that our innovations, like the one I've just shared with you, are living up to that promise. AI drove our biggest wins in 2024 and continues to be a growth service line for us. Thank you. Now I'll hand over to Sir Martin for the summary. Sir, you're on mute. Thanks, Henry. And thanks to JB and to Scott and to Mary for the various sections of the presentation. Let me just turn to the summary and outlook. Firstly, the full year results were in line, maybe ahead of expectations. Certainly, the trading guidance, update guidance that we gave with improved margin and significant improvement in liquidity and net debt. Secondly, net revenue was about $755 million. It was down almost 14% reported and 11% like for like. That reflected lower spending on marketing services or on marketing from technology clients as they switched OPEX to CAPEX to invest in AI capacity, as well as a reduction in the activity of one large Technology Services client we have and First American. We saw continued caution against a challenging global macroeconomic backdrop and high interest rates, as well as some underperformance when compared to our addressable markets. Thirdly, costs continued to be tightly controlled, and the number of Monks at the year-end was about 7,200, down about 7% from the 7,700 at December of last year. Our operational EBITDA of almost $88 million imputed a margin of around 11.6%. As a result of all this, mainly to show confidence in the future, the board is proposing a net dividend of £0.01 per share as a signal of confidence in the future and a reward to shareholders over the last couple of years, which have not been easy and been difficult. Having said that, net debt liquidity has improved quite considerably. At the year-end, about $143 million, a leverage ratio, debt to EBITDA of 1.6 times. That is at the bottom end of our guidance range of 1.5-2 times, and it reflects a very strong focus on working capital and ongoing cost control. Obviously, as you heard from JB and others, there's more to go for, not only in terms of cost control, but working capital too. We generated about $38 million of cash flow in the year, and that at the same time of about $10 million of acquisition payments, which were in January of last year. Acquisition payments are now completely finished. 2025 net revenue and operational EBITDA is expected to be broadly similar in 2025 to 2024, with difficult comparatives in the first quarter and expected improvement in performance in the second half, aided by the phasing of new business. General Motors, for example, will kick in fully at the end of Q1 this year into Q2. The net debt target range for 2025 is now $100 million-$140 million, and that compares well to $150 million-$190 million last year. As you know, we hit net debt of $143 million at the end of the year. We have rebranded, as Scott said, to Monks and are now streamlined into two practices from three. Content and Data & Digital Media have been consolidated into Marketing Services. The second practice now is Technology Services. That is digital transformation, not just in the marketing function, but the enterprise function too. We continue to capitalize, as Henry's laid out, on our prominent AI position, and that is driving new business wins such as General Motors and expansion of relationships such as Amazon, as we saw last year. Finally, we remain confident in our talent, in our business model, in our strategy, and our scaled relationships, which we think position us well for above industry average growth in the longer term, with an emphasis, as you have heard, on improving productivity through optimizing pricing, utilization, and billability. With that as background, I think that the points to make really are that last year we saw an improvement, a significant improvement in the profitability of the content practice, a significant improvement in the profitability of Data & Digital Media. I think the second major point was liquidity improved quite strongly, and we began to show a little bit of what we could do in terms of cash conversion. There is obviously more to go for in that. Finally, I guess the third point is that it is signifying confidence, not just in those results, but in the future. The board decided to pay an inaugural dividend of £0.01 net per share. With that as background, can we turn the presentation over for questions, operator, to the audience, please? Thank you, sir. Ladies and gentlemen, if you wish to ask a question, please signal by pressing star one. Please make sure the mute function is switched off to allow your signal to reach our equipment. Our first question is from Julien Roch from Barclays. Please go ahead. Yes, good morning, everybody. Thank you for the very detailed presentation. You mentioned at one point your three-year planning process. You gave us guidance for this year, around last year. At one point, you were giving the three-year growth rate. Can we have some color on your planning in the next two years? Where can you go back in terms of organic in a normal macro environment? Are we talking 5%, 10%, 15%? That is my first question. Why don't we? Okay, yeah. One by one, Julian. I mean, we won't give more detail. Three-year plans tend to be, I tend to look at the world, I guess, on a 50-50 basis. Budgets tend to be, I think, a little bit more conservative with central provisioning that put in as we see and think fit. I would say to you that the three-year plan that we put together for 2025 to 2027, of which the first year was the budget, was, I think, a little bit better in terms of performance than we've seen in the last couple of years. I wouldn't be drawn on what the specific numbers are, but I would say that people's views of the business are quite healthy in terms of what they see the potential in 2026 and 2027. Do you want to add anything to that, Mary? I mean, you dealt with it blow by blow. No, I think you've covered it all. Thank you, Martin. All right. Scott, do you want to add anything? No, nothing from me, Martin. Okay. All right. All right. Go ahead. The second question is on media. Scott, on page 21 of the slide, went through Glassbox Media, say, more focus on transparency. Interpublic actually said one of the reasons we struggled recently is principal media, because clients now prefer cheaper, non-transparent media versus fully transparent or more expensive media. Are you just talking your own book, or is there really another U-turn in the market from transparent to principal back to transparent? Scott, do you want to kick off on that, and I'll come into that? Yeah, sure. I mean, I don't think clients prefer non-transparent approaches. Recent police raids in China and India would suggest that the market doesn't necessarily prefer that either. I'd also say that I think some of the groups have that offering and push it down clients' throats quite aggressively. I think the reality is clients look at their media cost. It's their number one cost item when it comes to marketing. It's not really agency fees. It's media cost. They really want to see that that's spent in an effective and efficient way. I think from a trust perspective, they want to measure that in a transparent way. I think we feel pretty confident that that's something that clients really want. Yeah, I think there's a difference of view, Julian, too. The IPG Omnicom merger was also a justification for it, was that IPG media brands needed scale. I don't think in the digital media area, you necessarily need scale. You need data, certainly first-party data, not third-party data, first-party data, which is basically client-consumer consented data that clients control, not that agencies control, that clients control, plus the signals from the platforms. In an era of algorithms, quantum, and most importantly, probably blockchain, I don't think frictions in the system are going to survive. In other words, if you're building a media business on discounts, those discounts will come under huge pressure. Scott mentioned that the raids that took place in India last week, purportedly around IPL pricing and collusion on IPL pricing. Maybe it's to do with discounts as well. We have to see how it pans out. There are very few markets, I think, which will survive opacity. I think transparency is going to become more and more important. Okay. The last one is on AI. You said you are at the forefront, but PwC did a session on AI on March 6, and they said they were the best, category of one. Nobody could do what they do. WPP had a presentation on Open in December, and they say it was great. As usual, I have no idea. You always say you're amazing. We're none the wiser. Where do you feel you are truly ahead and differentiated? What can you do that other agencies cannot do? Okay. All right. Scott, do you want to have a go and I'll chip in as well? Henry, maybe if you want to. I think, listen, everyone's very focused on AI, so it shouldn't come as a surprise that I'd be worried if agencies weren't presenting their sort of AI credentials. I would say we've been very consistent. Every single quarter in this call, for now, I think 18 months, you've had an AI update. That's not the case with any of our competitors, I think. I think most of them have done two, maybe three presentations max. Some of them have done none. I think one of the consistent things you've seen from us is client case studies. In most of the other presentations I've seen, at best, you get an anonymous example, but not an actual case study. We have market and work. We had Can last year. We had Google presenting our work. We had Meta presenting our work live on stage. We were the only agency that had that. I think our promise, as Henry said, was that we'd be first and fast. I think that's what's really differentiated us so far. Henry knows far more than me, so. No, I double down on what Scott said. The work in market, the results that we're getting for clients, the proof and the progress that we're making, all in my view, speak for themselves. I think we're especially strong in our partnerships with technology companies, as the work that I just shared with NVIDIA for Puma demonstrates. I think we are really where the rubber hits the road in terms of implementing AI in our clients and helping them unlock the value of it. I think we, because of our fast and first mentality in this space, we've been quite aggressive in unlocking the value of AI and disrupting commercial models wherever we can using it. We see it primarily as a conquesting opportunity for Monks. Hence the notable wins with GM last year. Yeah, just to add to that, I do not think we see it as market leader. We see it as a challenger, as a disruptor. I think that is one point, which Henry just underlined. I think the second point that is really important is that our technology understanding of those 7,000 people, and in particular, those people that focus on the AI area that we are talking about, which now permeates pretty much all of our business, have deep technical knowledge. I know one of our partners said a few months ago that it was unusual for agencies to append their programs, their code language work to presentations. That we tend to do that. That what was unusual about us is that when those technology partners tested our coded programs, they worked. They said in many other cases, the programs are offered, but they do not work. I think it's just an example of what another example would be what we're doing in outside broadcasting with NVIDIA, with AWS and Adobe around converting what I would call old outside broadcasting, a truck, using a truck for a football match or whatever, as opposed to using AI, cloud, and remote broadcasting systems. I think deep technical knowledge is what our people have. I think that does differentiate us. It results in things like awards, the Adweek Award, and others in terms of performance. Look, Julian, at the end of the day, you'll see the answer to your question in the long run. Okay. Thank you very much for those detailed answers. Thank you. As a reminder, to ask a question, please signal by pressing star one. Now, my next question is from Steve Liechti from Deutsche Numis. Please go ahead. Yeah, morning, everybody. Okay, first question, please. Can you actually break out in 2024 what Tech Services like for like was if you stripped out the client loss, which I presume is First American, and where exactly that stops in 2025? Yeah, I think the answer is stop in 2025 in terms of the comparisons as we get into Q2, Q3. Mary, do you want to, it's very difficult for us to strip it out. I mean, it would be much more stable, obviously, as a result. Can you hazard a guess on that? Yeah, sure. Hi, Steve. If we look at the group as a whole, that particular client in Tech Services accounted for about half of our decline. It has a very significant impact on both the group as a whole and on Technology Services. In terms of the comparator, we saw net revenue from this client in the first half of 2024. It will be as we move into H2 that we fully clear the comp. Okay. Has that client completely stopped spending with you? Yes, pretty much. Yeah. Okay. Cool. All right. Thank you. Second question, just on the unified brand and everything you've been doing to bring everything together, I can see you said about the ERP, you've given a timeline on that. As far as you're concerned as a business, are you now in the place that you need to be from an internal management perspective to get back on the front foot rather than kind of looking inward as you have been doing for the last, let's say, two years? When you say internal management, are you talking about systems or what? Yeah, I guess I'm asking lots of different things here. One is that the unified brand, i.e., bringing together all the agencies. That's the first thing. The second thing is the management controls and infrastructure that you've got in place now to go forward. We're assuming that the financial controls are pretty much done, ex ERP. Yes, I think that's fair. I mean, JB, do you want to comment on that? Yes. Obviously, we continue to simplify and harmonize across the board. We are pretty much where we would like to be in terms of governance and processes. We continue to rationalize our tools. We continue to build some of our dashboards. We have greater visibility and predictability of business. We will continue to make tweaks in 2025, but we have made great progress in 2024. I mean, just to add to that, I think we have a little bit further to go in terms of management structure, Steve. I think there is a little bit more work to do. I mean, on ERP, Mary, I mean, just so we're clear, you're basically saying the ERP will be implemented by next year, right? Yeah, that's right. We're making good progress on the rollout of the ERP. We have done a large part of DDM, all of Technology Services. Through 2025, we'll be rolling out on content and the remainder of DDM with some tail of the content business in 2026. I'm very pleased with how it's going. The team are motoring away now to move the rest of the entities across. I think, JB, I mean, it's fair to say that we're starting to get some decent, it's taken a long enough time, but we're starting to get some decent data on pricing and billability and utilization. Do you want to say any more about that? Yes, yes, definitely. Obviously, because of the legacy of Monks bringing together 30-plus companies together, it took us a while to obviously get a true basic picture of our performance across the business. We now have much better metrics and data to understand where we are performing, where we're not performing well enough. That is definitely helping us be a lot more targeted in terms of where we want to improve our utilization, our billability, our cost base from a workforce perspective, and understand also what drives profitability from a client perspective and from a project perspective as well. 2025 is going to benefit from having those new datasets that we have now. Any more on that? Great. No, no, I think that gives me a good flavor. The key point that I'm trying to get across is that it kind of feels like the heavy lifting's done in terms of the restructuring. You can kind of be more on the front foot into 2025 on the new business front and from there. Is that a fair comment? I think that's fair. I think we're getting our act together in terms of the structure and the processes. I think there's more focus on various areas. Bruno Lambertini is getting heavily into the marketing services part of the business, which is by far the biggest part of the business. Nicky Gifford and JB keeping a watching brief on it on Technology Services. As we've indicated, we've made a significant hire from a major business process outsourcing company to help with the Tech Services pipeline as somebody who worked with Nicky previously in her previous existence as well. It's building a stronger team in terms of Tech Services marketing. Great. Thank you. Last one. It's interesting you've kept your guidance pretty much the same from your trading update that you did in January. It kind of feels like the macros have got a lot worse overall or concerns have got a lot worse. I think that's an important distinction. You said it's got worse, and then you said concerns. I think probably the latter is true. I don't know whether a lot worse is the right thing. Now I'm sitting here in Beijing, and there's a whole group of people here of American and European businesses. I don't know whether they're sort of guests of the Chinese government and therefore are naturally, as a result, optimistic. I would say, actually, the feelings about the Chinese economy are sort of positive, but that may be because they're visiting and want to be nice to be cynical about it. There is no doubt that there is uncertainty around the President Trump's Trump 2.0 tariffs, its impact on pricing, impact on inflation, and impact on uncertainty. I think you're right. We did say in the report that uncertainty had ratcheted up. That was the phrase we used. As to whether that's materialized in people cutting contracts, I think one of the things we have seen is an inclination for people to delay things. That's understandable. When there's uncertainty, there will be delay. I mean, I sat in a room, I remember, two weeks ago where Canadian tariffs in the morning were at 25%. By midday, had doubled to 50%, potentially. By the time we left the room in which we were sitting, we're back down to 25%. It's very difficult to conceive that anybody can run a business effectively when you're dealing with that sort of uncertainty. As to whether that's translated into we've heard on DOGE contracts, I think Accenture said words to the effect that the activities of Elon Musk and DOGE on government contracts, where we, for example, are not heavily exposed to at all, had caused cuts. Maybe in those areas, Steve, we've seen it. Beyond that, I don't think as yet, not in terms of defined actions yet. Great. Thank you very much. Thank you. With this, I'd like to hand the call back over to Sir Martin for any additional or closing remarks. Over to you, sir. Okay. Look, thanks, Dave. Not any more questions. Mary, Scott, JB, myself, Henry, who got up again or is up at a very early one and has to stay up, actually, because we're going to do another one of these calls in a few hours' time. Thank everybody for joining us. Any further questions, let us know. Unless there's anything else, operator, we can finish there. We'll see you for the first quarter in a few months' time.