Good afternoon, ladies and gentlemen. Welcome to the Transense Technologies Interim Results Investor Presentation. Throughout this recorded meeting, investors will be in listen-only mode. As usual, questions are encouraged. They can be submitted at any time. Just simply type in your question using the Q&A tab situated on the right-hand corner of your screen. The company may not be in a position to answer every question it receives during the meeting itself. However, the company can review your questions submitted there and will publish responses where it's appropriate to do so. We'd now like to submit the following poll, and I'm sure the company will be most grateful for your participation. I'd now like to hand over to Executive Chairman Nigel Rogers. Good afternoon. Good afternoon, Mark, and good afternoon, everybody who's attending. Thank you for joining us. Those who haven't seen us before, I'm Nigel Rogers, Executive Chairman. I have with me Ryan Maughan, Managing Director, and Melvyn Segal, who's CFO of the company. We're going to work on the assumption today that most people have seen the company before. We've got four or five introductory slides, which I'm going to take very quickly, and then I'm going to lead into the highlights from the RNS that we announced this morning with our interim results for the period to 31st of December 2024. Melvyn will go through those interim results in a bit more detail from the financial perspective. Ryan's going to put some meat on the bones of what's been happening within Translogik and within SAWsense during the six-month period and look at sort of current activities and outlook towards the end. The presentation has been running at around half an hour, slightly more maybe when we've been doing it earlier today. I would imagine that we'll be able to have plenty of time for your questions at the end. We've got about a dozen questions pre-submitted, but do feel free to keep them coming, and we'll try and compare that at the end. Moving first of all into an introduction, this might be a bit of a recap for some. It might be an introduction for others. As I said, I'm going to take it fairly quickly. We've been listed on the Alternative Investment Market since 1991. Current market cap is around about GBP 27 million, slightly lower than that at the moment. I'll talk about that a little bit more on the share price graph there on the bottom right-hand corner. We have a number of significant shareholders, the largest ones being Chrysalis and Dowgate. The board itself holds about 3% of the shares in the company. The board of directors, myself, Ryan, and Melvyn, you'll meet today, Steve Parker and Craig Wilson, are non-executive directors who've joined the business in the last couple of years and both have a wealth of experience in industrial engineering. The headcount of the company, as you're about to hear, has increased quite significantly over the last 12 months, around 30 now, so slightly more. Strong financial track record of good growth and revenue, adjusted EBITDA and profit before tax, as you can see there. The share price, having had a really good run over the last few months, where the company has had something of a re-evaluation, I think, on the stock market, has come off a little bit of late. As many people will have heard me say before, the stock market is a weighing machine in the long term, but it is a voting machine in the short term. Over the short term, certainly this morning, we had slightly more votes against. Does that give us any cause for concern? Yes, but only on the days when we are buying or selling. The rest of the time, we try and run the business for long-term value and let the share price take care of itself over time. The company controls two operating businesses: SAWsense, which is a specialist design and supply in of advanced sensor solutions for the accurate measurement of torque, force, pressure, and temperature. Put simply, we have a very advanced sensor system which is able to take measurements on a very rapid basis and use those to control industrial equipment, airplanes, machinery, motor vehicles, and the like. Ryan will talk more about how that works and the progress that we're making on commercial penetration later in the presentation. We also own Translogik, which is the developer and supplier of smart connected tire inspection tools. These are tools which are used to measure tire tread depth and tire pressure, mainly used by large fleet users of commercial vehicles. Again, more of that to come. A third leg to our business was a part of the business called iTrack, which was sold to Bridgestone in 2020. The consideration for that deal was in the form of a 10-year royalty on their revenue on the sale of the iTrack product. This graph here shows the success that that has had in the marketplace. In the first five years, the royalty revenue has grown from less than GBP 1 million to more than GBP 3 million in the current financial year. You can see there that over the next five years, that graph flattens slightly because the unit rate of royalty per installation starts to reduce in FY 2026 and then again in FY 2028. There is still a significant amount of money to be collected from that transaction. Broadly speaking, we're probably about halfway there. By the end of this calendar year, we'll have collected about GBP 13 million-GBP 14 million. Arguably, there'll be the same again to collect over the second half. That's important to us because it provides the backdrop of financial stability for us to be able to work really hard on developing SAWsense and Translogik into businesses which we think have very significant long-term financial value. They have some very interesting characteristics. We are in very dynamic global markets. We have very high-quality blue-chip customers. They're mostly household names. Some of the market leaders and some of the biggest and highest growth industries around, particularly, as I've said, aerospace, electric vehicles, robotics. We've got some lots of very interesting positions in some very high-growth markets. We also have innovative and highly engineered products which command premium margins and also provide us with the opportunity for sticky business. Once our products are specified in on design, then it's unlikely that they will be designed back out again. That gives us very long-term visibility of earnings, particularly in SAWsense. We also meet the green agenda. Our products are consistent with sustainability. They tend to work to improve efficiency and to improve the longevity of products and consequently do meet with the green agenda. Put all that together with our value focus and the strength of our people, we think we've got a very long-term valuable business model. Let me move into the current presentation now on the highlights. These are the highlights for the first half of the financial year in which you'll see strong revenue growth. You'll see an investment in our team to provide customer-facing people on both sides of the business who will be around to resource future growth in revenue. You'll see that despite that investment, our EBITDA and our PBT are virtually unchanged since the prior year. We've been able to make that investment without sacrificing current profitability. Within SAWsense, the conversion of our sales pipeline is well underway. Lots of interesting development projects and also some good progress within the motorsport sector where you're about to hear about a record order book as at the 1st of January this year. We're also well advanced now in planning the introduction of our pilot production line at Weston-on-the-Green. You're about to see a schematic of that and an explanation of the benefits that it's going to bring to our business. Within Translogik, we've seen some very good growth from revenue from our existing runway customers, particularly the global tire majors, but also the completion of a software partnership to enable us to bundle our hardware together with software and sell on a subscription model with the first deal under that model, as we said in the RNS this morning, imminent. We've also been working hard on the development of an international distribution network and closed two deals during the period and one very important landmark deal post-period end in North America. Ryan will be able to fill you in on much more of that. I will now, if I may, pass over to Melvyn. Melvyn Segal, the CFO, will take you through the interim financial results. Thank you, Nigel. There is a positive year-on-year increase in total revenues, up by 36% from GBP 1.8 million to nearly GBP 2.5 million. Gross profit has risen by 40%. In the current period, excluding iTrack, the margins have moved up from 61% to 72%, reflecting the change in sales mix, in this case, the large increase in Translogik revenues in this half year. I should also note that following the successful move bringing Translogik production in-house, Translogik margins on product sales should improve in H2 by around 10%. Operating expenses are up 73%, with a major part of that increase going towards building the Transense team from a headcount of 18 to 31 and also providing the facilities to support that enhanced team. Profit before tax is slightly down year on year, and operating margin has dropped from 34% to 22%, reflecting the build-up of operating costs in H1. I just saw the headline today on Alliance News in ADFBN that says Transense Technologies profits fall as costs outpace revenue growth. The statement is correct but also misleading as the step-up in operating costs is in response to the accelerated growth we are seeing in both actual sales and sales pipeline. Importantly, the point they miss, which makes it misleading, is that the new cost base should be broadly sufficient to support the anticipated growth in revenues over the next few years. In other words, it's more of a one-off increase. Finally, I should always mention we have valuable tax losses of around 20 million available to carry forward, which in tax terms is worth about GBP 5 million. Onto the next slide. The graph on the left shows the geographical breakdown of revenues. Setting aside the blue suede on the left—sorry, on the right representing iTrack income and looking at the rest of the business, overseas sales represent 70% of those revenues across all continents, which in times of economic uncertainty means the risk of any single market reliance is greatly reduced. The balance of 30%, which is the green part at the top of the bagel, is substantially U.K. motorsport income. Therefore, there is a large domestic market still to be addressed, particularly in terms of Translogik. With regards to the iTrack share of revenues at 63%, this probably represents a peak level, and I would expect it to be around 55% at the year end and in the next two years as the royalty rate drops in the 30s. The graph on the right shows a five-year history of total revenues in half-yearly bytes. Two points arise from this. Firstly, the fact that we have nearly achieved continuous growth throughout the five years and 10 half-yearly periods. Secondly, and importantly, the impact that H2 has on our four-year results. Extracting iTrack from these numbers, in FY2023 and FY2024, we experienced strong growth in H2. In fact, FY2024 H2 came in 75% ahead of H1. This gives us confidence in the current year we could achieve a near doubling of our H1 numbers for SAWsense and the Translogik numbers. Looking now at the segmental analysis, Translogik has grown by 7% to over GBP 500,000. iTrack has increased by a healthy 26% to just under GBP 1.6 million and demonstrating the increased traction in SAWsense. That segment enjoyed growth of 360% at GBP 380,000, representing over 83% of FY2024's four-year number. Since iTrack was rebranded to incorporate Bridgestone's name, we have seen an average monthly incremental truck increase in H1. This clearly bodes well for next year when the royalty rate drops. Looking at segmental contributions, with the exception of iTrack, you'll see some reductions year on year representing the build-up of human resources in both SAWsense and Translogik, as I've already covered. Addressing now the cash flow, there was a small fall in cash at the end of H1, ending at just under GBP 1.2 million and rising to nearly GBP 1.9 million at the end of January following receipt of the quarterly royalty. The reduction in December reflects increased investment in working capital, including a rise in inventory levels of about GBP 120,000. Additionally, there was CapEx spend of about GBP 280,000. There is further CapEx spend planned, which is not yet finalized, but is likely to be around GBP 2 million, split broadly 50/50 between plants and machinery for producing a working production line and intangibles relating to the next generation ASIC and AQP. The new CapEx spend could be funded from cash resources. However, to leave cash headroom, I've opted to seek asset finance for the plants and machinery element. A clear sign of how far Transense has moved forward and the confidence that exists in our future performance, we have had no issue in securing 100% funding for this expenditure. Appointing Cavendish as our new broker has provided an opportunity for their research team to issue a research note, which is certainly an important read for both investors and potential investors alike. From when I joined Transense in 2007 through nine fundraisers in 12 years, Transense today is unrecognizable. We are a profitable, cash-generating, financially secure business working with numerous blue-chip customers. The new offices and equipment already in situ and with new machinery to come has changed the office appearance from a cottage industry look to a highly professional, respected organization, which is augmented by the strong team that has been put together. We have been confident enough to support a new research note covering three years from FY2025 through to FY2027, including the two years when we experience a fall in the iTrack royalty rates. FY2025 was revised following the known upward changes in both revenues and overheads, and FY2026 and 2027 are in our view very achievable numbers, culminating in research numbers for FY2027 showing revenues in excess of GBP 7 million and PBT at GBP 2 million. Finally, as a board, our focus goes well beyond FY27, and an important part of today's presentation is listening to the narrative from both Nigel and Ryan, understanding how far our company has progressed even in the last few years and even more so how far we can progress in the short to medium term with both the SAWsense and Translogik business segments continuing to mature. On that note, I will pass over to Ryan Maughan. Thank you, Melvyn. First off, we'll take a look at the Translogik business. The Translogik business sells tire inspection equipment, and to date, we've been very concentrated on the handheld Bluetooth-connected tire inspection tool we call the TLGX. That tool is connected to a mobile device like a tablet or a mobile phone, which is running software, which then connects to cloud software. Up until now, our main customers have been big tire manufacturers like Bridgestone and Goodyear, who have their own mobile apps and their own cloud software. Those businesses have been buying our hardware, and that's great. The problem for us finding new markets and new customers has been not everyone has suitable software in order to use our hardware. That is why we did the deal with Tire Task last year to become a formalized reseller of their software so that we could offer that complete solution and actually start to take the product to a much wider customer base and provide the hardware and the software to people to be able to use and get the most out of the tool for inspecting their tires, which helps them to reduce costs and reduce downtime and greatly improves vehicle fleet safety and compliance. We now have a complete offer for the full ecosystem, hardware and software, which will be on a subscription basis. We continue also to support existing customers and key accounts with hardware only where they have their own software. We had a big plan to grow this part of the business, and we have been executing on that plan, building relationships with existing customers. We now deal with five out of the top 10 global tire manufacturers. A year ago, that was four out of the top 10. We have added a major tire manufacturer. We are talking to several other companies in this top 10 and actually outside of this top 10. We do plan to continue to build that traditional business within the tire industry with tire manufacturers where they can use this in their businesses. We are working on expanding and establishing new partnerships with new software companies. That will go beyond Tire Task into other areas, and that can work both ways with us selling other people's software, but also us working with software providers in other territories. We have been working to develop direct sales to service centers and fleets. We have some things that are very close to coming through on that. Building new distribution partnerships is also key. Until now, Transense has not had any formal distributors in overseas territories, despite the fact that most of our sales were actually export sales overseas. Putting in place formal distributors who can work much more closely with us, who can strategically hold stock that can allow us to reduce shipping costs and improve support and service to customers has been a really key thing. Finally, developing the product and developing our offer into the market, talking to our customers and talking to the market to work out what people want and what would be useful features to add to the product and how we might adapt the product to open up new areas of the market. The current tool is very focused on commercial vehicle tire inspection. There are tires on lots of other types of vehicles and machines, so how can we enter some new markets? The plan has gone very well so far. We have launched that software partnership that I mentioned before with Tire Task, a fantastic company and a really great software package, very aimed at the commercial vehicle space. We're not going to stop there, and we are very close to signing an agreement with another software provider, which will allow us to enter into another market sector and offer a complete solution into another market sector. We have expanded that global network. We added two distributors, one in Southeast Asia, one in South America, earlier in the year. We just announced last week a new distributor in Holtec Corporation. Holtec are a huge company in the US who specialize in hardware for commercial vehicle tires. They also supply the aerospace industry, but they're mainly focused on commercial vehicles, heavy-duty vehicles. Holtec have an existing customer base across the whole of North America, very well entrenched with fleet operators and with tire service centers across the US. They've integrated our product into some of their software solutions, and we expect this to bring dividends really quickly in terms of additional sales. We've brought the production in-house. That's fully bedded in now. Doing that has given us the margin headroom to be able to appoint formal distributors and give them some good margin to play with without negatively impacting on ours. It has also allowed us to really improve the service level and the quality that we're able to provide. Taking control of that is paying dividends. We created a long-term product roadmap, and that is now in play. We're looking at the next generation products and where we can take the tool and the technology that we've got to bring benefits in other applications. An awful lot has been achieved in the last six months. The next half, really the key next steps for us are to secure some subscription business directly with a fleet operator. We're very close to that. We're literally in contract negotiation at the moment. A company that have run a trial for a long period of time. This is business that we expect to be able to formally announce in the very near future. We will continue to add some software partners and also expand our global distribution network. We are in active discussions with more distributors that would be significant distributors with stock holdings and very big companies with big distribution networks that we can leverage. There is a lot of work going on on that to strengthen and expand our distribution network. Finally, really pushing forward on the development of the new products. I can't really go too much into detail about it, but we do have a very exciting new product variant that we're working on now that will open up a very significant high-value new market for us, and that's progressing very nicely. There is an awful lot that's been achieved in the Translogik business in the first half of the year. Obviously, the growth was behind what we would have liked. The business did grow by 7%. We ended the second half of the year with a good order book and a strong pipeline of opportunities. Still confident about hitting the full year number and delivering the growth from there on. Really exciting time for the Translogik business. Okay. Next, just to talk through the SAWsense business and where we are on that. It's a very different business, SAWsense. Deep sensor technology, which enables measurements not possible with other sensors, used to improve the performance, efficiency, and safety of things from helicopters to robots to electric drives for vehicles. We have four key markets that we've focused on: aerospace, electric motors and drives, motorsport, and industrial machinery. These are very significant markets in their own right. Some people will know that we arrived on these four key markets after a very long process of trying to work through the areas where there was the most commercial potential for SAW technology. Aerospace has been a market that had this fantastic marquee customer in GE Aerospace on one of their major new engine programs. We've built from that. The relationship with GE is really developing. They're growing into a significant key account. The lead engine, the T901, is progressing. We have some other programs with them, very significant customer moving forwards. Long lead times, but we've been working with GE for something like 10 years, so very close to full production. That's an excellent platform in terms of winning other business. We mentioned in these results, we've secured another aircraft engine manufacturer. We've got a running program with a major aero tier one for non-propulsion system application. Of course, we've got the Airbus project as well. Some really significant stuff is happening in the aerospace sector, and almost half of our revenue at the moment is coming out of aero. Electric motors and drives is another strong market for us in the near term. We've got a fantastic running project with Protean where we're designing our sensor into their in-wheel motor systems to help them improve the performance and control in those. We also have some other projects with some other very blue chip customers where we're designing the sensor into their electric motors, either for torque measurement or temperature measurement in those systems. We're at a project phase where we are doing sort of feasibility and prototyping and that design in work. I think it is important that the aerospace world, the projects are very long gestation periods. There's a lot of engineering work upfront, but there's an opportunity for that to be revenue-generating for us. With the electric drives, the projects are shorter, so we should start to see things going into production in the next couple of years in that market. The upfront engineering is lower value, but the production values of these programs are very, very high, in the order of millions per year in component supply once we're into production in the electric motor world. Finally, in terms of the growth markets of industrial machinery and particularly robotics, we've got some key projects that we've just started where we've now supplied prototypes to customers, and they're testing those with a view to integrating them into their robotic systems. I think a lot of people are aware that the robotics market has grown massively in the last few years, but a lot of robotics in industrial manufacturing where people are used to seeing them, but also a huge amount of robotics going into warehouse and distribution operations and all sorts of applications like that. There's huge potential for SAWsense in that market to improve the performance of robots and machines that are being used in a very wide range of applications. Like the automotive market, many millions of GBP per year in terms of production values, should we get some of these things through to that point. Finally, the motorsport market, our partnership with McLaren Applied is really working very well. They have delivered some significant growth in this period. They have won a number of new championships. We have started this half with a record order book from them, and we see that business growing quite significantly. The aerospace, the electric motors and drives, and industrial machinery, the market potential in those spaces is vast, tens of millions per year in each one. Very huge potential. Motorsport, I'd be quite happy if we were doing $1 million a year in sensors from where we are now. It is significant, but it is certainly not as big as the other three, but it is a very good proving ground for us, and it gives production running through the business and so on. Motorsport is performing well today, and it is giving us a good base to move forwards from. In terms of the four key markets, I think I have probably covered most of this. I have tried not to, but I have slipped into covering most of this slide on the previous slide. I will not go through that in too much detail again. Moving on to just sort of look at the SAWsense technology. We're often asked about the business model, and there's some questions that have come in on the pilot production line and some of the things that we're doing. I thought it was worth just kind of running through what a SAWsense system actually looks like. What we can see here, there's three shafts in this picture, and in the middle of each of the shafts is a SAWsense torque measurement system. These are motorsport shafts. It's actually an engine output gearbox input shaft. To give you an idea, the diameter of the main part of the shaft is about 30 millimeters. It's transmitting about 2,000 newton meters of torque. This is quite a high-performance shaft application. In the middle of the shaft, there are actually two sensors, one on either side of the shaft, and these are what we call our AQPs, so our sensing elements. The sensing elements themselves are made to our design, but they're made by a specialist semiconductor foundry. We don't have to get involved in the manufacturing of those parts, although we own the design and the IP around that. In the industry, that's what's known as a fabless business model, and it's quite normal. It will allow us to scale up in the future as volume comes through. The sensing elements are mounted on the shafts with a very special process that's very tightly controlled, and I'll come back to that later. Our customer's part has to have our part attached to it to make a sensing system. There's then a much simpler component, the RF coupler, which is also attached to the shaft. Off the shaft, we've got a stationary RF coupler and then some electronics that make it all work. The magic kind of happens in the ASIC. That's an application-specific integrated circuit. It's our little microchip. That does all the clever stuff to drive the sensor system, to make the sensor work, and then read back the values. Again, that ASIC is made in a specialist semiconductor fab. In production, we don't have to make those parts. They're made to our design. It's our IP in that part. Again, we are what would be termed in the industry a fabless business in that sense. In production, if a customer wanted to make a million shafts a year, we would be able to supply the key components from the supply chain that we've developed. One really important missing link has been the process that you need to do to attach the sensing element onto the shaft. It's a very specialized process. It's a sort of unusual combination of electronics assembly and mechanical engineering, and you can't just go out and buy a standard production line for that. We've been working on the development of a pilot installation line to allow our higher volume customers to get confidence and to de-risk the process of adopting our technology. If you go to Transense today and saw the way that that assembly is done, it's a very manual process. For a major manufacturing company, it's hard to imagine how that would translate into your production plant. We are developing this line. We're starting to receive some of the key parts. We've got, I think, most of the things on here, at least on order. This month, the first main delivery will happen, and we will start to build the lineup inside Transense, get it commissioned. It really gives us three things. First of all, our motorsport production will start to go down this line. That's great. I mentioned before, it might get up to about $1 million a year in revenue. This is a bit overkill in terms of the level of investment for that sort of revenue. What it will also allow us to do is prove out production for higher volume projects and customers. That's a really important part of this, is being able to take a higher volume program and do representative production to get customers confident. Thirdly, finally, it gives us effectively something that we can provide to people. In the future, if a customer was setting up a high volume production for a sensor system, we'd expect them to buy our sensors and our ASICs, but they could also buy from us a production line. To completely de-risk it, a turnkey production line, I can put that into customer's plant, and it can install the sensing elements on their part. They know it's going to work. It's going to do exactly what it needs to do, and we'll stand behind that and make sure that it does everything they need it to do. This is a really important transition for Transense as a business, and it answers one of the key things that we're often challenged with when we are talking to high volume customers in terms of how we can deliver this in a repeatable and reliable way in volumes of tens, hundreds, thousands, or even millions of units a year. We do have a number of projects that we're working on at the moment where when the product that our sensor is being designed into goes into production, the customer is planning to build hundreds of thousands or millions of units a year. We have a need to be able to use this equipment now with some of the projects that we're working on. It's not a speculative requirement. This is a major thing for the business. Just very quickly, for SAWsense, again, we had a growth plan. In the last six months, we've achieved some really key things for the business. We've got that commercial traction. We mentioned in the results, 14 customers now and something like 18 projects. Some customers have more than one project running where they're looking at putting SAW technology into two or three different products. We've built a team out, so we've got the capability to deliver the engineering, the application support, and work with the customers. We've got the building refurb complete, ready for that production line. We've created the space for the people and for the production line to go in. We've got the supply chain secure now for the key components. That was a major risk. Could the suppliers for the AQP and the ASIC deliver what we needed in high volumes? That is something that we have really been working on. We have got this high volume capable installation process, which I have touched on. There is a huge amount of work had to go into specifying the correct machinery, how that needs to work, running trials and doing testing to prove that it is going to do what we want it to do before we put orders down for those very significant investments. We have also started the development of our next generation ASIC. That is a really key part. Looking out into two or three years' time, how do we supply lower cost, higher performance ASICs at much, much higher volumes than we can currently do? That is a significant program that started for us. There is a lot of work still to do, completing out on these things. I won't run through every bullet point there, but it's effectively finishing off and delivering on a lot of projects that have started. The other really key thing, we've got some great commercial traction today. We've got some good customers we're dealing with. We do still have a very strong pipeline of new opportunities, some more with those existing customers as projects continue or the customer kind of realizes, "Oh, it's working great in this engine. We've got this other engine project starting. We'd like to use it there." There's a good pipeline with existing customers, but we are still fielding demand from new customers. There's a good pipeline with new customers in our key markets as well. There's a lot of business development potential to close out on in the next few months. That's it from me. Back to Nigel Rogers. Thank you, Ryan. That's it for now, but I've moved out some of the questions that are coming your way as well. Just to summarize that and get into the questions, I see we've got 20 minutes left for Q&A. Essentially, from a current trading point of view, since the end of the period, which was 31 December, first couple of months of 2025, we've seen revenue accelerating from the conversion of the existing pipeline. We're looking for very strong revenue growth in the second half of the year. I'm going to make reference to the Cavendish research note when we get into Q&A. What you will see from that is an almost doubling of revenue coming out of SAWsense and Translogik in the second half of the year compared to the first. We feel very well placed to deliver that. The cost base that we have built in the first half of the year is reflected in the first half numbers. We won't see a big increase in the second half, and that recruitment's pretty much complete now. Our internal focus is now all about generating output from the resource that we've put in place. We've closed some new business wins already since the end of the year. You've heard from Ryan closing out the Holtec deal, which is an important one. We have others which we expect to be announcing in the next few weeks. Looking to the longer-term outlook, the investment that we're making in production and equipment and supply chain will enable us much more smoothly to take SAWsense customers from development phase into production phase because they will be able to actually see and touch a production line working in anger that they will want to replicate in their own facilities. We are very happy with the strategic long-term value creation in both Translogik and SAWsense and happy with the growth trajectory that we're delivering now in terms of revenue and will be delivering starting in the second half in terms of profitability. Overall, scorecard for where the company is now relative to where we were 12 months ago, I think we've made some very rapid strides forward, and I think we're in a really comfortable and strong position to springboard from here. I'm now going to suggest that we move to questions. We've got about 20 odd questions. I'm going to try and group them together and just chair this session and take them in groups. I'm going to take the first group myself, which is question seven. What does the medium-term outlook look like for Transense? Will the focus continue to be Translogik and SAWsense, or are there intentions to expand into new product areas? I'm also going to take question number 18 from Dion. How does one access the Cavendish research note? I'm going to answer question 21. Given the impending date for the drop in Bridgestone iTrack royalties, how soon do you expect to be able to replicate this loss of revenue? The answer to one of those questions is very easy. You access the Cavendish research note. There's a link from the Transense investor website. If you go on to transense.com, you'll then find the link in the investor section of that website through to investment research. There's a very simple sign-up there, free of charge, to be able to access the research note. What you will see in that is market estimate forecasts for FY2025 through to FY2027, as well as some very interesting analysis and narrative. To take Ben's question, by the time you look at the FY2027 forecasts, you'll see there, if you delve far enough into the detail at the back of the note, that the revenue from iTrack is forecast in FY2027 to be GBP 2.5 million and the company profitability as a whole, GBP 2.3 million. At the moment, market estimates are that the company moves into profit excluding iTrack at the end of FY 2027 and enters FY 2028 at that run rate, giving us three full years before the royalty expires in FY 2030. If I move then sort of towards medium-term outlook more generally and focus, we are very focused on developing SAWsense and Translogik. We're not looking for a third leg to the business. I wouldn't rule out investing in expanding within those two areas, but we feel that we have sufficient market spread from the businesses that we're currently operating that we don't need to look outside of that. Ryan, I'm just going to queue you up for a couple of questions, please, if I may. Sure. Looking at question. Are any of the end applications for SAWsense progressing more quickly or more slowly than you may have anticipated a couple of years ago? Allied to that, SAWsense, a lot of activity seems to be in new product development. Will this lead to more sales if they move to actual production? Yes. Yeah, in terms of the markets, probably the surprise, I guess, is aerospace. We've actually grown more quickly in aerospace and got more traction with a sort of pinch yourself amazing roster of customers in that market than I thought we would have. Aerospace has been the surprise in terms of it's traditionally thought of as a very slow-moving industry, but we've got some excellent traction there. I think I'm pretty happy, actually, in terms of I wouldn't say anything else is behind. We're very much on track in the other markets. There's a lot of good work going on with existing customers, but also strong, good pipeline with other places. All of the programs that we're working on have the potential to go into production. Up until now, Transense hasn't done sort of test and measurement type work, really. We've done design in of sensor systems into production products. Obviously, the product has to go through a period of being developed and tested and then launched by our customer. Once it is launched and goes through that cycle, we should start to see component revenues and other revenues. I think in the last year or two, what we've done is changed the business model so that we're not totally reliant on the production end. We're doing a lot more work with customers upfront, partly to help them get stuff into production, to overcome some of the hurdles and challenges and de-risk it for them. Also, it's a revenue opportunity for us to provide that as an engineering service and kind of nurse it through. Yeah, everything at present is production-orientated. That might change in the future, but certainly everything that's in our current projects is a production potential for a production program. I think, actually, maybe extending the answer a little bit on that, not all of them will make it into production. That's for sure. Not all of them will make it into production. On the flip side of that, not all of them won't make it into production either. So there's definitely. There are no folks. Yeah. Yeah. We have seen it already. For some reason, some customers slow down programs or pause them or whatever. Consistently, the SAWsense technology does what we want it to do in those customer programs and genuinely surprises people in terms of the level of performance it delivers. I think we consistently outperform what people are expecting from us. It is good. To outline for our listeners, the timing for the introduction of the pilot production line, Ryan. Yeah. There is a lot of months of effort have gone into speccing the machines out. We've been running some tests and trials as well in a university facility where they had some similar equipment. We are able to kind of do some advanced work. The calibration rig has been in development and on order for probably over a year now and actually was supposed to have been installed before Christmas. That slipped with the supplier. We are literally today running around booking transport and stuff to get that rig delivered next week. That is a really significant event. That comes in. The two other big investments are the placement machine and the wire bond machine. They have both been ordered, being ordered, sorry, I should say. We are looking at sort of between six and nine months lead time for those. We should start to see them towards the end of this year and early in next financial year. There are lots of other things that go alongside them that we'll be bringing in in the meantime around the preparation part of the process and the RF coupler assembly and build. It is effectively continuous work from now over the next sort of six, nine months of getting that production line set up. Great. Thank you. I think if we could stick with SAWsense, there's a question around what the sort of competitive environment's like and what the competitive technologies are, which I think would be a useful one to take. You might just ally that with a bit of an outline of what work that is underway now on new patent applications and how we sort of secure our IP position for the advances that we make. Yeah. In terms of in the application itself, there's a really good video on our website which compares different types of sensing technology for measuring torque. There are four or five ways you can measure torque. Things like strain gauges and things are not direct competition for what we do. In a typical application, it's normally either the other technology that you could use to measure torque doesn't work at all. For some reason, you can't make a conventional sensor work in that application. There's not enough space or packaging or the performance isn't right. Quite often, we are enabling a measurement that isn't possible with conventional technology. Where we are coming up against other technologies, it's normally either magnetostrictive sensors or what we call displacement sensors, so where you sort of twist angle sensors. Twist angle is very traditional. Torque measurements have been done that way for a long time. They're quite big. They're quite bulky. They're not very accurate. The advantage we bring over them, particularly in aerospace, are much smaller, much lighter, literally saving kilos out of the system and percentage points more accurate and more reliable. Against the magnetostrictive, magnetostrictive is very clever technology. It uses magnetic fields and the sort of changing magnetic field properties on a shaft to measure torque. In some applications, that's very, very good. It can't be used near other magnetic fields. You can't use it inside an electric motor, for example, because you've got lots of magnetic fields inside the motor. It's quite susceptible to being sort of interfered with by external magnetic fields, which you're seeing more and more now with people want to put hybrid systems in and put motors and things with magnets in. It's also affected by temperature as well, which, so the magnetostrictive, our selling point over that tends to be to do with the reliability, like performance reliability. The magnetostrictive sensor, they have maybe it delivers a torque measurement, which is accurate, but it's good at room temperature. If you get it hot, it doesn't like it. If you put it near another magnetic field or a powerful electrical cable, it doesn't like it. We would be given a reliability advantage in those scenarios. Yeah. Okay. Just segueing that into patent applications. Obviously, there was the one that we did earlier this year for the use in motor control for electric drives. Yeah. We're continuing to try and put new patents down. We've got two or three applications in process now with a patent attorney that we start to use. There'll be more, the more things that we do. Of course, another key part of protecting our IP is in the design of the components that we'll be putting into the system. Having the unique ASIC and the unique AQP will themselves give us a strong degree of intellectual property protection. Yeah. Exactly. Okay. Perhaps we should flip over into Translogik briefly. We've got about 10 minutes left. We're okay to take a couple more questions. Allow me to navigate for a second. I didn't find the question, but I have a question. The progression in revenue in Translogik seems a little slow given the size of the market. Could you comment on that? Yes. It would have been great if it had progressed a bit faster. It is a huge market. Like I said before, our tools need software and that environment to work within. Without being able to offer a software solution alongside, that restricts the market that we could open up to people that have already got software and other software partners. Putting that building block in place was really key. It took some time to do that. Getting our complete solution in front of customers, we've done a lot of testing with some really significant customers. Their technicians have been using it. We've been making improvements based on feedback and kind of adapting. That process takes some time as well. Yeah, we're a relatively small business. Putting the distribution agreements in place and our current sales team of two is quite insignificant compared to what an organization like Holtec has. Being able to leverage that kind of global sales network and again, those relationships take some time. There has been a lot of building work done that should accelerate now. Yeah. Absolutely. It is forecast to do so looking at the research note. Absolutely. Okay. I'm going to group together a few questions on the sort of share price, share performance, and markets. I have a question. What prompted the change of broker? I have a question. How would you respond to somebody who said, "This is a jam tomorrow stock"? Another one, prospects seem very promising. Why are the shares down 35% from the top? Another one, would you consider moving on to the main market since AIM is so difficult? Another one, given where the price is, can we expect to see more direct buying? I think if we group all of those together, we can all acknowledge that AIM is not an easy market to be on. Being brutally honest, if we were not listed on AIM now, would we be seeking a listing on AIM? The honest answer to that is probably not. It is probably not the optimal place for us to be. Having said that, I think we get a lot of benefit out of the AIM market as well relative to the main market particularly. It is still relatively light touch. Believe it or not, there is still a strong investment community out there if you do the work to go and meet them. We have actually got a lot of very interesting meetings over the next few days lined up through our new working partner in investor relations, Cavendish. That was one of the reasons that prompted a change in Nomad and Broker. Allenby Capital did a great job for us, and they were a great team. They were on board for five years. We signed them up as Nomad and Broker very shortly after the Bridgestone deal. They have been excellent working alongside us. There are times when it makes sense to make a change. Cavendish have some extremely talented people, and they have the breadth of distribution and the depth of resources to be able to offer us the next level of service in our view. They have made an excellent start. I think the research note which has been published, which, as I have said, you can access via our website, is a really good read. It provides the figures that put down the investment fundamentals for you to be able to answer a lot of the questions which have been asked as far as the financial performance of the business is concerned. Is it a jam tomorrow stock? I am sure it is. I do genuinely believe that the fundamental underlying value of the business is higher than its current market capitalization. That motivates me to buy shares from time to time, including today, alongside other directors. You will have noticed that Ryan has been repeatedly buying parcels of shares over the last few weeks, again, including today. The share price really matters on the day that you buy and on the day that you sell. If you are an institutional fund manager, it really matters at the end of the quarter when you measure your performance as well. We do not ignore it for the rest of the time. We are not preoccupied on a daily basis by the share price. We are preoccupied on building a long-term, very valuable business. That is what we believe that we are doing. With that, I think we've dealt with the main points on the Q&A. There's actually one which probably warrants more than there is three minutes left. I'm going to let you have a stab at it, Ryan, which is what advantages do you think that AI will have in our technologies over the next couple of years and potentially threats, I guess? Yeah. It's an interesting question. On the Translogik side of the business, there's a couple of sort of areas where AI is having an impact. We talked about one of those earlier. If you're a truck fleet operator these days in pretty much all of Europe, you are being encouraged to, and in fact, mandated to keep all of your records digitally. The reason for that is that the certification bodies or the approvals bodies basically, they don't send a little man out anymore to inspect your trucks. They use AI tools to scrape your data and look for trends and things in there. Those tools are becoming more and more powerful. The requirement to keep digital records is becoming stronger and stronger as a result. That mandates the ability to capture tire data digitally and put it into some sort of system that AI can play with. That is sort of one end. The other part of that is we have been working with some companies who are using some AI tools to improve the tire inspection and to improve the data analytics. You start to gather tire inspection data, what are the sort of things I can do with it in terms of predicting when I'm going to need to change tires, predicting demand and sort of patterns of behavior. There is a lot coming through that. AI needs data. It eats data. Translogik products create data. We're turning tire physical parameters into digital data that then you can use with AI tools. There is Translogik side quite a bit. On the source end side of the business, I think it's probably more down to autonomy. I would use the sort of autonomy rather than AI. They're obviously very linked. If I want a smart robot that can function by itself, whether it's in a warehouse or doing some tasks somewhere, that robot needs to be aware of the environment around it. It needs to be able to touch and feel. The AI needs to be able to interface with physical things. Our sensors come into play there to improve control in the system to allow it to be aware of the physical world around it. As part of a suite of sensors, more kind of robotic systems, more autonomous systems require more sensors. Okay. Thanks, Ryan. I'm sorry, but we're out of time. If your questions weren't answered, do look out on the platform. We'll try and answer them later. Meanwhile, thank you very much for your attention, everybody. I hope you found the session informative, and we'll look forward to updating you the next time around. Thanks, guys. That's great. Nigel, Melvyn, Ryan, thank you very much indeed for updating investors. If I could please ask investors not to close this session as we'll now automatically redirect you to the opportunity to provide your feedback in order that the company can better understand your views and expectations. It's only taking a few moments to complete, but I'm sure it'll be greatly valued by the company. On behalf of the management team of Transense Technologies, we'd like to thank you for attending today's presentation.