Welcome to the FD Technologies FY23 interim results. I'd like to direct your attention to the safe harbor statement on slide two of the presentation. Now I'd like to hand you over to the CEO of FD Technologies, Seamus Keating. Thank you, Ian, and good morning. We're pleased to report a strong first half delivering on the strategy that we set out last year. Our investments are driving growth and strategic value. We are building platforms that deliver that value across our product and services in each of the business units. The market opportunity for us remains attractive. We're in large and growing markets in each part of the business. The work that we've been doing to build our brand is helping us to grow faster, but also helping us to attract talent to the business. We've recently hired Ashok Reddy, who's joined us as the CEO of our KX business. Ashok brings a great deal of experience in scaling and growing enterprise technology businesses, and he's already got his feet under the table, and we're delighted that he's joined us. Let's glance at the headlines before delving into the detail of each of the business units. Overall, a very strong performance in KPIs in KX and First Derivative, offsetting what are difficult market conditions in the world of MRP. Looking at KX, the growth in recurring revenue has been particularly strong. This is coming from the work that we've done last year and a very strong finish to last year. Additionally, we've added significant contract value in the early part of this year. In First Derivative, that growth number of 22%, is a real highlight. Again, stronger than the numbers that we forecast at the beginning of the year. MRP, yes, it's having a more difficult year, but we've made significant progress in making the business more resilient, reducing the cost and beginning to roll out that new Prelytix 3.0 platform. Let's look at the detail of KX. We're making significant progress across all those key strategic growth vectors. We're expanding in existing customers with Net Revenue Retention at 119%. That expansion is coming from the work we've been able to do to upsell customers to the new product around KX. They're getting more value, and they're comfortable paying us more for that. But in addition to that upsell, we're also expanding into more use cases in those customers. Additionally, our level of churn is very, very low. Beyond that, we're winning new logos in capital markets. New logos, typically in the smaller capital markets organizations, smaller financial institutions, who hitherto have not had the budgets or the IT skills to be able to work with our technology. The work that we've done on the product means that these customers can now get the benefit of using KX. We're also making significant progress in industry. Recurring revenue growth at 120% is coming because today more than 40% of all our new logos across KX are in the world of industry. In addition to that, those customers that we signed up last year are seeing the value, getting early value from using KX, are starting to expand and use more. An example of that is in the world of healthcare, where a customer is now ready to roll out among many more factories than they started with us in last year. Finally, the traction with cloud partners is contributing to that, to that growth. There are two key reasons why we got traction with cloud partners. The first is the scale of the workloads in KX are really attractive and ripe for transition to the cloud. That's attractive to our customers, it's attractive to the cloud partners, and of course, it's more business for us at KX. The second important reason here, though, is that increasingly, KX is differentiating the cloud platforms. It's differentiating them because of the speed and efficiency which KX operates on the cloud. That means that increasingly KX is seen as a must-have application for each of the cloud platforms. Very exciting route forward for us here. Let's look at the progress that we're making on the Microsoft partnership, which we announced earlier this year. The backdrop to this slide is from our KX Live event in London just two weeks ago. At the front, actually in the Gherkin building here in London, you see Ashok and Niall Archibald from Microsoft with quite a large crowd talking about the partnership, the progress and the excitement both ourselves and on the opportunity that we have ahead of us. What progress are we making? Today we are in what we call private preview for our early customers in both the industry segments and also in capital markets. These customers, you know, are telling us that they are seeing significant performance improvements and cost efficiency compared to the alternatives that they might deploy to solve some of these data problems that they're looking at. A typical query which, you know, one of these early customers is publicly talking about is that compared to the competition that they see, running their workloads and their queries on KX is ten times faster at one-hundredth of the cost. That's a very, very significant differentiation and significant value for that customer. That's on that stream where we're getting KX on Azure. The second stream is the work we set out to do together with Microsoft to build applications and services in capital markets. One of the really exciting things about our KX Live event was that we had an early demonstration, a concept demonstration of a product around market data as a service. This was a major attraction at the event, with many of the capital markets customers really interested and really excited at the potential for that and the potential to take it forward. We're looking forward with Microsoft to continuing to work on that and drive the value that we see and our customers see in working together. Building on our work with the cloud platforms, we see the KX demand environment remaining strong and continuing to grow. That growth is coming from a number of areas. Firstly, just the volume of time series data is expanding exponentially. It's coming from the world of IoT. It's coming from telecoms networks. It's coming from machines, from devices of all sorts. Our customers are looking, with their digitization programs, to get value from that data, to use that to drive efficiency and make them more productive. That means quite often that they're using AI models to take in that data and to really build from there and get more sophistication in their decision-making from that real-time data. We're seeing many common use cases across different industries. Taking the work that we've done in areas like research and capital markets, working with the quants, and using that in other areas with, again, vast quantities of data, and looking to research that and looking to find answers. We're working in healthcare, planning clinical trials. We're working in healthcare, looking at areas like predicting the landfall of COVID. These are the sorts of use cases where we're taking what we've done in capital markets and deploying that easily in other sectors. As I said, the demand environment is strong, and the market continues to grow. KX is especially suited in this world because KX is designed for the most efficient and the most performant time series analytics. We're helping customers to make sense of that tsunami of data to run their operations more efficiently. We're helping them to deal with scale, with speed, with variety, and to do that with an unrivaled combination of price and performance. It goes back again to that, we're doing it at 10 times the speed and at one-hundredth of the cost. That cost piece is really important for customers. Managing the costs of cloud platforms has become a category on its own, a category of consulting on its own. Many people are calling the FinOps category. KX absolutely fits into that category as one of the applications that can really drive efficiency and performance. Effectively, what customers are getting with KX today is the performance of KX and the agility of the cloud. With a strong market and continued growth, KX is on track to exceed the targets that we set out at the beginning of the year. We have that strong momentum driving that client value, and we see the opportunity for that partner-led growth to continue to give us confidence in strong growth as we look into next year. First Derivative is performing strongly, and we're winning market share. We're doing that because we're winning those larger programs with the strength of our domain knowledge and our superior ability to deliver. We've always been known for that capability to deliver. We're an increasingly attractive place to work in a world where the war for talent goes on. We train people, we put them into practices, we help them to develop, we help them to grow. That's always been a key tenet of the First Derivative offering to our people. We're increasingly getting the focus on those higher growth, higher value revenue streams. That's helping us to win those larger programs. It's helping to drive the margin and to maintain that superior growth. The market for First Derivative remains positive despite some level of uncertainty, and that uncertainty is typically around the length of time it takes to make decisions. We've seen customers do some reprioritization as they think about what's really critical for them as they look into next year. Overall, the areas where we're focused are still doing very well. Regulatory change shows no sign of abating. There's still so much to do there. There's still so much to do in the world of digital transformation, and particularly the move and transition of big workloads and processes into cloud environments. All of this is helping customers to manage the total cost of ownership, both of their technology and their business process, and that's where we excel and see continued opportunity to grow at the sort of rates that we have been. In the current market, First Derivative remains on track to exceed our targets. The second half is expected to be in line with that medium-term guidance that we've given of around 15%. Which is what I believe is a realistic medium-term view of the growth potential of a services business like this. We expect to see continued progress in that margin improvement, and we look to next year with confidence in continuing growth and meaningful margin improvement. Moving to MRP, market conditions have affected demand for our services. The biggest impact we've seen has been in the high-growth tech sector in the U.S., where we have a significant number of customers. We've seen the slowdown in PC shipments. We've seen the slowdown in demand that the chip manufacturers have been talking about. Our response to this has been to reduce the cost so that we can restore the EBITDA margin on the current revenue run rate. We've seen the revenue stabilize as we've come through the first half and into the second half. In addition to dealing with the short-term demand issues, we've continued to work on building the new version of the platform. Building that, Prelytix becomes embedded as a service in our customers' day-to-day marketing and sales operations. As we do this, we see it improving the resilience of the business, being a self-service by design that the customers operate and use themselves. It's also differentiated because we're probably the only provider out there that does this on a global basis with multilingual support. Looking to the medium term, we're positive and optimistic about the outlook for MRP. It's a large and growing category. The U.S. market should bounce back quickly, and our exposure there should see us back into revenue growth. The pipeline is encouraging. Probably more importantly, our revenue model is shifting to that mix of software subscription with tiers of add-on services, giving us greater predictability and visibility and greater resilience in this business. In summary, we've had a strong first half. We're well-placed to deliver our guidance for the rest of the year, and we're in a great position to accelerate our growth from here. Now I'm gonna hand over to Ryan, who will take us through the detail of the numbers. Thank you, Seamus. We are very pleased with our financial performance in the first half, with both revenue growth and adjusted EBITDA growth as the momentum continues to build across the group. Revenue growth in both KX and First Derivative outperformed expectations. Gross margin increased, and we continue to invest in both KX, people, and systems in line with our accelerated growth strategy. We have a strong balance sheet with minimal net debt, highlighting the strength of the group and providing a solid platform for future growth. Let us now look at the financial performance of each of the business units. In KX, revenue grew strongly, underpinned by the key metric recurring revenue, which outperformed expectations. We continue to build a strong pipeline and expect this outperformance to continue in the second half. Growth and recurring revenue was driven by our focus on expanding existing and customer accounts, with Net Revenue Retention up to 119% and with very low levels of churn. Perpetual licenses are now an immaterial component of KX revenue. Revenue from services declined as we deliver value for customers and make KX easier to implement. We do expect these revenues to stabilize from next year. Gross margin of 72%, which is a combination of both software and service margins, increased as a result of the growth of software. As software with a margin of 90% continues to grow, we expect to see KX gross margin increase to 80% by FY25. We continue to invest in KX, specifically R&D, including KX Insights, focusing on ease of adoption and ease of integration, primarily with the cloud vendors. Deployment of KX Insights on Azure and developing industry-specific accelerators which will help customers realize value faster. We are also investing in our go-to-market capability to grow the pipeline for future recurring revenue growth while also focusing on reducing customer acquisition costs. In the near term, we expect the Adjusted EBITDA margin to increase and that the business will become cash generative. Our capital markets consulting business, First Derivative, grew revenue ahead of expectations, driven by demand for domain skills in regulatory and digital transformation projects as we focus on outcomes rather than hours worked for our customers. Gross margin is stable despite the challenge from attrition and wage inflation, and we continue to work with customers to optimize delivery costs and, where necessary, review pricing. Admin costs have increased as a result of the full year effect from investments made in the prior year as we strengthened the leadership team, built a delivery center in Poland, and invested in training and development for our consultants, making us an attractive place to work. We have a strong pipeline and forecast half two revenue growth of 15%, in line with our view of sustainable growth for this business. As Seamus mentioned, MRP experienced a challenging first half and was impacted by market conditions, which led to customers spending less on lead generation activities. In response, we focused on improving gross margin by reducing third-party vendor costs and implemented cost savings equivalent to GBP 3.5 million on an annualized basis. We will see the benefit from these savings in the second half when we expect EBITDA margins to return to prior year levels. We do expect when market conditions improve that customer spend on lead generation will rapidly increase and MRP will benefit, as was seen post-COVID. We are making progress on Prelytix 3.0, the latest version of our marketing platform, which is rolled out to existing customers, and we have a pipeline of new customers in H2. As highlighted, we are really pleased with the group performance in the first half, with both revenue and EBITDA growth despite the challenges faced by MRP. Gross margins are improving and we continue to invest in KX, people, and systems, with admin cost growth driven by the full year effect from investment in the prior year. All this is in line with our accelerated growth strategy. We are well positioned for growth in the second half and beyond. Net debt has increased to GBP 7.4 million, primarily as a result of the foreign exchange movement on our dollar-held debt, as well as the planned investment in KX software and investment in systems. Cash conversion from operating activities was 75% in the first half, and we are on track to deliver full year operating cash conversion in the range of 80%-85%. We also expect to be in net cash position by year-end. In summary, our guidance reflects the strong performance in the first half, which has enabled us to maintain EBITDA within the current range, increase recurring revenue growth to the higher end of guidance, and therefore increase group revenue to at least GBP 300 million. Thank you for your time today.
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