Good morning, everybody, and welcome to the first half results for FD Technologies. I'm joined here today by our CFO, Ryan Preston, who will take us through the numbers. But before we dive into any of the detail today, I think, given the significance of the announcements that we're making today, I'd like to recap a little bit, you know, on the progress over the last two years since we set out, you know, our growth strategy and the vision for the business. And the results of that strategy, you know, are that KX is, you know, this year on its third year of strong ARR growth, and the First Derivative business is today more than 40% larger, you know, than it was two years ago when we set this out. Today, we announce the next phase of the strategy. We indicated here in May that we saw the opportunity for KX to increase its growth rate even further. And today we're announcing that we're bringing forward the investment to accelerate that growth rate, bringing that forward from next year into this year. Additionally, underlining the success of the strategy that we set out two years ago, today's other significant announcement is to review our organization structure, reflecting the distinct investment propositions of our different and the different operating models of our businesses. We'll cover more on that a little bit later, after we take you through the first half, the first half developments. So Ashok and the team have delivered, you know, some significant milestones to drive the growth in the KX business. The partnerships deals that we signed last year with some of the major cloud service platforms, they've moved, as we've come through the first half of this year, to general availability on those platforms. And from there, we've seen significant demand. The AI product that we've launched attracts a broader market, and particularly the developer and the data science community are really, really important communities, you know, to drive growth going forward. And to attract them, you know, the Developer Edition is a freemium SaaS product, easy to use, easy to get up and running and to get working with. And following the conversations we've had around that, and also on the private preview that we've had running with a significant number of our customers over the last couple of months, you know, we now have up to 10 global systems integrators who are committing to using the KDB.AI product as a component, you know, platform for their customer solutions, you know, across multiple industries. You know, the interest and the take-up in that has been very significant. You've also seen another milestone in adding some significant additions to Ashok's team as we've come through this year, with the Chief Product and Engineering Officer, Michael Gilfix. We've brought in Peter Finter, you know, as the Chief Marketing Officer, and we've added very recently, Saeed Minhas as the CFO of the KX business. So these experienced people have joined the team not because they needed a job. They've joined the team because they've seen a very significant opportunity to take a technology that's unique, that's differentiated, and that's growing, and to build that into a very, very significant business, looking out over the next several years. So these milestones have laid the foundations to scale very significant growth from here. We spoke earlier in the year about the transition from custom applications to infrastructure products, and that transition is now complete. So we are no longer building the surveillance applications, building the FX analytics products for our customers. All of that work is now being done by the services partners, and you've seen a significant reduction in the services component of the KX revenue. That says that, you know, we are selling an infrastructure product that a customer buys, they start to use immediately, they work with their own teams or a systems integrator. That's what's bringing us the scalability looking forward from here. And you actually see from this chart that we've broken out, you know, that solutions component of our ARR over the last several years, and that there's infrastructure product component. Those are the new products that we've been building, the Insights, the Enterprise, and from here on, the KDB.AI product. And you see there that the growth rates that we have been achieving over the last couple of years, you know, are well ahead of the overall growth rate, you know, getting to over 60% and looking again at doing over 60% growth in those areas this year. In addition to that, we have demonstrable evidence of customers, either existing users expanding their use of KX very significantly or even relatively new users expanding very quickly, you know, from an early implementation. We'll go through a little bit of that as we go through the presentation this morning. But as we've navigated that transition from those custom applications to the more scalable products, and as the timing of GA on Azure and AWS, that's always meant that our growth in this year was going to be second half weighted. And we've seen a very significant increase in demand as those applications have gone GA as we've come through the second quarter of this year. We've seen the increased demand. We've seen early deals, you know, and particularly deals coming with a much shorter sales cycle than we've historically had. And we see these deals giving us the ability to deliver the ARR growth target of 35% for the full year. This is also supported by the depth of work with the cloud service providers' sales teams. We have traction, you know, in each of the significant partnerships, where we're working with their vertical teams. We're working with the telco teams, the manufacturing teams, the defense teams, where coming to what are the customer opportunities that we see and that they see? How do we pursue those opportunities? And as we do, it's very clear that it's an easy-to-procure product. It's easy to procure because they're actually buying it from their existing commitment, whether that's with Microsoft, with AWS, and increasingly now with GCP and also with Snowflake. Their existing commitments allow them simply to buy the KX product with those, with those commitments. And the reason that works, you know, also for the cloud service providers is because it makes their service more efficient and more competitive for running the significant workloads on KX in their platform. You hear so many of the cloud platforms talking about how much they've struggled with the cost of compute for running big business applications. KX gives them a way to run those applications more efficiently on any one of these, these cloud platforms. As we've started to do that, we've seen our conversion rates improve significantly, and you see that on the chart here, increasing, you know, as we've come through the first couple of quarters of this year. That's because the sales cycles are shorter, supported by those references, the ease of deployments, you know, and those commits. Our pipeline here includes upsell to existing customers with an expectation that our net revenue retention for the full year will be similar to last year's 119%. We've got some great examples of upsell that demonstrate, you know, this huge growth potential from the new and the existing customers around KX. I'd like to take you through just one or two of these examples, because I think it really shows, you know, the work that we've done in the last couple of years, how that's coming to fruition. You know, we're growing significantly with these with these customers. So on this chart here are two customers in the financial services arena. We have a long-time user on the left and a relatively new customer on the right, both in capital markets. But the long-time user saw value in the new product, you know, over the last 18 months. So we built the insights, we built the insight product. And they're expanding the use of KX because of that to other divisions across the bank. They're moving work to the cloud, in this case, with AWS. They've also switched from what was an original maintenance agreement to a long-term subscription agreement. So all those key components of building a software business are coming through in working with this customer. They're also a KDB.AI preview customer, as we've been through that program over the last couple of months. And they're seeing huge value for the KDB.AI product in their wealth management division. And the value they're seeing there is the ability to get greater personalization and better recommendations of what that particular wealth management customer should invest in, what's suitable for their risk appetite, all of that. And it's the ability of the KDB.AI, taking all of the unstructured data from the market reports, the analyst reports, combining that with the information they have about the particular customer's risk appetite, and all of the structured data around the trading information. So it's bringing all of that together. They are keen to deploy that as one of their weapons to massively increase their ability to look after a much bigger group of customers in the wealth management division. The new customer is actually what you would think of as a smaller second-tier institution. And for them, last year, it was the ease of use, the access to the product on the cloud, the access to the best analytics technology that was out there for them that made us their choice. And since they chose us last year, you're getting from that relatively, you know, small starting point. They've actually had two uplifts to get to the GBP 2.4 million ARR that you see here today for this customer. And they, again, have actually pre-bought access to the Enterprise version of KDB.AI. Because again, they see the opportunity to build on that, to build more use cases, and to bring that level of additional insight, the combination of structured and unstructured. The ability to audit it, to have it transparent, to know that the recommendation they're making, they can prove to the regulator and to their customers that it's supported by fact and not by hallucination. So these are two great examples of how that uplift is working in the capital markets world. But in addition to that, you can see how it's working, you know, outside of capital markets, where people thought: can you operate outside capital markets? Can you grow? Can you win new customers?... Again, here, you know, two great examples where the platform that these customers are using is the same core platform, and they're typically building the application themselves or their systems integration partner is helping them to build it. So these are the capacity increase numbers. Yeah, they build our confidence that we can accelerate the growth rate in KX from here. And these horizontal use case patterns deliver literally an ever-increasing number of applications. Applications solving, you know, common data problems, you know, right across our enterprise customer base. And these are the typical horizontal use cases, you know. You can see how the generic use case feeds into some of the specific applications in capital markets and also feeds across into those similar sorts of applications in many of the other sectors. And today, you know, we have customers running all of these applications, you know, right across each one of these sectors. And it's really our work with a lot of the cloud service provider teams, it is helping to build these references. As I mentioned earlier, working with the industry teams, you know, in health, in manufacturing, in defense, all of these teams want to work because they see the opportunity, you know, for them to grow their cloud revenue, working with KX. But many of the customers also see the opportunity to get more value, you know, by bringing generative AI to their existing applications. And they've been, you know, really eager participants, you know, in the early preview of the KDB.AI product. So here, we combine the real-time structured data with the output from any large language model, bringing a customer's proprietary data, bringing their current data, real-time data, if that's what matters to them, but making the answers auditable and transparent. Governance being, you know, a key global issue around generative AI, and you see here in a couple of weeks in London, you know, we have the Global AI Safety Summit, which we've got some involvement with. But it's becoming, you know, the big issue. How do you prove the answers? How do you manage this without it being, you know, a runaway application? We lay out here some of the things that our customers are currently doing. What it's typically doing is making, you know, an existing application more insightful, getting faster, getting better decisions, bringing more data sets to play, into that analysis and into that decision making. These are real use cases, you know, that our customers are working with today, and those customers that I mentioned, you know, buying it from the early preview. They're buying it because they see the opportunity to do this. Of course, there are many, many new use cases as well. One of the keys here is that, customers will be able, and today are able, you know, to get at the richness of analytics and analysis, literally using natural language prompt. And increasingly, you know, the language of coding that, you know, the quants have been using for years, is actually going to be English. And that's what we can do, you know, with the KDB.AI product, give customers that ability and that auditability around their generative AI. But being able to understand and relating these multiple data points, you know, through the lens of time, you know, it brings context for this much more sophisticated level of insight and level of decisions. So bringing all this together, you know, it makes the market increasingly, you know, large and attractive for us at the intersection of big data and fast data. That's where we've always played. What you find is that the world of generative AI, you know, is coming to us, and our product, our platform, is ideally suited, you know, as a foundation for generative AI. And it's not just about real time, but it's actually about the speed of query, coping with volume, complexity, and multiple data sources. And the KX economics, you know, around coping with these volumes are absolutely best in class, with 100 times the performance for 1/10 of the cost. You know, that's what's driving customers to run their applications on the cloud platforms using KX. It's very, very simple. You know, it is the best, you know, price, performance option that's out there to move those applications and get those benefits. And of course, you know, what generative AI does is increases all of these vectors, whether it's volume, it's complexity, and of course, the governance challenge that we've spoken about. So this does, you know, create an enormous market opportunity for us here at KX. So, you know, what was a large and growing market, you know, around here, the non-relational database management systems, you know, that market, you know, gets larger, and we believe that it will grow even faster with the demands that are out there. And we are very well positioned to be in this market and to have a significant stake in this. So we're bringing forward that investment from next year to increase the growth rate. We're investing in product and in go-to-market. And a question I'm sure that you're asking is, so why are we doing it? Why are we doing it now? We're doing it now because that attractive market is here today. We have the best product for this space. We've got the best price performance that's out there, independently verified. We've built the team to deliver on this, and I said that team didn't come here because they needed a job. They came here because they saw the opportunity, and they're working to build on that opportunity. If we see what we laid out over the last two years here, you know, KX has more than delivered on the targets that we set out, growing this business, building the ARR at a pace that we set out. In addition to the product, the price performance, the returns that we believe are here for shareholders and the metrics are attractive. We're setting out the targets here today that we will accelerate the growth rate, you know, from the 35% that we've been achieving CAGR over the last couple of years. We'll get this to at least 45%. There is an investment this year to do that, as we said, of the GBP 9-10 million, GBP 9-10 million. The and we lay out here also, you know, the cash EBITDA number that we expect, you know, not just in three years or four years' time, but actually year by year, you can see our expectation, you know, of what the return of this will be. So it's an improving cash EBITDA as we get operating leverage each year. Getting to cash EBITDA break even in two years, and very significantly profitable from there with continuing highly attractive growth rates. This is a big global market, and we have the opportunities to take a very significant stake in it. It's also driven by... You've seen the strong net revenue retention and growth on existing accounts. You know, that on its own provides a very attractive opportunity to continue those levels of net revenue, net revenue retention. And that then brings also, you know, a reducing customer acquisition cost, you know, getting down, you know, to around one times or slightly below one times over that period. That is best-in-class performance on customer acquisition costs, you know, for a growing software business. And this is funded through. Yeah, there will be a working capital benefit, as there is today, from the upfront billing and the KX business. It's funded from the Ample Group debt facilities, which we renewed earlier this year. And of course, it's also funded from the cash generation from the First Derivative business. So I think at this point, it's probably a good time to turn to the performance of the FD, the FD business during the first half of the year. The performance, it was impacted, you know, particularly as we came through the second quarter. Some of that was, you know, the lower levels and, I guess, the lack of pickup in any M&A or IPO, you know, the banks thought might happen earlier this year. But it was certainly exacerbated in our second quarter, you know, by the fallout from the SVB events, you know, and the mini bank crisis that maybe didn't quite turn into a crisis. But what it did do is it meant that the banks, you know, stopped a lot of their new programs on change and transformation and said, "Let's make sure there's no contagion from this." We don't work and didn't work for SVB or any of those mid-tiers, but it meant that the major investment banks, you know, did take a stand back and say, "Let's look to make sure that there's no contagion risk here." And that did cause them to slow their spending. Our response has been to manage the cost, to protect the margins, and we've had some reduction in headcount, not replacing people and managing performance very tightly to protect the margin. We've consistently been focused on the higher margin technology engineering practice areas, and that's also been protecting the profit, the profitability, those being higher margins. But it also gets us, you know, increasingly to the optimal shape, to continue that improvement as the business returns, as the business returns to growth. And that growth, you know, comes from still the areas of regulation, so the banks can be compliant, and the modernization to continue to reduce the cost of running the banks. Regulation, and the change around that, you know, has been with us and is always with us. And the next phase, you know, things like EMIR, things like Dodd-Frank, you know, keeps coming and keeps forcing the banks to spend money, on that change. I believe that there is another 10 years of application modernization and cloud transition work, you know, across the major investment banks. They're doing that because it's managing their cost, but in addition to managing the cost, there's also significant information security issues around it. And of course, their own ability to scale and to manage their costs well. And our strength in these areas, you know, continues to be underpinned by our domain, our tech knowledge, and the value we bring to customers, because our overheads are lower than our competitors here, the likes of the PwC, the KPMG, the Capgemini, or Accenture, or any of those organizations. The customers say openly to us, they say, "We, we love the FD people because they get difficult stuff done well, they get it done quickly, and they get it done when some others don't even understand the question that we're asking." We've got some great examples here of how our capability, you know, comes together with a client, which drives value for them, and of course, drives growth for us. And this is the typical client experience that we've seen that's driven the growth in this business over the last couple of, last couple of years. And it's been done, you know, starting with what was very much a staff augmentation, but building on the work that we've laid out, that we said we were doing. You know, get bigger packages of work, sell higher into the bank, you know, become a partner. It's been done by all of that, selling all of our capability. We've always had the skills, and what we've done in the last couple of years is being able to sell at the level that gets us the bigger packages and become, you know, a true strategic partner to some of these very, very large banks. So it's selling packages, less staff augmentation. It's nearshore delivery, where, you know, across most, you know, of the major metro centers, well less than half of what we deliver in those is now done locally. You know, it's done increasingly from our lower cost centers in Ireland, in Poland, and increasingly in Canada for some of the big U.S. banks. So I mean, overall, while we are in, you know, a clearly slower environment in the consulting business in FD, we're starting to see the pipeline of opportunities increase. And that's happening as we're starting to work with customers on their budgets and their plans for next year. So we can see there's gradually a greater level, you know, of positivity building into their expectation, that even if valuations are not where they were in the past, the volume of transactions, you know, is likely to increase looking forward. So that gives us confidence that this business, you know, can return to a level of growth again next year. That's what I wanted to say by way of covering the detail on the businesses. Ryan is now gonna take us through the detail of the numbers, and our, and our guidance. Then I'll come back and talk a little bit about the organization review at the very end, before we take your questions. So Ryan, over to you. Thank you, Seamus, and good morning, everyone. We continue to make strategic progress in KX and have delivered resilient performance in both First Derivative and MRP, despite weaker customer demand, which has resulted in lower group revenue growth in H1. KX ARR continued to grow strongly, and demand for our products has resulted in strong pipeline for H2, which will enable us to deliver full year ARR growth of 35%. Net debt is in line with prior year, and we have a strong balance sheet and cash flow to support the additional investment announced in KX today. We will now look at each of the businesses in more detail. KX ARR grew to GBP 70 million, underpinned by GBP 7 million of new bookings, which was in line with H2 last year. Of these bookings, 31% came from industry. We continue to grow from both new and existing customers, with NRR at 112%, or 117% at constant currency, and we have continued to experience low levels of churn. We continue to grow in both financial services and industry as we position ourselves outside of capital markets. Services declined as an overall proportion of revenue, demonstrating the investment to make our products more accessible. These figures are after the transfer of services from KX to FD, where they are better placed to be serviced and grown. We also signed our first customers through our strategic partnership with Microsoft, where general availability was announced in March this year. We are excited by the CSP partnerships we have in place, a majority of which occurred during the period under review, and these have the potential to accelerate revenue growth and almost half our H2 pipeline coming via this channel. Looking at the H1 performance in KX, gross margin continues to grow as software revenue is becoming an increasing proportion of KX revenue, with software having a higher margin at 87%. This is marginally down on prior years due to increased internal cloud development costs. CAC ratio in H1 was higher than the previous year at 2.1. However, we expect the full year ratio will be in line with the prior year due to the second half weighting of bookings. We continue to invest in R&D to deliver product innovation, including KX Insights and KDB.AI, which have expanded our addressable market opportunity and will drive further recurring revenue growth. Admin costs increased as we invested in the leadership team, as Seamus mentioned, and we completed our investment in systems. We continue to be confident in our ability to deliver the full year 2024 target of ARR growth of 35%. We have completed the pivot from selling solutions to scalable products and have a significant pipeline in H2 based on demand from our products, and you can see this from the chart. We're also seeing increased demand from the CSP partner channel since general availability on Microsoft in Q1 and AWS in Q2 this year. We continue to realize opportunities with both new logos and existing clients, as Seamus highlighted earlier. This is across both our traditional market and financial services and in industry. Applying the H1 conversion rate to the H2 pipeline underpins our confidence in delivering the bookings required to achieve our ARR growth target of 35%. As Seamus mentioned, we are investing in H2 to meet demand and accelerate growth in KX. We believe we can accelerate ARR growth to 45% from next year, as we invest in product engineering, go-to-market capability to realize the exciting opportunities we have from the CSP, SI, and OEM channels. We are targeting to get Cash EBITDA break even by full year 2026, and growing to a Cash EBITDA margin of 20%-25% by full year 2028, providing the basis for substantial value creation for our shareholders. The investment will be funded from existing cash flows and our current debt facilities. We expect gross margin will continue to increase as software becomes an increasingly larger proportion of revenues, with a margin over 87%. CAC ratio will also improve as we deliver more bookings through the lower cost CSP and OEM channels, and as direct sales productivity increases. The CSP channel is a simple transaction, as customers can use their existing commits with the CSPs. R&D spend will increase, but not at the current rate, and we will gain operating leverage from admin costs as we have the leadership team and systems now in place. Now, turning to First Derivative, our consulting business. In H1, First Derivative continued to grow the higher margin revenues in both engineering services and technology services. However, business services declined as a result of longer sales cycles due to continued customer caution. Business services has grown strongly historically, and we expect these services to return to growth as customer confidence improves. We have the opportunity to achieve our growth targets from within our existing customer base, as we continue to leverage our domain knowledge, expertise, and delivery strength. Despite lower revenues, we delivered a resilient performance in H1, with EBITDA margin in line with full year 2023. Action was taken in H1 as we identified the longer sales cycles to manage costs and improve efficiency by reducing non-chargeable headcount. Based on our view of pipeline and the actions taken in H1, we expect H2 revenue and EBITDA to be in line with those in H1. Looking forward, we believe we can deliver sustainable revenue growth of 10%-15%, primarily coming from our existing customer base. EBITDA margin is expected to increase to 15%. Gross margin is expected to increase as we benefit from a favorable mix in the higher margin technology and engineering services, and from lower wage inflation and attrition. We expect to achieve operating leverage from admin costs with little additional spend required to deliver our growth plan. Now on to MRP. The MRP continues to be impacted by customer caution. Revenue stabilized in quarter one and increased in quarter two, and as a result, the business returned to profit in quarter two. We have taken action to reduce the cost base, which can be seen in the improved gross margin, and along with improved revenue, is expected to lead to increased profit in H2. We are reiterating our guidance of an increased EBITDA versus full year 2023. MRP is ready for future growth should the market return. This slide provides a group summary which combines the performance of our three business units, which we've just been through in detail. We continue to manage cash effectively, with net debt in line with prior year. Cash conversion of 85% before spend on the Oracle ERP implementation is ahead of prior year. Gross debt represents 1x EBITDA, and we have the facilities in place to comfortably support our investment in KX. Now on to our guidance for full year. So our guidance for full year is as follows: Continued confidence we can deliver the KX ARR growth of 35%. In First Derivative, we expect revenue and EBITDA in H2 will match that in H1, and we expect MRP to deliver an increased EBITDA versus full year 2023. We're guiding the group revenue in the range of GBP 285 million-GBP 295 million, and group EBITDA, following the investment of GBP 9-10 million in KX, we've just announced today, will be in the range of GBP 24-26 million. I will now hand back to Seamus. Thank you, Ryan. So, I said I would come back and talk a little bit about the organizational review of the group and the, you know, why are we doing this now? We're doing it because the strategy we set out two years ago is being effective. And, you know, the two big business units accounting for 90% or more of our revenue today are significant businesses in their own right. Each has its own strategy, its plan, its operating metrics, but they are distinct investment propositions. They've got different capital allocation requirements, different return characteristics. And of course, as we've had these businesses together, you know, over the last several years, each one building its own path, you know, there is a significant sum of the parts valuation discount, and that reflects, you know, the different investor appetite for software businesses and for services business. So what are our objectives with the review? They are that we can optimize returns for shareholders, and we can ensure that at the same time, each of the two big businesses, you know, has got the right resources and capital to pursue its strategy. And ultimately, that means having the shareholder group with the appetite, you know, for those different and distinct investment returns. The review today, you know, is in its early stages; we're not pre-judging the result of it. You know, there are obviously multiple sort of possible outcomes around this, but we'll, you know, we'll work through it and we'll evaluate them sort of based on, you know, how they're meeting the objectives that, that we've set out. I said it's in its early stages, and we'll expect to come back with the, the outcome of it by the time we report our full year results in May next year. So with that, let's take your questions this morning. Roger? Hi, thanks for taking the question. First of all, can you talk about the timing of the investment, the accelerated investment in KX being at the end of H1? You had the best vector database for AI six months ago. So why is it now, as opposed to at a full year result stage? Is it a function of the ARR growth being what it was in H1, or is it a function of the cloud service provider pipeline having grown so fast in Q2? Can you go through the timing a bit more? The investment—the timing of the investment, you know, is very much around the foundations that I think I laid out in the presentation that have been built. You know, the progress with the cloud service providers, you know, the demand and the pipeline building from there. The AI product we announced back in May, you know, that we were working on it. We've had a preview product, you know, with our Enterprise customers. We've launched the Developer Edition. And what we're looking to, you know, is the opportunity to accelerate growth next year. We've got to lay, you know, the investment down for that this year to drive that to 45% next year. You know, with what we've laid out here today, and I think what should... You know, the things that I think really excited us and our board to want to move forward, you know, quickly and at the half year, where, you know, look at those charts around the rate at which existing customers and new customers have taken the product and have expanded. Any software business that can generate, you know, that sort of increase from existing customers and win new logos, it clearly has a huge opportunity, and we want to capitalize on that. I'd also point to, you know, the other chart that we had up where, you know, if you, if you break out, you know, the new product, the infrastructure products, you know, now over the last two years, you're looking at a 60% growth rate, you know, on that, and, you know, even at the end of last year, that was the majority of our business. So to, to, to drive those growth rates, you know, even further, now is the time to make those investments. The investments we make, you know, in the second half won't make any significant difference in the current year, you know, to, to our growth rate, but they will build our growth next year. You know, when you hire, you know, new salespeople and new go-to, to market people, it takes time. There is a sales cycle. So this is not about this year, this is about building for the future and claiming, you know, a significant piece of the opportunity that's out there. Not just in the AI world, but actually, you know, we spoke about, you know, the best price performance in the market, you know, on the high-performance analytics world. That is a big space, and we have shown that we can perform there, and this is an investment to go and deliver on that. Okay, second question. Could you split down the GBP 9 million-GBP 10 million H2 incremental investment in KX a bit more between usual software categories of G&A, sales and marketing, and R&D? What specifically do you need more that you don't already have in those areas... Yeah. ... that causes that requirement to have to be made? The significant areas, you know, if you break it into, you know, product engineering and, you know, go-to-market. You know, go-to-market, you know, is the continuation and the expansion of the investment in the cloud service teams. It is also the sort of customer success teams. You know, I said that we have a significant number of the global SIs, you know, wanting to take the AI product out into be a component of their solution. So getting those SIs, you know, trained, up and running, there is an investment to do that. You know, it is additional direct sales people. It's the people to support the cloud service provider programs. And on the engineering front, you know, it's continuing the engineering to make the AI product-... In addition to being the most performant product that's out there, you know, the only product with the ability to combine structured and unstructured to bring real time. In addition to all of those, you know, significant technical advantages, to continue to make it the easiest product to work with and adopt. You know, the Developer Edition that's out there today is a good step along the way. Yet, the Enterprise Edition later this year, you know, will be another significant step in that. So there was those sort of those investments in product and go-to-market projects that are important. As I said, you know, they build for what we're going to to win next year and builds to getting us to that 45%. But you have to do it in time. You can't, you know, expect in year to make investments and get significant return on it. And, you know, we knew as we came through the first half that we would get, you know, GA on the different CSP providers. And it was a very deliberate, you know, decision to say, "Let's do it, you know, when we're ready during the year," rather than feeling, oh, you must do it at the beginning of the year. Gerry? Sorry, Shane, the outline on slide 6 regards the pipeline for the cloud service providers. Is that biased towards Azure, or is it spread across a number of vendors? It's spread across a number of vendors, sorry, Gerry. The largest portion of it, you know, will be with Azure, given that it was the sort of first significant partnership that we closed last year. And that's probably where we are most advanced, you know, in working with their teams across different industries. And I know I called out, you know, health, manufacturing, defense. Telco is another one. So that's how that pipeline has developed. Just a clarification on the rollout of KDB.AI. You mentioned that that was already at an enterprise level. Is that just purely at a pilot scheme, or it's not generally available at this stage? So the product that's there today is our Developer Edition. And in about a month or so from now, we will have the full Enterprise Edition. And you know, the full Enterprise Edition, you know, simply has you know, much greater capacity than the Developer Edition. The Developer Edition is very much to bring you know, the developer community, the data Science community, to get them you know, using it, talking about it, working with it. The preview program has been with some of our largest Enterprise customers, and I, you know, pointed out in the presentation that, you know, a number of those have already said, "You know, we want to take that." And you know, one of them even, you know, in their uplift that they took from us a couple of months ago, said, "I'll pay you for that," you know, as part of that overall uplift, because they were so keen to get on that and to be able to start working with it. And you know, I told you that really interesting example, you know, in the wealth management division, you know, of one of the banks, you know. Literally being able to personalize their product to a much bigger community, you know, of investors and brokers is, for them, a huge advantage. And that's the sort of thing that I think that large Enterprise is seeing. It's not just about, can we, can we make document summarization, you know, more efficient? Can we just ask more questions? It's actually that ability, you know, to add real value and to make them more differentiated in the market, in their market. That's what's attracting, you know, them to this, and it's that ability to bring structured and unstructured and to back it up with the facts. That's what customers, you know, must be able to do as they get the benefits from generative AI. Sorry. Hi, Jasmine, Numis. I just wanted to ask around the higher ARR growth target that you've talked to today. I think that implies about GBP 20 million additional ARR in FY 2026, if I'm kind of worked it through right. Just wondering how much of that comes from the CSP pipeline, how much of it comes from the kind of emerging AI opportunity? And I think as part of that, how quickly are you expecting KDB.AI to scale, and how much opportunity can you see in the next few years from that? I mean, you can see from our pipeline that a bit over half of it is now with the CSP partnerships. And our view is that that will probably continue to grow as a proportion of our total business, given that we add, you know, more partners. So, you know, the most recent additions, you know, have been Snowflake, have been GCP, and, you know, we will also expect to add some others, you know, looking out over the next months and years. You know, one of the next ones that we're starting to work quite closely with is Databricks. So we see an increasing amount of the demand, you know, coming through those channels. You know, our-... Expectation is that, in our next year, you know, we will start to see material revenue from the KDB.AI product. And again, as we launch the full Enterprise version, you know, towards the end of this year, you know, it will take a couple of months for the, you know, demand to turn into to new ARR from that. But very comfortable that, you know, that opportunity, you know, is there, and that the, you know, the initial feedback, you know, from our Enterprise customers, you know, is very strong. And so we're being really pleased with the interaction from some of the biggest systems integrators that are out there, you know, wanting to work with the product because it gives them—it's a differentiator for them, you know, as they bring solutions to their customers. Back here. Thank you. You gave a couple of examples earlier about customers and new verticals sort of expanding their spend. So I just want to get a feel for what the split you expect to be between capital markets and new verticals at the moment and going forward over the next few years? Yeah. So if you look at our split over the last couple of years, between 30% and 40% of our new business has come from outside of capital markets. Our pipeline today has got that closer to 50%. And I think it, you know, firstly, there is huge opportunity in capital markets and financial services more broadly still. And you've seen from, you know, that chart there with some of those examples. But the global market, you know, for our products, is much bigger than capital markets or financial services on their own. So I see that proportion probably, you know, moving above 50%, if you look out over the next 2-3 years, you know, for sure. And ultimately, I think it gets to, us being roughly representing, you know, what the end market is. You know, if government is 30% of all the spend in these areas, then I think we'll eventually get to us being, you know, roughly in line with, roughly in line with that. And, you know, we already see, you know, demand and, you know, one of the customer examples there, you know, in defense, you know, is clearly a government-type customer. We have Joe. Hi, guys. Thanks. Yeah, I had a question just on GBP 9-10 million incremental investment. You've mentioned on slide 13, investing in on-premise versions of the latest offerings. Yeah. So two questions on that: Is that specifically the AI products? And then secondly, how do we sort of think about that in the context of growing ARR? You know, that's the big focus now- Yeah. How do we contextualize those two things? With a common platform, the majority of our products, you know, are deployable on-premise as well as on cloud. There are, you know, there are a number of areas. If you take defense, for instance, where those customers, you know, want to deploy on-premise, you know, with an air gap, you know, so that for their information security requirements. There is opportunity, obviously, to do that. But with a common platform, we're not building, you know, a different product. You can get, you know, the same capability, the same performance, the same access with Python, with an on-premise implementation as you can. But for us, the process is the same. You know, you take the product, you pay a subscription, you build your own application on it. It's simply a matter of how you're deploying it. And that's the, 'cause the reality of demand is that, you know, cloud is hugely important, and it's been a, you know, a huge vector of our growth. But some of these, you know, big on-prem implementations, you know, are still important. Any other questions? Nobody got a question for Ryan? He's getting off, h e's getting off too lightly. Seamus, we can open up the question to the people online as well. Okay. So for those on the Zoom app, obviously, use the Raise Your Hand function, or if you're dialing in, use the star nine to do the same thing. We have a question from James at Canaccord: Is there any reason why it would be unfair to use the H1's conversion ratio on pipeline, considering the pipeline for H2 has clearly a different makeup, with a much larger percentage of it coming from a relatively nascent CSP channel? Yeah. There's no reason to believe that it would be dramatically different in H2. And the reasons for that, you know, are that we already have, you know, some experience as we've come through H1 of those cloud deals, you know, closing. And in a particularly, you know, good experience of deals closing, where the sales cycle, you know, was as low as three to four months. Whereas, you know, historically, you know, before we were on those platforms, those sales cycles, you know, were significantly longer than that. So, and, you know, around each of those, we're working very closely, you know, with the teams and the cloud service providers and, you know, getting our confidence that, you know, these deals are closing, you know, on that same timeline. Once again, if you're looking to use the Zoom app, raise your hand, or use star nine if you're dialing in from a mobile. Just give it a sec. There are currently no more questions online. Are there any more questions in the room before we hand back to Seamus? Okay, so no more questions. So, once again, thank you for your attendance today, and I... Let me just sort of frame the session today. You know, the results today are around the backdrop of the last two years of implementing the strategy, you know, delivering on the KX growth expectations that were out there. We are investing today, you know, behind that experience. We're investing today, you know, behind the work on the product, behind the demand that we see out there, and we believe that this is the right time to do that, you know, based on all of those. And we're very excited about the continuing potential for the growth in the KX business and, of course, the return to growth in the First Derivative business and continuing to drive, you know, an attractive margins, attractive growth in that business. So thank you all for being with us here today.