Good morning, and welcome to Mintra's Q4 2020 presentation and capital markets update. Our presentation today will take a little under an hour, and then we'll have time for question and answers after that. If you want to ask a question during the presentation, just click on the button on the screen, and you can then write in your question. Let me move first to the agenda. Since this is our first capital markets update, we want to take some time and not only go through the 2020 financials, but also give a business overview, an M&A, and a market outlook before we summarize. During this presentation, I'll be joined by Ian Mackie, who is our Chief Financial Officer, and Kevin Short, who's our Chief Commercial Officer. We will go through all of these parts today and give you a better update of what to look for within Mintra. Before starting in that agenda, I want to just give you a short summary of what we'll cover and how we'll do that today. First of all, 2020 was a challenging year. The lockdown restrictions and travel restrictions impacted our major customer base, which are global international shipping and oil and gas firms, which need to move their workforces around the world and need the ability to do that, and that was greatly restricted last year. That impacted course utilizations, especially with our e-learning. However, despite that, we had a very solid underlying financial performance. We had increasing EBITDA margins. We are profitable, and we turned profitable in last year, and very high gross margins. We are reiterating our medium-term outlook and guidance. We believe and still see that there is a large growth opportunity within the e-learning and human capital management space, and our expectation is that we will continue to capitalize on that going forward. We see 2021 as a transitional year. The first part of the year will be impacted by continued restrictions from COVID and travel, but as that lessens over the year, and as the world economy starts to pick back up, we will see much more growth in the second half of the year than we do in the first half. The growth in the business is driven by really four mega trends. COVID and the pandemic have accelerated some of those, but our growth is really based on those trends, and they are the education, the need for more education, digitalization, regulation, and sustainability, all of which will drive our growth going forward. The last thing we'll talk about is the Safebridge acquisition. To just give you a little bit of color, Safebridge is a German-headquartered company specializing providing e-learning and software solutions to the maritime industry to help manage their workforces. That fits very well within Mintra and our long-term focus areas, and we're really excited to have that, and we'll go through it in a little more detail. That's the summary of what we plan to go through today. Let me start off with a 2020 financial review. As I said, it was a challenging year. Despite that, if you look at the graph on the right, you see that our EBITDA has increased substantially from about NOK 6 million or 3% margin to over 34% margin and NOK 70 million last year. That was despite having lower revenues driven mainly by utilization in our e-learning products. That utilization is not lost. It's not lost to opportunity. It will just come later in time. We had solid growth in our gross margins, and we really have a very solid financial position, not only from the listing and the raising of equity there, but also paying down the high-interest loans from our previous shareholders, which Ian will go through. If you look at where the growth really came last year, we had very good growth in our HCM software, which is the dark blue at the bottom of the graph. That was up 22% year on year and is more than double since 2018. We did see lower revenues in the e-learning, as I've said, and also in some in consultancy and other. Most of that driven by the fact that we have stopped the training management services in the first quarter, which was a very low-margin business. The other thing that impacted is there were really no classroom training revenues coming through our Marketplace during last year. Ian can go into more detail on that of Q4. Overall, we've seen a very good year and very good growth within our software solutions. Not only that, but we also saw a shift in the industry mix in 2020, moving from 68% energy to 57% energy. Part of that was the usage, but a large part of that was a strong growth in our maritime business. We improved our sales force. We launched new products. We've had very good growth within maritime and growth within Southeast Asia over the year, driving part of that as well. We maintained our market position in energy. Every contract that came up for renewal last year was renewed. We had 100% retention rate, and that really bodes well for going forward in growth as that business, as the energy sector starts to rebound out of the lockdowns from last year. We expect that catch-up effect over the next period. We start to see companies, this is IHS Markit, that is forecasting a return to growth in the energy industry. This is capital spending, which really drives activity, which drives our business. We see that IHS Markit and others are beginning to really predict or focus on a rebound in the economy going forward, not only in energy but also construction. In 2020, the construction activity was slowed down. This is from GlobalData. They predict increasing activity in construction starting in 2021, and then also in maritime. Maritime is a very broad industry, and parts of maritime did quite well last year, but other parts were very, very badly damaged by the COVID shutdowns. That will start to turn and start to pick up again in 2020. This is from BBC News. 2021. As we grow, these starts to rebound will move to where by retaining all of our customers from 2020, we'll see that growth. With that, I'll turn it over to Ian and let him go through Q4 2020. Thank you, Scott. As Scott said, quarter four was indeed challenging with the continued restrictions with the second wave and ongoing lockdowns, meant that our e-learning, in particular, suffered from reduced completions, which impacts our booked revenues. Our gross margin was 87%. That's up from 82% last year, and our full-year outturn for 2020 was at 90%. Revenues were down like-for-like NOK 13 million on the same quarter last year. Just over half of that comes from pass-through revenue lines such as TMS and classroom, and also consulting. Some good news. Our software line was up 15% on the same quarter last year. As you can see on the right-hand side, the EBITDA for the quarter was up to NOK 10 million from NOK 3 million last year, and that's as a result of the significantly lower cost base in which the business operates now following the restructuring in 2019. Despite reduced revenues in the P&L account, our invoice sales remained robust and stable. That means our invoices to customers actually exceed our booked P&L revenues. This means we have more deferred revenue on the balance sheet. How did this happen? What does this mean? Well, if we take an example of one of our e-learning customers who regularly purchase e-learning in NOK 1 million tranches every quarter, what we're finding now is with the travel restrictions, reduced offshore travel and so on, we're finding that rather than taking 3 months to utilize that level of licensing, they're taking 4 or 5 months. The spending pattern remains, albeit it is stretched out. We have the benefit of that cash, but the revenue, if you like, will take longer to recognize through the P&L account. This means that more of our booked revenue is actually in the balance sheet. 38% of our booked revenue is deferred. That's up from 26 last year. There are three reasons for that. I've spoken about delays in utilization, but of course, with an increase in software subscriptions where we invoice that annually up front, that cash is enjoyed and is in the balance sheet, but so is the subscription revenue, which we will recognize over the full year 2021. Also, we have more multiyear contracts, particularly in e-learning and particularly in the Middle and Far East, where our customer base have been keen to secure long-term prices with us, and many of those customers have requested we bill the full contract upfront, and therefore that revenue is deferred and we recognize that over the period of the contract, which may be 2, 3, 5 years. The business continues to generate strong levels of cash. Indeed, our cash flow from operations is up significantly in 2020. In fact, if you look at the chart on the right-hand side, you can see there's a threefold increase in conversion. Cash conversion improved. Indeed for 2020, stands at 109% of EBITDA. Of course, with the EBITDA margin rising to 34% for 2020, up from 19% in the prior year, that level of cash generated has also increased. Now, despite the ongoing global economic conditions, Mintra has continued to invest in its proprietary products, research, and development. We continue to invest around 6% of our revenues in capitalized R&D. That's in addition to ongoing maintenance and spend during the year, which is expensed as OpEx. Any legislative updates and changes to an HCM software or any changes for new standards, et cetera, in our e-learning, that is managed through the P&L account on a monthly basis. You may have seen earlier this morning when we launched our Q4 interim report that this is the first time that Mintra is reporting under IFRS. The Q4 report goes into a little more detail on the principle changes between Norwegian GAAP and IFRS. Suffice to say here, the key difference is the accounting for amortization of goodwill. Under Norwegian GAAP, it's very prescriptive. We must amortize over a period of 5 to 10 years. However, under IFRS, we adopt a fair value approach and only amortize when necessary. As you can see here, there is a substantial reduction in the level of amortization charged to the P&L account in quarter four under IFRS. This means that the business is actually generating positive operating profits. That, in conjunction with a substantial reduction in financial items following the payback of a large percentage of our debt at the time of the IPO, means that the cost of servicing our debt has substantially reduced, and as a result, our profit before tax for the year is NOK 10.3 million. That is a substantial improvement from the loss of nearly NOK 29 million last year. Looking briefly at the balance sheet, the business remains well-funded to pursue our growth opportunities. Indeed, at the year-end, we had NOK 230 million in the bank, following the IPO, and also that continued high level of cash conversion from EBITDA. In addition to that, we also extended our loan facilities with Nordea out to the middle of 2023, securing that position with them. If we look at some of the operational highlights in 2020, you will get the impression how this is underpinning our plans and guidance for 2021. If we look at our e-learning line, we've relaunched our website and we've expanded the Marketplace offering. Our customer base remains strong and robust. Indeed, that in conjunction with a broader portfolio of courses, we are able to offer more courses to more customers in a rebounding market. Scott also commented that 100% of our e-learning contracts which were due for renewal in 2020, all renewed at the current or a higher level. In maritime, we've grown our sales team, and indeed, we have received accreditation from the Norwegian Maritime Authority. Finally, as you'll hear from Kevin, we've expanded our trade school offering, particularly in the Middle and Far East. Our medium-term outlook remains unchanged. More on that in a minute. Where does Mintra currently stand on 2021 guidance? We expect that certain parts of our business will and are currently affected by travel and work restrictions, and in some industries, temporarily reduced workforces. However, we do expect to see 10% plus organic revenue growth, but this is expected to be weighted towards the second half of the year as the world comes out of the impact of the pandemic. Of course, our revenue growth initiatives need time to gain that traction. Our underlying EBITDA margins should continue to grow, supported by the increase in revenues and of course, high operational leverage that the business has demonstrated on a continued stable cost base. We see our EBITDA margin increasing from the current mid-30s to the high mid-30s and 40% for 2021. We're also looking, as Scott said, to 1 to 2 acquisitions a year, adding around NOK 50 million to revenue annually. Of course, with the Safebridge acquisition, we expect that to contribute NOK 30 million to NOK 35 million in 2021. On medium-term guidance, as I mentioned, that remains unchanged. As I mentioned, we've seen a number of things to date in the business that give us confidence in the outlook that we have. Just to reiterate from quarter three, we continue to see a 15% plus organic revenue growth in the medium term. We continue to see a 40% plus EBITDA margin and that one to two acquisitions a year, adding NOK 50 million to NOK 75 million of revenue going forward per annum. Kevin will talk us through how we intend to deliver this growth later on in the presentation. In the meantime, I'll hand back to Scott. Thank you very much, Ian. We've now talked about the 2020 financials and Q4. We've also provided guidance on what we expect in 2021. Our medium-term guidance remains unchanged. I think now what we want to do is change, really for those of you who may not know Mintra well, what is it that we do? What's our business overview, before going on to the remainder of our growth story. Mintra provides software and e-learning to mission-critical companies and compliance-driven industries. Our software helps our customers deploy their workforce, train and deploy their workforce. Within our business, our main focus industries are energy and maritime. Other industries have been growing recently, and energy and maritime will remain a big part of our business, but we're also expanding into nearby industries such as construction or fishery, solar, wind farm, and trade schools, where we're training the next generation of workers that are going to go into these major industries. Our customer base is diverse and made up of very large multinational companies. Interestingly, on the energy base, you can see a number of companies such as Shell, BP, Total, Equinor, which are really repositioning themselves from being purely energy into solar, wind, and renewables, and they're taking us with them. As having them as our major clients, we move with them into those new sustainable industries as well. Looking at our courses and looking at our catalog, we provide three major types of services to our customers. The first is e-learning courses, about 40% of our revenue, Human Capital Management, 40%, consulting. If we look first at e-learning, well, what we do is provide a series of foundation knowledge to our customers to allow them to train their workforce on how to work safely, how to continue to operate, and how they operate within their work environment. This is just a short show reel of those courses, you'll see they're available in multiple languages and in multiple different formats. Hearing protection. [Non-English content] Please remember that we want you to make quality, not quick, decisions. Hi, I'm Paul Williams, U.K. business unit manager. Most people have heard of computer viruses. [Non-English content] Generally, kidnapping incidents fall into two categories. Air pollution occurs when the air contains high levels of harmful substances or pollutants. COVID-19 spreads from person to person through small droplets expelled from the mouth or nose when an infected person coughs or exhales. If we reduce the temperature to absolute zero, the molecule will stop moving. Vessels has increased in recent years and now presents additional safety challenges. We shall demonstrate how large the wedging force in a wedge gate valve can be. [Non-English content] Well done. You have almost completed this course. If we now turn to what makes us different is we also provide accredited and certified courses. These are just some of the certified bodies that have certified us as a company or our courses. The reason for that is we can now tell our international customers that we have best in class, best quality courses that have been certified by external bodies as to their content and their delivery methods. We think about e-learning, the business characteristics. Well, we usually sell our e-learning as a contract period, either the number of courses, and Ian mentioned that, or a contract period. We can also sell just ad hoc through our website and through our Marketplace. This gives us very secure revenue streams for the contracted value because they're often multi-year contracts or multiple use contracts. We book those sales into revenues either over the period of the contract or over the usage of the program. That is why you would see we will have some deferred revenue as these sales are then moved into booked revenue. You think about the KPIs for e-learning, it's really about how many courses are available and how much of those courses are being pulled through the various sales channels. We look at the number of courses that we've made available to our customers since 2018 to 2020. There's continuous growth. Part of those are our customers. Another part of them are our own ourses, another part of those are courses provided by third parties. They're provided through our Marketplace, our online Marketplace. Currently, about 30% of our sales come through that Marketplace, and we would expect that to grow as more and more customers start to utilize that service. If we think about human capital management, this is our software side of the business, and it really helps to drive the usage in e-learning. It's made up of two parts. The first is Trainingportal. This is our learning and competency management platform. It's used by companies to track their training and their competency. It's fully cloud-based, multi-tenant. It is also the gateway to the Marketplace and to the e-learning, which is then provided and tracked through Trainingportal. The other part of our software solution is our crew management software called OCS. This is also a cloud-based system, but this provides crew planning and rotation. It allows companies to do their crew development, deployment, all the way through to payroll, if that's what they need. It links then with the training management Trainingportal service, so that we provide one consistent place to control and manage the workforce, their competency training, and their schedule, and all the way through to their payroll. This becomes essential, not just in maritime, as we document here, where the International Chamber of Shipping is really saying that the ability for companies to move their workforces around the world and manage that is the greatest operational challenge confronting them today. It's not just in maritime, it's also in oil and gas and construction and a number of other industries where workforces move and come in, and how do you manage that? How do you know what they're able to do? If you think about that side of the business, this is all subscription-based. It's a SaaS model. All of our products are modular so that companies can choose if they need additional services from the base module, and then we can charge extra for that. This gives us a very predictable revenue stream, and we have had no client churn. Revenues here are, we do the sales and receive the money right at the beginning of the contract period, which is usually one year renewable, and then we move that to revenue lines throughout that contract period. You also see high deferred revenue, and Ian's already pointed that out. If you think about the KPIs on the software side, it's really about users. Whereas the e-learning was about the number of courses, this is about users. You see Trainingportal users increasing from 2019 to 2020. Not substantial increases, but despite the fact that we had difficult times in our core customers, we still had increasing users and also quite good increases in OCS users. We will see that continue to go as we grow and expand these businesses. The last part of our revenue and our business is consulting. It's about 20% of our business. It's really a facilitator for the software or the e-learning. This, we provide integration assistance in setting up the programs, assistance in developing very bespoke services for our customers. This will move up and down as we see the need, but it should gradually increase. In and of itself, this is not where we're looking to drive growth. It's really in the software and the e-learning part of our business, but this does facilitate that. If we think about then the Mintra way, what does that mean and how do we think about the company and going forward? Part of it is continuing growing annual recurring revenue. Annual recurring revenue, as you see from this graph, has been continually growing over the past few years. It's really driven by the software side and multi-year e-learning contracts. We had 100% contract renewal last year despite the challenging market, so we expect to see this continue to grow as we expand our e-learning and our software side of the business. If we then look at the rest of our revenue streams, the bottom dark blue is that recurring revenue stream. That's the one that's from contracted multi-year. In addition, we're moving away from the one-off type of contracts that you see made up 11%-12% of our revenues in 2018-2019, to more predictable repeat purchase. This is where we know companies need the training. They come to the Marketplace to buy the training, or they come to do bespoke training. These are more predictable and more long-term revenue streams. They're repeat purchases, and they make up about 48% of our revenue stream. You can see that we've moved away from that pass-through revenue, maybe gives us high revenue but very low margins, and into the much more repeatable revenue streams, both in human capital management software and e-learning. If we think about the KPIs, in addition to the financial KPIs that Ian has gone through, we look at e-learning and the number of courses. How broad are we at providing services to our customers? How much of that is coming through our Marketplace, and how much penetration are we getting in that? On the human capital management, on the software side, it's users. How many users in Trainingportal? How many users in OCS? That also helps us drive more revenues through the e-learning. As a group, we want to have high predictable revenues. We want to have very high recurring revenues, which is about 50% now, but we also want to see high predictable revenue streams. Again, the increase in the annual recurring revenue from year on year. As we look at the company and as we look to grow, these are the things we will be showing, and these are the things we're tracking. I mentioned Marketplace a couple of times, I just want to stop and focus on it for just a minute. Marketplace is really a key for us to scale e-learning broadly across industries and regions. It allows us to sell from a platform specific into numerous different customers, where we may or may not have individual selling. What drives that is getting more courses onto the platform, being able to provide a broader service to the customers, which adds more customers and then repeats the cycle. When we look at new courses, we're looking at courses maybe in construction or maybe more technical courses, as we continue to build out the Marketplace. This is fully scalable. It's deployed through the cloud. It's usable anywhere. It's an enabler to further sales. Once we are able to start bringing people through the Marketplace, we can help them maintain their training records and their competency across the entire company through our other software solutions. Importantly, it's future-proof. It's moving us to the platform type sales and to the cloud, where we know that a lot of the digitalization is moving us now. Marketplace becomes more and more of an enabler as we go forward. It's key to really our overall business focus, which is we provide the e-learning and human capital management together in one solution. Companies can define their needs, be able to source that, provide the training, and deploy that workforce anywhere in the world. We also, as a result, are able to have a growing share of their wallet. As I said before, our software solutions are modular. As we start to sell maybe a base e-learning, or base human capital management, we can grow that with additional services. We can grow that with e-learning, then we can grow that with one-off, say, bespoke services. Right now, 65% of our customers have two or more of our revenue lines, part of our growth is from those customers taking more and more revenue lines. We see some of the companies that right now, such as Fred. Olsen, Aker BioMarine, and Stolt-Nielsen. Within the past year, we signed a contract with SBM Offshore, SBM Offshore is an energy client. It would show up in our statistics as an energy client. In fact, they are maritime and construction at the same time. They're using energy services, construction e-learning, and maritime in multiple different languages, and we are growing our business with SBM as their needs expand. We've delivered bespoke courses to them. We deliver learning management, and they use all of our services for their online booking through our Trainingportal. We see them and companies like them as where we really stand out because we can deliver a broad service to these companies. Really, that's what differentiates us from our peers. We operate in multiple industries. We operate in multiple geographies. Our systems are able to be deployed anywhere in the world. It's entirely digital. It's a full online solution. We allow our customers to access face-to-face training or access practical training through the Trainingportal and be able to manage it through our Trainingportal, where others provide that training. The solutions we provide are fully digital. We offer a service offering. We give them the opportunity to use the human capital management linked to our e-learning as a service and not just one sale. Finally, we are moving to a Marketplace, which is an online area where they can source whatever training they need, including assessments and others, to be able to manage their workforce. This is what we think differentiates us from our various peers. That's really, I would say a short, but an overview of the business, what we do, how we do it, and how we can look at the key performance indicators going forward. Now, part of our growth strategy has always been M&A, and we've talked about that at the listing and in the Q3 review. I want to just say that where we focused on our acquisition was specialized courses, technologies, partnerships, or capabilities. The first acquisition we just announced last week, Safebridge, really fits all of these four areas, and I'll go through how that fits. We also said that our strategy is to take those four areas, utilize that, add more customers and geographies, which then leads to more revenues, which we can then also use to look at the taking out costs and looking for synergies, adding more EBITDA and cash for future growth. Again, as we looked at Safebridge fits all of those areas very strongly. Safebridge, as I said before, is a maritime-focused software and training e-learning provider. They have three main product lines. They assess the skills of a team or a seafarer, they provide training, and then they allow that seafarer to manage their certification and keep track of that as they need to do that. All of which fit extremely well within the Mintra solutions as well. It's complementary to our systems, both in e-learning and in crew management. There's very little overlap. There is overlap in their learning management system, but otherwise, very little overlap, and it's purely complementary and allows us to grow not only into their customers, but the offering to our customers. If you take a first look at the maritime content, what Safebridge really supplies is specialized courses centered around navigation and shipping law. They have key courses in Electronic Chart Display and Information called ECDIS, and that builds up our system, really doubling our maritime library. They have key partnerships with original equipment manufacturers, such as shown here, which really drive part of the business, and we can build on that and grow that as we provide more and more training to customers. Key, they also more than quadruple our maritime customers. Before, we had about 150. Now we have over 650 operating in 140 countries. They greatly expand our geography as well and our reach. Not only by offering their products to our customers, we can also offer products to their existing customer base. How that fits together is if you look at our M&A strategy, we indicated that we would have the technology. They added courses, new assessments, the OEM partnerships. They've added more than 500 customers in 140 countries, NOK 30 million-NOK 35 million in revenues in 2021. We also see benefits coming from the cost synergies and being able to really bring the companies together and focus on what's needed for and grow with our customers. Overall, Safebridge fits very tightly into our company and into our offering, but it's not the only acquisition we're looking at or will be doing. As we had said before, our plan is one to two acquisitions a year. This is our first. We still have a number of targets that we're looking at and discussing with, and we will continue to use this M&A strategy as a way of accelerating our business growth. With that, I will turn you over to Kevin Short, and he will go through the market outlook and the growth plan. Thank you, Scott, and good morning to you all. Over the next 10 minutes, I'm going to talk to you about our market outlook and our growth plan, how we intend to grow our revenues over the next four years. When we think about our growth plan, it's made up of three distinct pillars. The first pillar is our technology pillar, which concentrates on our online and our Marketplace. The second pillar for us is our industry focus. It's our sector focus, maritime, construction, and renewable safety critical industry. Our third pillar for us is a geographical pillar. A geographical strategy which concentrates on the Middle and Far East, combining all three of these pillars together to allow us to really attack the global market growth that we see ahead of us. When we think about market conditions, we see Mintra ideally placed at the cross-section of four mega trends that Scott referred to earlier. Education, and specifically vocational education. We see people requiring greater levels of education to allow them to get better job prospects and career advancement. Similarly, the format in which they take this education is digital across the platform of their choice. We see greater levels of regulations in the industries that we serve and the industry sectors that we plan to move into. When we think about our customers, specifically our energy customers, we see them moving towards sustainability and green forms of industries. We will move with them, continue to train their workforce, and track their competency, and serve them as we have done over the last 15 years. Taking some more time to look at e-learning, we see that e-learning is set to grow at around 10% CAGR over the next four years. When we think about corporate education, we know that that's going to grow at an even faster rate. Even before COVID, we saw a fundamental shift in the way in which companies sought to get their training, relying more on e-learning. As we see, we start from a very low penetration point of 4% of all education currently coming from e-learning, allowing us great optimism for revenue growth in the future. Turning towards our HCM software, again, we see growth rates around the same numbers. When we think about the geographies that we're focusing on, the Middle and Far East, we see greater levels of growth available to us there as these places look towards the west, sorry, for catch-up, to adopt our solutions so they can put into their workforces. We know that e-learning will boom post-pandemic. We know that when we look at our corporate customers, there's no longer that desire to get the training in the classroom. They're seeking to get the training they need via e-learning, as it's more cost and time efficient. If we think about the end of last year, we secured a couple of key contract wins in the Middle and Far East as customers single-sourced all of their training needs from Mintra for the next 3 years via e-learning. When we think about some of the shifts that have been happening since COVID, we think about some of the immediate fundamental shifts that have happened into video conferencing platforms, that everyone ran out to get that platform. We think about as restaurants closed, online food delivery companies had that immediate growth in terms of their customer base. For us, it's been a more delayed shift. Delayed shift as corporations, as customers have taken their time to become comfortable with e-learning. We see it as a more sustainable shift as they go forward and get all of their training via e-learning. Moving back to our pillars of growth and concentrating on our technology, our online, our Marketplace. As Scott mentioned, the importance to us of Marketplace. Towards the end of last year, it was an energy platform serving customers in the U.K., Norway, and Brunei. We've added more geographies since our listing in Denmark. We've added more functionality in terms of a maritime focus, getting more rich maritime content. We've reduced some of the internal barriers inside our system, opening up all of our rich content to all of our customers worldwide, allowing an increase of around 77% of content that each of our customers can now access. Similarly, when we think about the rest of our technology, we launched a new optimized website at the end of 2020, allowing us to really enhance our SEO strategy and to target and funnel more customers into our website and into our Marketplace. We added many additional providers whose rich content have allowed us to amass a library which now stands at 2,353 titles. When we think about our sales approach, traditionally it's been via our key account managers and that one-to-one relationship with existing customers. Due to our advances in technology, we're able to attack that huge army of customers underneath the water, if you think about it in an iceberg, allowing us to give them those additional tools, such as our streaming and subscription services that we're currently trialing in the Middle and Far East, allowing us to bring this technology to a large number of new customers. We think about our middle pillar, we think about our sectors. During 2020 and as we go into 2021, we focused on maritime. We focus on a key area and get that rich content into our Marketplace, and then we hire additional experts in our sales force, allowing us to bring in new customers and therefore drive our revenues. We'll focus on maritime this year, as I've said, but we'll move towards construction and renewables over the next few years, too. When we think about maritime, the great successes that we've had at the end of 2020 and into 2021, by increasing our rich content in our Marketplace, gaining that STCW accreditation, allowing us to grow our sales by 24% year-on-year, 2019 to 2020. We've achieved this not just with that content, but hiring in some real experts in areas of Singapore and Cyprus, which allows us to drive our sales in these key gateways in maritime. As Scott suggested, we're very excited to bring in Safebridge into the family again, which will allow us to focus on maritime and grow those maritime revenues. Our final pillar is that of geographical expansion, and we look to the Middle and Far East. We look there because we know that they've got great levels of growth to look forward to. Growing populations requiring more education. With that focus on both safety and compliance. Unfortunately, when we look to those areas, we know that their safety record isn't great. That leads to a greater level of regulation and a greater level of training that's required. Specifically, some of our key achievements since our IPO is we've worked strong and hard with the Brunei government in releasing a safety passport and using our technology to track and train the competence of their workforce. We've won a couple of key contract wins in the Middle and Far East, where I've said where we've got 3 to 5 years single-source training from significant customers. When we look to our trade schools, the real scalability, we know that our e-learning content can supplement and augment the curriculum that these students get whilst at these trade schools, allowing them to get greater job and career opportunities. We're very excited at the opportunities we have in both Malaysia and India to push these initiatives out. In summary, when we think about our growth, our medium outlook is great for e-learning and HCM. It remains strong. A number of the initiatives that were happening before our IPO have continued to gain traction since we IPO'd at the end of last year. Our guidance for 2021 remains at 10%, but when we look at the medium term, we know that 15% is within our grasp. I'm going to hand you back to Scott now, who's going to give you a summary of this morning's presentation. Thank you. Thank you very much, Kevin. We've spent the last period of time really focusing in on what 2020 and our overview, and then updates how we're going to grow. Let me just do a quick summary. As I said, it's a challenging 2021. Despite all of that, we have extremely strong underlying financial performance, high margins, and growing software sales. On the strength of that and what we see in the market, we're reiterating our medium-term outlook and our guidance. 2021 will be a transition year, be 10% growth, backend-loaded on the growth, but still a very strong growth year. It's driven by megatrends in the industry, and we are very much focused on, as we said before, one to two acquisitions a year in a disciplined approach. The first was Safebridge, and we will continue to pursue those, and we have the financial capacity to be able to do more acquisitions as we go forward. With that, I will go ahead and stop the presentation, and we'll turn to questions and answers for the next period of time. Thank you very much. This concludes the presentation, and we will now start the Q&A session. If you have a question for the speakers, you'll be able to type in your question in the Ask a Question section below the video. I will hand the word back to the speakers to handle the Q&A from here. Yes. Thank you very much. We have some questions already. What I'll do is I'll read them out, and then one of the three of us will be able to answer that. The first question is, can you provide an update on trading conditions for Q1 2020? Do we expect to see improvements in activity compared to Q4 2020? Ian, I'll turn that over to you. Thanks, Scott. Well, we're seven weeks into 2021. Obviously, we have the January results, and we have an indication of where February's going to be. We know that the subscription line had a good performance in quarter four, and that has continued into quarter one. Our bespoke and consultancy line continue to generate consistent revenues. The e-learning one is the interesting one. If you recall earlier, the e-learning revenue line is made up of those multi-year contracts where there's a fixed level recognized each month, and that's topped up with the recurring repeat purchases based on completions. What I saw in January was an uptick of an average of around 25% per month on quarter-four performance, and that has continued into February. We're seeing our Marketplace revenues improve and an uptick in completions. Great. Thanks, Ian. Next question was, do you consider to enter the pleasure boat, recreational boat sector? The answer to that is, we're interested in the sectors that have high regulations, high manpower, and people need to manage their competency. Certainly, as we look at that in the recreational boats or pleasure boat, we'd have to see does that fit those measures. Initially, we'll look at the larger maritime industry, but we're certainly interested in looking at any industry that may fit our real core area of skills. The next question is, where is growth from HCM coming from if it's not from number of users? Could you please elaborate on the growth drivers of HCM? We can definitely do that. The other area of growth in HCM is, we mentioned that our software is modular. Therefore, as customers expand and use more of the modules within our HCM, that leads to growth in revenue, which is recurring growth, recurring revenue as well. I'll turn it over to Ian and let him give you more color, and then Kevin, if he would like to add anything as well. Thanks, Scott. Well, the HCM revenue line is primarily subscription topped up with ad hoc licensing. As Scott said, while perhaps the number of users have remained relatively similar, what we're finding is that more of our customers are taking more modules, which has that subscription element to it. It's the same users using different modules. It's a wider use of our products rather than more individuals coming onto the platform. If I could just add in on there first, Ian, too. In terms of a real growth driver for us, it's the digitalization of business processes amongst our customers. What we're seeing is that those traditional industries have been very labor-intensive with inefficient processes. A key driver for us, and specifically in our software, is as our customers remove those processes and move towards that digitalization. We've seen that during the COVID pandemic where there hasn't been that manpower to do it, therefore they've tried to use these processes, realized their systems don't work, then moved to our software. That is a key driver for us. Great. The other question we have is the recurring revenue share margins, EBITDA margins, and EBITDA contribution from Safebridge, and giving some more color on that. What I can say about Safebridge is their repeat revenue is about the same level as ours. When you add their recurring and their predictable revenue, it's extremely high. They're providing a purely digital solution as well through subscription-based services, as well as ad hoc e-learning sales. They have a very high number. As we had indicated in how we acquire companies, we look to see are there synergies, are there savings that can be made, and we see that, and we see that as we bring the two companies together, we'll be able to deliver that. By the time we're through with the integrations, the combined company will be close to, or as we've guided this year, to the 40% EBITDA margins. We don't see that right now within Safebridge, but we will, as we bring the companies together, have that type of margin. There will be some impacts this year, but they will not be very long-lived, and they will not go into 2022. Ian, you want to add more color to that? Yeah. There's a couple of similar questions coming down there, Scott. Obviously we announced the acquisition last week, and the costs, and as Scott commented previously on acquisitions previously, the multiples that we buy at, and Safebridge was within that range. As you would expect, doing the maths, their EBITDA is somewhat diluted for various reasons. They've invested fairly heavily in their platforms and their content, which will benefit Mintra going forward. I think as Scott said, we've already started the integration plan. We can see some real synergies there, and also the customer base that Safebridge has that there isn't really any duplication with the current Mintra customer base. It automatically expands the customer base and the current Mintra offering to flush through their systems. Okay. Okay. I'm not seeing very many other questions coming through. I think we can wait for a few minutes to see what else comes through or if there are any follow-up questions to what we've already answered. All right. Having not seen any other questions, I think we'll go ahead and close down the capital markets update and review of last year's performance. Thank you all for joining and listening, and we look forward to reporting further throughout the year as we progress and grow the company. Thank you very much. Thank you.