Hello, good morning, and welcome to MINTRA's H1 2023 results presentation. I'm Kevin Short, the CEO here at MINTRA. Joining me this morning is Jostein Hufthammer, our CFO, together it's our pleasure to bring to you, the results for the first half of this year. The agenda for today's presentation, I shall take you through the highlights. Moving on to our strategy and our operations. I'll then hand you over to, to Jostein, who will take you through a, an in-depth view of our financial results for the first half of the year, and then back to me, for the outlook. Questions and answer session at the end. If you have questions during the presentation, please post them, and we'll pick them up at the end. Okay. H1, we've continued with the excellent work that we saw at the end of the last year with our revenue coming in for the first part at NOK 145 million. That gives us an organic growth of 16% compared to the same period last year. Likewise, corresponding EBITDA, the adjusted EBITDA, has come in at NOK 48 million for the first half of the year, 33% margin. Again, a 16% growth compared to H1 2022. We continue to be very cash generative. We can see that we've got a 24% growth in our H1 operational cash flow. All in all, our financial performance for the first half of this year are totally in line with our expectations, but very good and strong results. You'll remember in February, we had a dividend payment of just over NOK 325 million. When we turn to, to our operations, we can see that we've continued aligning ourselves with some great partners, strategic partnerships secured with Furuno, giving us a type-specific ECDIS training, Meridian Maritime Training Centre, and ARuVR. ARuVR are a technology company. They give truly immersive, augmented, and virtual reality, which allows the user of our content to get a very unique experience. We've had significant contract wins in the first half of the year: ADNOC, Equinor, Inter SOS, to name a few of them. And whilst we continue with these contract wins, we also look to enhance our content library. We've added an extra 400 eLearning courses into that library, into that ecosystem, allowing our customers to get that unique experience of getting all of their training needs in one place. Certification and accreditation is very important to us. First half of this year, we got the 27001 ISO standard issued by DNV. Also from an external view, Fosway Group, with respect to our LMS, gave us the Core Leadership in their digital learning space. Feefo looked at our customer service and gave us a gold rating for our customer service. During the first half of the year, just over, we announced the acquisition of Seably. When I talk about Seably, it's Seably and WellAtSea, two companies that came on board. The acquisition was announced on the 4th of July. Seably, for us, were a very worthy competitor in the maritime space. Their technology is a fantastic technology that fits very nicely within the MINTRA learning landscape. They gave us, well, give us an excellent UX, which allows the customer to be attracted and onboarded with minimal efforts. They have a content library of over 600 titles, again, augmenting, supplementing our maritime library, making sure that seafarers can get all of their training needs from MINTRA in the future. They gave us 70 maritime customers, and they've had an explosive growth. We planned for this year, or they planned for this year, to have revenue of around NOK 45 million. They have an excellent SaaS-based marketplace, which we think we can use and change into our marketplace too, so use their technology to give that offering to all of our customers. They've done some great work in the superyacht and the leisure vessel market, so just slightly adjacent within maritime, which we believe can be very beneficial to the group going forward. WellAtSea was acquired by Seably in October 2022, based in Manila. They provide some really essential services to the wellbeing of seafarers on a global basis. The deal itself, just an enterprise value, just under SEK 18 million, and an equity value of SEK 65 million. They do have a long-term debt settlement, which is the SEK 18 million difference between the two, which we'll see in H2 2023. We do expect an increase in their net working capital between NOK 15 million and NOK 20 million. I've included three charts. Below you can see the, the revenue ramp-up that Seably have experienced over the last couple of years. The donut in the middle shows the distribution of the revenue between WellAtSea and Seably. To the right there, I've included Safebridge. The reason for that, Safebridge was our last acquisition. Similar size, similar profile. The importance there for us is that Safebridge, we've seen near double revenue growth in the period that we've owned them, and we've made their contribution in line with the rest of the group. When we think about Seably, we think it's an excellent acquisition, an excellent price, and we're very excited about integrating them into the MINTRA Group and the future. You will have seen, well, this morning, we held a Board meeting with respect to the funding of the Seably acquisition, and the Board has authorized a private placement of new shares. The subscription price is NOK 3 per share. We're looking to offer an additional just over 36 million shares to gain a full subscription amount of NOK 110 million. The books will open from today and will close tomorrow. We do have a pre-commitment received from both Tjaldur and Ferd, 50/50 of that NOK 110 million. In case that we have existing shareholders or new shareholders demand from these guys, their retrospective allocations will be scaled back to, to allow other shareholders to participate. I am delighted to announce that the senior leadership team and members of the Board have committed to buy shares valued at NOK 1.6 million. Moving on to the strategy and the operations of the organization. At MINTRA, we're experts in digital learning and human capital management software, focusing purely on the safety-critical industries of energy and maritime. We service over 2.5 million system users. We've got 4,000 companies inside of our system. We're established in Norway in 1996. We have a disruptive business model, and by disruptive, what we mean is that we challenge, we challenge the status quo. We're nimble, we're fresh, we have a digital-first as an operating model. We provide that one-stop shop for our customers, helping them to both develop and deploy their workforces. By develop, we mean that transferring of digital knowledge, making sure the safe working practices are taken on board by their teams. By deploy, using our OCS software, inside the human capital management, that allows our customers to manage their workforces on a worldwide basis in both safe, compliant, and efficient operations. When we think about our strategy, the tried and tested strategy that we have, we see the importance of compliance and accreditation of content, growing that within our content library. Expanding that library with respect to partnerships, third-party content, so that our customers can get all of their training and digital needs in one space. Increasing usage, getting more and more attractive, more and more users into our platform. Seably will be a great help for us in that in terms of their immersive UX and the way that they can onboard customers easily, bringing them into this ecosystem, from which point we can start to stimulate their interest in the content that we have. Entering into new geographies, both organically and through acquisition. We know that with Safebridge we got access to the Cypriot market, which we've grown, and we've seen great results in our results. Likewise, with Seably, we've got the opportunity to, to bring on customers in, in Sweden, and then with WellAtSea being based in Manila, it allows us to attack that part of the world. All of these actions are underpinned by healthy M&A. Obviously, Seably, bringing that on board this year is excellent. We have been working, or we're working on another deal which we can see in our costs in terms of time and money. We walked away from that deal right at the end when it came to the valuation. We felt that the valuation the owners were looking for exceeded our expectations and what we look to do when we bring companies into the group. When we think about our library, you know, our library now, we've got over 2,600 courses. These are active courses, courses that our users are using on a daily basis. We can see the importance of the accreditation at the top there with many of the bodies, the standard bodies, that accredit our content and make sure that it's to the right standard that the user requires to demonstrate their competency. When we think about increasing system usage, you can see the steady step up there. When we look to H1 on the far right, we can see we're already over 200,000 users, suggesting to us that by the end of this year, we'll be well over 400,000 users inside our platform. Again, our strategy is to attract people into our, our platform and then to monetize that attraction in future periods. When we think about our KPIs, number of courses, I've mentioned the number of users we've got in both training portal and OCS. When we think about our revenue, you know, the predictability of our revenue, that 95%, half of which comes from truly reoccurring multi-year contracts. The other half comes from customers that habitually buy content from us. Thinking about our ARR, you can see that it's grown to NOK 134 million. We started the year at NOK 120 million, so we've made great strides in this, and it's, it really is a good indication of the great health of the company that we have. When we look at some of the external recognition that we get, I've mentioned Fosway, giving us their Core Leadership with respect to our LMS. Feefo, with respect to our customer service, and we were shortlisted as, as a best employer. That's important to us when we think of, of the people that's that are part of MINTRA. We like to attract, we like to develop, key people in our organization, and being recognized as a good employer is very helpful as we pursue our objectives. I've also got, as I've mentioned, the ISO certification, which gives comfort to our customers in terms of our procedures and the systems that we use. I'm gonna pause right there, and I'm gonna hand you over to Jostein, who's gonna take us through the financial results. Jostein? Thank you, Kevin, good morning to you all. Looking at the financials for the first half, gonna go to the next one. Our strong financial performance have continued into 2023. Our revenue is up from NOK 125 million in 2022 to NOK 145 million in the first half of 2023, representing a 16% organic growth. ARR, the annual recurring revenue, is coming up at NOK 134 million, up from NOK 120 million leaving the last year. Looking at our, our EBITDA margin, it continued to be strong. Reflecting non-current, non-recurring cost items, our adjusted EBITDA margin for the first half is around 33% and in line with H1 2022. Adjusted EBIT is NOK 37 million for the period, representing a 25% growth. EBITDA less CapEx represent 25% of revenue, which is a strong indication of our ability to deliver positive cash flow, supporting our ambition to grow and cover our financial liabilities. Gross margins, stable at high level, however, still expected to improve, based on economys of scale. We report at 85% for the first half, which are in line with the first half of 2022. We have picked up some increased cost in H1 to support further scalability of the operational setup. As mentioned, gross margin is, for the future, is expected to improve based on economies of scale. Looking at the cost base, M&A support for the first half is reported at NOK 6.5 million. M&A is a continued focus in MINTRA. However, we believe adjusted EBITDA is providing a better picture of our cash flow generated from the operations, hence, M&A have been allocated as non-recurring cost items. Our other OpEx, represented by payroll and general admin, shows an increase in value, however, a stable portion of the revenue. The increase in value reflects increased travel and exhibitions following COVID sanctions being lifted, hence increased sales activity. Following the scalability of our business model, OpEx as portion of revenue is expected to be reduced going forward. However, we expect to find some inflation in wages and general admin to influence our second half. Shifting to the next one, looking at the operational cash flow, which is a truly remarkable sight on our take. Our cash flow from operations continued the positive momentum that we saw in the whole of 2022. Producing NOK 71 million of cash in the first half, that's the best 1/2 in the MINTRA history. Looking at last four months, from July 2022 to June 2023, [audio distortion] NOK 101 million. We believe the Seably acquisition will contribute to a continued positive development to support our cash flow when fully integrated into the MINTRA structure. Reflecting the global increased cost of capital, we have a push from both vendors and customers on payment terms. As such, and including the incorporation of Seably, we expect some development of net working capital in the second half and expect a slightly push on our cash, on our cash holding. Looking at the next one, which is the segment information. L ooking at the first half, we had a good growth in all segments, as illustrated by the graphics. We had growth in all segments. Overall growth, compared to first half of 2022, is 16%, mainly driven by eLearning, by 17%, and our consulting and bespoke services coming back, which picked up more than 35% during the first half. Revenue growth in HCM is around 8%. As MINTRA are reporting in NOK, and based on current currency flu, fluctuations in the general market during H1, we have some positive impact on, on currency, on our numbers. Calculations compared to average currency rates in 2022 indicates effects on revenue of NOK 7 million. Simulations also indicate a close to zero effect on our report as a substantial part of our revenue base are being paid up front. Looking ahead, our deferred revenue at period end is around NOK 80 million, down from NOK 97 million at year end 2022. However, our order reserve on consulting and bespoke is more than, still more than 10,000 hours. In total, we have a positive expectations on the second half and how the business segments will operate. There is a few additional slides included in the slide deck, which you could have as a reference. The information in them are already commented on. Going quickly to the balance sheet, we maintain a strong balance sheet. Goodwill is reported at NOK 640 million, which is in line with what we have seen going back to 2021 after the acquisition of Safebridge. Other intangibles is NOK 78 million, in line with what we have seen for the past few years. The cash position at year-end, not at year-end, but at period end, is highly affected by the shareholder distribution of NOK 325 million we picked up in March. We also have had some cash inflow, having a new debt agreement with Nordea during the first half of NOK 140 million. Net working capital going out of the period is NOK 78 million. That's on the NOK -78 million, it's a good place to be. As I mentioned, we do expect it to pick up a bit, looking at second half, is probably looking closer to NOK 50 million. The equity ratio reported as the period end is 56%. It's in the mid-50s. As I mentioned, that we had a huge shareholder distribution in March, we have picked up new debt facilities with Nordea during the first half. The third revenue income, as mentioned, NOK 80 million. Looking at the balance sheet following the share issue and the acquisition of Seably, we do expect there was NOK 110 million. S o we expect the equity ratio to be in the low 60s to mid-60s following the transaction. Looking at the Seably acquisition and the initial purchase price allocation, we see that most of the information or most of the cost implied in the acquisition will be related to goodwill. That's the information from me this time. Looking forward to hear about the outlook, Kevin. Back to you. Thanks, Jostein. Yes, indeed, the outlook over the next few periods, you know, we are very excited about what the company can expect. We really do see MINTRA that's right at the center of these four megatrends, which are currently working in the, the sectors that we serve, that being energy and maritime. We see a significant increase in requirement for education, allowing the individual to progress their career. That way of getting the education through digital means, we see that, that transfer of learning very much evident in the sectors that, that, that we serve. Not only digitalized, but making sure that the training received is regulated, accredited by the right standard bodies. Then with respect to sustainability, both in terms of energy and maritime, we see a progression in this area. As things change, as our customers move to more sustainable ways of their operations, they look, you know, with that change, they look for training. When they look for training, they look into their supply chain, and that's when they select MINTRA to help them in that journey towards sustainability. We look at our markets, you know, the markets that we serve, they are very buoyant. You know, when we think about maritime, we see, you know, there are... that it's expected to continue to grow. When we think about energy and that energy equation, that question around security of supply, we see many governments opening up new projects. When new projects happen, that's when new training, you know, occurs. If you think about last year, we talked about a number of key contract wins, that we took as new projects came online, and we see with our revenues this year that that percolates down to us. We're very excited about the opportunities that we see in energy. Also, when it comes to that skills transition, Opito being, a standards body in, in oil and gas, you know, talking about the fact of that movement away from purely, being the face-to-face training to, to that, the importance of digital training. For us, the markets, our position in the markets are, are very exciting. When we think about our funnel, our conversion funnel, you know, we, we are getting more and more users into our platforms. We've seen that on the graphs and on the charts. Those users are becoming more and more active based on the requirement from their employers, but also from the rich content that we have available inside of our platforms. As that happens, we get more paying users. For us, you know, we believe that, you know, our offer is both modern and compelling. We have a technology platform, over 2.5 million users, 4,000 customers. We're tried, and we're trusted. You know, we have been a highly accredited provider, but collectively in the group, we've got over 30 years of combined industry experience. We are both relevant and impartial. We are that one-stop shop for all the learning and the workforce management requirements, and we have a trusted partnership network. We are digital first. You know, we're scalable, we're flexible, and we have solutions which can increase access at speed and ease for our customers. For us, when we think about the strategic priorities that will drive our growth, we know that the markets that we serve are buoyant. There is increasing investment, new projects, which requires training and the digitalization services which we have. We're expanding our technology footprint. We've seen that with Seably. Bringing Seably in, giving us more capability with our UX and their platform through our systems to allow us to go and get new customers. We do have that digital-first approach. Speed, flexibility, we're nimble, and we disrupt. We disrupt the. We challenge that status quo, allowing us to secure more contracts significantly in the maritime sector. All of this, you know, is underpinned because we're actively engaged in looking at the right strategic partnerships, but also the right M&A, which will allow us to achieve the growth that we know will come in future periods. I'm going to pause right there. We'll look to get some questions from you now. Thank you. Thank you. The first question is, could you elaborate on why you decided to acquire Seably? Well, we'd followed Seably for quite a while. We were very impressed by them in the marketplace. We saw them as a really good competitor. Our strategy has been to grow our market share in maritime. Having followed them, getting to know them more closely, we thought it was a great acquisition opportunity. For us, their technology is excellent. Their UX is very good indeed. We see that the way that they can attract and bring customers into their platforms as very exciting. We think that layers very nicely onto our existing technology. 70 new customers, which is brilliant for us in terms of taking more market share. The WellAtSea company, we think that's a real opportunity for us in terms of there is such a huge focus on seafarer wellbeing right now. You know, the other parts in terms of the opportunity to get into super yachts and leisure vessels, we think that could be very strong for us in the future. We're very excited to bring them into the group for sure. Great, thank you. The next question is: The AI work looks exciting, how do you apply it, and will you continue to invest in AI technology? Yeah, that's a great question. It, it really is on the forefront of a lot of people's minds at the moment. We're a tech company, AI is important to us. We have been using it, actually, for quite a while in our customer service. We, we've used it with some bots, but, but more importantly, of late, in our authoring tool. We've given the opportunity for customers to actually use AI in an authoring tool, allowing them to, to auto-generate content, to brainstorm, to translate, to ask questions. We do use it, but because the industries that we, we, we, we serve in terms of the safety critical nature, we only adopt this technology at the speed and comfort that our customers would accept. Thank you. The next question is: MINTRA is consolidating its learning market footprint. With the announced acquisition, is your pricing power increasing, and can we expect revenues to increase due to improved pricing? Yeah, it's in maritime. Maritime is a very competitive space for us. We are trying to, to take market share and to grow that market. We will do that through, through various different ways. For us, the, the, the value proposition is important. The technologies, as I said with Seably, we think that gives us a learning landscape, which is undeniably the best in, in, in the market. We think our content is strong, and so we have a fresh and nimble approach. There is always opportunity to take market share, but I wouldn't say that we'll necessarily, you know, work towards price. We think we've got a, a very good value proposition, which will be beneficial to us in the future. Great. The next question is: How does the currency situation impact MINTRA? Yeah, that's a good one. The currency, as we explained in the report, have been affecting the top line of the reported revenue. Our simulations, based on how we looked at the average currency rates in 2022, indicates that we have an uptake of NOK 7 million on the revenue line. Part of the reported growth is in fact infected by currency. In order to cope with the currency going forward, we have introduced some new way of discussing and making sure that we have reduced the currency exposure on new, big, larger contracts. Looking at the EBITDA, which is at least as important as the top line, based on the structure of our business, we have quite a quite a big chunk of the revenue being prepaid, meaning that the impact on from currency on EBITDA is quite low on the EBITDA side. Depending on how the NOKs will develop going into the second half, and we have seen some kind of drop, we still expect to see some currency effects in the H2. Great. Thank you. The next question is: Nordea is on the capital raise syndicate. Can we expect them to initiate coverage? Well, we can't comment on, on behalf of Nordea. What we can say is that they. We have a fantastic relationship with them. We've worked with them for, for, for many years, and we'll continue to work with them. They're a, they're a great institution for sure. Thank you. Another question has just come in, and it's: Can you comment on the reasoning behind the large one-off dividend and your distribution strategy for the future? Sure. Well, okay, the comments for it, so we, at our last report, so the H2s of 2022, we thought it was the best use of capital at the time. You know, our, our strategy, at that point, we said our strategy would be to use the, the funds that we have appropriately for us. We are a growth company, so we'll use the money for growing, if we don't see that there's value in that at the time, we'll go to the dividend strategy that we mentioned in the last reports. We are a growth company, we will try and use the, the funds that we have appropriately to, to achieve those objectives. Great. The next question is: Could you talk a bit about the global market share in your two segments, and how it's developing and where you want to be? Well, for us, we want to be the, the number one supplier, you know, globally. That's, that's, that's our intention, that's our vision. We, in the energy sector, we see that developing well. We know that that security question, security of supply, is very much on, on many people's lips, and so with that, we see lots of projects opening, and as the projects open, that again trickles down to us, as I said in the presentation, and we see increased revenue opportunity from that. We're excited about our presence in energy. We think that's a great market to be in. Likewise with maritime, a little bit maritime, a little bit different in terms of we wouldn't be the dominant player in, in maritime. We do feel that our value proposition, as I said earlier in the Q&A, is extremely good, and the acquisition of Seably really reinforces that. Our content library is really strong. We know that that market is continuing to grow, so we do feel an opportunity to grow our share of that market. As I said, you know, our quest is to be that number one supplier in the both markets that we serve. Great. Thank you. Next question is: How is the profitability in Seably or WellAtSea, and what margins are you aiming for? Yeah, it's, it's, similar, as I said in the presentation, similar to Safebridge when we look at it. Currently, you know, we look at companies that are making, a profit, when we look to acquire them, but we, we do know that bringing them into the group, there's opportunity to, to, to, to grow both the revenue and the contribution. Our expectations, would be to similarly to, to, to get the contribution out of Seably and WellAtSea that we expect in, in, in the group, and that we've, achieved over the last few years. Great. The last question is: What are the main drivers behind MINTRA recent growth, and do you expect similar growth for the second half of the year? Well, as Jostein said, we've got growth in pretty much all our sectors. The biggest one has been in eLearning. The eLearning growth, where does that come from? Well, obviously, the buoyancy in the market, the two markets that we, we really go after. If you remember last year, we achieved a lot of new deals that came through, so the market was there. As the new deals come through, the actual usage picks up in later periods as the teams get to work and require training and get that skills transfer. Our expectations are for us to continue as we've seen in the last few periods. You know, we, as I said in the presentation, we think we've got buoyant markets. We think our technology is absolutely spot on. We'll look for acquisitions, you know, the appropriate acquisitions to help us accelerate our growth. We're pretty excited about what we see in the future, for sure. Great. Thank you. That was the last question. Thank you very much. Thank you.