Good morning and welcome to the Brave Bison Group Results Investor presentation. Throughout this recorded presentation, investors will be in listen-only mode. Questions are encouraged and can be submitted at any time via the Q&A tab, situated in the right corner of your screen. Simply type in your questions and press send. The company may not be in a position to answer every question that's received in the meeting itself. However, the company can review the questions submitted today and publish responses where it's appropriate to do so. Before we begin, I'd like to submit the following poll. I'd now like to hand you over to Theo Green. Good morning to you, sir.
Hello everyone and welcome to the Brave Bison FY24 Annual Results Presentation. Today we'll be running you through some of our latest financial highlights and some of the main strategic steps we took in 2024. We'll also touch on the three acquisitions that have completed in 2025: Engage, a sports marketing business, Builtv isible, a performance agency, and The Fifth, an influencer marketing business acquired from News Corp, the global media company. Your presenters today will be live versions of Oli Green, Brave Bison's Chairman, Theo Green, Chief Growth Officer, and Philippa Norridge, CFO. This introduction, however, comes from an avatar generated by an artificial intelligence platform, the same tool we use to create content for our customers at Brave Bison. Hopefully, you can see why we are embracing this revolutionary technology and building it into all of our workflows across every department at Brave Bison.
I will now hand you over to the real team.
Good morning everyone and welcome to the Brave Bison Investor Meet. Hopefully, you got a chance to appreciate the technology that we use at Brave Bison, but I assure you you are joined with live versions of us all here today. My brother Theo, our Chief Growth Officer, is on the call, as well as Philippa, our CFO. For those of you that do not know me, I am Oli, I am the Executive Chairman of the company. For any new shareholders or prospective investors that do not know us, Brave Bison is a media, marketing, and technology company that is purpose-built for the digital era. We work with a number of global and international businesses, companies like New Balance and Currys and Shark Ninja and ASUS. The business has three core divisions. Now, we really operate as one company.
We operate as one business, but we have three different divisions that work with clients in slightly different ways. Brave Bison is our paid and organic media practice, and it is here that we plan and buy digital media across platforms like TikTok and Instagram and Facebook. We do this on behalf of a number of retail customers, finance customers, travel customers, as well as FMCG companies. Our mandate here is really to drive sales and drive transactions on behalf of our clients. Social Chain is our social media division. Here we ideate and strategize about how to help our clients build bigger profiles across social media platforms like TikTok and Instagram, as well as drive actual transactions for clients. Engage, which is a new business practice, is where we help global rights holders to think about new revenue streams and build audiences across digital platforms.
2024 was a relatively difficult year for a lot of businesses in our industry. We, however, feel that on balance, things could definitely have been a lot worse. Actually, we've been quite pleased with our results at the end of 2024. We were able to grow our revenues modestly at the statutory level, but actually about as high as 8% year on year if we strip out the U.S. office that was multiplied during the period. Our profits also increased to GBP 3.9 million of adjusted PBT, and we ended the year with a higher net cash position, our fourth successive year of increasing our net cash. We also increased our statutory PBT as the adjustments that we made in prior years as a result of fundraising and acquisitions work did not come through. As a consequence, we're posting higher statutory profits.
We were also able to make one acquisition during the period, Engage, which Olie referenced earlier. We will go into more detail about Engage, but it is a really exciting sports marketing and fan engagement business that fits very well with our existing activities on YouTube. Finally, Brave Bison is taking a new approach to capital allocation, and we will be paying our first dividend in the company's 13-year history. The initial dividend will be about GBP 300,000, and Philippa will cover off that as we go through this presentation. The five-year record for Brave Bison, which is roughly when myself, Oli, and Philippa joined the business, is now starting to show real progress and real momentum. Net revenues have increased every year, adjusted profits have increased every year, and our adjusted EBITDA margin is now over 21%. We have made a number of acquisitions in the period.
They have been tightly integrated, mostly around the same playbook, which we'll talk to a little bit more today. We feel that Brave Bison is now in a really interesting position going into 2025. Our brokers have just upgraded revenue expectations for 2025, and they're now expecting revenue to grow by a further 18% for the current financial year. In terms of underlying metrics, Brave Bison has also really focused on growing earnings per share and net cash. Earnings per share is a core fundamental metric for us that we evaluate in the context of all of our acquisition and capital allocation decisions. We're pleased to show growth of that again, now to GBP 0.03 per share. Similarly, we're very focused on cash generation.
We work very quickly once we've acquired a business to cut costs, to centralize overheads, and to get businesses generating as much cash as possible as quickly as possible to pay back our initial investments.
2024 saw Brave Bison achieve another solid set of results with a fourth consecutive year of growth across net revenue, adjusted EBITDA, and adjusted EPS. Our net revenue growth was 2% or 8% if we exclude U.S. operations, which were multiplied towards the start of the year. Social Chain, which we acquired in 2023, saw particularly good growth off the back of some major client wins. We also saw strong demand for our performance marketing services, in particular our AI-driven offerings such as Audience GPT and Ad Studio. We did, however, see the impact of macroeconomic factors on our systems integration and web-build revenue as clients delayed large-scale CapEx investment. It was also a strong year from a margin perspective as we achieved adjusted EBITDA margins of 21% and adjusted PBT margins of 18%, both showing small increases on the prior year.
This is testament to our focus on integration and operational efficiency across the group to enable tight cost control. We remain well capitalized with net cash at the year-end of GBP 7.5 million. This dropped to GBP 5 million at the 31st of March following the completion of the Engage and Builtvisible acquisitions. However, we still have significant free cash alongside a GBP 3 million agreed but undrawn revolving credit facility with Barclays, which provides further liquidity if required for future acquisitions. On the next slide, you can see a summary of the exceptional costs and adjustments that explain the difference between our adjusted profit before tax of GBP 3.9 million and our statutory profit before tax of GBP 2 million. We had GBP 0.3 million of acquisition costs during the year, which related to legal and professional fees in relation to due diligence and structuring of acquisition opportunities.
We also incurred GBP 0.9 million of restructuring costs during the year. The majority of this related to the restructuring of Social Chain, with some legal costs relating to the termination of contracts in the U.S., as well as some costs relating to the termination of duplicate leases and software contracts. Also included are some employee termination costs, system migration costs, and costs associated with the capital restructuring carried out in the year. As well as these exceptional costs, we also adjust for equity settled share-based payments. This includes charges relating to our employee share option scheme, which is used to incentivize key employees, as well as charges in relation to directors' long-term incentive plans. Finally, we adjust for the amortization of acquired intangibles.
This relates to the amortization of the customer relationships acquired as part of the acquisitions over the last three years, as well as the amortization of the Social Chain brand name. Our net cash balance increased by GBP 0.7 million over the year. We had healthy operating cash flow of GBP 1.6 million, despite some unwinding of working capital and client payments received immediately after the year-end. We made acquisition-related payments of GBP 0.7 million during the year, which related to the acquisition of Engage and was structured as a loan following exchange and shortly ahead of completion in January. Other cash flows out were minimal, with capital expenditure of GBP 0.2 million, which related primarily to office fit-out costs and computer equipment, and very minimal tax payments due to our brought-forward tax losses.
Given the cash-generative nature of our business and our increased size and scale, we have spent some time looking at our capital allocation policy over the last year. During 2024, we carried out a capital reduction to give us distributable reserves and the flexibility to return amounts to shareholders when we felt it was the right time. Whilst we still feel that investment into the business to support its long-term growth is the first priority, we do feel that we are now at a stage to begin paying dividends. We are therefore pleased to announce our maiden dividend of GBP 0.3 million. This is equivalent to approximately 20% of the operating cash flow in FY24 after lease payments.
A good year for 2024 and something that the management team is pleased with. It has really given us the confidence going into 2025. We're very pleased to have completed three acquisitions so far in 2025. The first, Engage, which was announced in December but completed in January, the sports marketing business we previously mentioned. The second, Builtvisible, a performance agency that focuses on search engine marketing. Finally, The Fifth, which is an influencer marketing business that was started by News Corp, and that was announced separately today. The Fifth is a really interesting acquisition for us, not just because it brings us excellent capabilities in influencer marketing, which is something that we're very keen on at the moment, but also because it brings us a new strategic shareholder in the form of News Corp, the global media and information company.
News Corp will be one of our larger shareholders. They will also be a client and a partner of ours and will continue to work with The Fifth for a number of their media brands. They have also committed to making a further GBP 200,000 investment into Brave Bison in the six months after completion of the transaction by on-market share purchases. We have a profit share agreement with them going forwards over the next three years, and they have committed to investing GBP 25,000 of that profit share that they receive back into Brave Bison again via on-market share purchases. As a consequence of these acquisitions and healthy trading in the first quarter of the year, we do expect revenue and underlying profitability to be ahead of the current market expectations. Integration work for these acquisitions is progressing well.
We have a very clear framework for how we buy and integrate businesses, particularly around some of the more difficult things like IT migrations, like onboarding of new HR systems. We are really pleased that both Engage and Builtvisible are currently working from the Brave Bison HQ in Stephen Street in central London. The Fifth will be moving straight over into our office as a consequence of this being a carve-out, so it does not come with some of the systems work to be done. Ultimately, we think that all of our systems migration will be done, if not by the end of H1, then shortly thereafter, including The Fifth. We do not expect to spend huge amounts of time integrating these businesses as they all fit very nicely within existing business units. Finally, we announced our intention to consolidate shares.
We've agreed to carry out this consolidation after the AGM, so there'll be a circular that gets posted. This is really about Brave Bison and some of its track record and its history having been a listed business for some time. Obviously, when the business came under new management, the share price stayed at where it was, and we feel that sometimes that has a negative impact on the story of being a penny stock. Having consulted with a number of potential and existing institutional shareholders, we've resolved that it's the right thing to do for the business in terms of liquidity as well.
We thought it might be helpful today to give you a flavor of some of the work that we do for our client partners. New Balance is really a flagship client for us. We've been working with them for more than five years, and we actually work with them across a number of different markets and across a number of different channels. We're sort of a partner of record for New Balance in the sense that we are their go-to digital media agency for all things social media, all things Google, all things SEO and programmatic and content. The relationship is really very strong. We are constantly in their office in Amsterdam, and we've actually started working with them out of North America for the very first time.
This gives you a flavor for the kind of work that we do, the kind of depth of relationship that we have. We actually started our relationship through one of the acquisitions that we made via Greenlight in 2020, but we've really built and scaled that relationship. The team has grown. Them as a business has actually grown as well. New Balance is one of the sort of one of the only really sort of sportswear athleisure retailers that is consistently growing globally, whereas some of its competitors are seeing tricky times. I think that's a testament to the brand that they've built, but also the digital operations that together we manage. SharkNinja is another really exciting client for Brave Bison. SharkNinja was actually one of the fastest growing businesses in the U.K. last year.
They're unbelievably innovative with their ability to launch new products and listen to consumers and disrupt existing markets. We have been working with them across different social channels for really about the last 18 months. We create tons of content. We interact with creators and influencers on their behalf. We shape campaigns. Social is such a driving force for their business. It's where they launch new products, where they get insight as to how people are using their products. We're an excellent strategic partner to SharkNinja.
Real Madrid is one of the clients that we work with through Engage. This is a new client for us. This is one of the case studies that we found most impressive about the Engage team when we were doing our due diligence. Engage is the retained creative agency to Real Madrid. Real Madrid is consistently ranked as either one or two for the largest football club in the world, and football is the world's largest sport. It doesn't really get bigger when it comes to working with football teams. Really, one of the main issues for Real Madrid is that they have all these fans all across the world in all these different countries, but very few of them are signed up as identifiable digital personalities that they can interact with. They don't have email addresses. They don't have followership on Instagram.
One of the biggest problems really has been monetizing these fans. How do you get them to sign up to a digital product or to buy a shirt or to sign up for a foreign tour? That is one of the things we have been doing with Real Madrid, helping them improve the quality of their digital content and their digital presence such that they attract more of these fans online. We know they exist. We know people talk about Real Madrid all the time, but that does not mean that they follow the relevant accounts. That does not mean that they are tuning in to watch content on YouTube. We are really pleased to be working with Real Madrid. There are a number of other case studies from Engage that are very exciting like this.
Artificial intelligence has definitely been one of the most important areas of growth for us this year. We have a dedicated team that spends the majority of its time focused on changing the way that not only we work with ourselves and different members of our teams, but also with our clients. We like to package up our tooling into branded products that we talk to our clients about on a regular basis. When you join Brave Bison as a client, you get access to this information. You get access to these ways of working. You get access to our tooling. One of the ones we wanted to talk to you about today was something called Audience GPT, which is quite an exciting product that we launched earlier this year at MAD//Fest, which was a marketing and advertising festival.
We were working with a number of our clients, but not across the board and not in a branded fashion last year. Audience GPT is effectively an audience insights tool. What we do is we take a section of customer data, our client's customer data, and we use it to train a GPT. New Balance has its own GPT. Currys has its own GPT. All of our clients have their own GPT. These models effectively represent a typical customer. That allows us to interact with a customer and have a conversation with a customer and ask them things about different advertising content or things about different media plans and effectively allows us to do our work faster and cheaper and generate media ideas that we could not otherwise do so quickly.
This effectively replaces a much longer, much more expensive focus group or qualitative study of audience. We are feeling very good about this, and we think that this part of our business will grow over the next few years.
This slide gives you a little bit of a flavor for the acquisitions that we've made since myself, Philippa, and Theo joined the business back in 2020. We are an acquisitive business, but we're very sort of selective and focused when we think about an acquisition. The businesses that we like to get involved with typically are those that we can see us adding value to very quickly. We typically add value to a business in a couple of different ways through operational excellence, so really integrating their cost base and their platforms into all of our existing infrastructure, their marketing and growth, and really thinking about their sort of capability set. The businesses that we've bought over the past five or six years tend to be a mix of services companies and digital media companies, and we quite like that balance.
Quite a few of them have been loss-making, and we're able to turn them around to profitability within the actual 12 months that we buy them.
This is a bit of a case study on Engage. I'm sure that some of you may have seen all of the relevant financial information, but we thought it might be helpful to run through a couple of things about Engage. First of all, sort of why we like it. Secondly, the business plan. What are we going to do with it, and why is it going to thrive as part of Brave Bison? Firstly, one of the things about Engage that's most impressive is the quality of the clients. You don't really get large clients in each of the individual sports than what we've discussed. Real Madrid for football, All Blacks for rugby, and ICC for cricket. There aren't really many better clients you can be working with. Engage also works with FIFA on a number of different projects within the FIFA organization.
We feel that when you work with an organization that has that quality of clients, you know that there's a very strong quality of individual underlying that business. This fits really well with our existing business as well. As some of you will know, Brave Bison has a really strong YouTube channel management business, really focused on sport. We run channels for the U.S. Open, for the PGA TOUR, for the Australian Open, for the Laver Cup, for the DP World Tour. Tennis, golf, and some motorsports channels as well are really successful for us. Being able to take that proposition, YouTube channel management and content production for YouTube, and put it inside Engage is an incredibly exciting proposition that generates lots of cross-selling opportunities. Another thing that's great about Engage is the way they deliver work. They have offices in Melbourne. They have offices in Bangalore.
They have offices in Dubai. They then have offices in London. They have people on the East Coast in America as well. What that really allows is a follow-the-sun delivery model. Effectively, the team in Australia work their day. They do all of their content production in the cloud, they leave notes, and they hand it over to the Indian team, who then subsequently hand it over to the U.K. team. In India, the team works six days a week, and we run multiple shifts. When it comes to producing content for social, we now have a really exciting hardened factory there that we're able to use now across the whole of Brave Bison. Very interesting from a delivery perspective. In terms of a business plan, the first thing that we do really is look at centralizing the overhead.
Office, HR, IT, finance, marketing, and operations, that all immediately comes into a centralized function that we run at Brave Bison. A lot of that is underpinned by technology. We have a very sophisticated professional services automation platform that allows us to work out exactly how many people we have, what they're doing, how many hours they have in a day, and what they're working on. That means that we can quite quickly turn this business from being loss-making to break-even to generating a profit on a monthly basis. We also think there's really good opportunities around cross-selling. All of Engage's clients need a strong presence on YouTube. That means that what we're able to offer them in terms of YouTube channel management and content production and rights management on YouTube is really invaluable.
If they do not already have a partner, then we are already working out how we can get in there and sell that service too. Builtvisible is an organic and sort of very strategic search agency that we acquired in March this year. Builtvisible is a business that we have known for a long time, something that we followed for a long time. They have a reputation in the market for really being a specialist in very technical SEO, search engine optimization. Effectively, how do I make sure that my website comes up first when someone searches for a product or a brand on Google or on other search platforms? This is a really detailed and technical skill, particularly when it comes to working with retail or travel companies. It is known in the industry. It is something for real enthusiasts, real boffins for the subject.
Builtvisible have been that for a number of years. That is why they work with some really fantastic and global clients. We have an SEO practice, but Builtvisible has such strong pedigree in the space that combining that practice with our existing operations means that this could be really exciting. The other thing that is very interesting about Builtvisible is, as a specialist, they only sell one thing to their customers. They only sell search engine optimization content and digital PR that all fits within that organic search and organic performance sector. They do not sell any paid media services to any of their clients. All of their clients are buying that service from someone else. That is a core service that we provide at Brave Bison already. Again, very strategic for us in terms of cross-selling.
We automatically have between 15-20 really fertile client conversations that we can have within the next 6-12 months. We are really pleased to be able to do that and do that quickly. Again, the office footprint and HR, IT, and finance all being brought into one central place, one central system works really well. We have already kicked off that process. Migrations are already underway, and we hope to be able to have that completed in short order.
As Theo mentioned, we were very excited to announce the acquisition of The Fifth this morning. Similar to Builtvisible, actually, we've been following The Fifth for a number of years. These guys really have a fantastic reputation within the market. They've got a very strong pedigree when it comes to technology and entertainment clients. The likes of YouTube and Disney and Fox and Samsung TV are all clients of The Fifth. Ultimately, their proposition is centered around really understanding cultural trends within social media platforms and harnessing creators and influencers on behalf of brands and using them to promote certain messages or products or services. This is a part of the market that is growing incredibly fast. The reason that News UK and News Corp actually founded The Fifth in the first place was that they actually saw that publishing was changing so dramatically.
Actually, these influencers, these creators, in effect, had their own audience on these different social media platforms and that the future of publishing is very much centered around influence. The Fifth is able to work with quite a broad range of global clients to really promote and drive revenue or downloads or subscriptions or purchases on behalf of their clients. The team is fantastic. The technology and processes that they use in the business is best in class. The other thing that we're really excited about is because this part of the market has grown so quickly, sometimes brands are unsure as to which partners are sort of tier one and sort of transparent and professional because there's quite a lot of cowboys in this space. Oli Lewis, who runs The Fifth, he's the founder and CEO of The Fifth.
He is actually co-chair of the industry body for influencer marketing. The reason that is significant to us and to both existing clients and future clients is that it really gives us that badge of professionalism and best-in-class approach, which is so important in a market that has, frankly, exploded over the last few years. We wanted to end with taking existing investors, but also prospective investors, through what we think are some of the sort of main reasons to either hold your shares or buy more shares in Brave Bison. The first is that we have a track record in a creative M&A. We generate cash as a business, and obviously, sometimes we do pay that back to shareholders, but we also like to invest in the business and grow earnings per share. The underlying markets that we operate in are all growing. We're digital only.
We're digital first. The market is absolutely growing despite there being a slightly tricky macro environment. Despite the three acquisitions that we have done in 2025, we still have a healthy balance sheet. We are in a net cash position. We generate cash, and that's different to a number of our competitors. I think from a technology perspective and from an AI perspective, we've really been first out the block on this because we were using ChatGPT back in 2021 before all of the hype. We've always been a technology-enabled business. We use tech to run our business. We use tech to deliver the services that we sell to clients. We've built an infrastructure and an operating platform that really sort of prioritizes technology and using data to drive value. Lastly, myself and Theo and Philippa are all very aligned with shareholders.
Between us, we own just under 20% of the business, and we're very committed to shareholder value and driving shareholder value in the near future.
Perfect. Now we'll move over for some questions if the moderator wants to set that up for us.
Perfect. Thank you very much for the presentation. What I'll do is I'll just bring your cameras up to full screen now. Ladies and gentlemen, please do continue to submit your questions. You can do that just by using the Q&A tab that's situated on the top right-hand corner of your screen. Just while the company takes a few moments for the questions that have been submitted today, I'd like to remind you that the recording of this presentation, along with a copy of the slides and the published Q&A, can be accessed via your investor dashboard. As you can see, we have received questions throughout today's presentation, and I'll just hand back over to the team to run through the questions, and I'll pick up from you at the end.
Sure.
There's a question here about News Corp becoming a top 10 shareholder and what their role will be moving forward. I would say that our relationship with News UK is really strong. We've known some of the team there for a number of years, and a number of the team inside The Fifth have been at News for a long time and so have very good relationships with some of the key people that drive their organization. I think that they are a strategic shareholder in that we work with them as a client for a number of their brands, and we would also like to do more across Brave Bison. I think that there are conversations to be had around various YouTube channel management opportunities, around various technology and experience opportunities.
They will remain a close partner, and we would like to do more work with them as well as discuss where we think the market is going.
There's a question here about sports and entertainment and sort of where we feel that's going. I think that there's a fundamental change going on in the world of sports and the world of sports federations. If you think about a lot of these organizations, they themselves are changing very quickly because the way that they generate revenue historically was 100% from sponsorships, sponsorship opportunities, and selling rights to linear broadcasters, people that were effectively cable companies like Sky in Europe or the U.K. and different cable operators in the U.S. Now, that business model is changing very fast because the cable operators themselves don't really have the ability to invest in sports in the same way that they did. That's pushing the sports federations really to go direct to consumer. How do they work with their clients going forward and their customers going forward?
The answer is often these direct streaming platforms. There's a huge growth area around platforms like FIFA Plus, which is a free subscriber-driven smart TV app, iPad app, and website where you can watch different archive content. The way that that product gets marketed is much more akin to a streaming company like Netflix looking to drive downloads than it is a sports federation of all. That area we feel is growing very quickly because we think that that world is changing and those organizations really could use support from a business like Engage or Social Chain. We definitely think that this is a growing part of our business, and that's why we made the investment in the first place in Engage.
There's a question here about client retention and how well we retain clients and retention rates. I think the answer to this does vary across the different parts of our business depending on the sort of work that we're doing. For instance, within the YouTube channel management area, we have virtually 100% retention. Those clients tend to stay with us and renew. We sign them up for two years, and that tends to automatically renew. Similarly, in the performance division, that tends to be a very retained business. Again, while we do see some churn in smaller clients, we still have all of the flagship clients that came along when we did that acquisition of Greenlight back in 2021.
I think some areas which are more project-based, so for instance, Social Chain, it's not about losing clients, but clients will come in and spend money for specific campaigns, and then we'll pause spend for a while and then come back in future years. I think with Engage, which is obviously a new acquisition, but they have a very strong history of retaining clients and work with them for years on end. Yes, it depends, but generally speaking, we have a pretty strong track record.
There's a question here about client projects and utilising AI platforms and how we sort of go about that. I think our AI product suite is built into our service offering. It's part of being a Brave Bison client. As I mentioned before, all clients get their own GPT. All clients that are talking to us about content and product landing pages get access to Scribe. We don't build for it on a separate basis. We sometimes build retainers for things like dashboarding and insights work on client data. Typically, this is part of our proposition. One of the reasons to work with Brave Bison is because we will be better than the other competitors because of how we utilise the technology available, and that includes artificial intelligence and building out our own tooling.
I think we see it as something that enhances our business and our ability to deliver. We're not a technology or pure-play SaaS company.
There's a question about how Brave Bison is different from its competitors and what does it do differently. I think that's a really good question. Ultimately, there are kind of three ways of working with a marketing and technology partner like ourselves. Some global clients like to go to a network business like a WPP or a Publicis. Those guys have scale. They have boots on the ground in a number of different markets. What tends to happen is that they favor legacy channels. They get rebates from your outdoor providers and your legacy media channels. What that does is it skews performance. They're also very sort of built in a very complex fashion. They've done lots of M&A over the years, and they haven't really integrated themselves.
What happens is you get different teams inside those businesses fighting for business, and it creates an uncomfortable culture, and clients do not really get the best result. A different way of working with a partner like ourselves is to say, "Okay, I am going to work with different specialists. I will have specialists for social media. I will have specialists for e-commerce. I will have a specialist for organic and a specialist for paid." What happens with that sort of approach is that you find that clients are left to really connect the dots themselves. The media landscape is unbelievably complex. Things are changing all the time. What they ultimately need is a joined-up strategy, a strategy that is personalized to their business and their opportunities and their challenges.
Working with a number of different specialists usually actually creates more complexity because each one of those specialists does not really have the full context, the full picture of the marketing landscape. Enter Brave Bison. Brave Bison works across a number of different channels and can work with clients across all these different platforms, but we are one integrated and connected business. We do not prioritize legacy media. We do not get kickbacks from various different media owners. The results that we produce for clients are actually better or ahead of our competitors, certainly in the sort of network space.
I think that's it in terms of questions unless anyone wants to answer anything else. Thank you all very much for dialing in. We really appreciate you taking the time to listen to us.
Thank you, everyone. That's great. Oli, Theo, Philippa, thank you very much for updating investors today. Could I please ask investors not to close the session? As you know, I'll be automatically redirected.