Welcome to the 2025 year-end results presentation for IG Design Group. I'm Stewart Gilliland, Interim Executive Chair, and I'm pleased to be joined today by our Group CFO, Rohan Cummings. As I'm sure you will have seen, I assumed the role of Interim Executive Chair after Paul Bal stepped down from his role as CEO following the very successful disposal of DG Americas. I'd like to take this opportunity to thank Paul for his outstanding contribution and hard work during his tenure. Full year 2025 has been dominated by numerous external challenges, felt mostly by DG Americas, which impacted group revenue and profit. However, post-period, there was a turning point for our group as we took the decisive step to exit DG Americas in order to protect the wider group from further risks.
This successful divestment enables us to streamline our operations and focus on the more resilient, profitable, and cash-generative part of our business, DG International. DG International has a strong heritage, long established and stable relationships, and well-structured categories and product ranges. We are now better placed to pursue future growth over the coming years. What must not get lost in the challenges that the business has faced is that we have long-term relationships with major retailers around the world. We work closely with our partners and pride ourselves on the level of service we deliver. At the heart of what we do is a focus on innovation, whether that's creating new products, improving design, or finding smarter solutions. We never let go of what makes what we deliver truly exceptional for our customers.
In terms of today's presentation, we'll begin with a summary of the year ending March 31, 2025, highlighting the key financial headlines. Following this, we'll discuss the DG Americas 2025 performance and the recent DG Americas divestment. We'll then review the group's 2025 full-year performance, delving into the financials in more detail: sales, profit, and the key drivers behind them, as well as our cash performance. We'll look ahead at the future and discuss what the group now looks like, the future strategy, as well as restating our guidance for the next three years before wrapping up. In full year 2025, group revenue declined by 9%, reflecting a combination of macroeconomic and operational headwinds. Soft consumer demand across the key markets, namely the U.S., the U.K., and Australia, alongside a number of customer bankruptcies in the U.S., and supply chain disruptions affecting a major retail partner in Europe.
Adjusted operating profit was down year- on- year, with adjusted operating profit margins declining by 320 basis points. This was primarily due to lower volumes, elevated freight costs, and competitive pricing pressures in the European market. Despite these challenges, we continued to see strong momentum in our Smartwrap product line, which now accounts for 35% of our wrap sales, and we maintained our strategic focus on growing license sales. Our average cash position strengthened over the year. This was supported by the sale of the U.S. property, which released additional liquidity. We also completed the closure of our inefficient manufacturing facility in China, aligning with our broader simplification strategy. Post-year end, we successfully divested DG Americas, which marks a pivotal step in reshaping the group into a leaner, more profitable, and cash-generative business going forward. I'll now hand over to Rohan to cover the 2025 financial performance.
Thanks, Stewart, and good morning, everyone. Turning to DG Americas before we focus on the continuing group, DG Americas, which represented 60% of group revenue in FY 2025, saw a 12% decline to $439 million, reflecting ongoing market challenges. As communicated over previous periods, the U.S. retail environment remained highly competitive, with cautious consumer spending driving lower order volumes and increased pricing pressure. This was compounded by a series of customer bankruptcies, including the division's fourth largest customer, which entered Chapter 11 and subsequently went into liquidation. Insolvencies accounted for roughly 20% of the revenue decline. While new business wins were secured, they were not sufficient to offset the lost revenue, with consumers prioritizing essentials amid economic and geopolitical uncertainty, especially in the run-up to and following the results of the U.S. presidential election. The impact was felt across all categories, with gift packaging and stationery hit hardest.
The revenue decline, combined with the rising input and freight costs, led to an adjusted operating loss of $15.5 million, down from a $6.8 million profit in FY 2024. Lower volumes, an adverse category and channel mix reduced this year's operating leverage and margin recovery by a total of $24 million. Despite proactive credit risk management and a disciplined approach to exposure, the impact of bankruptcies, particularly when inventory was held on consignment, was significant, and the group suffered a $12 million write-off, including provisioning requirements. This would have been far higher if it wasn't for the credit risk management work undertaken. In response, the division implemented cost-saving measures: operational savings, redundancies, and further consolidation of sites, which delivered $18 million to partially offset some of the impact of market conditions. Strong working capital discipline helped unlock value and support cash flow.
As investors will know, in recent years, we have taken significant steps to stabilize and strengthen DG Americas amidst a persistent challenging market environment. The prolonged period of reduced consumer demand led to a decline in order volumes, putting pressure on the business. These pressures were further compounded in the last quarter of FY 2025 by a series of customer bankruptcies, most notably the collapse of the division's fourth largest customer. This triggered a significant non-cash impairment charge of $54 million of DG Americas assets. Additionally, this compelled the Board to initiate an end-to-end review of the business, including the categories we operated in, with the objective of arriving at a smaller, more profitable, and resilient business. In April 2025, the situation deteriorated further with the introduction of new U.S.
import tariffs, which, considering the fact that over half of the purchases made by DG Americas were sourced from China, significantly increased the cost of doing business and added further uncertainty to an already fragile market. The Board widened its review of strategic options and, against this backdrop, concluded that the continued ownership of DG Americas was no longer in the best interest of the group. The disposal marks a decisive step to safeguard the group's future and reduce exposure to ongoing risk. The Board acted swiftly to protect the wider group from further financial exposure at a critical time of the group's working capital cycle and to mitigate the escalating risks of prolonged underperformance. As part of the deal, the group is entitled to 75% of any future potential net proceeds realized by the buyer.
This marks a key turning point for our business, enabling us to streamline our operations and focus on the more resilient, profitable, and cash-generative DG International. With a clearer strategic direction and focus, we are now better placed to pursue future growth and can look ahead with renewed optimism. Now let's look at 2025 results. Looking at DG International, which now forms the remaining group going forward, notwithstanding the market challenges, the business remained profitable and cash-generative in FY 2025. Revenue declined by 3%, impacted by competitive pricing in Europe of $9.8 million, a volume decline due to market softness in the U.K. and Australia of $4.2 million, and supply chain disruptions from one of our major retail partners in Europe. There was also an FX benefit of $3.7 million.
Adjusted operating profit margins stood at 10%, with freight costs increasing by approximately $9 million due to higher sea freight rates at the start of FY 2025 and increased labor costs in Europe. These costs were partially offset by savings from U.K. and China restructurings, where we successfully closed the inefficient manufacturing facility in China as planned and consolidated sourcing teams. We are pleased with the rollout of Smartwrap across U.K. and European markets, one of the division's key product lines. This accounts for approximately 35% of gift wrap sales, with over 300% year-on-year growth and is a testament to our ability to innovate and find smarter solutions for our customers. Alongside this, we invested in strengthening our commercial teams across multiple markets to support our growth ambitions. This slide bridges the main drivers behind the group's revenue performance for the year, which decreased by 9% to $729 million.
As you will see, the significant driver of the decline was DG Americas, which we have previously covered, which declined 12%, or $61 million for the year, to $440 million. DG International's revenue declined by 3%, or 5% on a constant currency basis. This decline was primarily driven due to heightened competitive pressures, reduced consumer demand, and supply chain disruptions at a major customer. Pricing reductions amounted to $9.8 million as tenders became more competitive within the retail environment in Europe. The volume reduction of $4.2 million was due to market softness in the U.K. and Australia and the supply chain disruptions at one of our major retail partners in Europe. Foreign exchange had a positive impact for the year, driven by the strengthening of underlying currencies to the U.S. dollar. Turning to operating profit, we will bridge the main movements for the year.
Adjusted operating profit decreased by 83%, or $25.9 million, mostly driven by DG Americas, which declined $22.3 million. Our turnaround strategy initiatives delivered an $18 million benefit, but these were more than offset by lost sales volume, customer insolvency provisions, and freight. Within DGI we saw a favorable sales margin growth due to improved operational leverage from higher manufacturing wrap volumes, as well as the closure of the China manufacturing facility and favorable mix. This was partially offset by unfavorable pricing impact and lower consumer demand in the U.K. and Australia, but overall net positive $5.7 million. The large negative impact was associated with the Red Sea disruptions, which impacted freight costs by $8.7 million, particularly during the first half of the year. Let's now move to the detailed financial review and start by looking at the key P&L lines and at the areas I've not highlighted already.
Gross margin decreased 310 basis points to 14.7%, mainly driven by DG Americas performance. This led to a 25% reduction in gross profit year-on-year. Overheads decreased 8%, driven by headcount reductions and restructuring initiatives in DG Americas, DG U.K., and China. Financing costs for the year were $3.3 million and are lower than the prior year, driven by average net cash levels being higher than previous year. The tax charge for the year was $6.5 million, with most of the tax being paid in Europe and Australia. This skews the effective tax rate due to the large losses in DG Americas and the unrealized deferred tax asset in the U.K. This resulted in diluted loss per share of $0.056. When looking at the reported numbers, the biggest impact was the non-cash impairment charge of $54.2 million relating to DG Americas.
This charge was triggered by the Chapter 11 bankruptcy filing of DG Americas' fourth largest customer, coupled with a broader decline in the business's trading performance. Considering these developments, the group revised its long-term cash flow projections for DG Americas to reflect the anticipated impact on future operations. As a result, the recoverable amount of the assets was reassessed using a fair value less cost to sell methodology, leading to a write-down to the revised recoverable value. In addition to this impairment charge, we also wrote off the DGA deferred tax asset of $37.4 million. If we now turn to the cash flow, the group ended the year with a net cash balance of $85 million, $10 million lower than the prior year. The group recorded a working capital absorption of $7.6 million for the year, in contrast to the significant release achieved at the end of FY 2024.
This was primarily driven by challenges in the European operations, where a key retail partner faced supply chain disruptions late in the year. These disruptions led to reduced sales call-offs, resulting in elevated inventory levels. Additionally, the prior year inventory position was unusually low due to earlier call-downs of buffer stock to mitigate the freight-related issues. While these factors negatively impacted Europe, they offset the progress made in working capital efficiency across the rest of DG International and DG Americas. Capital expenditure for the year totaled $6.5 million, down from $9.9 million in FY 2024. The reduction was primarily due to lower investment levels in DG Americas. As of March 31, 2025, average net cash was $40.2 million, up from $27.7 million in the prior year.
Pleasingly, at the start of July, we secured a new three-year receivables finance banking arrangement, which offers better value and is simpler to manage for the group going forward. I'll now pass back to Stewart as we spend some more time looking at our DG International business in more detail.
This slide highlights the robust foundation and operational excellence that the business has built over the years. The company's strength lies in its strong heritage, which has fostered long-established and stable relationships with key stakeholders, both suppliers and customers alike. This history not only provides a sense of reliability but also a clear pathway to continued success in the market. Made up of the three operating segments in the U.K., Europe, and Australia, DGI has over 730 employees and offers an extensive product range of over 22,000 SKUs. This breadth of offerings is a testament to the company's capacity to meet diverse customer needs and adapt to evolving market demands. This extensive reach is underpinned by three manufacturing facilities, ensuring a well-coordinated and efficient production process. Innovation remains at the heart of this business, with a strong focus on product design and development.
The company's ability to innovate while maintaining responsible sourcing and manufacturing practices ensures that products not only meet market needs but also align with sustainability goals. This is increasingly important in today's market, where consumers and businesses alike are prioritizing ethical and responsible business practices. In addition to manufacturing excellence, the company maintains a strong distribution and fulfillment network, which guarantees timely delivery and customer satisfaction across multiple regions. Finally, the commitment to market insight allows the business to anticipate trends and stay ahead of competitors, offering a competitive edge in a rapidly changing landscape.
The Continuing Group has demonstrated a more consistent financial trajectory over the three-year period. Revenue remained relatively stable in FY 2023 and FY 2024, with a slight increase of 0.8%. However, FY 2025 saw a modest decline of 3%. When we look at profitability, adjusted operating profit nearly doubled from 2023 to 2024, reflecting the recovery of higher freight and other input costs and the normalization of these pressures. FY 2025 saw a slight pullback, though profit remained significantly above 2023 levels. The group is expected to face several challenges that will weigh on profitability in FY 2026. Heightened competition is expected to continue with pricing pressure compressing margins. The U.K. exports to the U.S., and the new U.S. tariffs will have a material effect on profitability. Persistent inflationary pressures are likely to dampen consumer and business demand, particularly in discretionary categories.
The required 2025 warehouse relocation in Australia is expected to result in elevated costs in FY 2026 and beyond due to the adjustment in current market rental levels. We have now included a slide on modeling as we reinstate guidance. For FY 2026, we expect revenue to be circa $270 million- $280 million, with an adjusted profit margin of 3%- 4%. We have a number of headwinds in our FY 2026 profit discussed in the previous slide. Looking beyond FY 2026, we expect the business to grow organically up to 5% per annum and achieve operating margins of circa 4%- 5% by FY 2027. We have modeled this on a continuing business basis and have not modeled any organic growth opportunities, which include channel expansion to reach new customer segments, customer and geographic expansion of both Celebrate and Create, and product portfolio expansion to meet evolving market needs.
We will update guidance as these are delivered into the future. In terms of capital allocation, our strategy remains focused on supporting long-term growth ambitions while maintaining a disciplined and resilient balance sheet. We continue to prioritize organic growth within our existing footprint, with targeted investments in geographical expansion, product development, and customer diversification. These initiatives are designed to strengthen our market position and unlock new revenue streams. Given our strategic priorities and current market conditions, the board has not recommended a dividend for the year ended 31st of March 2025. However, we recognize the importance of shareholder returns and will keep this under review over the coming year and update in due course. I'll now hand back to Stewart to conclude.
Following the recent divestment, the group is now positioned as a simpler, more profitable, and cash-generative business, with a streamlined focus on core operations and organic growth. The group maintains a robust order book, currently representing 87% of budgeted revenues, providing strong visibility and confidence in near-term performance. While the group is well positioned over the short term, as detailed earlier on in the presentation, it continues to navigate several external headwinds. Despite these challenges, the group expects sustainable growth in both revenue and margin over the medium term, underpinned by strategic initiatives and operational resilience. The group remains focused on unlocking value through a number of growth opportunities, channel, and product expansion, along with geographic and customer diversification.
We have renewed optimism for the period ahead, and we look forward to building on the strong foundations of DG International to drive growth and rebuild shareholder value over the long- term. To conclude, our investment case is built on three key pillars. We have a robust and stable business, and we can build on its strengths. We're now concentrating on developing DG International, leveraging our long-established relationships with major retailers and well-defined product categories. Innovation remains a crucial pillar for delivering long-term value. We'll exploit our geographical diversification with revenues distributed across the U.K., Europe, and Australia. We have the ability to innovate while maintaining responsible sourcing and manufacturing practices, which is increasingly important in today's market, and we have a robust balance sheet following the disposal of DGA .
As we touched on earlier, in addition to our core strengths, there are multiple opportunities to harness organic growth, and we are fueled to deliver this. Finally, we're well positioned to deliver sustainable growth in revenue and margin whilst continuing to deliver strong cash generation. Underpinning this, of course, is our strong balance sheet that shows a net cash balance of $85 million as of March 2025, despite typical working capital fluctuations. That wraps up the formal presentation. We're now very happy to take your questions.
Thank you, everyone. We'll now move to Q&A. If you would like to ask a question, please use the Q&A button at the bottom of your screen. We've had a few questions already submitted. I'll kick off with the first one of these. It's from Mark. The company mentions the closure of inefficient Chinese manufacturing facility. What products were made in the now closed facility, and where has that manufacturing been moved to?
Thanks, Mark. Most of the manufacturing there was the Christmas crackers, and we're actually now sourcing from a number of different suppliers in China. It remains an interesting category for us because a lot of the technical compliance groups, so we feel there's some competitive advantage there, but we are looking at how we might develop that category going forward.
Okay, thank you. Next question. Are there any plans to change the reporting currency from U.S. dollars, given the change in the group?
I think, given the fact that we have very little revenue in U.S. dollars now, it is under consideration, and we obviously will make a decision if we will make an announcement at an appropriate time.
Okay, thank you. Next question is, what adjacent product category areas might you look to to drive higher selling prices and more value added to your retail customers and ultimately end consumer?
Yeah, I mean, I think this is the big opportunity. A significant part of our business is around wrap, and a lot of that is sold around EUR 1 and GBP 1. What we need to do is to evolve into higher premium pricing. I think within wrap alone, there are opportunities to premiumize, and we are exploring how we get a better quality paper and how we exploit maybe craft opportunities, the Eco Nature brand, and also in terms of license propositions. I think there's some work we can do in terms of premiumizing wrap. Equally, we want to do in terms of all the new rev areas to look at higher retail pricing, which the consumer is prepared to actually pay for, which then creates much greater cash margin for the retailer and also for us.
There are areas like home decor that we're actually exploring at the moment, but also we're working through the business units of what is the appropriate areas to focus on in terms of our existing customers whilst also looking at new channels, new customers, and new jobs.
Okay, thank you. Next question. Can you help me understand the quantified impacts of the headwinds to get me from the FY 2025 pro forma margin of 7.1% to the FY 2026 guidance of 3%- 4%? When might you envisage a return to that 7% level?
Yeah, sure. I mean, on Slide 15, we basically have the pro forma numbers for FY 2025 that you basically see of $20.7 million adjusted operating profit at a 7.1% margin. Underneath, we list the headwinds we're facing, which equate to about $10 million in total. If we take the first one, pricing pressures that we see there, this is a continuation of what we're seeing in the current year. In FY 2025, in the revenue bridge for DG International, we said that we had normal pricing pressures from normal tender processes and that we're seeing particularly within the European landscape. In FY 2025, that was $9.8 million. We don't see it being as big in FY 2026. However, it's going to be about half of that, so about $5 million is a continued pricing pressure as we see across Europe.
The second impact we see is tariffs with the U.S. We still produce wrap in the U.K., which is shipped to a major customer in the U.S. As I said in the presentation, they have a material impact on profitability. That is about $3 million of the impact of tariffs shipping wrap into the U.S. The other two are the continued softness we see in the market due to the inflationary environment and also the Australian operational cost increase where in the last, in FY 2025, Australia had to move into a new warehousing facility. The old lease ran out. They've moved into a new location, and it's now a market-related rental. That adds about another $1 million to the cost base. The combination of those is about $10 million, which basically takes the adjusted operating profit from the $20.7 million down to $10.7 million.
Okay, that's very comprehensive. Thank you. One, I guess for Stewart, it's a more general question. Is there any change in overall strategy following the disposal of DG Americas?
Yeah, I mean, I think that's what I was alluding to earlier, is that we've got to try and find ways of how we premiumize and how we move up the value chain in terms of the products that we're actually selling. There's a real focus now in trying to increase the average cost price of what we're selling, but really that starts with how we can mount a higher retail price. I think what we want to pivot the organization towards is much more focused on sustainable growth in new categories or premiumizing existing categories. That's the work we're starting. We've already had some engagement with each of the business units, and they're building their ideas of how we might execute that going forward.
Now, to be clear, that's likely will have significant impact on 2026, but the idea is to start to see some of these come into fruition as we go into full year 2027 and start to move that revenue, top line revenue, forward.
Okay, understood. Thank you. We've had a number of people asking a lot of different questions about the fortunes of DG Americas and about any views you're able to give on the potential realization from Hilco. Rohan, I wonder if you could just sort of sweep all those questions up with whatever you're able to say about that topic.
Yeah, I mean, I think we had a slide on the actual sale process. We sold DGA to Hilco for a nominal value of $1. We retained the right to have 75% of the proceeds that come from that, but obviously we haven't put anything into the guidance. I think at this stage it's still too early to say what that potentially could be. The one thing we did is we limited the downside, and we limited the downside with regard to DGA , and the timing at which we exited the DGA sale was a pivotal moment for the group when we needed to exit ahead of the working capital cycle to retain a strong balance sheet within DGI.
Okay, thank you. Next question from Nico. Will International Group continue to deliver goods to the new DG Americas?
Will DG--sorry?
I think, sorry, the question is, will IG Design Group International—I think it means DGI —continue to deliver goods to the new DG Americas business?
There was actually very little intercompany sales between the divisions. We do still have a customer in the U.S. that I mentioned before, but that customer is serviced from the U.K. business and always has been. Historically, that customer has serviced the U.S. that stays with the group, and that's the one that impacted the tariffs that we spoke about a little bit earlier. Intercompany sales, there's very little intercompany sales between the divisions.
I think there still will be opportunities to export to the U.S. market. In the way in which Hilco has structured the deal, there are already some orders that potentially we could pick up going forward. That's all work in progress and exploring what the possibilities are. I do think there are potential opportunities for export going forward, and that's what we'll be looking at in terms of this new strategy and new growth plan.
We won't be entering with assets in the U.S. We'll be just looking at how we export to that market.
Okay, thank you. Next question. Why isn't DG Americas classified as discontinued operations in the FY accounts when this has already been divested at the point of publication?
We owned DG Americas for the entire year, for the last financial year. It will be classified as a discontinued operation in the first two months of this financial year. When we go into FY 2026, you will see it as a discontinued operation for the first two months that we owned it. Because we owned it for the full financial year, it's not classified as discontinued operations. What we have done in this slide deck is we've given you pro forma numbers for the group of what the group would have been without DG Americas so that we can give the relevant guidance for the future on a comparable basis.
Okay, thank you. Next question, I'm afraid still for Rohan. What level do you feel you can get central costs down to now that the company is significantly smaller on revenue and geographic reach?
Yes, I mean, the central costs that we had were about $7 million, just for numbers. There is definitely an opportunity and we are looking at them. There's things like audit fees, insurance, banking arrangements. We've got a banking facility that's a lot cheaper than we previously had. We are taking steps of looking at all of those, and we do think that is an opportunity for us to reduce those costs going forward.
Okay, thank you. Question from Jeff, probably one for Stewart. When do you expect to appoint a permanent CEO?
Yeah, we're well into the process. We're working with Spencer Stuart as the head hunters. I've already interviewed a significant number. We've got two candidates who are shortlisted, and I've got four further candidates to see over the next couple of weeks. We're now getting the rest of the board actually involved in that process to define, you know, the candidates to move forward with. One has to be conscious of that with notice periods. I think the first thing is actually finding the right person and then making the announcement. It could well be quite a few months before we actually get somebody in situ. The important thing is to find the right person with a very, very strong commercial background who can really help us on this growth agenda going forward and then move forward from there. I think in my own mind, that's sort of the timelines.
Hopefully early next year we'll have somebody actually in situ, but I'd hope to be in a position to make an announcement within the next couple of months.
Okay, that sounds good. Thank you. Just to remind everybody, if you do wish to ask a question, please click on the Q&A button at the bottom of your screen. Next question. Could you talk about what areas or types of growth you're assuming or not assuming within your guidance estimates?
I think what it's saying is that we've already had, as I alluded to earlier, sessions with the workshops with the business units. We're looking at more premium propositions within our existing categories. We're looking at new categories that command a higher retail price. We're looking at new channels, and we're also looking at new geographies. We're doing that work at the moment. We expect in the next few weeks we'll define the areas they're going to focus on. Hopefully, by the time we get to the entrance, we can start to talk about some of those new potential growth areas and how they may have a material impact on our revenue growth in 2027.
In the guidance figures that we've given, we've obviously given guidance for 2026 and looked at 2027 and 2028.
In the right-hand box, you will see we've put opportunities for growth, which is the one Stewart's spoken to. We have not put those into the guidance. We will update the guidance as and when we see those opportunities coming through and what the size of those opportunities are. They would give good leverage to the P&L. This is a well-capitalized group with a good base to grow from. It would give additional leverage when we do put those into the guidance.
Okay, understood. Thank you. This looks like it might be our last question. If anybody does have any other questions, please do type those in. Click on the Q&A button at the bottom of your screen and type those questions in. This question, another one from Mark. In the results announcement, the company states the group expects to maintain cash in excess of $40 million. Does this mean net cash will remain above this level throughout the trading year, or is this only a year-end figure?
Yeah, so that is a year-end figure. We, you know, saying that net cash at the end of this financial year, FY 2026, would be between $40 million and $45 million. The way to think about it going forward is we always start cash positive. In cash positive, those are really the highest cash points. During the year, we have the working capital utilization. The remaining group has a slightly less, you know, utilization of working capital than the historical group. A $40 million starting point and $40 million ending point would give us a very good average cash for the year. Actually, we do think at those types of levels, we would stay, you know, above the cash positive line for the full year. If anything, going into, you know, borrowings for a very short time.
At those sort of levels, you know, it means that the group or the remaining group is cash positive for the year with a good average cash and then the net cash at the end of the year in excess of $40 million.
Okay, that's great. Thank you both very much. There seem to be no further questions. Before we end the webinar, I'll just hand back to Stewart for any final closing comments.
Great, thank you. I think the points I would make is if you look to where the focus of the Board and the Executive Team has been over the last 12 months, it's been about fighting fires, dealing with ongoing challenges in the U.S. that was done, you know, made even bigger by the whole tariff impact, then having to go through the disposal, through Hilco, and then the refinancing. What we're now doing is focusing all our energy and attention on the growth areas we've got, but we've got a very stable business in Europe. It's long established. We've got a great relationship with customers. We can see the opportunities going forward, we're going to be really focused on now executing against that and trying to drive much more value and greater growth into that area. That's the work we're on.
I hope by the time we get to the entrance, we'll be able to give you much greater insight into how that plan is developing. That's the focus now. We remain pretty optimistic. We're trying to be cautious in terms of how we're positioning things, and hopefully now we can actually exceed the targets we've put in place. Thank you for your continued interest and your continued investment with the business.
That's great. Thank you both very much. Just as a reminder to the audience, when we close the webinar, there will be a short survey. It's a great way to thank the management team for investing the time to talk to you today. Please do fill out that survey. They do find the information is very useful. Please fill in the survey if you get a chance. It will also be emailed out to you. Thank you very much. This is the end of the webinar.
Thank you.