Welcome to The Pebble Group Interim Results webinar. All attendees are in listen-only mode, and questions will be answered at the end of the presentation, although you can type in your questions by clicking on the Q&A button at any point. This webinar is being recorded. I now hand over to Chris Lee, CEO, and Claire Thompson, CFO. Chris, over to you.
Tamsin, thank you very much. Hi, everybody. Thanks for giving us your time today. As Tamsin said there, we're gonna go through the half year results for 2024 for the Pebble Group. I'm gonna follow a usual format. I'll kind of introduce it, give it a bit of background to our industry and some highlights. Claire will run you through some numbers, and then we'll dive into the individual businesses, at Facilis Group, Brand Addition, and take some questions at the end. Happy to do that. So I think we'll be about 20-25 minutes and with questions at the end. And so it's myself and Claire, sort of at the center, a great business with a super group of people. You know, I've you know, invested both financially and emotionally as well.
I've been part of the business for 24 years and Claire for 17, and so, you know, being a big part of our lives as well as our sort of work lives. In terms of the industry that we're part of, promotional products are all around us. So all businesses, sectors, sizes, different industries and geographies use promotional products to promote their organizations, or be it with their customers, their suppliers, or their people. And when done well, promotional products are kept engaged and people remember the event, the person or the brand when they receive those goods. And a really cost-effective way of a business engaging with their target audience, and that's the wide business that we're in.
In terms of the size of that industry, it's a $50 billion industry. It's a large global organization. Half of that is in North America, and our lens into that industry in The Pebble Group is through two different and differentiated businesses. Of that $50 billion, we see about $1.5 billion, and then taking the different businesses one by one, so Facilis Group is the vast majority of that. We're not actually buying and selling the product itself in Facilis Group. What we're doing is providing software to small and medium-sized promotional products distributors in North America to enable them to go efficiently and grow efficiently their sales of promotional merchandise to their end users through a technology platform.
We actually sell product with Brand Addition to some of the largest companies in the world under contract. So those Brand Addition organizations want creative product delivered consistently and know where that product comes from, and that's what Brand Addition specializes in. So through those two pieces of those two organizations, that 1.5 billion is our lens into that 50 billion industry. In terms of what we think we are, and I think as we get to the end of this presentation, we'll pull this slide up at the end, and it'll be nice to see. Hopefully, we're gonna reflect these five items as we talk through the organization. So we believe that this industry. I've been in it for twenty-four years, and it definitely has moved in how the product is used and the sophistication around it.
And we think the future will really be centered around great use of technology and sustainable product. And, and a thread through what we are doing as a whole group and in the individual businesses, in making sure we're advancing technology and sustainability expertise. We're doing that on a global footprint, particularly on Brand Addition, and, at the moment, Facilisgroup is only in North America. And, say, not only have Claire and I been here a long time, but we do have some great, experienced people all around us, and actually bringing new people to help us evolve and develop as well. And then you'll see from our businesses, both, cash generative and, and are based upon a strong balance sheet. So we don't have any debt.
We do generate cash, and we have choices we want to do with that cash, and again, we'll talk through how that goes. So I think there are five really decent cornerstones that we think we're investable, but hopefully, we can demonstrate that as we walk through. In terms of the highlights for the half year results as a group, our EBITDA are pretty flat year on year, and that's a reflection of the industry as a whole, but still, I think it's a very respectable result. Our gross margins have improved, and that's principally based upon advances that are made at Brand Addition, and we talked about the cash kind of being in a good place.
In our businesses, we have evolved the leadership and the leadership people in Facilis Group over the last twelve months, and I've taken, you know, quite a central role in that business, much more than I ever have done in the last twelve months, as I said. Some nice indicators, what we look at to predict our future revenues is based on the GM or the sales that go through the platform by our customers, and that's moving forward, as are the preferred suppliers that go into the system as well. And Claire will talk about the capital expenditures being very high over the last couple of years and very deliberately so. But as those investments in those products are peaking, they will be coming down, and we'll kind of talk to you how that's actually happening.
And then at Brand Addition, a tough second half last year, very much sort of back on track in the first half of twenty twenty-four. Super retention levels of some very good clients, and those gross margins moving forward, demonstrating that those customers that we're working with and some of the biggest organizations in the world are really valuing the services that we provide to them, so I'll hand over to Claire. She'll talk through the numbers-
Mm-hmm.
And then we'll go through the individual businesses.
Thank you. So the financial highlights really showing you that our financials are in a sensible place. So revenue pretty much in line with last year's, slightly down. But what we have been able to do through moving our gross margins forward and control in our costs is make sure that we kind of keep hold of that EBIT, EBITDA and manage our profitability. As Chris has said, our cash is in a good place, so you know, cash is ahead of where it was this time last year, and that's after paying GBP 1 million extra in dividends and also from starting the share buyback program that we announced back in May. Recap here on the financial dynamics of the businesses. So they are two very different business models.
The chart on the left shows you the revenue, the group's revenue split by business. The dark blue slice of that chart is the revenue generated by Brand Addition, the business that's selling product. And then, the smaller pale blue element is the SaaS revenues of Facilis Group, and we can see that those kind of SaaS revenues that are coming through at excellent EBITDA margins mean that the profitability of the group is split fifty-fifty, even though the revenue is the lion's share of that sits with Brand Addition. We go through the financial statements, but again, you know, the point I've just made on revenue, so like we were down 4% versus last year.
But, you know, kind of managing the impact of that on our profitability through moving gross margins forward, and that, and that's been done in Brand Addition. The guys there have done a great job of that and managing our cost base so that our EBITDA is maintained. The group's balance sheet is largely Brand Addition. So when you look at this, then think, you know, the working capital all comes from Brand Addition. Facilis Group has very minimal working capital in it. The non-current assets includes the investment that we've been making over the last couple of years in intangibles, in the software products at Facilis Group.
But below that, we've got working capital that belongs to Brand Addition and is kind of really high quality, backed by some of the largest businesses in the world and translates really efficiently to cash. And cash flow, as I said, you know, kind of we're in a good place ahead of where we were this time last year, of a really well-trodden, predictable cycle in terms of our working capital. And you can see that kind of when you look at 2024 versus 2023, we have an outflow in the first half. That peaks in Q3, and we're now, you know, coming out the other side of that, and cash is coming back into the business. CapEx, we said, would reduce, and it is reducing. You can see that there.
And then you can also see those incremental dividends being paid out and the ongoing impact of the ongoing share buyback program. This slide is kind of taking you from the operations and the operating uses of our cash, which is what we're kind of setting out on the left-hand side, where we're saying, you know, that's what we, the dark blue bits are, us managing the business as usual. So we've got a strong balance sheet, as we've said, debt-free and a sensible amount of cash that we're, you know, we're comfortable with the quantum that we've got there. The business needs working capital, and Brand Addition needs working capital as it grows, so there will always be a little bit of investment there, but that's proportionate to sales.
And then, we have a kind of ongoing levels of maintenance CapEx. What we're saying on the right-hand side is, you know, like, what do we do with the excess cash flow that the business is generating? And obviously, we have choices around that. We have been investing in the product development at Facilis Group over the last twenty-four, thirty-six months. But what we'd signaled last year and is happening this year is that investment is coming down. So that means that there's gonna be more cash in the group, which gives us, you know, other nice decisions to make. And so we can see that that's the kind of, that's what we're showing there in point four. We have increased our dividend distributions, and we would like to continue doing that.
And then we've got, you know, choices around what, what's left with that remaining excess cash flow. What do we do with it? And at the minute, you know, we're choosing to use that through a share buyback program.
Okay, thanks, Claire. So, kind of about some of the group matters underneath there, the group's numbers are basically made up from two businesses, Facilis and Brand Addition. I'll walk you through Facilis and then Claire will do the same with Brand Addition. The chart at the bottom there talks about the way the industry is structured. The brands create that 50 million on the right, the brands create that 50 million of demand. We have a supplier network that might specialize in drinkware, writing instruments, apparel on the left-hand side, and the distributor brings all that together. And where Facilis helps is providing technology that helps the efficient movement of orders between the suppliers and the distributors.
Expanding on that a little bit further, if we sort of say that on the left-hand side, what I'm trying to do here is really sort of explain where Facilis is actually pointed towards. On the left-hand side, we've taken that sort of $24-25 billion of spend in North America and put it into three different buckets. The bucket at the top, the first $8 billion, is about the top 100 distributors in North America do that, and right now, that's not in our target market at the moment.
And then, at the bottom, there's a really long tail of entrepreneurs, good salespeople, who go out there and want to sell promotional products on a sort of sole business basis, so looking just to have a nice lifestyle. In the middle of here is really where Facilisgroup's sweet spot is. We have a small, medium-sized enterprises who are often management-owned businesses who have grown from being single salespeople into having a networking infrastructure around them. And a Facilisgroup customer averages around about $6 million of spend, but in that sort of middle bucket, it's around about $5 million of sales that they're actually generating.
Our sort of flagship product, Syncore, which generates the majority of our revenues at the moment, is very much pointed at those 1,600 SMEs. We have about 240 of them at the moment. What that does is bring, through technology, a product search tool, CRM, and an order workflow, a real discipline and visibility around the businesses. And through buying technology and the 1.4 billion GMV that goes through there, there's around about $1 billion of spend. And we try and take that spend and point to the best suppliers in the industry and support our customers interacting with those best suppliers. And so Facilisgroup really has three things that it brings.
It's technology, supply chain support, and then a community, and bringing all those and partners and suppliers together to make the very best of the relationships, and that's what Syncore does, and Facilisgroup brings to those customers, and that is a real cornerstone of what we're doing, and winning more market share is an important part of our growth. Equally, Claire talked about sort of rounding out our offering, developing new addressable markets and new product, and that's where Orders and Stores come in then, and so Stores really pointed towards our Syncore customers at the moment, and Stores is an e-commerce platform.
So if Syncore sits at the back end and sort of interacting between the distributor and the supplier, then actually the e-commerce platform Stores sits between the distributor and their customer, trying to support that sort of order and consolidation of spend through the e-commerce platform. So that is through its major development points, and now we're kind of continuing to evolve that product, but really try and sell that product now into our existing Syncore customers. And our Orders product is pointing to that really long tail that I talked about before. Those really sort of individuals who are selling promotional products, you know, sometimes kind of using no systems at all, or might be something provided by the industry trade bodies.
What we'd like to do is use our expertise in this industry and workflow and our supplier relationships to provide them some technology that really helps support a very smooth order workflow for those businesses. If we can do that, that really expands the total addressable market that we have as an organization. That's the development that we've been putting over the last twelve months. And on the right-hand side, how we translate that into our income is our products.
We want to drive GMV, drive sales through our platform, and in doing that, also provide value to the people putting those sales through that allow us to increase that attach rate, that percentage, and what we actually keep and that sort of bottom line then. Sort of the GMV multiplied by the attach rate gives us the income, and that shows you the 2023 full year numbers on the right-hand side. In terms of our actual performance, it's been pretty steady performance over 2020, 2024, the first half. There is a tough market out there, and so the market on it is on an overall basis, pretty flat, so that means we've been in line with the market.
We'd like to be ahead of it, a little bit more than we are, but we've actually done a very solid performance. And you can see here, partner numbers are made pretty stable. GMV is going up slightly, as is the spend through Preferred. But what this is over the cycle of 15% CAGR business growing its revenue on really strong margins of 47%. And if we can get back to that growth and make sure on an ongoing basis, we're a double-digit growth business, kicking out circa 50% margins, this is a really powerful organization and, and something I've been really enjoyed, getting involved with a lot more over the last 12 months. In terms of partner numbers, there's two charts that we shared.
The chart on the left is what we shared when we did our full year numbers for 2023, and it showed that actually the numbers have come down slightly. Most of that is in the middle, where our customers or our partners have actually sold their own businesses, so not real underlying attrition. But you can see on the right-hand side of the chart, that's steadied out. We've actually won a lot more customers on a sort of you know bringing into the and attracting to the platform. And what we're really doing is making sure they're quality partners that join us and customers. So they have to be above $2 million in sales to allow to sort of pass our entrance exam.
So that means that they're businesses that will be able to take advantage of our technology, our supply chain community that we bring together. And that's the bar that we're set in, which is new really in 2024. And then on the right-hand side, our overall where we got to is 240, gives us an underlying attrition rate, just 2%. So that's the 98% retention that we have. In terms of... You know, this is a bit my school report. This is the year that I've really concentrated on over the last 12 months, and so I'm not going to go through it in detail, but I will talk about the 4 points at the top.
Really important, growth starts with looking after your existing customers, and really important that we don't take those existing customers and partners for granted. You know, we keep very close to them. We keep evolving our technology and our relationships, and we've been very sort of keen to do that. We do want to bring new partners in there, and we're very clear that we want to grow by winning market share, but also it's making sure the benchmark with which they bring on is correct, so good businesses of the right size, and that's been very important in defining what we're doing on point two.
And then we've got some super suppliers that we work with, some of the best in the industry, and we really want to help our preferred suppliers and our partners get the best out of each other and work together and really push more and more of those businesses together, and that helps Facilisgroup, it helps our partners, and it helps our suppliers. A real win-win-win in that situation. And then the fourth thing is we definitely want to bring- we don't want to just have our Syncore product, and that's it. We definitely want to round out our offering, both in terms of offering e-commerce platforms and going to a different addressable market. And we spent a lot of time trying to get that side of our business right as well.
So they're the four things that we're really focusing on in twenty twenty-four, and there'll be a version of that that will evolve into twenty twenty-five as well. All right, can you talk about Brand Addition?
Yeah. Okay, so this is the diagram that we shared earlier, in terms of pitching the industry. And so Brand Addition is one of those distributors that sits in the middle and is the conduit between the brands and the suppliers. But Brand Addition works with like large international brands on an international basis, and it's selling products under contract. Yeah, the financial metrics run across the top of this diagram, you know, kind of sensible position on revenue versus and a return to stability after the challenging second half that we had last year. You know, as I've said already, great progress has been made on our gross profit margin, so they're at 35 points versus 33 last year.
That kind of that, along with controlling the costs, mean that we've been, you know, been able to manage our profitability really sensibly. The bottom of the chart is showing that nice spread of revenue by sector and by geography and kind of, you know, that's helpful for Brand Addition and build some resilience into the Brand Addition model. What we're trying to show here is kind of the bottom. If you look in the middle chart, on the bottom shows a story of 2023, and that there's kind of really big swings that were difficult for us to manage in both the consumer and technology client sectors.
Hopefully, what you can see from the chart at the top is that that's really those kind of large swings have really narrowed down this year, and so we've got kind of movements round about the middle, but what I would call you know, a normal, more normalized level of trading. We've got some stability back, and the business can handle those kind of volumes and fluctuations alongside kind of growing its margins and controlling its costs. Continued with that excellent client retention, you know, so kind of the team really looking after the clients, and that helps, as Chris said, you know, kind of growth starts with holding on to what you've got. So we've done a good job there.
And again, I think I said it about five times now, but the gross margin improvement, you know, really makes a difference, and is really important when, you know, the macro is slightly uncertain. So progress in 2024 for Brand Addition, you know, so client retention, as I've just said, remains really strong. And the opportunity to take our existing clients into new geographies exists across the client portfolio in Brand Addition, and that is exactly what the team have been doing. You know, tender activity is in a really sensible place, and there's a lot going on. I think what we feel is that the final decision-making around those tenders is a little bit slower than has happened historically, but it's the activity levels are still there.
Brand Addition have appointed a new global marketing director that's kind of looking again at how we go to market and making sure that we position our business the best way possible to be on those tenders when they come out and be in the best position to convert.
Thanks, Chloe, and so underpinning the two businesses, and we do this at a Pebble Group level, is our ESG policy. So but really what it means is doing things the right way for the right reasons, and we've bought into that for a long time. That can now come under a banner of ESG. And so Kieran, who's on the screen here, so he leads that from our business, supported really well by Lucy Penfold, who works with the Pebble Group as well, and making sure we're addressing, when it's relevant, that topic across both of our businesses and our group.
It's not always done in exactly the same way, so we've got quite different businesses, but it's done in a way that's right for that business, because our results obviously matter to us, but results the right way matter as well. Ensuring that we're following best practice, but it must be in our tone of voice and our approach and must be very kind of genuine. That's the way we're going to approach ESG, and we do. Kieran's on an interview. You'll be able to see him as you hit that QR code. I talked about Facilis and its community, and so if we have technology, then we have that supply chain element where we're trying to bring that together.
There is an element of community that's not always obvious in Facilis Group from the outside anyway. It's very obvious from the inside. So we run events. We're in touch with our partners and customers on a daily basis, and actually trying to support those businesses to grow and be successful, and doing that by not only kind of building our relationships with our customers, but actually customers building relationships with each other and our suppliers, and we hold two major events every year, one as part of the wider industry, and one actually kind of as a Facilis Group event only.
You know, again, I've had the opportunity over the last twelve months to get really close to this and have lived and breathed this, and it's a very important part of bringing people into the business and also helping them stay. It's a form of ESG, but again, it's been going in Facilisgroup for a long time. You know, it's running the business for the right reasons, the right way, and then good results should pop out the other side as well. That's really kind of a trot through everything. In terms of where we are looking for the end of the year, it is definitely heads down and making sure we are gonna hit those results for full year twenty twenty-four. We've got a kind of super cash position.
We are growing the returns that come to shareholders, but you know, that's we're able to do that because of, say, cash, no debt, et cetera, and talked about a lot of us have been here for a while, and I think that's a good thing, and it gives the company real heart and soul, but also we want to keep moving forward, and part of moving forward, we're really pleased that on Monday, we announced that Anne had become our new Chair. She brings a great skill set in. We're really looking forward to working with her.
And around Facilis Group and Brand Addition, there are new senior hires and new leaders that are coming into the business all the time, and they definitely kind of freshen our organizations up and keep us moving in the right direction. I hope we kind of you'd be able to recognize some of the points that we make here in what we've talked through. But I think we're 25 minutes in, and just like to say, you know, thanks ever so much for your time. And from here, you know, I'll hand back to Tamsin, and we'll happily take questions.
Great. Thank you both very much indeed. So if you have a question, type it in by clicking on the Q&A button. And the first question is: Are there plans to expand Facilis Group outside North America?
I think Facilis Group can, and I think it should, but equally, I do believe there's further inroads we can make right now in North America, so we talk about a capital allocation slide, and that's no different. Now, time and efforts placed in North America now will bring us the biggest benefits, and that's what we're concentrating on, but if this is horizon one for this group, which I can think can be, you know, kind of, you know, can be really exciting in the journey we can go on, horizon one is definitely focusing Facilis Group on North America, but then horizon two can be, where else can we take it? It can be in different sectors, into different geographies as well.
But right now, I feel there's a really good job we still need to be doing in North America to grow.
Excellent. Thank you very much. And are there any further areas of hiring needed in Facilis Group?
I think, we've got a super leadership team that is there, and again, it's a nice opportunity for asking that question for me to say, you know, how I've enjoyed kind of working... You know, I've worked very hard over the last 12 months, and that, and so I should, but that's been a very enjoyable experience as well, getting to know our team, our leadership team, and our partners. I think, always looking to evolve and keep moving forward, and we hired a new chief product officer, who's making a big difference. And so, you know, I am leading that business still, and, and we are working out, you know, is that sustainable and right for our team, for our customers, and for our suppliers.
And so we are working out the long-term presence, how does that look? But overall, I think we've got a really strong management team, but that doesn't mean that kind of I've stopped hiring on there. I think we're ambitious to grow, so that probably does mean over time, new leaders come into the business as well to add to what we already have.
Great. Thank you very much. And you talk about getting back to double-digit CAGR and a 47% or, or maybe more EBITDA margin. How long will that take? Or maybe a better question, what needs to happen for that to, for that to be achievable?
Yeah, so the last 12 months at Facilisgroup, it's easy for me to talk about having sort of lived and breathed it. It has definitely been one of just taking stock and really sort of, you know, coming together and making sure we've got the right people, a clear approach to the market, and again, making sure, you know, what we have has been thoroughly stabilized. I hope that that's the position we're now in. So really, I suppose, you know, we put on the, I think on the Facilisgroup chart that said, you know, progress in 2024 , there was four points on there. If we can, you know, tick all those four points this time next year, I believe we'll be towards that double digit again.
So it is making sure we've got great relationships with the customers we already have, and we hang on to those. Absolutely win more market share, support our suppliers and our partners in working together and pushing more through our preferred partners. And again, you know, growing into a real material income from the new product we've invested in. So those four areas and again, exactly kind of how it all kind of pans out, time will tell. But if we get that right, I do believe that we hit those numbers.
Great. Thank you very much and in the current market, which has been somewhat challenging. Which promotional product categories are doing well and which are more challenging across the group?
I mean, category, if I think that means sort of actually product categories, I think in terms of physically what they are, and it's not. I don't think one category does better than the other. I think the great thing about promotional products, actually, kind of you can put your brand on almost anything, and so the what is, I suppose, the industry has been flat. You know, it hasn't gone backwards. It's been flat. It's still, you know, a large industry and very important part of people's marketing mix. But I think it's the overall budgets of the corporates in North America and Europe that have been under pressure, and people have been a little bit cautious about.
I think it's our, you know, it is businesses' marketing budgets that will affect, you know, promotional product spend, as opposed to, you know, writing instruments gets kind of, you know, is under more pressure than apparel. That really doesn't matter to us or our customers. What does matter is that those budgets are there for people to spend and invest with us, with our customers.
Great. Thank you very much, and you talked about reduced capital expenditure, but what does that actually mean in practice?
Okay. So, excuse me. In the back of our presentation, we share some numbers in terms of where we see CapEx going for the full year, and we put those out in March, and we're kind of, you know, we're still standing behind those. And that includes a reduction this year of $1 million in spend, and what we're guiding towards is that there'll be at least that number again next year. On the capital allocation slide, we point out that there's always a level of maintenance spend in Brand Addition, and we expect that to continue.
What we're also saying is, when we get to 2026, people should be thinking about Facilisgroup as around about 20% of revenue is its total CapEx budget, as we hit maintenance mode on some of those new products.
Great. Thank you very much. And what are the priorities for your new chief product officer at Facilis? Is it getting the core single product back to growth or the new orders and store modules?
Yeah, and I think it's a bit of both. It's all of that. I think we've got some super people working in technology throughout, you know, throughout the business and in Facilisgroup, especially. And I felt, you know, again, I got some help from one of our non-executives, Dave Moss, who is a founder of Blue Prism, and much more experienced than myself in being involved in the sort of leadership of technology businesses. And I think so, have some great people who are in there and still with us, and but what I think we needed was a very clear leader of technology from the business, both internally and externally. And I think that's what we have, and that's what we've recruited. So that does mean overseeing all of the above.
Again, but sort of where exactly those that daily time is spent, I think is very much up to him. He will be the person that will sort of decide that. We are thinking carefully where capital expenditure goes. Now we do have a clear leader for our customers to recognize and our suppliers, as that is the person who's owning tech in Facilis Group, and that same goes for internally, have that clear responsibility. He has that as well. Very much up to him which direction we go in, in terms of you know what will be of best commercial benefit on a long-term basis for us.
Great. Thank you very much. And you've got a new chairwoman. Why did you pick her, and what does she bring to the company?
Yeah, well, I think you pick each other, that's for sure. It's sort of, it's definitely a relationship that you have. So our former chair stepped down, I think, at the AGM in the end of April. And so I sort of took that title for the time being, but always on a temporary basis while we got an independent non-exec in. So we went on a thorough search against a job specification, and we got some external help with that. You know, I think I saw 11 in total, quality people on that short list, and it was absolutely great, the enthusiasm that those people saw in the business and the opportunity that they saw.
I, you know, took a lot from that, you know, capital markets, and particularly small cap, are under a little bit of pressure now, and sometimes seen as less attractive to private equity markets. But there was a queue of really good people wanting to be involved in our group, and I took a lot from that. We had some with quite a traditional background in terms of managing a board, some in a marketing background, again, of really high quality, and a couple from a technology background. Now, Anne falls into that technology background but has also been an experienced investor and non-executive director, as well as an exec director.
I really loved that mix of skills and background that she had, but also the questions that she asked me about the business and the enthusiasm she displayed for it. Thrilled to welcome her to what is a strong board, and really looking forward to working with her.
Great. Thank you very much. And the last question at this stage, anyway, the share buyback program is still happening, but it's taking a while. Can this be accelerated?
I think we are kind of obvious. I think Chris just referred to us wanting a chair and making sure that we're on the right side of governance, and you know, kind of what we've chosen to do as a board for the time being is to operate firmly within the Safe Harbor. So we kind of... Would we like it to go a little bit quicker? Yes, absolutely. But that's challenging to do, you know, in a small cap business where liquidity is difficult. So yeah, we'll do all we can to kind of move that along, but I think accelerating it at the minute is probably not on the agenda.
Okay, lovely. Thank you very much. And that is the end of questions. Chris, do you have any closing remarks?
I think always at this place, Tamsin, it's nice to say thanks to all the teams. There's a lot of people across Pebble Group, Brand Addition, Facilisgroup are working really hard on our behalf. It's you know been a real pleasure to get to know the Facilisgroup team a lot more over the last 12 months. But Brand Addition, don't think I forget you guys as well. So thanks to everybody there, and you know we're easy to find if you need us, and appreciate you spending this sort of thirty minutes with us now. Thank you very much.
Great. Many thanks to you both, very much appreciated. And to everyone listening, you'll now be taken to a webpage to give some feedback on today's presentation. If you can't complete it now, you'll get a follow-up email about an hour later. We'd be really grateful if you could take a few minutes to complete. Many thanks for joining. This is the end of the webinar.