Good morning, ladies and gentlemen, and welcome to the annual results presentation of RWS, the results for 2022. Some of you have been attending these for quite some time. I've been doing it since November 2003 when we floated, and you'll be pleased to hear that this is my swansong, and so I won't be needing to do it again. We've come a long way since the float in November 2003, and there's a long way to go ahead.
I hope you will come away with the impression at the end of the presentation today that the route that we laid out or the plan that we laid out in March of this year at our Capital Markets Day, that we are sticking to that plan and that the first few months of it at least have been delivered. Without any further ado, I'm going to introduce our speakers. We have Ian El-Mokadem, as you know, our CEO, Rod Day, our interim CFO during this year, and our new CFO, Candida Davies. I hand over to Ian to take you through the presentation.
Thank you, Andrew. Right. Well, good morning, everybody. Thanks for braving the cold weather for those of you who've come here. I know we're competing with Harry and Meghan for the news today, so we'll see how we do at the end of the day. As Andrew's already said, we've got the sort of transition going on at this presentation, so Rod's gonna do the presentation with me. He's been the CFO for most of this year. Candy's obviously now our official CFO, and we'll be taking questions together and doing the roadshow all together as well. As Andrew said, I mean, next, starting off, we'll do a little bit of a backward look, just a bit of an overview.
We'll then, few high-level comments from me on the headline results and where we are with the growth strategy. I'll then hand over to Rod to go through the numbers, and then I'll come back, and we'll do a bit more of a deeper dive into our divisions, some of our growth initiatives, and ESG before closing with the outlook and then going to questions. Look, I think Andrew alluded to the amazing story that we've had over the last, you know, 20-odd years, and it really is an incredible journey and a fitting swansong, I think, for Andrew, who's really been, you know, with us along that journey. Today, I think what we're demonstrating is a really robust set of results delivered against a pretty tricky macro context.
I hope by the end of the presentation you'll also see that we are now demonstrating the early signs of success of the strategy that we launched back in March. Let's launch straight into that. I think it's always right to start a presentation on RWS by talking about our clients. This is one of the reasons I joined the company. It's one of the reasons many people choose to work at RWS. We work with an absolutely fantastic range of clients across a range of sectors on a global basis. They are long-term relationships, 13 years for our top 10, 15 years for our top 30. That is delivered because we offer very high levels of customer satisfaction. We get very close to the brands and the companies that we work with.
Our people understand their objectives, their target audiences, that is key to being successful in the industry that we're in. Of course, that diversification across sectors also is one of the reasons why the business is very robust and resilient. If we turn immediately to the numbers, I think they're a very strong set of numbers, again, delivered against a backdrop of, you know, integrating SDL, a war in Europe, a worsening economic climate, and the arrival of the Unitary Patent that we heard about back in January that affects our IP Services division. Revenues at GBP 749.2 million. Gross margin up 160 basis points at 46.7%. Adjusted PBT up 17% at GBP 135.7 million.
Strong development of the margin re-reflecting some of those synergies, 18.1% Adjusted PBT margin and adjusted EPS at 26.6p. In terms of some of the other metrics, our CapEx is in line with the guidance we gave. It will build as we go into 2023 with our investment program to peak at 7% and then come back down. Final dividend represents our commitment to an ongoing and progressive dividend policy, so a healthy increase of 12%. Strong cash conversion and ROCE in line with the guidance that we've given previously. A very solid set of results.
Back in March, we launched our new growth model, the five things that we spend all of our time focusing on, and I'll talk a lot about this as we go through, but maybe some headlines to start off with. In terms of building long-term client relationships, we've been making the investments in sales and marketing and in delivery and in sales improvement initiatives that we talked about back in March. We've expanded our Voice of the Customer program. That's the program that gives us our NPS score, but also gives us a lot of other insights from our clients in terms of how they see our services and how they'd like them to develop. That is now across the group, and it's done in a very robust way.
We've been investing in some of our growth initiatives, so we'll see some early progress from e-learning in our Language Services division and from Linguistic Validation in our Regulated Industries division. I'll talk more about those shortly. We've been investing in our software products, that coupled with the restructuring we did post the SDL merger, has given us some really good growth and encouraging progress in growing our software businesses. Again, we'll dive more deeply into those later on. In terms of ongoing development of the portfolio, FY23 will see us continuing with some of those additional growth initiatives, in particular building out our data services offering in Language Services.
I'm pleased to say that the small acquisition we made and we announced back in March, Fonto, which is in our content management area, has settled in well and is trading in line with expectations. Last but by no means least, you know, our Language eXperience Delivery platform, that unique platform that combines our in-house translators, our large network of freelancers, and uses our own translation management and AI software, is underpinning the margin improvements that you'll see today, and will also give you a little bit more color on where we are with our key transformation programs as we go through. Trying to give you a little bit more of an insight into some of the data that we use as a management team in assessing where we are with some of those initiatives.
Now some of this is data that you've had before, and we've just presented it hopefully at an easier fashion, but there are some new KPIs on here as well. You can see organic growth. You can see our net promoter score. You can see now our repeat revenue rate, which is basically the revenue we're seeing from clients that we had from the year before. You see a very, very high rate. I've worked in a lot of business services businesses. This is as good as I've seen anywhere. You can also now see incremental revenue from defined growth initiatives.
In this case, that's the incremental revenue we've delivered, compared to FY 2021, in this case for Linguistic Validation and e-learning, which are the two growth initiatives that got started, you know, soonest outside of our technology area. In terms of technology, you can see our SaaS license growth, the percentage of SaaS revenues as a percentage of our Language and Content tech division, again ahead of where we hoped it would be. And as you all know, the SaaS is growing a bit faster than we thought, which does bring down the reported revenue growth, but is actually a really positive thing because it's long-term repeat, revenue if it's SaaS. And our development spend is trending towards the position we guided it would do, now at about 12%.
We think it'll stick in that 12%-13% range now. We'll talk more about M&A. We've got a deep dive on SDL coming up. You can see some of our efficiency metrics there, gross margin, the percentage of gross margin that is going into overheads. We've added some key ESG metrics here as well. Our attrition rate, which I'm pleased to say has come down quite a bit. A very strong colleague engagement score from our recent survey that we completed back in September.
We're tracking diversity within our senior leadership team, steady year on year, I would point you to the very significant progress we've made with our executive team, where we've gone from 11% to 33% in my direct reports in the last year. Our board will actually be at 50% male female when Rod leaves the board in January. We're currently at about 44%. I think that's really strong, I think on the board, we will by the end of next year, have a female chair, a female senior independent director, and a female CFO. I think that's a real commitment to getting the right balance.
You know, we are a very diverse business more broadly, but we did have work to do to make sure that our senior leadership team reflected the diversity elsewhere. I'm glad to say we're making good progress with that as we are with our sustainability ratings, which I'll talk more about later on. With that, I will hand over to Rod, who will take you through the numbers.
Thanks. Yeah. Good point about me contributing to ESG finally. Moving on. Yeah, I'll take you through some of the more detailed financials. I think sort of big picture, obviously we're pleased with the year as a whole. I'm gonna start with the P&L, and I'll just work my way down it. From the top, revenue is up 8% year-on-year. That does include an extra month of SDL in 2022, so if we strip that out, we're at 3%. During the year, there was also, in particular in the second half of the year, there was a weakening of the pound against the dollar, and that gave us a currency gain.
If we strip that out, our organic constant currency revenue actually declined 1% in the year. If I look at that by division, what we see is, and we'll dig into this in a bit more detail, we had some accelerated growth in Language and Content Technology, pretty robust performance in Language Services. We had to offset that we had the anticipated decline in IP Services and we did have a reduction in Regulated Industries. Looking now at gross margin, I think it's a particularly good performance. We're up 160 basis points year-over-year. There's a number of factors behind that. You know, we put more volume through our LXD. That improves the efficiency of our operation.
We've had this mix shift towards technology, which is higher margin, so that's another contributor. Actually, within Regulated Industries, that margin's also improved. We exited a number of very low margin or even loss-making clients earlier in the year, and that's actually helped to sort of drive up that margin. On admin expenses, as Ian said, actually one of the metrics we look at is the flow-through of admin expenses to bottom line. What's admin expenses as a % of gross profit? That efficiency has improved in the year, so we're pleased to see that. The net is, if we look at Adjusted PBT, we're at GBP 135.7 million, slightly above our own expectations actually.
18.1% of revenue 17% growth year-on-year. In getting to Adjusted PBT, there was a number of adjusting items. You have exceptional costs of GBP 12 and a half million, and that's predominantly related to the integration of RWS with SDL and the costs associated with that. Amortization of intangibles associated with acquisitions, GBP 34.4 million. Again, predominantly related to SDL and the Moravia deal. Share-based payments, GBP 3.2 million. Reported tax expense for the year is GBP 20.5 million. Our effective tax rate is 24.6%, slightly lower than last year.
If we wanna look at adjusted effective tax rates, when we're sort of adjusting for exceptionals and what have you, we're at 23.7%. That's kind of consistent with our guidance and expectations. You sort of flow that through then to adjusted EPS, we're at 26.6 pence a share, up 12% year-on-year, and that increase is again in line with the proposed dividend increase for the full year. Just looking at revenue in a bit more detail. This sort of bridges where we were from 2021 through to the end of 2022. I'd say the first item that was called out earlier is this impact of the extra month of SDL, that's the GBP 31.6 million.
If we look by division on a constant currency basis, you can see Language Services growth was 1%. We had our Strategic Solutions division within that. That showed pretty robust performance, and that offset a modest decline in Enterprise Internationalization. Regulated Industries, that showed a decrease of 2%. Although we had continued great performance actually within Linguistic Validation, that was offset by this decline in revenue from a large CRO that we've referenced before. Also, as I was saying, these exiting of low margin clients earlier in the year. Technology grew by 5%. Very pleased with that actually. And that's despite the fact that SaaS performance accelerated again, so it now accounts for 29% of revenue in 2022, up from 24% in the prior year.
In the short term, the accelerated growth of SaaS actually suppresses revenue growth. Obviously we like SaaS 'cause it's more recurring in nature, it's more sticky, etc . There's more opportunity for future upsells. Keep moving along. IP Services, that's down 10% in constant currency terms. That's consistent with our guidance and expectations. As we previously noted, the impending introduction of the Unitary Patent in the European Union, that's impacted our revenue this year as some filings have been deferred as sort of companies can wait and sort of consider how to take advantage of this new regulation when it comes into being in the first half of next year. Acquisition, that's Fonto. That's a smaller acquisition we made earlier this year.
The final point just to make on this is the impact of currency that again I referenced earlier. Obviously as everything's relative to the pound, the particular issue here has been the weakening of the pound against the dollar in the second half of the year, which is sort of actually starting to come back the other way now. That actually was a material contributor to revenue of GBP 27 million. We'll dig into some of the underlying activities within these divisions in Ian's next section. Just looking at cash, again, another good year of cash and cash conversion.
The conversion figure that we show here is 110%. That's based on the calculation of underlying cash flow from operating activities divided by adjusting operating profit. That's the calculation we've used for a number of years. I know there's lots of other ways of doing this, and one of those we actually showed in our Capital Markets Day, which was free cash flow before exceptionals divided by adjusted net income. That gives a cash conversion of 83.3%, and that's in line with what we said at the time of being between 80% and 85%. Just to give you a sort of couple of perspectives on that, but certainly pleased with cash.
In terms of the outflows, as you'd expect, you know, dividends, tax, CapEx, the acquisition of Fonto. The net is in terms of net cash after loans, we're at GBP 71.9 million at the end of the year, and that's an increase of GBP 26.6 million over the twelve months. Just the last point on cash is we refinanced the RCF during the second half of the year. We've extended the value from $120 million to $220 million out to 2026. It's on very similar terms to what we had before, we were pleased with that, and obviously that sets us up for, you know, potential M&A as that occurs.
The drawdown on the RCF at the year-end, it was only GBP 36 million of that, so GBP 220 million, so there's plenty of headroom there. Looking at the balance sheet briefly, net assets increased by GBP 131 million during the year. Just to call out a couple of points. Goodwill increased by GBP 77 million. That's partly the acquisition of Fonto, but there is a particular FX issue in terms of point in time, so we're obviously valuing the balance sheet on the 30th of September when the pound was particularly weak against the dollar. Actually, you get an FX gain, if you like, you know, which is very material in goodwill.
Similar story actually in intangible assets. Although we had, you know, the typical amortization there, again, we had an FX gain that more than offset that. Net working capital, that increased by GBP 15 million. Now, that's partly because we had higher revenue. Again, there's this FX impact as at the 30th of September. If you look at our underlying DSO, for example, at that point in time, it's actually very similar year-over-year. If anything, slightly down. It's just trying to explain why that's why that's gone up. Ian just did reference earlier some of the big projects that we're engaged with, and we've talked about these large infrastructure projects before 'cause they do have an impact on our CapEx particularly.
We are at, you know, we're at 4% in 2022 as we expected. We've guided to 7% next year, and then it sort of ramps back down to 4%. Some of the big items behind that, just to give a bit more visibility, one from the top is Project Highlander, which is putting us on one unified Microsoft tenant, which will happen in the first half of 2023. We are looking to move our disparate HR and finance systems onto one platform, Dynamics 365. That'll be much more coherent, much more efficient, much more scalable way of working. I can tell you from personal experience on that. That will be complete during 2024.
From an operating point of view, IP Services, we're doing the whole revamping and modernizing of the workflow there to allow us to be much more efficient, a lot more agile. That'll be, again, complete in 2024. The last one we just call out here is the LXD, the Language eXperience Delivery platform. There's a lot of work going on there to sort of further improve the competitive efficiency of that and the major benefits we'll see from that are in 2025. To wrap up, here's just the, you know, very simple financial model that we use in terms of the way we manage cash and recycle and grow cash.
We obviously have our business as usual spend to keep the business on a solid footing and drive sustained organic growth. We look to accelerate that growth and some of the growth initiatives that Ian has referenced earlier and we'll talk about later in the presentations is that investment. We continue our progressive dividend policy. We're doing that again this year. We look to acquire for growth, so we're gonna get accretive value through M&A, and we use that and as a sort of virtuous circle for managing the managing the business. That's it for me. Back to Ian.
Thank you, Rod. Right. We'll now dive a bit more deeply into the business. Bit of a reminder of our strategy on a page. Nothing's changed here from the Capital Markets Day. That continued focus in terms of our proposition around content transformation and helping our clients deal with lots of data and content that they increasingly have to both transmit and receive and make sense of. And all of it with a focus on helping our clients to grow by launching new products, by acquiring new customers, by making sure those customers have a great experience once they've bought those products and services, and also by helping them to maintain sort of regulatory compliance. The other thing I'd pull out on here is the values.
I think that's been a particularly important piece of work for us as we've brought SDL and RWS together. These aren't just words on a page. We actually track in our customer satisfaction surveys with our clients, whether they think we are partnering, delivering, progressing, and we get very positive feedback on that. We also use these values in terms of how we think about promoting colleagues, recruiting people, so they're very much now built into the DNA of the business, and I think that's very, very important in a services business. Quick reminder of our structure. Four operating divisions. You can see the revenue splits there. We can see the early sign of progress with those revenue splits.
As we talked about back in March, we were hoping to see a little bit more of technology over time, a little bit more of Regulated Industries. You can see that early sign of shifting. Little bit more tech, gone from 15 to 17%, little bit less IP Services. And as we've talked about already, Language Experience Delivery increasingly supporting the language delivery components of those services across the group, and the transformation projects aiming to deliver those improved support functions over time. If we start with Language Services, the largest of the four divisions, 46% of group revenues. Here, as we said, we saw 1% organic growth at constant currency.
This business is roughly divided into two, pretty much 50/50 between EIG, which looks after our large technology clients, and then SSG, which looks after a range of large branded businesses across a range of sectors. Here we saw very good growth in SSG, especially in the Americas. Geographically, Americas is probably the strongest. Asia Pac second. Europe, as you might expect, a little bit weaker. we saw some good wins across a range of sectors in education, in manufacturing, in software and in telecoms, and earlier in the year, also in electric vehicles. In EIG a robust performance despite, you know, some of the well-publicized sort of cutbacks at some of our technology clients. We saw very good revenue growth with a large, global digital retailer.
We did see some reductions in one or two other places. Actually more recently, we just saw a very large data services win with one of those clients, which is part of our data services initiative, and that came in at the beginning of FY 2023. It was an encouraging start. Margin very nicely improved year on year, up 25% in terms of operating profit. That is very much the top line in SSG, an improved gross margin through use of the LXD and generally good cost control. One of the initiatives we talked about back in March was e-learning. That sits in this division, so just a quick reminder of where we are with that.
This is a growing area, especially post the pandemic, as lots of employers and companies seek to deploy e-learning to deliver the increasingly large amounts of training that we're required to deliver and many, many of us have to deliver and want to deliver. You know, we have a right to win here because we are localization experts and, you know, clients increasingly want to deliver that content in a way that is accessible to all of their colleagues around the world. I think the thesis here was that we could cross-sell this service to our existing clients. I'm pleased to say, you know, since we announced this, we've sold into 22 existing clients, this e-learning service.
We've also won, you know, fairly significant for us end-to-end global e-learning, you know, partnership as well. This year will see us continuing to develop that service. Some of the organic investment we've been making, some of the OpEx investment is going into this area, and we'll be starting to try and cross-sell outside of Language Services into our Regulated Industries customer base and elsewhere, as well expanding geographically into Japan and India. Early days, but encouraging progress and it says that hypothesis that we could do this feels like it was pretty solid. Moving to Regulated Industries, as you heard, organic growth here drew back 2% on a constant currency basis. That's despite good progress on Linguistic Validation, which I'll deep dive on in just a second.
Despite some very nice wins in financial services from banking and asset management clients and from medical device and pharma clients as well. We saw good period-on-period growth with 13 out of 20 clients. As Rod mentioned, we did also exit some lower margin contracts that we talked about at the mid-year. Those broadly came from the SDL side of the business, and that's pretty much now complete. I guess the other sort of meaningful headwind here was the reduction of work with a CRO client that we talked about back at the trading statement. That was a result of them starting to offer competing services and us feeling like it wasn't the right thing to continue to work together in quite the same way.
Having said that, I think we will now continue to do some work for this client, so that position has moved on a little bit from two months ago, but it will be a significant reduction year-over-year. Despite that operating profit, you know, seeing some nice progress here as well, and that's partly those loss-making contracts being removed or low margin contracts being removed and an increasing amount of volume from this division in particular going into the LXD. Talked about Linguistic Validation, another one of our, you know, new growth initiatives, and this is where we're providing very specialized linguistic services across the spectrum of the clinical trial process. It's highly regulated. It's very specialized. It's an area of the business where small nuances in the translation work are very, very meaningful.
So often things get translated backwards and forwards, often by two different people. It's that kind of work. We've been doing this for some time. I think we identified in our strategy work that we felt this was an area of growth, so we committed some further investment really to increase our capacity to do this work because it is quite specialized. Again, if you look at the top right there, we've sold it into 42 existing clients through the course of this year and 40 new wins as well. This is again, early days, small numbers in terms of revenue at this point. It will grow, we think meaningfully through the course of FY 2023. I think again, it is a tick against that thesis that we had at the Capital Markets Day.
Moving to Language and Content Technology, we're really pleased with the progress here. This business was flat year-on-year, this time last year. It was one of the areas we saw in SDL that we thought we could do something with. We put a lot of effort into looking at this business, through our strategy review. We decided on the four product areas that we felt we could win in and make progress in. To be sat here with 5% organic growth is really encouraging, with that extra SaaS mix in the mix as well. It is, I think, a really good example of applying the RWS philosophy of running a business to this area. We've now got four general managers with clear P&L accountability, with all of the resources to deliver sitting within them.
You can feel the energy in those teams compared to a year ago. They're winning. Winning in a diverse range of verticals from aerospace to automotive, banking, IT consulting, robotics software. Increasingly, we're seeing nice levels of cross-sell and combined sells with our services clients as well. Another thesis in that SDL merger. Fonto's going well and the profits have increased substantially. IP Services very much in line with the guidance we came back in March, dealing as we expect it would with the Unitary Patent, which we now think will go live sometime in H1 calendar next year. It is a bit of a moving target. Despite that, you know, we've seen modest growth in other segments.
We've, you know, translation and filing beyond Europe, IP research, China in particular, good growth there. We've been working on the sales team here. We're running a sales improvement initiative with an outside company here, I think we're starting to see some early benefits from that work. That's evidenced by some of the new logos we've been winning here across a range of sectors from agriculture to battery and chemical manufacturing, energy storage, natural gas, medical devices. You can see them listed there. Overall, I think holding our own, no change to our long-term view here of what we think happens. We think we will sort of hit the bottom of the Unitary Patent sort of impact in FY 23 and then grow from there.
We've got Daniel, our new president, who joined a few weeks ago, who brings a new sort of focus on growth into that team. Of course, we're continuing with the transformation program, which will also improve our customer proposition in this business. If I turn now to ESG, this is absolutely essential to our business. I think to position that, it's probably worth thinking about it through a few lenses. First of all, if you think about the brands and the companies we work for, they expect their suppliers to take this seriously, and increasingly they are making purchase decisions based on the ESG performance of their suppliers. If I think about the things that come through in our colleague engagement survey, our people care about this. They care about the purpose of the organization.
They want to see an organization that's taking it seriously. I know our investors take it really seriously as well. We're making really great progress. We've committed to setting science-based targets for carbon reduction this year. Just got a B score in our CDP survey. Very good participation in our internal colleague engagement survey with 85% participation rate. We're continuing with our extensive program of campus activities around the world, where we're trying to attract people into, you know, our industry and also where we use things like Trados, our translation management platform. We, we encourage translators to use that tool from early stage through partnerships with universities around the world. In terms of governance, you know, substantial progress this year. Jane, our new Company Secretary, is here in the room.
Julie Southern has joined our board and will take over as chair in October of 2023. Of course, Candida's joined us as CFO as well. Significant strengthening of the board and also, you know, real progress on some of the underlying policies and procedures. Our code of conduct was refreshed and relaunched earlier in the year, and we had a remarkable 98% completion rate. I don't think I've ever seen such a high completion rate. Showing real engagement with taking that seriously across the business. Last but by no means least, we were quite pleased to be awarded a silver medal by EcoVadis, which is strong progress year-on-year. Last year, we hadn't even qualified for a bronze.
We've jumped quite significantly, and I think that really does reflect the focus that we're putting into this. Placed in the top 10 of companies in our industry sector from a relatively standing start three years ago. Just wanna touch on M&A before I go to guidance. I think it's really important just to spend a moment on SDL. This has been an outstanding success, in my opinion. It's one of the reasons I joined the business. We had a number of things we were seeking to achieve in terms of strengthening our market positions, you know, getting hold of the technology which was key to future-proofing the business, delivering us the opportunity to improve our margins further through a bigger scale platform.
I think a lot of what I've just been through demonstrates that that is working. You know, leadership in key segments, growth in technology, margin improvement through use of what used to be called the Language Office, which came from SDL. It's what we now call the LXD. Leveraging the SDL technology both internally to drive that efficiency, but also in support of our external sales, where we're now often combining tech with services. In terms of numbers, acquisition EV was about $570 million. That was net of about $50 million of cash, $55 million of cash that came with the business. EBITDA was about $51.6 million. We've delivered run rate synergies of around $33 million.
That gives you an 11.1x pre synergies and a very strong 6.7x post synergies. Another way to think about this, I think, is EPS, right? We've gone from an EPS of GBP 0.199 in FY 2020 to an EPS of GBP 0.266 this year. You think about it as an all-share deal, that's a remarkable, I think a really good use of our equity. If you could find another deal like this, I think you'd do it again in a second. We do continue to look for other deals like that. Whether we'll find another one quite like SDL, I don't know. But our intentions here haven't changed from the Capital Markets Day.
We're interested in acquisitions that accelerate the shift of the group into those more attractive higher growth segments. We will remain the same disciplined company we've always been in terms of does it align with our strategic priorities? Will it enhance our organic growth? And can we do it at a sensible price? And are we acquiring a business where there's a good cultural fit, where we can retain the people and the client relationships and integrate effectively? That hasn't changed at all. I would hope we can make some further progress with that in the year that we're now in. That takes me to the final slide, in terms of current trading and outlook. I think we've demonstrated some early signs of progress through our organic growth initiatives, great progress with technology.
We are seeing reduced activity from some of our tech clients. We're also still winning business with them. They're very strong relationships embedded by really high levels of NPS and satisfaction. Seeing early signs of some of our sales improvement initiatives working as well. Pricing, we haven't talked much about. We have pretty much created a pricing program from scratch over the last 12 months. We're seeing that now impacting our P&L. Our objective in this year is to offset our salary and cost inflation with what we get from pricing. Our infrastructure programs are up and running and mobilized, and we've brought in talent, both, you know, permanent new heads like Terry, our CIO, and also we're using, you know, external providers to help us deliver those programs.
Cash generations continue to be very strong. Got a great executive team in now in place. Today, we're restating our guidance in line with market expectations. We are very mindful of the current economic climate. It is difficult. It is harder to forecast than normal for, I think, most businesses. We have got a lot, I think, going for us in this in this world that we're now in. Now is the moment, I think, where market leaders often step up a gear. You know, we can continue to invest when some of our competitors may struggle, and that is an opportunity for us to continue with what we committed to back in March and enhance that customer proposition to continue to support growth and, you know, maintain those investments that are enabling that. That's it from me.
I'll pause there and just say thanks to you all and wish you a happy Christmas. Thank you.