Vivek and Derek will provide an overview of our FY 2026 results shortly, and we will then open it up for questions. If you would like to ask a question, please submit it in the chat box, which will be sent directly to me. I will relay it during the Q&A session. The key information in today's call is contained in the ASX announcement and investor presentation released to the market this morning. I would like to call your attention to the safe harbor statement in our ASX release regarding forward-looking information. That safe harbor statement also applies to this webcast. This session is being recorded, and a transcript will be released to the ASX. I will now hand you over to Vivek.
Thank you, Virginia, and thank you all for joining us today. FY 2026 was a transformative year for Articore. We delivered EBIT of AUD 10.3 million, slightly above the top end of our guidance range, and a AUD 20.1 million turnaround year-on-year. Margin expansion has been meaningful and sustainable. Gross profit and Gross Profit After Paid Acquisition, or GPAPA, both grew for the year, driven by supply chain efficiencies, pricing, paid marketing effectiveness, and the new artist account fee structure that enhanced market-based dynamics. Gross profit margin reached a record 49.6%, up 400 basis points, and GPAPA margin improved to 28.6%, up 210 basis points. We also strengthened the balance sheet materially, with underlying cash flow of AUD 10.1 million and a closing cash balance of AUD 40.5 million, giving us the flexibility to invest in future growth. This slide highlights the structural nature of the improvement over time.
We have seen a consistent increase in our margin profile since FY 2023 as the group prioritized improving margins and restoring profit. We have reduced operating expenses every year since FY 2023, with OpEx falling from a peak of AUD 129 million -AUD 85 million this year, a 34% reduction. This has been achieved while continuing to invest in growth, including building Dashery from ground up and acquiring Frankly Wearing. Together, margin expansion and sustained cost discipline have driven the turnaround in EBIT you can see on this slide. 2026 was the first year Articore generated positive EBIT outside of the pandemic-driven spike in FY 2021. A significant turnaround to profitability compared to all those years in the past. This reflects a sustainable and structural change in our business, in our margins, and cost structure.
We are confident that we can build on this momentum to ultimately deliver profitable revenue growth with strong cash generation. Before turning to the detail behind these results, I would like to provide an overview of the business today. Articore today owns and operates two established high-margin, capital-light digital marketplaces, Redbubble and TeePublic, alongside two high-growth businesses, Dashery and Frankly Wearing. The flywheel remains central to our investment thesis. Creators upload designs to our marketplaces. Customers purchase products printed on demand by third-party fulfillers, and we charge service fees to provide tools and support for creators. Because creators only earn when they sell, the group benefits from an asset-light, negative working capital business model. Greater volume drives fulfillment scale, efficiencies that lower unit cost and expands margins, and stronger margins allow us to reinvest in customer acquisition and further accelerate the flywheel.
When this flywheel gains momentum, it generates compounding benefits for creators, customers, and shareholders alike. Building and sustaining that momentum towards profitable growth remains our core priority. Supporting that flywheel are four structural competitive advantages. First, scale of content. Over 75 million designs, with more than 10,000 added daily, creating one of the largest and most dynamic catalogs of unique user-generated content in the world. Second, fulfillment scale. A diversified global network of third-party sites, allowing us to flex volume, optimize cost, and maintain efficient delivery for over 20 million units shipped in FY 2026. Third, network effects. We have more than 3 million creators selling across the group. As more creators and customers participate, the platform becomes increasingly attractive to both sides. Fourth, operational leverage. A global team of around 200 people, generating approximately AUD 1.8 million in revenue per employee.
Together, these advantages make the model defensible, scalable, and increasingly efficient as volume grows within a global print-on-demand market that itself is growing quickly from around $11 billion in 2025 to a projected $58 billion by 2033, a 23.6% compound annual growth rate. Looking across our two established marketplaces, both delivered structural margin gains this year. TeePublic remains a strong contributor to the group, with consistent growth since it was acquired in 2018. The trend continued this year. TeePublic grew marketplace revenue 2.8% in constant currency, with gross profit up 10.9% in constant currency, driven by pricing and promotional optimization and ongoing supply chain efficiencies. This included more favorable costs on blanks, a shift towards more cost-effective third-party fulfillers, and onboarding a new shipping carrier, which increased competition to offset rising U.S. shipping costs. Redbubble's improvements to unit economics largely offset softer marketplace revenue.
The business delivered a record 55.2% quarterly gross profit margin in the fourth quarter, reflecting the new artist account fee structure and continued supply chain efficiencies. Turning now to our high-growth businesses, starting with Frankly Wearing. In May 2026, we completed the acquisition of Frankly Wearing, an Indian-based print-on-demand marketplace. This acquisition advances our technology consolidation and establishes a Global Capability Center to drive operating efficiencies across the group. The acquisition opens access to the Indian print-on-demand market, worth more than $1 billion and growing around 25% annually. Since we acquired it just a few months ago, Frankly Wearing has delivered year-on-year triple-digit marketplace revenue growth. Integration is progressing well. India-based teams are already providing engineering and other functional support across the group, and we are targeting hiring more than 30 employees by the end of FY 2027.
Dashery is an emerging storefront platform for creators who want to monetize their existing audiences. FY 2026 marked Dashery's first full financial year, and the early signs are encouraging. The platform generated AUD 4 million of GPS, Gross Processed Sales, AUD 2.4 million of NPR at a GPAPA margin of 36.5%, significantly above our established marketplaces as creators bring their own demand. What excites us most is that a number of creators have already passed $100,000 in gross sales in their first year alone, a strong signal of much higher lifetime value potential. Our current target customer profile is creators with 100,000 - 1 ,000,0000 followers, a segment we estimate at around 4 million creators globally. We are currently working with Shopify to launch an integrated offering to specifically broaden the target market to creators with millions of followers who have existing Shopify storefronts.
AI is now embedded across the Articore flywheel, and we are continuing to expand into new use cases. On the creator side, our approval workflows are 100% AI-powered, which reduces manual review and improves both speed and consistency. On the customer side, our search is powered 100% by AI algorithms combining vector search and machine learning ranking to improve relevance, discovery, and conversion. AI also underpins our marketing, from content creation through to campaign optimization. Across operations, AI is helping the business run more efficiently, with approximately 80% of customer contacts touched by AI-powered chat, speeding up query resolution. We have also taken a significant step into AI commerce, launching an early advertising initiative with OpenAI's ChatGPT for the public. Buying behavior is shifting from searching to asking, and we were already seeing revenue growth from AI sources, including ChatGPT, Gemini, Claude, and others, even before this launch.
We see this becoming a growing revenue stream for the group. Our vision is to be the leading destination for customers to discover and buy unique design-first products driven by a global creator ecosystem built to turn passion into profits. We will pursue this through three growth drivers, which focus on customers, creators, and high-growth businesses. For customers, we will strengthen our competitive mode through content differentiation, build high-impact customer acquisition and attention engines, and elevate the customer experience through AI-driven discovery and personalization. For creators, we are focused on generating higher value outcomes through incremental monetization opportunities, and we will continue to invest in our new high-growth businesses, including Dashery and Frankly Wearing, leveraging our strategic assets and existing capabilities. Underpinning all three growth drivers is a single unified platform.
This slide sets out the specific initiatives we are prioritizing in FY 2027 to unlock each of these key growth drivers. For customers, we are focused on three areas: acquiring and elevating pop culture, licensed, and fan content, improving search, discovery, and merchandising across both marketplaces, and building personalization opportunities that let customers express their identity and fandom. For creators, we are looking to increase creator earnings in ways that incentivize value-adding behavior, simplify the creator experience, including enabling designs to be uploaded once and used across multiple platforms, and continuing to refine the artist account fee structure. For our high-growth businesses, we are expanding new revenue streams, such as on-site advertising, adding new features and integrations through Dashery, including Shopify, and leveraging group expertise and capabilities to accelerate Frankly Wearing's growth.
We have already made good progress working towards operating on a single platform, which we will build on in FY 2027. We are leveraging unified marketing technology across the group, integrating order management and fulfillment systems, and consolidating our content uploader. Together, these initiatives are designed to build on the structural gains we made in FY 2026 and support the group's return to profitable growth. I will now hand it over to Derek to take you through the numbers in more detail.
Thanks, Vivek, and hello there, everyone joining us today. FY 2026 was a strong year of execution. We expanded margins, kept a tight rein on costs, and meaningfully strengthened the balance sheet. Starting with the P&L. As Vivek highlighted, the group delivered record margins this year. Both gross profit and Gross Profit After Paid Acquisition grew in absolute value, offsetting a decline in NPR. Fulfiller pricing was a key driver of our record margin improvement this year. We negotiated pricing based on combined volume from Redbubble and TeePublic and directed more volume to fulfillers to offer better pricing. Operating expenses declined 6.9% to AUD 85 million, reflecting continued discipline across the cost base, including a reduction in employment, web hosting, and software costs. Depreciation amortization declined 57.8% year-on-year, following the streamlined capitalization approach we introduced towards the end of FY 2025, which better aligns reported EBIT with underlying cash flow.
All this flowed through EBIT of AUD 10.3 million for the year, up from a loss of AUD 9.8 million in FY 2025. It is worth noting that the U.S. dollar declined 4.8% against the Australian dollar year-on-year, but this had limited impact at the EBIT level as 72% of the group's revenue and 75% of its costs are denominated in USD, providing an embedded operational hedge. Vivek has taken you through a substantial improvement in margins across both marketplaces. What is clear from the results is a divergence in top-line performance. TeePublic's marketplace revenue continued to grow, up 2.8% in constant currency. While Redbubble's marketplace revenue declined 11.1% in constant currency, those substantial margins expansion largely offset the softer top line. Returning group NPR to profitable growth remains a key priority.
Vivek outlined the key initiatives we are investing to drive that outcome center around the three pillars: customers, creators, and high-growth businesses. Our cash position and balance sheet improved significantly this year, providing financial flexibility. Underlying cash flow improved from AUD 0.6 million in FY 2025 to AUD 10.1 million this year, and our closing cash balance grew 42% to AUD 40.5 million, up from AUD 28.4 million. We achieved this while returning capital to shareholders, buying back more than 2 million shares during the year, and without compromising investment in Dashery or the Frankly Wearing acquisition. One clear sign of the financial improvement shows up in returns on shareholder capital. The return on equity turned from -22.8% in FY 2025 to + 21.8% in FY 2026. The group enters FY 2027 in a strong position to return to profitable growth.
Its core marketplace business is profitable and generating cash, has a renewed focus on cost discipline, and it is investing in two high-growth businesses, Dashery and Frankly Wearing. For FY 2027, the group expects to build on the structural change to its performance delivered in FY 2026. We are guiding to a GPAPA margin of 27%-30%, a further step down in operating expenses to AUD 79 million-AUD 85 million, and an operating EBITDA of AUD 17 million-AUD 23 million. Thank you for joining us today. We will now open up the webcast to questions. If you have a question, please add it in the chat box and Virginia will relay it on your behalf.
Thanks, Derek and Vivek. We have received a number of questions from Wei-Weng Chen at RBC. I will start with Wei-Weng 's first question. Now that you have proved out the economics of your business model, how will you avoid the common growth versus earning trade-off of e-commerce companies? It seems like a lot of companies can only achieve one or the other, but not both concurrently.
I can take that. Thank you, Wei-Weng , for your question, and you are absolutely right. It is a critical balance that companies have to strike between profitability and growth, and that is why we are squarely focused on profitable revenue growth for FY 2027 and FY 2026 as well. I would add to that structurally, our business has certain inherent advantages. We have a flywheel that works. We have a business model which is asset light and have negative working capital advantages, so we do not need a lot of investment upfront. To add to that, we have shown we have very strong discipline on both operating costs as well as we have already achieved record margins in FY 2026. We continue to remain disciplined in those two areas as well as we have a marketing engine which is very efficient.
If you combine all the advantages of the business model, the discipline and the performance that we have shown in FY 2026, we intend to continue to build on that in FY 2027 and beyond and drive profitable revenue growth for the business, which we have already started to make significant progress towards. Next question, please. You are on mute, Virginia, I think.
Sorry about that. The next question is: where will year-on-year OpEx savings come from?
I can take that one. So four main areas, all of which are a continuation from efforts that started in fiscal 2026. First would be continued leverage of AI in all areas of the company, and Vivek had shared some of the successes that we have had already, especially around customer service. The second area is our continued effort for technology platform consolidation. In FY 2026, that effort yielded AUD 3 million in savings year-on-year, and we expect that will continue to bear fruit in FY 2027. Third is getting cost leverage from building out our India operations with a Global Capability Center. That started in FY 2026 and will scale quite significantly more, as Vivek had talked about in the new year.
Lastly, we expect that we will continue to have a strong culture of cost discipline and look to continue to reduce overhead costs in things like facilities and leases and so on.
Wei-Weng 's third question is, can you speak to any events, cultural points in time during the year which saw sales spikes? How nimble is your ability to market and capture these demand events?
I take that one. It is a great question, and all our marketplaces get significant revenue from social, political, or cultural events happening around us every single day. The spikes that we saw this year were centered around towards the World Cup, the soccer World Cup that was happening, and it was really fascinating to see how the trends changed as different players and different teams were progressing through the tournament. NBA, the basketball, was another key moment for the group where New York Knicks won the championship after 53 years, and we saw a lot of activity around that. Just this week, just a couple of days back, we had the unfortunate, sad news of Dolly Parton passing, and we are seeing some sales activity around that on our content as well.
Just to give you a few examples of how quickly the marketplaces respond to things that are happening in the social, cultural, political space. Our marketing is quite nimble. Our marketing, in real time, adapts and activates the content that we see on our platform. We have fine-tuned our marketing engines and the algorithms in a way that the content very quickly goes to all the platforms where we are operating, whether it is Meta or Google or others, and start to really create the flywheel effect of getting more and more sales on these key trends. Definitely something that we want to continue amplifying in FY 2027 and beyond.
The final question from Wei-Weng is, how should we think about the first half, second half EBITDA skew?
A great question, and thank you for that. I will take that one. Our business is seasonal, given the super majority of our sales is U.S.-centric, and we expect it to be continued seasonal. The first half has been and will continue to be a greater share of the profit and EBITDA generation. Fiscal 2026 is a more extreme example of that, where the first half operating EBITDA was predominantly almost the entire year's operating EBITDA. Our second half operating EBITDA was profitable, so that is a good milestone. As we grow again, we do expect that skewing to become less out of bounds and getting more into balance, and we expect that to happen in FY 2027.
The next question we have received from a shareholder is, do you envisage paying dividends in the future? If so, when?
We look at it, the board looks at it from multiple different angles, and capital allocation is definitely a key consideration for the board. We look at it every 6 months in terms of whether the right use of the group's capital is in paying dividends or other uses. The board has decided that right now, we continue with the on-market buyback as well as investing in the growth for the group, and that's a better use of the capital that we have at the moment.
The next question we've received is from a shareholder. Given the current market valuation, returning to a solid growth trajectory is top of mind for investors. What are the core pillars of Articore's long-term growth plan, and what specific near-term milestones should shareholders be watching for proof of execution?
Thank you for the question, and as outlined in my prepared remarks, we have made great progress this year on returning the group towards a growth trajectory. The group has moderated revenue declines to low single- digits this year, versus declines of 12% that the group saw over the last preceding two years. We are focused on bringing the group to profitable NPR growth, and we are confident that we can build on this momentum. Our long-term growth plan is focused on the six growth pillars that was outlined in the presentation, centered around customers, creators, and our high-growth businesses. What I would also add is what's new in FY 2027 is our engineering capability in India, giving us the capacity to accelerate our tech roadmap and unlock these drivers more quickly.
To answer your second part of the question for FY 2027, the milestones that you should track are the ones in our guidance, GPAPA margin, OpEx, and operating EBITDA.
The next question we have received from a shareholder is: Can you please provide the revenue and estimated cash burn for both Dashery and Frankly Wearing?
Yeah, I can take that one. We are excited about our high-growth businesses, which are Dashery and Frankly Wearing. As you can see, they are still rather small, and so while they are growing over triple digits year-on-year, still not a significant portion of the business as of now. So we are not disclosing specifically what the revenue targets are other than we are continuing to see the progress that we expect, and we will invest in those. For Dashery in particular, last year we invested about AUD 3.5 million in Dashery. We expect that investment to continue into FY 2027 at about the same level. The EBITDA loss on Dashery will decrease because the business is growing and generating good GPAPA and GPAPA margin. So it will be less from that perspective, but in terms of overall investment, it will be consistent.
Frankly Wearing, at the time of acquisition, it was a profitable business. We are doing a lot, as you have heard, just in the first few months of acquisition to get more leverage from the group to help that business, and it is working well. We are retargeting a rough break-even year for that business, even with high growth.
The next question we have received is from Owen Humphries at Canaccord. For FY 2027 OpEx to further step down, what is your plan investing in the Indian tech hub? Will there be increased capitalized product development, as H2 product development CapEx seems to be higher already?
Yeah, I can take that one as well. So, a great question. Thank you for the question, Owen. Absolutely. As I mentioned earlier in the prepared remarks, the GCC, Global Capability Center, is an important component of our OpEx plan. There are actually two sides to that, though. That's both of them, which are important. One is what you're commenting and asking about relative to the cost leverage. Just as important, I would say, is our ability to actually invest in more engineering capacity for us to be able to do the enhancements and to make more progress on technology consolidation that will provide the overall leverage across the whole entire group that Vivek painted in terms of our vision and growth drivers. Then on the second half of your question around the capitalized product development, yes.
Because of the increased capacity of engineering and also because of the type of initiatives that we're investing into with technology, we do expect more of those efforts and just more in general in absolute terms of amount to be capitalized. It's not significantly more than this past year. I'd say roughly 15%-20% higher than what we saw in FY 2026, but it will be higher.
The next question we've received is from a shareholder. It looks like the share count is about 301 million shares. What is the fully diluted share count?
The 300 million sounds a bit high to me. I think the fully diluted share count in our FY 2026 report shows 295 million, if I'm correct. But we can follow up on that based on that question, maybe share had someone seen something that we're not.
The next question we've received is: These are great results. The only concern we are seeing so far is the drop in NPR. You expect an increase in NPR for Dashery and Frankly Wearing, but what about for Redbubble and TeePublic?
I'll take that one. Thank you for the question. I think the key focus for the group remains profitable revenue growth. As you can see, we have already made great strides in getting the revenue growth or revenue modeling the revenue decline to low single digits for the full year versus -1 2% for the two years preceding. The last couple of quarters were in the - 1%-2% range, so almost flat to last year. This is for the entire group, of course. Redbubble and TeePublic are the established marketplaces, are the key, the main revenue drivers for the group. So we'll continue to work towards getting the group back to profitable revenue growth, focusing on the strategy that we have laid out, centered around creators, customers, and our high-growth businesses.
Just to add, the short-term incentive for the KMPs this year has an NPR growth component as well, which again, is a strong signal of how much focused we, as a company, are on generating profitable growth.
The next question we've received is from a shareholder. What is the cash net of debt?
We don't have any debt on the balance sheet, so our cash balance net of debt would be our cash balance, AUD 40.5 million.
The next question we've received from a shareholder is: Are you expecting overall growth in sales for FY 2027?
We are not specifically guiding towards an NPR number in our guidance, but as Derek and I mentioned previously in the earlier questions, we are absolutely focused on NPR profitable growth for FY 2027 and beyond.
The next question we've received is: Could you comment a bit about the major geography from where your revenues are derived?
Yeah, I'll take that one because that one is the easiest one, because we have a slide for that investor presentation. If you go to the appendix, the second slide, I believe, shows sales contribution by geography, at least by continent. You can see that for the most part, we are still North American. When we say North America, it's mostly U.S., although we do have some Canadian sales. We do not expect this to change much in FY 2027 other than, of course, with the addition of Frankly Wearing, we do see that that will obviously add to sales in India.
The next question we've received is: In projecting the FY 2027 guidance, do you expect NPR growth in FY 2027? What's the assumed contribution from Frankly Wearing in FY 2027 on top line and earnings?
Yeah, I can take that one, Vivek. Our focus for FY 2027 is NPR growth, in particular profitable growth. So we have developed a guidance that aims specifically at that with the GPAPA margin, where it's at compared to FY 2026, and also obviously operating with that growth. In terms of Frankly Wearing and also just high growth businesses in general for FY 2027, you see that at FY 2026, it was less than 5% of NPR. While we expect that to grow significantly in FY 2027, it'll still be below 5% of overall NPR.
The next question we've received is: What is the board's capital management priorities?
I can take that one. As I mentioned earlier in the question around dividends, the board is absolutely focused on the capital allocation and capital management. At this moment, the board has decided to continue with the on-market buyback. The program remains on foot, as well as continuing to invest in the growth for the group, including in our high growth businesses, Dashery and Frankly Wearing, and remain focused on bringing that to a positive, profitable growth.
The next question we have received is: As you head into the holiday season, what are you seeing in terms of demand in the U.S. market as compared to last year?
Overall, there are definitely, as you can see, a lot of macro events happening that could impact consumer demand. We are continuing to stay focused on executing against our strategy, as well as focusing on the six core pillars that we have defined and outlined in our investor presentation. But definitely with a lot of the macro events happening around the globe, it's something that we are staying on top of from a consumer discretionary spending, as well as consumer sentiment standpoint.
The next question is: What part of the company is domiciled and run from Australia, and what part is managed out of the U.S.?
We have one group. We have integrated the group into Articore. Historically, Australia and San Francisco were the Redbubble operation, and New York was TeePublic. But over the last 12 - 18 months, we now have one group. We have integrated teams across different domains like marketing, supply chain. Technology teams are now integrated, so it is one technology team where teams are distributed across Australia, New York, San Francisco, Berlin, as well as now India. We work effectively across all these geographies and consider this to be a key strength as outlined in our four key competitive advantages that we have a global team of 200 generating AUD 1.8 million revenue per employee.
The next question is: Well done on the turnaround. In your opinion, do these results vindicate the strategic review path, e.g., most compelling path to long-term shareholder value?
Maybe I can start with that. I think vindication is for others to opine on and not necessary for management. I think that we believe that FY 2026 was a transformative year for us in terms of demonstrating that we have a profitable business model with economics that can scale, and we look forward to FY 2027 being a year where we do more of that and in a profitable growth manner.
The next question is: Who are your major competitors in the legacy businesses and the new businesses?
Yeah, we definitely consider ourselves to be bringing something unique to the customer. The catalog of 75 million designs, as well as human creators, as well as the velocity at which we are able to get designs on our platform gives us a unique competitive advantage. We do compete overall with the other established marketplaces. Apparel and T-shirts are sold at a lot of places across the internet or even in offline retail, so there's definitely. But also, it's a big market. Same goes for Frankly Wearing. Frankly Wearing is one of the emerging marketplaces in India, which is an artist, creator-driven marketplace. Same with Dashery. Our competitive advantage in Dashery is a merch platform for creators, which makes it really easy for creators to launch their merch business.
There are very few, if any, hardly any competitors that are really focused on that Creator segment and giving creators the ability to create their storefronts and with such ease. So, yeah.
The next question comes from Owen Humphries at Canaccord. Redbubble margins were abnormally high in the fourth quarter. What was the contribution from the membership fees, and is margin sustainable going forward?
Yeah, I can take that one. Optimizing the artist fees was an important component of our gross profit margin improvements year-on-year. In total, for the whole company, it was roughly about 100 basis points of the 400 basis point improvement, so big component, but not actually the biggest component, right? The other components that we had talked about, which were bigger in impact in terms of year-on-year improvements were the supply chain enhancements and also pricing. On the second part of the question around sustainable margin going forward, for sure, we have seen a stability in the artist community after this change, and in many ways actually have enhanced the marketplace dynamics. As you heard in our prepared remarks, we feel good about the structure now.
The focus is to work with the artists to incent behaviors that will grow the business and grow their business and their earnings in FY 2027.
The next question we've received from a shareholder. When TeePublic was acquired, it was a small fraction of Redbubble. Today it is on par. Can you comment on why TeePublic has outperformed Redbubble so much over the years, and what can Redbubble learn from TeePublic?
It's a great question. Thank you for the question. It's absolutely right. TeePublic has seen consistent growth since it was acquired and is now at par with Redbubble. From an NPR standpoint, Redbubble is still a significant driver of GPAPA dollars. The two marketplaces, even though they're similar in their business model and the flywheels, have some fundamental operational differences as to how TeePublic and Redbubble activate and really leverage the content libraries. Also, TeePublic has been a lot more focused on e-commerce fundamentals as well as performance marketing from day one, given it did not have the same advantages in SEO that Redbubble had. We have been applying learnings from TeePublic to Redbubble and vice versa. A lot of the turnaround that you see in FY 2026 has been an outcome of applying those learnings to both businesses, and we continue to do so.
As I was saying, we have now one team. The same team can now very quickly do experiments across one marketplace and apply to the other and apply the, not just even shared, they just apply the cross-platform learnings from one platform to the other. That is definitely a huge lever that we have been pulling over the last 12 months.
The next question we received is, has the board received any interest from potential acquirers?
The board will continue to keep the shareholders updated for any updates as they come and when they come.
The next question we've received from a shareholder. Any further intention of bolting on acquisitions to your Frankly Wearing acquisition?
You want me to take that?
Yeah.
Yeah. We talked a bit in our prepared remarks around capital allocation and how we think about that. And certainly one element of that is to continue to be opportunistic in terms of strategic M&A. Frankly Wearing was a very good example in that regard in terms of entering in a new market that is large and growing. Secondly, of course, building a Global Capability Center as we have already commented around the importance of that particular example. That going forward, the strategic M&A will have a strong filter to ensure that it is not really M&A for the sake of M&A, but it would actually help us accelerate the strategies and the growth drivers that Vivek outlined.
And this is the final question that we've received today. The U.S. is by far your biggest market. How can you also build awareness among U.S. investors?
Yeah, I can start. If this was a question from a U.S. investor, then part of what we're doing here today, I think, is helping with that. Over time, we have shifted more attention to U.S. investors, and some of that is investing in specific efforts with outreach. My hiring to Articore was an important signal in terms of how important U.S. investors can be for us, going forward. It is something that we're very much working on and appreciate someone asking that question, especially if they are a U.S.-based investor.
That's it, Vivek, we haven't received any more questions.
Great. Thank you for your time and engagement today. Any further questions, we are available to speak directly. We appreciate your continued interest and look forward to updating you on our progress in the year ahead. Thank you.