Thank you for standing by, and Welcome to the Bravura Solutions Limited AGM 2021. I would now like to hand the conference over to Neil Broekhuizen, Chairman. Please go ahead.
Thank you. Good afternoon, ladies and gentlemen. My name is Neil Broekhuizen. I'm the Chair of Bravura Solutions. On behalf of the board, I'd like to welcome all shareholders and guests to our 2021 annual general meeting. It's now 4:00 P.M., and there being a quorum present, I declare the 2021 AGM of Bravura Solutions now open. I'm pleased to be joined today by other members of the board, including Nick Parsons, Martin Deda, Alexa Henderson, Libby Roy, and Peter Mann. I'm also joined by Bravura's auditor for the 2021 financial year, Gamini Martinus from EY. Today, we are pleased to welcome you to our second virtual meeting via the platform provided by our share registrar, Link Market Services Limited. Due to the current COVID-19 pandemic, we felt it prudent to hold this AGM online for our collective safety.
You'll be able to listen in real time, submit questions online in writing. Phone participants may ask questions, and shareholders, proxy holders, and shareholder company representatives may vote online. At the bottom of shareholders' screens are three interactive boxes that allow shareholders to get a voting card, ask questions, or download relevant AGM documents. Only those who have logged on to the meeting as shareholders will have the ability to vote and ask questions. Please note that eligible voters can submit questions at any time, beginning now. Phone participants may also ask questions. I will invite phone participants to ask questions on each resolution. You may vote at any time during the meeting, and voting will close five minutes after the formal items of business. A timer at the top of the online meeting platform will count down to the close of voting.
In addition, a guide to the virtual meeting online guide was lodged with the ASX and was also made available on the Investor Centre, and on our website. The agenda for the meeting will include, my speech, the CEO's speech, and formal business of the meeting, which includes the resolution of the meeting. Please be advised that the Chairman and CEO's speeches have been released to the market, and you can find copies of them on the ASX platform. I'll move on to the Chairman's speech. Welcome again to the Bravura Solutions 2021 AGM. 2021 proved once again to be a challenging year as the COVID pandemic continued to impact the markets in which we operate.
Despite this, we responded to changing market conditions, evolving Bravura's strategy to stay well ahead of client needs and met the ambitious targets we set ourselves in this environment. Under the leadership of our previous CEO, Tony Klim, and our COO and incoming CEO, Nick Parsons, and their experienced executive team, Bravura delivered on its strategic goals, growing its addressable market and increasing our proportion of contracted revenue. In October 2020, Bravura acquired Delta Financial Systems, broadening Bravura's product offering in the U.K. complex pensions administration market. I'm pleased to report that the Delta acquisition has performed to our expectations and is providing our clients with a material extension to the value of Bravura's service offering.
With a solid financial position, growing client base, and a product suite enhanced by ongoing investment in R&D, Bravura is well placed to take advantage of improved client demand to deliver revenue and earnings growth as the pandemic recedes and market conditions improve. Moving to our financial performance, I'm pleased to report that despite the unprecedented market challenges, and particularly in the U.K., Bravura achieved its earnings guidance and continued to deliver a solid financial performance, supporting ongoing dividends for our shareholders. In FY 2021, the business recorded revenue of AUD 243 million, representing an 11% decline on the previous year, reflecting pandemic-impacted market conditions. Group EBITDA was AUD 49.3 million compared to AUD 57.8 million in the previous year.
The group's reported NPAT was AUD 34.6 million, which is slightly lower than the AUD 40 million of FY 2020. However, encouragingly, Bravura's contracted recurring revenue increased by 15% in FY 2021. As at June 30th, 2021 the company also had a solid net cash position of AUD 73.6 million. The board is pleased to declare a final unfranked dividend of AUD 0.06 per share for the year, a half cent per share increase on the final FY 2020 dividend. Along with the interim dividend of AUD 0.026 per share declared earlier in the year, Bravura delivered a full-year dividend of AUD 0.086 per share. At Bravura, our mission is to deliver innovative technology solutions that power the world's financial institutions.
Our purpose is to make our customers successful by providing a broad suite of global software solutions and services that drives the success of their businesses. Our technology is the essential administration engine that powers the wealth management and funds administration industries across the APAC and EMEA regions. Presently, Bravura has 17 offices throughout six countries across these markets. Bravura proudly boasts a long-standing international client list that includes some of the world's largest blue-chip financial institutions, including Fidelity International, Prudential, Aware Super, Mercer, Westpac, and NZX, TAL, JP Morgan, Partners Life, Suncorp, STANLIB Wealth Management, Bank of New York Mellon, Legal & General, Schroders, Lloyds, Citigroup, and Aegon, to name but a few. The strong demand for Bravura's broad and growing product range is driven by clients' need for speed to market, enhanced digital capabilities, navigating maturing and evolving financial regulation, and extracting operational efficiencies.
Bravura remains committed to supporting our clients through these evolving industry trends, and we'll continue to invest in enhancing the functionality of our product range to grow our market offering. During FY 2021, Bravura navigated challenging market conditions across our business units. The impacts on Bravura's business were mainly twofold. Firstly, it brought market uncertainty that resulted in the lengthening of Bravura's sales cycle across the board and temporary hesitancy around new contracts and pre-project work, this particularly in the U.K. Secondly, the pandemic, along with regulatory pressures, accelerated the need for financial service companies across all regions to reduce operational costs. Bravura has delivered this in FY 2021 through assisting clients with automation and digital self-service capability. Despite revenue and earnings being negatively impacted by COVID-19-related decline in U.K. professional services work, we continue to strengthen our market position.
With full-period contributions from our FY 2020 Midwinter and FinoComp acquisitions and integration of the Delta acquisition. There also remains potential to deliver greater cost savings by transitioning clients to the cloud. Addressing specific markets, in the U.K., there was reduced interest in Big Bang implementations as well as an underserviced middle tier of potential clients. Consolidation within the platform and advice markets challenged the value chain status quo with larger advisor firms considering a vertically integrated business model. In the funds administration market, there was further consolidation, with larger fund managers sweeping up smaller asset managers. In Australia, regulatory pressure and merger activity saw super funds undertaking strategic reviews of their operating models to understand whether new technology-driven models can deliver material cost savings.
All markets experienced a heightened desire for lower operational costs, together with an increased interest in automation, as well as a greater need for improved end-customer digital experiences. As I mentioned previously, we also announced the acquisition of Delta Financial Systems in October 2020 for a total consideration of up to AUD 41.5 million. Delta is an award-winning U.K. software company that provides technology to power complex pensions administration in the U.K. market. The acquisition broadens Bravura's product suite, in which Delta's products represent a natural extension to Bravura's core Sonata offering. The acquisition also provides us opportunity to offer Bravura's other products to Delta's client base. Our solid balance sheet and skilled management team, combined with the long-term nature of our client relationships, positions the company for significant long-term growth.
In August this year, we announced that after 13 years of dedicated service that Mr. Tony Klim was stepping down from the CEO role, and the subsequent appointments of our Global COO, Nick Parsons, as the company's new Chief Executive Officer, effective the third of September 2021. For those shareholders who have not yet had the opportunity to meet Nick, he joined Bravura as its Chief Technology Officer in 2007 and has undertaken a wide range of senior leadership roles in the business during his tenure, including Business Development Director and more recently as the Global COO. Based in London, Nick has over 30 years of experience in the IT industry, specializing in the financial sector. The board is extremely grateful for Tony's leadership and service to the company over many years, and are delighted that Nick accepted the offer to be appointed Bravura's Chief Executive Officer.
His appointment ensures a smooth transition of that role, and given his deep industry expertise, outstanding client relationships, and long tenure with Bravura, we are extremely confident that Nick will continue to meet and exceed the expectations of our clients, employees, and successfully deliver our strategy, supporting ongoing growth and shareholder value. In FY 2021, Bravura's strategic direction was underpinned by our AUD 50 million investment in R&D, which is particularly focused on automation, digital self-service modules, and other microservices, as well as our recent acquisitions. We also continued to progress our commercial strategy of transitioning from a traditional revenue model to consumption-based pricing.
This approach enables our clients to spread their tech investment over a longer period, lower their cost to serve by paying only what they need, and having access to greater automation and digital tools. The Delta acquisition provides us with capability in the complex U.K. pensions, SIPP and SSAS markets. The integration of our FY 2021 acquisitions, Midwinter and FinoComp, are making a valuable addition to Bravura's new ecosystem of microservices and generating significant client interest and uptake. This ecosystem of flexible products and services is ideally placed to help new and existing clients reduce costs through automation, while also meeting demand for digital-first experiences through best-of-breed technologies. Having honed our offering in FY 2021, Bravura is confident in broadening our total addressable market and returning to growth in the years ahead.
On behalf of the board, I'd like to thank our valued shareholders for their commitment to Bravura Solutions over the past financial year. I welcome our new shareholders who have invested in our business for the next stage of Bravura's financial growth. We appreciate the trust that you have placed in us to deliver on our business goals. We also thank and acknowledge Tony Klim's leadership, service, and dedication to Bravura over many years. Under the leadership of Nick Parsons and his executive team, we remain confident in delivering on our strategic objectives for the year and on our ambitious ambitions for continued growth into the future. Finally, I would like to take this opportunity to thank our Bravura staff of over 1,400 people and all of our business partners located around the world for their efforts and commitment during the year.
The company's many achievements would not have been possible without their hard work and commitment. I also thank the ongoing support of our clients, especially throughout the challenges of the past two years. Our dedicated team remains committed to continuing to develop and deliver innovative and world-class solutions that meet your needs. I will now hand over to our CEO, Nick Parsons, to discuss Bravura's operational highlights and growth strategy in more detail. Thank you, Nick.
Thank you, Neil, and good afternoon. 2021 was a challenging year, and I'm pleased to say Bravura rose to meet the challenge and deliver a year of solid financial performance despite the continued impact from COVID-19. The strength and resilience of the business is a testament to our great people and the great work of my predecessor, Tony Klim, who I had the pleasure of working closely with over a number of years, and as I step into the CEO role. Bravura remains well-positioned to continue its trajectory of sustainable growth. We have responded to the challenging market conditions, particularly in the U.K., by evolving Bravura's strategy to stay well ahead of client needs. This will lead to greater flexibility for clients in the speed of their implementation and will help them smooth their IT spend.
After four consecutive years of growth across all our key financial metrics, the unprecedented impact of COVID-19 on our U.K. project work and the sales pipeline in 2021 resulted in an 11% decline in total revenues, a 15% decline in EBITDA, and a 14% decline in reported NPAT. It's pleasing to note, however, that the FY 2021 reported NPAT of AUD 34.6 million is towards the top end of our guidance and represents a solid performance in the market environment. While COVID-19 did negatively impact our U.K. business in FY 2021, in APAC, Bravura's work with clients and prospects continued to progress well, with greater sales activity, albeit over longer time frames. In Australia, we were able to leverage the consolidation in the superannuation market to sell Sonata Alta to deliver cost savings to providers.
In the U.K., the pandemic created business hesitancy around new contracts, projects, and professional services work. However, U.K. pre-sales activity remained high as the vaccine rollout restored business confidence. Bravura also focused on cost controls to partially offset the impact of COVID-19. In the first half of the financial year, we undertook headcount reduction while still retaining key talent for our return to growth. The associated restructuring achieved annual savings of AUD 11.5 million. Our recent acquisition of Delta also made a positive revenue and EBITDA contribution, while our Midwinter and FinoComp acquisitions demonstrated significant traction. The resilience shown by the business during FY 2021 is a reflection of the long-term nature of Bravura's client relationships, our high proportion of recurring revenue, and these strategic acquisitions. It's also the result of the continuing evolution of our commercial and technology strategies.
In FY 2021, we worked across our product portfolio to increase componentization and build out microservices, developing Sonata Alta, improving automation, advancing cloud enablement, and expanding our digital first and advice capabilities. In doing so, we moved towards a consumption-based model and an ecosystem of microservices. Going forward, these new technologies will prove essential for providers seeking to respond to increasing margin pressures and meet the rising customer expectations for digital first financial services that match their everyday technology experiences. This evolution of Bravura's commercial and technology strategy expands the total addressable market and moves the business towards a higher proportion of contracted recurring revenue, up 15% in FY 2021. It's also aligned with our mission of developing innovative technology solutions that power the world's financial institutions.
The COVID-19 impact was felt in both our wealth management and fund administration businesses. In wealth market, the overall revenue was down by 11% to AUD 160.1 million, mainly due to the decline in U.K. project work, partly offset by a full period contribution from the acquisitions of Midwinter and FinoComp, which completed in FY 2020. While professional services work declines, contracted recurring revenue in wealth management rose by 30%. Despite this COVID-19 impact, we made considerable progress in our wealth management segment. We continue to invest in Sonata Alta functionality, hone our business process as a service offering, and further integrate Midwinter advice tools to allow seamless implementation of advanced journeys. We also signed a major new contract with Aware Super, Australia's second largest superannuation fund, for our Sonata Alta and Digital Advice solutions.
In New Zealand, Partners Life renewed for another five years, and we signed two key clients to our new Babel B2B offering. In EMEA, a platform client renewed and upgraded to Sonata in the cloud, while another platform client committed to a significant upgrade and also adding selected microservices. We also progressed integration and cross-sell opportunities for Delta and FinoComp. We introduced Stanza, a tool that uses machine learning to analyze unstructured communications in real time to improve customer service. Bravura remains a leader in the funds administration market for its digital solutions and straight-through messaging capabilities, and we're pleased with the resilient performance of this segment during FY 2021, despite the external impacts of COVID-19. COVID contributed to a decline in U.K. prof services work, as well as lower license fees due to the timing of renewals.
While contracted recurring revenue remained broadly stable, overall revenue declined by 12% to AUD 82.9 million. A large financial institutional client took up Sonata's Orchestrator and Stanza products to achieve greater operational efficiencies and digitization. Another large financial institution purchased Babel and Bravura's risk engine to significantly improve their STP capability. We continue to help our SaaS clients grow their business. R&D investment in the funds administration segment of AUD 9 million during FY 2021 was predominantly for product enhancements to GFAS, which will enhance revenue from this product going forward. A key element of our strategy to accelerate growth in shareholder value is to pursue acquisitive and organic growth opportunities supported by our strong financial position. As the chairman highlighted, in the first half of FY 2021, Bravura acquired U.K.-based Delta Financial Systems for AUD 41.5 million.
Delta provides technology to power complex pensions administration in the U.K. market. These products support the administration of SIPPs, or self-invested personal pensions, and SSAS, small self-administered schemes, including the full range of complex client drawdown options available under the U.K.'s pension freedoms legislation. Delta's products are a natural extension to Bravura's core Sonata offering and expand Bravura's ecosystem of products or services. The acquisition also provides an opportunity to offer Bravura's other products to Delta's client base. Approximately 80% of Delta's revenue is recurring, and the acquisition has been earnings accretive in FY 2021, adding AUD 10.2 million of revenues to the wealth management segment.
The Delta acquisition follows the acquisitions of Midwinter and FinoComp in FY 2020, which have now made their first full-period contribution in FY 2021 and have been a valuable addition to Bravura's ecosystem of products and services, generating significant client interest. Midwinter's leading financial planning software, AdviceOS, powers back-office administration for financial advisors and drives online self-directed digital advice portals for superannuation funds in Australia. The solution is also attracting interest from the New Zealand advice market and positioning us to capitalize on changes in the Australian market as well. FinoComp has built a suite of highly flexible and registry-agnostic data analytics and performance reporting software microservices that service some of the world's leading financial services companies. We're seeing high demand in the U.K. for FinoComp's market-leading products as more wealth management providers transition to agile technology ecosystems to solve business challenges in more cost-effective ways.
Bravura's clients operate in the wealth management, life insurance, and funds administration segments of the financial services industry, an industry characterized by the challenges of navigating complex and continually changing regulatory requirements. The COVID-19 pandemic may have slowed the pace of regulatory changes, but financial institutions still face the same pressures to meet customer demand and achieve operational efficiencies. These pressures are resulting in industry players in the segments we serve looking to become more vertically integrated, which is disrupting the traditional value chain. There's reduced interest in big bang software implementation as companies look to lower operational costs. At the same time, they're looking to improve the customer's experience across multiple engagement platforms. Bravura is developing a suite of services, products, and enhanced digital applications that allow our clients to meet this demand and lower their costs.
The company's transition from traditional contracts to consumption-based contracts is underway, underpinned by R&D, product componentization, Sonata Alta development, digital products, and recent acquisitions. Our technology platforms address the key issues faced by the world's leading financial institutions. While COVID-19 persists and makes the near-term outlook in our key markets uncertain, the company's sales pipeline remains strong, and demand in the U.K. and South Africa is beginning to improve as the rollout of vaccines brings more business confidence. Bravura expects projects that were postponed because of COVID-19 to be rolled out in FY 2022. We also anticipate benefiting from significant opportunities in Australia to Sonata Alta and Digital Advice, a new digital and automated operating model for Australian superannuation funds to meet its demand for services from the evolving Australian super funds market.
Bravura's long-term growth will be driven by our clients' need to address speed to market for new products, the growing importance of seamless digital experience, ongoing changes in financial services regulation, and the pressure to increase operational efficiency. Our strategy continues to be focused on responding to market developments with technology solutions that meet our customers' needs now and over the longer term. Componentization and microservices allows clients to implement solutions incrementally, getting the functionality they need while lowering operating costs. The FinoComp acquisition brought a suite of microservice products into Bravura's offering, and our R&D program is extending its portfolio of services. The componentization of Sonata is underway, with a number of microservices already delivered and more in deployment. Stanza is a new microservice that utilizes machine learning to analyze unstructured communication to deliver efficient and effective automation to enhance our clients' customers' experience in deployment.
Digital and automation drive improvements in straight-through processing with lower operational costs while improving responsiveness for end customers. Sonata Alta, a fully automated superannuation offering and a compelling alternative to outsourcing, is being implemented at Aware Super. Our process automation microservice is orchestrator and stanza have been purchased by a fund administration customer and are being used to increase automation in existing deployment. Cloud deployments significantly reduce time, cost, effort, and complexity while delivering services to end customers anywhere at any time on any device. Sonata is delivered as a cloud service with a number of clients in production and other migrations to cloud underway. AdviceOS and Platinum Pro are cloud-delivered, multi-tenanted SaaS solutions. The FinoComp microservices are all fully cloud deployable. Bravura continues to explore opportunities to access markets that are geographically adjacent to our existing markets, particularly continental Europe.
The company is targeting markets that are currently demonstrating or likely to demonstrate market characteristics similar to the ones in which Bravura currently enjoys success. Access to adjacent geographic markets will likely be through value-accretive acquisitions that bring complementary technology to enhance our current offering while opening up new markets for Bravura or to support the needs of existing clients seeking to expand into these regions. Our mission is to develop innovative technology solutions that power the world's financial institutions. Bravura's years of investment in development activity in collaboration with our clients has produced world-class software solutions that are delivering excellent shareholders' return. In FY 2021, we maintained a strong pipeline of development activity and invested AUD 50.4 million across Bravura's product ecosystem, further differentiating us from the competition and expanding our addressable markets. Turning to FY 2022 outlook.
Bravura is well positioned to achieve sustainable growth in the years ahead by meeting the strengthening demand within our industry for SaaS, microservices, cloud, and subscription-based services. The company is re-energized by our new Sonata Helper proposition and enhanced suite of digital products and services, which have been augmented by recent acquisitions. Managing the COVID-19 pandemic has accelerated the digital transformation within the financial services industry. Bravura is starting to see market confidence returning as a result of vaccine rollout and anticipates a resumption of demand in the U.K. and South Africa in FY 2022. Bravura will emerge stronger as a result of the strategic initiatives and investment in R&D, development, componentization of our products during FY 2021 and FY 2022, and a significantly increased total addressable market by the rollout of microservices.
With interest in our products high and our sales pipeline strong, we look forward to resuming Bravura's solid growth trajectory in FY 2022 and beyond. We currently expect FY 2022 NPAT growth in the mid-teens relative to our FY 2021 adjusted NPAT of AUD 32.3 million. In conclusion, all that's been achieved in the year would not have been possible without our incredible dedication, professionalism, and resilience of Bravura's leadership team and employees located in 17 offices across six countries. Productivity levels remain high across the business, with employees seamlessly transitioning to remote working as required. In particular, I'd like to take this opportunity to acknowledge our employees based in India, who were the hardest hit by the pandemic.
Their commitment to meeting project deliverables while rallying in support of their colleagues, families, and community was inspiring to us all. In the most difficult of times, the staff in our India office formed a volunteer support team that worked day and night to locate oxygen cylinders and available hospital beds, and also successfully ran the COVID-19 vaccination drives. They prevailed in some of the most challenging circumstances with all staff who contracted the virus now fit and well. We commend the tenacity of all of our global employees, and in particular, we salute our India team's efforts. Lastly, on behalf of the board, I would like to thank you all for your attendance today, and for your continued support of Bravura as we continue delivering market-leading technology solutions to support the needs of current and future clients. Thank you.
Thank you, Nick. We'll now move on to the formal business of the AGM. The notice of meeting was lodged on the ASX on the 22nd of October of 2021, and the notice of meetings contains the resolutions which are to be voted on today and will be taken as read. Each resolution set out in the notice of meeting is to be considered as an ordinary resolution and to be approved by a simple majority of votes cast by shareholders entitled to vote. The resolutions for consideration today may only be voted on by shareholders, proxy holders, and shareholder company representatives. We will display the votes by both shareholders and proxies received prior to this meeting on the slide following discussion on each item of business.
There will be an opportunity for shareholders to ask questions online through the virtual meeting website or via phone on each matter being put to shareholders. We will now move on to the items of business for this meeting as set out in the notice of meeting. Item one. The first item of formal business is to receive the Bravura Solutions financial report for the year ended June 30th, 2021. Mr. Martinus from EY is available to take questions relevant to the conduct of the audit and the preparation and content of the independent audit report. Please direct any questions that you have of our auditor through me. There is a separate agenda item dealing with the remuneration report. If shareholders have questions in relation to the remuneration report, please save those until we come to that item of business.
There will be no vote on this item. It's discussion item only. Are there any questions on the Bravura Solutions financial statements, directors' report or the auditor's report? There are no questions online. There are no phone questions received on this resolution. Moving on to item two. The next item is resolution one, the adoption of the remuneration report. The remuneration report to shareholders is contained on pages 26- 44 of the 2021 annual report. Are there any questions on this item? There are no online questions, and there are no phone questions. The total valid proxies for this resolution are now on display on the presentation slide. As there are no further questions, we will move to the next item. Item three. The next item is resolution two, the re-election of myself, Neil Broekhuizen, as director.
Details regarding this resolution are provided on page seven of the notice of the meeting. Are there any questions on this item? There are no online questions, and there are no telephone questions. The total valid proxies for this resolution are now on display on the presentation slide. As there are no further questions, we will move on to the next item. Item four. The next item is resolution three, which is the ratification of the appointment of Mr. Nick Parsons as a director. Details regarding this resolution are provided on page seven of the notice of the meeting. Are there any questions on this item? There are no online questions, and there are no telephone questions. Total valid proxies for this resolution are now on display on the presentation slide. As there are no further questions, we will move to the next item. Item five.
The next item is resolution four, which is the approval for the granting of performance rights to Mr. Nick Parsons, our CEO. Details regarding this resolution are provided on pages 7- 14 of the notice of the meeting. Are there any questions on this item? There are no online questions, and there are no telephone questions. The total valid proxies for this resolution are now on display on the presentation slide. As there are no further questions, we will move to the next item. Agenda item six. It's the final item is resolution five, which is approval for the granting of performance rights to Mr. Martin Deda, our CFO. Details regarding this resolution are provided on pages 7 to 14 of the notice of the meeting. Are there any questions on this item? There are no on-screen questions, and there are no telephone questions.
The total valid proxies for this resolution are now on display on the presentation slide. As there are no further questions, we will move to the next item. Thank you for considering these resolutions and for your questions. Now that the formal items of business have concluded, voting will close in five minutes. A timer at the top of the screen will count down to the close of voting. If you haven't already, please cast your votes now. Our poll results will be released via the ASX as soon as possible. Moving on to general business. We've now come to the part of the meeting where shareholders have the opportunity to ask questions regarding the company's operations and/or management. I will start with the questions that have been provided in advance of the meeting. First question is from Jeffrey Smith.
Jeffrey Smith asks, "Can you advise if you currently operate in China?" I can confirm that Bravura does not currently have any business operations or clients in China. The next question is from Rex and Deborah Mori, and it is, "Is the company considering a rights issue, bonus issue or an increase in DRP discount to 10%?" My answer is that the board does not have current plans for those activities. Regarding new shares or buybacks, the board has an ongoing focus on efficient capital management, including maintaining a financial position to meet our growth objectives. In doing so, it is important that we are neither over nor under-capitalized, and we appropriately manage issues associated with dilution.
With respect to the DRP discount, which is currently 2%, we believe this strikes the right balance between rewarding shareholders for their reinvestment versus not materially diluting our retail shareholders or other shareholders who do not or cannot participate in the DRP. The next question and the last one that we had in advance of the meeting was from Mark Lu. Mark asks, "What steps are you taking to diversify and de-risk our revenue base?" As Nick mentioned in his address, we are continuing to undertake numerous initiatives to grow and broaden our revenue base. This is underpinned by our AUD 50 million investment in R&D focused on automation, digital self-service modules, and other microservices, as well as our recent acquisitions Delta, Midwinter and FinoComp.
In addition, we continue to explore opportunities to access markets that are geographically adjacent to our existing markets, particularly continental Europe, and are actively considering other opportunities to grow our service offering and revenues, be they internally generated or through acquisitions. We've had a further question come in online during the meeting, and this is asked by Sally Malik. Sally Malik, sorry. Her question is, "Given the digital connectedness and the number of scams the general public encounters, how does the board approach issues of internet security?" The supplementary question to that is, "Have there been any significant security issues for the company to date?" Well, thanks for the question, Sally. Bravura takes the threat of cybersecurity very seriously.
We've committed significant resources to ensure that we have the highest level of security to ensure our IP is protected and any client data remains secure. Our platforms provide confidence to the businesses they support and the platforms that access sensitive data for each of our customers. The security of data is one of the largest areas of operational focus for us to ensure any risks are minimized. Bravura implements recognized international security certification standards across all geographies and products to assure stakeholders, auditors and regulators that we are minimizing information security risks. We also have a global information security framework which protects clients' data and our global operations. This is frequently audited both by clients and their external auditors.
Adopted and worked with clients to ensure compliance with other information security and data protection standards such as GDPR, which is the General Data Protection Regulation, IRAP, which is the Information Security Registered Assessors Program, and DSP as a digital service provider. As far as the supplemental question goes, have there been any significant security issues for the company? I'm pleased to answer that there have been no significant security issues for the company to date, and we maintain our systems to ensure that there won't be in the future. There are no more online questions, and we have no phone questions. As there are no further questions, we can now conclude our first online AGM. Our second online AGM. I apologize. I now declare this-