Thank you for standing by, and welcome to the Lycopodium FY 2025 results presentation. All participants are in a listen-only mode. There will be a presentation followed by a question-and-answer session. If you wish to ask a question via the phone, you will need to press the star key, followed by the number one on your telephone keypad. If you wish to ask a question via webcast, please enter it into the Ask a Question box and click Submit. I would now like to hand the conference over to Mr. Peter De Leo, Managing Director. Please go ahead.
We present our half-year results, where you can see we continue to deliver strong revenues and earnings. Our revenue has been predominantly driven by our EPCM services, our EPCM projects, reflecting a change from preceding years, last year and the year before, and also, in fact, years prior to that, where EPC projects have provided supplementary revenue beyond our direct services. That's quite a change, but signifies really very strong revenues on the back of increased staff numbers and utilization in the business zone. Our impact is well above target, which we target 10%. We have a very strong cash at bank, and I'll talk more shortly about the acquisition we've just finalized, the acquisition of Saxum, which we've done completely from cash reserves, avoiding raising any debt or diluting our shareholders as we've maintained the liquidity since floating in 2004.
The half-year dividend reflects the purchase of Saxum from cash reserves. We've declared a half-year dividend of AUD 0.10, but if you consider a normalized dividend, when you think about the AUD 0.10 we'll be paying shareholders, plus effectively the AUD 0.28 we allocated to the Saxum acquisition, that reflects a AUD 0.38 per share use of allocation on a normalized basis. We've updated FY 25 full-year guidance to revenue of between AUD 320-340 million and EBITDA of AUD 37-43 million. Lycopodium has enjoyed sustained growth over the past 10 years by continued broadening and strengthening of business across all aspects. This really has been done by focusing on continued delivery of quality work and focusing on providing great outcomes for our clients on their projects and on their studies.
We have a very strong, committed level of work and a high amount of near-term work and excellent prospects. We estimate that by the execution of our strategies, we've increased our addressable market in the mineral resources sector alone by 40% in the past year, as well as broadening sectorally into having bona fide capacity and expertise in the cement industry, which I'll talk about a little later. As per the slide, we continue to focus on delivering high-quality work, focused over high-risk work, and this is something. Client-focused Argentine-headquartered engineering company. So, two offices in Argentina, one office in Brazil, one office in the U.S., Americas. The acquisition of Saxum also allows us to service the cement industry, providing a new and significant international market for Lycopodium.
With the support of our already substantial organization and leveraging Saxum's geographic presence, Latin American network and knowledge, and their own excellent track record from our own cash reserves, and is expected to add circa AUD 2 million to our impact from FY 26. Saxum, with our well-established operations in Toronto, as well as our office in Lima and a new office in Vancouver, which is just opening and in the process of opening as we speak, sees our presence in the Americas increase materially. As you can see from the slide, Lycopodium is poised to take a strong record of accomplishment into new markets, supplementing strong footholds in Africa and in APAC. So we're very excited by this platform. It's going to provide us a fantastic opportunity for growth in years to come.
In terms of FY 25 highlights for the first half, just in terms of operational performance, we're at record staff levels, over 1,400 staff in the business across our global offices. We have a strong level of existing work and future order book. Our teams have managed exceptionally well all our projects, seeing us manage over 16 million man-hours with zero LTIs, zero LTI frequency rate, and extremely low total recordable incident frequency rate. I've already spoken about the market growth through geographic expansion, and given our performance state and our execution of our strategy, we then have set the foundation for operational excellence moving forward, and the way we've done that is, or what we're currently doing and plan to continue doing, is to continue to make more standardized our systems and our approach across our global operation.
We've got our enterprise resource planning SAP system rolling, and it's progressing very well. We'll have that completed this calendar year, including Saxum. We've expanded globally all our various people-focused initiatives, really continuing to strengthen Lycopodium as a brand as an employer of choice and a great place to work. We believe this will give us a fantastic foundation for continuing to build business moving forward. In terms of our strategic pillars, first and foremost, we're a people business. As you've heard me talk many times in the past, we need to ensure that we continue to attract, to develop, to retain a high-quality workforce across the globe. That continues to be one of our foundational strategic pillars. It's critically important.
A lot of what we do and actions that we take are really around making sure that we're a good place to work and that people have got a good career path in the business, and this leads to having been able to deploy excellent teams across all our business. Working smarter, we've invested in systems, in processes, in new architecture, standardized architecture. So we're really focused on working smarter, leveraging those tools, systems, and data to improve efficiency, productivity, make sure that we're delivering cost-effectively and a high-value service to our clients. Delivering client and project excellence, or project excellence for our clients. This has been a fundamental strategy of Lycopodium's since foundation. We're a very client-focused business. We take very seriously the importance of a fantastic outcome for our clients and their projects on their studies.
We continue to enhance our technical capabilities, our project delivery capabilities to continue to do that. And then finally, sustainably growing core markets. So we're focused on maintaining our market share and our market presence in places that have traditionally been very strong areas of activity for Lycopodium: gold, Africa, copper, etc. We're continuing to grow and to broaden those markets. And we're always looking for new opportunities for ways that we can expand what we do geographically, expand what we do. And again, a very good example of that that we're talking about this morning, of course, is Saxum and some sectoral broadening into cement. In terms of our market segments, we remain strong participants in our existing markets, mineral resources across all commodities. It's a very, very broad basket of commodities we continue to service, and we're able to pivot quickly as some commodities wax and others wane.
So we've demonstrated that in the past five to 10 years, moving from iron ore into lithium and so on and so forth. As prevalence of copper projects and other styles of projects come along, we've been able to leverage our expertise into those as well. Industrial processes we remain very active in, and I'll talk a little more about that, of course, via the infrastructure. We remain very active in that in a few slides' time as well. But we've also, as I've noted, we've added the cement industry to the sectors in which we are ideally equipped to participate. So again, Saxum works for the majority of the major cement producers in the world and a lot of the OEMs that service those cement industries.
We believe that their expertise, coupled by our core geographic footprint, is going to offer some fantastic opportunities to grow in there as well. In mineral resources, I'll just say an example of the projects and the future projects we hope to be involved with in some of the major commodities that we're in. In copper, we've obviously completed a number of significant copper projects recently. We're currently working on the Yanqul copper project for Aful and Mazoon Mining in Oman, and we've kicked off work on the Winu copper project for Rio Tinto. We're doing some relative backstage or late-phase studies for First Quantum on their Taca Taca project in Argentina. In gold, of course, gold is at all-time highs. It continues to break records in terms of the commodity price.
We've recently completed a number of projects, also in Burkina Faso, Boto for Managem, Koné project, a new one we just kicked off just before Christmas. We've Montage Gold in Côte d'Ivoire, working with B2Gold on their Goose Project in Canada. And on the horizon, or just in the early stages, kicking off Baomahun in Sierra Leone, Twin Hills in Namibia, Nyanzaga, Tanzania, Tulu Kapi in Ethiopia, and the Blackwater expansion in Canada, British Columbia. Then there's a bunch of other obviously commodities with which we're involved, lithium and others. We've recently completed Kathleen Valley, Goulamina, Langer Heinrich uranium project. The biggest mineral sands in delivery at the moment, CGP3 for Talison, Ivory lithium project in South Africa, FRP project with Pilanesberg in South Africa, and the Clayton iron ore related project for Rio Tinto here in Western Australia.
On the horizon, Toliara is a very significant project in Madagascar, the hybrid lithium expansion, and of course, CGP4 for Talison, which we've got to be involved with later in the year. In terms of industrial processes, the three main areas under that banner, energy, pharma, biotech, and food and beverage, really our process industries business remains instrumental in much of our energy-related initiatives. We're involved with Yarra Valley Water bioenergy plant, green hydrogen to ammonia project in Queensland, midstream ammoniation plant for copper minerals, as well as a number of battery minerals initiatives. So we remain very busy in that space. Also very busy with a bunch of key clients, including CSL, GSK, Pfizer, and the like, pharma and biotech, and also very busy in food and beverage. We understand clean facilities.
We understand those processes and have been working in that space for that part of the business for many, many decades, and we retain those capabilities and have been actively working on a bunch of projects in that space. Rural infrastructure. Again, the two areas that we're active there really is in the design and engineering. We seem to be becoming level crossing project specialists. We have a number of those on at the moment. It's just a thing of seven or eight level crossing-related projects that we're actively working on out of our Newcastle office, and of course, our RIM business, rural infrastructure management business, is about half of what we do on the rural infrastructure, and that's going really well, working for lots of clients including Pacific National, ARTC, and the like, and expanding those services to new clients.
In terms of outlook, we see, sorry, just one second. Energy transition initiatives, certainly, but we continue to see a lot of activity and a lot of opportunity in that space, and we remain poised to take advantage of that. We also see continued demand for our expertise in both the rural infrastructure and industrial processes businesses. As I said, there's an enormous number of level crossings. Just as an example, across Australia, we're seeing expanded demand for our expertise in that area. We're also seeing expanded demand for our MMS, internal MMS, maintenance management system in the rural infrastructure management area as well. And we expect that our expertise will remain sought after, and we're well placed to continue to deliver expanded levels of service. So we're very happy with the market in which we're operating. We aren't seeing any shortage of opportunity across any of our sectors.
We really remain ready and able to execute a lot more work. We continue to build across the businesses I've already mentioned, and there's nothing really stopping us from doing so. So we're very well placed. So in terms of investing in Lycopodium, we've got an amazing track record. We've been in business this year for 33 years, steadily growing on the back of some fundamental things that haven't changed. We're an innovative and value-driven process engineering project delivery organization that hasn't changed over the years. We have long-standing clients. Many of our clients have been on the journey with us for the last 30 years. We appear to be the engineer of choice. Over two-thirds of our current revenue is from repeat clients or repeat business. We have an exceptional number of, or lots of exceptional teams to deliver projects and studies across all our offices.
We have a very good workforce and a culturally aligned workforce. A number of years, two years ago, we established our annual employee engagement survey. We continue to score extremely highly in that survey and to improve year on year across the. We have got a good handle on and involvement with R&D in that space, and we believe it allows us to position ourselves well for the future. We see that our markets continue to grow. And I always say that we don't make the market, but we expect to increase our market share. And so if we're increasing our market, we should see increased growth in the organization. We're a trusted partner in our established markets, and we've now established ourselves in some new markets where we can leverage our very good track record. And we continue to focus on delivering a balanced portfolio of projects.
We don't ever bet the farm on anything, whether it be a commodity, whether it be a geography, whether it be a client, or whether it be something shiny and bright that looks all very exciting but could lead to a high risk for the business. We stay balanced, and we stay visionary in our approach and the way that we deal with our portfolio of projects and contracts we deliver, and we deliver year on year. We've delivered year on year financially to our shareholders. We've had steady but sustained growth. If you look at us over the last 10 years, certainly, we deliver strong returns for the work that we do. Strong impact this year, well above that 10% target mark that we tend to target.
But at the end of the day, we've done very, very well this half, and we expect to do well this full financial year. Strong earnings per share, strong dividend payout, even in light of using our cash supply section this time around for the half year, which delivered a 10% dividend. So I mean, as a value-based organization and one that looks to deliver value to its clients and projects and studies and the work that we do, we also look to deliver a lot of value to our shareholders. We believe we do so. So I mean, we've got a very good investment. And that's it for the formal presentation. But I would invite Ashley to give questions we might receive.
Thank you.
If you wish to ask a question via the phone, you will need to press the star key followed by the number one on your telephone keypad. If you wish to ask a question via the webcast, please type your question into the ask a question box. Your first question is a webcast question from Michael Byrne and reads, "The full year revenue and NPAT guidance implies a meaningful reduction on operating margin in the second half. Can you explain this expectation and to what extent it includes warranty provision assumptions?
Yes, I'm happy to do that. Thank you, Michael, for your question. Look, the second half forecast is, as is always the case for this half, second half, is really just based on what we expect to see in terms of projects that we're completing, the phases of the projects that we're doing, the work that we're doing during that time, and the phase of that work. One thing that has, I guess, is a feature of first half, second half, probably for this year, is we're probably going to have seen a higher level of site services in the first half than we will in the second half. That tends to bring utilization up a little bit, tends to drag a little bit more on profitability or not support 15% impact, if you like, in the first half.
We're in the phase of a project at the moment or a number of projects that we'll continue to see a small increase in provisions, which is the norm as we deliver projects. There's nothing untoward. It's purely timing of projects, nature of projects, and phasing of projects across the years. So I hope that answers your question.
Thank you. Your next question is from Paul Middleton with Ellerston Capital and reads, "You've given guidance for FY25, which is welcome, but it's effectively meaningless without some knowledge of the warranty provision. Can we get some idea of what the warranty provision is likely to be in second half '25?" Thank you.
I guess the short answer to that is our guidance includes what we expect to have as warranty provision. So as we foresee it forecasting moving forward, what we've given in terms of impact is inclusive of whatever provision we might have to update warranty. So I'm not entirely sure what is meant by "the guidance is effectively meaningless.
Your next question is from Braden McCormick with Veritas Securities and reads, "Can you please clarify the 10% net profit margin aim? Net profit margin has been well above 10% the last three years. Are you saying these recent levels have been unsustainable?
Really, timing for the organization to make a 10% impact. We think 10% impact with the effort we apply and the work we do is good. We try to balance our course and ensure that we're not carrying too much risk or putting the business at excessive risk, so we consider it's a good return for effort, if you like, but certainly, when the teams and our teams have been delivering very repetitively, successfully, and great outcomes, we have been demonstrating achieving better than that. The other thing to note is that our blended business at the moment of our portfolio is largely the EPCM. It's basically provision of services for the output of these projects, and within those, certainly, a 10% return is envisioned.
If we start seeing a few more EPC-style opportunities come to us, become available to us, and we execute those, they sometimes can deliver higher margins, and that's what we've seen in recent years. So it's really a blended work. But we've said it. We've said it openly, repeatedly, and over time that our expectations in terms of a target margin, 10% NPAT, and everything else to look at returns to our shareholders.
Your next question comes from Frank Valenti and reads, "Hi Peter, hi Justine. Can you give a thumbnail sketch of the Saxum balance sheet? What was their net cash, net debt at the point of acquisition? Do you anticipate it will have any working capital funding in the short term?
They had no debt at the point of acquisition, and the deal was that they had sufficient working capital which we could find. We have a no debt, and that will remain in the business. We don't expect to have to tip anything in. So there's zero debt. They've operated zero debt. They're analogous to Lycopodium in many regards, smaller, obviously. But yeah, they've got plenty of cash from a working capital perspective and zero debt. So Frank, I'm not sure if I've answered your question.
We have another question from Frank Valenti. This reads, "Can you chat to some projects won in first half?
Yep, absolutely. Just a couple of them, but one of the largest projects won in the first half is the Koné Gold Project, which we spoke about, Montage Gold. I mean, that sees us continuing in Côte d'Ivoire. Really fantastic large-scale project done on an EPCM basis for effectively prior clients. So we're very excited about that. We've also picked up the commissioning services of Blackwater Expansion, sorry, the Blackwater Project in British Columbia, which bodes well for us with the Blackwater Expansion moving forward as Artemis Gold look to sanction that later this year. We picked up in the first half the work with First Quantum in Taca Taca. We've also picked up the Twin Hills. There will be a limited notice of share at this point in time. I've seen our resources, Twin Hills project in Namibia.
So yeah, looking back off the top of my head, that's a number of them. There's been a significant number of projects that have been secured, quite a few that we're working on in terms of study phase, again, which always bodes well for our project pipeline moving forward.
Your next question comes from Michael Byrne and reads, "Can you describe how a company came to be introduced to Saxum and provide some insights into the extent of the due diligence process leading up to the decision to buy the controlling stake in the business?
Yes, happy to. We came across Saxum actually just by chance. We became aware of the business. It's not a business we've bid against in the past. Again, we've not done a lot of work in Latin America over the years. We've done some, but not a huge amount. But we became aware of them. As we started to investigate them on a business topic basis, we quickly saw that they were an interesting prospect. We reached out to them, made contact with them, and they were open to having conversations. And this was over a year ago now. And then we basically made the decision to move forward, which there was lots of potential synergies, lots of potential opportunities for growth, both Saxum and for Lycopodium. And we decided to structure a deal subject to due diligence.
The due diligence program took about three months, a little over three months, I guess, maybe a little longer. It was quite detailed. It involved financial, obviously, legal, operational aspects. I mean, it's obviously international, and it involves a number of different jurisdictions. As I've said, they have operations in Argentina, Brazil, and the U.S., and also obviously in Australia. So we had to look at those number of jurisdictions. Tended to be quite thorough. Then we were satisfied with that. We've since, obviously, produced documentation around share purchase, around shareholding agreements, and the like. It's progressed very, very successfully. In the meantime, we've also started collaborating operationally. Lots of good things we've seen so far, and see lots of good opportunities.
We expect to have, in the first instance, jointly executed some study work, hopefully leading to some project work later this calendar year, as well as rolling out some of our existing systems. They are really primed to receive our HR information system, our ERP, and other things will start to roll out. I think we've got a lot of work done actually this calendar year on that front.
Your next question comes from Louis Hardin with Bell Potter. This reads, "To meet FY guidance, you will need AUD 14.8 million of impact in H2, which would deliver a margin of 9.1%, below the target 10% impact. Can you touch on what's pushing the margin down in H2 and the reasoning behind lowering guidance for the full year?
Yes, I'm happy to talk to that. So one of the things that has, I guess, from where we initially provided guidance at the AGM, we were still in the hunt on a number of barrier prospects, being Long Island and being Reko Diq , large copper opportunities. We're not going to be involved with those two opportunities moving forward. We're still working on Reko Diq . We have work to do through almost the entire balance of this financial year. But certainly, we were, I guess, primed to position ourselves. And given the size of those undertakings, we're sort of making capacity available or preparing capacity to do through this next half. But certainly, our utilization in January was a little softer than we would have planned for had we had Long Island. So that's the main thing. But in many respects, I think it's a great outcome.
One of the main reasons we won't see Lycopodium ever put the whole enterprise on the line, and some of the tracking requirements have an ability to lead down that way, so that's not a place we can push Lycopodium.
Your next question comes from Greg O'Keefe with Tycho Investments. This reads, "Argentina has had a long history of political instability and fiscal irresponsibility. How dependent is Saxum on government contracts? And is the leadership of the president likely to promote private sector growth and opportunities for Saxum? And do you have any comment on this morning's share fall price by 10%?
Sure. Firstly, with regard to Argentina, look, Argentina is unquestionable. There's lots of, it's more than a share of dysfunction, and not just over a year or two or a decade or two, it's been a long time, obviously, but it remains undeniable that it has a number of things. One is a highly trained workforce, excellent engineers, excellent professionals, and at a very, very high value, low cost, high quality, and this enables us the opportunity to tap a lot of Saxum's work. It's not in Argentina. Some is, but a lot of it's not. A lot of it historically has been to other parts of Latin America, into the U.S., and globally, particularly in the cement industry. So for us, it's another value engineering center. It's access to a new market. It's not hugely reliant on President Milei and his policies transforming Argentina into some resource mecca.
We hope to be able to participate in a renewed and enhanced Argentinian market and a market, again, that we've done almost nothing in historically. But certainly, it's a foothold for us to broader Latin America, Central America, and even to Mexico and the US, where they're already active in lots of things. So we're not relying on Argentina. We are certainly relying on the fantastic Argentinian workforce offices in Tucumán and Buenos Aires and the deep connection to the universities. It gives us fantastic opportunity to leverage some very, very smart people and make a part of Lycopodium. I think the question was disappeared from my screen, but I think the second part of the question was, "How do I figure out the 10%?" Well, I don't know anything except that 10% share price for this morning. It's very disappointing.
For one reason only, one reason only, it demonstrates if you just look at it from an earnings to multiple price on the basis of earnings to multiple, it seems Lycopodium at a relatively low price, and compared to some of our peers, it's inexplicable. They're an exceptionally high-quality business, long track record, with a very, very strong balance sheet without people that have to second-guess how we're going to act and how we're going to behave in the way that we deliver our business and our results to our shareholders, so to not see that reflected in the share price is very, very disappointing, but all I'd say is it's probably a good opportunity for anyone who's interested to get in based on what we've seen in terms of guidance.
Again, if you just compare us to other groups that are held up as peers to Lycopodium at the moment, our share price is trading on a multiple half EV/EBITDA. It's quite incredible, really. Disappointing. We'll keep chipping away. We have certain strategies and ideas to try and improve the market's appreciation for Lycopodium. We'll stay focused on a really good outcome in terms of business, and we'll see that.
Your next question comes from Michael Holland and reads, "Can you comment a little about your experience working with Saxum? Example, values and culture alignment. Do you expect to be cross-staffing on projects in the near term?
Yes. From a values and culture perspective, that was fundamental to us deciding to move forward. We spent a lot of time. I basically spent a lot of time with their leadership team. We've had their leadership team involved with across Europe and the world. We really wanted to take the time to understand the organization to make sure that it wasn't a company that was lying cold for me and had the same values as Lycopodium. I'm really pleased to say it does. The founder is a chap by the name of Dr. Javier de la Hermosa. He's a lecturer at the University of Buenos Aires, a lecturer at the University of Tucumán, a renowned world-class structural engineer. Those of you that know Lycopodium, we hold engineering and our technical delivery as primary to what we need to do for our clients.
He and his organization reflects that, as well as being very client-focused and taking very seriously the outcome of projects and studies and also the staff and the way they treat their staff alike. So from a values and culture perspective, it was very important for us to establish there was alignment, and I'm very happy to say there was. So we haven't got any further without that. We're already starting to talk about, well, not talk about. We're actually collaborating. So you've seen already collaboration on certain undertakings, particularly with our Middle North Americans teams. We're working into other parts of our business to provide services for them. So it's really engaged with specific approach. Yes, they're all expense. We just said. Yeah, probably AUD 150,000, max AUD 200,000.
Your next question comes from Michael Byrne and reads, "One of your South African-based competitors, which had a quite short-lived life in Australia until recently, some years ago embarked on an aggressive acquisition program that ended rather unsatisfactorily for their company's shareholders. Can you provide some assurances that our company has safeguards at board level to prevent similar misfortune?
We're very satisfied. I don't know who you're talking about, obviously, but we're very satisfied that the two look nothing alike. Focusing on what we do and how we do it. We're not a naturally acquisitive company. We're not about just growing for buying, acquiring for the sake of growth. We are about having a balance between organic growth and acquisition where acquisition makes sense, but it quite amazes me the number of times that I see somebody, organizations that announce that they're looking into an acquisition, they've entered into an initial agreement, and then three weeks later they've finalized just a long time, and we take our time to make sure that we're absolutely satisfied, and the board of the organization, Lycopodium, we're all cut from the same cloth in that respect.
We want to make sure that we're taking a very positive step because apart from the amount that we pay for business, which is not insignificant, but it's reasonable and manageable and appropriate in terms of size of acquisition for our balance sheet and for our organization. But we also take seriously our reputation. We want to make sure that they're doing things that we have got good basis for having a high level of maturity and a high level of confidence that it will lead to a successful outcome. Acquisitions are very difficult. Organic growth is obviously difficult and limited. It tends to be a little safer. Acquisitions are difficult, and you need to make sure that you go into them open-minded, with open eyes, and I believe we've done that.
We didn't outsource.
Sorry?
We didn't outsource.
Our CFO, Justine, just made the note or made the point that we didn't outsource any of our DD. It was all done internally and with some support from local council and various jurisdictions, obviously, and some advice from local expertise. But we did the DD ourselves. We've had, I think, the right touch on the business and on the operation, the various operations to get a good sense of it. Look, I'm very confident that, as I said in my presentation, I think that this acquisition is going to be transformational for us and certainly things are going to be transformational for Saxum. But for us, I think it just opens up a market that often you don't even get an opportunity to bid on work unless you've got some capability on the ground.
This is discussed now with capability on the ground in a lot of new jurisdictions.
Your next question comes from Victor Velco and reads, "With the new acquisition, can you elaborate on the cement opportunity you see globally?
Yes, I'm happy to. Saxum historically has done almost nothing in Africa, a little bit, not a lot. So obviously, it stands to reason that our geographic presence in a lot of Africa should provide Saxum with opportunities to see an expansion in their natural cement market. Saxum works with all the names, all the big names in cement across the world: European cement companies, American cement companies, Asian cement companies. And again, just our ability to support them and then their ability to leverage our sort of geographic footprint, I think, is going to provide them just a natural ability to grow and to reach new markets. Again, just as I've spoken about, Latin America for Lycopodium, really, the globe has now opened up a little bit more for Saxum from a footprint perspective. We don't report in Lycopodium.
While there's a lot of similarities in some of the unit processes we deploy in the processing plants and in cement plants, we're not cement specialists. So for us, it's kind of highly a broadening of our internal skill set. So we hope that it's just going to be a win-win as such.
Thank you. There are no further questions at this time. I'll now hand back to Mr. De Leo for closing remarks.
All right. Well, firstly, thank you to all of you that asked questions, and I'm delighted to answer questions and be able to address any shareholder queries, and as always, if you have any, please feel free to reach out to myself or to Justine McKeon, our CFO, or Rob Landau, our chairman, to pose your questions. Thank you for listening, and thank you for participating in this morning's call. We're very excited about the future for our company. As you know, we're quite measured in what we do and how we do it, and we hope that at the end of the day, it's going to deliver long-term benefits to our shareholders, and we're very confident in that as well, so thank you very much for listening in, and have a good day.
That does conclude our conference for today. Thank you for participating. You may now disconnect.