Thank you for standing by, and welcome to the REA Group Limited Q3 FY 'twenty one Financial Results Conference Call. All participants followed by the number 1 on your telephone keypad. I would now like to hand the conference over to Mr. Graham Curtin, General Manager of Group Reporting, please go ahead.
Good morning, everyone. My name is Graeme Curtin, General Manager of Group Reporting, and I'd like to thank you for joining us to are in the line with the results for the Q3 ended 31 March 2021. As you know, our quarterly numbers are very much top line results, are restricted in the amount of detail we can give. Our CEO, Owen Wilson, will provide a business update followed by our CFO, Janelle Hopkins, talking to the financial results. Before closing, we'll be happy to take any questions that you may have.
With that, I'll hand over to Owen. Thanks, Graham, and good morning, everyone. REA delivered a strong performance for the quarter ended 31 March. This very pleasing result reflects a market that has rebounded from COVID, increased premier penetration and record audience numbers. Revenue was $225,600,000 an increase of 8%, excluding acquisitions and EBITDA from core operations, including share of profits from associates, was $123,300,000 an increase of 13%.
During the quarter, we saw national listings increase by 8% year on year with Sydney and Melbourne up 5% 13%, respectively. This shows the sustained positive momentum across Australian housing markets, supported by record low interest rates, Government Stimulus Measures and Growing Consumer Confidence. Once again, realestate.com.au delivered record audience numbers driven by Strong buyer activity during the quarter. March saw a new record of 13,200,000 people turned to realestate.com.au And our highest ever number of visits at 137,000,000. This was more than 3 times the nearest competitor.
We also saw an incredible uptick in buyer demand with inquiries of properties for sale on realestate.com.au, up are 82% year on year for the quarter. These numbers paint a compelling view of a market that has clearly rebounded from COVID. Before I move on to some of the key initiatives during the quarter, I'd like to highlight some pleasing sustainability milestones. Firstly, REA's ESG rating by MSCI has been elevated to an A, which is pleasing external recognition of OASG We're also pleased to complete the certification process for our FY 2020 carbon footprint. REA is now officially are carbon neutral organization.
Looking at consumer highlights for the quarter, and we continue to innovate to deliver highly personalized experiences. Our property owner dashboard is our experience that helps owners make decisions related to selling, renting, renovating and refinancing. This includes a powerful combination of our consumer behavior data, property supply data, content and calculators. Since launching in December, we've seen very strong engagement. Over 75% of owners are returning to view their dashboard on multiple occasions, While over 40,000 market appraisals were initiated from this experience during the quarter.
We've added 2 new features to the dashboard in March. The first is similar sold and for sale properties, helping owners understand the value of properties similar to theirs. The second is buyer demand push notification, an experience that alerts on as to how many buyers are seriously looking at properties like theirs each month. The strength of our consumer engagement is also demonstrated by the fact that people are now tracking almost 2,800,000 properties, A 68% year on year increase. Turning to our customers.
Our ability to provide agents with access to the largest and most engaged audience of property seekers remain stronger than ever. In Q3, we attracted over 1,900,000 average monthly visits to the Find Agents section on realestate.com.au, a 26% year on year increase. We also saw a strong performance in terms of the volume of seller leads being generated, increasing 83% year on year for the quarter. We've introduced our latest steps contracts, which deliver enhanced value across our advertising product range. As part of this, customers will commit to a 2 year contract, which includes an average FY 'twenty two price rise of 8%.
This reflects the increased value delivered to our customers over the past 2 years and our exciting new product pipeline. Customers committing to this new contract will also benefit from price certainty in the 2nd year with an increase of no greater than 6%. In April, we officially launched our exciting new product offering called Connect. Partnering with Realtair, Connect helps agents engage with prospective vendors and win their next listing. It covers every stage of the prospecting journey.
Our customers are provided with access to customizable presentation and branding tools, powerful demand and property data and the digital capability to sign and secure listings on the spot. Initial customer uptake of Connect have well and truly exceeded our expectations. We've also launched our new agency dashboard within Ignite, our self-service platform for customers. This allows agency principals to better understand their performance in the market. For example, they can view how many seller leads their agency is receiving, The number of new sale and rental listings our agency has listed and where their agency ranks on their market share of new listings.
Turning now to Financial Services Marketplace. In March, we announced our proposal to acquire Mortgage Choice. This provides a compelling opportunity to establish a leading mortgage broking business with increased scale. This aligns with REA's financial service are leveraging the group's digital expertise, high intent property seeker audience and data insights across a larger network. It also complements the existing SmartLine broker footprint, resulting in greater national broker coverage.
Our home loan section on realestate.com.au continues to attract a highly engaged audience. A highlight in Q3 are introducing the ability for consumers to track their loans as part of our on-site experience. We're now able to provide people with proactive, personalized recommendations when better home loan deals become available as well as help them effectively monitor equity in their properties. This also enables us to generate more qualified, high value mortgage leads. When it comes to REA having Australia's most comprehensive property data, I'm pleased to announce that later this month, We will launch the REA Insights Listings Report.
I know this is something that many of you have been asking for, for some time. This monthly report will provide an update on new and active listings for properties for sale on realestate.com.au. Each capital city and regional area will be covered showing month on month and year on year percentage changes. Not only will the report provide valuable insights to our customers and consumers, we believe it will serve as the most accurate view of new listing data in the market. Turning now to our global business.
Across Asia, trading conditions have continued to be are in the process of COVID. Despite this, our businesses in Malaysia, Thailand and Hong Kong all delivered strong increases in site visits for the quarter. Malaysia and Hong Kong delivered new mobile app experiences, And our number one priority is to provide the necessary care and support to our people and their families. We're introducing a number of measures to safeguard our employees. This includes working with local health representatives to set up a makeshift clinic and staff support center in our New Delhi head office provide COVID testing and vaccines to our teams and their immediate families.
As many of you would have heard on the news call this morning, move ins in North America performed strongly during the quarter. Average monthly unique users of realtor .com's web and mobile sites grew 44% year on year to 98,000,000 in the 3rd quarter, with a record 108,000,000 unique users in March. Before I hand over to Janelle, a few comments regarding current market conditions. The property market is in full flight. We're seeing very strong growth conditions with the economy performing better than expected, Property prices rising across the majority of the country and consumer confidence continuing to improve.
The strength of Australia's property market continued throughout April, and we expect these positive conditions to prevail throughout the remainder of 2021 calendar year, are underpinned by record low interest rates and falling unemployment rates. Having said that, we are starting to see some of the steam coming out of the market. Sellers still see it as a very good time to sell, but buyers are becoming slightly more wary. I characterize it as moving from fear of missing out The fear of overpaying. It's not necessarily a bad thing for the markets.
It probably brings the supply demand equation back into more balance. These market conditions position REA for a strong pinch to the year. With that, I'll hand over to Janelle.
Thanks, Owen, and good morning, everyone. REA has delivered a strong result as the Australian residential market conditions continued to improve during the quarter, particularly in Melbourne. As we typically do, we have provided group results in the tables in the ASX release for the quarter year to date. In addition, this quarter we have also provided revenue, operating expense and EBITDA growth rates excluding the Alara acquisition To give visibility of like for like growth. These ex acquisition growth rates back out Allara's consolidated revenue and expenses from 1st January, 2021, And also, Strapat Allara's associate contribution losses prior to that.
Revenue for the quarter was 225,600,000 Operating expenses from core operations were $103,700,000 and the group delivered EBITDA including the results from our associates of $123,300,000 Excluding the impact of the Alara acquisition, group revenue and operating costs both increased by 8% and EBITDA including associates grew 13%. The Australian residential property market showed growing strength during the quarter. After a flat year on year performance in January, February March national listings grew 7% 15% respectively to deliver 8% growth in Q3, with Sydney up 5% and Melbourne continuing to perform strongly, up 13%. This listings growth combined with improved penetration, product mix and continued positive growth in add on products resulted in additional with increased Australian residential revenue for the quarter. Turning to commercial and developer.
We continue to see the benefit from the government's homebuilder scheme during the quarter, which saw new product project commencements up 14% year on year. This growth continues to be driven by smaller lower yielding developments. However, as we saw during the first half, This growth in developer was partially offset by a decline in commercial revenues due to the continued impact of COVID on market activity. Media, data and other revenues were down modestly during the quarter, with growth in data and media revenues offset by a reduction in developer display revenue given fewer large scale developments. Financial Services operational metrics were strong in the 3rd quarter with both submissions and settlements experiencing double digit growth and the broker network continuing to expand.
However, reported revenue declined due to a reduction in partnership revenue With the current NAB agreement, performance payments ending in September 2020. Unfortunately, the Asia business continue to be negatively impacted by COVID. Revenue decreased for the quarter, driven predominantly by Malaysia, which continued to be heavily impacted are on movement restriction orders. As Owen discussed earlier, India is also experiencing significant challenges as a result of COVID. Despite the challenging environment, Alara delivered earnings within expectations with $9,500,000 in revenue And a $7,300,000 EBITDA loss for the quarter.
The group's combined share of associates contributed $1,400,000 An improvement from the $7,000,000 loss in Q3 FY20. This was largely driven by strong performance from Move Inc, which delivered impressive revenue growth of 37% and also the removal of Alara losses, which were previously equity accounted. Move performance was due to strong growth in the traditional lead generation products and the referral model, are both benefiting from over 40% increase in average monthly lead volumes and higher transaction volumes. The referral model also benefited from higher average home values. Operating costs excluding acquisitions increased by 8% during the quarter, primarily driven by increased headcount, Salaries and incentives linked to stronger revenue growth.
For the 9 months to March, operating costs were 7% lower than the prior year. On current trading, the strength of Australia's property market is imminent. In April, National residential listings are up 98% year on year, with an increase in Melbourne of 127% and 116% in Sydney. It is important to note however that while market dynamics are positive, year on year listings growth rates also reflect The severe COVID related declines experienced in April 2020, which saw listings in that month down 33% on the prior corresponding period. Year on year comparables are expected to remain favorable for the remainder of FY 2021, giving listings in Q4 FY 2020 were down 14% on the prior year.
Developer revenues are expected to continue to be supported by growth in lower yielding developments for the remainder of FY 2021. And commercial and Asia revenues are expected to improve in quarter 4 as we cycle over COVID impacted comparatives. Despite a strong Q3 result, India's COVID situation could have a negative impact on Q4 results. It is worth noting that Q4 is seasonally the lowest are between $12,000,000 $17,000,000 and an EBITDA loss of $15,000,000 to $20,000,000 This guidance is unchanged from previous projections. The group continues to target full year positive operating jaws excluding the impact of acquisitions.
As highlighted earlier, Whilst year to date costs are down 7% year on year, in Q4, we are cycling over a quarter where we undertook a combination of 1 off and structural cost savings. So our cost growth will naturally be higher. For the full year, we are anticipating core operating costs to increase marginally on FY 'twenty as revenue related variable costs are higher than previously expected. Increases relate to performance incentives and a better performance of Audience Maximizer products which has a cost of goods sold. In April, the $70,000,000 debt facility was repaid on maturity and in order to finance the proposed Mortgage Choice acquisition, the group is expected to refinance and increase the current $170,000,000 syndicated facility in quarter 4.
I'll pause there. Operator, we will now open for questions.
Thank Your first question comes from Darren Leung from Macquarie. Please go ahead.
Good morning, team. Thank you for taking my questions. Just 2 for me, please. So the first one is just in relation to the cost guidance. I'm wondering if you could unpack that a bit, please.
Just to get a feel for the extent of revenue related costs, just given our understanding, is the Orinage Maximizer I shouldn't have that many hotspots for it. So that's sort of question 1. And then the second one was just around yield, please. Can you please give us an indication of The extent of the year growth just on the headline, it looks like it's a little bit subdued given listings and like for like revenue of both 8%, please.
So on the cost guidance, when you think about what we flagged is a small increase, marginal increase on FY 2020 compared to what we flagged last time, which we're expecting to be flat, there's really 2 key drivers of that. 1 is in relation to, as we said, revenue related So that is in relation to things like our audience maximizer products as the market has been stronger than what we anticipated when we gave the guidance Last it's the last update. The reality is that we have there is more revenue associated with Audience Maximizer And that has cost of goods sold associated with it. So that is just up a little bit. The other addition to that is in relation to performance incentives.
And as we get towards the end of the year, we obviously refine our expectation of performance incentives in line with where the revenue results are landing, so we have refined that upwards. And in relation to yield, our expectation we have seen yield growth in this quarter in relation to that stronger penetration as well as performance, when you look at the 8%, that obviously also includes The impact of developer, commercial and Asia in those numbers, so you can't just take that as a like for like.
Okay. Can you give us an indication as to what yield growth was in the 3rd quarter, please?
No, we don't provide that level of detail for the quarter.
Okay. That's fine. Thank you.
Thank you. Your next question comes from Kane Hannan from Goldman Sachs. Please go ahead.
Good morning, guys. Just on those price rises you spoke to, Owen, given all the uncertainties around the outlook, what happens with Stand 2D and how the market plays out, Just interested why you'd limit your 2nd year price rise, I suppose, as a structure. And then I suppose what things would play out that mean that price rise could be less than that 6% I suppose what you have to see in the market. Secondly, just around agent match, Just comment on where you've landed in terms of the commercial model for your lease product, please? And then just last one quick one just around India.
Just comment on what assumptions you've made around COVID and how the next few months play out there for that $15,000,000 to $20,000,000 loss?
Thanks, Kane. Look, in terms of the new contracts going forward, we're mindful of 2 things. The constant feedback from our customers is around getting certainty of what's coming. And you recall, our previous Premier Contract was a 2 year construct with a lower increase in the 2nd year. Now, we didn't follow through with that because of COVID last year, but That has been baked into those contracts.
And so we wanted to replicate that because it's what our customers want to see. In terms of the 6%, That reflects a couple of things. One is, obviously, it's hard to predict where the market will be a couple of years out, but we're confident that that number plus some of the things we've got in our pipeline coming in over the course of FY 'twenty two, will deliver what we think will be a pleasing revenue increase are going to FY 'twenty three. So we put our numbers based on where we know our products are coming and also to give us some flexibility around the market. My view is, it would require some unexpected market conditions for that not to be that 6% going into FY 'twenty two.
In terms of Agent Match, at the moment, Agent Match as a product doesn't exist. We don't charge for leads at the moment. We are focusing on 2 parts of the process. 1 is continuing to generate more leads, continuing to build up The population of our ratings and reviews and continuing to get our the kind of ecosystem of connecting consumers with customers in place and robust. Once we've done that, we can look to monetize them.
We'll obviously not announce that in advance. In terms of India, It's a weird market. COVID has been pretty bad over there even before this recent wave, and yet we saw Remarkably strong Q3 result. And as we go into April, It's surprisingly been a robust month despite COVID. It's I find it staggering that in a market where Such distressing scenes that we're seeing on our TV screens are happening, that people are still somehow wanting to transact on property.
Now, Q4 is a seasonally lowest month. It's basically equivalent throughout December, January in terms of property. And so, our view is The impact will be lessened because of that. What we saw after the first big wave of COVID in India was a very sharp And all of the kind of projections that we're seeing is that they expect that to happen again when they get through this. Now Everyone's predicting that the numbers will peak probably in the first half of May.
And let's hope that with Proper medical supplies, vaccines and maybe a bit of restrictions in the market in terms of movement, they can recover. So That's why our guidance is unchanged. We're pretty confident we're going to come within those numbers, taking this into account for Q4. And then beyond that, if it continues, it will have an impact on the rate of investment and the pace of investment in India. We will obviously pace that according to what's happening
Your next question comes from Lucy Wang from Bank of America.
I've just got 3 questions. So firstly, just to follow on the price increase Question, I guess, what proportion of customers are you expecting or agents are you expecting to sign on to this Premier Oil contract this year, just wondering because I guess maybe there's a bit of upside for next year when new customers sign on in FY 'twenty two. And then secondly, just in the Queensland market, are you able to talk through some of the competitive dynamics in that state, whether that's changed more recently? And then just thirdly, with listing volume, are you able to talk about how early May is trending as well? Thanks.
Thanks, Lucy. In terms of the price increase, I need to be clear that price increase applies across the entire market. But in terms of the Premier contract, the new CE contract, we've only just started the rollout. The feedback we're getting from our sales team is that it's been very well accepted by the customers. They are getting new features with this new premier contract.
And one in particular, we're providing a significant increase in the amount of information they get on each buy lead, which is a huge boom are also getting greater flexibility in their exceptions. And so, part of the new contract is that a portion of the listings can be done as a pay on sale. Now, we don't expect that to get a lot of utilization in this market, but it is a flexibility our customers really value. As we sit here today, I expect More customers will upgrade to this new contract. The features are very compelling.
And so we do expect to see a portion of customers will be here as we roll out the process. In terms of the Queensland market dynamics, there's not a lot of change. We feel we're holding our own in Queensland. We've just got our latest round of customer sentiment We've been doing this since 2015, 6 monthly ways of customer sentiment. I'm pleased to say that We got a record, a new record in customer sentiment towards REA and pleasingly, the largest type of gap we've got over our nearest competitor.
And that's applying in basically every market. So, I'm not seeing a change in the dynamic in Queensland. In terms of May, It's obviously significantly up percentage terms. The momentum is continuing. We're talking about crazy percentage Probably the best way to think about the market, even if you go back to 2019, you're not really comparing it to a normal year.
That was the Royal Commission year and the election year. And so, the numbers should be back then. The last kind of what I'll call in inverted commas, normal year was 2018, and we're up on that as well. It's a very healthy market. Never has there been a better time for people to sell their properties and probably never has there been a better time for people to buy Because of the interest rates, if you get access to finance, the reasons to buy and the reasons to sell are both in existence.
It's kind of
your next question comes from Entre Rakovsky from Credit Suisse. Please go ahead.
Hi, Owen. Hi, Janelle. My questions, firstly, if I can start on a follow-up on Agent Match.
Are you able to
clarify whether it's bundled into Premier All under the new contracts that you're rolling out? I know you've said it's not a separate product, But if you can clarify, I think it would be useful, I guess as we're thinking about monetization. And then secondly, I know you're not providing the details around debt penetration contribution in the quarter, But I'm interested in whether you think that will accelerate into Q4 given you've got some easier comps or wondering whether the strength in June last year makes this are quite difficult to forecast. And then my final question is on developer, where the cycle seems to be turning. I mean more broadly, how are you thinking about the upside there from a cyclical recovery and the sort of revenue that you could generate from this segment?
I'll take questions 13, and I'll hand over to Janelle, the middle one. Agent Match is not I'm not into Premier Oil. Premier Oil is a buy listings product and they're not really related. Where are you going to see the lead, seller lead process play out, as I said earlier, is in 3 areas. One is, we want to get up, get the ratings and reviews levels up, so the consumers know that we are the place you come and search for an agent.
You test the market, you research, and then you make And we still got a long way to go on that. We're very pleased with the number of ratings. They're at all time highs. It's going up month on month on month, but we've got more work to do there. The other big focus for us is our Connect product.
This is a new way for our customers to go to market and pitch to vendors. And it is basically a complete operating system, end to end digital sign on process, Including, ultimately, the ability to pay on the spot or finance through Campaign Agent. So that is a new product That is our primary focus at the moment. And then as we go forward and we get this ecosystem in place and monetization of seller leads will follow-up with that.
In relation to debt penetration, we were really pleased in Q3 to see the rebound in penetration overall and actually more pleasingly seeing increase in Premier penetration across every state in the country. As you look into Q4, if you think about the strength we've seen in listings in April and into May, we would expect to see
thank
you.
Your next question is from Roger Samuel from Jefferies Australia. Please go ahead.
Hi, good morning all. Two questions from me. First one is, So you're increasing prices this coming July. Are you also thinking about launching new products into the market? And second thing is with Financial Services, you reported on a press before that with Mortgage Choice, you have a combined 6% share of the settlements in the market, and you're targeting 10% longer term.
I'm just wondering what's your strategy to grow that market share from 6% to 10%? Thank you.
Thanks, Roger. We've always got new products in the pipeline. We obviously never announced them before release Because of the commercial sensitivity, I think the key new one that we have launched just recently is Connect. This is a compelling new product that we think will change the game in the way that agents go to vendors. And the early feedback from customers is incredibly positive.
The uptake already, and it's only been weeks, is way ahead of where we thought it would be. This is a subscription based product and we charge on a per seat basis. And so, we're really excited about that in the long term. Like any product though, it is going to take a long time for that to mature. It's early days and with every product, whether it be depth, Whether it be audience maximizer, you've seen the period between launch and maturity is usually quite extended.
And so you're not going to see a huge Revenue uptake in FY 'twenty two from Connect, but in the years beyond that, you will. The other element of that is for those who are signing up earlier, they're getting the first are 6 months free, so you definitely won't see any revenue in the first half of next year.
In terms of sorry, I was just wondering maybe something like Premier Plus or something above Premier,
I was thinking No, I understand. And my answer stands that we Just don't launch new products. When we're ready to launch, the customers will be the first to hear about it. It is commercially sensitive, but you can assume we do have a pipeline And part of the 2nd year price rise reflects what we know we're going to be bringing to market in the second half of FY 'twenty two, but obviously we won't announce that in advance. In terms of financial services, we do have A goal to write 1 in 10 mortgages in the country, and we think that's absolutely achievable.
When we bring Mortgage Choice and SmartLine together, We do have about 6% of the market that but we think there's a long way we can go. As I said in my remarks, we've just launched the ability for consumers to track their lines with us. Our ambition is to be able to contact consumers Basically every month and confirm that they've still got the best product in the market for them. But when those circumstances change, we're there to help you convert to a better product A better advantage for them. So, there are various ways to do that.
We want to continue to digitize the process, both for people going direct to banks and for those who want to go through to consumers. And so, look, it's a very exciting space for us and we think it's an achievable ambition of
your next question comes from Paul Mason from E&P. Please go ahead.
Hi. Just a quick one on VPA Pay. I was just wondering if you talk through your strategy around getting that on to the marketing list for agents. From what I understand, these Correct. They usually sort of end up contracting independently at the moment.
But now there's a relationship that you're sort of more aligned with sort of What you can sort of do around Premier Oil contracting at the same time as a VPA contract or anything like that, that you're sort of thinking about?
Yes. So you're referring to Campaign Agent. Yes. Campaign Agent is already the leading product in the market. And so we're kind of going in with what we think is the best product in the market by linking that into our Connect product and having that kind of part of the automated process where they can a consumer can pay on the spot through our digitized process through Campaign Agent Or they can choose to defer the payment until later through campaign agent.
We think that just gives our customers maximum flexibility in dealing with vendors. We wanted to just become part of the integrated process of the offering that agents can take to every vendor.
Okay. Thank you.
Thank you. Your next question is a follow-up question from Entre Rakowski from Credit Suisse. Please go ahead.
Janelle, hi. So I wanted to jump back on. I just wanted to follow-up on my develop a question and perhaps how you're thinking about the upside. And I guess I don't want to dwell on this too much, but it looks like Obviously, strong property market, apartment approvals seem to be bumping up again. So Is it likely that over the next couple of years you'll see those high yielding developments coming through?
Yes, sorry. I missed I forgot to answer the second one. Janelle took over. I was so impressed with the answer, I
moved on. It's probably a reflection of
the length of my questions too. So, I'll take that on board. Look, it is we're very pleased with the number of new developments coming on board, we have to acknowledge they are at the smaller end still. And so while it's great that they're up and they are buying Those larger developments spend a lot more on display advertising, which is lucrative for us. If you look at the forecast for Biz Oxford, and I keep updating this monthly, and it seems to change dramatically month on month, but they are showing The small recovery that we're seeing, has been a small decline and then basically a big boom coming after that.
I think we are getting into the situation after nearly 3 years of declines that that kind of supply demand equation is now getting out of balance, and we are going to have to see construction recommence in the not too distant future, which will be very positive. I think the other factor that we It's hard to predict, though, is when is immigration going to kind of resume to the more normal levels, students coming back into more normal levels. I think if we get that kind of Perfect situation of immigration, students are back and the supply demand situation is out of balance. It's going to be a great time for developers, but it's probably towards the back
Okay. And if you're thinking about the benefit For REA, is it primarily a volume benefit or do you see a corresponding yield increase as well?
It's both because if we go back to what I'll call more normalized conditions, we will see those larger projects start to come back. They're much high yielding. They buy a lot more of our product suite, they buy a lot more display advertising and they buy it for longer. So it is It's volume and yield. And we've seen the reverse of that over the last few years.
So we've been kind of wearing the reverse of that for 2 years. I think we're going to see it reverse
Okay. And do you think there's some level of Or some scope for price increases within that segment? Or is it just a mix shift which is more likely to be a driver?
Look, we haven't put price changes through in that segment for many years. So look, I'm not going to forecast price changes as I sit here today, but If those conditions that I've spoken about do prevail at the back end of next financial year, then you would assume there may be some scope for us to look at our pricing.
Okay, great. Thank you.
Thank you. There are no further questions at at time, I will now hand back to Owen Wilson for closing remarks.
Look, I'd just like to thank everyone for taking the time to join us today. It's a very pleasing result, and I think we're set up for a really good finish to the year. We look forward to updating you again when we release the full year results. Thanks, everyone.