Resolved. On today's webinar, we have CEO and Managing Director Stephen Crispe and CFO Tim Olive who will go through the presentation released this morning on the ASX. To ask questions, please submit them via the Q&A button at the bottom of the screen, and we'll do our best to get through as many of those as possible. I'll now hand it over to Stephen.
Wonderful. Thanks, Ben, and thank you, everyone, for joining today for the four-year presentation for Racing and Sports. Look, it's been a big year for Racing and Sports in FY 2025. It was a pivotal year as well, marking the first full acquisition that the company's achieved in Hong Kong. And fortunately, that business has gone very well for us and marks the start of something very unique in the Racing and Sports enterprise. We've also invested heavily across last year and into this year in our core products around information, content, and trading. And we've also overseen the expansion of the UK and emerging markets business as well. All this has been made possible through the rationalisation of our tech platforms, which has made the business fitter, leaner, and more agile in terms of investment and delivering capabilities to our customers and to the market.
We've invested heavily in AI automation and also refined workflows and processes to make the company operate at its peak optimum, so we're really proud of what we've achieved in the last financial year, and it really sets a strong foundation for 2026, and we'll learn more about that as we go through the deck today. I'll hand over to Tim to talk us through the financial highlights.
Thank you, Stephen, and good afternoon, everyone. The first slide here that I'm going to talk to just provides a quick snapshot of the key financial metrics for FY 2025. Starting at the top left, revenue from customers reached AUD 21.3 million for FY 2025, which was growth of 31% on the prior year, and pleasingly, this is our fourth straight year of 30 %+ revenue growth, so really good momentum in the business. Moving over to our normalized EBITDA, which has been normalized for the one-off acquisition costs relating to the Hong Kong acquisition, we achieved normalized EBITDA of AUD 2.9 million, which was an improvement of 49% on the prior year, or AUD 1 million, so still good growth momentum in the bottom line or the middle line. Our ARR, our contracted revenue going forward, finished FY 2025 at AUD 21.8 million.
That did include AUD 1.1 million contribution from our Hong Kong acquisition, but still represented 16% growth on the prior corresponding period. And pleasingly, we did provide an update on ARR at the end of May. We did finish the year well. The previous update was AUD 21.1 million, so we did close out some decent deals in the last month or so of the year as well. Moving down to our key cash metrics, we finished the year with a cash balance of AUD 5.7 million, which was down from AUD 8.3 million in the prior year. This was impacted by the heavy investment in future growth and capability building in the business, both through the Hong Kong acquisition and significant investments that were made in the areas of tech and trading capabilities, so positions as well for ongoing future growth.
From a normalised cash flow from operations perspective, which again removes the one-off acquisition costs, we had an inflow for the financial year of AUD 3.6 million, which represented an increase from last year of AUD 1.3 million relative to AUD 2.3 million in the prior year. This slide looks at the mid-range trend for each of our key metrics and also shows you the metrics for net profit before tax. So starting again with revenue, revenue has grown strongly. Our biggest increase in a single year of AUD 5.2 million in FY 2025, up to AUD 21.3 million. Our ARR, as I mentioned, continued to grow strongly despite the impact of the change in arrangements from Picklebet, who, as we've said in previous presentations, did change their arrangements, which materially impacted revenue and ARR, but not our bottom line. So we've offset that change and also achieved material growth across the year as well.
EBITDA, as I said, continues to grow strongly to AUD 2.9 million. Looking at our net profit before tax, when this is normalized for the one-off acquisition costs, we achieved a net profit before tax of AUD 800,000, which was a significant increase from last year's AUD 200,000. It's also relevant to point out there was a major change in treatment of our R&D incentive revenue in FY 2025. For FY 2024 and every year prior to that, that income came in as an other income item and therefore dropped our profit number. In FY 2025 and going forward, that money was received as a non-refundable tax offset. So it adversely impacted FY 2025 in comparable terms by around AUD 900,000. So when you normalize for all these factors, our bottom line before tax profit has improved by around AUD 1.5 million year on year.
One other further point to note around profitability. We for the first time achieved an after-tax profit in FY 2025 with a profit of AUD 526,000, and again, when that's normalised for the one-off acquisition costs, this profit increased to AUD 1.1 million. It was a really pleasing result for the business. Now we're going to look at some of the key trends across our major business units and talk through some of the metrics for ARR here. This is ARR, contracted revenue rather than pure revenue from the period. When I start off looking at Enhanced Information Services, which include our key data and content products, we finished the year with ARR of AUD 13.9 million, which was around 20% growth on the prior period, and that reflected a really good deal flow for new deals and also the upgrade of some significant deals we had as well.
With Wagering Technology, we actually did achieve really strong growth in wagering tech with new and upgraded deals from Pragmatic Play, Playbook Engineering, and some other tier one clients as well. But as I mentioned before, with the changed arrangement from Picklebet sort of coming into FY 2025, that did result in a significant reduction in the ARR from that factor. So the actual overall growth only looks modest, but when you normalize for that issue, it was really strong growth again for one of our key growth products. Moving across to Digital Publications and Media, you'll notice that we've added Publications to this vertical following the acquisition of the Hong Kong business, which includes a range of publications. So ARR for Digital Publications and Media finished FY 2025 at AUD 1.7 million, which was up 50% on the prior year.
This was largely due to the contracts with the Hong Kong Jockey Club, which were acquired as part of the broader Hong Kong acquisition. If we move down and have a look at the pie charts on the bottom of the slide, which provide a geographic breakdown of our ARR across those two years, there's a really strong U.K. story here in the geographic breakdown with year-on-year ARR growing by 62%. U.K. revenue now makes up over a third of our total revenue. Great story. We'll talk more about that later on. With Australia, whilst our actual revenue did grow materially in FY 2025, the year-on-year growth or movement in ARR was impacted by the Picklebet issue I've spoken about a couple of times now. So it is showing a reduction in market share, but it's still a really key pillar of the business.
We do expect good future growth out of the Australian market as well. With the Hong Kong acquisition now completed, we have added Asia to the breakdown of our geographic split. You can see from the right-hand pie graph that total revenue from Asia made up 7% of total revenue, or ARR rather. That really only reflects three months having the business. We expect strong growth there going forward from an Asia perspective. I'll throw to Stephen now to talk to some of the product capabilities.
Thanks, Tim. Look, switching gears a little bit, we thought we'd introduce a new slide to really highlight some of the product capabilities and technology capabilities that we've got within the Racing and Sports business as it stands today. Some of the notable ones are really our investment in cutting-edge technology and contemporary technology stacks. The team have done a terrific job in keeping the Racing and Sports technical footprint lean and also contemporary, so up-to-date and using all latest tech stacks to ensure the business is able to grow, scale, and evolve rapidly with new and emerging trends and patterns within the global technology environment, and particularly within the wagering sector. So again, that's very important to understand. Also, that Racing and Sports have this new trading capabilities as we've been investing heavily in the MTS and our trading ecosystem.
We've increased our market telemetry of the wagering markets, providing deep insights into moving to the global wagering markets and being able to adjust rapidly for our clients across all of our client sets who use the trading and MTS platforms, so this has been a really big investment by the business in making sure that our technology is as up-to-date, as contemporary, and future-proof as possible, and this market telemetry is one of the core features of that platform. Also, the integrity and industry vertical within the business is actually starting to grow quite strongly. We've invested heavily in building products and capability and services for industry around the world, and that's starting to really take shape with Mauritius coming online, obviously continued investment within GBGB and other jurisdictions that we're looking at working with industry participants to take costs out, increase efficiency, and increase quality of their products.
And also AI. It's a very big trend now within, obviously, the global technology community, but also Racing and Sports as a business has been using AI, automation, machine learning for a lot of years. And really, this has been a common thematic. It's used within our trading ecosystem for early market creation. It's used for internal workflows to gain efficiencies and productivity gains. And it's also used across all parts of the business in terms of quality and monitoring of all the data streams and all the system processes that we have operating. We'll continue to see AI being a common thematic going forward into presentations really about how we're leveraging AI and emerging technologies in that space to grow and rationalize the business for ourselves, but also for our customers as well.
This slide also is a new slide really centers around our trading ecosystem and our trading products. So the managed trading service, which has now been in the market for a little while, has really been a strong performer for the business as well as our existing SaaS trading products that we sell to customers around the world. And these together, we believe now, offers a product with features that are unrivaled in the market. We've really spent a lot of time in understanding what our customers need, working closely with our customers, and building those core and key features that they require within a managed trading service, but also within a self-managed trading capability as well.
Some of the more exciting products that we've put in there, the in-play or in-running product, that's been developed now and is a really impressive wagering proposition for operators looking to offer in-running or in-play to their customers. There's obviously a huge derivatives project that we've been working on now for over 12 months, and that's really set the trading ecosystem with probably the best and most comprehensive derivative products for wagering operators wherever they might be around the world, enabling them to offer products that are differentiated and markets that are differentiated for their customers as well, so just again, a snapshot of how we see the Racing and Sports trading and managed trading services compared to the competition in the marketplace, and we're really proud of what we've achieved in a relatively short amount of time in this growing and emerging part of the Racing and Sports business.
Tim touched on this before, but the U.K. market for us has been growing strongly. It's no secret that we've made quite an investment within the U.K. business, the Racing and Sports business in the U.K. That's now been yielding some strong results. In FY 2025, we're really pleased to say that the investments we've made in Pragmatic Play and Playbook Engineering have certainly seen an uplift in revenues through quality of product differentiation of product as well, so offering something different to the market than what they've had before. Also the continued evolution of the Racing Office System for GBGB. We're now controlling everything from data input at the tracks all the way through to storage into the centralized database that coordinates all the rules of racing, all the way through to generation of race cards and distribution out to clients.
That's a really great reference case for us for other industry verticals that are looking to outsource, take costs out, and increase the quality of their products and services. Racing and Sports is really leading the charge on that front. Also the global racing content and trading partnerships that we've got with the likes of Matchbook Betting Exchange, and also Metric Gaming are starting to yield some results for the business as well. Again, very pleasing. The key activities are really quite focused, and they're starting to yield some excellent results for the business in the U.K.
I mean, the key drivers we've touched upon before, the premium data, the distribution networks we've got, the enhanced trading technologies that we can offer to operators and platform providers, which again provides a real differentiation for them and for their customers as well, which is we're not about providing a one-size-fits-all. We can provide customized products and services to each customer, which is obviously a very competitive landscape. What everyone's looking to do to provide value adds themselves. So with that, I'll hand over to Tim to talk us through some of the financials for the U.K.
Thanks, Stephen. Look, it's really satisfying to see the strong results flow through in the U.K. You can see with the chart here, which plots ARR over the last six half-year periods. We've seen, the ARR has got to AUD 7.4 million at the end of FY 2025.
You can see three really strong halves in consistent sustained growth. Now that we have our strong and expert team in place in the U.K., we have our foundational rights agreements in place. We have the broader suite of Racing and Sports products and services. We're really hitting our momentum in the U.K., and it's really pleasing to see that the strategy for the U.K. is working and will continue to deliver results going forward. Changing geographic zones. As Stephen said, we did make a big play in Asia earlier in the year when we acquired a series of Hong Kong racing business. We're now nearly five months into our acquisition of the Hong Kong racing business.
The focus has been on building a really high-quality growth team and also strengthening the foundations of the business and leveraging Racing and Sports' broader capability to set us up for growth. We're currently investing in a tech uplift in Hong Kong that will improve the product quality and increase efficiency. We're also welcoming new talent to the business. We recently welcomed Alan Kwong from the Hong Kong Jockey Club, who is our new Commercial Manager in Hong Kong. He has a great knowledge of the racing market in Hong Kong and also extensive networks both within the Hong Kong Jockey Club and more broadly across world racing. It's great to have Alan on board. We're also soon to launch a number of key products in the business.
We're establishing digital assets in both Hong Kong and Singapore, which we will provide major promotional and positioning opportunities in both key markets to both ourselves, our customers, and our international rights partners. We're also developing a new product to promote international simulcast racing in Hong Kong, which we think will be a major growth driver for Racing and Sports. It's a key growth strategy for the Hong Kong Jockey Club. They're increasing the number of race meetings and increasing their focus on this. So we feel like we're perfectly positioned to support them and the international rights partners to achieve that growth. We're currently strengthening the foundations of the business through all the investment we've talked about.
And we feel by leveraging the local team, the additional team we've added, the current capability that we acquired in the business, the networks that come with those key teams, combined with Racing and Sports broader capabilities and networks, we think we're really well positioned to drive major growth through Hong Kong, through Asia more broadly. And we're really excited to see what this strategy can deliver over the next two, three years. I'll pass over to Stephen to talk about a trading update.
Thanks, Tim. So with the trading update, I mean, really we're covering additional products, additional services, and partnerships. And this is clearly not all that we've achieved in the period, but it certainly goes to show that the business has been very active in a very diverse range of opportunities. And the Mauritius Turf Club has been a really rapid service that we've built, so products set around industry and also services to support them. And that's something that's going to continue to evolve over the course of FY 2026 and beyond. And the products we've built for Mauritius will certainly be applicable to other jurisdictions around the world. But it covers everything from, again, that data entry all the way at the track level, all the way through to centralized database, rules of racing, processing, generation of race cards, and everything in between.
So basically, it's taking Mauritius Racing as itself to relaunch a quality product for domestic and international audiences. And we'll touch all parts of the racing ecosystem for that jurisdiction. And it's something Racing and Sports is very proud to be part of and very proud to support Mauritius Turf Club on that endeavor. There's been new partnerships in the U.K., again, with Stakemate to deliver a fully integrated racing product. So this allows us to work with Stakemate and the Stakemate brand and executive team to build them a product or service and deliver them a solution that meets their expectations around their user experience, which is something we're very proud about. And that's only gone live very recently and has been performing above expectations.
So again, something we're very proud of and just shows continued push within that U.K. jurisdiction to really set Racing and Sports as the premium provider of all of those services in that part of the world. Again, in the U.K., working with Spreadex to deliver trading services for multiple jurisdictions. And it shows the flexibility within the trading ecosystem that we've spoken about before, how multiple jurisdictions can have multiple rule sets, multiple configurations, and can apply the one platform to multiple ways that they want to actually deploy that. So again, very successful and something, again, we're proud of. Our BetBridge product has gone live in market. Now, BetBridge is an embedded full turnkey racing product. So it's for sports book that want to rapidly deploy a racing solution.
They may not have any racing expertise or product expertise in developing or building or deploying a racing product, given the complexities with it. BetBridge is a rapidly deployable embedded solution that allows the sports book to have a racing product up and running very quickly. And that includes everything from the content and the data on the front end, the betting, bet slips, all the way through to trading and management of liability on the back end using our full turnkey MTS. It's a fully integrated product and allows us to get this out to market very quickly. And there are a couple of clients who are coming on board with the BetBridge product suite as we speak. So again, a really exciting new development for the business and something I think we'll be hearing a lot more about as we go forward into 2026 and beyond.
Pleasingly, Racing Australia has approved Racing and Sports as a licensed wholesaler of Australian racing materials. This means that we can sell on behalf of Racing Australia and distribute their racing materials to licensed bookmakers and really work with Racing Australia on becoming a trusted part of the industry value chain and particularly around their racing materials product. Look, finally, the outlook for Racing and Sports into FY 2026. We're going to see more continued growth of the core business around enhanced information services. This is really around the products we're creating on top of our existing world-class and industry-leading products to drive fan engagement. These things actually also then drive growth into wagering technology and trading and MTS products as well. The two things work hand in glove.
So it's a continued effort from the team to not just produce what we produce today, but continue to evolve, to innovate, and create new products for every market around the world that we actually deliver services into. The global expansion push continues. Obviously, the U.K. is performing extremely well, but the U.S. is still a focus area for us. Europe and emerging territories, as we're seeing a lot of operators coming out of emerging markets around the world, emerging licensed markets around the world. And by leveraging Racing and Sports' core assets, data technology, trading technologies, we can continue that global expansion and global push. I really feel that there's a lot more runway outside of Australia, and that's where we're focusing. Now, pleasingly, our Wagering 360 white-label platform has gone live with our industry-leading platform.
That's got one customer on board with several customers now signed up under term sheets who are in the process of going live as well. This has the potential to be a new revenue, a new growth driver for the business, and also adds to the clients we've got using our full turnkey MTS solution and taking all the Racing and Sports' leading information, content, data, tips, and other fan engagement tools. Again, it's a full turnkey solution, everything from the platform, the betting platform, all the way through to the trading and everything in between. This is a really exciting product that we've launched and a set of services that go along with it. We'll continue to drive the managed trading services. This is a growth area within the business and under the wagering technology vertical.
And to do this, we've also employed a global trading team spearheaded by James King in the U.K., who's a global head of trading. He now has his own trading team in the U.K., in Australia, and an operations team in Sri Lanka to manage the 24/7 365 operations that go along with that managed trading service. So again, something we're very pleased about. This has been a great growth exercise for us in the last 12 months to continue building this product and the set of services out, something we're going to see a lot more of in FY 2026. And Tim's already touched on the expansion into the Hong Kong market, so I won't go over that again in any detail, but it's something that's very exciting for us.
There will be a lot of updates coming out of that part of the world in coming months and over the next year to two years. With that, we'll hand back to Ben.
Yeah, thank you, Stephen and Tim. Just a reminder, if you'd like to ask a question, please do so via the Q&A function at the bottom of the screen. But the first question is relevant to everything on the trading update slide. So is the Stakemate deal included in the reported AUD 21.8 million of ARR as of 30 June, or was it signed post-period?
It wasn't included in the FY 2025 ARR number.
Yeah, so everything on that trading update slide was signed post-June 30.
The revenue generators should be, yes.
Yeah. Next question. Do you expect that the forward-looking investments in the platform and capability made in FY 2025 are largely done now, or will FY 2026 see ongoing or increased investment?
Look, I think it's going to be a continual theme. I think a lot of the heavy lifting has been done in FY 2025. However, there will still be incremental investments made in continuing to build out features, functionality, support our customers in some of their requirements as well. But I'd say by and large, a lot of the heavy lifting has been done. But being a tech and data company, it will be continuous, as you would expect.
Sort of continuing on from that. So how are you thinking about the trade-off between investing for the future growth versus expanding margin?
Look, I mean, I think investment, I mean, we are a growing company, and we have been growing, as Tim's rightly pointed out, since we IPO'd the business. And obviously, growth is key to our success and taking advantage of opportunities as they arise. And I think our expansion into new territories and new markets has also been instrumental in the company achieving the results that we've seen today. I mean, the investment in the U.K. took some time to really start to yield strong results, and we're seeing that come through now with operating leverage over there in the U.K. market, where the brand's good, the tech's good, the sales team are disciplined. So those sort of strategic investments and growth ambitions, I think, are going to be a cornerstone of the business going forward. Tim?
I think you covered it pretty well.
Yeah.
Thank you. So with the Hong Kong acquisition now contributing over AUD 3 million in annual B2C revenue, what are the key initiatives underway to scale this business further?
Yeah, look, lots of opportunities in Hong Kong. Look, I think I'll start with the B2C. I think by embedding Racing and Sports' data assets, digital media assets, we think there's an opportunity to improve product and drive unitary growth with those publications as well. We think there's a price play as well, which we're implementing currently. There's also a forward commitment from the Hong Kong Jockey Club to increase the number of meetings in Hong Kong with Racing coming on board in Mainland China. So there's some pretty major and foundational sort of growth drivers there from the B2C perspective. But I think it's probably the digital and data play that's more exciting than that. Yeah, as I said, we're launching the two websites in Singapore and Hong Kong.
We think with the very high turnover nature of Hong Kong racing, both on the local racing and on the international simulcast racing, there's major opportunities to sell partnerships and promotional opportunities to RAS partners, key industry customers. We're also working very closely with the Hong Kong Jockey Club around a number of opportunities. By leveraging, I guess, our data assets and our networks in the broader Asian region, we think there's lots of opportunities to become a key data tech and digital media provider to both the racing bodies across Asia and the wagering operators where they're different as well. Really excited about growth opportunities in Asia.
Some of these questions have actually been answered. But this person points out that there's been an increased focus on software for racing authorities with the GBGB and Mauritius Turf Club deals, as well as the opportunity you've called out in Asia. Could you please elaborate on your plans here and the role you see RAS playing, especially in Hong Kong, Asia?
I mean, look, Racing and Sports is building out software to support industry participants around the world. I mean, one of the things I think we're seeing is that Racing and Sports has the most comprehensive and expansive racing database on the planet and oftentimes has data that's as well better than the regulatory bodies and industry participants. So it makes sense that the Racing and Sports can play a leading role in creating systems, platforms, databases that take costs out and provide those efficiencies and savings for industry as time when racing is becoming more expensive and there are additional tax and regulatory pressures. So I think that's going to be a continuous theme.
And I mean, with the Hong Kong lens, I mean, obviously, Racing and Sports wants to be a strong partner for the Hong Kong Jockey Club, which is why we've invested heavily in the region, in the businesses. And it's something that we're very proud to say we've got a good, productive working relationship with the Hong Kong Jockey Club and also evidenced by the fact we've brought Alan on into the business as well. I mean, he has a great brand, a great relationship within the Jockey Club, but also within industry globally. So we're making all the right moves to ensure that we can be a premium provider of services, of capability and innovation that will grow the market and grow the brand within Asia, but also more broadly.
Right. Thank you, Stephen. Just next question goes too fast. So could you update us on the Waterhouse VC partnership? There's been no meaningful wins announced so far. Has working together been harder than initially expected?
Yeah. No, look, good question. I mean, the Waterhouse deal was never intended to be something where we were just going to churn out releases or have a crack at everything. I think the conversations we do have, which are very frequent and regular, and we are identifying some large opportunities to work on together as well. There have been some smaller deals that we've won together and we've worked on together, but there are definitely some bigger opportunities that we're currently working through, and they take time. Some of these are quite structural, and they're very exciting, but they're certainly not things that will happen in six months. The deal was deliberately done over a several-year period, knowing that some of the things we were looking at weren't going to happen in three to six or even a 12-month timeframe. So we're still bullish on the relationship.
There's still good energy between the Waterhouse Group and Racing and Sports, Waterhouse VC and Racing and Sports. And we'll continue to work on those big structural objectives. So all in all, going as expected.
Thank you, Stephen. The company said it's continuing to evaluate acquisition opportunities. Which verticals or regions will you prioritize, and how do you plan to fund them?
So verticals that we'll prioritize, so really looking at, I mean, across all the three pillars that exist within Racing and Sports at the moment, I guess we'd look for any opportunities that would create additional market share, uplift the quality of our products, particularly the Wagering Technology side of the business and the data side of the business. So two areas that if there's opportunities to look at businesses that enhance or scale them more rapidly, then I think that would be probably the first place we'd look. And there are certainly things that we have looked at and are currently looking at that are interesting to us. Whether they go the full way, that's obviously a process that we go through as a company and a board to assess. But yeah, I mean, we definitely would not rule any acquisition out that makes sense.
Yeah. Just on the funding side.
So basically, small and mid-acquisitions, we could certainly look to fund them through some cash, a mix of equity options, and then earn-out sort of features aligned to the results of the acquisition partnership. So we think that's still well within our scope. If there were to be larger acquisitions, obviously, we'd only consider them if we thought that the ROI was highly favorable. And if that was the case, we would again use a mix of cash, equity, and earn-out. But there's certainly the opportunity with the right business case to go to market and get funding support around that as well.
This one's for you, Tim. Will you still get an R&D grant with revenue at over AUD 20 million?
Yeah. Look, we still will get an R&D grant incentive, and you saw that come through the FY 2025 result as well. That's really the main reason that the after-tax profit is higher than the before-tax profit, so we'll certainly get the same equivalent amount in R&D grants. And in previous years, it's been sort of circa AUD 1.5 million. The only difference will be that any new R&D incentive grants will come through in the form of an after-tax sort of non-deductible tax rebate, so we'll certainly enjoy those receipts going forward. Obviously, the full utilization on that depends on achieving profits and offsetting that against tax. But as I said, you can see in the FY 2025 result that our tax benefit was actually a positive number, circa AUD 300,000. So we'll continue to enjoy that benefit. It'll just flow through the financials in a different way.
To realize the full cash benefit of that will require us to make profits to offset against our otherwise tax expenses. Thanks, Ben.
Thanks, Tim. For Stakemate and other MTS customers, are they based on percent of net win, percentage of net win, sorry, or a fixed -SaaS fee?
Look, I mean, we're going to the specifics of the contracts and the commercials that they're based on a percentage of turnover where those deals exist, or it could be NGRs. There's different calculations that are used based on the negotiations we have with our clients. Some of them use the technology as just a SaaS platform. There's subscription fees and other commercial arrangements in place as well, so it just depends on what those deals are and what we've negotiated with the customers.
Thank you, Stephen. What are you most excited about for FY 2026 in terms of geographic expansion, new products, partnerships, etc.?
Boy, there's a crack at answering this one. I mean, I'm most excited, probably as Tim is, around Hong Kong and the U.K. growth as well, the U.K. and sort of those emerging territories and some of the innovation coming out at the moment around new products, new services, new trends in the industry. I think it's really exciting. There's a lot of change happening. And I've said this publicly before, but in the last six to 12 months, I've seen more change than in the last six to 12 years. And some of that change is being sort of thrust upon the industry, and some of it's happening from within the industry and people agitating and disrupting the industry. So it's actually a really exciting time.
But I'm really excited about Asia and what we can do there with the Hong Kong businesses and working with the Hong Kong Jockey Club and obviously continued growth within that U.K. theater that the team there are really starting to hit their straps. They're starting to really achieve some excellent results just through solid work, great product, great service, great sales process, honesty, transparency, and trust. And they're things we hear all the time from our customers about why they want to deal with Racing and Sports. And so that's a great thing for me to hear and for the executive team to be told.
Yeah. And look, I'll just add a few quick things to that. I think certainly the U.K. is exciting. I think some of their deals with platform providers provide you sort of a real channel relationship that gives you accelerated growth. So we have strong hopes for that in FY 2026 as well as MTS with us having the full trading capability now. Those deals are very meaningful when they're secured, and we're hopeful in that space. And given their variable fee nature can help to turn the dial. Certainly really excited about Asia. We probably expect that that growth will be stronger from half to FY 2026 and beyond once foundations are established and we get the new products up and firing. But yeah, lots to be excited about going into FY 2026 and beyond.
Right. Thank you. A couple of parts of this one.
So what you describe is the key competitive advantage of the business and how you've seen the competitive landscape in each of your divisions. And I'll add a bit to that one. And who is the biggest competitor in each division?
Look, there's a lot in that question. I mean, I guess I'll go back to some of the key tenets of the business, that trust, reliability, transparency, integrity. They're some of the key values that the business has that have been with us for 25 years. And that's why customers that we had 20 years ago are still customers with us today. And that's obviously something which the company takes very seriously and is very proud of their reputation. The quality of our data and information and content products is second to none. And that's all generated using all of our proprietary internal tech to produce these products. And our core team of racing experts, we have a lot of racing expertise within the business that curates these products to ensure their quality, particularly for our T1 customer base as well.
So there are some of the key products that we've had in the business for the whole time. But then the quality of the trading products that we've got. We've listened to our customers. We've understood the product, the features that they want. We've invested heavily in the right resources, hiring key resources around the trading side of the business that also have an input into the R&D and the roadmap of those products to make them better and more efficient and more effective and more relevant to customers. So when customers compare our stuff to that of our competitors, they see a distinct difference and value that they can't get elsewhere. And then the partnership model. I mean, Racing and Sports partners with our customers. And that's a really important concept. People talk about it. We actually do it. We partner with our customers.
We sit with them. We work with them. We solve problems with them. Co-design, co-development. It's all really important stuff when we're working with some really leading brands who want to do things differently, and others in the market aren't able to accommodate that. We can, and that's, again, one of the value adds to Racing and Sports, which is why we've been so effective in disrupting established markets and established operators and also winning deals, so yeah, that's, I mean, the competition, a quick Google search to tell you who's in the market that we compete with, but it's effectively the market's small, and we don't you can't win every deal, so it's important that we just maintain our competitive advantages, what we do really well, and focus on our own lane.
Right. Thank you. That concludes the Q&A segment of this webinar. I'll now hand it over back to Stephen for closing remarks.
Thanks, Ben, and thanks, everyone, for joining today. Look, I think we've covered a lot of ground. As you see, FY 2025 was a really strategic and pivotal year for the business. We have achieved a lot just in terms of growth of products, rationalization of the business in terms of IT and workforce, and then growth into new markets, growth in existing markets. We're really proud of what we've achieved as a business, but it's really set us up for a strong FY 2026 and beyond. You'll see more around the MTS. You'll see more around Hong Kong. You'll see more around our flexible trading solutions, our betting solutions, really getting into that wagering vertical and also industry. It's been a massive part of the business which has really taken off.
And I think we'll see more opportunities for Racing and Sports to work with the racing industry on a global basis to help make it more efficient, take costs out, manage things like databases and data content, and really help the racing industry on a global basis. So again, there's some really exciting things to come out of last year and into this year. And I think you'll see a lot of these coming through in updates, announcements, and obviously half-yearly results in due course. So with that, thank you, everybody. I appreciate your time and look forward to speaking to you.