Thank you for standing by, and welcome to the SRG Global FY 2022 full year results investor briefing. There will be a presentation followed by a question and answer session. If you wish to ask a question, please type your question into the Ask a Question box and click submit. I would now like to hand the conference over to David Macgeorge, Managing Director. Please go ahead.
Thank you, and welcome everyone to the call this morning. You know, today is a really positive day for all our shareholders at SRG. Well, before I start, I really just wanna acknowledge our people. For those that were at the market update recently, you know, I really acknowledged our people. I'd like to again acknowledge our people today. It's been a terrific year at SRG Global, and really our people have stepped up and keep delivering what we stand for as a business. Live for the challenge, smarter together, never give up, and have each other's backs. It is our people that are driving our business and our success, and I wanna thank them for all their efforts and their support in the last 12 months.
As we move to slides, I always like to start with a bit about us and for those who are on the market update, you know, we are a different business today. We're a diversified industrial services company. I wanna very much emphasize that services side of what we do. What we do is we bring an engineering mindset to deliver critical services for major industry across the entire asset lifecycle of engineer, construct, and sustain. I wanna just break that down for a second. When I talk about an engineering mindset, what I'm talking about is a smart, technical, innovative company that brings value engineering to the table. These are to deliver critical services. It's not watering the plants, doing the laundry, watering the roads. These are critical services to our clients. Critical service such as time critical shutdown, maintenance.
You know, the front end of the mining cycle in production, drill and blast. You know, the engineered facade of structures. The anchoring of dams that protect not only water, but human life. You know, these are critical services. Why that's important, they're critical for our clients. What that does, that makes us valued and sticky with our clients. Our vision is to be the most sought after in what we do. Now, some might say market leader, number one. You know, for us, it's being the most sought after. When clients have a challenge, a problem, an opportunity, the first people they think of when they pick up the phone is SRG Global in making the complex simple for them. If we move to slide three, our profile. We are a different business today.
Three operating segments on which we report: Asset Maintenance, Mining Services, and Engineering Construction. More than 2,600 people across more than 20 industries, across more than 80 sites in six countries. A very, very different business. As we sit here today, you know, revenue of circa AUD 645 million and a market cap of approximately AUD 320 million. I think most importantly, as part of our profile, you can see the ownership structure. 45% institutional shareholders and 12% management and board. That runs quite deep within the business and ensures that management are very much aligned to our shareholders and that runs quite deep within the business. I think that drives part of our success. Move to slide four, which is the executive summary.
Look, I think if I was to sum it up in a sentence, it's just evidence. Evidence of us continuing to deliver and do everything that we said we would do. A really, really strong year in FY 2022 off the back of a very strong year in FY 2021. If you look at the, I guess, summarized performance, our EBITDA was up 22%. Our EBIT was up 36%. Now that actually exceeds our top end of upgraded guidance. Really strong operating cash flow with EBITDA to cash conversion of 106%, which continues our strong track record of cash generation and net cash position of AUD 20.5 million. That's after funding the successful acquisition of WBHO Infrastructure and then continuing to invest in the growth of our business, which is a terrific performance.
A second half fully franked dividend of AUD 0.015 per share is up 50% on the second half last year, which brings our full year total dividend to AUD 0.03 per share, which is also up 50% on FY 2021. I think that really highlights the growth of the business, but also the really good fully franked yield that we deliver for our shareholders. Pleasingly, our margins continue to be strong, and that's really underpinned by excellent operational execution across the business. You know, one of the things I've been asked a lot in the last 1-2 years is, "Are you buying work?" You know, you're winning a lot of work, you're growing. Really what you're seeing is evidence. You know, we're executing well and we're not buying work, we're winning work based on smarts.
A lot of discussion in the last couple of years around labor and cost pressures and the strength and diversity of SRG Global really provides protection. It really comes down to strength through the strength of our business model, where the lion's share of our work is now under long-term contract with rise and fall mechanisms in those contracts, but also it's the diversity of the business. I always say we've got a natural hedge that we're not wedded to any one sector, one client, one geography. It gives us a natural hedge as different industries cycle, but also gives us a very broad platform on which to play. You know, the strength and diversity of our business is really driving our success. Our work in hand at record levels of AUD 1.3 billion, which is up 30% at this time twelve months ago.
We're well funded to continue to drive our growth moving forward with available funds of AUD 127 million. I'll touch on that a bit more later on in the presentation. I think to really sum it up in a nutshell, the strategic transformation to a diversified industrial services business is delivering results. Really what you're seeing today is further evidence of that strategic transformation. We're not stopping here. You know, we expect FY 2023 EBITDA to be circa 25% higher than FY 2022. To me, you know, it's not about one year. You know, FY 2021 was a great year, and the year we're now talking about, FY 2022, has been a terrific year. We expect next year to be a really strong year again, and we're, you know, clearly calling out what we think that's going to look like.
For me, it's about what we're gonna do in the next five years, and we see really strong growth in the next three-five years for our business. This year is really just another step forward in us becoming the company that we know we can be. We move to slide five. Perhaps what I saw was perhaps some of the key highlights. I think, you know, exceeding our upgraded market guidance was certainly a highlight from our perspective, and it continues our track record of us upgrading guidance through the year and exceeding it. You know, the successful acquisition and integration of WBHO Infrastructure, I'm really pleased with how the two businesses have come together.
We had worked together quite closely in the past with a number of joint ventures and a really strong team and well led by Will Rauber and the team. It was almost like a family coming back together with really strong cultural alignment. I'm delighted at how the business has started and really excited to see what the future is ahead, not only for that business, but the way that we're cross-selling different parts of our business and getting across different clients. It's been a really good start. Record work in hand. I think to me it's not so much the levels of work in hand, but it's the quality. You know, the quality of our business today and the quality of our earnings, and I'll touch on that a bit more in a moment.
You know, we're not stopping here. We've got a pipeline of AUD 6 billion in a diverse range of sectors, and we've got a very broad platform and multiple organic ways to grow our business in diverse sectors. You know, I think that creates the platform for a really strong future of growth in front of us. If I perhaps move to a little bit more of the detailed financials in the P&L. You can see from revenue up 13%, EBITDA 22%, EBIT 36%, and then PAT 57%. To me it's the quality. It's the quality of the earnings now is, you know, exceptionally strong. We then segue into margin. You can see EBITDA margin was up 8%, EBIT margin was up 20%, and PAT margin up 39%.
I mean, that's a really exceptionally strong performance from our business, not only in terms of growing the earnings, improving the quality of the earnings, but improving the margins as well. We've increased our dividends by 50%, in the last 12 months, which is, you know, a terrific return for shareholders, and net cash is up 68%, and that's despite the growth investment that we continue to make in SRG Global. I think ultimately, really strong year, and we're calling out we're going to grow 25% further in FY 2023. Growth on what has been a great year, for our business, and I think what that really highlights to our shareholders is the certainty of our future and what we're seeing in front of us.
always like to link results and highlights back to strategy and really wanna, I guess, change gears now and sort of segue into our strategic transformation, because that is what's driving our results. If we move a couple of slides forward to slide seven. Now, where we were four years ago was very much a project-based, you know, one-off project-based business. EBITDA was around AUD 40 million. The challenge with more pure construction-based businesses, you've got to keep feeding the beast. You've got to keep winning and doing. You know, companies like with that type of profile, at times, if the work's not there, you feel the pressure to keep feeding the beast.
You can flex your risk profile, perhaps get into things that you're not quite good at and work with clients that perhaps you shouldn't or in geographies that you're not used to. We've really changed the dynamic of the business that we are today as we move to slide eight, where we've completely flipped the script, where more than two-thirds of our earnings are now annuity recurring in nature. When I talk about annuity recurring, what I'm talking about is long-term contracts. What that drives is certainty, and it brings quality of earnings.
It brings a very much lower risk profile in terms of the future and gives you that foundation to then focus on that kind of project-based engineering construction work, where you can really stick to what you're good at, be really targeted and stick to what you're world-class at. Look, this transformation's been enormous, and a lot of companies talk about transitioning to annuity recurring. You know, what you're seeing is evidence of us doing that, and that's been done against a very, very challenging backdrop in the last two-three years. I think it's an outstanding achievement for our business in terms of we've not only grown the earnings significantly, but completely transformed the business that we are today. If we move to slide 9, it's really off the back of us executing our strategy.
Now, we've had a very clear strategy for a long time. What you're seeing is evidence of us continuing to deliver against that clear strategy. We're doing everything that we said we would do. This whole growth phase was really transitioning the business mix to annuity recurring earnings. Look, if I'm honest with you, we're probably ahead of schedule in terms of where I would've expected to be at this point in time, and I think it's been a terrific achievement. You know, that whole growth phase was really driving step change in recurring asset maintenance services, innovation and selective growth in mining services, targeted growth in civil infrastructure, construction and remediation, specialist services and products with key repeat clients in the building space, and that whole sort of two-thirds annuity, one-third project-based earnings.
We are delivering and doing everything that we said we would do. What that's driving, as we move to slide 10, is delivering continued earnings growth. You can see, you know, the positive trends both from an EBITDA and an EBIT perspective. As we move to slide 11, that's delivering increased cash and dividends. You can see the positive trend in terms of from net debt to net cash over the last three years, and that's despite making significant and continued investments in our business. I think it's been a phenomenal performance from the business and continuing desire to deliver increased dividends for shareholders. You know, you can sort of see the positive trends. AUD 0.01 in FY 2021 and AUD 0.03 in FY 2022, driving excellent yield for our shareholders.
To me, it's one of the real pluses of SRG Global is we're very much a growth stock, but also a good dividend paying stock as well. As we move to slide 12, this really is what's driving our success, is we're underpinned by a really strong foundation on what we're built. You know, terrific improvement from a zero-harm perspective. Give me any business that's got good safety and good safe performance, and generally the P&L will look after itself. You know, diversity comes in many forms. We are a diverse business. We've chosen to highlight gender diversity this year, and you can see at a corporate level, they're pretty evenly balanced, almost 50/50. From an operational perspective, a much more male-dominated blue-collar workforce.
You know, we're continuing to look for new and innovative ways to bring more women into the blue-collar workforce. I must say, you know, some of our best engineers are women, but it's something we are looking for new and innovative ways to bring more diversity into that blue-collar workforce. From a community perspective, you know, really proud of the work we're doing in our local communities from a training perspective, a development perspective, supporting different initiatives, and particularly proud of our Bugarrba Indigenous joint venture with Njamal people for scaffolding services. You know, it's one of the first of its kind in that space, and we've won our first large long-term contract with Fortescue for 5 years for that particular business. Done a lot of work on governance and refreshed all our policies in recent times.
It's been a real focus for the board. But ultimately, what's driving our business and our foundation is what we stand for. Live for the challenge, smarter together, never give up, and have each other's back. It's not the best widget, it's not the smartest strategy that's driving our performance. It's our people and our culture. We work hard at it and that's what's driving our success. That really comes down to us living and breathing what we stand for as a business. Live for the challenge, smarter together, never give up, and have each other's backs. Incredibly proud of the way our people. It's not only what they do, but it's how they do it, and they really live and breathe what we stand for as a business. I'm going to change gears again now and go into some of the more detailed financials.
We flick over a couple of slides to slide fourteen. Look, you know, it's been a really strong financial performance. I'm going to focus on margins on this slide by individual business segment. You can see from an asset maintenance perspective, you know, really strong year. EBITDA margins in line with historical levels at sort of 11.7%. You know, a really strong year for that particular business. Mining services, again, you know, another terrific year. EBITDA margins at around that 20+% mark at 21%, very much in line with historical levels. You know, engineering construction with an improved performance this year with EBITDA margins 7.2%. You know, this is an area that we're very targeted on what we do and we're patient.
You know, we stick to things that we're good at in sectors, geographies, and clients that we do and do work well with. I think there's a good opportunity to optimize that business even further. From a corporate perspective, you know, 2.3% overheads are 2.3% of revenue. We are quite a lean structure. We do think there is some scope to further optimize our corporate overhead leverage as a total group. We are structured to be a bigger business. This is very much a scalable business that we have with executive management board with the experience of running larger businesses. We've got the right systems in place to support our growth as we expand into the future, and we think there's the opportunity to optimize that even further.
I think overall, you know, from a margin perspective, I'm really pleased at the progress that we're making in that particular area. If we move more on to the cash, the detailed cash generation. It's been excellent cash generation on slide 15. EBITDA to cash conversion of 106%. You can see the detailed breakdown there. Probably, you know, key takeaways. You know, obviously continue to invest in the business from both a growth and a maintenance capital perspective. We acquired WBHO in the period, you know, increasing our returns to shareholders, but really driving good cash from performance. It's been a huge focus for our business over the last few years.
It was probably one of the few benefits of the pandemic, was really driving the importance of the front line of not only driving profit, but also delivering cash. That's now very much cultural within our business, and you can see the track record of our cash generation over the last few years is very, very strong. We expect that trend to continue into the future. Underpinning that is a really robust financial position. We have a strong but conservative balance sheet, you know, with available funds of just over AUD 127 million, with net cash of AUD 20 million, despite making investment in the last 12 months. You know, low gearing levels. The lion's share of our debt is actually hire purchase debt. As you can see from our undrawn facilities, there's plenty of capacity to fund our growth into the future.
Look, we will continue to maintain a solid, strong balance sheet, but we will be relatively conservative in the way that we operate as a company, which I think is quite prudent given recent times. As we move now into our operating segments, if we flick over to slide 18. Firstly, starting with asset maintenance, which is our specialist maintenance and access solutions business. Look, if there's one key takeaway from slide 18, it's just the quality of the client base that we have. It's a blue chip client base, and 70% of these clients we didn't have three years ago. You know, it's been a phenomenal change for our business and really lays the platform on which to grow this business into the future with the diverse service offering that we have.
If we look at the year in review on slide 19, it's been a terrific year. As I've mentioned, if there's one key takeaway from the asset maintenance year in review, it's just the length of tenure of the contracts that we're winning. Quality clients, but it's the length of tenure. There's seven years, five years, five years, four years, three years, three years, et cetera. You know, we're winning with quality clients in quality sectors, but it's the length of tenure that's the real highlight for the year. We're continuing to expand from a geographic perspective. I'm particularly proud of the five-year contract with FMG for the Gabba, and there's a really good pipeline of opportunities with new clients, but also scope expansion opportunities with existing clients, as well on a terrific platform on which to grow.
If we move to slide 20, which is our mining services business. It's our production, core set of production, drill and blast, everything's production base. There's no exploratory work in our geotechnical services business. If there's a key takeaway from our mining services business, it's quality of client, but also quality of commodity. You know, we play exclusively in gold and iron ore, and it's all production-based. If we move to the year in review on slide 21. You know, another terrific year from our mining services business. Really strong operational and financial performance. Excellent asset utilization in excess of 90%. You know, we're not a company that, you know, goes and buys kit and puts it on the fence and finds clients. We very much run our assets at high utilization levels, and for the right growth opportunities with the right clients, we invest.
That's the model that we've had for a long, long time. I think again, similar to asset maintenance, you know, really good tenure in terms of wins, and extensions, and a lot of really smart stuff happening around the innovation front, particularly around autonomous drilling and also the proprietary data intelligence software that we've created in-house called Orbix, which is now integrated into a number of our clients. It allows good decision-making. It makes us very sticky with our clients. It drives transparency of productivity. It also provides predictive intelligence for the future, and it's one that, you know, we continue to develop. That sort of smart technical value engineering side of this particular business.
The third operating segment in Engineering and Construction, which is really our civil and engineering business in the dam, bridge, tank, and wind farm space in our specialist building business, which is engineered facades nationally and structures here in the west. You know, again, if you look at the client base, it's primarily government clients in that transport, water and our defense space. You know, long-term, 30-plus-year partners in the building space being Multiplex, Lendlease and Built. If we move to the year in review on slide 23. You know, if I break down the civil and engineering year, you know, really strong operational performance. You know, excellent pipeline of infrastructure opportunities in that dam, bridge, tank, wind farm and site infrastructure space. We now have the highest national road and bridge accreditation of R5/ B4.
Why that's important is it allows us to do these jobs now in our own right. We would ordinarily have had to joint venture in the past, which gives us double the pie. You know, we successfully acquired and integrated WBHO into our business, which I've already mentioned today. You know, we've got a growing engineered products business and see really good opportunities for that business, both domestically and internationally. These are structural products that are specified products. It's very much an engineering sell into sectors, clients and geographies that we know today. Why I like products is you make it, sell it, you get paid. A very low risk profile and very complementary to what we already do today. I'll touch on that a little bit more later.
On the building side of our business, we're, you know, solely focusing on key repeat clients. Look, a really strong year. Excellent work in hand and a good pipeline of opportunities. You know, this business allowed us to successfully enter the defense sector in the last 12 months, which is a new market for SRG Global and further diversifies our sectors and opportunities and, you know, really will be, I guess, the entry point in to that particular industry. I think if there's a key takeaway from Engineering and Construction business, it's we're very targeted, we're very specialist and niche in what we do, and we bring value engineering to the table that is world-class and valued by our clients. I now want to link back to sort of strategic direction and where we're going. If we move to slide 25.
You know, as I've said earlier in the presentation, we have a very clear strategy, and what we will do is continue to execute against that clear strategy in building the most sought-after business in what we do. We'll very much morph from the growth phase into the leadership phase as we move into the future. You know, what does that look like? You know, zero harm, ESG industry leader and recognized employee, employer and partner of choice. You know, I've mentioned engineered products. We see that growing over time, and ultimately becoming the fourth operating segment of the group. You know, that will take at least five years, but that's certainly the long-term pathway of becoming the fourth operating segment of the group. There will be selective strategic acquisitions and to complement our capability or footprint in this particular phase.
You know, what are some of the things we look at? Certainly, you know, asset monitoring, inspection style work, you know, asset maintenance work, particularly on the east coast of Australia and potentially offshore. That structural engineering products space, you know, possibly some smaller bolt-on opportunities in that space as we build that business up. Ultimately, the organic opportunity in front of us is significant. That's what's going to be our focus to drive our success, and any acquisition has to be complementary to what we do. We wanna keep delivering above-market returns for our shareholders, and ultimately, over time, the sort of earnings profile of the group will more be towards 80% annuity, 20% project-based. That's more probably 'cause the inorganic elements that will add to the business will be more in that annuity recurring style space.
We have a very strong platform for growth as we move to slide 26. An excellent work in hand of AUD 1.3 billion, which is up 30%. That's the quality of the work that we have with clients, sectors, geographies, and the type of earnings profile. Now, a really good pipeline of further opportunities in excess of AUD 6 billion. To me, the biggest opportunity for us in the next one-two years is really leveraging the existing contracts we have. You know, we've got a very broad platform of contracts now, and if we can just bring in other parts of our business, you know, I hate the word cross-selling, but cross-selling other parts of our diverse business into our current client sectors and geographies, that's the opportunity in the next one-two years.
To me, that's a terrific base on which to work from. The culture that we have is very much our people thinking one business, one team in the way that we operate. It leads to a very positive outlook on slide 27. You know, from an operating segment perspective, asset maintenance, delivering step change growth in diverse sectors with blue-chip clients. Mining Services operating high demand, high quality growth commodities. Engineering and Construction positively to significant infrastructure investment and engineering products is gaining momentum both domestically and internationally. From a business perspective, you know, expect FY 2023 to be circa 25% higher than FY 2022 from EBITDA perspective. You know, the strength and diversity of our business will continue to provide ongoing protection against labor and cost pressures.
We've got a really robust balance sheet that'll drive and support our growth working capital requirements. The earnings profile in the near term will be sort of that two-thirds annuity in FY 2023 and beyond. Our strategic transformation to a diversified industrial service business will continue to deliver results. You know, we see significant organic growth in the next three-four years. There's multiple organic ways to grow this business moving forward, and that's really going to drive our success as we move into the future, which is the investment proposition of SRG Global in closing on slide 28. We have end-to-end asset lifecycle capability and in being the most sought after in the niches on which we play.
We play in diverse market sectors and geographies, which gives us that hedge that I talked about earlier as different industries cycle, but also a very broad platform on which to apply our skills and services. A high level of annuity earnings profile, which brings predictability, a foundation, and certainty for shareholders. A highly scalable business model with a structure in place to be a bigger business. Board, management, executive with experience of running larger companies and underpinned by really robust systems that will drive that business into the future. We've got a capital light investment profile throwing off good free cash flow, and we are a dividend paying stock where we can balance that growth side of the business with the dividend and yield for our shareholders. The company's in the strongest position it's been at in my time in the company.
There's real momentum in the business, and we're well on the way to becoming the company that I know we can be. It's been a terrific year. It's just another step forward, and we think FY 2023 will be another step forward again, but it's really about how we grow this business long into the future in the next five to 10 years. I'd really like to acknowledge our shareholders for the support in the last 12 months. You know, I'm hopeful you can sort of see the efforts that our people are putting in and the sort of rewards are coming. I think it's a very exciting future that we have in front of us. In closing, really want and most importantly, again, acknowledge our people. You know, they've done a terrific job in the last 12 months.
It's been a very good start to the new financial year, and I'm incredibly proud of all their efforts, support, and the way that they're just really working together and driving what we stand for as a business with For The Challenge, smarter together, never give up, and have each other's backs. Thank you very much.
Terrific. Great. Thanks, David, for that. All right, on to questions. I'm trying to group some of the thematics together again, as I always do. First one around cost escalation. Maybe the summary of this is that SRG seems to have weathered the storm well in margin profile and from the results that you've just spoken about, David. Do you have any commentary around what you're experiencing, what we're experiencing right now in the market?
I think the market's starting to ease and certainly, you know, from a cost escalation perspective, you know, our commercial model, you know, our rise and fall mechanisms in our contract is giving us that protection. You can clearly see the evidence of that in our margin performance. I think it's one that we're managing, and managing well.
All right. Terrific. Another thematic around contract wins, being there been a good number that's been announced recently, and do we expect that momentum to continue on?
Look, I think the short answer is yes. You know, clearly, you know, we've got a good pipeline of opportunities in front of us, and we expect good contract wins across all our three operating-
Yeah.
segments into the future. You know, in short answer, yes.
Okay. Terrific. Another one around M&A. Clearly a few ticks around the recent WBHO acquisition. Is the company still active in assessing M&A opportunities at the moment?
I think I probably touched on this earlier. Certainly, it's a focus for us to a degree, and you know, really the areas around that asset monitoring maintenance and engineered products are the three probably areas of interest for us. You know, to be honest, our focus is more on the organic opportunities. If the right opportunities inorganically present themselves, just as we showed with WBHO, I mean, the structural move, and we have the flexibility to be nimble and move quickly where the opportunity presents itself.
Yep. International, the international market and being part of our plans.
Well, certainly internationally, we've really primarily put it on ice through the pandemic. That market's opening back up again and certainly part of our medium-term plans. It's what probably I like about our business. You know, the near-term opportunities are more closer to home in Australia and New Zealand. Certainly internationally, we've been operating successfully for 30 years, primarily in that dam, bridge, and tank space. We have that with, as we speak, going back to South Africa to do another dam anchoring.
Yep.
We've got some ECI work in the U.S., from a dam perspective. Certainly, you know, from a medium-term perspective, that market will open back up for us again.
Yep. This one seems to be a common theme around the dividends. A few, again, ticks around good to see the trajectory of the dividends over the last few years in an increasing trend. Is there a set dividend policy for SRG?
There's no set policy. Certainly 50%-60% is the range which is kinda rounded out where we are for this year. You know, we've shown a really good track record of balancing funding the growth of our business with paying good dividends for shareholders and that drives good yield. We think we can run that balancing act into the future.
Yeah. There's one that's probably more, an accounting question. Where does the principal portion of lease expenses allowed for and paid for in the cash flow statement? That's simply in the repayment of borrowings in the cash flow statement. It's easy to see that in that light. One around defense. Can you please explain the rationale of entering into defense, and what, you know, what do you see the opportunity? How does it present itself to SRG?
I think if you look at the thematic in the next 10 years, there's a lot of investment in this space. Really sits in the bailiwick of what we're good at across really all aspects of our business from an infrastructure, engineering, construction, and also an asset maintenance perspective. You know, we think it's one that, you know, given the sort of thematic for defense, there's a lot of spend in the next 10 years and we think it's an area that we can apply our skills and apply it well and the sort of, you know, commercial frameworks are reasonably favorable for contractors as well.
All right. Terrific. One around the dividend payment, and I'll answer the question. I think for us it was just about getting the dividend paid within the timeframe and getting administration dealt with. So that's that one. Access to labor probably is one of the thematics. You know, how are we managing access to labor, and why are we seeing the turnover rates in SRG at the moment given the challenge?
Well, I think it's challenging in pockets in the West. Really, we've grown a lot. I mean, this time 12 months ago, about 1,800 people and, you know, it's one that we've managed well. It's starting to ease a bit, but we are also growing as well. Look, our turnover rates are, you know, historically low levels. I think that's a really good evidence of the strong culture that we have. What I find is good people bring good people with them. I think we did this study fairly recently where, you know, the lion's share of the people that we bring into the business are off word of mouth and referrals.
Mm-hmm.
which is really a good for people that work for us today. Look, I think it'll ease over the next 6-12 months, but certainly, you know, I wouldn't say it's easy. It's one that we've managed and done a really good job managing over the last two-three years.
One that's just popped in here, you know, what's our win-loss ratio across contracts, across divisions?
Oh, look, I mean, I think for me it's one that we are very targeted on what we do and there'll be opportunities that we will toss out.
Yeah.
You know, if the commercial model doesn't work for us or we're not quite wedded to the sector, you know, for me, I mean, if you look at it, you know, one in four would be a good overall proxy, but it's not that we're winning one in four. It's more that we're targeting, you know, it's going through, I guess, our risk model. Again, we know we don't like that for a particular reason. You know, our track record of winning what we target is exceptionally strong.
Yeah. Yeah. Okay. Look, I think we've covered just about every thematic out there, so I'll hand back over to you, David Macgeorge. Yeah.
Well, I again wanna really thank our shareholders. Really looking forward and, you know, we're more energized than ever to keep driving the business moving into the future. I think you can very much see the clear strategy and pathway that we have and looking forward to another successful year ahead. Thank you.