Okay. Good morning. Thank you for joining us. Hopefully, the numbers are currently growing. It's 10:00 A.M. dead on. I might give it another 30 seconds just for those numbers to creep up. Hopefully you can all hear me. Everything looks good here. If you can't hear me, please message, but it all looks good on my end. All right. Numbers have zoomed up, let's get going. Good morning. Thank you for joining me. I am Lee-Martin Seymour. I'm the Founder and CEO of Xref. This morning, I will walk you through our results presentation and leave a bit of time at the end, as usual, for some questions. Thank you for those that have already supplied me with questions. It's nice to be prepared. If you have any during the session, please post them.
We'll try and get to them. If we can't get to them, I'll answer you after the session. If you do need time one-on-one with me to explore any of the things that we speak about this morning, please feel free to email me. Now, we released our last presentation on 28th August last- year, and that presentation detailed our progress with things like our self sign-on platform that was released last- year, AI products that we'd released, our platform consolidation. We really dug deep on what we are trying to achieve following what has been quite horrific market conditions, particularly in recruitment. Obviously failing, the elephant in the room, which was a failed acquisition by SEEK.
If you haven't already, find time to go back to that release and have a look at page 15 of that presentation, which quite neatly set out our goals moving forward. As a reminder, they were for us to drive our new platform adoption, especially in the areas of our new AI tool sets. We wanted to develop our mid-market sector by driving adoption of our self sign-up tool, and we'll speak about that today. We wanted to increase our vendor usage on Trust Marketplace and increase the number of checks that were taken within our new platform. We wanted to improve, yet again, our operational efficiency, especially by the use of internal AI tools in departments such as support and development. Obviously, net new business growth was a massive target for us last half.
In such a tricky market, we've got a great story to tell. Then onward from that, what we were doing within API development. We'll speak about all that this morning. That presentation last August was our vision. This presentation, five months on, walks us through the value, the value our technology is bringing to our platform, the value it's bringing to our operational efficiency, and the huge value that it's currently bringing to our clients. Hopefully this morning will give you a really nice view of what's happening within the team at Xref. This slide appears at the bottom of our current presentation that is online, but I brought it up here so that we can talk about these figures from the onset and start to set the scene of where everything fits in.
Our overall revenue for last half was AUD 10.2 million, with AUD 4.2 million from our new platform, and that was up 58% year on year. Our EBITDA was positive at AUD 1.3 million, demonstrating that our business has a core profitability. Now, you will see in the results that there is an adjusted EBITDA because we've removed the R&D grant that was there last- year, and that shows that our underlying business and our EBITDA has grown by 900% in the half. In comparison to the previous corresponding period. The new platform ARR grew 27% from AUD 7.2 million to AUD 9.2 million from July to December. And that now represents 54% of our total ARR in the business.
That is a really key number because that suggests that we're home. Most of what we do now is in our new platform, which is the first time we've been able to report that. It's a very exciting figure for us because it represents a huge move. Our total operating expenses were reduced by 14% to AUD 9.9 million. An awful lot of that is the efficiencies that we're finding within our own team, being able to reduce headcount as we go, and find efficiencies within the way we service clients, the way clients self-service themselves on the platform, removing manual handling from us, and obviously the way we're using AI-generated code in testing and development within our technology team.
What was quite nice across all of that, improving, you know, obviously our EBITDA Reducing our operational efficiencies or expenses, but also reducing our debt by nearly $900,000. Our cash balance at 31 December was AUD 2.8 million. If you have any questions about this, please pop those on. Let's move now on to what do we mean by our transition is complete? You know, we have pivoted and done it in such a well-structured manner. It is now complete. I can say it's complete because 54% of our ARR is on the new platform. That is all that we are selling today. Most of our new business is now using our new technology.
We started our transition away from a credit-based transactional point solution in 2020, and we've worked hard to decouple ourselves away from the ebbs and flows of recruitment, as it were. Let's just walk through what this means to us and the reason why we decided to make a pivot into where we are today. The first obviously is, as everybody knows, decouple ourselves away from the ebbs and flows of recruitment by moving from a credit-based recruitment point solution to a SaaS-based platform. We wanted to remove manual handling in our client support and deliver far more self-service tools to our clients, which we've done.
We wanted to transfer from credits, if you remember, we used to be credits per reference to SaaS. We wanted to adopt a low-friction renewal model. This presentation today is gonna speak to, you know, our multi-year and auto renew contracts now that we are selling to take care or reduce friction within our renewal process. We wanted to reduce our reliance on the enterprise sector. We wanted to dive deeper into that small and mid-market area. We're gonna talk about that today. We wanted to widen our impact across many roles, you know, including the executive and HR teams, and move onward from just dealing with recruitment teams.
The biggest change of all for us was the toughest that a SaaS business can ever go through, and that was to change our value proposition. Automating references has obviously tremendous value, and it's where we began. Xref strategy was, let's say, misaligned, right? We wanted our clients to hire more and increase our revenue by increasing their own turnover. That was at odds with what our client's objective is. They wanna reduce turnover, increase engagement. Our value proposition to clients has changed over- time, because now when we speak to clients, we talk about using references and background checks and employment engagement tools and exit surveys and the talent pool, and we work to lower a business' turnover and increase their engagement.
You know, this is no better evidenced by the news stories that came out in the last half, and if you haven't seen them, they're on the hub, they're on LinkedIn, you can Google them. The work that we did with companies like Hungry Jack's, William Buck, Cancer Council, Skeggs, Charles Darwin Uni, you know, we helped lower turnover, improve engagement with the tools that are available to them via Xref. Now, these are all exceptional reasons for us to pivot in such a way to be in a far broader offering to a far broader amount of people. What is the biggest reason of all? Well, that's quite simple. Our platform harvests data faster across the full employment life cycle. Our platform now serves as an engine for workflows. You'll see the workflows written there.
You know, automated referencing, background checking, pulse engagement, leadership surveys, exit surveys, psychosocial surveys. These are traditional, arduous manual tasks that we've been able to rebuild in an automated way. Using those workflows obviously generates an amount of data. Now, these workflows aid different parts of the employment journey, so in recruitment, in retention, and predicting outcomes via our insights. We have a number of different personas like candidates, employees, employers, past employees, referees, organizations, verification, vendors, all contributing data as I'm talking right now. That adds itself to our data lake. Now, our data collection has expanded scope over time.
In fact, our data collection and our data lake is accelerating at the moment by replacing our traditional and often manual tasks with this automation. The collected survey data, bear in mind, keep this in mind because this is crucial. Yes, it's proprietary, but this survey data is public opinion, and it did not exist before we collected it, and it cannot be synthetically created by LLMs. This data includes 26 years worth of engagement data and industry benchmarking. It includes 16 years of employment data. You know, this proprietary data lake of nine million career histories, you know, has become the most desired attribute of Xref for other HR platforms and background checkers wanting to surface this data. This isn't new to us. You know, the distribution of this data is not new.
We have 9 million career histories sitting there. It's based out of public opinion. You know, we have machine learning that identifies career fraud and services data for talent pools and rehire targets. You know, we do things with core capabilities and benchmarking and sentiment. You know, we collect this data, and we throw analytics over the top, and we can surface that via our own native platform, or we can surface that through your desired platform, whether that be, you know, SmartRecruiters PageUp, you know, Equifax or Bullhorn. Whatever your platform of choice may be, you can request and collect that data and review that data from within that platform. We have been distributing this data for a very long time. We are a founder-led organization, so we are committed to fresh thinking and disruption.
In 2010, we picked up the job of referencing, and we gave it back to its rightful owner, which is the candidate. For the last 16 years, we've been holding the candidate responsible for the collection of their own references. The next move is quite exciting for us, and it echoes the need for our data lake and this proprietary data. This year, you are going to hear more about our metadata API, which is a very exciting space. Now, to understand it, you need to understand that the way or the timeframe in which references are collected is too late. References are collected sometimes after interview, whereas if you, like me, understand or remember how it used to be done, references were always provided on application. Then they were removed.
As the world digitized, they were removed out of their applications. Those lovely headed letter references didn't come along with a reference with a resume anymore. It was replaced by one of the most useless sentences in the employment sector globally, and that is the sentence, "References available on request." How are we going to move the collection of references back to its rightful place on application? We're going to do that via the Xref metadata API, and you are going to hear more about this. What this does is allow a candidate, on when they create a profile on a job board or any other platform, and they are applying for a role, we can surface the metadata out of our data lake and ask the candidate if they would like to include this as part of their application.
Yes, they can enrich it. Yes, they can update it, and everybody in this process becomes a winner. The candidate is able to elevate their standing by adding references and historic verification to their application. The employer gets to hire faster, making far better, quicker informed decisions and not waiting for after-interview reference checks or checks. Also by doing all of this, we make sure that our historic data is enriched and updated by the very people that created it in the first place. This is a very exciting space, and you'll see here actually, a record.
It says John Citizen, but this is a real record of a candidate within our database who has been referenced multiple times from multiple employers over the last 16 years. They've actually provided references for other people, and they've also done an exit survey on one of their previous organizations. Now, this person in particular, I've actually spoken to this person, and they have a strong desire to surface this metadata at the point of application. Really exciting space for us. Now, the strategic shift was decided and executed during the COVID market. You know, the goal was to move away from being, you know, a market-dependent point solution. You know, obviously just references.
You know, Xref now offers a self-service SaaS platform with agnostic integration partners. You could look at us as sort of three different beasts. For references, we're first in market, and we're a leader, right? For background checks, we're an aggregator. We don't wanna be a background checking business. We wanna bring all the great background checks from the vendors out there and bring them into the Trust Marketplace so they can be consumed on one platform. In terms of engagement, we're this disruptor bringing different views of pulse and exit with Xref Engage, et cetera. We have three different roles here. This shift was made in possibly one of the most brutal recruitment markets I've seen, and we have been able to position ourselves ahead of competitors.
Now as we move on in this presentation, I'm gonna speak to you about the achievement that we found and the success we found within the new platform. Over the next seven slides, you'll see the pill at the top says new platform. I'm gonna call it the new platform across the next seven slides, and then when we get to the end of this presentation, I'm gonna tell you what we're going to call it because by the time we end up sending you more news, we're just gonna call it by its name. I'll let you know what that is at the end. Last half, 181 clients migrated from our legacy reference platform into our employee intelligence platform, right, i.e., our new platform.
124 new clients joined that platform who had not used us before. Our active clients across the platform reached 843, and it represented 54% increase based on the corresponding half last- year. Our quarterly revenue was AUD 4.2, which was up 57% based on the corresponding half. Let's talk about platform adoption on the new platform. Our self-service tools significantly aided the new platform's growth. In particular, last December, we released a new roles and permissions platform across that technology, and it meant that our clients could provision their teams and their users and give them product access across the platform.
Our users on the platform grew 148% to 7,000, the surveys that those users requested grew 130%, a standout 285%, across the year from H1 last- year to H1 this year. Move on to checks taken in Trust Marketplace. I'd said previously that our target was to increase not only our vendors on Trust Marketplace but to increase the amount of checks that were taken on the platform. We have increased the checks by 220%, and 400% more active users used Trust Marketplace from within the new platform last half.
More people are using more surveys and checks, and that's the data engine that I showcased at the beginning. Now, that's platform adoption. Let's dive a bit deeper to feature adoption. You know, our feature development prioritizes our client feedback. Sometimes we prioritize feature adoption because of it, because it re-unlocks revenue, and we prioritize feature adoption because it drives scale far better. For a self-service feature, that drives scale. Our critical older features, those that were built in, if you have a look in 2016, 2018, you know, they were machine learning.
We didn't call them AI then, you know, they're machine learning products that were so critical on the old platform that they found themselves being rebuilt in the new platform, and they are always 100% adopted. Exit, Pulse, and Trust Marketplace are a huge opportunity for revenue growth and data growth for us. You know, for instance, if you have a look at the exit surveys, if we did as many or if we did 50% of the exit surveys that we do in references, so you're thinking now about talent coming in, talent coming out. If we did 50% exit surveys to reference surveys, it presents a AUD 7.5 million revenue increase, and you can see the other opportunities that are there.
You know, Xref, it's a nice time to say that Xref is not a nice to have. You need to put yourself in the position or in the shoes of our client. Xref is a business-critical tool set, and it reduces the manual tasks, and it increases our clients' overall engagement and reduces turnover. If you do know someone in the industry, and it's not hard to walk 10 paces and find an HR person that knows Xref, I would put yourself out there and ask about. These things are the reason why we are number one on G2. Now, you know, let's talk about a real client, right, and not a legacy client that's migrated. Let's talk about a brand-new client that started with us 12 months ago. Minor Hotels, global hotel business. You can see the size of that business there.
They started their life in reference checks on platform, progressed to pulse surveys, and now they've pushed it even further to exit surveys. A fantastic journey. Obviously there's no figures there because that's their business, not ours. A fantastic journey of a really nice sector. We don't do an awful lot in hotels, but it's really nice to see, apart from The Ritz and the Fairmont and the Claridge's and a few others. You know, in terms of a hotel group, using this across their business to drive their engagement to reduce their turnover is a fantastic result. If we are out there every day speaking to clients, this is what we're trying to do. We're trying to land and expand. You don't have to start with references. You can start anywhere.
You can start with exit surveys and work backwards. There is something in the platform that is gonna benefit your business today. That is showcased by our client acquisition for last half. 124 new clients joined in H1, and that is a 57% increase on what we've seen in the corresponding half. The average invoice that we saw was about AUD 6,300, and our client acquisition cost was about AUD 3,000. You can see that our cost of acquisition is very healthy. I'll speak about that when I get to the marketing operational efficiency slide. Ultimately, what you can see is that, you know, we spent $377,000 on key marketing that brought us, you know, a number of leads that I'll speak about in a little while. We were able to close that, 124 clients out of that lead flow.
I wanna have a look at those three circles on the right, and I'm just gonna pick out a few things. In the top one, which is the sector circle, you can see that, with education, healthcare, and professional services, 60% of our business, and this is true of the new companies that have joined us, it's also very close to what it looks like on our, the rest of our business. 60% of the sectors that join us are in that, in that very critical space that tends not to get affected by industry trend slowdowns, et cetera. It's quite nice to build a moat around those. A nice one in the middle graph was the fact that we attracted 9% of the SMB market last half.
That was really driven by the self-sign-up technology that we launched in May. We're driving deeper in the markets that we're already in. The last one's very exciting because we were able to secure 22% of our net new clients in North America. A really nice space for us at the moment, and then you can enjoy a few of the logos that joined us last half. A really good story. In terms of client acquisition, great half. What do we do with the clients that are migrating and currently on? Let's talk about renewals, and remember we're still talking about the new platform. 431 clients renewed during the half, so it showed a really strong level of retention.
You can see here the amount of clients that were renewed and they've been on the platform maybe one or two years. This is maybe their first renewal, second, for a slim few this is their third renewal. Really starting to see a level of strong retention from people using this platform. 43 of these renewals had an element that we haven't seen before, which was the upselling of these clients. We can upsell into Trust Marketplace. We can upsell into Engage. We can drive further adoption into other areas of that platform to increase their use of what we call profiles.
With every subscription, a client has a depending on what tier they sign up for, they have a profile cap on there, and if they were to use that profile cap before the end of their 12 months subscription, they can then purchase a cap extension. Last half saw a bit of change in policy from us. We didn't allow clients to renew early or earlier than their original 12 months end date. Instead, we sold them cap extensions of about AUD 180,000 across these set of clients, and we refrained from renewing AUD 600,000 worth of renewals because when we get to their actual end dates, we can renew them at a far greater level, which is great.
A nice change of policy, it's an efficiency that is derived out of migrating clients and waiting for their first, second, or third renewals. A really nice part of last half was 30% of those clients that renewed signed either auto-renew contracts on credit card, or they signed up for multiyear contracts, and 12% of them actually paid their multiyears up front, which is a little bit of a kicker on cash. An outstanding half on the new platform, renewals. It said a lot about the benefit of that platform. In terms of ARR on the new platform, we moved from July to December from 7.2 to 9.2.
We retained 251 clients, and we migrated 137 to the new platform. Upsells were about AUD 1 million, including Engage and Trust Marketplace. Cap extensions, as I said, was sold to 50 clients at about AUD 180K. We deferred AUD 600K of renewals, and that will appear in the next quarter. If anybody wants me to dive a bit deeper on that mechanism, then I can. This obviously it will lead to larger renewals in future months, but it'll be compacted by the same behavior overlaid in this quarter.
Revenue churn remains about 15%, and that's really just down to market pressures, lower budgets, a bit of competition in certain areas, something we're quite used to, but something we're definitely wanting to retain and improve on. Where's the rest of the revenue? All right. We've spoken about the new platform. Let's make a shift on looking at the complete business. Here you can see where the rest of the AUD 10.2 million worth of revenue existed last half. The things that we're going to continue to talk about are in, you know, are in the new platform, AUD 3.9 million, the upsell areas and the API channel. We're going to continue speaking about those.
What we're gonna put in this legacy part is our old reference platform, and the identity platform that we bought in 2019. They remain as our legacy, and we use those as a pond to bring migrated clients into the new platform. Let's look at operational efficiency. We've looked at the platform, we've looked at the rest of the revenue. Let's have a look at what Xref looks like internally. These figures on the left give you a really good idea of how impactful our teams are. Today, there's only 60 of us, and that includes five of us on the board. We have a sales team.
Each one of those individuals on the sales team contribute AUD 1.2 million on average a year, they close 127 deals a year. In terms of our customer success, they're closing 45,000 cases for clients a year, including candidates and referees and survey providers. The good thing is that 15,000 of our cases are now solved last half by the AI agent. Sorry, that's an annual figure. 85% account retention is a great stat for our customer success team to laud about, and we are number one on G2, so how we service our clients is just simply outstanding.
In terms of a technology department, we have 26 sprints last- year, 16,000 code deployments, three new products launched, nine maintenance projects, 13 new features launched, seven new integrations launched, four AI products that we launched last- year. Alongside all of those deployments, we were still 99.9% uptime across our platforms. In terms of operations, this business has gone through a huge dramatic transformation, we still have a employee engagement score of 73%, and despite our changing in headcount in terms of, you know, right sizing our business, we still have a 95% employee retention rate. Great figures. What I wanted to call out, our use of AI within our support engine.
You can go to that link that's supplied there and ask anything about Xref and the way that we do things on platform. It will talk to you quite nicely. It's very intelligent. It knows more about the platform than I do. We solved 7,000 cases last half, and we reduced our overall caseload for our manual cases for our customer success team by 25%. Really good result. In terms of AI code, you have to be very careful in this space. We have made some excellent decisions on the use of AI within our development team last half. It is running alongside us very nicely in test and development.
Fifty-seven percent of the 500,000 lines of code that were deployed last half were AI generated. Based on obviously our history, we have an awful lot of history in our platform and code, you know, code repositories, and so that AI can read that and say, "Hey, this is the way that Xref builds a button." All right? Just to put that into perspective. Great stats that have allowed us to drive operational efficiency. Let's talk about marketing. We delivered 2,000 leads last half, just over 2,000 leads. That's a 250% increase on the corresponding half, which was a fantastic result. We did it in such a efficient way. We had content downloads, demo requests, self sign-ups.
We leveraged the ATS channel. We campaigned the Trust Marketplace. You can see on the right-hand side that we actually created AUD 3.4 million worth of pipeline that's rolling into the half we're now in. Right? We closed 124 deals out of that pipeline, and we pushed AUD 3.4 million into the next half, which is a great, a great achievement. Alongside that pipeline today, there is obviously compounding another level of leads that is moving over the top. A great, a great result. Now, how are we doing that? We're not doing signs on buses. We're not doing any huge paid media. We're not on the road in trade shows, spending money on stands. We're just being so super efficient and clever.
If you are following us on any of our social channels, particularly LinkedIn, you will see the wealth of our e-books, our thought leadership, our banners pointing to knowledge articles. If you love listening to me or you can't sleep at night, get onto LinkedIn and watch some of my videos that were submitted last- year. Everybody is behind some smart marketing, and we are driving digital marketing in such a great, efficient way. Obviously, if you're not subscribed to our newsletter, then you should be.
If you subscribe to me on LinkedIn or our or the Xref channel on LinkedIn, then you'll keep up to speed with us pretty well. This is what has been driving our lead flow. Let's talk about profitability in terms of operational efficiency. We have reduced our operational expenses by 14% year-on-year, and that has contributed to our AUD 1.3 million EBITDA or AUD 1.2 million EBITDA adjusted. We have done that via right-sizing our headcount, reducing our marketing spend and spend on SaaS. Everything has been brought down.
You will see the top green line is professional services. In the first and second half of last financial year, there is about a million and a half in here that fueled a failed attempt by SEEK to acquire us. We've lived through that. We've come through the other side. Professional services is now where it should be. On the right side, you'll see our revenue per head, and this is obviously our headcount reducing and then our revenue increasing. You'll see that at the moment we are outperforming the industry at AUD 362K with our sort of our current RPE, which is a great way of seeing how efficient our overarching business is.
Amongst everything else, launching products, winning clients, performing great marketing tasks, we've been able to obviously take care of business at the same time. I've talked about these stats. Ask any questions you will on those, but we dealt with these up above. This here is not a forecast. It does show four key pillars to growing our platform. And they are migrating the remaining 315 clients from the legacy platform into the new platform. We have shown that we can grow adoption. Look at Minor Hotels, right? We can grow adoption. Our target is 20% adoption across the clients that we already have, and we can do that via Trust Marketplace and Engage and cap extensions, et cetera, and pulse and exit.
The strategy also includes the winning of 300 new clients. We did 124 last half. You know, we're building that. You know, the milestone is the next 300, right? Can we increase, of course, the average revenue for those 300? The key goal is to retain obviously 80%-85% retention rate on all current platform clients. We're gonna speak to this, and if I were you, I'd take a mental picture of those four key pillars because as we grow, we're gonna be speaking not only just about the new platform, but we're gonna be speaking about these stats. I said to you at the very beginning, I'm going to speak about the new platform, right?
I'm gonna tell you what that platform is gonna be called at the end. Well, that's pretty simple. Our new platform is just Xref. Okay? You know, we survey and check at the point in which a candidate employee, ex-employee crosses their career path with an organization, and we call that an Xref. With that, you know, that sort of concludes our my debrief of the presentation. I would like to take a minute to welcome our new Company Secretary, Camille, and she joined us just recently. I would also like to thank our post Company Secretary, Robert Waring, who was with us for 10 years, from when we listed in 2016 till now.
I'd like to thank him for his service to the Xref business and his support of keeping us keeping our noses clean while we're on the ASX, and I wish him all the best in his retirement. If you obviously we've got a capital structure there, but if you go to this last page, there is a wealth of information. If you are a new investor of Xref, there is a wealth of information for you here. As I said, as a reminder, go back to page 15 of the last presentation, and if all else fails, connect with us on LinkedIn, connect with me on LinkedIn and get hold of me because I'm available for conversations if you wanna dive deeper on anything else. I'm gonna drive straight into questions.
I have a couple of questions to answer. The first of one was questions around the balance sheet and our sort of view, you know, for the future. I think in terms of our balance sheet, you know, cash at 31 December was AUD 2.8. We have made a huge asset shift in our business from our old platform to our new and that, you know, now we're holding AUD 9.2 million of ARR within that new platform and we have a very clear, you know, growth trajectory for that new platform.
Obviously, on the balance sheet, you know, EBITDA, our underlying profitability for the business outside of debt, is very healthy, and it shows that we are doing all the right things, including the 14% reduction on expenses. You know, it was good last half to see us reduce that debt. You know, our organic paydown of that debt and managing it is our priority because you don't have to be a rocket scientist to understand if we remove that debt off of our balance sheet, we're in profitable, you know, territory where we can keep reinvesting in this amazing marketing machine that we've built. Debt reduction is top of mind, and doing it organically throughout the year is something that we've just proven that we've got the ability to do. Self-sufficiency is obviously key.
You know, the goal is to meet our obligations, and without further capital raises. Leveraging our improved efficiency and our one platform strategy, you know. We've got time to remove that and sort of rebuild that balance sheet in an incredible way because our first tranche is due February 2028, and our second tranche is due in May that year, May 2028. We have time to be creative and get ourselves into a really good position in terms of the balance sheet, and we've just proven that we're on the way to do that. In terms of our capital allocation, obviously debt retirement is at the top of that list. Driving AI efficiency is on that list as well.
Our continued SaaS migration, bringing our legacy platforms cost us money, so it's key for us to reduce the expenses that we have on those platforms and bring all of our clients into the, into the new party. Obviously, our margin expansion. Prioritizing, you know, our hire to retire, people using things like Trust Marketplace, and spending more over time. You know, those cash, those cap extensions are showing us that people are starting their journey thinking they're only gonna spend X, and then they get nine months down the line, and they haven't got enough cap, so they're doing cap extensions, and then they're pushing into other areas.
You know, our capital allocation has got to be on reducing debt, increasing AI efficiencies, increasing our SaaS migration, or concluding our SaaS migration, increasing our margin, and then driving our net new net new clients on that. I think that sort of concludes, you know, our mission, the mission for this year and certainly the metrics that we are going to talk to over the next little while. I would like for everybody to explore and understand our focus on the metadata API, because that's something we're going to start talking to very quickly. In terms of revenue, yes, we have been listed for 10 years, right?
you know, we've done a very, very good job over the last 10 years of behaving ourselves on the ASX and making sure that we do all the right things. We are not the same business. Our revenue is completely different to what it was in 2020. Yes, our top-line revenue has reduced, but we really haven't had the impact that a business would normally have moving business model, client proposition, platform, and changing our complete offering and sectors and personas that we deal with. We're quite happy with the fact that we have this amazing growing part of our business. It's very different to where we were all at COVID, you know, from 16 through COVID.
I think you'll agree with me that this has been a very hard transition in a brutal market. Where we are 48.55 minutes later is in a very, very, very good place. If you are ever lucky enough to spend time with our team here, you'll understand that we're all very excited about what's just to happen, and so should you. Any questions, please get hold of me. I'm just gonna quickly check while you're all on. I don't have any hands up. I don't have any questions. If you do have anything, please reach out to me. Ultimately, thank you for your time this morning. This will be recorded online. With that, I bid you all adieu. Have a lovely day, and thank you. Bye-bye.