Welcome to the ME Group International PLC Investor Presentation. Throughout this recorded presentation, investors will be in listen-only mode. Questions are encouraged. They can be submitted at any time via the Q&A tab that's just situated on the right-hand corner of your screen. Please just simply type in your questions and press send. The company may not be in a position to answer every question it receives during the meeting itself. However, the company can review all questions submitted today and will publish those responses where it is appropriate to do so.
Before we begin, as usual, we would just like to submit the following poll, and if you could give that your kind attention, I'm sure the company would be most grateful, and I would now like to hand you over to the team from ME Group International PLC. Vlad, good morning, sir.
Good morning, thank you. Welcome all to the ME Group 2024 Annual Results Presentation. My name is Vladimir Crasneanscki. I'm head of IR and Managing Director of the U.K. and alongside me is Stéphane Gibon who is our CFO. The agenda for today's presentation is as follows: we will start with an overview of the 2024 financial highlights.
We'll remind you about our business model and growth strategy for those who aren't so familiar with it. We'll then talk about the group's financial performance, followed by an update on operations. And lastly, we'll conclude with a summary of 2024 and the outlook for 2025. So, the highlights, we're delighted to report a strong performance across our key financial metrics and another year of record profitability for 2024 which was 73.4 million.
Strategically, we have continued to rapidly expand our laundry operations and we installed a record 1,168 Revolution Laundry units across our key geographies t hat basically means 900 new machines net and 268 relocations. Just to explain, we relocate machines where they're not meeting revenue requirements or where, for example, a supermarket may have closed down, etc., etc. So that's why there's a difference between the number of installed and the number of relocated machines. We've also launched a new automated key cutting service, Key.ME which is in its trial phase.
As always, we remain focused on delivering value for shareholders, and the total dividend for the year was up 6.8%. We're also pleased to report a record pipeline of machine installations with key strategic partners, for example, Morrisons and MFG and we'll discuss those more as we go through the presentation.
About us, In the following slides, we'll provide a more detailed overview of the business, the business model, and the growth strategy. ME Group is a leader in automated service equipment aimed primarily at the consumer sector, and we're listed on the FTSE 200/250 Index. We operate more than 48,000 machines across 18 countries, spanning three key regions: Continental Europe, which is our largest region by unit and revenue, the U.K. and the Republic of Ireland, and the Asia-Pacific region.
We have long-standing and well-established key partnerships with site owners across the three geographies in which we operate. On the right-hand side, you can see some of these major brands from around the world.
The business overview: Our core activities are photobooth operations, known as Photo-Me, and laundry operations, known as Wash.ME. These are our two largest business areas by number of machines: revenue, EBITDA, and PBT.
They provide significant geographic scale and growth opportunities and drive complementary benefits for customers such as increased site footfall and repeat business. We also have ancillary activities, which include our smaller businesses in terms of contribution to the group. These are Print.Me, so that's our high-quality digital printing services, and our other vending unit, which comprises Feed.ME, Amuse.ME, and Copy.ME.
These ancillary services are often co-located with our core businesses, leveraging existing site owner relationships and benefiting from maintenance by our dedicated field engineers. To give you a bit more insight, our field engineers service all machine types, including from all our different divisions.
Our in-house R&D team enables us to innovate and diversify our product range to meet the ever-changing needs of customers, and we're focused on maximizing return on capital with target returns on investment of 18 months across the Photo-Me and Wash.ME operational divisions. We will cover these business areas in more detail further along the presentation. ME Group also has a significant competitive advantage across its key markets, with a dominant market position and high barriers to entry.
Our key strengths position the group well for long-term success, and these include the highly cash-generative nature of our business, which provides predictable cash flows and a strong financial position, our strong relationships and long-term contracts with site owners at attractive high-footfall locations, which gives us very good visibility on future cash flow, our rapidly growing laundry operations, which continue to benefit from further opportunities in existing and new markets underpinned by a market-leading offer and strong consumer demand, and our machines operate over an extensive life cycle, which generates long-term profitability supported by incremental maintenance costs and technological upgrades.
And finally, we have a proven track record of innovation and diversification of services, which allows us to meet the evolving needs of our customers and consumers.
So, onto our products. Some feedback we've had over the past is that we don't show our products often enough, so we wanted to show you all of the different types of products and in which division they lie in. Onto the next slide, which is on diversification. So, though many people will know us best for our photobooths, the group has continued to evolve and innovate over a number of years into a truly diversified business, offering a multitude of instant services.
Since 2019, the proportion of group revenue from laundry operations has increased significantly. In 2024, revenue from laundry operations accounted for 32.1% of group revenue, compared to 18.3% in 2019. Photobooth operations, while remaining highly cash-generative and our largest business area in terms of revenue contribution, accounts for 61% of group revenue compared to 73% in 2019.
Again, to reiterate, it's not because photobooth revenue has declined, but rather there's been a really, really rapid growth in Revolution revenue. Onto the next slide, which shows a similar trend for EBITDA. Laundry operations have continued to contribute an increasing proportion of total group EBITDA, and in 2024, this was 34% compared to 22% in 2019. At the same time, EBITDA contribution from photobooth operations has moved from 56% in 2019 to 45% in 2024. This demonstrates how the group has evolved into a leading, diversified provider of automated self-service equipment beyond just photobooths.
This also evidences our strategic direction of travel as we continue to leverage the exciting opportunity for our laundry business and mirrors the change. We used to be called Photo-Me and now we're called ME Group, and you can see that change even in the diversification of the business. I'll now hand over to Stéphane to take you through the financial review.
Thanks, Vlad. We are pleased to report on a strong year of performance. It is worth noting that this strong performance was achieved despite foreign exchange headwinds, which saw the Japanese yen decline by 12% and the euro decline by 2.1% against the pound compared with 2023. Revenue was up 3.4% year-on-year, and when excluding FX impact revenue it increased by 6.8%.
This was largely driven by strong growth in our revolution laundry business. The stronger revenue performance helped to deliver a 7.1% increase in EBITDA. This is an increase of 10.3% when excluding FX impact. We also delivered an expanding EBITDA margin to 37.1%, compared with 35.8% in the 2023 financial year. Subsequently, we are pleased to report record profit in 2024. We've reported Profit Before Tax up 9.4% at GBP 73.4 million, an increase of 10.4% when excluding FX impact.
The group remains highly cash-generative, with GBP 107.4 million of cash generated from operations during the year. The small year-on-year decline is a result of an increase in receivables relating to property disposal and convertible bonds maturing. Capex for the period increased by 2.1% due to the rollout of our next generation photobooths and rapidly expanding our laundry operations.
Our lower gross cash position was largely due to the capital expenditure of GBP 54.6 million, compared with GBP 53.5 million in 2023, debt repayments of GBP 27 million, and increased dividend payments amounting to GBP 27.8 million in respect of 2024. As shown in the graph, our net cash position increased to GBP 38.2 million. The group remains well capitalized and in a strong financial position. Our dividend policy seeks to pay out annual dividends of more than 55% of annual profits after tax.
As a result of the strong performance, the board recommended an uplift in the final dividend, which shows the total dividend to 7.9 pence per share, up 6.8% from last year. Diluted earnings per share was 7.1% higher at 14.25 pence. The dividend represented 55.3% of the group's earnings per share in the 2024 financial year. The bridge on this slide shows the change in revenue of our business areas compared to the prior year.
As previously flagged, we made record progress in expanding our laundry operations during the year. As a result, Wash.ME contributed 14.2 million more revenue than in the prior year, which has largely driven the group revenue performance. Photo-Me revenue remained stable compared with the prior year.
Sales, which included sale of machine service and maintenance contracts, saw a slight decline, predominantly due to the sale of Sempa, and consequently, the absence of revenue in this activity in semester two. This resulted in a 3.4% increase in total group revenue, up 6.8% excluding FX impact. The bridge on this slide shows the breakdown of profit performance during the year, which was a record year for profitability.
Our improved revenue performance, which was GBP 10.2 million higher year-on-year, was primarily driven by laundry operations. Logically, variable costs as consumables and spare parts increased with the revenue. Depreciation increased with the increase in regards of the last year's level of Capex. Indirect costs and overheads relating to corporate cost savings compared to 2024 contributed GBP 3.5 million to Profit Before Tax. This led to a 9.4% increase in Profit Before Tax. This was a 10.4% increase excluding FX impact.
The bridge on this slide shows the net cash performance during 2024. Our highly cash-generative operations delivered an operating cash flow of GBP 107.4 million during the year. We continued to invest across business with GBP 54.6 million invested in our estate and infrastructure.
This mainly relates to the continued expansion of our laundry operations across key geographies and also the rollout of our next generation photobooths and ongoing upgrades across both our photobooths and printing kiosk estate. Furthermore, the recommended total will return nearly GBP 28 million to our shareholders. The closing net cash position was 12.7% higher at GBP 38.2 million. Now, turning to our three core geographies that we report on. Continental Europe is the group's largest region by the number of machines and revenue contribution. Total revenue increased by 1.9%, and excluding the FX impact, it was 3.8% higher.
Laundry was the key growth driver, with Wash.ME laundry revenue 19.8% higher. Excluding an FX impact, laundry revenue grew by 22.2%. Overall, the region contributed 67.9% of the total Group revenue. Operating profit increased by 8.8%, which reflects the growth of laundry operations. Photobooths remain a significant revenue contributor in the Continental Europe region.
In France, we have continued to roll out our next generation photobooths, with 2,000 now in operation. In 2025, we expect to install 3,200 next generation photobooths, predominantly in Continental Europe. In the U.K. and Republic of Ireland, revenue was 2.1% and slightly higher at 22.7%, excluding an FX impact. Again, this was driven by the strong laundry performance and further expansion, which saw Wash.ME vending revenue up 15.4% at GBP 27.7 million. This decline in Photo-Me vending revenue in the region was mainly due to the end of high commission contract.
However, this has limited impact on profits. During the year, we secured several new strategic partners, which we'll talk about further later in the presentation. We also celebrated a key milestone with the installation of a 1,000 Revolution laundry machine in the U.K., making a significant point in our laundry growth strategy. Operating profit in the region increased by 4.8%, and overall, the region contributed 16% to total group revenue.
The revenue performance in Asia-Pacific was up 12.2%, largely driven by a strong performance from photobooths in Japan. Our reported performance was impacted by a 12% decrease in the value of the Japanese yen against the pound sterling. Excluding an FX impact, the revenue increase was significantly higher at 24.6%. The expansion of our photobooth portfolio, following the full integration of 3,500 acquired in October 2023, delivered a 15.6% increase in photobooth vending revenue of GBP 42.3 million.
We continue to operate 460 freshly squeezed orange juice vending machines in Japan and Australia, and this market remains a growth opportunity for the group. We have also now launched 27 photobooths in Australia, underpinning our expansion into new geographic territories. While the reported operating profit in the region declined, when excluding an FX impact, it increased by 9.3%. Overall, the region contributed 16.1% to total group revenue. I now hand back to Vlad to take you through the business review.
Thank you, Stéphane. I'll start with an update against the group's growth strategy before going into more detail on the performance of each of the group's business areas. So, we've made good progress against our growth strategy, as shown on this slide. A few key highlights include the expansion of services into new market segments, which was supported by our new partnership with Motor Fuel Group to install up to 300 Revolution laundry units across petrol forecourt sites in the U.K.
I'll speak more about this later. We're also pleased to complete the integration of our photobooth acquisition in Japan, which significantly expanded the number of photobooths that we had in the region. And we continue to focus on delivering against our growth strategy whilst further expanding our core activities.
Starting with Photo-Me, we are the global leader in the photobooth market, providing integrated biometric solutions for photo ID for official documents, as well as portraits and fun photographs. Our photobooth operations are well established and remain our largest business area by units, revenue, and EBITDA contribution. Photobooth activities performed as expected, generating stable cash flow to support investments across our broader portfolio.
Both total vending revenue and EBITDA were broadly flat, and revenue per machine saw a slight decline to GBP 5,644 per year, primarily due to currency fluctuations. At a constant FX rate, the average revenue per machine was broadly stable at GBP 5,869. While Continental Europe remains the largest contributor to vending revenue by region, Asia-Pacific delivered the strongest growth, rising 15.6% year-on-year and 28.7% excluding FX impact.
France accounts for more than half of the group's photobooth revenue, and as mentioned earlier, the region benefited from a larger portfolio of machines. In the U.K. and Republic of Ireland, the end of a high commission contract led to a 10.6% decline in vending revenue in the U.K. However, due to the high commission nature of that contract, the impacts on profits were negligible. We remain committed to upgrading our estate, providing multifunctional automated services and enhancing the user experience, and consequently, Capex increased by 92.1%, supporting the rollout of next generation photobooths and the replacement of older machines in high footfall locations. This additional Capex should be seen as a sign of confidence that ME Group has in the future of this estate.
We remain confident in the long-term growth drivers, and in 2025, we expect to invest between GBP 10 million and GBP 12 million to support our rollout program of the next generation photobooths. So, on this slide, you can see the new functionalities offered by our next generation photobooths, along with our deployment strategy. As shown on the right, these new functionalities are designed to enhance the consumer experience, being offered under a diversified multi-service model.
We spent GBP 17.1 million in a year deploying our next generation photobooths with a targeted return on investment of 18 months. The company plans to accelerate deployment, targeting 8,000 next generation photobooths installed by the end of 2027. In addition, we are upgrading the software in our existing photobooths by installing new cloud-based proprietary software to upgrade and aim to install 3,200 machines in France or upgrade 3,200 machines in France in 2025. Onto Wash.ME.
Laundry operations are a state of unattended self-service laundrette, and they operate 24/7. We offer affordable, large capacity washing machines in convenient locations, which drive repeat business to partner sites and increased dwell time. This is our fastest growing business area in terms of machines, sorry, machine installations, but also our fastest growing area in regards to revenue and EBITDA. It's also our highest margin business area as well.
EBITDA margin improved during the year and contributed an increasing proportion of total group EBITDA. The total number of units deployed, owned, sold, and acquired increased by almost 15%, and our Revolution laundry operations make up the vast majority of total laundry operations. Revolution vending revenue continued to improve as we rapidly expanded our estate of Revolution machines, and the Revolution now accounts for around 30% of total group revenue, demonstrating the evolution of our services mix.
CapEx in Revolution has continued to increase as part of our estate expansion program, which we talk about in more detail on the next slide. Just for the sake of clarity, and because we get asked this question quite often, what's the difference between Wash.ME and Revolution? The way we differentiate it is Revolution are the self-service kiosks that you've seen in the photos previous to this. Wash.ME also includes some of the laundry shops that we operate and some of our other products, such as the smaller Flex, etc., etc. So, onto the next slide. We installed a record number of machines in the year, 1,168, which comprises of new units and relocations. This includes our 1,000th laundry unit in the U.K., which we are really proud of.
We only started installing Revolutions in the U.K. in 2017, so now, to be eight years later and having 1,000 locations, we're very happy about that. And during the year, we exceeded our previous target of installing an average of 80 to 90 units per month. Average machine revenue also increased up 2.3% as consumer demand for our laundry services continued to improve across our key locations, and the continued expansion of our Revolution laundry operations remains a core focus of our growth strategy in 2025.
And this year, we plan to install around 1,200 laundry machines net, so that's increasing our rollout to 100 machines a month net. Subsequently, we expect to increase our planned investment for laundry operations to between GBP 28-32 million, with an 18-month target return on investment.
Our Wash.ME growth strategy is largely supported by the group's long-term partnerships with key high footfall site owners across multiple consumer market segments. To provide some examples for this past year, we were able to secure significant partnerships with two leading businesses in the U.K., a new agreement with Motor Fuel Group to install up to 300 Revolution laundry machines across its sites over the next five years, and the extension of our existing relationship with Morrisons up to 2029, but we also were able to secure an agreement to install a minimum of 200 Revolution laundry machines at its sites over the next three years.
Through these partnerships, we're able to increase our footprint at high footfall locations and address consumer demand while providing site owners with repeat business, passive income, and driving further footfall to their premises.
Now, turning to our smaller business areas, our Print.ME operations consist of high-quality digital printing services offering a wide range of competitively priced print formats and personalized products. Print.ME revenue reduced by 3.5%, reflecting the FX impact. Excluding FX impact, revenue was only 1.8% lower. EBITDA increased by 16.7%, representing 4.3% of group EBITDA, and the EBITDA margin increased to 45% compared with 37.2% in 2023. The group has 4,526 printing machines in operation across nine countries, which accounted for 9.4% of the total group vending estate.
Capex during the period amounted to GBP 0.7 million, primarily focused on a program to install new, lower-cost, and compact Speedlab machines in France, and we also redeployed 240 machines as part of a new contract with Fnac.
While Group Capex has focused on growing its core activities, we continue to invest in our ancillary activities as demand for high-quality digital printing services remains robust, and we believe target returns can be achieved. In 2025, we plan to invest between GBP 5 million and GBP 10 million to further rollout our new Speedlab machines, initially focusing on France, where most machines are currently situated.
In terms of other vending, in May 2024, the group announced the sale of its entire interest in Sempa. This decision was made following a strategic review of operations, where the board decided to prioritize investment in core activities. While Feed.ME remains an attractive and profitable business area, it has now been incorporated into the group's ancillary business area of other vending.
Subsequently, other vending now consists of Feed.ME, our food vending equipment business, Amuse.ME, our interactive kids' rides, and Copy.ME, which is our photocopier business. Total revenue amounted to GBP 28 million, which includes vending revenue and GBP 18.2 million of revenue from the sale of food vending equipment and the sale of other equipment, spare parts, consumables, and services. Excluding FX impact, total revenue was GBP 29.1 million, and EBITDA was GBP 11.7 million. Our other vending estate consists of 2,400 children's rides, around 3,400 photocopiers, 460 freshly squeezed orange juice vending machines, and around 380 miscellaneous machines. We continue to sell a small number of pizza vending units, and we expect that this will remain a small financial contributor to the group moving forward.
Whilst other vending remains a small business area in terms of total revenue and EBITDA contribution, it provides high margins as an incremental service at high footfall sites where we have existing operations in place. So, to recap the 2024 financial year and provide an overview of the outlook for 2025 and beyond, 2024 has been another record year of profitability, with Profit Before Tax reaching GBP 73.4 million, and we continue to make strategic progress against our long-term growth strategy.
Most importantly, Revolution growth has been incredibly strong this year, and we feel very confident of that continuing moving forward. We have rapidly expanded our laundry operations, achieving a record number of installations in 2024, and we plan to have a record number of installations in 2025.
We remain strongly cash generative, with cash generated from operations totaling 107.4 million GBP, and we continue to invest in innovation and R&D to diversify our portfolio and drive long-term value creation, highlighted by the launch of our new Key.ME key cutting service and our new printing kiosks. We remain focused on shareholder returns, with a 6.8% increase in the amount of cash returned to shareholders through dividend payments.
As we look ahead, we remain focused on delivering our long-term growth strategy driven by further progress in our core photobooth and laundry activities. We will continue to rapidly expand our laundry operations with plans to install 1,200 net Revolution laundry machines in 2025, and we've made good progress towards that in the first quarter of the year. We will also continue our journey to modernize and upgrade our machine estate through ongoing innovation and diversification of services.
With all this, the board anticipates good further progress in FY25 and a Profit Before Tax performance expected between GBP 76 million and GBP 80 million. Our business remains in a strong financial position, and this leaves us well placed to capitalize on future growth opportunities. Thank you very much for listening to our presentation. We will now take questions.
Perfect. Vlad, Stéphane, if I may just jump back in there, and thank you very much indeed for your presentation this morning. Ladies and gentlemen, please do continue to submit your questions just by using the Q&A tab that's situated on the right-hand corner of your screen. But just while the team takes a few moments to review those questions that were submitted already, I'd like to remind you that a recording of this presentation, along with a copy of the slides and the published Q&A, can all be accessed via your Investor Dashboard.
Vlad, Stéphane, as you can see there, we have received a number of questions, and thank you to all of those on the call for taking the time to submit their questions. Guys, at this point, if I may just hand back to you just to read out those questions and give your responses where it's appropriate to do so. If I pick up from you at the end, that would be great. Thank you.
Great. Okay. Look, we will start with this question. You tried to make entries into certain verticals, like helping retail bank branches with virtual assistance, pizza vending machines, fruit juice vending machines, etc. Some you have already exited. What's the growth strategy for future in terms of new machines, products, and verticals?
Thank you. That's a great question. Well, firstly, just to talk about future growth, we're very clear that we believe that significant future growth opportunities lie in the Revolution laundry. We've talked about the large total addressable market that our machines have and the growth that we are driving through installing more machines. We're aiming to get to 20,000 machines in the markets that we operate within the next 10 years, and we're nearing the 10,000 mark. We're getting closer and closer, so that is at the forefront of the growth strategy moving forward.
In regards to other things such as retail bank branches, virtual assistance, pizza vending machines, fruit juice vending machines, I think what that demonstrates is, as a company, we are always looking for interesting products that are going to interest our site partners and new innovative services that are going to be useful for our end consumers, and we are willing to take risks, and when they work, that's great. We can push them very quickly, like we did with the Revolution.
The Revolution, once upon a time, was a very small product that we were trying, and some new products, such as with Sempa, if we don't find that it's working well for our business or not integrating as well as we had hoped, we move on very quickly from it.
At the heart of ME Group is a willingness to innovate and a willingness to bring new products to market to see if they work. We will always continue to try and find new products that are going to be useful for our site partners and for our end consumers. And in this presentation, we've talked about two of them: the key cutting machine and the printing kiosks.
There's no guarantee that these products are going to become as large as our other products, but it shows our willingness to innovate and to try new products and to try and react to market demand. And we're very excited about the printing and key cutting kiosks. So, onto the next question. Can you break down the GBP 17.1 million CapEx in Photo-ME between new booths and updating existing booths to cloud-based performance booths?
You have to know that we are now starting a new program of exchange. In the past, to be clear, we have not done a lot of maintenance CapEx. You have to know that the maintenance CapEx for us is only the renewal of the machines because if not, we have no maintenance CapEx. So, in the past, we have not done a lot of maintenance CapEx. We are now, since last year, starting a new program of replacement of machines. We can say that this year, it will be around 60% of our total photobooth CapEx.
So, the next question is, how long does a Wash.ME machine last on average? Well, part of the problem, well, one of the answers to that question is, unfortunately, we're not totally sure yet. The reason why is the first machines that we've installed nearing 15 years ago are still in operation.
We designed the Revolution launderette to be incredibly modular, so we're able to swap out parts and replace even whole drums within a unit without having to change the overall unit. So, you can see that the life cycle of the asset is longer than our depreciation cycle or depreciation for the Revolution launderette.
On average, I would say we are aiming for the units to last at least 15 years on average, I would say. So, the next question is, of the 52 million GBP total CapEx, how much is research and development, please? So, we capitalize. I would say research and development represent an amount of around 5 million GBP every year, and I would say 2 or 3 million GBP of these are usually capitalized.
Great. Just looking for the next question. Is there a capability to submit images to be printed at a photobooth from home via a browser for collection in due course, and if not, is there a plan to introduce such a service? So, our new photobooths do have a mobile print option, so you can go into the photobooth and print out an image from your phone, but we are not allowing that to be done from home.
We find from our research that people want to print things at the booth rather than print at home to be collected in the booth because, of course, our booths don't have a locker in them. You just pick out the photo from the bin, so you wouldn't know who would be able to take the photo if you see what I mean. But certainly, we're very excited about our mobile-to-print business opportunity, and again, you can integrate that into our existing photo booth business as well, which is exciting.
Do you still see opportunities for photo booths across your international markets? It's a great question. We definitely do. You can see that in the Asia-Pacific region, where our revenue increased by 12.2%, driven entirely by our increased photo business in Japan, and actually, it was up 24.6%, excluding FX impact.
But we do see growth opportunities across the photo booth market. In particular, countries such as the Netherlands are growing at a fast pace, and Belgium is growing at a fast pace in terms of the photo business. But as we always say to investors, the photo booth business is a very stable and strong business, but the growth part of the business is the Revolution launderette, as you can see in the results. The photo booth business is a very stable business.
We always look for opportunities to grow where possible, but it's a very mature estate. We can also add Australia, where we have started to expand, to deploy some photo booths, and the revenues are extraordinary. Yeah, absolutely. I think that's all we have time for. I would like to thank everyone for their questions. We really appreciate it. Thank you for your attention, and thank you for watching this presentation. We'll aim to answer some more of the questions, if there are any, that follow this presentation afterwards. Thank you for your time.
Thank you. Thank you for your time. Bye-bye.
Perfect. Vlad, Stefan, that's great. Thank you very much indeed for being so generous of your time and addressing all of those questions that came in from investors this morning. And of course, if there are any further questions, we'll make them available to you after the presentation. But could I please ask investors not to close this session, as you'll now be automatically redirected for the opportunity to provide your feedback in order that the management team can really better understand your views and expectations? This will only take a few moments to complete, but I'm sure it will be greatly valued by the company. On behalf of the management team of ME Group International PLC, we would like to thank you for attending today's presentation. That now concludes today's session.