Hello there, everybody. This is our second call, and thanks to Wes and Chris and Brady for getting up in the middle of the night. I think Wes is in Mexico, and Chris is in Boulder, and Brady is in Maine, surviving the hurricane. Okay, the hurricane, more hurricanes around. We're gonna spend some time with Mary on the results. And then Scott is gonna cover market momentum and client analysis, and then Wes is going to talk about what we're seeing in content, Chris on data and digital media, Brady on technology services, and then Wes come back and talk about AI and how we see the growth and development of that, which is encouraging.
We'll then do a brief summary and outlook for you, and then we'll open up for Q&A, in addition to what we had this morning. To kick off, Mary, go ahead.
Thank you, Martin. Hello. Thank you for joining us today. I'm going to start with the financial highlights. We had a very mixed half of 2023. Reported net revenue was up 19% to GBP 446 million, or 5% on a like-for-like basis in difficult market conditions. Growth slowed towards the end of the half, with like-for-like net revenue growth of 7% in Q1 and 4% in Q2, as clients grew more cautious due to macroeconomic uncertainty. This was especially evident in one or two from the technology sector, as well as regional and local clients. Given slower top-line growth, operational EBITDA was GBP 37 million, up 21% reported, but down 30% on a like-for-like basis and below expectation. We have experienced some people cost inflation, but we continued to exercise cost discipline, including headcount and discretionary costs.
The number of monks is down 5% on this time last year, at around 8,550. Operational EBITDA margin was 8% versus 8% reported and 12% like-for-like in the first half last year. Adjusted operating profit was GBP 31 million, and adjusted earnings per share were 1.7 pence. Net debt at the end of June was GBP 109 million, and leverage was 0.9 times. Moving to the income statement. Revenue grew 16% on a reported basis to GBP 517 million, with like-for-like growth at 3%. There was solid growth from the scaled client base, with revenue from the top 20 up 9% and top 50 up 11% on a like-for-like basis. Reported net revenue of GBP 446 million grew 19%, or 5% like for like.
This highlights continued momentum in a challenging environment. Reported operating expenses of GBP 407 million grew 18% or 10% like-for-like. This includes some people and other cost inflation, partially offset by cost management actions. Operational EBITDA for the six months to June was GBP 37 million, up 21% on a reported basis and down 30% like-for-like. I have given you a breakdown of adjusting items in the table on the left-hand side. Acquisition, restructuring, and other expenses were GBP 6 million, down from GBP 70 million for the same period last year, due to lower M&A activity and reduced contingent considerations. Finally, the increase in net finance expense was driven by a higher Euribor rate on the term loan, which provides us with secure long-term financing as well as some foreign exchange volatility.
Looking next at our three different practice areas: Content, Data and Digital Media, and Technology Services. My comments here are all on a like-for-like basis. Net revenue in Content, our largest practice, declined by 3% to GBP 265 million. There was solid growth from the scaled client base, though some larger tech clients showed hesitancy and budget constraints. Some mid-tier clients were affected by market softness and internal restructurings, while overall trading was tough, with new business, local and regional clients underperforming. Data and Digital Media net revenue grew 2% to GBP 107 million, again highlighting tougher market conditions, particularly in the activation and performance business. Technology Services continued to deliver very strong growth. Net revenue was up 54% to GBP 74 million, with spend by key clients weighted to the first half.
From a regional perspective, the Americas was our fastest-growing region, up 7%... and remains our biggest region at 79% of the mix. EMEA grew 2%, and our smallest region, Asia Pacific, was down 7%, with slower demand in China and some underperformance. Moving now to operational EBITDA by practice. Again, my comments are all on a like-for-like basis. Operational EBITDA in Content of GBP 7 million was impacted by lower-than-budget revenues, together with some people cost inflation and higher IT costs. Headcount was lower at the period end due to controls on hiring and our work on efficiency. Combined with further cost actions, this will support the practice's EBITDA delivery in the second half. Data and Digital Media also experienced some people cost inflation, as well as increased travel costs after the lifting of COVID restrictions.
Together with a tougher trading environment, this resulted in operational EBITDA of GBP 16 million. Technology Services was up 50% at GBP 27 million, reflecting an excellent top-line performance, supported by growth in the organization. This resulted in continued strong margin delivery with an operational EBITDA margin of 36%. Central costs grew as expected from GBP 10 million to GBP 13 million, reflecting a full six months of the investment in finance, legal, and assurance made in 2022. Touching briefly on the balance sheet and facilities, we maintain a liquid balance sheet with long dated maturities to support the business and its future growth. Moving to cash flow on the next slide. CapEx of GBP 5 million is mainly investment in IT infrastructure. This is halved from last year, which included fit-outs of key offices. Interest paid includes increased payments on the term loan, driven by the higher Euribor rate.
We continue our focus on working capital and receivables. Net, this resulted in a free cash outflow of GBP 2 million, broadly in line with last year. This takes net debt to GBP 109 million. The cash spend on combinations was minimal in the first half, and we expect the forecast combination payments to be made in the second half. Turning now to our guidance for the full year. Following slower-than-expected trading over the summer months, including August and current client activity levels, we have revised full year expectations. We now expect net revenue to be down on the prior year and operational EBITDA margins in the range of 12%-13.5%. As in recent years, the full year results will be heavily weighted to the second half, and in particular, the fourth quarter, reflecting seasonality and anticipated client activity.
We continue to manage costs tightly, and given the market outlook, we are taking further action, especially in Content, to support second half profit delivery. We expect a net finance cash charge of about GBP 28 million and an effective tax rate between 24%-26%, which is slightly lower than previous guidance. We are reducing our prior guidance for cash contingent consideration from GBP 102 million to GBP 95 million, which is all expected to be paid in the second half, and we maintain our net debt guidance of GBP 180-220 million for the year end. The board will consider a dividend of 1 pence per share when the final results for 2023 have been determined.
In summary, after a challenging first half in difficult market conditions, we are expecting an improved performance in the second half, and longer term, we are working hard to improve the returns. With that, I will hand over to Scott.
Great. Thank you very much, Mary, and thanks for joining, everyone. There's no doubt that 2023 has been a tougher year for our core addressable markets. Digital media spend is projected to grow 8.9%, which is a decline on the double-digit growth in 2022, and the 30%+ growth we saw in the COVID bounce back year of 2021. A bottom-up analysis of the major platforms shows that they're expected to grow just over 10% this year, rising to 14% next year. Growth at the platforms began to slow dramatically in H2 last year, so they're now lapping easier comps, unlike our business, which maintained strong growth throughout 2022 and slowed in Q1 this year based on the more conservative 2023 budgets of our enterprise clients.
Our other addressable market is digital transformation, and while there are plenty of broadly defined third-party reports out there to show a large and still relatively healthy market, when we look at the results and guidance of our direct competitors in this field, we can see that most of them are experiencing negative growth this year after many years of steady 20% top-line growth. That said, analysts expect a recovery to the mid-teens in 2024.... With that backdrop, growth has been much harder to come by this year. That said, it's not all doom and gloom in those markets. There's still pockets of excitement and opportunity in our addressable markets. The first and obvious one is artificial intelligence.
We've been discussing this on our earnings calls all year, and had a specific investor summit hosted by Wes at the end of June, which is available on our website for those that missed it. Wes will give us an update on where we are later in the presentation, but the early signs are certainly encouraging, that this will be an opportunity for us to grow and continue to differentiate ourselves and disrupt the industry. Elsewhere, in digital media, there are areas such as retail media or influencer, which continue to outperform the market, and we've certainly seen influencer and the wider social category as a bright spot in our business. Finally, while overall revenues for the top 25 agencies were relatively flat in 2022, S4 expanded its market share 37% to take a 1% share.
While this year has been challenging, we remain convinced we can scale our share over time based on our talent, our service offering and our client relationships. In terms of clients, as you can see, we still have significant exposure to the technology sector at 44% of H1 reported revenue. Obviously, there's been some caution about this sector this year, given many large tech companies are going through their years of efficiency, and we have not been immune to these pressures. However, we still have several large tech companies growing their spend with us this year, and longer term, we are confident this is a sector which will continue to provide growth opportunities ahead of the overall market.
The main growth category for us has been financial services, with the full year impact of a portfolio of finance clients at TheoremOne, Monks, and some good wins and land and expand cases at Decoded, Monks. While growth overall has been hard to come by this year, our long-term strategy of building broad-scaled relationships with the world's leading enterprise clients continues to deliver. We have eight clients which with revenues above GBP 10 million in the first half versus five last year, and a further nine in the GBP 5 million-GBP 10 million category versus six last year. As we pointed out in the RNS, and Mary mentioned, like-for-like revenue growth from our top 20 clients of 8.9% and top 50 clients of 11.4% is ahead of the overall group. Our Whopper strategy continues to pay dividends.
The challenge has been further down the client list, with longer sales cycles and a tougher trading environment, meaning growth from new clients and project-based clients has been more difficult than last year. This is more marked at a local level when dealing with smaller, more localized client relationships. On the Whopper front, we had 10 last year, and obviously one of those was Mondelez, which will not be at that level in 2023, although remains an important client. It's hard to predict exactly where we will end up in 2023 with Whoppers. We have clear line of sight on eight, and as our largest clients are getting larger, we have several others that are projected to be at or close to the $20 million cutoff. With that, I'll now pass over to Wes to handle the content update.
Thank you, Scott, and hey, everyone. I will run us through a content practice update, and then after handing off to Chris and Brady for the other practice updates, I'll be back with a deeper dive on AI specifically. You will see us talk about AI practice, practice of course, but as it is such an important topic in our industry and beyond, a general update on our progress and positioning seems relevant. But first, if you go to the next slide, content. This echoes what we've heard from Mary and Scott already. It is a year of economic slowdown. We're quite heavily weighted in tech, where we saw that play out, and we've had some struggles in local markets. This is a bit of an industry refrain, general macro pressures in play. We see quite a bit of budget conservatism.
We're seeing delays on H2 planning among some of our clients, and there's also a general, I would say, concern about a potential recession, and all these things together are slowing down sales cycles. If there is a positive note here to, Scott's point, it is that we're still seeing growth across what we call our bigger client relationships. We call them scaled and selected portfolio. That growth, which is quite healthy, is currently not offsetting some of the other slowdown. That means, super practically, we have more to do when it comes to matching costs and revenue. Let's dig into revenue in a bit more detail on the next slide. There are a few areas of strategic focus, and one is just doubling down on regions that have struggled, like Latin America and Asia Pacific.
We're making sure we reignite those areas for growth. We also have, for instance, the Middle East, where we're doubling down as an example of an area where we see a lot of good traction, and we believe there's a lot of growth available to us and our teams. We're also off to the races with our first wave of new logos and revenue related to our AI offering. It's early, but the signs are really positive, and we expect that to grow and grow and grow. And then leaning into our bigger client relationships even more, we've opened up what we call our Plus One Program, which really is just a more strategic way to up and cross-sell our services, our subject matter expertise, through our single P&L model into our key client relationships. If we go to the next slide, just a quick latest example, Experience Monks.
We launched this to market last week. It's been up and running only for a few months now. This is built around the merger of Jam3 in combination with some of our existing teams, truly best-in-class offering in the industry. What's been good to see is that the easy access to this expertise has already resulted in sizable new engagement, engagements with our existing clients. For Super Bowl, which is always a really fun moment to activate around InfoComm . To give you a bit of a sense of the strength of this offering, last week, Eventex released their top 100 event organizers and agencies for the year, and Media.Monks came in at number three . We expect this offering to grow and grow.
Early signs are really positive, and we see it really following in the steps of our Social Monks offering, which is widely regarded as a leader in the industry. If we go to the next slide, I want to talk a bit about mergers in general. We're a significant way through our merger model. That's good for a variety of reasons. One, it allows us to better align our offering to reflect what our clients need. I think Experience Monks is a really great example of that. We're making it easier to buy, but there's also the opportunity to drive cost efficiencies. We will see more of that in H2, but in general, the merger process means our operational teams integrate, we have better control on hiring and costs, and it is easier to eliminate duplication.
Important note here, as leadership, we don't believe you can cut your way to growth, so the flip side of this ongoing process is that we've hired senior talent in key markets, new managing directors in Paris, and London, and Amsterdam, and São Paulo, and we actually have a few more exciting hires lined up. Hopefully, we'll be able to announce one of them this month, which, if we go to the next slide, is key. Our ability to attract great talent has been a feature for and of our business for a while now. We're also seeing that reflected back in partnerships. Some new updates here. I would say our partnership with the Sphere in Vegas is really exciting. For people who have not heard of the Sphere in Vegas, it's an absolutely stunning new venue. It's worth a Google if you haven't seen it.
We are a partner to the Sphere in helping them sort of make it advertising ready. We launched our first advertising engagement on that very unique canvas a few weeks ago for YouTube and their NFL sponsorship. More to come. We're growing our footprint when it comes to Roblox activations and activities. We just launched Scholastic, which is, I think, a really great example. We're very excited about the growth in that channel. And then I'll talk a bit more about our partnership with NVIDIA during the general AI update and specifically about the launch we just had at IBC together with NVIDIA, AWS, and Adobe. And then, of course, we have a great and ongoing relationship with Salesforce. Chris will provide some additional updates there, but we have a co-authored Generation AI report that will launch this week.
And then we also launched our Future of Loyalty report together with Salesforce, Reddit, another client, and Polygon. Which I think just in general, great examples of thought leadership together with some of these key partners. Which brings me to the last slide, and to echo Scott's note here, clearly not an easy year to manage. We will continue to use what is a tough year to implement changes, changes that make us leaner, changes that make us lighter on our feet, and provide us with more leverage for growth. We spent this year optimizing internal teams and structure.
That's a bit of a balancing act, and we've been able to do that without negatively impacting levels of quality, levels of service, and we're optimistic about the progress being made, and especially what that means for our exit rate in both revenue and cost as we enter 2024. And it's a balancing act that we've also combined with building out an industry-leading AI vision. That vision is being brought to life across our practices. I'll give us a more holistic overview after the other practice updates, but first, I'll hand over to Chris and Brady. Chris, over to you.
So let's dive right into our 2023 outlook for Data & Digital Media. We're observing a cautious sentiment around media and large-scale marketing investments in the second half of the year. This has led to a lower commitment rate, particularly impacting our revenues derived from the percentage of media spend from our clients, and this includes our media technology, activation, performance units. Clients are looking to consolidate and find efficiencies and are pushing decisions until 2024. However, our business is somewhat insulated from this trend. Our clients are controlling staffing investments, and that's where our transformations and managed services businesses shine, offering staff augmentation for both seasonal support and downsized client teams. We're also experiencing slower decision-making cycles, pushing new investments to year-end or even 2024.
We're using this time to launch major updates to our media operating system and audience solutions in Q4, and these updates will incorporate next gen AI, optimizing and integrating media workflow with the creative side of the business. Through the remainder of the year, we're also making a final push to move work to lower-cost talent hubs and install that very same automation in those hubs, while controlling costs, significantly reducing hiring and other expenditures through the end of the year to balance off the revenue shift. Moving on to our wins for 2023, we secured new high-profile clients like DECIEM and Kimberly-Clark. DECIEM is a leader in science-backed skincare, representing a new media win across 4 different markets. Kimberly-Clark, on the other hand, has consolidated programmatic media activities across the globe with Media.Monks.
A significant win made possible through close partnership with Google. Our media AOR offering is gaining momentum as we've won contracts with Kraken, Netflix, and Trustpilot. These wins validate our model for the future role of our services against legacy incumbent global media agencies. Our thought leadership in the AI and automation space has been strong, with key partnerships and stage presence. We've been named a launch partner for Salesforce's Web3 and AI announcements, and we're actively co-marketing and co-pitching with Salesforce, Amazon, and Google. And we're not just talking, we're delivering. We're ramping up our development of modularized enterprise-grade, cloud-based media data and analytics products. The biggest push that we've had is coming in Q4 with the launch of our Media OS tool and our inflection planning approach to faster and automated media investment and decision-making.
This program has been piloted with new clients and is primed for a public launch in 2024. Our significant investment and existing relationships in tech platform partnerships are accelerating automation software adoption, and we have multiple large-scale enterprise clients buying and installing our SaaS solutions. We are looking forward to publishing the efficiency improvements that these automation tools are providing to our clients. We've also launched automation consulting services, with early successes in case studies showing a 60% decrease in process inefficiencies, a 50% decrease in admin needs, and a 29% decrease in platform overheads, saving our clients both time and money. Our focus on CRM and Data Cloud adoption is also not just buzzwording. It's translating into accelerated deal velocity. Our AI pilot program with Salesforce's Marketing GPT is already showing promising traction with mutual clients of Salesforce.
These are all calculated bets in automation and emerging AI. Traction will set us up well for 2024. We're optimistic but realistic. We're anticipating broader economic headwinds, as clients are also cautious about investments heading into Q4 in 2024. However, our client base in Data and Digital Media, while delaying investments, is robust and expecting to rebound over time. Thank you very much for the time today. I'll now hand it off to Brady in our Technology Services practice.
Thanks, Chris. I'm excited to share our progress and achievements in the technology services pillar across H1. We've had a very strong first half of the year. Our primary focus continues to be on improving volume and momentum through the top of the funnel. We've signed a number of new clients for the pillar, including Philips, Rise8 , BMW, Southwest, and Apex, amongst many others. We're seeing continued success selling and collaboration across the pillars. You can jump to the next slide. Our strategy of landing and expanding has proven effective, especially in tandem with Experience Monks, Platform Monks, and Data Monks. We're winning together with our internal partners, scaling across the enterprise, moving from the office of the CMO to the office of the CTO, and vice versa. The end-to-end value proposition is fundamentally very appealing to our target client demographic. Next slide.
We're continuing to expand our services stack, of course, with meaningful new capabilities, like our global consulting services line, cloud services, and AI, where we picked up a number of new engagements with clients, including SC Johnson, Kraft Heinz, and T-Mobile. Our new AI service offerings include AI readiness assessments, AI innovation studios, and rapid discovery geared specifically towards AI. We've added dedicated leadership like ex-Googler, Anirudh Sarathy, for cloud, and Kwasi Ankoma for AI. Our consulting services layer, on the next slide, is continuing to expand globally, serving as the tip of spear for our land and expand strategy, helping us to deliver continuous innovation to our clients, while developing long-term demand signals and unlocking new opportunities. Next slide. We recently introduced our first commercial self-service AI product called DocRobot. You can try it out today at www.docrobot.ai.
DocRobot allows users to effortlessly aggregate, condense, and interpret business intelligence information at scale, while concealing sensitive and confidential data. We're using it to extend capabilities within our consulting practice, but also exploring direct licensing opportunities within our client portfolio as well. And finally, on the last slide, we're continuing to invest in the most critical elements of our short- and mid-term growth strategy: demand generation. We made two key hires in half one, Vinnie Lee, our new Technology Services pillar CMO, and Patrick Ward, our new VP of marketing. Efforts under their leadership have driven substantive upside into the top of the funnel, especially when it comes to the strategic staffing side of the business, where we're seeing increased demand signals as clients and prospective clients shift from FTE to continued workforce focuses.
On the other hand, we've been focusing on deepening and broadening our partnership strategy, including a meaningful new relationship with Oracle. We'll be with them this week at CloudWorld, and with NVIDIA as part of the overall Media.Monks NVIDIA relationship. That's everything on the Technology Services side. Let's jump back to Wes for an update on AI.
Thank you, Brady. Okay, we've talked a lot about this, and talked a lot about being fast and first. Our commitment stays the same when it comes to being fast and first to AI. Go to the next slide. I'll do a relatively fast update on our positioning and progress, and if there are any questions, we can dive in during our Q&A. Let's look at what's happening now. We can go to the next slide. Since our previous update, which is a few months ago-
I've done AI now sessions with over 100 enterprise leaders, and while there's still legal and ethical complexity in play, we have never seen this scale of interest at this level of the organization before. While we are clearly early in the revenue cycle, the potential plus our product-market fit can be summarized by the quote on the following slide after one of our sessions. Why is there this level of excitement at the C-level? I would say it's because this isn't about incremental change. AI can truly unlock manifestly better value for our clients. If we go to the next slide, it really comes down to three main areas, and after this, I'll show you some concrete examples. First area is more efficiency. We're helping our clients replace parts of manual labor spend, parts of physical spend with cloud and compute.
We go to the second slide. Part of this is about effectiveness. If you are less economically constrained when it comes to making things and making more things, how do we actually make sure that more is better? To do that, well, we need our data and media teams to make sure we compound the effects of the additional material that we're creating and learn from that, become more predictive. And then the next slide really is the last part of this stack. It's experience, right? We can define consumer experiences that literally weren't possible half a year ago, and it means for our clients, there's opportunity to leapfrog competition within their category and within their industry. A few core examples. If we go to the next slide, we're building pipelines. This isn't just about using AI tools.
This is a combination of technology, workflow, and talent, and that combination replaces traditional parts of the marketing and advertising stack. Some examples are our photography pipeline, where a mix of talent and machine is creating massive efficiencies for our clients when it comes to asset output. Another example is in what we call scaled copy. Again, a combination of technology, workflow, and talent creates efficiencies, more output at higher speed. But what's important is that these pipelines then unlock more effective marketing, better advertising, right? More personalized, more targeted, more contextual. And to make sure we actually capture that value, our data teams are helping our clients set up their data pipelines, right? AI can feel like magic sometimes, but literally, it's data science, data structure, data syntax. That's the real key to getting to the full value of the technology stack.
This way of thinking, if we go to the next slide, this idea of workflows is very aligned with NVIDIA. We're building out that partnership. I think the relationship is well captured within this quote. "Our collaboration with the Monks will help deliver a more engaging and personalized experience for brands and consumers." But it isn't just the relationship with NVIDIA in this space. We have relationships across what we call the cloud and compute space. And why that is exciting is it allows us to go to market together in very disruptive ways. Go to the next slide. This is an example of last week, but it's still happening. I think IBC today is the last day. This is a go-to-market together with NVIDIA, AWS, and Adobe, where we're launching software-defined production services for major global broadcasters. Very new, of course.
Today is the last day, but we have very high interest from major broadcasters across the globe. We hope to report some good news in our next session together, and we are NVIDIA's only integrator of choice for this tech stack. If we go to the next slide, I think important just to talk about what this moment is. This is a completely new game. This is a cloud and compute revolution. If you look at the last 10 years of our industry, that's been about software eating the world. AI is now digesting it, right? And I thought Citi's AI Arm Race report that came out recently had a really good view of the value stack in this space. And because of our focus on being fast and first, we're playing at every level.
Via our partnerships across silicon and infrastructure, our projects and products hit across software and applications, and as you've seen, all of our practices have services and pipelines to help our clients be fast and first in their specific industry. And while we don't build the foundational models, that honestly is not our job, we are helping clients train and tune them. This full stack offering means we have active engagements across a growing set of clients and sectors. If we go to the next slide, again, this is early from a revenue perspective, but we have efficiency plays, we have effectiveness plays, and we have experience plays already in the works. Some of this is early, right? Workshops, consultative and strategy practices, pilots. But as we improve the value of this moment, and within that moment, our own value, the revenues, of course, will compound.
It's great to see how active and healthy our pipeline already is when it comes to AI engagements. If we go to the next slide, I guess this is the key question: Why are we so excited about this moment? There's everything to play for. This illustrates the size of the addressable market. Even with the massive influx of money in traditional over the last decade, a fifth of retail firms doesn't even have a website. Only a quarter of enterprise workflows happens on cloud, and a large percentage of what you would call mature digital advertising clients still struggle with the basics, like dynamic creative optimization, let alone end-to-end solutions between data, content, and media. The question then is, why is that the case? A big part of that reason is simple economics, and as we've said many times, AI changes those economics.
Don't just take my word for that. If you go to the next slide, take Louise's word, one of the key operational leaders driving into productivity gains. Go to the next slide, take it from Michael, who's creating completely new ways for our clients to interact and interface with their datasets. And if we go to the next slide, take it from Vincent, part of the Experience team, where they're working on consumer experiences that we've always imagined, right, and are now possible because of AI. And with that, if we go to the next slide, make sure to download and read our Generation AI Report together with Salesforce out later this week. Of course, we know this is a very hot topic, so we're always available for any follow-up chats and discussions in this space. And with that, I'm gonna hand over to Sir Martin.
Thank you. Thanks, Wes, and thanks, Brady and Chris, again, for getting up in the middle of the night to deliver this from Mexico and Colorado and Maine. Just on a summary and outlook, we had, as we said, a very mixed first half. Net revenue growth of 5%, like-for-like, behind our expectations, and that reflected the challenges that we're seeing macroeconomically and client fear, or concern about recession. There has, however, been solid growth across the scaled client base, across the Whoppers and Whopportunities, with our top 20 clients being up 9% versus the 5% for the firm as a whole, and the top 50%, top 50 clients up 11%.
We've seen longer sales cycles, and that's particularly evident in content, and especially with tech services, tech with technology clients and local and regional clients. I think the scaled clients and the portfolio clients, that's what we call the Whoppers and the Whopportunities now, have increasingly grown, and we've seen an increase in our scale and scope with our major clients. And our top 13 or so clients cover about 55% of our revenue base, which this year is around GBP 1 billion. Profitability, however, does reflect that slower line, slower top-line growth overall, and there has been some people and cost, and indirect cost inflation.
And we came out below budget at GBP 37 million for the first half versus GBP 30 million last year, but on a like-for-like basis, obviously, down. We've taken a disciplined approach to cost management, and there has been a focus on efficiency and integration, which will positively affect H2 and Q4 in particular, but there is more to do, as has been highlighted. The number of people that we have in the firm, the number of monks, is now down about 8,500 versus 9,000 or so this time last year. On the cash flow front, net debt of GBP 109 million is better than last year, which was GBP 135 million at the same time, and better expected, primarily due to the timing of combination payments.
They will be made more in the second half of this year, and year-end guidance remains GBP 180-220 million for net debt. The board is focusing on an ordinary dividend of at least 1 pence per share, depending on the 2023 outturn, and that does reflect the board's confidence in our strategy. There's continued ESG focus on three areas: zero impact workspaces, on sustainable work and diversity, and last but not least, on equity and inclusion. And we're getting, as Wes has pointed out, initial traction from AI conversations and initiatives, the AWS, Adobe, NVIDIA example being a good example of that, and we remain at the forefront of leading this change. The revised, we've altered our guidance.
We've revised our full-year net revenue target down, like-for-like. We expect it to be likely down, like-for-like on prior year, with the operational EBITDA margins now targeted at 12%-13.5%. Having said all that, we remain confident in our talent, in our business model and strategy, and focus on scaled and portfolio clients, and that positions us well for above-industry growth in the future, in the longer term. But with an emphasis on improving efficiency and margins, and last but not least, with a focus on returning the cash flow to shareowners in the form of dividends and share buybacks. So with that, I'll hand over to the operator to see if there are any questions.
Thank you. Ladies and gentlemen, if you wish to ask a question at this time, please signal by pressing star one on your telephone keypad, and please make sure the mute function on your phone is switched off to allow your signal to reach our equipment. If you wish to cancel your request, please press star two. Again, please press star one to ask a question. I will pause for just a moment to allow you to signal. As a reminder, to ask a question, please signal by pressing star one.
Is there no-
It seems we have no questions today.
Fine.
And so with this, I'd like to hand it back over to Sir Martin-
Good
... for any additional remarks and-
Thanks
... thanks, sir.
Apologies again for everybody getting up in the middle of the night with no questions, but anyway, thanks for the presentations. We had about 170 people on the first call, 190 people on both means of communication, and about 50-55 on this call. So thanks, everybody, for your time in attending, and thanks to all the presenters for the effort. Thank you very much. See you for Q4.