Good afternoon and welcome to the S&U plc full year results investor presentation. Throughout this recorded presentation, investors will be in listen- only mode. Questions are encouraged, and they can be submitted at any time using the Q&A tab situated on the right-hand corner of your screen. Just simply type in your questions and press send. Before we begin, I would like to submit the following poll, and I would now like to hand you over to Chairman Anthony Coombs. Good afternoon to you, sir.
Good afternoon, everybody. Can I just thank Investor Meet for this opportunity to present our results from S&U for the period of the fifth of February 2026. We always like the opportunity to engage with investors, and we find this a particularly good way of engaging with our retail investors. Many thanks to Investor Meet for that. Just quickly going through the highlights of this year. We've had a good year. This is a year of recovery as we anticipated it would be. Overall, our profits are up by 32% to GBP 31.8 million. Both Advantage, our motor finance business, has performed very well, GBP 16.5 million to up to GBP 23.4 million profit before tax. Receivables are up to GBP 317 million.
That's part of group receivables, which have reached for the first time nearly GBP 500 million , and we expect to go even higher over the next three years. Aspen, our property bridging business, has produced record profits. Both have had significant improvements in their credit quality, although, to be fair, both the Advantage's impairment was unusually high due to a regulatory intervention, and are making provision for that for last year, which wasn't required and will remain at low levels in the years to come, which obviously is good for Advantage's future profits. With that, we're very confident about the future. We've got a big refinancing exercise going on to securitization, which will actually effectively double our capacity to fund our business over the next three years, and we expect that that will result in a significant expansion of it.
I just want to emphasize to investors that we're not just going to expand because the funds are available, and we're not just going to expand because vanity rather than sanity. We're only going to expand if the lending opportunities become available, and we will be making sure that our margins reflect that. The only other thing I would like to say is that since these results, Mr. Trump has decided that he would like to maintain his adventures throughout the Middle East. We think that that will be resolved reasonably quickly. Even if it isn't, we don't anticipate that having a very big effect on our motor finance business, and we anticipate that our property business, our property finance business, can gain market share to compensate for any problems that the general residential market might experience.
With those few words, I'm going to ask Chris Freckelton, our Group Finance Director, to go through the group financials. If you could turn to the next page, that'd be really helpful.
Thanks, Anthony, and good afternoon, everybody. Starting with the income statement, our profit before tax for the year is GBP 31.8 million against GBP 24 million this time last year. A 32% increase year-on-year. In terms of the key movements in the income statement, revenue is actually down 7% due to lower average receivables during the period and our cautious lending approach in Advantage in H1. Happily, that recovered in H2, and our revenue as a result in H2 was GBP 56 million compared to GBP 51.5 million in the first half of the year. Impairment substantially reduced from last year, reflecting better Advantage repayments, which were at an average of 90.5% of due versus 85.6% last year. We also had a debt sale in Q4, which helped the impairment charge by GBP 2.5 million.
We've continued to see excellent collection and recoveries in Aspen at GBP 188 million versus GBP 157 million last year. In terms of other areas of the P&L, cost of sales have increased 44%, albeit from quite a low base to more normalized levels following a return to higher advances in Advantage. Admin expenses are 31% higher than last year, and that's due to a couple of factors, one of which being higher staff costs as we invest for growth in the future. We also had additional complaints costs in Advantage from CMCs in terms of processing in the first half. Perhaps more importantly, we also recognized a FCA commission provision following the final scheme rules being announced recently of GBP 1.8 million.
Finally, finance costs have reduced due to the lower average borrowings and obviously the lower SONIA rates we've seen this year as well. If we can turn over onto the next slide. In terms of the balance sheet, it's a relatively simple balance sheet focused on accounts receivable, borrowings, and equity. Following the recovery I mentioned in advances in H2 for Advantage, we've seen the net receivables increase 12% to GBP 317 million, and that's also assisted by the better repayments and collections performance, meaning lower provision requirements. Aspen net receivables have increased 18% to GBP 179.7 million following the very strong lending year-on-year and a more normalized level of collections and recoveries in H2. You may recall from our interim presentation that we were ahead of budget in terms of collections in H1, and that's now normalized to be in line with budget for the full year.
Borrowings is the last item to call out, has increased in line with the increase in the loan books and including the GBP 0.3 million of bank overdrafts we've got, represent net borrowings of GBP 241.8 million as at the balance sheet date. If we move on to the next slide, this is the cash flow and just tries to show the movement in the balance sheet positions more clearly by division. Overall, we've had an increase of GBP 49.5 million in net borrowings since last year. As you can see in the tables in the middle or on the right-hand side, that's predominantly been driven by advances. As you can see in Advantage, they've increased by 66% to GBP 182 million in the year, and Aspen has increased by 18% to GBP 212 million.
We've also had dividend payments of GBP 12.7 million driving funding requirements, but that has also been offset by the good collections performance that we've seen in both businesses, as I've already mentioned. From a gearing perspective, that means we end the year at 97% versus 81% in last year. Finally, just over onto the next slide for treasury and funding. The net borrowings of GBP 241.8 million sit comfortably within our committed facilities of GBP 330 million. You will clearly notice that that's GBP 50 million higher than at interim, and that's following an accordion agreement with our RCF club lenders, which we secured in January this year. Since year-end, both businesses have required additional funding to support growth, and we very much expect this to continue for the remainder of the year.
Therefore, we're currently engaged in a major securitization project, which I'll hand over now to Jack Coombs to provide a bit more detail.
Yes. Good afternoon. Hi, we're currently pursuing two securitizations, one for Aspen and one for Advantage. As the chairman alluded to, this is aiming obviously to give us capacity to double the level of available funding. Nevertheless, I think it's important to emphasize, as was mentioned previously, that our lending is obviously going to be driven by the right opportunities rather than by the availability of funding. Initially, all we will be doing is essentially a like-for-like refinance of our RCF facilities with the accordion thereafter providing the headroom. Essentially, these facilities will be standard securitization facilities in the sense that they will be non-recourse either to the subsidiaries or to the group. Also, these will provide a good improvement in cost of funds. I think it's just worth mentioning that the longer-term trajectory is obviously that Advantage would qualify for a public securitization.
There are further benefits to come to the group in the years to come. It's an exciting time. We've obviously put together a treasury team to facilitate this, and there's also insights that we're getting around the business off the back of additional data requirements that we're obviously putting together, which will hopefully improve our management reporting.
Good. Thank you.
Sure.
I'll pick it up from slide 10.
Well done.
First to the world of lending. You'll note there's a good strong return to growth in terms of cases, volumes, and quality really unlocked by much improved credit risk capabilities, a whole new scorecard, a fresh sort of real 21st century approach to affordability, and the ability to ingest much more comprehensive data sets. We accelerate through Q3, as you see there on the graph, testing both our maximum operational and pricing capacity, and then aligned with the festive season, it tapers off in Q4, and that steady good levels of growth continues into 2026. Turning to slide 11 and the other part of the business on the repayment side.
Not such a build back really, just a full year significant year-on-year improvement, leveraging our established and experienced team, revised structure that's been in place for many months now. Bedded in all the changes you would have heard me speak about when discussing FY 2025. Repayments are up, bad debts are down, and those trends continue to improve in 2026. Really off the back of some significant investment in 2024, latter end of 2023, and throughout 2024 in upgrading our platform, training our people, investing in new technologies, and of course, improving general book quality. Turning now to external factors such as the regulatory space. Obviously, we're in the middle of a very important period for all motor finance lenders following the publication of the final rules as part of the FCA Commission Redress Scheme. From our perspective, look, we have a clear roadmap to execute against those plans.
We feel it gives the market a clear and consistent future to work upon, and we'll be progressing that project for the remainder of this year. Looking to the table, we're delighted that our success in looking after our customers is reflected also by the findings of the Financial Ombudsman Service. My last point is, after a year of quite exponential growth in terms of applications and cases written, that does nothing to inhibit the service we offer our customers. Holding on to that super high 4.9 out of five Trustpilot score throughout the year. Turning to what have we been doing specifically as far as some of the key strategic activities over the last 12 months. Innovation, sustainability, a high-performance culture really underpins our strategy. Refreshed and relaunched the latter end of 2025, so well underway as we sit here today.
Very briefly, in Q1 last year, four examples I'll give you. Q1, the investment in the technology through the portal and telephony to improve access for our customers. Very high levels of engagement, which we're very pleased with. In Q2 is around the team and the environment and the premises. That project concluded very successfully, improving our capacity at our head office there at Advantage. In Q3, it was really a focus on credit risk and affordability assessments. That was a major upgrade underpinning a lot of our growth in sustainable lending. Lastly, we were very pleased with a very practical and scalable use of AI, building very journey-specific AI products, primarily in the customer repayment space. Three new products made a big difference as far as our operational productivity and capacity in collections.
That investment continues into 2026, turning our attention to the new business operations areas currently. Lastly, on the next slide, really all I'll say is that investment that pays dividends continues at a pace. We'll be very shortly expanding into new channels of distribution. We have a very clear strategy upon which we're executing. We're into already the latter stages of a phase two of our AI project and investment, benefiting, as I said before, new business operations, augmenting greatly the capacity of management and including the recruitment and onboarding of our own in-house AI engineering expertise. Suffice to say, we've had a very positive first quarter of this year. I'll hand over to Chris for more details about that.
Thanks, Karl. The next four slides take a closer look at the Advantage book debt performance. During the period, we've originated 18,279 deals at say a higher average advance of GBP 9,935. On the whole, better quality customers demonstrated by the higher average customer score and also the lower flat interest rate per annum. Following the introduction of the new scorecard and refinement of the affordability models in Q3, we've seen a move back to our more traditional customer base, resulting in the average customer score reducing and the flat interest rate per annum increasing from where we were during H1 to land at 13.5% over the course of the year. Cost of sales have remained elevated to prior years, but again, have reduced since interim following the return to our more traditional customer base. If we turn over to first repayment quality.
Historically, we've seen a good correlation between first payments made by customers and bad debt end outcomes after five years. The blue line axis here is first payments made, while the red line axis is bad debts, and the dotted red line is forecast bad debts. As I said, following the move to our more traditional customer base, we have seen first payments decline from their recent highs when writing better quality originations since Q3 onwards, albeit that recent performance is in line with what we've experienced from the book in the past 10 years. I think it's important also to draw out that the dotted line in terms of bad debt forecast outcomes continue to reduce, reflecting our improved collections performance across the business. Let's turn over to repayments more generally.
This is a simple payback chart of investment by Advantage by year of origination, showing the customer advance and the cost of sales of writing that business, and that's denoted by the blue line. We have the customer repayments in the green line. As you'd expect, collections are largely complete for the January 2019 to January 2021 cohorts, with the future years' forecasted collections based on historical analysis. You will see the collections performance is expected to be lower for the January 2023 and January 2024 cohorts, following the challenging collections performance during the regulatory review. Happily, though, we expect that to improve for the January 2025 and January 2026 cohorts, as you'll be able to see in the graphic there on the slide.
Then finally, just over the page on to an analysis of the book debt at each balance sheet date based on arrears status. For the reasons we've already mentioned around better collections performance and improved lending, we have a much higher proportion of our debt in the up-to-date category at 71.8% versus 64.5% last year. Far fewer accounts in the worst performing arrears buckets of 6+, at 5.7% versus 9.3% last year. This has continued to improve post year-end as well. I'll now hand you over to Ed Ahrens, CEO of Aspen.
Thanks, Chris. Aspen has had a very strong year, 2025/2026, reaching new records in terms of lending, GBP 212 million, as well as record repayments of GBP 188 million, as Chris mentioned earlier. While at the same time, importantly, maintaining the quality of our lending. That's resulted in a record PBT of GBP 8.8 million for the year. We've expanded our product offering, and continued to build our strong reputation with our brokers and wider borrower community. We see continued growth in bridging, and for the future and with the ongoing shortage of housing, there's plenty of stock to refurbish and invest in. Next slide, please. This is a slide we've shown before. We look at the business over a five-year period.
Key headline here, we've reached GBP 790 million of capital lending with only 0.02% of actual capital losses, which is extremely good and representative of the quality that we're talking about in our book. Two key messages to draw out from this table. You can see that the average loan sizes have come down a little bit. This is a market-wide effect. We've actually made up for that in our business in terms of volume by doing more loans, but also our product development has helped with average loan sizes being supported upwards with some of our newer products, longer term products. You can see the effect of that at the bottom of the table with the 16 months of average original term. We've been managing our blended interest rates in a reducing interest rate environment for that period.
It's worth noting that our outcome yields for loans that have actually repaid typically exceed all of our original blended yields. From a cost of sales, you can see that we're in control of that at 1.1%. I'll now hand you over to Jack on the next slide.
Yes. In terms of the outlook for Aspen, obviously the level of increase in volume of deals was very strong last year. I think we expect to continue to increase the level of deals that we're doing. One thing that we also saw, obviously Ed mentioned, was a reduction in average loan size. That's really off the back of the more prime conversion redevelopment market really being weaker in the U.K. off the back, obviously, of changes in taxation and non-doms and various different things that have impacted London specifically and other more prime locations. Obviously we're continuing to innovate and take market share. I think that's definitely the theme for Aspen.
We've seen, and we've got a question coming up later, but we've obviously seen a lot of success in the product diversification that we've undertaken in our buy-to-let and bridge to let direction, which obviously we can come on to the questions later on, so I won't go on about that too much. Essentially, we're obviously seeing, as Ed mentioned, the average length of the term increasing. That'll continue to increase this year to around 18 months. Essentially a healthy origination whereby we've always consistently lent year -on- year more than we did the previous year. We expect this year, despite the headwinds in the property market, to be no different.
That combined with the longer average length of expected term used and obviously origination will lead obviously to a healthy and consistent book growth. We're not necessarily seeing the level of increase in staffing being commensurate with lending. We're seeing that our people are more experienced and as a result, we've got good capacity within the business. As is mentioned on the slide here, we are integrating AI into the business and using that more and more in order to ensure that we're maintaining an efficient base. Essentially, we've got good control on the valuation side of things. We've got a very low level of default position, and arrears position, which is also a healthy place to be. We feel like we've got good control. We're not going to loosen our appetite in terms of our credit appetite in any direction particularly.
We believe that the combination of our in-house capabilities, which are pretty unique, and our innovative products put us in a good place to continue the growth of the business.
Great. Okay, well, thank you very much for that. I want to leave time for questions. I mean, because obviously the essence of this is interaction as well as presentations. I would just conclude by saying that we hope that that presentation gives you an idea of two things. First of all, that the business, in terms of its present makeup, is operating well, as reflected in the results. And secondly, that our ambitions are very much intact and that what we're trying to do with the refinancing process is to lay the ground for the funding we require for expansion in the future. At the same time, over the last two or three years, we've been laying the ground operationally for an operation which can be expanded in a very successful way.
We believe that the markets that we're operating in, both in terms of the value end of the motor finance market and in terms of an underprovided housing market, will, in the long term, benefit the business. I think we're therefore in the right markets. With that, could we move on to questions? I've been trying to look for the questions, but I can't quite find where they are.
Absolutely.
That's great.
Okay.
Yes. I'll read out the questions for you, Anthony, if that's okay?
Thank you.
The first one here says, "Given S&U's traditional underwriting approach in subprime, is this a strength or seen as a weakness in a market which is becoming more digital in its processing? Also, how have the improvements in collection rates been achieved?
Very good, thank you. Over to you, Karl, for that.
Great question. The first thing, the underlying premise is that in specialist markets or non-prime, digital or digital first doesn't apply. That's absolutely correct from sort of previous years, but less so, if not in fact, not at all going forward. The subprime or non-prime specialist market strength of experience and knowledge that we have continues going forwards, but also can be hugely accelerated with the application of digital solutions. It's fundamentally no different. The tooling available to a funder to serve the market are the same regardless whether it's the very prime to non-prime to specialists. In this modern world, the same digital approach will succeed. The collection rates have been achieved really. First of all, it's a very well-established, experienced team that have looked after customers buying cars for an awfully long time, in their 27th year.
Some of them have been there over 20 years. First of all, the corporate memory is very strong. The upgrades and investment of a strong seven-figure scale in 2024, training, technology, resourcing, org design, those are the key pillars really as to our current performance. Long established experience, very modern level of investment, improving book quality, they all point to the improvement in collection rates.
Thank you.
Perfect. Thank you. The next question is on Aspen. In relation to the Aspen buy-to-let option for developers, how well has this specific innovation been received in the market?
Yeah. I'll take that. Good question. It's been developing over the last couple of years. To give you a sense of that in terms of this last year that we're talking about, it represents 40% of originations for our business. We think it's doing well, and we expect that to continue to do well in the future. It does attract high quality developers and good quality projects. We expect that to be the same going forward.
Just to clarify, that 40% figure relates to both the bridge to let and of course, to the buy to let element. Every single one of our buy to lets has originated off the back of an Aspen bridge, which I think fundamentally is the route to quality here. Just to give some color to that, essentially, if you were going into the buy to let market and you were trying to originate debt that was on the sort of rates that obviously the group would demand, you would be going down the quality curve quite significantly. We're not doing that because, of course, we're essentially lending to people who are undertaking conversion projects or whatever they're doing, and we have an issue with the bridge. Then essentially, typically, the buy to let element from Aspen tends to be almost like a backup.
I think essentially you've got two types of deals that we're replacing there. You've got one is a development exit deal, which is obviously a well-established route within bridging. Essentially people are not having to go and seek a development exit loan, and there you are actually essentially passing on some degree of saving to the customer while also retaining them. The second option is obviously the people who are hold people, who are staying with us on the multi-year product. Essentially one of the things that is working in our favor, the reason why people take these backup options and why they then end up converting is because, of course, you have various different time lags to do with completion of works on these projects, to do with getting all of the paperwork required, and then actually achieving a term exit takes many months.
The combination of that just means that as a result of timing, we actually convert about 66% onto the buy-to-let. It's a successful niche which helps us originate.
Good. Okay. Right. Nominations, please, Alex.
Perfect. Thank you. The next question here is: The drop in impairment charge was a key driver for the PBT improvement year-over-year. Is the GBP 13 million a normalized, sustainable level given expected business growth in 2026?
Good.
Yeah. Thank you. I think the key things to draw out here is the GBP 13 million this year was a good performance. I think it was obviously helped by the GBP 2.5 million gain on debt sale that we did in Q4, which is we were expecting to be more of a one-off item rather than a continuing trend. Certainly for Advantage, we'd expect the impairment to increase a little bit based on excluding that debt sale gain, albeit, you're quite right to point out we've got quite a lot of growth in the book planned, but we are expecting our cash collection performance to continue to improve from the basis that we've seen this year, hence why you don't see a big jump in the impairment charge.
If we look at Aspen, that has had probably quite an unusually low impairment charge this year, and that's because we had some really excellent collections and recoveries in H1 in particular on some of our more long-standing arrears cases. I think that will naturally increase a little bit more to a normalized level that we saw sort of this time last year.
Understood. Thank you. The next one here is: You've achieved strong growth. How do you ensure you maintain your disciplined approach to risk as volumes increase?
Well, we do that by maintaining our credit standards in both businesses. We've continued refining our credit scoring. We have refined our affordability. That's an advantage. In Aspen, we're working closely as part of the rebalancing exercise with the banks. In order to ensure that our underwriting criteria meet their requirements as well as our own. For those reasons, we're maintaining our existing operations but refining them, and we anticipate that that will mean that the quality of our debt remains very high in both businesses. It's crucial it is because that's our main asset. If you look at the assets of the business, the vast majority of them are in the GBP 500 million worth of receivables, and we've got to make sure that that is maintained.
Just to put a bit of color on the Aspen book, there isn't a single live CCJ on the Aspen book, which is why we say it's quite a prime bridging lender.
Perfect.
Good.
Thank you. The next question here is on competition. Are you seeing any competitors pull back, creating opportunity for S&U?
That's from Peter M. I'd also like to couple that with Nigel A., because I think he's probably talking about motor finance, particularly given the MotoNovo situation. Nigel A., do you want to just read out Nigel A.'s question there?
Of course. Yeah. With MotoNovo, who have 10% of the market pulling out of the U.K., are Advantage aiming to take a slice of this market share? Is there an opportunity to buy the book off Aldermore? Linked to this, given the redress impact on Close Brothers, Lloyds, Barclays, et cetera, are we seeing organic growth from competitors adopting a more cautious stance on lending? Have we seen evidence of this in Q2 and the 2026 pipeline?
Over to Karl.
Thank you for the short questions. Let me pick them apart a little bit. Is there going to be opportunities? Yes. Following off the back of all we've seen in regards to regulation, FCA redress and the bills that follow that, we are in a certain period as to what the rules are. We have a relatively high degree of certainty. I'm talking at the market level here, not just at Advantage, as to what the costs are. What happens next on this journey? Not so much. As you've seen, some are accepting of the rules and wish to execute against them. Others may not. There could be a few more twists and turns in this story yet.
From that, obviously, therefore, you'll have some who want to double down in the market and continue to serve it strongly, and others who may not, for various reasons, be in a position to do so. Obviously, you wouldn't expect us to comment against any specifics there. We are of a mind to take advantage of opportunities as and when they arise, whether they be market specific or organic growth. There's an awful lot of market for us to go for. We have about an 8.5% market share of the non-prime motor finance market, so plenty of runway. I probably wouldn't comment so much on the specifics of other lenders that are being marketed for sale. I'm sure that will take a great deal of time for that to happen. We went round the houses there a little bit. My apologies, Nigel.
I think it's going to be a long summer before we get some real clarity as to what some of our market participants intend to do. One thing's for certain, a plethora of opportunities sit before us. They did anyway, even prior to the regulatory intervention or other aspects. We still have 92% of the market to serve from one perspective, so I hope that helps.
Fantastic. Thank you, Karl.
Could I just ask, Alex, it's disappeared from my screen. The most important question has disappeared, which is from Matt H. If we can get that one back, because I'd like to do that last.
Yeah, no problem.
Could we go on to Edward G. next, if you could read his as well?
Yeah. Your admin costs have risen from around 13% of sales in FY 2021 to nearly 27% in the second half of FY 2026. I know this is due to various temporary costs associated with compliance. Can you give a guidance on what it would be if these one-off changes were stripped out?
Do you want to do that, Tim?
Yes, absolutely. You're absolutely right. One of the key drivers of the increase for our admin expenses this year is the recognition of the FCA commission redress provision of GBP 1.8 million. If we strip that out as treated being more of a one-off item, the admin expenses increase would drop from sort of around 31% to closer to 22%. In terms of guidance for next year, we're not expecting a big increase in admin expenses. We're expecting that to track broadly in line with inflation.
Fantastic. The last question, which Anthony was referring to is, what do you think the market is under-appreciating about S&U today?
This I thought was the most important question, because it impacts on the value of the business. That's something all of us shareholders and potential shareholders are very much interested in. My view would be twofold. First of all, I think it may be that people don't appreciate that, thank God, we are now in calmer regulatory waters so far as Advantage is concerned. That hasn't been the case for many years under both governments, Conservative and Labour. I think that the penny has now dropped, that if you want growth, you've got to have proportionate, I'm not saying no regulation, but proportionate and pragmatic regulation. Regulation which is consistent and which is predictable. Because if you don't get consistent and predictable regulation, you don't get investment. If you don't get investment, you don't get a growing financial services industry.
I think the penny is dropping, both in government and in the regulators, that that is the case, and we'll look over the next few months to see how that is translated into pragmatic action. I keep on saying that there was a very good report from the House of Lords Select Committee on regulation, which dealt precisely with this topic, regulation of the financial services industry, and it made 77 recommendations. The FCA, Nikhil Rathi, appeared before it. He's appeared recently again before it, and hopefully those recommendations will be followed up by both government and by the regulators. Whether they are, we don't know, but it'll be a good acid test of the government's commitment towards growth in the English financial services industry, which has unfortunately contracted over the last few years. That's the first thing.
We think that there's a more consistent regulatory environment. The second thing that we want to emphasize is that obviously dependent upon the right lending opportunities, S&U is now on a growth phase. In other words, we've had two or three years where we've had to retrench to look at our operations, mainly due to external forces. Provided, and this is obviously important for every business, provided that we have a stable macroeconomic environment, and here we're talking about both national and international, then we see very, very significant opportunities for growth in the business. To give you an indication, our three-year plan would indicate that our receivables go from around about GBP 500 million now to maybe 60% more than that, possibly even more, if we have the right conditions and the right lending opportunities in the next three years.
That is the second thing that I think that the market doesn't really appreciate about us. With that's my answer. I don't know if anybody else has got, Graham, do you want to say anything on that?
Hi, Jeff. I wanted to add something which is just in support of what Anthony was saying. We've got GBP 249 million in net assets. We've got a market cap of GBP 248 million. You-
Good question.
We've always had a sensible provisioning policy. The reality of what's there is solid. Essentially, what's the market under-appreciating, it's exactly as Anthony said, zero value assignment to future growth, zero value assignment to future cash flows. It's a pound for pound on the net asset values if there wasn't the exciting operating future that we've got.
Very good point.
That's great. Well, look, guys, that concludes the Q&A session. You have addressed all those questions from investors, so thank you very much indeed for that. Anthony, before we direct investors to provide you with their feedback, which one is particularly important to yourself and the company, could I please just ask you for a few closing comments?
Well, there's an old wise man who said, "Last words are for fools." We've said what we want to say. Far as I'm concerned, the most important question was the last one from Matt H, and I think I would like to direct our viewers and listeners towards that. That's the most important.
Fantastic. Thank you all once again for updating investors today. Could I please ask investors not to close this session, as you'll now be automatically redirected to provide your feedback, which will help the company better understand your views and expectations. On behalf of the management team, we would like to thank you for attending today's presentation, and good afternoon to you all