Good morning, everyone. Thanks to all of you who've joined us today at the London Stock Exchange, and a warm welcome to everyone on the call. I'm Adrian Blair, CEO of Trustpilot. When I started out as CEO, I said I planned to drive strategic clarity, executional rigor, and steadily improving profitability. I'm happy to say we made strong progress on all these fronts in 2023. Let me start with a few highlights. First, the unique strength of our open platform led to more consumers and businesses using Trustpilot than ever. Monthly unique users increased 30% year-over-year to 57 million. The number of business domains with reviews on Trustpilot hit 1.1 million. That's a 22% increase. The network effects inherent in our model underpinned strong financial performance.
Thanks to a robust customer retention and healthy growth across all regions, we went from a $13 million cash outflow in 2022 to $14 million positive free cash flow in 2023. One extraordinary feature of Trustpilot is the broad applicability of what we do. What started as a way to build confidence in e-commerce has become an important symbol of trust for any sort of business. That applicability across any vertical in any country creates significant headroom for growth. I'll tell you more shortly about how we plan to capture that opportunity. Before that, let me hand over to our CFO, Hanno, for more detail on the financials.
Thank you, Adrian, and good morning, everybody. Thanks for joining us, whether you're here in person or attending via the webcast. I want to say it's amazing to be here at the London Stock Exchange in person with you 3 years after our entirely virtual IPO in 2021. I'm Hanno, the CFO of Trustpilot, and I will take you through the financial results for the year 2023 in detail before handing back to Adrian for his strategic review. In 2023, we proactively managed the business to deliver top-line growth, operating leverage, profitability, and free cash flow. We accelerated our path through profitability with adjusted EBITDA and positive free cash flow ahead of market expectations. Annual recurring revenues increased by 22% to $197 million, an increase of 18% at constant currency. You can safely assume that at this point, we have surpassed the $200 million in ARR mark.
Bookings of $195 million increased 18% year-on-year, or 16% at constant currency. Adjusted EBITDA was $15.5 million, and we generated $13.8 million of free cash flow. We're financially strong and closed the year with $91 million of cash on the balance sheet and no debt. Looking at the regions, we had another successful year in the U.K. with bookings of $77.4 million, up 17% year-on-year, both on reported and constant FX. U.K. revenue grew to $70 million, an increase of 17%, or 16% at constant currency. This revenue growth reflected the prior year bookings performance and a positive FX trend. I'll come back to the positive market momentum in the U.K. in a minute, but let me touch upon the other regions first. Europe and the rest of the world generated bookings of $76.3 million, up 22%, or 18% at constant currency.
Our Europe and rest of the world revenue grew to $69.1 million, up 25%, or 22% at constant currency. Revenue reflected a strong prior year bookings performance and a positive foreign FX impact on translation. North America generated bookings of $41 million, a 12% increase year-on-year. Our North America revenue grew by 10% to $37.3 million as a result of 2022 bookings growth. Full- year 2023 bookings saw a slight acceleration from H1 2023 growth of 11% on the back of a stronger H2, and with positive momentum into this year and improving retention rates. Let's drill into our retention rate a little bit more. Most of our revenue comes from existing customers, many of whom have been with us for many years. Our high and resilient retention rates support our visibility into future bookings and revenue.
We aim to improve our retention rates over time by improving gross retention and net account expansion. In 2023, our gross retention declined modestly given the uncertain macroeconomic environment, but remained in line with historic trends. This highlights our compelling value proposition and the return on investment businesses gain from our solutions. We focused on delivering pricing initiatives and reviewed our pricing and packaging model, and we made significant progress. For example, refining our pricing plans helped us increase the average new business contract value year-over-year. Overall, we expanded accounts by 15% in 2023, which is a mix of inflationary price increases, more product features, increasing the accounts, for example, by adding additional domains and countries for our customers, and winbacks. You will recall that the retention rate is a group number and comprises various regional market retention levels.
You should assume that in our more developed markets like the U.K., for example, we already exceed 100% net dollar retention rate. In contrast, the retention is lower in other markets where we have lower penetration. As mentioned before, we saw an improvement in the retention rate in North America in H2 of 2023, which helped our recent bookings growth acceleration in the region. For 2024, we continue to focus on reducing churn and launching new products to drive upselling expansion on the back of product innovation. We've shown this chart before. The U.K. markets are a proof point for continuing operating leverage as we become more and more established in the market. We define market contribution as revenue minus the cost of sales to service the customers and sales and marketing expense to acquire new customers.
In 2023, our U.K. market contribution continued to increase to 63% of revenues as compared to the mid-50s for the whole group. For reference, the U.S. market is now also at about 30% market contribution, so it's contributing solidly positively to the group. As our brand awareness grows, we expect U.S. contribution to increase like we have seen in other markets. Let's take a look at the income statement from a management view down to adjusted EBITDA. You can clearly see the operating leverage we were able to drive through the P&L in 2023. The cost of sales includes network operating costs as well as the costs incurred to onboard, support, retain, and upsell customers. Our gross margin remained unchanged at 82% year-over-year.
The year-on-year decline in customer acquisition cost is somewhat accentuated by the impact of capitalizing sales commissions for the first time of $3.9 million in the year. Stripping that out, our underlying CAC expenses decreased year-on-year to $54.8 million, or 31% of revenue, versus 39% in FY 2022. This reduction was largely driven by operating leverage, lapping the investment of the one-off brand campaign we undertook in FY 2022, and a reduced pace of hiring given the uncertain macroeconomic environment last year. Technology and content costs grew to $46 million, slightly increasing as a proportion of revenue to 26% compared to 25% a year ago as we continued our investment in product, content integrity, and expanding our technology and product teams to support our innovation agenda. Underlying G&A expense increased to $30.8 million.
However, as a proportion of revenue, they declined to 17% from 19% in FY 2022, driven by operating leverage resulting from revenue growth. Here we can see the IFRS income statement. Our operating loss was $0.6 million after a $16 million loss in the previous year. Notably, we began to recognize our deferred tax assets with a benefit of $12.3 million in FY 2023. We have accumulated gross losses of $177 million, of which we activated $56.5 million in 2023, as the path to profitability made the recovery more likely than not. This will provide a cash tax shield in years to come. As a result, we posted a statutory profit after tax of $7.1 million compared to a loss of $14.6 million a year ago. Note that G&A, as reported, includes depreciation, amortization, and stock-based compensation, which we excluded in the management view above.
Here we show the strong conversion of adjusted EBITDA into free cash flow. Because of the nature of our customer contracts, which tend to be annual and on average get paid about six months in advance, Trustpilot is operating a very capital-efficient business. In working capital, you see the impact of phasing in capitalizing sales commissions, which was about $4 million this year. As we amortize this new asset, we expect the impact to be about $3 million in 2024. Another notable line item is the movement in other working capital, which mainly reflects a higher labor accrual in FY 2023, such as the annual bonus, which gets paid out in Q1. Capital expenditures primarily consist of capitalized development costs in the period, slightly declining to $3.3 million. In FY 2022, our CapEx also included office build-out costs of $3.7 million, captured as purchases of property, plant, and equipment.
An IFRS cash flow and a reconciliation of adjusted EBITDA can be found in the appendix. Trustpilot has a strong balance sheet, and the business is now cash flow positive. Last September, we laid out our clear capital allocation strategy, which I want to reiterate here. Our priorities include a healthy balance sheet, continuing to invest in organic top-line growth, innovation to drive new business and retention, the flexibility to engage in targeted M&A, and returning excess capital to shareholders through a share buyback. We ended 2023 with $91 million in cash. On January 11, 2024, we were pleased to announce the launch of a share buyback program. Since then, we've completed over 50% of the approximately $25 million repurchases we targeted. Coming to the outlook for 2024, as a reminder, prior year bookings and ARR are generally a good guide to revenue growth in the current financial year.
In 2023, we grew bookings by 16% at constant currency. Hence, for FY 2024, we're comfortably guiding to constant currency revenue growth in the mid-teens. We also expect further operating leverage and margin improvement, in particular in G&A, as we focus on profitable growth. With that, I'll hand you back to Adrian for his strategic review.
Thanks, Hanno. Over the next few minutes, I'm going to go into more detail on what makes Trustpilot unique and the value our platform creates for customers. I'll then say a bit about the market opportunity and the disciplined approach we're taking to capture it. Trustpilot is unique in combining five elements. First, openness. We are a truly open platform where consumers share feedback on any business with whom they've had a great experience. Second, there's breadth. Our platform is used by businesses from across verticals. Recent customer wins include one of the largest telcos in the U.S., a major French energy company, one of the U.K.'s largest non-food retailers, and one of Europe's leading neobanks. Next, there's audience. Our platform is directly used by millions of consumers. And as I'll go into a bit more in a moment, Trustpilot reaches millions more when businesses include us in their advertising.
Then, of course, there's software. We offer businesses tools to interact with the platform, for example, to collect and respond to feedback and get insights from it. Finally, we invest in technology, engagement, and enforcement activity to reinforce trust in the platform and go after bad actors. All of that creates compelling value for consumers and businesses, significant network effects, and, of course, a global market opportunity. Let me talk in turn about each of those, starting with the value that we create for consumers and businesses. Consumers use Trustpilot to help each other decide where to buy. The value we create for consumers is clear from our numbers. In 2023, they wrote 54 million new reviews, and the platform had 57 million monthly active users. That is a 30% year-over-year increase. The breadth of businesses consumers find on Trustpilot increased during the year to 1.1 million.
Now let's look at how businesses value Trustpilot. We split our value proposition into three clear parts: build trust, grow, and improve. So first, build trust. By collecting and responding to feedback, businesses build trust with consumers and help turn them into advocates. Next, there's grow. The evidence is clear that Trustpilot drives sales. I just want to take you through the different ways in which we do that. In 2023, our website's influenced buying decisions of 57 million people each month. By showcasing their rating in advertising, businesses improve their marketing ROI. Then there's search. Trustpilot got 23 billion organic search impressions on Google result pages in 2023. 80% of those contained the actual Trustpilot star rating. Finally, there's TrustBoxes. Businesses feature Trustpilot reviews on their own websites to improve conversion. These TrustBoxes received 117 billion impressions in 2023.
When you add all that up, you can see the extraordinary reach Trustpilot has and why our customers find it a powerful way to drive growth. Then finally, there's the piece we at Trustpilot are actually most passionate about. We help our business customers get better at what they do by using review insights to improve their quality of service. Meeting with many customers in the last six months, I've seen many, many examples of this. My favorite was a U.S. technology business. Their customer service team told me it used to take them months to get problems escalated to senior management. Now their Trustpilot reviews go straight into an internal Slack channel. Their CEO not only reads those reviews but personally tags people he thinks should be responding. It's a good example for us all, I think.
Our business value proposition is important because, of course, as we create more value, we'll continue to evolve our pricing strategy to capture that value appropriately. Now, I mentioned how many customers are using Trustpilot to improve ROI on their advertising. That's something you can only do if you're a paying customer. I'm glad to say we've now got real science behind this. You may have seen Kantar publish a white paper a few weeks ago looking at the impact of Trustpilot in brand TV advertising. They found that by including Trustpilot, over 50% of metrics they measured were significantly improved. That included intent to buy, increasing by 8%. So if you are a CEO or a CMO listening to this, whatever you're spending on advertising, including Trustpilot, will make it go further.
Now, not only are they driving their own sales by this, they are, of course, also amplifying the Trustpilot brand. That brings me on nicely to our growth flywheel and network effects. The growth flywheel starts with consumers who trust us enough to read and write reviews. That leads directly to more business domains on the platform. Businesses then engage with feedback, actively inviting their customers and showcasing Trustpilot in the ways that we've just discussed. Businesses sent 780 million review invitations in 2023. That, in turn, leads to more consumers finding out about us, so that's the growth flywheel. There are also real network effects. The platform is more useful to consumers if more businesses are on it and more valuable to businesses when more consumers used it. Now, one thing I've learned about network effects over the years is that you build them by going deep, not broad.
That means although we have paying customers in over 100 countries, we'll win by being disciplined and focusing on a few at a time. What do we mean by that? In a focused market, we put a General Manager on the ground who develops and oversees our execution of our market strategy. We solve for these markets first internally when allocating capital and people's time. This is an approach that's very familiar from my time at Just Eat as Chief Operating Officer. Let me talk briefly about our four focused markets for 2024. In the U.K., prompted brand awareness surpassed 80% in 2023, making the platform increasingly valuable to businesses. I still see the U.K. as an early-stage opportunity with significant room for growth, supported by the 63% contribution margin that Hanno mentioned earlier. In the U.S., we gained momentum through 2023.
The strategy my predecessor put in place of focusing on a few verticals is paying off, and I've focused the team on executing that strategy to a high standard. Turning to Germany, this is obviously Europe's largest economy. It was also Trustpilot's fastest-growing market in 2023. Our exceptionally strong customer retention there and strength in the high-customer lifetime value enterprise segment indicate how well our proposition is resonating with German businesses. In Italy, we also have high consumer awareness and a customer base across many verticals, including fashion, logistics, technology, and energy. So I've talked about our unique value proposition, the growth flywheel and network effects it creates, and how we plan to capture the market opportunity ahead. You can see the results of this looking at long-term trends. Over the last three years, we've added 6,000 paying customers net of churn.
The value created for them has increased even faster, with the number of reviews on the platform more than doubling and the number of unique users increasing by 70% over that period. In summary, then, Trustpilot has a uniquely powerful value proposition for consumers and businesses, a growth flywheel with inbuilt network effects, healthy retention and top-line growth, operating leverage creating positive cash flow, and winning positions across some of the largest economies in Europe and, of course, North America. All of that taken together is what gives us real confidence we will deliver long-term growth and margin improvement. Finally, just to say, I'm really energized by the momentum that we've established across the business over the last few months. I'm all about, as you'll know from if you were following Just Eat over the seven years that I was there, I'm all about pace, energy, and accountability.
Our team are rising to that challenge brilliantly, so I'd like to end by just thanking all the Trusties around the world for their hard work to deliver these results. Now we'd like to open to Q&A. First in the room, then we'll open it up to the call.
I guess we pick, right?
Yes.
Thanks, Adrian, Hanno. Congratulations on a great set of results, and thanks for taking the question. I'll start off with two, please. So just on the ACV per customer, you call out in the release that your strategy is to increase the revenue opportunity within your install base, and that's principally by targeting the enterprise segment. So could you just talk a little bit about that opportunity in detail? What steps have you taken over the past 12 months to better address that segment of the market, and what impact have those investments had there? And then secondly, in terms of the outlook, I think it's clear that you're striking a pretty clear balance between growth and margin. And I suppose that's been struck in the context of a softer macro backdrop. It's perhaps not the best time to invest heavily for growth.
So as you move through 2024 and beyond, what green shoots would you have to see in the market before materially accelerating those growth investments? Thanks very much.
Great. Well, maybe I'll do the first point on enterprise and then hand over to Hanno for the outlook. So this is really all about value creation versus value capture. And I see value creation happening in two different ways at Trustpilot. First, there's the increased usage of the platform. You've got to remember, if we are increasing unique users by 30% in a year, that's a 30% increase in the number of people who are being influenced directly by our product. Then there's all the millions of people being influenced in the other ways that I just talked about in the presentation. So that's the first thing to note on value creation. Without any product development at all, even if we did literally nothing on product, there's significantly more value as a result of the platform itself just getting larger and more powerful in its reach.
But of course, we don't want to stop at that. We do want to invest in technology and innovation. There's one feature top of mind right now, which is being trialed by around 200 of our larger customers, which is AI review responses. So customers who get a very large number of reviews through Trustpilot, it takes them time to respond to all of those in the way that they want to. So we're launching a feature to make it really easy to draft those responses. It's still a human that ultimately submits them. But that's something that we see getting great feedback from our larger customers, and it's coming to the market for everybody shortly. So that's the kind of thing we're working on to deliver greater product value.
In 2023, an example is the Salesforce integration that we launched, which for customers of Salesforce makes our product easy to use and makes the ROI easier to achieve. Hanno, do you want to say a bit about the outlook?
Yeah. So you're right. Obviously, we're trying to find the right balance and path forward on growth and margin at the same time. And so we're committed to profitable growth, as we talked about before, and driving operating leverage. But we do want to also continue to invest into the product, into innovation, to be able to continue to launch these features such as AI review responses, for example, and long-term create an ability and a path forward to expand accounts and drive them up and drive the retention rate this way and not having to rely on price increases. But we also recognize the consumer product drives incremental value to businesses through higher consumer usage. And so those are all areas of investment for us, and then obviously into sales and marketing. And I think the focused markets give us a great framework for targeting and allocating investments.
We're looking at things like LTV, retention rate by segment, payback of CAC investment, etc. We use those metrics to really make the investment decisions into growth.
Yes, just behind you.
Hi, morning, everyone. It's Jessica Pok from Peel Hunt. I've got three questions, please. The first one is on the net expansion. It's obviously improved year-on-year. Can you just tell us roughly what the split is in terms of the impact of price increases versus cross-selling? Are people taking more product? The second thing, Adrian, you mentioned obviously the new product development. Can you just talk about how the monetization works for some of these new products? I think, if I'm correct, the Salesforce product last year was an additional module, which customers can take on. So going forward, are all these new products going to be additional packages or modules, or is that going to be part of the core package? And then the final one is, obviously, with GenAI, you would guess the easiness to create fake reviews is now easier than before.
So, will there be more investment in that area to tackle this, or is the system right now strong enough to tackle the increase in fake reviews from GenAI? Thank you.
So maybe Hanno on the first one, and then.
Yeah. So the split, you can see we've been able to expand accounts in that sort of high, sort of low to mid-teens range over the last few years. That hasn't really dramatically changed. And we've always had about sort of a 50/50 split between pricing and product upsell expansion. The example I mentioned where we have customers we sign up in the U.K., for example, and then we add over time multiple countries in Europe to that drives then, obviously, account expansion. Or you have a customer with sort of multiple domains, and we start with one domain and then over time add other domains in their portfolio to the account. And then it's product features, right? So whether they start with the standard platform in one or two modules, and then we add modules over time as well.
Like I mentioned in the prepared remarks, we've done a lot of work around pricing and packaging and how we're bundling. So I think there's some changes that are going to happen this year that will roll out that will support continued growth and the expansion.
Then on product and how we're packaging and pricing new features. The approach varies quite a bit by customer size. I mean, you'll see the difference between our sort of overall ACV and what our top customers are paying is you're getting on for sort of close to 100x in terms of the scope of that difference. We do have huge variation in our pricing as you go to larger businesses using more and more domains. But fundamentally, as we develop new products, what we're looking to do is modularize it so that we have different packages that customers can subscribe to, which obviously contain more and more product features as you move up the tiers. That's an evolution of what we've got in place today.
As I say, it's important not to lose sight of all the value creation that's happening without extra product features. These extra product features are layered on top of continually greater usage of the platform. Just on GenAI and potential for fake reviews. I think GenAI obviously makes it very hard to tell whether a human wrote a review or not because GenAI is very good at writing text. Fortunately, whether a human wrote the review or not is only one signal of many, many, many signals that we look at to determine whether a review should be taken off the system or not. We're constantly developing our expertise and our IP in that area. Having a base of 267 million reviews gives us an awful lot of data to train our systems on and stay ahead of the game there. Yeah.
Yeah. Thanks for taking the questions. It's Ciarán Donnelly from Berenberg. Three from myself. Maybe I'll go one by one. First one, Hanno, just in terms of the contribution margin that you outlined. Could you just tell us where is Europe in the range of the U.K. and North America? I think you said U.K. is low 60s, North America's around mid-30s. So if you could just let us know where Europe is. And then secondly, just in terms of contribution margin, is there any reason why the U.S. shouldn't scale in terms of the margin similar to what we've seen in the U.K.? Thanks.
Yeah. So Europe is also in the 50s, sort of slightly above the group average. And no, we believe it's sort of on a similar trajectory. If you look at the U.K. over time, you have the benefit of improving retention rates and more inbound leads, which makes selling easier. And then it's sort of this ever-increasing share of renewal revenue that covers the cost to acquire new customers. And so as the book of business grows in each of these markets, you kind of see this upward trajectory of contribution margin. And we've seen this basically play out in all the markets.
Brilliant. Thanks. And secondly, maybe, Adrian, just on capital allocation. I guess beyond the share buyback program that you currently have in place, could you just outline your thoughts on, I guess, prioritization of continuation of a share buyback program versus maybe M&A?
Yeah. So look, I mean, we've obviously got a buyback in the market. We've got a clear capital allocation policy. I think it's very clear for all to see. We haven't got anything to announce on that front at the moment. And I would say M&A is not a priority right now.
Brilliant. And thirdly, finally, I think an initial conversation we had in terms of when you'd started a couple of months in, one of the things you'd seen is perhaps unifying the customer value proposition across the company. You obviously outlined the customer value proposition. How do you think you guys are in terms of getting to that point where it's uniform across the group?
So I think we are in pretty good shape there. I mean, we've got a very clear strategy. I gave you some of the outlines of that just now around how we think about the value proposition, both for consumers and businesses. So for consumers, we're all about helping people make confident, informed decisions about where to buy from. For businesses, build trust, grow, improve your business based on customer feedback. And I think that's given the organization a really clear sense of alignment. And I talked about the kind of energy and momentum in the team at the moment. I think that strong alignment around the value proposition has been really helpful there.
Brilliant. Thanks. Thanks, guys.
Hey. Two questions from me. Maybe the first one for you, Adrian, would just be on monetization of the current product suite. So I know there's been a lot of talk about product development and room to go from here. But I was just wondering, now that you've been in the seat for less than a year, but enough to sort of get your hands around the current product suite, what areas do you see for increased monetization there, whether it be pricing, repackaging, whatever? Anything would be great there. And then the second question would just be on net retention rates within the U.K. and more mature markets. Could you just give us a sense of color in terms of the linearity of these curves?
As the market penetration increases, does this net retention rate just increase in a linear fashion, or are you seeing any sort of acceleration in the curve there as the network effects really take shape?
Yeah. So maybe I'll hand over to Hanno for the second, but I'll deal with product and monetization. So as I said earlier, to Jess's question, we're evolving the product. We're looking to launch new features, and we're looking to layer those into different pricing plans to give it's classic SaaS, right? So give customers a reason to want to enhance their plans. I ran a SaaS business for three years, which was all about this. So that's the kind of motion that we are putting in place. And we're seeing on some of the customer features that we're trialing at the moment, we're seeing really strong feedback, actually, from customers.
On the net retention rate, I wish I could tell you the first derivative of that curve, but there's a lot of noise in the data, as you can imagine, going through macro. We have obviously a whole host of sort of data points throughout the last years in the U.K., in particular, as sort of a more mature market where we have seen meaningful improvements and the ability to really grow accounts over time. Other European markets tend to follow this. We even have in some of the markets where the segments are more focused, like Adrian was mentioning in Germany, for example, on high customer lifetime value. Enterprise customers, we see even higher retention rates than we've seen in the U.K. So it's a bit of a mixed question and market penetration and market awareness question. Having more brand awareness, though, really supports the ability to expand accounts.
We're seeing this now in the U.S., where I mentioned the positive trend on the retention rates in the second half of the year as it's approaching sort of group averages. So that gives us confidence that we're able to drive retention rates for the group above 100%.
Any more in the room? Okay. Let's move to the call.
Thank you. If you would like to ask a question, please press Star one on your telephone keypad to raise your hand and join the queue. You will be called upon by name and company to ask your question, and we do request to please use your handset to ensure your question is clearly heard. Again, to join the queue, please press Star one. And your first question is from Poul Jessen from Danske Bank. Your line is open.
Yes. Thank you. I have two questions. One is on the key KPIs. You have very good numbers on those reviews and pages claimed and so on. But what about the paying customers? That is growing, as I calculate, about single-digit region has been having low growth for quite some time, and I think it refers to net retention rates as well. What's your priority here? Because long term, you should grow number of clients more. So is it a question of reducing the net retention rate or being more aggressive on signing up paying customers?
Yeah. Yeah. So as I mentioned earlier, we see huge variation between what our large customers and our smallest customers are paying. And frankly, I would rather sign up one new enterprise customer than 50 new small business customers. And I think that is really the answer to your question. We're not optimizing, ultimately, for that number. We've seen it increasing over time. Of course, other things being equal, I'd like to have more customers, not fewer customers. But we're not managing the business to that metric, and we see quite a bit of movement within that 26,000 customer number over time as the customer base evolves.
On a more worldview, how are you prioritizing to invest in growth versus improving the margins?
Well, I think the lovely thing about running a business with such strong network effects is that the two do not have to contradict one another. As we grow, as I've said, the platform becomes more valuable, and it becomes more attractive for new businesses to come aboard. So the underlying economics of a network business being that your economics improve as the business gets larger. So we are just going to take that very disciplined approach of looking at the growth and the efficiency of growth across our markets, deciding how to allocate our capital, and making sure that we're delivering operating leverage over time as the business expands.
Okay. Thank you.
There are no further questions on the conference line. Ladies and gentlemen, that concludes today's question and answer session. I will now hand back to Adrian Blair, Chief Executive Officer, for his concluding remarks.
Great. Well, as you can see, we've had, I think, a really strong year. I said strategic clarity, executional discipline, increasing profitability, and very happy with the progress across all those fronts. Thanks all of you for listening. Thanks all of you who've come along to London Stock Exchange. And look forward to seeing you again next time. Bye.