Full Year 2026 Ras Technology Holdings Ltd Earnings Call
Speaker #1: You have joined the meeting as an attendee and will be muted throughout the meeting.
Speaker #2: To discuss the company's FY26 results, presenting today will be CEO and Managing Director Stephen Crisp, and CFO Tim Olive, who will be going through the presentation released this morning on the ASX.
[Company Representative] (NWR Communications): To discuss the company's FY26 results. Presenting today will be CEO and Managing Director, Stephen Crispe, and CFO, Tim Olive, who will be going through the presentation released this morning on the ASX. If you'd like to ask a question, please do so via the Q&A function at the bottom of the screen, and we'll do our best to get through as many of those as possible. I'll now hand it over to Stephen.
Ben Larsen: To discuss the company's FY 2026 results. Presenting today will be CEO and Managing Director, Stephen Crispe, and CFO, Tim Olive, who will be going through the presentation released this morning on the ASX. If you'd like to ask a question, please do so via the Q&A function at the bottom of the screen, and we'll do our best to get through as many of those as possible. I'll now hand it over to Stephen.
Speaker #2: If you'd like to ask a question, please do so via the Q&A function at the bottom of the screen, and we'll do our best to get through as many of those as possible.
Speaker #2: I'll now hand it over to Stephen.
Speaker #3: Wonderful. Thanks very much, Ben. And thank you, everyone, for joining the Ras Technology Holdings Q4 FY26 results presentation. Just to recap on who Racing & Sports is: we're a global data, content, trading, wagering, digital media, and publications business servicing the wagering industry on a global basis.
Stephen Crispe: Wonderful. Thanks very much, Ben. Thank you everyone for joining the RAS Technology Holdings full year FY26 results presentation. Just to recap on who Racing and Sports is, we're a global data content, trading, wagering, digital media, and publications business servicing the wagering industries on a global basis. We have the world's largest racing database with unrivaled depth across all codes globally, and this contains over 5.5 billion data elements. We serve well over 30 countries. We have full localizations into 7-plus languages and more to come. We've been doing this for over 20 years, and the pedigree within the business is extremely strong. We process up to over 1,500 daily events, 24/7, 365 days of the year.
Stephen Crispe: Wonderful. Thanks very much, Ben. Thank you everyone for joining the RAS Technology Holdings full-year FY 2026 results presentation. Just to recap on who Racing and Sports is, we're a global data content, trading, wagering, digital media, and publications business servicing the wagering industries on a global basis. We have the world's largest racing database with unrivaled depth across all codes globally, and this contains over 5.5 billion data elements. We serve well over 30 countries. We have full localizations into 7-plus languages and more to come. We've been doing this for over 20 years, and the pedigree within the business is extremely strong. We process up to over 1,500 daily events, 24/7, 365 days of the year.
Speaker #3: We have the world's largest racing database, with unrivaled depth across all codes globally, and this contains over 5.5 billion data elements. We serve well over 30 countries.
Speaker #3: We have full localizations into seven-plus languages, and more to come. We've been doing this for over 20 years, and the pedigree within the business is extremely strong.
Speaker #3: And we process up to over 1,500 daily events 24/7, 365 days of the year. We are trusted by some of the world's leading brands, as you can see on the bottom of your screen there.
Stephen Crispe: We are trusted by some of the world's leading brands, as you can see on the bottom of your screen there, across Entain, Betfair, Tabcorp, Sportsbet, LeoVegas out of the UK, Bet365 globally, Playbook Engineering, the Hong Kong Jockey Club, and Stakemate, just to name a few of the leading global brands that put their trust and faith in Racing and Sports to deliver their services every day of the year. So a snapshot of FY26. It has been a big year for Racing and Sports. There's been a lot of activity, and we are continuing to build on the momentum out of previous financial years and going in also to FY27. Proudly, we have completed the racing. Our complete racing solution has gone from strength to strength.
Stephen Crispe: We are trusted by some of the world's leading brands, as you can see on the bottom of your screen there, across Entain, Betfair, Tabcorp, Sportsbet, LeoVegas out of the UK, Bet365 globally, Playbook Engineering, the Hong Kong Jockey Club, and Stakemate, just to name a few of the leading global brands that put their trust and faith in Racing and Sports to deliver their services every day of the year. So a snapshot of FY 2026. It has been a big year for Racing and Sports. There's been a lot of activity, and we are continuing to build on the momentum out of previous financial years and going in also to FY27. Proudly, we have completed the racing. Our complete racing solution has gone from strength to strength.
Speaker #3: Across NTANE, Betfair, Tabcorp, Sportsbet, just nearly LeoVegas out of the UK, Bet365 globally, Playbook Engineering, the Hong Kong Jockey Club, and StateMate, just to name a few of the leading global brands that put their trust and faith in Racing & Sports to deliver their services every day of the year.
Speaker #3: So, a snapshot of FY26: it has been a big year for Racing & Sports. There's been a lot of activity, and we are continuing to build on the momentum from previous financial years as we head into FY27.
Speaker #3: Proudly, we have completed the Racing—our complete racing solution has gone from strength to strength. It has been part of the core investment thesis, where we've made significant investments in really uplifting and continuing to make that product absolutely best-in-class.
Stephen Crispe: It has been part of the core investment thesis, where we have made significant investments in really uplifting and continuing to make that product absolutely best in class. That is across our operated managed trading platform as well as our managed trading services. We have also pleasingly launched our BetBridge product, which is a fully embedded, rapidly deployable solution for sportsbooks and casino platforms that do not have racing capabilities. They can get that product up and running within a matter of weeks. As I said, we have made significant investments across the business, across tech and operations, and also leveraging AI and automation to really drive these investments, and get the best-in-class products in market, but also the best-in-class methodologies and practices to continue on this thesis of automation and scale.
Stephen Crispe: It has been part of the core investment thesis, where we have made significant investments in really uplifting and continuing to make that product absolutely best in class. That is across our operated managed trading platform as well as our managed trading services. We have also pleasingly launched our BetBridge product, which is a fully embedded, rapidly deployable solution for sportsbooks and casino platforms that do not have racing capabilities. They can get that product up and running within a matter of weeks. As I said, we have made significant investments across the business, across tech and operations, and also leveraging AI and automation to really drive these investments, and get the best-in-class products in market, but also the best-in-class methodologies and practices to continue on this thesis of automation and scale.
Speaker #3: And that's across our operated and managed trading platform, as well as our managed trading services. We've also, pleasingly, launched our Betbridge product, which is a fully embedded, rapidly deployable solution for sportsbooks and casino platforms that don't have racing capabilities—and they can get that product up and running within a matter of weeks.
Speaker #3: As I said, we've made significant investments across the business—across tech and operations—and are also leveraging AI and automation to really drive these investments and deliver best-in-class products to the market, as well as the best-in-class methodologies and practices to continue this thesis of automation and scale.
Speaker #3: And pleasingly, RAS Asia, one year on, in our first full year of ownership of the Asian business, has been very successful, delivering publication products to audiences in Hong Kong, but also further afield as well.
Stephen Crispe: Pleasingly, RAS Asia, one year on, in our first full year of ownership of the Asian business, has been very successful delivering our publication products to audiences in Hong Kong, but also further afield. Our simulcast products have been well-received domestically within the market, and also working with rights holders around the world to help promote their racing into Hong Kong. We have continued our trajectory in the UK with several key commercial wins. One of those being the LeoVegas Group, and our launch BetBridge product with Stakemate and Fairplay. The editorial and digital reach has been strengthened. Racing and Sports now reaches over 6 million unique viewers globally.
Stephen Crispe: Pleasingly, RAS Asia, one year on, in our first full year of ownership of the Asian business, has been very successful delivering our publication products to audiences in Hong Kong, but also further afield. Our simulcast products have been well-received domestically within the market, and also working with rights holders around the world to help promote their racing into Hong Kong. We have continued our trajectory in the UK with several key commercial wins.
Speaker #3: Our single-cast products have been well received domestically within the market, and we are also working with rights holders around the world to help promote their racing into Hong Kong.
Speaker #3: And we've continued our trajectory in the UK with several key commercial wins—one of those being the LeoVegas Group and our launch of the BetBridge product with StateMate and FairPlay.
Stephen Crispe: One of those being the LeoVegas Group, and our launch BetBridge product with Stakemate and Fairplay. The editorial and digital reach has been strengthened. Racing and Sports now reaches over 6 million unique viewers globally. That is a great achievement across Asia, across our digital platforms, our social media platforms, which continues to grow as we continue to push investment into that part of the business, which is becoming now more and more important. With that, I will hand over to Tim Olive, our CFO, to talk to the 2026 financial highlights.
Speaker #3: And also, the editorial and digital reach has been strengthened. So, Racing & Sports now reaches over 6 million unique viewers globally, and that's a great achievement across Asia, across our digital platforms, and our social media platforms, which continue to grow as we continue to push investment into that part of the business, which is becoming now more and more important.
Stephen Crispe: That is a great achievement across Asia, across our digital platforms, our social media platforms, which continues to grow as we continue to push investment into that part of the business, which is becoming now more and more important. With that, I will hand over to Tim Olive, our CFO, to talk to the 2026 financial highlights.
Speaker #3: So with that, I'll hand over to Tim Olive, our CFO, to talk to the 2026 financial highlights.
Speaker #4: Yeah, thanks, David. And good morning, everyone. Great to have you on our results call this morning. I'll talk through some of the financial highlights from FY26, starting with some of our key metrics as shown on this slide.
Tim Olive: Yeah. Thanks, Stephen, and good morning, everyone. Great to have you on our results call this morning. I will talk through some of the financial highlights from FY26, starting with some of our key metrics as shown on this slide. Revenue for FY26 was AUD 28.4 million, was up 34% on the prior year, and pleasingly accelerated on revenue from the first half of the year. It is great to be able to say that this is our fifth straight year of 30%-plus revenue growth, showing that we are a high-growth company with lots of runway ahead. From a profit metric and normalized EBITDA, which was adjusted for non-recurring abnormal items, was AUD 3 million, up slightly on last year, and that is despite the major investment that we have made in the business across this year.
Tim Olive: Yeah. Thanks, Stephen, and good morning, everyone. Great to have you on our results call this morning. I will talk through some of the financial highlights from FY 2026, starting with some of our key metrics as shown on this slide. Revenue for FY 2026 was AUD 28.4 million, was up 34% on the prior year, and pleasingly accelerated on revenue from the first half of the year. It is great to be able to say that this is our fifth straight year of 30%-plus revenue growth, showing that we are a high-growth company with lots of runway ahead. From a profit metric and normalized EBITDA, which was adjusted for non-recurring abnormal items, was AUD 3 million, up slightly on last year, and that is despite the major investment that we have made in the business across this year.
Speaker #4: So, revenue for FY26 was $28.4 million, up 34% on the prior year, and, pleasingly, it accelerated on revenue from the first half of the year.
Speaker #4: It's great to be able to say that this is our fifth straight year of 30+% revenue growth, showing that we're a high-growth company with lots of runway ahead.
Speaker #4: From a profit metric, our normalized EBITDA—which was adjusted for non-recurring, abnormal items—was $3 million, up slightly on last year. And that's despite the major investment that we've made in the business across this year.
Speaker #4: From an ARR perspective, revenue was $23.5 million, up 8% on the prior year, with the majority of the high-value LeoVegas contracts' revenue still not included.
Tim Olive: From an ARR perspective, revenue was AUD 23.5 million, up 8% on the prior year, with the majority of the high-value LeoVegas contracts revenue still not included. In regards to cash finished the year at AUD 4.2 million, remaining relatively stable in the second half of the year, which reflects that improving operating result and profitability. Our normalized cash flow from operations was an inflow of AUD 2.7 million, down slightly on last year, which really reflects the major investments that were made in the business to support growth. This slide shows you a summary of trends of our key financial metrics over the last five years. Revenue has continued its strong growth trend, supported by our investments in trading in Asia. Our ARR has continued its year-on-year growth at AUD 23.5 million. As I said, it doesn't include most of the LeoVegas revenue at this stage.
Tim Olive: From an ARR perspective, revenue was AUD 23.5 million, up 8% on the prior year, with the majority of the high-value LeoVegas contracts revenue still not included. In regards to cash finished the year at AUD 4.2 million, remaining relatively stable in the second half of the year, which reflects that improving operating result and profitability. Our normalized cash flow from operations was an inflow of AUD 2.7 million, down slightly on last year, which really reflects the major investments that were made in the business to support growth. This slide shows you a summary of trends of our key financial metrics over the last five years. Revenue has continued its strong growth trend, supported by our investments in trading in Asia. Our ARR has continued its year-on-year growth at AUD 23.5 million.
Speaker #4: In regards to cash, cash finished the year at $4.2 million, remaining relatively stable in the second half of the year, which reflects that improving operating result and profitability.
Speaker #4: Our normalized cash flow from operations was an inflow of $2.7 million, down slightly on last year, which really reflects the major investments that were made in the business to support growth.
Speaker #4: The next—this slide shows you a summary of trends of our key financial metrics over the last five years. Revenue has continued its strong growth trend, supported by our interests—our investments in trading in Asia.
Speaker #4: Our ARR has continued its year-on-year growth, at $23.5 million, and as I said, it doesn't include most of the LeoVegas revenue at this stage.
Tim Olive: As I said, it doesn't include most of the LeoVegas revenue at this stage. Our profit metrics, normalized EBITDA, as I said, was AUD 3 million, up slightly on last year, and our normalized net profit result before tax was a profit of AUD 84,000. The investments made in the business and the broader strategy that is being executed are expected to improve operating leverage and net results from FY27 onwards, and we're looking forward to that.
Speaker #4: Our profit metrics—normalized EBITDA, as I said, was $3 million, up slightly on last year. And our normalized net profit result before tax was a profit of $84,000.
Tim Olive: Our profit metrics, normalized EBITDA, as I said, was AUD 3 million, up slightly on last year, and our normalized net profit result before tax was a profit of AUD 84,000. The investments made in the business and the broader strategy that is being executed are expected to improve operating leverage and net results from FY27 onwards, and we're looking forward to that. Zooming into our business units, it's really pleasing that all three business verticals continue to grow both ARR and revenue in FY27. So a really good FY26, a great momentum there. Enhanced Information Services ARR grew by 7%, underpinned by continued growth in existing key contracts in Australia and the UK. For Wagering Technology, ARR was up 5% year on year. However, the underlying trend is stronger than it appears as it reflects the removal of the high-revenue Stake deal, which concluded in May.
Speaker #4: The investments made in the business, and the broader strategy that is being executed, are expected to improve operating leverage and net results from FY27 onwards. We’re looking forward to that.
Speaker #4: Okay, zooming into our business unit, it's really pleasing that all three business verticals continue to grow both ARR and revenue in FY26. So, a really good FY26—a great momentum there.
Tim Olive: Zooming into our business units, it's really pleasing that all three business verticals continue to grow both ARR and revenue in FY27. So a really good FY 2026, a great momentum there. Enhanced Information Services ARR grew by 7%, underpinned by continued growth in existing key contracts in Australia and the UK. For Wagering Technology, ARR was up 5% year on year. However, the underlying trend is stronger than it appears as it reflects the removal of the high-revenue Stake deal, which concluded in May.
Speaker #4: Enhanced information services ARR grew by 7%, underpinned by continued growth in existing key contracts in Australia and the UK. For wagering technology, ARR was up 5% year-on-year.
Speaker #4: However, the underlying trend is stronger than it appears, as it reflects the removal of the high-revenue stake deal, which concluded in May. And I guess offsetting that, there's been a range of new wagering tech deals in the UK, Australia, and more broadly, and the deals we had already are also continuing to grow in value.
Tim Olive: Offsetting that, there's been a range of new wagering tech deals in the UK, Australia, and more broadly. The deals we had already are also continuing to grow in value. So the underlying trend there is really quite strong, and we see that as a real strong growth area going forward. Moving over to Digital, Publications, Media and Other, it reported ARR of AUD 2.4 million for the end of financial year, which was up 26% on the prior year. RAS Asia business is continuing to build momentum, and our new agreement with the MTC Jockey Club is starting to mature and is very much exceeding expectations. Moving down to the bottom of the slide, where you can see the geographic composition of the business.
Tim Olive: Offsetting that, there's been a range of new wagering tech deals in the UK, Australia, and more broadly. The deals we had already are also continuing to grow in value. So the underlying trend there is really quite strong, and we see that as a real strong growth area going forward. Moving over to Digital, Publications, Media and Other, it reported ARR of AUD 2.4 million for the end of financial year, which was up 26% on the prior year.
Speaker #4: So the underlying trend there is really quite strong, and we see that as a real strong growth area going forward. Moving over to digital publications, media, and other—it reported ARR of $2.4 million for the end of the financial year, which was up 26% on the prior year.
Speaker #4: Ras Asia business is continuing to build momentum, and our new agreement with the Mauritius Turf Club is starting to mature and is very much exceeding expectations.
Tim Olive: RAS Asia business is continuing to build momentum, and our new agreement with the MTC Jockey Club is starting to mature and is very much exceeding expectations. Moving down to the bottom of the slide, where you can see the geographic composition of the business. The UK and Australia are continuing to grow strongly, while there has been a small growth in the other category due to the conclusion of the Stake agreement. So some really strong results there. I'll throw back to Steve to talk about some of the investments in the business. Thanks, Steve.
Speaker #4: Moving down to the bottom of the slide, where you can see the geographic composition of the business, the UK and Australia are continuing to grow strongly.
Tim Olive: The UK and Australia are continuing to grow strongly, while there has been a small growth in the other category due to the conclusion of the Stake agreement. So some really strong results there. I'll throw back to Steve to talk about some of the investments in the business. Thanks, Steve.
Speaker #4: While there has been a small growth in the 'Other' category due to the conclusion of the stake agreement, we’ve also seen some really strong results there.
Speaker #4: I'll hand it back to Steve to talk about some of the investments in the business. Thanks, Steve.
Speaker #3: Wonderful, and thanks so much, Tim. Some excellent results there for the team. And look, this slide is a really important one. It speaks to the investments we've made over the past year and how they now equate to providing operating leverage within the business.
Stephen Crispe: Wonderful, and thanks so much, Tim. Some excellent results there for the team. This slide is a really important one. It speaks to the investments we've made over the past year, and how they now equate to providing operating leverage within the business. I'll whip through this quickly from left to right. There was a strong thesis around building a more scalable platform, utilizing the best-in-class learnings around AI, automation, and harmonization of those two things brought together with all the Racing and Sports key assets, such as our global enhanced racing database and other proprietary technologies within the business. That now spans across our trading technology, our overall platform architectures within the business, growing and growth within RAS Asia.
Stephen Crispe: Wonderful, and thanks so much, Tim. Some excellent results there for the team. This slide is a really important one. It speaks to the investments we've made over the past year, and how they now equate to providing operating leverage within the business. I'll whip through this quickly from left to right. There was a strong thesis around building a more scalable platform, utilizing the best-in-class learnings around AI, automation, and harmonization of those two things brought together with all the Racing and Sports key assets, such as our global enhanced racing database and other proprietary technologies within the business. That now spans across our trading technology, our overall platform architectures within the business, growing and growth within RAS Asia.
Speaker #3: And so I'll whip through this quickly from left to right. So there was a strong thesis around building a more scalable platform, utilizing the best-in-class learnings around AI, automation, and the harmonization of those two things, brought together with all the Racing & Sports key assets, such as our global enhanced racing database and other proprietary technologies within the business.
Speaker #3: So that now spans across our trading technology, our overall platform architectures within the business, and growth within Asia—obviously, growing our trading capabilities and making more core technology investments across the enterprise as we continue to scale the business into different geographies, and obviously enhancing the technology platforms within our verticals.
Stephen Crispe: Obviously growing our trading capabilities and more core technology investments across the enterprise as we continue to scale the business into different geographies and obviously enhancing the technology platforms within our verticals. The enhancement by AI started over 12 months ago, and this year we're starting to see some real gains achieved through the enhancement and the investment in AI technologies within the business. We've developed efficiencies and automation across the technology parts of the business, around development, around testing, around quality assurance and release, insights into data, greater insights than we've been able to achieve before with legacy technologies. We're bound to produce innovation at speed, internally within the business, but also for our customers. Faster deployment for our customers, which means faster time to market, which means revenue coming in the door quicker.
Stephen Crispe: Obviously growing our trading capabilities and more core technology investments across the enterprise as we continue to scale the business into different geographies and obviously enhancing the technology platforms within our verticals. The enhancement by AI started over 12 months ago, and this year we're starting to see some real gains achieved through the enhancement and the investment in AI technologies within the business. We've developed efficiencies and automation across the technology parts of the business, around development, around testing, around quality assurance and release, insights into data, greater insights than we've been able to achieve before with legacy technologies. We're bound to produce innovation at speed, internally within the business, but also for our customers. Faster deployment for our customers, which means faster time to market, which means revenue coming in the door quicker.
Speaker #3: So the enhancement by AI started over 12 months ago, and this year we're starting to see some real gains achieved through the enhancement and the investment in AI technologies within the business.
Speaker #3: So, we've developed efficiencies and automation across the technology parts of the business—around development, around testing, around quality assurance and release. We've gained insights into data, greater insights than we've been able to achieve before with legacy technologies.
Speaker #3: We've now produced innovation at speed, internally within the business but also for our customers. Faster deployment for our customers, which means faster time to market, which means revenue coming in the door quicker.
Speaker #3: We've been able to use AI and automation across our corporate operations within the business. That means taking costs out, making people’s jobs more efficient, and allowing them to do more with their time.
Stephen Crispe: We've been able to use AI and automation across our corporate operations within the business. That means taking costs out, making people's jobs more efficient, allowing them to do more with their time. We've also enhanced our risk governance and compliance using AI technologies as well. This allows us to deliver more. This allows us to accelerate our entry into new markets and be more competitive quicker. It allows us to reduce costs to deliver these services to our customers, and also internally within the business. It allows us to grow without the spike in our cost base using these new technologies, whether it be personnel technologies, hosting fees and the like, and also delivering more value to our customers faster, and our shareholders, of course.
Stephen Crispe: We've been able to use AI and automation across our corporate operations within the business. That means taking costs out, making people's jobs more efficient, allowing them to do more with their time. We've also enhanced our risk governance and compliance using AI technologies as well. This allows us to deliver more. This allows us to accelerate our entry into new markets and be more competitive quicker. It allows us to reduce costs to deliver these services to our customers, and also internally within the business. It allows us to grow without the spike in our cost base using these new technologies, whether it be personnel technologies, hosting fees and the like, and also delivering more value to our customers faster, and our shareholders, of course.
Speaker #3: And we've also enhanced our risk governance and compliance using AI technologies as well. So this allows us to deliver more. This allows us to accelerate our entry into new markets and be more competitive quicker.
Speaker #3: It allows us to reduce costs to deliver these services to our customers, and also internally within the business. It allows us to grow without the spike in our cost base, using these new technologies—whether it be personnel, technologies, hosting fees, and the like.
Speaker #3: And also delivering more value to our customers faster, and our shareholders, of course. These are the most important tenets, and this is why we've made those investments over the past 12 months—to really accelerate this journey for Racing & Sports to take on more, quicker, faster, better.
Stephen Crispe: These are the most important tenets, and this is why we've made those investments over the past 12 months to really accelerate this journey for Racing and Sports to take on more, quicker, faster, better. As a global business update, we've had a number of significant updates throughout the year. One of those has been, of course, enhancing the longstanding relationship we've had with Tabcorp, which now reaches back to well over a decade in totality, where we've signed a new four-year term for the data and content, and Fast Form services which we provide to Tabcorp, and they're a great partner of ours. We've extended our Playbook Engineering agreement to December FY28, calendar year 2028 rather. There's also additional strong demand for that platform with additional brands to go live in Q2 and beyond. We've also signed a five-year extension to our TABtouch agreement.
Stephen Crispe: These are the most important tenets, and this is why we've made those investments over the past 12 months to really accelerate this journey for Racing and Sports to take on more, quicker, faster, better. As a global business update, we've had a number of significant updates throughout the year. One of those has been, of course, enhancing the longstanding relationship we've had with Tabcorp, which now reaches back to well over a decade in totality, where we've signed a new four-year term for the data and content, and Fast Form services which we provide to Tabcorp, and they're a great partner of ours. We've extended our Playbook Engineering agreement to December FY28, calendar year 2028 rather.
Speaker #3: So, as a global business update, we've had a number of significant developments throughout the year. One of those has been, of course, enhancing the long-standing relationship we've had with TAPCOL, which now reaches back to well over a decade in total.
Speaker #3: We've signed a new four-year term for the data and content, and Fastform services, which we provide to TAPCOL. They're a great partner of ours.
Speaker #3: We've extended our Playbook Engineering agreement to December FY28—or, rather, calendar year '28. There's also additional strong demand for that platform, with more brands set to go live in Q2 and beyond.
Stephen Crispe: There's also additional strong demand for that platform with additional brands to go live in Q2 and beyond. We've also signed a five-year extension to our TABtouch agreement. Again, great partners over there in the West for racing data and content, and also with an expansion of services for visual form products into that customer space. We have secured contracts with numerous MTS and trading partners and trading customers, including Stakemate, Altenar, and Fairplay, which we have touched on already.
Speaker #3: We've also signed a five-year extension to our TABtouch agreement—a great partner over there in the West—for racing data and content, and also with an expansion of services for visual form products as well into that customer space.
Stephen Crispe: Again, great partners over there in the West for racing data and content, and also with an expansion of services for visual form products into that customer space. We have secured contracts with numerous MTS and trading partners and trading customers, including Stakemate, Altenar, and Fairplay, which we have touched on already. RAS Asia continues to grow with multiple new agreements around marketing, advertising, promotion, and other really interesting, innovative products we are launching into that part of the world which will be exposed in due course in future announcements. Also pleasingly, our Racing and Sports Wagering 360 white label platform for new entrants, bookmaker entrants into the Australian market. We have signed our first external brand, Lazebet, and that continues to grow with increased interest, which is exciting for everyone. With that, I will hand back to Tim to talk us through the UK market.
Speaker #3: We've secured contracts with numerous MTFs and trading partners, and trading customers, including StateMate, Altna, and FairPlay, which we've touched on already. Racing & Sports Asia continues to grow, with multiple new agreements around marketing, advertising, promotion, and other really interesting, innovative products we're launching into that part of the world, which will be exposed in due course in future announcements.
Stephen Crispe: RAS Asia continues to grow with multiple new agreements around marketing, advertising, promotion, and other really interesting, innovative products we are launching into that part of the world which will be exposed in due course in future announcements. Also pleasingly, our Racing and Sports Wagering 360 white label platform for new entrants, bookmaker entrants into the Australian market. We have signed our first external brand, Lazebet, and that continues to grow with increased interest, which is exciting for everyone. With that, I will hand back to Tim to talk us through the UK market.
Speaker #3: And also, pleasingly, our Racing & Sports Wagering 360 white-label platform for new bookmaker entrants into the Australian market—we've signed our first external brand, LaserBet, and that continues to grow with increased interest.
Speaker #3: Which is exciting for everyone. With that, I'll hand back to Tim to talk us through the UK market.
Speaker #4: Yeah, thanks, Steven. Look, our UK business continues to be a major success story for Ras. ARR is continuing to grow strongly, and there's still a lot of upside to come from the LeoVegas deal and other deals, which are still growing.
Tim Olive: Yeah, thanks, Steve. Our UK business continues to be a major success story for RAS. ARR is continuing to grow strongly and with a lot of upsides still to come from the LeoVegas deal and other deals which are still growing. This trend is expected to continue. Our well-established deal now with Playbook Engineering continues to grow, and we have added a new platform partner in Altenar, with three brands launched already and more to come. With the Playbook Engineering deal, we have also extended that for another couple of years, which is pleasing and shows the confidence in the Racing and Sports offering. Looking forward, LeoVegas' main UK brands went live in August. The launch has gone really well, and we expect to see strong growth across the next few quarters and for that to sort of establish at a strong level going forward.
Tim Olive: Yeah, thanks, Steve. Our UK business continues to be a major success story for RAS. ARR is continuing to grow strongly and with a lot of upsides still to come from the LeoVegas deal and other deals which are still growing. This trend is expected to continue. Our well-established deal now with Playbook Engineering continues to grow, and we have added a new platform partner in Altenar, with three brands launched already and more to come. With the Playbook Engineering deal, we have also extended that for another couple of years, which is pleasing and shows the confidence in the Racing and Sports offering. Looking forward, LeoVegas' main UK brands went live in August. The launch has gone really well, and we expect to see strong growth across the next few quarters and for that to sort of establish at a strong level going forward.
Speaker #4: This trend is expected to continue. Our well-established deal now with Playbook Engineering continues to grow. And we've added a new platform partner in Altna, with three brands launched already, and more to come.
Speaker #4: With the Playbook Engineering deal, we've also extended that for another couple of years, which is pleasing and shows the confidence in the Racing & Sports offering.
Speaker #4: Looking forward, LeoVegas’s main UK brands went live in August. The launch has gone really well, and we expect to see strong growth across the next few quarters, and for that to sort of establish at a strong level going forward.
Speaker #4: Our other trading deals are still in a growth phase, and we expect to see continued growth from that going forward as well. Moving across to Asia, it's been a year of strengthening foundations for our RAS Asia business.
Tim Olive: Our other trading deals are still in a growth phase, and we expect to see continued growth from that going forward as well. Moving across to Asia, it has been a year of strengthening foundations for our RAS Asia business. Revenue from the first full year was AUD 4.5 million. We also undertook significant initiatives to automate and to optimize our supplier arrangements, and that has helped us to increase our gross margins from 35% to 40%, and hopefully more to come there. We have introduced a new international simulcast product, which is a completely new revenue stream for the business to support international rights holders to promote their racing in Hong Kong, and that has been very well-received and launched earlier than expected, and has been really well subscribed to by international rights holders.
Tim Olive: Our other trading deals are still in a growth phase, and we expect to see continued growth from that going forward as well. Moving across to Asia, it has been a year of strengthening foundations for our RAS Asia business. Revenue from the first full year was AUD 4.5 million. We also undertook significant initiatives to automate and to optimize our supplier arrangements, and that has helped us to increase our gross margins from 35% to 40%, and hopefully more to come there. We have introduced a new international simulcast product, which is a completely new revenue stream for the business to support international rights holders to promote their racing in Hong Kong, and that has been very well-received and launched earlier than expected, and has been really well subscribed to by international rights holders.
Speaker #4: Revenue from the first full year was $4.5 million. We also undertook significant initiatives to automate and optimize our supplier arrangements. That has helped us increase our gross margins from 35% to 40%, and hopefully there is more to come there.
Speaker #4: We've introduced a new international simulcast product, which is a completely new revenue stream for the business, to support international rights holders to promote their racing in Hong Kong.
Speaker #4: And that's been very well received and launched earlier than expected, and has been really well subscribed to by international rights holders. We've also launched a series of digital assets and put a really strong focus on this in Asia, to recognize that we need to have a multi-channel strategy to support rights holders to promote their racing in the region.
Tim Olive: We have also launched a series of digital assets and put a really strong focus on this in Asia to recognize that we need to have a multi-channel strategy to support rights holders to promote their racing in the region, and that has been really successful. The traffic on those websites has been really strong. As Steve said before, our global audience is now 6 million people, which is really exciting. Looking forward in Asia, racing will soon launch in mainland China from 26 October, which the possibilities could be very significant there in time. We have a growing footprint across Asia with strong growth expected in Singapore and Malaysia as we establish our networks there and really give rights partners an opportunity to really promote across that broader Southeast Asian region. We see good revenue growth that can come off the back of that.
Tim Olive: We have also launched a series of digital assets and put a really strong focus on this in Asia to recognize that we need to have a multi-channel strategy to support rights holders to promote their racing in the region, and that has been really successful. The traffic on those websites has been really strong. As Steve said before, our global audience is now 6 million people, which is really exciting. Looking forward in Asia, racing will soon launch in mainland China from 26 October, which the possibilities could be very significant there in time. We have a growing footprint across Asia with strong growth expected in Singapore and Malaysia as we establish our networks there and really give rights partners an opportunity to really promote across that broader Southeast Asian region. We see good revenue growth that can come off the back of that.
Speaker #4: And that's been really successful, and the traffic on those websites has been really strong. And as Steve said before, our global audience is now 6 million people, which is really exciting.
Speaker #4: Looking forward in Asia, racing will soon launch in mainland China from October 26, which presents possibilities that could be very significant there in time. We've got a growing footprint across Asia, with strong growth expected in Singapore and Malaysia as we establish our networks there, and really give rights partners an opportunity to promote across that broader Southeast Asian region.
Speaker #4: We see good revenue growth that can come off the back of that. And with the international simulcast product, the Hong Kong Jockey Club have committed to grow the number of meetings they import and promote, from a whirlpool perspective.
Tim Olive: With the international simulcast product, the Hong Kong Jockey Club have committed to grow the number of meetings they import and promote from a World Pool perspective. So, as well as the take-up and the value we are providing there will be an underlying unitary growth driver there as well. So, really good growth momentum in our Asian business. I will throw back to Steve to talk to the outlook for the business. Thanks.
Tim Olive: With the international simulcast product, the Hong Kong Jockey Club have committed to grow the number of meetings they import and promote from a World Pool perspective. So, as well as the take-up and the value we are providing there will be an underlying unitary growth driver there as well. So, really good growth momentum in our Asian business. I will throw back to Steve to talk to the outlook for the business. Thanks.
Speaker #4: So, as well as the take-up and the value we're providing there, there'll be an underlying unitary growth driver as well. So, really good growth momentum in our Asian business.
Speaker #4: I'll throw it back to Steve to talk about the outlook for the business. Thanks.
Stephen Crispe: Excellent. Thanks, Tim. Look, really just to recap on what you have heard today. Obviously, the investment in AI and automation remains one of our central priorities. Having done the heavy lifting, however, to this point, there will continue to be iterative and incremental investments made as required to continue to drive innovation, obviously support that scalability and efficiency thesis to allow faster development, faster deployment, and faster realization of revenues for our clients, and ultimately Racing and Sports as a business. The core technology investments that we have made really have supported the build-out of our full proprietary racing solution, and data content media and digital solutions, which really work together in harmony.
Stephen Crispe: Excellent. Thanks, Tim. Look, really just to recap on what you have heard today. Obviously, the investment in AI and automation remains one of our central priorities. Having done the heavy lifting, however, to this point, there will continue to be iterative and incremental investments made as required to continue to drive innovation, obviously support that scalability and efficiency thesis to allow faster development, faster deployment, and faster realization of revenues for our clients, and ultimately Racing and Sports as a business. The core technology investments that we have made really have supported the build-out of our full proprietary racing solution, and data content media and digital solutions, which really work together in harmony.
Speaker #3: Excellent. Thanks, Tim. And look, really just to recap on what you've heard today, obviously the investment in AR and automation remains one of our central priorities, having done the heavy lifting.
Speaker #3: However, to this point, there will continue to be iterative and incremental investments made as required, to continue to drive innovation and obviously support that scalability and efficiency thesis.
Speaker #3: To allow faster development, faster deployment, and faster realization of revenues for our clients, and ultimately Racing & Sports as a business. The core technology investments that we've made really have supported the build-out of our full proprietary racing solution, and data content media and digital solutions, which really work together in harmony and all these parts of the business provide a strong basis for us to go and attack opportunities on a global basis, whether they be in Asia, whether they be in the UK, Europe, Latin America, or the USA, or North American markets.
Stephen Crispe: All these parts of the business provide a strong basis for us to go and attack opportunities on a global basis, whether they be in Asia, whether they be in the UK, Europe, Latin America, or the USA or North America markets. We are continuing to leverage the products that we have been building for the UK market specifically, and obviously with our dedicated team on the ground there. We have a team of great sales, business leaders, and trading capability now within the UK domestically. That is really starting to bear fruit, and has been for several years. We get to sweat the assets that we have built harder over there, given that we have now got the best-in-class trading and MTS and data and content assets, we believe, for that European and UK market. We still continue to place significant emphasis on Hong Kong and Asia.
Stephen Crispe: All these parts of the business provide a strong basis for us to go and attack opportunities on a global basis, whether they be in Asia, whether they be in the UK, Europe, Latin America, or the USA or North America markets. We are continuing to leverage the products that we have been building for the UK market specifically, and obviously with our dedicated team on the ground there.
Speaker #3: We're continuing to leverage the products that we've been building for the UK market specifically, and obviously, with our dedicated team on the ground there. We have a team of great sales, business leaders, and trading capability now within the UK domestically.
Stephen Crispe: We have a team of great sales, business leaders, and trading capability now within the UK domestically. That is really starting to bear fruit, and has been for several years. We get to sweat the assets that we have built harder over there, given that we have now got the best-in-class trading and MTS and data and content assets, we believe, for that European and UK market. We still continue to place significant emphasis on Hong Kong and Asia. Obviously, the investment in that part of the world was very deliberate and very targeted to allow us to get a foothold in what is a very difficult and tricky market to penetrate. We have done that successfully.
Speaker #3: And that is really starting to bear fruit, and has been for several years. We get to sweat the assets that we've built harder over there, given that we've now got the best-in-class trading and MTS, and data and content assets, we believe, for that European and UK market.
Speaker #3: And we still continue to place significant emphasis on Hong Kong and Asia. Obviously, the investment in that part of the world was very deliberate.
Stephen Crispe: Obviously, the investment in that part of the world was very deliberate and very targeted to allow us to get a foothold in what is a very difficult and tricky market to penetrate. We have done that successfully. We have a great local Asian team running the business under Ronnie Tai, and he has been spearheading not only the uplift in our technology and capabilities within that part of the world, but also the design and go-to-market with our new digital assets that Tim has touched on, our simulcast products, and obviously looking at our trading investments and expanding that part of the business into that addressable market as time goes on. What is next? We are going to be progressing our cost-out initiatives of the business and really focusing on AI and automation, looking at optimizing how we do business and our suppliers, our technology platforms.
Speaker #3: And very targeted to allow us to get a foothold in what is a very difficult and tricky market to penetrate. We've done that successfully.
Speaker #3: We have a great local Asian team running the business under Ronnie Tay, and he's been spearheading not only the uplift in our technology and capabilities within that part of the world, but also the design and go-to-market with our new digital assets that Tim has touched on—our simulcast products—and obviously looking at our trading investments and expanding that part of the business into that addressable market as time goes on.
Stephen Crispe: We have a great local Asian team running the business under Ronnie Tai, and he has been spearheading not only the uplift in our technology and capabilities within that part of the world, but also the design and go-to-market with our new digital assets that Tim has touched on, our simulcast products, and obviously looking at our trading investments and expanding that part of the business into that addressable market as time goes on. What is next? We are going to be progressing our cost-out initiatives of the business and really focusing on AI and automation, looking at optimizing how we do business and our suppliers, our technology platforms.
Speaker #3: So, what's next? We're going to be progressing our cost-out initiatives across the business and really focusing on AR and automation, looking at optimizing how we do business and our suppliers, as well as our technology platforms.
Speaker #3: We've already started that journey, which is yielding and bearing fruit. As we stand today, we'll continue to go into the future. We've been restructuring the business to gain efficiencies, and put people into more meaningful roles for their skills, as we continue to use AI, automation, and those technologies to take some of the manual tasks away.
Stephen Crispe: We've already started that journey, which is yielding and bearing fruit as we stand today, and will continue to go into the future. We've been restructuring the business to gain efficiencies, put people into more meaningful roles for their skills as we continue to use AI automation and those technologies to take some of the mundane tasks away. This is all to reduce delivery costs, increase margins, increase productivity, and obviously returns to customers and shareholders alike. With that, let's throw to questions. I'll hand back to Ben.
Stephen Crispe: We've already started that journey, which is yielding and bearing fruit as we stand today, and will continue to go into the future. We've been restructuring the business to gain efficiencies, put people into more meaningful roles for their skills as we continue to use AI automation and those technologies to take some of the mundane tasks away. This is all to reduce delivery costs, increase margins, increase productivity, and obviously returns to customers and shareholders alike. With that, let's throw to questions. I'll hand back to Ben.
Speaker #3: So this is all to reduce delivery costs, increase margins, increase productivity, and, obviously, returns to customers and shareholders alike. So, with that, let's throw to questions.
Speaker #3: I'll hand back to Ben.
Speaker #5: Thank you, Steven and Tim. Yes, just a reminder: if you'd like to ask a question, please do so using the Q&A function at the bottom of the screen.
[Company Representative] (NWR Communications): Thank you, Stephen and Tim. Yes, just a reminder, if you'd like to ask a question, please do so via the Q&A function at the bottom of the screen. We've had a couple of questions regarding Tabcorp's proposed acquisition of BetMakers. I'll tie them together. The first one is, what, if any, impact do you anticipate the proposed acquisition to have on Racing and Sports? The other question was, have you seen an increase in inbound inquiries from customers of competing platforms since the proposed acquisition was announced?
Ben Larsen: Thank you, Stephen and Tim. Yes, just a reminder, if you'd like to ask a question, please do so via the Q&A function at the bottom of the screen. We've had a couple of questions regarding Tabcorp's proposed acquisition of BetMakers. I'll tie them together. The first one is, what, if any, impact do you anticipate the proposed acquisition to have on Racing and Sports? The other question was, have you seen an increase in inbound inquiries from customers of competing platforms since the proposed acquisition was announced?
Speaker #5: We've had a couple of questions regarding the proposed Tabcorp acquisition of BetMakers, so I'll tie them together. The first one is: What, if any, impact do you anticipate the proposed acquisition to have on racing sports?
Speaker #5: And the other question was, have you seen an increase in inbound inquiries from customers of competing platforms since the proposed acquisition was announced?
Speaker #3: Wonderful. Thanks, Ben. And thank you for the question. It's a very interesting one. So racing sports has had, as I said before, a long relationship with Tabcorp, delivering quality premium services to them in our data and content, our FastForm, and international services.
Stephen Crispe: Wonderful. Thanks, Ben. Thank you for the question. It's a very interesting one. Racing and Sports has had a, as I said before, a long relationship with Tabcorp, delivering quality premium services to them in our data and content, our Fast Form, and international services. This has been something we've been doing for a lot of years. It's high quality. It's best in class as evidenced by all the tier 1 operators within the Australian market, obviously using Racing and Sports as a global, independent, and trusted partner of data and content of tips and other services. In terms of going forward, are there opportunities for Racing and Sports? Have we seen inbound? Yes. We certainly had a lot of inbound inquiries, and there's been a lot of discussion around the transaction. I won't get into the details of that. That I'll leave for others.
Stephen Crispe: Wonderful. Thanks, Ben. Thank you for the question. It's a very interesting one. Racing and Sports has had a, as I said before, a long relationship with Tabcorp, delivering quality premium services to them in our data and content, our Fast Form, and international services. This has been something we've been doing for a lot of years. It's high quality. It's best in class as evidenced by all the tier 1 operators within the Australian market, obviously using Racing and Sports as a global, independent, and trusted partner of data and content of tips and other services.
Speaker #3: And this has been something we've been doing for a lot of years. It's high quality; it's best in class, as evidenced by all the Tier 1 operators within the Australian market.
Speaker #3: Obviously, using Racing and Sports as a global, independent, and trusted partner of data and content, of tips and other services. In terms of going forward, is there opportunity for Racing and Sports?
Stephen Crispe: In terms of going forward, are there opportunities for Racing and Sports? Have we seen inbound? Yes. We certainly had a lot of inbound inquiries, and there's been a lot of discussion around the transaction. I won't get into the details of that. That I'll leave for others. However, Racing and Sports is obviously being a global independent provider of all the services which I've just covered in the presentation deck. You'd naturally see that it would be inbound inquiries for us for various things, but I'll leave it at that.
Speaker #3: Have we seen inbound? Yes. We certainly had a lot of inbound inquiries, and there's been a lot of discussion around the transaction. I won't get into the details of that.
Speaker #3: I'll leave that for others. However, Racing and Sports is obviously a global independent provider of all the services that I've just covered in the presentation deck.
Stephen Crispe: However, Racing and Sports is obviously being a global independent provider of all the services which I've just covered in the presentation deck. You'd naturally see that it would be inbound inquiries for us for various things, but I'll leave it at that.
Speaker #3: You naturally see that it would be inbound inquiries for us for various things, but I'll leave it at that.
Speaker #5: Thank you, Steven. Yes, question on here. Two parts to this question. What revenue and ARR did state contribute in FY26? And did a higher Aussie dollar impact reported revenue?
[Company Representative] (NWR Communications): Thank you, Stephen. There is a question on here, two parts to this question. What revenue and ARR did Stake contribute in FY26, and did a higher AUD impact reported revenue? We do have another question regarding the impact of currency on the reported results and the estimates there.
Ben Larsen: Thank you, Stephen. There is a question on here, two parts to this question. What revenue and ARR did Stake contribute in FY 2026, and did a higher AUD impact reported revenue? We do have another question regarding the impact of currency on the reported results and the estimates there.
Speaker #5: We do have another question regarding the impact of currency on reported results, and the estimates there.
Speaker #4: Yeah, I'll take that one. Look, in terms of the state revenue, we've never specifically published the revenue number there, but it is a material seven-figure value agreement.
Tim Olive: Yeah, I will take that one. Look, in terms of the Stake revenue, we have never specifically published the number of the revenue there, but it is a material seven-figure value agreement. That obviously will have an impact. As we stated repeatedly on the market, that deal was delivered in partnership with another provider, so it was a lower margin deal for us. At least half the revenue was paid away. The net impact on the bottom line, we think will be more than covered by the LeoVegas addition. So that is the first part. Sorry, Ben, the second half of the question?
Tim Olive: Yeah, I will take that one. Look, in terms of the Stake revenue, we have never specifically published the number of the revenue there, but it is a material seven-figure value agreement. That obviously will have an impact. As we stated repeatedly on the market, that deal was delivered in partnership with another provider, so it was a lower margin deal for us. At least half the revenue was paid away. The net impact on the bottom line, we think will be more than covered by the LeoVegas addition. So that is the first part. Sorry, Ben, the second half of the question?
Speaker #4: So that obviously will have an impact. But as we stated repeatedly on the market, that deal was delivered in partnership with another provider.
Speaker #4: So, it was a lower-margin deal for us. At least half the revenue was paid away. So, the net impact on the bottom line, we think, will be more than covered by the Leo Vegas addition.
Speaker #4: So that's the first part. Sorry, Ben, about the second half of the question.
Speaker #5: Yes, sorry, Tim. Yeah, so it's just around currency impact. So, did a higher Aussie dollar impact reported revenue? And we had a similar question about the estimate on the impact of currency on the reported results.
[Company Representative] (NWR Communications): Yeah. Sorry, Tim. Yeah, so it is just around currency impact.
Ben Larsen: Yeah. Sorry, Tim. Yeah, so it is just around currency impact.
Tim Olive: Yes.
Tim Olive: Yes.
[Company Representative] (NWR Communications): Did a higher AUD impact reported revenue? We had a similar question about the estimate on the impact of currency on the reported results.
Ben Larsen: Did a higher AUD impact reported revenue? We had a similar question about the estimate on the impact of currency on the reported results.
Speaker #4: Yeah, absolutely. Currency did have a notable impact on the revenue reported out of our UK business. Certainly, some of the contracts we do are in USD, including STAKE and also Hong Kong, so it did have a material impact on the revenue reported.
Tim Olive: Yeah, absolutely. Currency did have a notable impact on the revenue reported out of our UK business. Certainly, some of the contracts we do in USD, including Stake and also Hong Kong. So it did have a material impact on the revenue reported. I guess the growth would've been stronger had not been for that trend. So yeah, that was definitely a material factor.
Tim Olive: Yeah, absolutely. Currency did have a notable impact on the revenue reported out of our UK business. Certainly, some of the contracts we do in USD, including Stake and also Hong Kong. So it did have a material impact on the revenue reported. I guess the growth would've been stronger had not been for that trend. So yeah, that was definitely a material factor.
Speaker #4: So I guess the growth would have been stronger had it not been for that trend. So, yeah, that was definitely a material factor.
Speaker #5: Thank you, Tim. What's your expectation for cost growth in FY27? And is the operating leverage expected to show up as soon as the first half of FY27?
[Company Representative] (NWR Communications): Thank you, Tim. What's your expectation for cost growth in FY27, and is the operating leverage expected to show up as soon as the first half of FY27?
Ben Larsen: Thank you, Tim. What's your expectation for cost growth in FY27, and is the operating leverage expected to show up as soon as the first half of FY27?
Speaker #4: Yeah, look, cost growth will be much more subdued in FY27. As Steve talked to, this was a year of major investment, and that was reflected in the expense lines and the capitalization line.
Tim Olive: Yeah, look, cost growth will be much more subdued in FY27. As Steve talked to, this was a year of major investment and that was reflected in the expense lines and the capitalization line. Yeah, so it'll be much, much more subdued next year. We're through the bulk of the investment, and we've got some cost-saving initiatives coming through as well. So it'll be much, much lower growth going forward. In terms of operating leverage, look, it's probably going to be stronger in the second half of FY27. Obviously, I said LeoVegas' main brands came on in August. We, of course, have the Hong Kong racing off season in the first half of the year as well. Yeah, so it'll certainly be stronger in the second half of the year, but we'll probably see some benefits in Q2 of FY27, but definitely stronger in the second half.
Tim Olive: Yeah, look, cost growth will be much more subdued in FY27. As Steve talked to, this was a year of major investment and that was reflected in the expense lines and the capitalization line. Yeah, so it'll be much, much more subdued next year. We're through the bulk of the investment, and we've got some cost-saving initiatives coming through as well. So it'll be much, much lower growth going forward.
Speaker #4: Yeah, so it will be much, much more subdued next year. We're through the bulk of the investment, and we've got some cost-saving initiatives coming through as well.
Speaker #4: So, it'll be much, much lower growth, yeah, going forward. And in terms of operating leverage, look, it's probably going to be stronger in the second half of FY27.
Tim Olive: In terms of operating leverage, look, it's probably going to be stronger in the second half of FY27. Obviously, I said LeoVegas' main brands came on in August. We, of course, have the Hong Kong racing off season in the first half of the year as well. Yeah, so it'll certainly be stronger in the second half of the year, but we'll probably see some benefits in Q2 of FY27, but definitely stronger in the second half.
Speaker #4: Obviously, I said LeoVegas. Main brands came on in August. We, of course, have the Hong Kong racing off-season in the first half of the year as well.
Speaker #4: Yeah, so it'll certainly be stronger in the second half of the year, but we'll probably see some benefits in the second quarter of FY27, but definitely stronger in the second half.
Speaker #5: Thank you, Tim. That concludes the Q&A segment of the webinar, and I'll hand back to Steven for closing remarks.
[Company Representative] (NWR Communications): Thank you, Tim. That concludes the Q&A segment of the webinar. I'll hand back to Stephen for closing remarks.
Ben Larsen: Thank you, Tim. That concludes the Q&A segment of the webinar. I'll hand back to Stephen for closing remarks.
Speaker #3: Thanks very much, Ben. And look, thank you everyone for attending today. We always look forward to updating the market on some of the great things that the business has been doing over the past financial year.
Stephen Crispe: Thanks very much, Ben. Thank you everyone for attending today. We always look forward to updating the market on some of the great things that the business has been doing over the past financial year. We are certainly looking forward to more of it to come in this financial year as we continue to capitalize on all those great things, which I have explained, around AR automation, excellence in our products, and so forward. Looking forward to updating you further across the course of the financial year and definitely within the half in February next year. With that, I will hand back to Ben to close.
Stephen Crispe: Thanks very much, Ben. Thank you everyone for attending today. We always look forward to updating the market on some of the great things that the business has been doing over the past financial year. We are certainly looking forward to more of it to come in this financial year as we continue to capitalize on all those great things, which I have explained, around AR automation, excellence in our products, and so forward. Looking forward to updating you further across the course of the financial year and definitely within the half in February next year. With that, I will hand back to Ben to close.
Speaker #3: And we're certainly looking forward to more of it to come in this financial year, as we continue to capitalize on all those great things which I've explained around AR automation, excellence in our products, and so forth.
Speaker #3: So we're looking forward to updating you further across the course of the financial year. And definitely, within the half in February next year. So with that, I'll hand back to Ben to close.
Operator: Goodbye.
Operator: Goodbye.
