Q2 2026 Personal Group Holdings PLC Earnings Call

September 18, 2026

Operator: The investor presentation. Throughout this recorded presentation, investors will be in listen-only mode. Questions are encouraged and can be submitted at any time by the Q&A tab situated on the right-hand corner of your screen. Simply type in your questions and press send. The company may not be in a position to answer every question it receives during the meeting itself. However, the company can review all questions submitted today and publish responses where it is appropriate to do so. Before we begin, I would like to submit the following poll. I would now like to hand you over to the management team. Paula, good morning.

Speaker #1: Investor presentation: Throughout this recorded presentation, investors will be in listen-only mode. Questions are encouraged and can be submitted at any time via the Q&A tab situated in the right-hand corner of your screen.

Speaker #1: Simply type in your questions and press send. The company may not be in a position to answer every question it receives during the meeting itself; however, the company can review all questions submitted today and publish responses where it's appropriate to do so.

Speaker #1: Before we begin, I'd like to submit the following poll. I'd now like to hand you over to the management team. Paula, good morning.

Speaker #2: Thank you very much. Welcome—9 o’clock, Friday, sunny morning in London. What better thing than to join our interim results broadcast? We’ve really enjoyed being on the road this week, meeting investors, and we’re super happy to share our half-year results, tracking nicely for the end of the year.

Paula Constant: Thank you very much. Welcome. 9:00 AM Friday, sunny morning in London. What better thing than to join our interim results broadcast? We have really enjoyed being on the road this week, meeting investors, and super happy to share our H1 results, tracking nicely for the end of the year. As exciting as our results, it is great to formally introduce Matt. He is at the beginning of month four, practically part of the furniture now, our new CFO. I will let him do a bit more of an intro after I have rambled through what we do and who we are quickly. Conscious that as exciting as our numbers are, there is an exciting new person for everyone to meet as well. Quick agenda.

Paula Constant: Thank you very much. Welcome. 9:00AM Friday, sunny morning in London. What better thing than to join our interim results broadcast? We have really enjoyed being on the road this week, meeting investors, and super happy to share our H1 results, tracking nicely for the end of the year. As exciting as our results, it is great to formally introduce Matt. He is at the beginning of month four, practically part of the furniture now, our new CFO. I will let him do a bit more of an intro after I have rambled through what we do and who we are quickly. Conscious that as exciting as our numbers are, there is an exciting new person for everyone to meet as well. Quick agenda.

Speaker #2: And as exciting as our results, it's great to formally introduce Matt. He's at the beginning of month four—practically part of the furniture now—our new CFO.

Speaker #2: So, I will let him do a bit more of an intro after I've rambled through what we do and who we are, quickly. I'm conscious that, as exciting as our numbers are, there's also an exciting new person for everyone to meet as well.

Speaker #2: So, quick agenda: I'll talk about who we are, top line, where our results are. Matt will take you through a bit about himself—why he joined, what he loves about our business, particularly from an investor perspective.

Paula Constant: I will talk about who we are, top line, where our results are, and Matt will take you through a bit about him, why he joined, what he loves about our business, particularly from an investor perspective. Particularly in insurance and benefits and pay and reward are the things that have been brilliant this year, and our mark card for the end of the year of the things that we need to do. I am sure your questions will address some of that, and I will try and weave in answers as we go. Matt will take you through any financial information that I have not already stolen from his part of the presentation. Then over to Q&A. There you go. What better way to spend 9:00 AM on a Friday? Moving on.

Speaker #2: Particularly in insurance and benefits, and pay and reward—of the things that have been brilliant this year, and our mark card for the end of the year—of the things that we need to do.

Speaker #2: So, I'm sure your questions will address some of that, and I'll try and weave in answers as we go. Matt will take you through our financial information that I haven't already stolen from his part of the presentation, and then over to Q&A.

Speaker #2: So there you go. What better way to spend 9 o'clock on a Friday? So, moving on, I would guess that most people on this call know who we are and what we do, but just as a reminder, we are in the business of helping businesses' employees get happier, healthier, and protected.

Paula Constant: I would have a guess that most people on this call know who we are and what we do. Just as a reminder, we are in the business of helping businesses' employees get happier, healthier, and protected. More protected where they already have protection with us. Our heartland is insurance. It is the bulk of our revenue and our profit. I think it is wonderful that the policies, the plans that we started out with when the company was created 40-plus years ago are still the things that we sell today. It is a really brilliant indicator that they are relevant. They have remained relevant to people that do not have protection from a company at a group management level and may not know how to find protection elsewhere.

Speaker #2: More protected where they already have protection with us. Our heartland is insurance; it's the bulk of our revenue and our profit. And I think it's wonderful that the policies, the plans that we started out with when the company was created, forty-plus years ago, are still the things that we sell today.

Speaker #2: It's a really brilliant indicator that they are relevant—they have remained relevant to people who do not have protection from a company or group management level.

Speaker #2: And may not know how to find protection elsewhere. So we sell simple, affordable protection—hospital recovery plans that pay out lump sums of cash in the event that you need to go into hospital for anything.

Paula Constant: We sell simple, affordable protection, hospital recovery plans that pay out lump sums of cash in the event that you need to go into hospital for anything from a day of blood tests to a seriously long stay of up to 2 years. Then we have a death plan as well. It is not a huge lump sum payout, but it is a meaningful lump sum payout for immediate needs in the event of death. With a reasonable price of investment, we allow employees to pay weekly or monthly. It is small amounts of cash. I think on an average, GBP 20 a month. Clearly, when things go wrong in life, these policies pay out significantly. We collect from net pay, so it is not a salary sacrifice benefit. We collect via payroll, but also a backup direct debit or direct to direct debit. So, different methods there.

Speaker #2: From a day of blood tests to a seriously long stay—you know, of up to two—plan as well. It's not a huge lump sum payout, but it's a meaningful lump sum payout for, you know, immediate needs in the event of death.

Speaker #2: So, with a reasonable price of investment, we allow employees to pay weekly or monthly. It's small amounts of cash—they're thinking on average £20 a month.

Speaker #2: And clearly, you know, when things go wrong in life, these policies pay out significantly. We collect from net pay, so it's not a salary sacrifice benefit.

Speaker #2: We collect via payroll, but also have a backup direct debit, or direct-to-direct debit, so there are different methods there. But critically, what makes our products really great is the fact that we sell them face to face.

Paula Constant: Critically, what makes our products really great is the fact that we sell them face-to-face. We are in businesses talking to employees about the broader range of benefits that that company may provide, and then onto the insurance conversation. When we are talking about insurance, we convert around half of those conversations. It is a fantastic conversion rate, but it is not a surprise given the simplicity of our plans and the breadth of cover and the length of cover that they offer. We underwrite the insurance, and we have very little insurer. So it is a fantastic proposition for employees. It is a great proposition for businesses wanting to introduce an affordable insurance option into their business. It is a great business to invest in. So it ticks lots of boxes. Then the other half of our business is benefits and reward.

Speaker #2: So we are in businesses, talking to employees about the broader range of benefits that that company may provide, and then on to the insurance conversation.

Speaker #2: When we are talking about insurance, we convert around half of those conversations. It's a fantastic conversion rate, but it's not a surprise given the simplicity of our plans and the breadth and length of cover that they offer.

Speaker #2: We underwrite the insurance, and we have very little reinsurance. So, you know, it's a fantastic proposition for employees. It's a great proposition for businesses wanting to introduce an affordable insurance option into their business.

Speaker #2: And it's a great business to invest in, so it ticks lots of boxes. And then the other half of our business is benefits and reward.

Speaker #2: The main thrust of revenue and profit here is our white-labeled SaaS proposition to SAGE. We've been in business with SAGE for what must be something like seven years, probably even longer than that.

Paula Constant: The main thrust of revenue and profit here is our white labeled SaaS proposition to Sage. We have been in business with Sage for what must be something like 7, probably even longer than that. I should know. Someone from my team will probably correct me. We signed a new contract last year to extend that relationship through for the next number of years. Today we play in a really big SME segment in the UK. We have expanded into Ireland. We have some other segments in the UK that we are looking at, and we are quite far down the line of weighing up opportunities overseas. Sage upsell our products to their existing base. They onboard the customer. They collect the revenue for us. We provide a light but meaningful wraparound care, which is very low touch. Think kind of password resets, et cetera.

Speaker #2: I should note someone from my team will probably correct me. We signed a new contract last year to extend that relationship for the next number of years.

Speaker #2: Today, we play in a really big SME segment in the UK. We've expanded into Ireland. We've got some other segments in the UK that we're looking at, and we're quite far down the line of weighing up opportunities overseas.

Speaker #2: SAGE upsell our products to their existing base. They onboard the customer and collect the revenue for us. We provide a light but meaningful wraparound care, which is very low touch—you know, think kind of password resets, etc.

Speaker #2: It's a brilliant model, obviously, you know, spearheaded by a brilliant brand in SAGE. So we're very proud of that relationship. We sell direct as well.

Paula Constant: It is a brilliant model, obviously speared by a brilliant brand of Sage. So we are very proud of that relationship. We sell direct as well. We do that to be relevant in the insurance space. Obviously, it is fantastic with insurance customers if they have the benefit platform as well. We can talk to people on the ground, activate the platform, show them features and functionality. Typically, when we visit, we see anything from 15% to 25% uplift in the engagement of the platform, and then we go on to the insurance conversation. Equally, we are super versatile. We can demo other people's platforms. We do that with one of our critical insurance customers. We can also talk about other benefits, as I discussed, and as I come onto our new relationship with Simplyhealth, I can bring that to life for you as well. Also part of that business is Innecto.

Speaker #2: We do that to be relevant in the insurance space. Obviously, it's fantastic with insurance customers. If they've got the benefit platform as well, we can talk to people on the ground, activate the platform, and show them features and functionality.

Speaker #2: Typically, when we visit, we see anything from a 15% to 25% uplift in the engagement of the platform. And then we go on to the insurance conversation.

Speaker #2: But equally, you know, we're super versatile. We can demo other people's platforms—we do that with one of our critical insurance customers. We can also talk about other benefits, as I discussed, and as I'll come on to with our new relationship with Simplyhealth.

Speaker #2: I can bring that to life for you as well. Also, part of that business is Anecto. We're very proud of our consulting business. You may remember we brought two businesses together a few years ago.

Paula Constant: We are very proud of our consulting business. You may remember we brought two businesses together a few years ago. One was the Innecto brand, which is now the brand for the whole business. We have had a very pleasing H1. We sold well over 60 Innecto contracts this year. We have got some great names that I will talk you through later. We continue to play really strongly in this space. We have found a great new opportunity to increase our data provision, which makes us extremely relevant. That is the business in a nutshell, and pleasing performance on all fronts. Moving on. The demand for our products could not be greater. It has always been strong.

Speaker #2: One was, you know, the Anecto brand, which is now the brand for the whole business. We've had a very pleasing H1. You know, we sold well over 60 Anecto contracts this year.

Speaker #2: We've got some great names that I'll talk you through later. We continue to play really strongly in this space, and we've signed a great new opportunity to increase our data provision there, which makes us extremely relevant.

Speaker #2: So that's the business in a nutshell. And, you know, pleasing performance on all fronts. Moving on, the demand for our products could not be greater.

Speaker #2: It's always been strong. The conditions of the cost of living crisis, some of the decisions that have been made through the budgets in the last few years, and the Labour government—all of these things mean that people need our benefits more than ever.

Paula Constant: The conditions of cost of living crisis, some of the decisions that have been made through the budgets in the last few years of the Labour government, all of these things mean that people need our benefits more than ever. The most critical of those would definitely be financial well-being. Think our insurance products. I think when we reported our year results back in April, our 2025 results, I talked then about the average amount of money anyone has for a rainy day if you need to go into hospital and you are not being paid or you are being paid very little through statutory sick pay. That average number was GBP 500. In fact, one in five people, and these are probably 100% of the people that we are seeing on the ground, have less than GBP 100 in savings, either in the bank or home.

Speaker #2: And the most critical of those would definitely be financial well-being. So, think of our insurance products. I think when we reported our year-end results back in April—2025 results—you know, I talked then about the average amount of money anyone has for a rainy day if you need to go into hospital and you're not being paid or you're being paid, you know, very little through statutory sick pay.

Speaker #2: You know, that average number was £500. In fact, 1 in 5 people—and these are probably, you know, 100% of the people that we are seeing on the ground—have less than £100 in savings, either in the bank or at home.

Speaker #2: So, if you are in manufacturing, logistics, or a company in the heartland of where we are—a bus driver, etc.—you've got very little in the way of financial money to plug anything that you might need over statutory sick pay.

Paula Constant: If you are in a manufacturing logistics company, the heartland of where we are, a bus driver, et cetera, you have got very little in the way of financial money to plug anything that you might need over statutory sick pay. Even if you are in a company that gives you a reasonable sick pay policy, it probably still does not cover the needs of travel, of childcare, of everything else that comes in the event of a hospital or a prolonged period of recovery. So we offer a critical lifeline, and I think we are always very proud every year to report back to the companies that we serve. Our bigger companies will pay out north of GBP 2 million of claims. There is always a handful of people that we are paying out GBP 10,000, GBP 20,000, GBP 30,000 because they have obviously had super long stints in hospital.

Speaker #2: And even if you're in a company that gives you a reasonable sick pay policy, it probably still doesn't cover the needs of travel, childcare, or everything else that comes in the event of, you know, a hospital stay or a prolonged period of recovery.

Speaker #2: So we offer a critical lifeline, and I think we're always very proud every year to report back to the companies that we serve. You know, our bigger companies will pay out, you know, kind of north of £2 million of claims. There's always a handful of people that we're paying out £10,000, £20,000, £30,000, because, you know, they've obviously had super long stints in hospital.

Speaker #2: You know, this is an absolute lifeline for people that would never be able to access that amount of money. So the need couldn't be stronger.

Paula Constant: This is an absolute lifeline for people that would never be able to access that amount of money. The need couldn't be stronger, and we absolutely serve that need. We are often asked if there are alternatives to what we do. There are a couple of digital hospital plans cropping up now. Because they are sold online, they are not sold face-to-face with businesses where you are talking to people that by definition are in business and healthy enough to at least come into work. They have got far more restrictions and conditions around them online. There are examples out there that provide no more than one to two months of cover. They have got a long period of time before you can be eligible. Competition in this space is relatively limited, and particularly, in what we consider to be our USP in the face-to-face space.

Speaker #2: And we absolutely serve that need. We're often asked if there are alternatives to what we do. You know, there are a couple of digital hospital plans cropping up now.

Speaker #2: Because they're sold online, they're not sold, you know, face-to-face into businesses where you're talking to people that, by definition, are in business and, you know, healthy enough to at least come into work.

Speaker #2: They've got far more restrictions and conditions around them online. So, you know, there are examples out there that provide no more than one to two months of cover.

Speaker #2: They've got a long period of time before you can be eligible. So, you know, competition in this space is relatively limited, and particularly, you know, in what we consider to be our USP, in a face-to-face space.

Speaker #2: There are clearly alternatives, such as PMI and even low-cost PMI. These are expensive. We can see that PMI costs are soaring. When we talk to businesses, they might have been considering PMI, or low-cost PMI.

Paula Constant: There are clearly alternatives such as PMI and even low-cost PMI. These are expensive. We can see that PMI costs are soaring. When we talk to businesses, they might have been considering PMI, low-cost PMI. They have certainly been moving away from being able to fund more insurances more widely across the business as HR budgets and other back office budgets have really suffered over the last few years since the NI increases that Labour imposed a few years ago. I think that was the clear subsequent impact, is that people have had to squeeze budgets elsewhere. There is clearly demand. People are clearly needing to take out health cash plans, and we remain the clear alternative, affordable option to something like PMI. Absence, again, is increasing. People are taking more time off work.

Speaker #2: They've certainly been moving away from being able to fund more insurances more widely across the business, as HR budgets and other back-office budgets have really suffered over the last few years since the, kind of, you know, NI increases that Labour imposed a few years ago.

Speaker #2: So, you know, I think that was the clear, subsequent impact—is that people have had to squeeze budgets elsewhere. So there's clearly demand. People are clearly needing to take out healthcare plans.

Speaker #2: And we remain the clear, alternative, affordable option to something like PMI. Absence, again, is increasing—you know, people are taking more time off work.

Speaker #2: Businesses are increasingly worried about absence. You know, our insurance really gives you permission to go to hospital quickly and get sorted, and recover quickly, and get back to work because you're not delaying, trying to take a day off in the event that you lose money.

Paula Constant: Businesses are increasingly worried about absence, and our insurance really gives you permission to go to hospital quickly and get sorted and recover quickly and get back to work because you are not delaying trying to take a day off in the event that you lose money or that you cannot afford to fund going to hospital. Again, all of these examples increase the need for our insurance and the relevance of our insurance to plug that need. Then finally, I think, probably when I started three years ago, and I was looking at the company and looking at the employee benefits industry, coming out of COVID, where HR budgets were potentially bigger, they wanted to invest for the future. They were looking very distinctively at tech features, the need to provision for upsell opportunities.

Speaker #2: Or that you can't afford to fund going to hospital. So again, all of these examples increase the need for our insurance and the relevance of our insurance to plug that need.

Speaker #2: And then finally, I think, you know, probably when I started three years ago and I was looking at the company, looking at the employee benefits industry coming out of COVID, where HR budgets were potentially bigger—they wanted to for the future.

Speaker #2: They were looking, you know, very distinctively at tech features—you know, the need to provision for upsell opportunities. Now we are facing into a much starker set of needs for employee benefits.

Paula Constant: Now we are facing into a much starker set of needs for employee benefits. It is cash, it is financial wellbeing, it is mental health, it is physical health. Discounts and vouchers, which is still important, have eroded in value, as the cost of living has clearly tightened the generosity of retail providers. So, vouchers that might have been 5% off now are more like 3% or 4% across, not just our platform, but all platforms. And the ability to have money to pay for extra tech features and functionality is certainly diminishing. Again, we have got the relevant financial wellbeing and mental health and other aspects through online GP and our employee assistance programs to fulfill those needs. So I think, it is great to work, in an industry where demand is high, and we have the right relevant products to address that demand.

Speaker #2: It is cash. It is financial well-being. It’s mental health. It’s physical health. Discounts and vouchers, which, you know, are still important, have eroded in value as the cost of living has clearly tightened the generosity of retail providers.

Speaker #2: So, you know, vouchers that might have been 5% off are now more like 3% or 4%, across not just our platform, but all platforms.

Speaker #2: And, you know, the ability to have money to pay for extra tech features and functionalities is certainly diminishing. So again, we've got the relevant financial well-being and mental health, and, you know, other aspects through online GP and our employee assistance programmes to, you know, fulfill those needs.

Speaker #2: So I think, you know, it's great to work in an industry where demand is high, and we have the right, relevant products to address that demand.

Speaker #2: Moving on, I think there are clearly lots of great reasons why you would invest in our company, and I am super proud, again, of our results.

Paula Constant: Moving on, I think, there are clearly lots of great reasons why you would invest in our company. And I am super proud again of our results, 90% plus recurring revenues consistently, 80% plus retention rates in insurance, higher than that in our SaaS businesses. 10% up on revenue year-on-year. So really great financial results again, and as I said, tracking as planned to the end of the year. But I think, I will hand over to Matt to give his view on what he thinks makes this business brilliant to invest in.

Speaker #2: Ninety percent plus recurring revenues, you know, consistently. Eighty percent plus retention rates in insurance, higher than that in our SaaS businesses. You know, ten percent up on revenue.

Speaker #2: Year on year, you know, so great—really great financial results again. And, as I said, tracking as planned to the end of the year.

Speaker #2: But I think I'll hand over to Matt to, you know, give his view on what he thinks makes this business brilliant to invest in.

Speaker #1: Thank you, Paula. Good morning, everyone. I just wanted to start by thanking my predecessor, Sarah, for the fantastic job that she did at Personal Group over her 12-year stint.

Matt Cohen: Thank you, Paula. Good morning, everyone. I just wanted to start by thanking my predecessor, Sarah, for the fantastic job that she did at Personal Group over her 12-year stint. I just wanted to wish her well for the future, and everyone at PGH wishes her well. I joined Personal Group 3 months ago, having been at Royal & Sun Alliance, an insurance company, as head of investor relations, and most recently as CFO of the European operation. I am delighted to be here at PGH. Just looking at the investment highlights for me, the earnings power of this business is underpinned by a really strong recurring revenue model. Over 90% of revenues are recurring, and the group has delivered average revenue growth of 10% over the last 5 years, which is really strong. The opportunity ahead remains significant.

Speaker #1: And I just wanted to wish her well for the future, and everyone at PG wishes her well. I joined Personal Group three months ago, having been at Royal Sun Alliance, an insurance company, as Head of Investor Relations and most recently as CFO of the European operation.

Speaker #1: And I'm delighted to be here at PG. So, just looking at the investment highlights—for me, you know, the earnings power of this business is underpinned by a really strong recurring revenue model.

Speaker #1: Over 90% of revenues are recurring, and the Group has delivered average revenue growth of 10% over the last five years, which is really strong.

Speaker #1: But the opportunity ahead remains significant. Our face-to-face insurance model addresses more than 10 million employees, but we have just over 100,000 paying policyholders today.

Matt Cohen: Our face-to-face insurance model addresses more than 10 million employees, but we have just over 100,000 paying policyholders today, so a lot of road to run down. Our customer stickiness is really evident across the business. In insurance, this is reflected in our 2026 Net Promoter Score of +67, which versus insurance peers tracks very well. We have a 48-hour claims processing promise with a 98% success rate. That has enabled retention rates to consistently be above 80% for insurance year over year. In benefits and reward, our Hapi platform delivers really good reward and recognition capability, while our Sage partnership and Innecto consultancy practice demonstrate both the strength of the proposition that we have and the diversification being built across our three channels.

Speaker #1: So, a lot of road to run down. Our customer stickiness is really evident across the business. In insurance, this is reflected in our 2026 Net Promoter Score of plus 67, which, versus insurance peers, tracks very well.

Speaker #1: And we have a 48-hour claims processing promise with a 98% success rate. That has enabled retention rates to consistently be above 80% for insurance, year over year.

Speaker #1: In Benefits and Reward, our Happy platform delivers really good reward and recognition capability, while our Sage partnership and Innecto consultancy practice demonstrate both the strength of the proposition that we have and the diversification being built across our three channels.

Speaker #1: All of this translates into strong profitability and returns, with a 25% EBITDA margin and a 31% return on tangible equity, or ROTI, reported for 2025.

Matt Cohen: All of this translates into strong profitability and returns with a 25% EBITDA margin, and a 31% return on tangible equity, or ROTE, reported for 2025. ROTE is a measure that we have not really spoken about before, but for those unfamiliar, it is effectively how efficiently a business generates profits from its tangible capital base, which is its capital excluding intangibles and goodwill. We provide a reconciliation on page 24 of this report. The number compared with banking and general insurance, those benchmarks are about 15% for banking and 20% for general insurance. The group's performance at around 30% tracks very well. The balance sheet remains strong with GBP 29.4 million in cash and an SCR coverage ratio of over 280%, well above our 150% target. All of this underpins our 100% dividend payout ratio. Moving on to our track record of delivery.

Speaker #1: ROTI is a measure that we've not really spoken about before, but for those unfamiliar, it's effectively how efficiently a business generates profits from its tangible capital base, which is its capital excluding intangibles and goodwill.

Speaker #1: And we provide a reconciliation on page 24 of this report. But the number, compared with banking and general insurance—those benchmarks are about 15% for banking and 20% for general insurance.

Speaker #1: So, the group's performance around 30% tracks very well. The balance sheet remains strong, with £29.4 million in cash and an SCR coverage ratio of over 280%, well above our 150% target.

Speaker #1: And all of this underpins our 100% dividend payout ratio. Moving on to prove our track record of delivery, over the past five years, the business has delivered strong revenue and EBITDA growth while improving efficiency as it has scaled.

Matt Cohen: Over the past 5 years, the business has delivered strong revenue and EBITDA growth while improving efficiency as it scaled. Revenue has grown by 10% per annum on average and EBITDA by 15% per annum on average, while EBITDA margins have improved by more than 4 percentage points over the period. Adjusted earnings per share has grown on average by 19% a year over the same period. Pleasantly, the business has generated nearly GBP 40 million of cash from operating activities between 2021 and 2025. This is a business with a strong delivery record, but most importantly, as I said before, a significant runway for further growth. I will now hand back to Paula to cover the H1 highlights.

Speaker #1: Revenue has grown by 10% per annum on average, and EBITDA by 15% per annum on average, while EBITDA margins have improved by more than 4 percentage points over the period.

Speaker #1: Adjusted earnings per share has grown on average by 19% a year over the same period. And, pleasingly, the business has generated nearly $40 million of cash from operating activities between 2021 and 2025.

Speaker #1: This is a business with a strong delivery record, but most importantly, as I said before, a significant runway for further growth. I'll now hand back to Paula to cover the first-half highlights.

Speaker #2: Thank you very much. So I've probably already stolen some of these points, but, again, I'm very happy with our half-year results. We like to push ourselves above and beyond our budget in the first half of the year, particularly in insurance.

Paula Constant: Thank you very much. I've probably already stolen some of these points. Again, very happy with our H1 results. We like to push ourselves above and beyond our budget in the H1, particularly in insurance, to get ahead for the year ahead. 9% up year-on-year in insurance is phenomenal. Particularly as you'll remember, the first full year that I was in 2024, when I brought in my COO, Hal, with whom I'd worked with for many years, managing big operations before. We did a phenomenal 18% and then thought, "Yeah, we'll set ourselves a bar here to keep climbing on." Again, a great double-digit performance last year. Up again 9% this year. There is still tons to go at in terms of what we call operational grip.

Speaker #2: To kind of get ahead for the year ahead. And, you know, 9% up year-on-year on insurance is phenomenal. You know, particularly as you'll remember, the first full year that I was in, in '24, when I brought in my COO, Hal, with whom I'd worked for many years managing big operations before.

Speaker #2: We achieved a phenomenal 18%, and then thought, yeah, we'll set ourselves a bar here to keep climbing. And then again, a great double-digit performance last year.

Speaker #2: Up again, 9% this year. There is still tons to go at in terms of what we, you know, we call operational grips. So, how do we continue to penetrate into our customers and get more effective with great quality?

Paula Constant: How do we continue to penetrate into our customers and get more effective with great quality? I'll talk to in a minute. We've been working hard on our end-to-end journey with Sage for the H1 before we press into some of the new territories in the UK. Super proud of the work we've done to revamp our onboarding journey again, and our retention levels have always been pleasing with Sage, but we're still trying to push for the nirvana, I think on that, and that will be a theme that we start to look at again in insurance retention now with Matt's eagle insurance eye. Great forward opportunities there with Sage. Also making inroads into identifying and landing new partnerships.

Speaker #2: Which I'll talk to in a minute. We've been working hard on our end-to-end journey with Sage for the first half of the year before we press into some of the new territories in the UK.

Speaker #2: So, super proud of the work we've done to kind of revamp our onboarding journey again, and our retention levels have always been pleasing with Sage.

Speaker #2: But, you know, we're still trying to push for the nirvana, I think, on that. And that will be a theme that we start to look at again in insurance retention now, with Matt's eagle insurance eye.

Speaker #2: So, you know, great kind of forward opportunities there with Sage, but also making inroads into identifying and landing new partnerships. We have just signed a new partnership at the beginning of H2, which we will be excited to talk about in more detail as that comes to fruition in our full-year results.

Paula Constant: We have just signed a new partnership at the beginning of H2, which we'll be excited to talk about in more detail as that comes to fruition in our full year results. We said at the beginning of the year that we wanted to look for slightly bigger partnerships with more of a robust brand and leverage and ideally if they've already forayed into the benefits market and they've got a pipeline of customers. I think we're pleased with the beginning of that progress, but again, more to do. We've worked really hard on our digital products.

Speaker #2: But, you know, we’ve said at the beginning of the year that we wanted to look for slightly kind of bigger partnerships with, you know, more of a robust brand and leverage, and ideally, if they’ve already forayed into the benefits market and they’ve got, you know, a pipeline of customers.

Speaker #2: So, I think we're kind of pleased with the beginning of that progress, but again, more to do. And then we've worked really hard on our digital product.

Speaker #2: Clearly, face-to-face is our USP. But, you know, wouldn't it be fantastic as a first stage of our strategy if we could reach those employees that we're never going to visit face-to-face, but also those employees that take our platform directly and won't be right for face-to-face?

Paula Constant: Clearly face-to-face is our USP, but wouldn't it be fantastic as a first stage of our strategy if we can reach those employees that we're never going to visit face-to-face, but also those employees that take our platform directly and wouldn't be right for face-to-face. Think still blue collar profile, but maybe too small for a face-to-face visit or not uniform to see people consistently, restaurants for example. A bit more to talk about on the next slide. Let me move it on. A bit more on the insurance detail. Again, I could talk forever on this, so I'm going to rely on imagine a little wiggle if I'm boring the audience. He can be my yardstick. Efficiency clearly has been fantastic.

Speaker #2: So, you know, still kind of a blue-collar profile, but maybe too small for face-to-face visits or not uniform enough to see people consistently—restaurants, for example.

Speaker #2: So, a bit more to talk about on the next slide. Let me move it on. So, a bit more on the insurance detail—and again, I could talk forever on this.

Speaker #2: So I'm going to require—I'm going to rely on—I imagine a little wiggle. If I'm, you know, boring the audience, he can be my yardstick.

Speaker #2: Efficiency clearly has been fantastic. You know, we are seeing more people, we are having better conversations, and we are converting. And I think, you know, a particularly pleasing result is that sales are up 9% year-on-year, because we have a large chunk of new employees now.

Paula Constant: We are seeing more people, we are having better conversations and converting. I think particularly pleasing result, 9% up on year-on-year on sales because we have a large chunk of people now that are new employees. As a proxy, about a third of our workforce, people that have joined in the last 18 months and quite a lot of those in the last six months. We have had a number of recruitment intakes since November. We have totally revamped our process on recruitment. We have never really been super analytical on our EEE recruitment. We call them EEEs, employment engagement executives. I did talk last year that probably the one part of this whole journey was the level of attrition that we have. It is not an easy job. The numbers are not high, but the profile of the people is difficult.

Speaker #2: You know, there's a proxy of about a third of our workforce, people that have joined in the last 18 months, and quite a lot of those in the last six months.

Speaker #2: We've had a number of recruitment intakes since November, and we've totally revamped our process on recruitment. We've never really been super analytical on our AAA recruitment.

Speaker #2: So we call them AAAs, employment engagement executives. And I did talk last year that probably, you know, the one part attrition that we had.

Speaker #2: And it's not, you know, it's not an easy job. The numbers are not high, but the profile of the people is difficult. So we've really invested this year.

Paula Constant: We have really invested this year. We have put great AI through our recruitment process. We have managed to really sift down a huge number of applications, and that has really always been the pain point in this journey is that in a time of high unemployment, we are swamped with lots of opportunities from people wanting to come and work for us. We have changed up how we have done the academies. We have brought people in in fewer numbers for the academy. We have even given one-on-one or two-to-one coaching for the exam that you need to pass at the end of the academy. We have done face-to-face assessment centers, put people out in the field quicker than we might normally. I could go on and on and on, but I am really proud of the efforts.

Speaker #2: We've put, you know, a great AI through our recruitment process. We've managed to really sift down, you know, a huge number of applications. And that's really always been the pain point in this journey is that in a time of, you know, high unemployment, you know, we're swamped with lots of opportunities.

Speaker #2: You know, from people wanting to come and work for us. We've changed up how we've done the academies. We've brought people in in fewer numbers for the academy.

Speaker #2: We've even given, kind of, you know, one-on-one or two-to-one coaching for the exam that you need to pass at the end of the academy, and we've done face-to-face assessment centers to put people out in the field quicker than we might normally.

Speaker #2: I could go on and on and on. But, you know, I'm really proud of the efforts. The team have worked really, really hard to really change up recruitment and bring in, you know, some, you know, some people that look like they've got the makings of being absolute superstars.

Paula Constant: The team have worked really hard to really change up recruitment and bring in some people that look like they have got the makings of being absolute superstars. We are tracking their performance. We are working hard on bringing new people up to a level of competency because of course, new people on the park will probably perform 40% to 50% of someone right at the top, and understandably so. There is a lot to learn about how the process works as you go through the period of time to competency. Really happy with the result, really happy with the number of field days that we have hit because we have recruited so well, and particularly happy because clearly, we have a new cohort of people that will not perform as strongly as our senior people. Moving on to quality measures, because they are as important.

Speaker #2: So we're tracking their performance. We're working hard on bringing new people up to a level of competency because, of course, new people on the park will probably perform at, you know, 40% to 50% of someone right at the top, and understandably so. There's a lot to learn about how the process works as you go through the period of time to competency.

Speaker #2: So, really happy with the result. Really happy with the number of field days that we've hit because we've recruited so well, and particularly happy because, you know, clearly we have a new cohort of people that won't perform as strongly as our senior people.

Speaker #2: But moving on to quality measures, because they are as important, we've continued to outperform ourselves on all of our quality measures. And, you know, this is critical for us to ensure that we're delivering a brilliant service to customers.

Paula Constant: We have continued to outperform ourselves on all of our quality measures. This is critical for us to ensure that we are delivering a brilliant service to customers. Our cancellation rates continue to remain 13% or below. That is for the first month of a customer signing up and being able to decide if they still want the policy. I have never managed a business with that kind of performance, and I am so pleased that the team continue to deliver that every year, particularly with new people on the park. Our customer service levels are exemplary. Our abandon call rates are around 3%, less than last year. Our claims handling continues to push to extraordinary heights. We clear most of our claims, 98% of our claims, within two days, and high 80% in one day. Our Trustpilot results are great, 4.9.

Speaker #2: Our cancellation rates continue to remain at 13% or below. That's for the first month of customers signing up and being able to decide if they still want the policy.

Speaker #2: I've never managed a business with that kind of performance. And, you know, I'm so pleased that the team continued to deliver that every year — particularly with new people on the park.

Speaker #2: Our customer service levels are exemplary. Our abandoned call rates are around 3%, less than last year. Our claims handling continues to, you know, push to extraordinary heights.

Speaker #2: You know, we clear most of our claims—98% of our claims—within two days. And high, you know, high 80% in one day. Our Trustpilot results are great, 4.9.

Speaker #2: No one's ever come and found a better example for me in the insurance space. You know, the feedback is consistently really good, and in terms of compliance levels, we hold ourselves to the highest standards.

Paula Constant: No one's ever come and found a better example for me in the insurance space. The feedback is consistently really good. Compliance levels, we hold ourselves to the highest standards. 98% compliance, including obviously the performance of new people on the park, is a great new high for us, and well above what we target ourselves to do. Of course, we record our calls. Every conversation that we have in the field where we're talking about insurance is recorded, and it's analyzed from an automation perspective, but with a huge amount of manual overlay as well. We're constantly looking to push that metric to even greater heights. I'm really, really proud of the team because we deliver exceptional quality. We won this year, an award with the Institute of Customer Service for the best performance for customer service and claims handling for a small insurance player.

Speaker #2: So, 98% compliance, including, obviously, the performance of new people on the park, is a great new high for us and well above what we target ourselves to do.

Speaker #2: Of course, we record our calls. Every conversation about insurance is recorded. It's analyzed from an automation perspective, but with a significant amount of manual oversight as well.

Speaker #2: So, you know, we're constantly looking to push that metric to even, even greater heights. So I'm really, really proud of the team because we deliver exceptional quality.

Speaker #2: We won this year an award with the Institute of Customer Service for the best performance in customer service and claims handling for a small insurance player.

Speaker #2: So, you know, it's wonderful to be seated among the big insurance players winning some of these awards. So again, I'm very proud of our performance there.

Paula Constant: It's wonderful to be seated around the big insurance players winning some of these awards. Again, very proud of our performance there. All of these efforts, brilliant quality, little breakage, continuing to be more efficient on the park has pushed our penetration to the heady heights of nearly 15%. I say heady heights because clearly there's still so much to go at, and that's a joy for us. A big part of the growth for us going forward will be, excuse me, continuing to penetrate into our businesses, get more employees signed up, and continue to move those penetration levels to at least north, on average, of 20%. Our top 100 sites that we've talked about quite consistently over the last few years perform at about 20%, 21%, and over half of those top 100 sites are between 20% and 30%.

Speaker #2: All of these efforts—brilliant quality, little breakage, continuing to be more efficient on the park—have pushed our penetration to the heady heights of nearly 15%.

Speaker #2: And I say heady heights because, clearly, there's still so much to go at—and that's a joy for us. The big part of the growth for us, going forward, will be continuing to penetrate into our businesses, get more employees signed up, and, you know, continue to move those penetration levels to at least north, on average, of 20%.

Speaker #2: So, our top 100 sites that we've talked about quite consistently over the last few years perform at about 20–21%. And over half of those top 100 sites are between 20 and 30%.

Speaker #2: So, you know, we've been pushing those top 100 sites, and we define those by, you know, the biggest number of people on site, because clearly that's going to drive the average.

Paula Constant: We've been pushing those top 100 sites, and we define those by the biggest number of people on site, because clearly that's going to drive the average. We've been pushing those very hard for two years now and looking at lots of different ways by sector, by capability, by site profile. Again, I could go on and on, but I hope this gives you the confidence that we are all over the efficiency and the effectiveness and the quality metrics that are required in this space and continuing to get great traction. Our digital offering that we've revamped has certainly proved that we're getting better pay at the bottom end of our funnel. People clicking through our emails, people signing up.

Speaker #2: We've been pushing those, you know, very hard for two years now, and looking at lots of different ways—by sector, by capability, by site profile.

Speaker #2: Again, I could go on and on. But, you know, I hope this gives you the confidence that we are all over, you know, the efficiency and the effectiveness and, you know, the quality metrics that are required in this space, and continuing to get great, great traction.

Speaker #2: Our digital offering that we've revamped has certainly proved that we're getting better tail at the bottom end of our funnel—so, people clicking through our emails, people signing up.

Speaker #2: Our opportunity really is to expand the top of that funnel. And that will be beyond the customers that we have on the platform direct, that don't take insurance, which leads me back to our partnerships.

Paula Constant: Our opportunity really is to expand the top of that funnel, and that will be beyond the customers that we have on the platform direct but don't take insurance, which leads me back to our partnerships. You will remember that we've signed a number of partnerships really to be the face-to-face partner, as we walk into these partnerships' client base and talk to their customers about our insurance offers. Most exciting, we signed a deal with Simplyhealth around April time to be their face-to-face partner. This was a wonderful conversation that arrived on my desk just before Christmas. Simplyhealth had a super credible face-to-face operation years ago. Their clients are asking if that operation can be resumed. They came to us saying, "Can you be the partner?

Speaker #2: So, you will remember that we've signed a number of partnerships, really to be the face-to-face partner as we walk into these partnerships' client base and talk to their customers about our insurance offers.

Speaker #2: And most exciting, we signed a deal with Simplyhealth around April time to be their face-to-face partner. So, you know, this was a wonderful conversation that arrived on my desk just before Christmas.

Speaker #2: Simplyhealth had a super credible face-to-face operation years ago. Their clients are asking if that operation can be resumed. They came to us saying, "Can you be the partner? We can see that you're doing brilliant work in this space."

Paula Constant: We can see that you're doing brilliant work in this space." We said, "Yes, of course," because Simplyhealth have a fantastic array of clients with a sizable number of employees, 3 million employees, right in our wheelhouse in terms of where we want to go with insurance. Particularly for face-to-face, but also some brilliant digital opportunities for us. Think NHS trusts or other big blue-collar industries where we're going to find it difficult to get access to people en masse, but the need will still be the same. We have started to work through in detail the opportunities starting with the face-to-face. We're well progressed with about six clients at the moment in conversations. There are some very sizable opportunities there.

Speaker #2: So we said yes, of course, because Simplyhealth have a fantastic array of clients, with a sizable number of employees—three million employees. Right in our wheelhouse in terms of where we want to go with insurance.

Speaker #2: So, particularly for face-to-face, but also some brilliant digital opportunities for us. So, you know, think NHS Trust or, you know, other big blue-collar industries where we're going to find it difficult to get access to people en masse.

Speaker #2: But the need will still be the same. So, we have started to work through in detail the opportunities, starting with the face-to-face. We're well progressed with about six clients at the moment, in conversations.

Speaker #2: There are some very sizable opportunities there. If we were of a different mindset, we would be getting excited and heady with the numbers that we could add into our addressable employee base, and thinking that the deal was done.

Paula Constant: If we were of a different mindset, we would be getting excited and heady with the numbers that we could add into our addressable employee base and thinking that the deal was done. But that is not the way I operate. We are still working every single angle to land new business and the 50,000 new employees we've added into that pot over the last year of going out and talking to clients direct. Without the luxury of a Simplyhealth partnership with clients on their books that are asking for face-to-face. I think that 50,000 that we've done ourselves, just talking to clients directly has been impressive. We have gone live in the last couple of weeks with a great new client of about 10,000 employees, so we're excited to report more progress on that for you at the end of the year. It looks promising so far.

Speaker #2: But that is not the way I operate. So you know, we are still working every single angle to land new business. And the, you know, the 50,000 new employees that we've added into that pot over the last year of going out and talking to clients direct, so without the luxury of a Simply Health partnership with clients on their books that are asking for face-to-face, you know, I think that 50,000 that we've done ourselves just talking to clients directly has been impressive.

Speaker #2: We have gone live in the last couple of weeks with a great new client of about 10,000 employees, so we're excited to report more progress on that for you at the end of the year.

Speaker #2: And, you know, it looks promising so far. We're certainly realizing that there's typically been a long lead time from talking to a client and signing them up to getting access with their site.

Paula Constant: We're certainly realizing that there's been typically a long lead time from talking to a client and signing them up to getting access with their site. We've reorganized to align our account managers closer to our people that book the site visits. That's now managed all in one organization and will drive more efficiencies and learnings from that. Loads more to go at. It's been a great year so far of understanding how we can squeeze that onboarding timeline down and really get out and visit sites more frequently, more quickly. Clearly, loads of opportunity to still push further into our existing customer base to win new business. Our hope and our efforts are going to be into our partnership, Simplyhealth, and of course the Asante partnership, which also has generated some leads as well. We will continue to look for clients as well directly.

Speaker #2: And we've reorganized to align our account managers closer to our people who book the site visits. So, you know, that's now managed all in one organization.

Speaker #2: And we'll drive more efficiencies and learning from that, so loads more to go at. It's been a great year so far. I'm understanding how we can squeeze that onboarding timeline down and really get out and visit sites more frequently, more quickly.

Speaker #2: So, you know, there’s clearly loads of opportunity to still push further into our existing customer base to win new business. Our hope and our efforts are going to be focused on our partnership with Simplyhealth, and of course, the Asante partnership, which has also generated some leads as well.

Speaker #2: We will continue to look for clients as well, directly. And then again, the big opportunity for digital is really to open the floodgates at the top for those clients initially that won't look like the face-to-face clients we deliver.

Paula Constant: Again, big opportunity for digital is really to open the floodgates at the top for those clients initially that won't look like the face-to-face clients we deliver. I think you'll all agree that's plenty for us to focus on for the end of the year as we also shore up the number for the FY. Moving on to the benefit space. I think slightly different dimensions in the SaaS market. Clearly the demand for SME remains strong. The demand for super complex direct benefit platform sales at the top end. I think big enterprises are strong, but we don't play in that space and we've never intended to play in that space. Certainly not directly ourselves. But the market for smaller enterprises and SMEs continues to be relatively constrained and we're happy with the progress that we've made in that space.

Speaker #2: So, I think you'll all agree that's plenty for us to focus on for the end of the year, as we also shore up the numbers for the FY.

Speaker #2: Moving on to the benefits space. I think there are slightly different dimensions in the SaaS market. Clearly, the demand for SME remains strong.

Speaker #2: The demand for super complex, direct benefit platform sales is at the top end. So, think big—big enterprises are strong, but we don't play in that space.

Speaker #2: And we've never intended to play in that space, certainly not directly ourselves. But, you know, the market for smaller enterprises and SMEs continues to be relatively constrained.

Speaker #2: And we're happy, you know, with the progress that we've made in that space. I think I'm particularly proud of the team because we've stuck really firmly to what we're good at selling.

Paula Constant: I think I am particularly proud of the team because we have stuck really firmly to what we are good at selling this year. The wins are very uniform, very similar in average order value size, are instant to sign and to mobilize. We have done a really good job selling what we are absolutely brilliant at there and remaining particularly relevant. Our customer retention levels have always been very high. They have increased even further. We have a separate Trustpilot result actually for Hapi, which is really strong at 4.4. Our NPS in general is 67, which is super high. Particularly high for any customers with insurance, but super high anyway. We have got great feedback from our customers about the fact that our proposition has got lots of elements integrated into one.

Speaker #2: This year, the wins are very uniform—very similar in average order value size. They are instant to sign and to mobilize.

Speaker #2: So, you know, we've done a really good job selling what we are absolutely brilliant at there and remaining, you know, particularly relevant. Our customer retention levels have always been very high.

Speaker #2: They've increased even further. And, you know, we have separate Trustpilot results actually for Happy, which are really strong at 4.4. Our NPS in general, you know, is 67, which is super high—particularly high for, you know, any customers with insurance.

Speaker #2: But it's super high anyway. So, you know, we've got great feedback from our customers about the fact that our proposition has lots of elements integrated into one.

Speaker #2: We don't have a different reward and recognition module that we have to bolt on from a different provider. You know, there's great feedback now on the simplicity of our app, now that we are fully, you know, a good kind of two years now through the launch of our product.

Paula Constant: We do not have a different reward and recognition module that we have to bolt on from a different provider. There is great feedback now on the simplicity of our app now that we are fully a good kind of two years now through the launch of our product. I think we are particularly happy because we can see around us that there is clear pressure on our competitors. There are other competitors trying to put platforms together. We are nicely through that now. We are in a nice position of launching small but meaningful additions to our platform. We have launched 11 new small but effective features this year. We are enjoying a period of stability. The question for us really as we go forward is if we are going to sell these uniform opportunities directly. Again, we still need to remain relevant directly.

Speaker #2: And, you know, I think we're particularly happy because we can see around us that there is clear pressure on our competitors, or other competitors, trying to put platforms together. We're nicely through that now.

Speaker #2: You know, we're in the nice position of launching small but meaningful additions to our platform. So, we've launched 11 new, you know, small but effective features this year.

Speaker #2: So, you know, we're enjoying a period of stability. The question for us really as we go forward is, you know, if we're going to sell these uniform opportunities directly—and again, we still need to remain relevant directly.

Speaker #2: What's the right kind of self-serve, and cost base, that sits behind that? And what more can we do to sweat the back-end technology costs there?

Paula Constant: What is the right kind of self-serve and cost base that sits behind that? What more can we do to kind of sweat the backend technology costs there? That is again, on our mark card to work through either as part of our plan for the next two to three years or as a kind of cost backup layer. It is good to have the luxury of the options there. Again, on the Innecto side, as I said, great number of sales, particularly pleasing retention rates. Again, super high, well over 90%. Some brilliant brands, Deliveroo, Newcastle United, Secure Trust Bank, who you will remember we have talked to in other guises with Hapi Insurance. The super exciting thing is the contract that we have signed to expand our data with Mercer, who then will come March next year. They are obviously a top-tier player in this space.

Speaker #2: So you know, that's again on our mark card to work through. You know, either as part of our plan for the next two to three years or you know, as a kind of cost backup layer.

Speaker #2: So, you know, it's good to have the luxury of options there. Again, on the inequity side, as I said, you know, great number of sales.

Speaker #2: You know, particularly pleasing retention rates again—super high, well over the 90%. Some brilliant brands: Deliveroo, Newcastle United, Secure Trust Bank, who you'll remember we've talked to in other guises with Happy and Insurance.

Speaker #2: The super exciting thing is the contract that we've signed to expand our data, you know, with Mercer, who then will become Marsh next year.

Speaker #2: So, they are obviously a top-tier player in this space. You know, to be able to access their data to expand our credibility and net flow is a fantastic step forward.

Paula Constant: To be able to access their data to expand our credibility in Innecto is a fantastic step forward, and will only really improve the number of leads that come to us that are interested in what we can offer. We have done some great work on our digital products, and started to land some direct sales in that space. We have got some conversations in train to white label those products as well. Lots of opportunity there. Again, our kind of mark card for the rest of this year is really on continuing to get even better lead conversions. Our lead conversions are super high in Innecto around the 70% level, for example. There is more opportunity with more focused marketing there, and sales activity there always is. We are always trying to push ourselves on.

Speaker #2: And you know, we'll only really improve the number of leads that come to us that are interested in what we can offer. We've done some great work on our digital products.

Speaker #2: And we've started to land some direct sales in that space. We've also got some conversations underway to white label those products as well. So, you know, lots of opportunity there.

Speaker #2: And again, you know, our kind of mark card for the rest of this year is really on, you know, continuing to get even better lead conversions.

Speaker #2: I mean, our lead conversions are super high in Nectar, at the 70% level, for example. But, you know, there's more opportunity with more focused marketing.

Speaker #2: You know, in sales activity, there always is. So we're always trying to push ourselves on. On stage, we had an unfortunately kind of slow start in January.

Paula Constant: On Sage, we had an unfortunately kind of slow start in January. They had a slow start on a number of fronts, not just with us. We were playing catch up. We have been in this position before. It would be nice next year to not have to catch up and try and align our forecast even better. Again, one for the mark card for the end of the year. Our financial years are slightly out of sync. That actually really does benefit us with a period of a trial to revenue actually for the end of the year. We have seen better progress in Q2 and Q3. We have decided to turn our attention to what we can do to improve that retention rate with a great new journey, a new product that we have taken out to market with Sage. A simpler, slimmer version of a product.

Speaker #2: They had a slow start on a number of fronts, not just with us, so we were playing catch-up. We have been in this position before.

Speaker #2: It would be nice next year to, you know, not have to catch up and try to align our forecast even better. Again, you know, one for the mark card for the end of the year.

Speaker #2: Our financial years are slightly out of sync. That actually really does benefit us, with a period of a trial to revenue actually for the end of the year.

Speaker #2: We've seen better progress in Q2 and Q3, but we had decided to turn our attention to what we can do to improve that retention rate.

Speaker #2: With a great new journey and new product that we have taken out to market with Sage—a simpler, slimmer version of a product—and the results have been fantastic.

Paula Constant: The results have been fantastic. Four months does not make a trend, as we know too well in this business. If it does, we have had a nice nudge down of our churn levels, which obviously impacts the bottom line. Again, areas to focus on Sage. New segments now that we have done a lot of this work on the journey. Of course, our intention really is to push harder into the UK and not be distracted by any shiny lights abroad, as much as they provide a great opportunity. We want to rinse and repeat in the UK where we can. The final thing to announce is, we put out an announcement last week on a great new app that Simplyhealth have launched, that we are going live with in the next few weeks. We are just finishing off the testing with them.

Speaker #2: So, you know, four months does not make a trend, as we know too well in this business. But if it does, you know, we've had a nice nudge down of our churn levels, which obviously impacts the bottom line.

Speaker #2: So again, you know, areas to focus on, Sage. New segments now that we've done a lot of this work on the journey. And you know, of course, our intention really is to push harder into the UK and not be distracted by any shiny lights abroad. As much as they provide a great opportunity, we want to rinse and repeat in the UK where we can.

Speaker #2: The final thing to announce is, we put an announcement out last week on a great new app that Simplyhealth have launched, that we are going live with in the next few weeks.

Speaker #2: We're just finishing off the testing with them. This provides access to kind of pay as you go privately funded health interventions. So think an MRI scan that you might want to do on a dodgy knee.

Paula Constant: This provides access to kind of pay-as-you-go, privately funded health interventions. So think an MRI scan that you might want to do on a dodgy knee with or without an online or a physical GP sign-off and referral. Skin cancer, mole treatment, any kind of personal beauty interventions. So lots of options, beautifully presented. Ability to look at availability and price across the whole of the UK to select the services. It is certainly a first in the industry of the group cash plan space, which is where Simplyhealth play with their optical and dental plans. This is a really exciting thing for us to launch on the platform. It will be a brilliant retention hook on the platform, but also a great kind of commission source for us. So another extension of the opportunity to work together with Simplyhealth. Okay.

Speaker #2: You know, with or without an online or a physical GP, sign-off and referral—skin cancer, mole treatment, any kind of personal beauty interventions.

Speaker #2: So, you know, lots of options, beautifully presented, and the ability to look at availability and price across the whole of the UK to select the services.

Speaker #2: It's certainly a first in the industry of the group cash plan space, which is where Simplyhealth play, with their optical and dental plans. You know, this is a really exciting thing for us to launch on the platform.

Speaker #2: It will be a brilliant retention hook on the platform, but also a great kind of commission source for us. So, you know, another extension of the opportunity to work together with Simplyhealth.

Speaker #1: Okay, I will hand over to Matt to see if there are any numbers left that he can talk about.

Paula Constant: I will hand over to Matt to see if there are any numbers left that he can talk about.

Speaker #2: Great, thank you, Paula. Total revenue for the group of £25.7 million grew 10% in the first half, supported by growth in the insurance book of 11% and growth in the benefits and reward portfolio of 9%.

Matt Cohen: Great. Thank you, Paula. Total revenue for the group of GBP 25.7 million grew 10% in H1, supported by growth in the insurance book of 11% and growth in the benefits and reward portfolio of 9%. Adjusted EBITDA of GBP 6.7 million grew 22% year-on-year, supported by strong contribution from the insurance portfolio with lower than expected claims. Profit before tax increased 21% to GBP 4.6 million, while basic earnings per share rose 28% to 12.3 pence. The business remains highly cash generative with GBP 6.4 million generated from operating activities in H1, up 68% year-on-year. Return on tangible equity was 29.6%, up 4 percentage points versus the prior year. Given this strong financial performance, we are pleased to announce an interim 2026 dividend of nine pence per ordinary share.

Speaker #2: Adjusted EBITDA of £6.7 million grew 22% year on year, supported by strong contribution from the insurance portfolio and with lower-than-expected claims.

Speaker #2: Profit before tax increased 21% to £4.6 million, while basic earnings per share rose 28% to 12.3 pence. The business remains highly cash-generative, with £6.4 million generated from operating activities in the first half, up 68% year on year.

Speaker #2: And return on tangible equity was 29.6%, up 4 percentage points versus the prior year. Given this strong financial performance, we're pleased to announce an interim 2026 dividend of 9 pence per ordinary share.

Speaker #2: Our dividend policy remains a one-times EPS payout for the financial year, broadly split one-third interim and two-thirds final. Now, moving on to the segmental analysis.

Matt Cohen: Our dividend policy remains a one times EPS payout for the financial year, broadly split one third interim and two thirds final. Now moving on to the segmental analysis, starting first with a deeper dive on insurance. As Paula said, we delivered record new insurance sales of GBP 8.1 million in H1, supported by investment in the sales team, price increases, and stronger penetration of the existing base. Retention remained robust at 81%, despite the UK cost of living pressures. Annualized premium income was GBP 42.1 million, up 12% year-on-year, and loss ratio performance remained in line with historical averages, but slightly better than prior year. We remain encouraged by the Simplyhealth partnership, which is already generating promising insurance leads. PG Protect has also been launched to support face-to-face activity with modest early uptake. Moving on to benefits and rewards.

Speaker #2: Starting first with a deeper dive on insurance. As Paula said, we delivered record new insurance sales of £8.1 million in the first half, supported by investment in the sales team, price increases, and stronger penetration of the existing base.

Speaker #2: Retention remained robust at 81%, despite the UK cost-of-living pressures. Annualized premium income was £42.1 million, up 12% year on year. Loss ratio performance remained in line with historical averages, but slightly better than the prior year.

Speaker #2: We remain encouraged by the Simply Health partnership, which is already generating promising insurance leads. PG Protect has also been launched to support face-to-face activity, with modest early uptake.

Speaker #2: Moving on to benefits and rewards. Our benefits and rewards segment includes Happy, our direct proposition, and Sage Employee Benefits, our white-label version of Happy for Sage customers.

Matt Cohen: Our benefits and reward, this segment includes Hapi, our direct proposition, Sage Employee Benefits, SEB, our white labeling version of Hapi for Sage customers, and Innecto, our reward consultancy business. Benefits and reward grew 9%, GBP 5.7 million, with growth in the benefits platform of 8% and growth in pay and reward of 10%. More than a million pounds of savings were delivered to employees through discount vouchers, supported by GBP 23 million of gross spend. At a time where consumer spending remains under pressure, this delivers meaningful value to Britain's desperate workers. Combined ARR from Hapi and Sage Employee Benefits reached GBP 7.1 million in the half year. Innecto, our pay and reward unit, grew 10% to GBP 1.3 million, with ARR from digital products reaching GBP 0.81 million. Innecto secured 22 new client wins that Paula mentioned, including names such as Newcastle United, Deliveroo, and Secure Trust Bank.

Speaker #2: And the NEXO, our reward consulting business—benefits and rewards grew 9% to £5.7 million, with growth in the benefits platform of 8% and growth in pay and reward of 10%.

Speaker #2: More than £1 million of savings were delivered to employees through discount vouchers, supported by £22 million of growth spend. At a time when consumer spending remains under pressure, this delivers meaningful value for Britain's workers.

Speaker #2: Combined ARR from Happy and Sage employee benefits reached £7.1 million at the half year. The NEXO, our pay and reward unit, grew 10% to £1.3 million, with ARR from digital products reaching £0.81 million.

Speaker #2: And the Nexo secured 22 new client wins, as Paula mentioned, including names such as Newcastle, Deliveroo, and Secure Trust Bank. Moving on to balance sheet strength.

Matt Cohen: Moving on to balance sheet strength. As I said before, the business recorded cash and deposit GBP 29.4 million with no debt. Our SCR coverage ratio remains very healthy at 284%, well above our target of 150%. The business generated GBP 6.4 million from operating activities in H1, up 68% versus prior year. For context, in the five years prior, the business has generated nearly GBP 40 million from operating activities and returned GBP 24 million to shareholders. In the context of our dividend strategy, the business generates enough cash to continue to fund product development and enhancement to deliver the growth required in our plan, while also providing market-leading returns to shareholders through 100% dividend payout ratio. M&A continues to remain an option for the business, but any acquisition must be accretive to earnings and accelerate growth.

Speaker #2: As I said before, the business recorded cash and deposits of £29.4 million, with no debt. Our SCR coverage ratio remains very healthy at 284%, well above our target of 150.

Speaker #2: And the business generated £6.4 million from operating activities in the first half, up 68% versus the prior year. For context, in the five years prior, the business has generated nearly £40 million from operating activities and returned £24 million to shareholders.

Speaker #2: In the context of our dividend strategy, the business generates enough cash to continue to fund product development and enhancement, to deliver the growth required in our plan.

Speaker #2: While also providing market-leading returns to shareholders through a 100% dividend payout ratio. M&A continues to remain an option for the business. Any acquisition must be accretive to earnings and accelerate growth.

Speaker #2: Now handing back to Paula to talk through the outlook and conclude the presentation.

Matt Cohen: Now handing back to Paula to talk through the outlook and conclude the presentation.

Speaker #1: Super. I'll just take a couple of questions, and hopefully you can still hear okay. Please do let us know if there are any issues with the quality of the connection.

Paula Constant: Super. I will just take a couple of questions. Hopefully you can still hear okay. Please do let us know if there are any issues with the quality of the connection. I think there is a few people just kind of messaged in. Going end to beginning on the questions. Gavin has asked a question, "What number is the field staff for selling insurance these days?" Sorry, I obviously omitted to call that out in my excitement to talk through our insurance plan. We have typically, over the last few years, tried to hold a number of just under 50. We are about 58 as a spot point at the moment. What we decided to do at the beginning of this year, as we reshaped some of these recruitment drives, was probably to take maybe one or two people over plan.

Speaker #1: I think there's a few people just kind of messaged in. Just kind of going end to beginning on the questions, Gavin's asked a question.

Speaker #1: What number is the field staff for selling insurance these days? Sorry, I obviously omitted to pull that out in my excitement to talk through our insurance plans.

Speaker #1: We have typically, over the last few years, tried to hold a number just under 50. We're at about 58 as a spot point at the moment.

Speaker #1: What we decided to do at the beginning of this year, as we reshaped some of these recruitment drives, was probably to take maybe one or two people over plan.

Speaker #1: A, to try and deliver our field days, because I think I've become a bit tired of trying to present back to our board on how we hit our number, but it's always with fewer field days at the beginning of the year, through a combination of sick, et cetera.

Paula Constant: A, to try and deliver our field days, because I think I have become a bit tired of trying to present back to our board on how we hit our number, but it is always with less field days at the beginning of the year through combination of sick, et cetera, but over-delivering our performance on the day. It is nice to be able to say that we have delivered on all fronts so far this year. We have obviously got some exciting opportunities in the pipeline. It is a difficult line to walk on because we do not want to hold too much cost, but we want to be ready to go if some of these opportunities land. In the event, it has forced us again to think even more clearly about are we in sites as frequently as we say we want to be.

Speaker #1: But over-delivering our performance on the day, so it's nice to be able to say that we've delivered on all fronts so far this year.

Speaker #1: And we've obviously got some exciting opportunities in the pipeline. It's a difficult line to walk, because we don't want to hold too much cost, but we want to be ready to go.

Speaker #1: If some of these opportunities land, and in the event, it has forced us again to think even more clearly about: are we in sites as frequently as we say we want to be?

Paula Constant: We really want to go to sites at least twice a year. What we found is that in some cases, we have not even been visiting once a year. So we have certainly used our people super effectively so far. We will probably hold that number constant unless we land one of these kind of huge opportunities in our pipeline. So we could probably accommodate another, let us say, 10,000 employees within our current workforce. But if we have suddenly got an opportunity with, let us say, 100,000 employees, we would look to recruit again. New people would go onto our established work. Really experienced people would look at our new opportunities. So, we have got lots of alternative plans depending on what work lands. But again, the number in itself is quite small. We have not had an issue per se with staff turnover.

Speaker #1: We really want to go to sites at least twice a year. What we found is that in some cases, we haven't even been visiting once a year.

Speaker #1: So we've certainly used our people super effectively so far. We will probably hold that number constant unless we land one of these kind of huge opportunities in our pipeline.

Speaker #1: So, we could probably accommodate another, let's say, 10,000 employees within our current workforce. But if we've suddenly got an opportunity with, let's say, 100,000 employees, we would look to recruit again. New people would go on to our established work—really experienced people would look at our new opportunities.

Speaker #1: So we've got lots of alternative plans, depending on what work lands. But again, the number in itself is quite small. We haven't had an issue per se with staff turnover, but obviously we've had this point of recruiting people in and people deciding relatively quickly it's not the job for them.

Paula Constant: But obviously we've had this point of recruiting people in, and people deciding relatively quickly it's not the job for them. So we might lose people through the three-week academy, and we might lose people at the beginning. That's the bit we've been trying to stem the bleed on. That's not kind of regretted churn, but it would be ideal to not have to even go through the cost of bringing those people in the first place. So that's what the recruitment team and the field team have worked so hard on in the last year. So I hope that answers all of those questions. And we have a national team, so it's not about an issue of recruiting in Milton Keynes per se or anywhere else. And actually, the demand is clearly there.

Speaker #1: So, we might lose people through the three-week academy, or we might lose people at the beginning. And that's the bit we've been trying to stem the bleed on.

Speaker #1: So that's not kind of regretted churn, but it would be ideal to not have to even go through the cost of bringing those people in the first place.

Speaker #1: So that's what the recruitment team and the field team have worked so hard on in the last year. I hope that answers all of those questions.

Speaker #1: And we have a national team, so it's not an issue of recruiting in Milton Keynes per se, or anywhere else. And actually, the demand is clearly there.

Speaker #1: I mean, in some of these assessment centers, we're sifting through 600 CVs just to get down to 10 people that we want to take through academy, or less.

Paula Constant: In some of these assessment centers, we're sifting through 600 CVs just to get down to 10 people that we want to take through academy or less. So it's not a question of attracting the demand, it's a question of really finding the right people that are going to go the distance and testing that out really thoroughly through the onboarding and that first month of academy and that first month in the field. So that should answer some questions about our staff. There's a question from Matt, as we stay on insurance, about what sectors are the strongest opportunities, where are you gaining the most traction? Manufacturing, buses, logistics, other elements of transport where there are big nucleus of people. And then, we cover a lot of the care homes, so that element of healthcare. That's where we are super strong.

Speaker #1: So it's not a question of attracting the demand; it's a question of really finding the right people who are going to go the distance, and testing that out really thoroughly through the onboarding, that first month of academy, and that first month in the field.

Speaker #1: So, that should answer some questions about our staff. There's a question from Matt, as we stay on insurance, about which sectors have the strongest opportunities—where are you gaining the most traction?

Speaker #1: Manufacturing, buses, logistics, and other elements of transport where there are large nuclei of people. And then we cover a lot of the care homes, so that element of healthcare.

Speaker #1: That's where we are super strong. There are some of those sectors where we are broadly across a lot of companies—buses would be a good example.

Paula Constant: There are some of those sectors where we are broadly across a lot of companies. Buses would be a good example. There are other sectors like manufacturing, where we're certainly looking to gain more customers and opportunities. So, if you know any good food manufacturers and you're an investor, we've already tapped up three this week for some good intros. We are looking to expand in that space. And clearly, the partnerships that we've done offer some opportunity there as well. I think there's another question on insurance. Is there some room for kind of playing around with premiums? Well, clearly, what we need to do with insurance is always based on customer needs. So we continually refine and look at what is the need and what is fair value.

Speaker #1: There are other sectors, like manufacturing, where we're certainly looking to gain more customers and opportunities. So, if you know any good food manufacturers and you're an investor, we've already tapped up three this week for some good intros.

Speaker #1: We are looking to expand in that space, and clearly, the partnerships that we've done offer some opportunity there as well. I think there's another question on insurance.

Speaker #1: Is there some room for kind of looking, kind of playing around, with premiums? Well, clearly what we need to do with insurance is always based on customer needs.

Speaker #1: So we continually refine and look at what is needed and what is fair value. I don't know if you want to add anything to that, Matt, because I know it's a particular passion of yours and a great area of expertise for you.

Paula Constant: I don't know if you want to add anything to that, Matt, because I know it's a particular passion and a great area of expertise for you. But we are constantly out there talking to our employees and doing research and readdressing the balance of our premium claims.

Speaker #1: But we are constantly out there talking to our employees, doing research, and readdressing the balance of our premium claims.

Matt Cohen: We have product oversight and governance, and we are constantly looking at the performance of the product, the loss ratio performance, and ensuring that we provide fair value for money. If we think there is more opportunity to increase prices, then we will do so. We did that at the beginning of the year, increasing prices on average by 3% to 4%. It has to be balanced with, as Paula said, with treating the customer fairly and demonstrating need, and we continually assess that with our risk and compliance team.

Speaker #2: We constantly have product oversight and governance, and we're constantly looking at the performance of the product, the loss ratio performance, and ensuring that we provide fair value for money.

Speaker #2: So, if we think there's more opportunity to increase prices, then we will do so. And we did that at the beginning of the year, increasing prices on average by 3% to 4%.

Speaker #2: But it has to be balanced with, as Paula said, treating the customer fairly and demonstrating need, and we continually assess that with our risk and compliance team.

Speaker #1: Yep. There are a few other questions—you said something about restaurants. Can you expand on that, please? We've got a couple of restaurants, for example, on our Happy Books.

Paula Constant: Yeah. There are a few other questions. You said something about restaurants. Can you expand on that, please? We have a couple of restaurants, for example, on our Hapi books. They take the Hapi benefit platform. They definitely follow that profile of that they will not get health investment in terms of PI or PMI or any other kind of cash alternative that our plans would provide. We are not going to send out a field person to talk to people on their cigarette break at 9:00 outside the back of a restaurant kitchen, for example. We are never going to be able to put someone on site that is going to be able to talk to people that are zooming around a kitchen or a restaurant floor. We can put insurance on those platforms in its digital format.

Speaker #1: So they take the Happy Benefit platform. They definitely follow that profile in that they won't get health investment in terms of PMI or any other kind of casual alternative that our plans would provide.

Speaker #1: But we're not going to send out a field person to talk to people on their cigarette break at 9:00 outside the back of a restaurant kitchen, for example.

Speaker #1: So we're never going to be able to put someone in sight that's going to be able to talk to people that are zooming around a kitchen or a restaurant floor.

Speaker #1: But we can put insurance on those platforms, and it's in a digital format. So it's a slightly different product, obviously with more restrictions than we would have.

Paula Constant: It is slightly different products, obviously, with more restrictions than we would have in the field. And promote that through the HR and the business leader elements, evangelizing about that on the platform. That is an opportunity there, and I really hope that idea has not sparked one of our insurance team to go out and try that in our restaurant customer because it will not work. We have plenty of other opportunities. We think manufacturing is perfect for us because we have a big amount of people in a confined space that come off in the room one by one. In terms of demand, that is fantastic for us. Hopefully, that has covered the insurance questions. There were a number of questions that were pre-submitted on the benefits side, and I really tried to answer all of those.

Speaker #1: ...and in the field, and promote that through the HR and business leader elements. Vocalizing about that on the platform. So that's an opportunity there.

Speaker #1: And I really hope that idea hasn't sparked one of our insurance team to go out and try that in our restaurant customer, because it won't work.

Speaker #1: It won't work. So, we've got plenty of other opportunities. So, if you think manufacturing is perfect for us because we've got a big amount of people in a confined space that come off the—

Speaker #1: In the room, one by one. So, in terms of demand, that's fantastic for us. Hopefully that's covered the insurance questions. There were a number of questions that were pre-submitted on the benefit side.

Speaker #1: And I really tried to answer all of those. There were, like, seven questions in one question. I read through last night, and I think we've answered in the benefits description.

Paula Constant: There were seven questions in one question that I read through last night, and I think we have answered in the benefits description. Again, I have talked about our Trustpilot scores, I have talked about our NPS scores, I have talked about the things that we have done to improve our app performance. It is quite strange for us because obviously on the App Store, we have the Hapi app, but when people download the Hapi app in their businesses, it changes to the brand of their customer. They will not know a Hapi app as an end employee. They will know a X business or Y business app. I think we are super confident of the feedback that we have had from our existing customer base, and clearly, the reasons that people buy us moving forward.

Speaker #1: But again, I've talked about our Trustpilot scores, I've talked about our NPS scores, and I've talked about the things that we've done to improve our app performance.

Speaker #1: It's quite strange for us because, obviously, on the app store, we have the Happy app. But when people download the Happy app in their businesses, it changes to the brand of their customer.

Speaker #1: So they won't know Happy App as an end employee. They'll know it as a business, or why a business app. But I think we are super confident in the feedback that we've had from our existing customer base.

Speaker #1: And clearly, the reasons that people buy us moving forward—and the key for us—is just to think about the right ongoing maintenance investment to generate the right returns going forward.

Paula Constant: The key for us is just to think about the right ongoing maintenance investment to generate the right returns going forward.

Speaker #2: And Paula, just to add in some of the features that we've added—so, on the Happy app specifically, we have trialed Apple Pay successfully, which will be in the process of being launched.

Matt Cohen: Paula, just to add in some of the features that we have added. So on the Hapi app specifically, so trialing Apple Pay successfully, which is in the process of being launched. We have done two-factor authentication to improve security on the app. So we are constantly looking at how we can improve the Hapi app and improve customer experience on the platform.

Speaker #2: We've done two-factor authentication to improve security on the app. So there's a number of— we're constantly looking at how we can improve the Happy app and improve customer experience on the platform.

Speaker #1: Yeah, agree. What keeps us up at night, apart from the ridiculous demands of my children's musical and sports escapades? I mean, we've had a period of people change.

Paula Constant: Yeah, agree. What keeps us up at night, apart from the ridiculous demands of my children's musical and sports escapades. We have had a period of people change. We have done a baton handover from Sarah to Matt. I am fortunate that I have managed to find someone with Matt with many of the great characteristics of his predecessor, calmness, risk focus, but excitement to press into strategic opportunities. I think Sarah and I said when we were going out to market for a new CFO that it would be great to have someone with great insurance expertise. I would like to hope people think that Sarah and I did a good job together and we are a good team, and I think people can already see that Matt and I are forming a good kind of team ethic between us, and are a good complement.

Speaker #1: We've done a baton handover from Sarah to Matt. Fortunately, I've managed to find in Matt many of the great characteristics of his predecessor.

Speaker #1: Calmness, risk focus, but excitement pressing to strategic opportunities. I think Sarah and I said when we were going out to market for a new CFO that it would be great to have someone with strong insurance expertise.

Speaker #1: I'd like to hope people think that Sarah and I did a good job together and were a good team. And I think people can already see that Matt and I are forming a good kind of team ethic between us and are a good complement.

Speaker #1: But neither Sarah nor I, obviously, came from an insurance background. And we were excited to find someone that knew a lot about insurance, with some great new ideas on what we could do with product. Notwithstanding that, we just have a brilliant opportunity with a product that we have already.

Paula Constant: Neither Sarah nor I obviously came from an insurance background, and we were excited to find someone that knew a lot about insurance, with some great new ideas on what we could do with products, notwithstanding that we just have a brilliant opportunity with the products that we have already. Someone with some great insights on churn, someone that can help us think about how we might work with brokers in the future, if that is a thing. So there is already a lot of things on Matt's mark card for the H2 of the year to work through. I think there is a question out there. We have had some good success in the last few years. How long do we see ourselves at PGH? Matt made a big leap into this role for a long-term investment. I am long-term invested. We are incentivized for the growth of the business.

Speaker #1: Someone with some great insights on churn, someone who can help us think about how we might work with brokers in the future, if that's a thing.

Speaker #1: So, there's already a lot of things on Matt's marked card for the second half of the year to work through. I think there's a question out there. We've had some good success in the last few years.

Speaker #1: How long do we see ourselves at PG? I mean, Matt made a big leap into this role for a long-term investment. I am long-term invested.

Speaker #1: We are incentivized for the growth of the business, and we are absolutely behind the opportunity—not just from an investor perspective, but because the mission we're on and delivering the kind of benefits we provide for people on the front line really matters.

Paula Constant: We are absolutely behind the opportunity, not just from an investor perspective, but because the mission that we are on and delivering the kind of benefits we deliver for people on the front line really matters. It ticks all boxes for us, and I hope you can see our enthusiasm and our passion and our commitment. For anyone still trying to buy shares, I can see the comment from Roger. Canaccord and Capital Access who represent us can help. We definitely have had new interest from people that we have spoken this week, and I know that our brokers are working hard to try and make that happen. Equally, it is good to have Hapi holders that want us to deliver consistently and steadily with good measure and just continue to progress as we build the detail behind our plan for the next few years.

Speaker #1: So it ticks all the boxes for us. And I hope you can see our enthusiasm, our passion, and our commitment. For anyone still trying to buy shares—I can see the comment from Roger—Canaccord and Capital Access, who represent us, can help.

Speaker #1: We definitely have had new interest from people that we've spoken to this week, and I know that our brokers are working hard to try and make that happen.

Speaker #1: But equally, it's good to have happy holders that want us to deliver consistently and steadily, with good measure, and just continue to progress as we build the detail behind our plan for the next few years.

Speaker #1: I think I'm out of time. I hope I've answered your questions. It's always a personal mission of mine to get through and answer everything. If there's anything else, please feel free to contact Matt or me.

Paula Constant: I think I am out of time. I hope I have answered questions. It is always a personal mission of me to get through and answer everything. If there is anything else, please feel free to contact Matt and me. Thanks for your support. Thanks to the team for brilliant commitment, and we look forward to delivering our full-year results at the end of the year.

Speaker #1: And thanks for your support. Thanks to the team for brilliant commitment, and we look forward to delivering our four-year results at the end of the year.

Speaker #3: That's great. Thank you for updating investors today. Now, please ask investors not to close the session, as you're now being automatically redirected to provide your feedback so that the management team can better understand your views and expectations.

Operator: That is great. Thank you for updating investors today. Can I please ask investors not to close this session, as you will now be automatically redirected to provide your feedback in order that the management team can best understand your views and expectations. This will only take a few moments to complete and I am sure will be greatly valued by the company. On behalf of the management team, we would like to thank you for attending today's presentation, and good morning to you all.

Speaker #3: This may take a few moments to complete. And I'm sure it'll be greatly valued by the company. On behalf of the management team, we'd like to thank you for attending today's presentation and good morning to you all.

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