SGHC Ltd (SGHC) 2025 Q3 法說會逐字稿

Hello everyone, and thank you for joining the Super Group third quarter 2025 earnings webcast and conference call. My name is Lucy.

(Operator Instructions)

It is now my pleasure to hand over to your host, Enkem Ojibwe, head of investor relations to begin. Please go ahead.

Good morning everyone and thank you for joining us today to discuss Supergroup's results for the 3rd quarter 2025.

During this call, Supergroup may make comments of a forward-looking nature that are subject to risk, uncertainties, and other factors discussed further in its SEC filings that could cause the actual results to differ materially from historical results or from the company's forecast.

Supergroup assumes no responsibility to update forward-looking statements other than is required by law.

On todays call, Supergroup may refer to certain non-GAAP financial measures. These non-GAAP financial measures are in addition to and not a substitute for measures of financial performance prepared in accordance with GAAP.

Supergroup has provided a reconciliation of the non-GAAP financial measures to the most comparable GAAP figures in the press release issued yesterday and available on the investor relations page of Supergroup's website.

Supergroup recommends that investors refer to a supplementary presentation posted to the company's website.

Today I'm joined by Neil Menashe, Chief Executive Officer, and Alinda Von Veig, Chief Financial Officer.

After our prepared remarks, we'll open the call for questions, and now I'd like to turn the call over to Neil.

Thank you.

Good morning everyone and welcome to Supergroup's third quarter 2025 earnings score.

We delivered another strong and resilient performance this quarter, powered by consistent execution, record customer engagement and continued focus on margin expansion.

We achieved this despite customer friendly sports results in September and with customer acquisition up very nicely year on year, we are positioned for a good fourth quarter.

We enjoy seeing many of you in our London office for our investor Day in September.

Now we'd like to share some key takeaways since then. First, we hit a record of 6 million monthly active customers in September, which we have already surpassed in October.

This reflects the depth of our global footprint, our localized execution, and the value loyal customers continue to place on our products and platforms.

Second, we are proud to officially announce the upcoming Q4 launch of SuperCoin, our South African Rand PEG digital assets stablecoin initiative.

This marks a significant and strategic step forward in how we think about payments, rewards, and engagement.

Finally, despite unfavourable sports outcomes in September, rolling marginally into October, we are raising our full year group revenue and EBITDA 2025 guidance.

Before I turn to Linda for the financial details, I wanted to offer a quick overview of our operational performance this quarter and elaborate more on SuperCoin.

Europe's revenues surged 46% year over year, with the UK and Spain leading the charge up 71% and 11% respectively. This outstanding performance reflects a combination of regulatory stability, product innovation, and enhanced marketing execution.

In contrast, Germany continues to be impacted by tighter regulatory restrictions, as well as an intentionally reduced marketing spend to preserve unit economics in a challenging environment.

Africa delivered 36% year over year growth driven by strong performance across all markets. Botswana remains a standout with continued momentum since launched. Malawi and Tanzania also posted solid gains while South Africa grew 23% year over year.

In Nigeria, we have successfully completed the migration to our new technology platform, which positioned us for improved scalability and customer experience.

In Zambia, we are proactively navigating casinos and are making good progress.

North America grew 14% year over year. Canada ex Ontario increased 15%, supported by higher deposit volumes and strong customer attention.

Ontario increased 3%. We are planning to launch a new casino client there in the first half of 2026.

APAC revenue was also up 3% year over year, marking a solid improvement from last quarter, 6% decline. In New Zealand, revenue declined 2%, primarily driven by continued marketing restrictions. We are obviously actively addressing this issue.

We are on track to launch the ZAR SuperCoin in late November in partnership with LUNA, the largest customer consumer crypto exchange in South Africa. This new South African rand stablecoin is designed to deepen customer loyalty, reward engagement, and enable cross-platform benefits across the supergroup ecosystem.

We intend SuperCoin to be more than just a rewards tool. It marks a crucial first step in integrating digital assets into our product stack.

A digital asset wallet is expected to launch in Q1 2026 starting in South Africa, where adoption of alternative payment methods continues to accelerate.

This wallet will provide customers with a seamless and secure way to store, send and transact using SuperCoin, and we expect it will lead to cost efficiencies over time.

In the longer-term, we plan to expand availability in line with local regulatory frameworks. With that, I will now turn over to Alinda.

Thank you Neil. Let's now walk through the financials. We had an exceptional July and August, and despite those sports outcomes that Neil mentioned, our core business outperformed, enabling us to confidently raise our full year guidance above previous investor day targets.

The group generated a total revenue of $557 million up 26% year over year. Group adjusted EBITDA reached $152 million representing 65% year over year growth, with a robust margin of approximately 27%.

This quarter's margin improvement reinforces the strength of our model. We are investing in markets that deliver the best returns while maintaining cost disciplines and increasing operational efficiency, including expanded use of AI across customer support and trading. We again approved our marketing ratio and still drove record customer engagement and wagering growth. These fundamental disciplined reinvestment, efficiency gains, and a Sharpened ROI positions us to finish this year strongly and carrying momentum into 2026.

The quarter was also driven by strong sports outcomes in July and August and increased uptake of parlays. Both were further supported by favourable wagering activity, with sports betting wages hitting $901 million for the quarter, up 12%, and casino wages up 20% year over year. Our sports book margins also improved from 11% in quarter three 2024 to 12.8% in Quarter three 2025.

Our balance sheet remains strong. We ended the quarter with $462 million cash.

On the balance sheet over the last twelve months we have returned $136 million to shareholders, including $20 million paid out in the past quarter, once again demonstrating our robust free capital generation and careful consideration capital allocation strategies.

Today we are raising our full year 2025 group revenue to be between $2.17 million and $2.27 billion and group adjusted EBITDA guidance to between $555 million and $565 million. This uplift reflects our robust growth in monthly active customers, diversification in our revenue mix, and steady start to quarter four.

I will now hand back to Neil for closing remarks.

Thank you, Alinda. Q3 showcase the power of our diversified global footprint, efficient cost structure, and strong operating leverage.

Even in a tough sports hold environment, we delivered record customer activity, 65% year over year growth in EBITDA and consistent reinvestment in our products and tech platforms.

As we move into the final quarter of 2025, we remain focused on executing our growth strategy, unlocking further margin expansion and delivering long-term value to our shareholders.

I'll now turn the call over to the operator to open the call up for questions operator.

Thank you.

(Operator Instructions)

The first question comes from Jason Tilchen of Canaccord Genuity. Your line is now open, please go ahead.

Hi, good morning and thanks for taking my question.

One thing I'm curious about if you could share a little more detail regarding the magnitude of the difference in payments costs in Africa relative to some of the other markets you operate in, and a little bit more about maybe the level of investment required in this initiative relative to the potential savings over time from reduced payments costs.

Thank you.

Yes, so in Africa because of the wallets and stuff it's significantly more than other markets in the world.

So with this initiative it can over time obviously reduce that and yet the costs involved in implementing the SuperCoin haven't been excessive at all. It's actually quiet, it's easily manageable and over time obviously with the engagement in the customer base going forward, we are really excited about this opportunity.

And just to follow-up on that, you mentioned in prepared remarks a few times about rewards. I'm just curious what the opportunity is to potentially use this as a mechanism to drive retention for the user base in those markets.

Yes, it's all about our customer acquisition keeping the retention of our customers and keeping them in our ecosystem. So with the SuperCoin, there's lots of different benefits we can give them as they start interacting with that because it's a matter that we will control and we're in total control of that destiny.

So for us it's a very exciting opportunity because of that.

There's bonus money you can give them, there's lots of different things you can you can get them.

Great thank you very Much.

Thank you. The next question comes from Jordan Bender of Citizens. Your line is now open. Please go ahead.

Hey everyone, thanks for the question. I want to start on guidance. Adjusting for the tough sports comp in the prior year for Q4 revenue still implies slowing growth trends from what we have seen year-to-date.

Are you seeing anything into November that would imply anything slowing across some of your major KPIs outside of just some of the poor sports results that have bled into October?

Thank you, Jordan, for your question.

We in the guidance for the remainder of the year, we just assumed a normalized sport hold in line with around 14% as you can see in the investor presentation we've prepared a slide on that.

We can't, as it's very tricky for us to have any kind of understanding the impact of when it does have an outlier like in September, but what happened in September as well, because July and August was so significantly higher, you do have an equalized quarter.

So that's why we just kept it normalized. And we're also very excited about the continued momentum in the customer activity fuelled by also marketing efficiencies in line with our prior quarters, so that all will help deliver that last part of the year.

And furthermore, we just have to rely on consistent execution and a seasonal supportive calendar.

And also in Jordan that obviously quarter four 2024 was a hard come because the sports margin was at 15.9%.

Perfect thank you and then just maybe to fall from the US business, anything left from a revenue or a cost standpoint we should be expecting in the fourth quarter.

So the gaming operations is all wrapped up in the US and that the only thing that is now that we're just doing is the operational wind down and wrap up in the guidance for quarter four we've included that that is an absolute immaterial number so and we won't foresee any revenues coming through in quarter four.

Perfect thank you and really nice quarter.

Thank you Thank you.

The next question comes from Jed Kelly of Oppenheimer.. Your line is now open. Please go ahead.

Hey, great, thanks for taking my questions. I think you highlighted, we are kind of watching some tax developments here, in a couple of countries in Africa and then potentially in the UK. Can you just remind us, how much of a tax cushion you baked in and sort of some of the medium term guidance you laid out at your recent investor today?

So remember taxes obviously with us the way to mitigate taxes is number one cost efficiency, cost efficiencies in everything we do, then it's the product efficiencies and it's the marketing efficiencies.

So, all of that is coming together and for us we have lots of headroom there to take some of these tax increases. The big one for everyone's mind is the UK. And how much they plan to go, but for us we have got a resilient business model and we are growing.

So yes, it might take some of some of the extra profit out of it, but with all the other savings coming in we have to mitigate against the.

Reference to Africa, the only really impact at the moment on tax in Africa is around Zambia, and that's been embedded in the Q4 guidance forecast.

Got it thanks that's helpful. And then just circling back to Ontario, I think it's growing. You said you highlighted it's growing.

3%, I think overall Canada's growing high teens.

How should we think about, Alberta's growth rate when that market legalizes? Should we think that growth mid-single-digits, or do you think you can maintain sort of, that strong growth you're seeing in the rest of Canada?

Thank you.

So I think we've learned our lessons as we say in Ontario again we've got the new clients. Being launched there shortly next quarter in Canada in Ontario, and we're enhancing the products so all of that will help us deliver more in Alberta, but this is one that I would say Alberta would be higher.

We would expect to be closer to what we see in Canada.

Thank you.

Thank you. The next question comes from Bernie McTernan of Needham. Your line is now open. Please go ahead.

Hi, this is Stefanos Chris calling in for Bernie. Thanks for taking our questions. Pretty healthy margin level despite some negative sports results. Can you just talk about the puts and takes on margin in the quarter and if that's sustainable going forward?

Yes, directly 100%. Our model benefits from mixed towards higher quality casino revenue.

We also have the strong geographic diversification and what we have been seeing, even though the sports results been under pressure, we have seen increased par late contribution. It had a favourable impact.

As well as what Neil and I constantly talk about our structural efficiencies as we roll out AI enabled operations and discipline processing negotiations, etc. We definitely believe that this margin is sustainable.

Got it, thank you. And then you called out Strength in the UK and Spain, anything specific to call out there.

Thank you.

So I think if you take the UK and Spain, it's the product again remember we closed a lot of markets and I keep telling people that when we close those markets we will then be able to focus the resource in on the markets where we're winning and that you can see that in all the stuff we're doing on par, the product, the processing, everything that happens in the product is. Direct correlation of how those numbers are going.

So, it's not, this is a dedicated resource allocation, and we keep pushing more and more, and our grand strength obviously is compounding. Spain, we've got like the super club loyalty was introduced, ongoing product upgrade, and so all of that's coming together and that's all about the operating leverage that fits in our platforms.

Got it thank you.

Thank you. The next question comes from Clark Lampon of BTIG. Your line is now open. Please go ahead.

Thanks for taking the question, Neil. Maybe I can follow-up a little bit on that comment around UK growth and the product and the product, I guess, sort of driver underpinning it.

I was that apricot driven and if so, is that something that we should think about maybe being sort of earlier stages with the UK sportsbook and then sort of second question as we think about the sports book business overall, maybe it's sort of a follow-up on Jordan's question around the forward outlook.

If we sort of run forward the numbers, with seasonal improvements in your customers in line with what we have seen in the past, it would seem like there was a pretty significant downtick on a per customer basis. Is that in any way sort of related to engagement patterns?

Have you seen any downtick or maybe should we read this as just sort of a prudent. A way of approaching, I guess the sort of work you've set up and modelling.

Thank you.

Okay, so just back on the UK, obviously I think we under indexed the brand was really good in the UK, but as we've got more focus on the product you've seen the uptick there plus remember we've also launched the casinos jackpot, etc.

And we put a lot of effort into that. So, all of that's coming together. Plus you've got the parlay mix that product which is obviously that we purchase from Apricot, so we're finally getting over the line and owning it in the next few months is all coming together because we actually own 100% of the roadmap there and what's happening.

So that's all coming together for what I call Betway Global internationally. Obviously, the Bet Africa has always been running a superb product, right?

So that all helps. And no, I think when it comes to the outlook and stuff, it's not listen we are always prudent as you know we this is how we operate again we're still 80% and this corner I think was 83% or something casino. It just depends how the football lay of the land actually falls in because football is our number one sport. I think in September what we thought.

With the Champions League was that all the favourites were winning in the Champions League round robin, but now we're starting to move into the next couple of months into the next phase and that's when the favourites don't always win. So for us it's just being prudent.

We've got for me it's all about and it's all about customers in the house and how they're engaging and we're delivering more and more of those.

And then that's why I said October's numbers of customers in the house even more than September.

Okay, if I can throw one more in, your Africa growth was up 36% this quarter. Anything that you would call out sort of along the lines of, the same sort of underpinning drivers with product in that territory and maybe more importantly, how should we think about the sustainability of growth at an elevated pace.

Thank You.

It's definitely more durable broad based growth.

We do obviously see Botswana as a standout in the mix when it comes to first launch. I mean, Botswana was about 4% in 14%, 6.5% in.

So that just shows how that. Country contributed to the growth of Africa but generalize the growth is around the consistent African consistently across all the African countries, and we have also just completed the Nigeria tech migration which we hope to also see a nice uplift in stability in the next couple of months.

And then just to conclude, remember we have launched jackpot City as a secondary casino brand in Africa. It's now live in South Africa, Ghana, Malawi, and Tanzania. And we foresee that Ghana will be the launch will happen in Ghana now.

So we have done that. So, I think we set out that we have got to get our casinos in all the markets we are operating in, and that's the same for the UK, for Africa. We are now hopefully coming soon to Spain and then the last one that we got some tech stuff to do there's quite restrictive of what we have to do.

Thank you. The next question comes from Ryan Sital of Craig Helen. Your line is now open. Please go ahead.

Hey, good day, really nice results. Want to move or stay on the hold kind of the sports impact in September. If I look at August look like it was kind of an outsized good guy, for the sportsbook from a whole standpoint when, offset by, September.

Are you able to kind of net those two together throughout the whole quarter on kind of what the. The net impact was from sports gross margin impact relative to what you were expecting.

So I think it's on slide Twelve in the Invested we've included quite a nice slide now just to explain the ebbs and the flows of sports margin, which is obviously, you can't really predict any of that. So, what we have just started to see like you will explain as well is the timing of the matches.

And how the outcomes will now be a bit more favourable because for bed, not for the customer, maybe because of in the beginning you have much more favourable that will, but on this slide you will see we had a high of 18.8%. and a low of 7.3%. So that we have actually marked now.

So that average of 14% is what we kind of project forward. But net over a period of time, the margin is increasing due to all everything that Neil has mentioned of, more rollout of the product in other parts of our which was quite dominant in Africa but now in other parts of the world as well as just customer engagement.

A fair enough.

SuperCoin is South Africa kind of the initial launch? Is there plans to launch a similar coin in, let's say Nigeria and other markets, or is this kind of a one, let's TRY it and see how it goes before making any other kind of further strategy and decisions?

Yes, so South Africa was the first place to start just because of the license and digital wallet adoption there.

And so we've got a big customer base there so we it out there and as it works there, then we'll see the other markets and I have to be looking at the other markets, but we want to start in one country and then to TRY and do it in so many countries all at once.

I mean there is quite a lot of technical that has to happen here and with the Luna being the largest. Consumer exchange having the biggest customer base in South Africa, we decided to start there, so there is a road to go there. This is obviously the first part listing on the exchange, and then you would get into the wallet adoption in which I think would probably happen in quarter towards the end of quarter one.

Maybe just a follow-up on that, maybe a naive question of crypto, but can you launch the same SuperCoin in other markets or would it have to be a kind of full separate infrastructure and coin?

Yeah, it's basically every coin will be this is the coin and SuperCoin, then you have the different currency coins in each market, but it's all the same techno technology, same everything we've just got to get onto those relevant exchanges in the country we decide to go and that the laws of that country allow us to do it.

Helpful. Thanks guys.

Good luck.

Thank you.

The next question comes from Mike Hickey of Benchmarks.com. Your line is now open. Please go ahead.

Yeah, hey, Neil, Alinda Inc. Supergroup team. Congrats guys on a great quarter and a great year. Definitely getting a little picture here of 2025, Neil, just curious when you look at sort of the drivers here of your growth and there's a lot of them.

Just curious, sort of the main drivers, the most durable drivers that you think will also be a positive impact to your 2026 outlook. So, I guess Neil just curious if you can kind of give us what 2026 looks like here growing up such a great 2025 and you know how much are sort of existing drivers of growth versus new drivers like SuperCoin.

I mean super coin sounds great. It's just hard to sort of understand the impact and how material you think it could be. It seems like it could be great on revenue. And cost, but I guess just getting a better idea of 26 you know, would be great.

I won't comment on 2026 yet, but what we have delivered on. So, we have delivered on marketing efficiencies everywhere right in the business, we spend (Inaudible) $500 million on marketing for 2025, so it's getting that efficient. We said in the beginning we have got to get that more efficient. We are doing it, finding the new channel.

Closing the markets that we never saw a possibility. I always think the opportunity cost of being in those markets is huge, and you are seeing it we can redeploy into the product into the markets we are winning in and that's one like now the new clients coming stuff coming there.

So that's all happening plus we have got it's all about, right? It's about what is So in Africa I think we have got to stand out. I think we are catching up in some of the other markets, the UK, and as we're closing that parity, we are seeing the uplift in our customers, customer loyalty, etc.

We then talk about process efficiencies. One is efficiencies. We are all over that new rate, etc.

In the African business processing is expensive. It can be anything from 3%.

But remember what happens in those markets is they deposit, they cash out, they redeposit, they cash out, they redeposit. So, you have got a lot of churn of the same money. So, you are paying deposit fees in and out all the time. So hopefully with our SuperCoin Etc.

We can build that balance that stays in our ecosystem. We are not paying for the same money but four or five times, in the US as an example, in the UK, the processing fees are tiny pennies. In transaction fees but not in some of the other markets so that's where that comes together and then what we always said, and we said for the last three years, and we finally got stuck into it really pushing it is cost efficiencies.

It's how do we do the business how do we the business without not doubling the cost and that's really what this is all about and we're finally seeing that coming through and there's more and more efficiency new core centre software, new risk management.

It's happening everywhere and that's what we have been pushing and then you know that you ultimately need that because in some markets you can win in some markets you're not winning like Germany, but Germany is really a function of the rig but also you know Germany we had to wait to spit out our wallets.

So yes, hasn't been on the main burner for us, probably not, but now we can finally get to it that we split the casino wallet from the sports wallet so we can finally casino. In Germany, so you know all these things take time, but we are finally getting them, and I think it's about actioning the points that we believe in and that's what you can see dropping down.

So, if you have to look to 2026, we are setting some of the goals we set on how do we increase the revenue and then the operating leverage kicks in. So you'll probably hear from us about 2026 in February when we do our end of year wrap up, etc.

Most importantly, our deposits and net revenue are really tracking well, and it's all about the customers in the system and if you remember that we had one slide which obviously did on his cohort analysis, but around it.

It's all about the customers and we can't forget this is all about and everything we do has to evolve around the customer and as you get $6 million in you've got a lot of work that the system has to do to make sure that all $6 million are treated correctly, right.

And that's what we're striving to do.

Nice.

Thanks, Neil. The other piece on Africa, obviously it just seems like an incredible.

Opportunity for you guys near and long-term. We noticed that Kenya has made a change to their tax scheme, and you know that you exited Kenya because of some I guess you could say one of you guys has ridiculous.

Tax environment. Obviously, it was not great. You laughed and now they have got to change. I just curious your thoughts on that change and if you if it's significant enough that maybe you could re-examine that market as an opportunity. And if you think the new tax scheme may have positive implications for other countries where you operate.

Yes, I think that I mean that's actually a very good point, if you bring up Kenya, they had this excise tax on sports and casino where you could actually do it on sports. You could not actually apply it to casino, and it takes them like two years to do it.

So yes, absolutely that's a case that we could go back in, and it just means they finally found a mechanism that they. Comfortable which is taxing on deposits in and out, which is a much more fairer and easier way for them to monitor the tax collection.

So, Zambia ex we saw in Zambia as an industry all of us came together to go and lobby the government to finally say you don't have casino revenue and they are slowly and in Kenya. as we do that Kenya goes to the exact model that we suggested for Zambia.

So I think it's the ebb and flow and as these new businesses come in, we are working with the government absolutely and I think it's a point is that you have always got opportunities to go back in and so that's what we'll do there we've just got to get the resource to be able to turn it back on.

And Neil, last question, thank you for your time on this. The, when Lawrence gave his presentation on Africa, your Investor Day, he noted, four countries, that were, maybe Kenya was one of them, I can't remember, the four countries where you are not in today but are sort of on the radar.

And this sort of maybe ties back to '26, which I know you can't exactly talk about, but I appreciated the colour, but it's a pretty significant can that that he outlined in his presentation.

Is that something that we should pencil in as a possibility or It's still fairly remote. It just seems like here that it could be something.

No, we haven't gone into them yet, but we are far down the line getting and getting the model right, getting.

The money has to be charged, etc. So, we're all over them and there are a lot of them. They have got the capacity to deliver them. The question is at what stage in next year we will be launching them, but that's definitely 100% part of our plan, it's all about it's all about the African.

Yeah.

When you say far down the line, Neil, that means that there's no there's no roadblocks to opening those countries.

About the regulation and getting the legal structures in place, etc. Because each one's got a slight nuance in the other one, but there is lots happening. The teams on it and for us that that's all part of our journey. That's exactly what we want to be delivering on.

And that's why we freed up all the and that's why we freed up the business just to do.

And we feel that the rest of the world for them to do the rest of the world. This is exactly the point.

Good, thank you guys. Good luck.

Thank you. The next question comes from Chad Benham of McGuire. Your line is now open. Please go ahead.

Hi, good morning. Thanks for taking my question and nice results all.

I wanted to start with the New Zealand regulatory news that we have seen in terms of the online gambling tax change, and I guess this fairly different licensing regime.

I know that's been, a smaller market and one that hasn't led to as much growth as others, but Neil, can you maybe just kind of touch on how you're feeling about the market and kind of how you think, operators will react to this.

Thank you.

So again, it's still all these regulations are still in and out of the committees in New Zealand. We are all over it.

It's just a matter of when they actually finally decide that they are going to fully regulate it, this is all to do with casino, right?

So, we are all over it in what we are doing is, and I have been doing it for a while, they have got certain advertising restrictions that we are adhering to. And that's very important where some other competitors are not, but we are because for us it's all about the long-term longevity of that market for us.

So, we are doing that. We are able to do certain marketing, not others, so we have actually taken a constant stance there which is why you see the growth not being what it is, also subject to there has been some devaluation of the New Zealand dollar. So yeah.

And just to add to Neil's point, remember New Zealand has been Taxed for a very long time, so we pay a GST tax in New Zealand for a couple of years already, and mid last year they introduced a smaller gaming tax and the noise around tax is just how coming to maturity to win a launch to peg that rate of tax.

And I think there has been now rumours to increase it a bit more, but like Neil said, this is very early days, but the point I'm just making is that we have been paying taxes for a while even though there wasn't a regulation regime at that point in time.

Great, thank you both, and then lastly just in terms of the strong capital position that you're in, any update in terms of how you're thinking about, tuck-in or bolt-on M&A in this market?

Thank you.

We won't get this. We are highly selected.

We don't want to overpay, but also, I don't think we can totally underpay either, so we have to find that balance, but at the moment we make small tiny little ones along the way, marketing ones, etc. But it's all about is it at the right price and does it work, and we can't just acquisition on synergies they've got to stand on their own two feet when we find the right one.

We are not looking, we have got a long list. It's got to make sense for us and that's what we're doing and really what we're also doing is operational working out where we need to bulk on along the way it's in the marketing domains which is what we're doing, the coin ones another example we bought a smaller ones along the way.

We are all yeah we we're all.

Thanks.

Thank you. We currently have no further questions, so I would like to hand back to Neil for any closing remarks.

So thanks everyone for joining us today. We are really proud of our performance this quarter and excited about how well positioned we are for the future. We will speak to you all again soon.

Thank you.

This concludes today's call.

Thank you all for joining. You may now disconnect your lines.