(DOLE) Q4 2024 Earnings Call Transcript

Quartr
Provided by Quartr
February 26, 2025

There are 6 speakers on the call.

Operator

Welcome to the Doull PLC Fourth Quarter and Full Year twenty twenty four Earnings Conference Call and Webcast. Today's conference is being broadcast live over the Internet and is also being recorded for playback purposes. Currently, all participants are in a listen only mode. After the speakers' presentation, there will be a question and answer session. For opening remarks and introductions, I would like to turn the call over to the Head of Investor Relations with Dowel POC, James O'Regan.

Speaker 1

Thank you, John. Welcome, everybody, and thank you for taking the time to join our latest earnings call. Joining me today is our Chief Executive Officer, Rory Byrne our Chief Operating Officer, Johan Linden and our Chief Financial Officer, Jacinta Devine. During this call, we'll be referring to presentation slides and supplemental remarks and these along with our earnings release and other related materials are available on the Investor Relations section of the Gold plc website. Please note, our remarks today will include certain forward looking statements within the provisions of the Federal Securities Safe Harbor Law.

Speaker 1

These reflect circumstances at the time they are made and the company expressly disclaims any obligation to update or revise any forward looking statements. Actual results or outcomes may differ materially from those that may be expressed or implied due to a wide range of factors including those set forth in our SEC filings. Information regarding the use of non GAAP financial measures may be found in our press release which also includes a reconciliation to the most comparable GAAP measures. With that, I'm pleased to turn today's call over to Rory.

Speaker 2

Thank you, James. Welcome everybody and thank you for joining us today as we discuss our results for the fourth quarter and full year 2024. So turning firstly to Slide four and a recap of key developments in 2024. Well, 2024 was another year of great progress and development for Dole PLC with the business growing its position as the leading provider of fresh produce in the world. From a financial perspective, we delivered a strong financial performance exceeding our most recent adjusted EBITDA guidance by some $12,000,000 and continuing our solid growth trend over the last number of years.

Speaker 2

We've grown organically this year with group revenue and adjusted EBITDA increasing on a like for like basis driven by growth across our core business areas and categories. Throughout the year, we continue to place a high priority on capital allocation and managing our invested capital. We do take a disciplined, but also strategic and flexible approach to our investments. In the first quarter, we took the decision to capitalize on an opportunity to realize an excellent return on investment at the disposal of our 65% equity share in progressive produce per net cash proceeds of $100,000,000,000 which we used entirely to repay debt. Then in the third quarter, we agreed to deal to expand our shipping fleet with the addition of two vessels to service our East Coast operation and provide a pathway for additional growth.

Speaker 2

This approach combined with our strong operating performance allowed us to drive a significant cash generation in 2024 driving a reduction in our net debt of over $180,000,000 Now looking more closely at the full year figures for 2024 in Slide five. On a like for like basis, group revenue increased for the full year by 6.7% to $8,500,000,000 and adjusted EBITDA increased 6.7% to $392,000,000 This was driven by a very strong performance in diversified fresh produce Americas as well as growth in our fresh food segment offsetting a very small decline in diversified fresh produce EMEA which had been our strongest performing segment in 2023. On an adjusted basis, net income was $120,900,000 and adjusted diluted EPS was $1.27 per share and an increase of 2.4%. Finally, following another year of robust cash generation, we ended 2024 with net debt of $637,000,000 and net leverage of 1.6 times, putting us in a very strong financial position for 2025 and beyond. Turning now to Slide seven for our operational highlights and starting with the Fresh Food segment.

Speaker 2

Fresh Food has strong close to the year delivering $31,900,000 of adjusted EBITDA in the fourth quarter to finish with the full year $214,800,000 This was an increase of $5,900,000 compared to $23,000,000 and a result that was ahead of our own expectations. In North America, our business delivered good volume growth in bananas and plantains, in particular in the fourth quarter, continuing a very positive year long trend and obviously supported by the increase in our shipping capacity from our recent investments. Additionally, in the European market, we continued our positive momentum and concluded an excellent year driven by the high volumes in bananas as well as by lower shipping costs. While we performed well in the marketplace in 2024, we were also faced with higher shipping costs into The U. S.

Speaker 2

Due to the planned dry dockings of two of our vessels, as well as logistical issues of ports both in Latin America and The U. S. And some continuing price pressure in commercial cargo space. On the supply side, while Peru remained in a relatively good supply demand balance throughout 02/1954, the relative tightness of Peru continues to put upward pressure on sourcing costs. This is accentuated for us at the end of the year the impact of tropical storm Sarah, which affected an important day which within our Honduran operations and which we do anticipate having a notable short term financial impact on our operations in the first part of twenty twenty five.

Speaker 2

As we look out into 'twenty five, while the underlying fundamentals of the division continue to be an excellent shape, we will face some headwinds in the year to come from very active competition as well as sourcing issues, supply chain and foreign exchange movements. As always, our very experienced and knowledgeable management team are keenly focused on dealing with all of these challenges, while also working to capitalize on further growth opportunities as they arise. So moving on to the diversified EMEA segment. This segment had a stable final quarter, ultimately delivering adjusted EBITDA of 131,500,000 for the full year, a robust performance which was in line with our expectations and consolidating the excellent growth achieved in 2023. Diversified EMEA delivered good like for like revenue growth in 2020 four percent up 4.4.

Speaker 2

However, over the course of the year, the segment did also face some headwinds due to supply challenges, weather events and some entity specific issues that mitigated growth at the margin level. More positively, as we look forward into 2025, we anticipate continued revenue growth and coupled with targeted investments and the benefits of ongoing integration within this segment, we believe we are well positioned to increase profitability again on a like for like basis going into 2025. Turning to our Diversified America segment, this segment delivered a stable five in the quarter, consolidating a very strong year of growth on a like for like basis. Excluding the impact of the progressive projects disposal in the first quarter of twenty twenty four, this segment delivered a $22,300,000 increase in adjusted EBITDA for the full year, a fantastic performance. Early in 2024, the segment had seasonal timing benefits within the Southern Hemisphere summer export season and particularly in the important Chilean cherry business.

Speaker 2

However, as the year progressed, this segment consistently outperformed as our export business in particular continued to perform very well across a wide range of product. And as I noted, American businesses continue to deliver strong growth, especially in some of the important growth categories such as avocados. Looking ahead, as I heard the turn of the year in the Diversey Latin America segment coincides with the high point in activity in the Southern Hemisphere summer export season. And so far while the very strong profitability seen with Chilean cherries in recent seasons may not persist at the same levels this season, it's also clear that the business remains in a good position to deliver on our expectations. As we look further out into the year, both for our exports and North American businesses, we believe we can further consolidate the strong revenue growth we had in 2024 and build our base for further growth in the years to come.

Speaker 2

So turning to the fresh vegetables business. As we have noted on our most recent earnings calls, we are continuing to work on delivering the best strategic alternative for our vegetables business and that process remains ongoing. On the operational side, the improved results we've consistently seen in 2024 continued in the fourth quarter. While we recorded an accounting adjustment to the carrying value of discontinued operations at year end, on an underlying basis, our Vegetable business concluded an encouraging turnaround during 2024 delivering positive cash flow on a full year basis. Overall, as we head into 2025, we are pleased that our corporate and divisional management teams have been successful in reestablishing an improved foundation for this business and in doing so, allows us to continue with a patient approach to ultimately deliver the best long term outcome for all our stakeholders.

Speaker 2

With that, I hand you over to Jacinta to give the financial review for the fourth quarter and full year.

Speaker 3

Thank you, Rory, and good day, everyone. Firstly, turning to the group results on Slide nine. Fourth quarter group revenue increased 4.6% with this growth driven by strong operational performance across all of our segments. On a like for like basis, excluding the impact of FX and the sale of progressive projects, the increase was 10.8%. For the full year, reported revenue increased 2.8% and on a like for like basis, revenue increased 6.7%.

Speaker 3

Adjusted EBITDA decreased 2.9% in the quarter. However, on a like for like basis increased 3.7% or $2,800,000 Fresh fruit was the driver of growth in the fourth quarter. For the full year, we are very pleased to deliver $392,200,000 of adjusted EBITDA, an increase of 1.8% on 2023 and an increase of 6.7% on a like for like basis. This result was ahead of our initial and revised guidance issued during 2024. Looking at net income, the decrease in the fourth quarter was due to a loss of £61,200,000 in discontinued operations with significantly improved operating results offset by a non cash write down of the carrying value of the Fresh Vegetables division of £78,200,000 net of tax.

Speaker 3

As the Fresh Vegetables division is accounted for under the held for sale accounting guidance, we are required to cease depreciation and amortization from 03/31/2023 up to 12/31/2024. The impact of this cessation of depreciation and amortization was £78,100,000 and was the primary reason for the non cash write down. On a full year basis, net income of £143,400,000 was £12,300,000 lower than prior year. The decrease was primarily due to a non cash write down of the carrying value of the fresh vegetables division, as well as higher tax expense. These decreases were partially offset by higher operating income due to strong underlying performance across the group, higher other income and lower interest expense.

Speaker 3

On an adjusted basis, adjusted net income increased 3% to £15,300,000 in the fourth quarter and adjusted diluted EPS was $0.16 per share. The increase was predominantly due to lower interest and depreciation expense, partially offset by lower adjusted EBITDA and higher tax expense. For the full year, we are pleased to report a 2.4% increase in adjusted net income to CHF120.9 million, primarily

Speaker 2

due to

Speaker 3

the increase in adjusted EBITDA, as well as lower interest and depreciation expense, partially offset by higher tax expense. Adjusted diluted EPS for 2024 was $1.27 compared to $1.24 in 2023. Turning now to the divisional update for the fourth quarter of our continuing operations, starting with Fresh Fruit on Slide 11. The Fresh Fruit division delivered another strong result in the fourth quarter to round out a good year with revenue increasing 9.4% and adjusted EBITDA increasing 10.8%. The increase in revenue was due to higher worldwide volumes of bananas sold, higher worldwide pricing of pineapples and higher pricing and volumes for plantains in North America.

Speaker 3

These increases were partially offset by lower worldwide volumes of pineapple sold, lower worldwide pricing for bananas and lower pricing and volume for plantains in Europe. The adjusted EBITDA increase was primarily driven by higher revenue in bananas as well as lower food sourcing and shipping costs in Europe, partially offset by higher shipping costs in North America due to drydocking. For the full year, revenue increased 5% and adjusted EBITDA increased 2.8%. Now turning to EMEA on Slide 12. This segment delivered 5.5% revenue growth in the fourth quarter, driven by a strong performance in The UK, Spain and The Nordics, partially offset by a net negative impact from M and A activity of SEK7.4 million.

Speaker 3

On a like for like basis, revenue increased 6.5%. Adjusted EBITDA decreased 0.5%, primarily due to decreases in The Czech Republic, South Africa and Ireland, as well as an unfavorable impact from foreign currency translation of $200,000 partially offset by a stronger performance in Spain and The UK. On a like for like basis, adjusted EBITDA increased 0.3%. Overall, a solid performance in 2024 from the EMEA segment with like for like revenue increasing 4.4% and adjusted EBITDA increasing 1.9% on a like for like basis. Now finally, turning to diversified fresh produce Americas and rest of world.

Speaker 3

As in previous quarters this year, reported revenue decreased primarily due to the disposal of progressive produce in Q1. On a like for like basis, revenue increased 16.1% due to higher export volumes in cherries and grapes, as well as strong trading performance across categories in the North American market. Again, most of the decrease in adjusted EBITDA can be explained by the progressive projects divestiture. On a like for like basis, adjusted EBITDA decreased 2.2% or $300,000 excuse me, primarily due to a lower profitability in the Chilean cherry business, partially offset by continued good performance in North America, particularly in kiwi, grapes and avocados. The segment delivered a very strong full year result on a like for like basis with revenue increasing 13% or $233,300,000 and adjusted EBITDA increasing 52.3% or $22,300,000 Now turning to Slide 14 to discuss our capital allocation and leverage.

Speaker 3

We remain ever focused on capital allocation and managing our leverage and are pleased that our leverage reduced further in the quarter to finish the year at 1.62 times. The reduction was driven by a 95,000,000 decrease in net debt compared to Q3. Interest expense has continued to decrease compared to the prior year due to lower debt levels as well as lower base rates and was £18,100,000 in the fourth quarter and $73,800,000 for the full year. Under an assumption that base rates will remain broadly stable in 2025 and not assuming any exceptional cash proceeds, we expect full year interest for 2025 to be approximately 70,000,000 Net cash provided by operation activities from continuing operations was SEK262.7 million in 2024. As anticipated, we continue to see a positive inflow in working capital in the fourth quarter, and this was accentuated by some seasonal timing benefits at the year end.

Speaker 3

Cash capital expenditure from continuing operations was £25,600,000 for the quarter, and we added a further £4,600,000 of assets by way of finance lease. For the full year, total capital additions were $135,700,000 which was in line with our latest guidance. This was made up of cash capital expenditure of $82,400,000 and we added a further AUD 53,300,000.0 of assets by way of finance lease, including the two shipping vessels mentioned on our last earnings call and which we purchased outright in early twenty twenty five. Free cash flow from continuing operations was $180,300,000 for the full year. Free cash flow benefits from strong adjusted EBITDA performance and good working capital management across the group over the course of the year.

Speaker 3

Continuing with our commitment to return cash to shareholders, we are pleased to declare a dividend of $0.08 for the fourth quarter, which will be paid on 04/03/2025 to shareholders on record on 03/20/2025. Now I'll hand you back to Rory who will give an update on our full year outlook.

Speaker 2

Thanks Jacinta. So we're very pleased with the group's exceptional performance in 2024 delivering $392,000,000 of adjusted EBITDA for continuing operations, a result that exceeded our own expectations and a result that we believe gives us a strong platform to continue our momentum in the 2025 financial year. As we take a more focused look at 2025, while we continue to see excellent opportunities for our business, we will also face some challenges and uncertainties this year. For most multinational businesses, the quickly evolving geopolitical environment is adding increased uncertainty in areas including regulation, foreign exchange rates and of course the potential impact of any tariffs or other changes to international trade structures on sourcing costs and supply chains. In this regard, our management teams are keenly focused on preparing for as many eventualities as possible while also continuing to promote the critical benefits of the fresh produce industry and supporting shared global goals towards enhancing health and wellness.

Speaker 2

For our own operations, we will face unknown short term headwind in 2025 following the impact of tropical storm Sarah on our Honduran operations in November. With that in mind, given our excellent finish to the 2024 financial year, which did exceed our expectations at this early stage of the 2025 financial year, our goal is to deliver full year adjusted EBITDA in the range of $370,000,000 to $380,000,000 Turning to the investment side, we are pleased that we were able to make some important strategic investments in 2024. For 2025, we expect as a baseline to have our maintenance level of CapEx from continuing operations broadly in line with our depreciation expense of approximately $100,000,000 In addition, continue to explore a range of development opportunities, which if executed will strengthen our business and continue to drive further growth in the years to come. In conclusion, we're very pleased to continue to enhance our track record with another year of strong financial results. We've an excellent group of people right across the group and a huge thank you to everyone for their ongoing commitment and dedication to drive Dole PLC forward as well as to our important suppliers and customers for all their ongoing support.

Speaker 2

With that, I'll hand you back to the operator and we can open the line for questions.

Operator

Thank you. We will now begin the question and answer session. Your first question comes from the line of Christopher Barnes with Deutsche Bank. Please go ahead.

Speaker 4

Good morning. Good afternoon. Thanks for the questions. First, could you just unpack the EBITDA guidance? You're calling for

Operator

a 4% decline at

Speaker 4

the midpoint, but just wondering how much of that decline is attributed to known headwinds like the impact from Sarah and difficult comparisons versus 24% versus just added conservatism in the context of the macro geopolitical climate? And just any color you can share by segment and cadence first half or second half would be particularly helpful. Thanks.

Speaker 2

Yeah. Thanks, Chris. And obviously, it's a couple of big things and first of all, it's very early in the year to be giving full year guidance. I think secondly, we're in a world that's increasingly difficult to predict and, you know, while we haven't built on anything specific around the potential major macro geopolitical or economic issues that can arise, I think they do create a little bit of uncertainty and negativity around the world generally. I think you look back over the last few years, we've had a really, really strong track record in, you know, right post IPO or continuing operations of '22, '20 '3 and now '24 have shown you know an ability to weather whatever storms are thrown out of some you know we come out at the end of the year with a pretty good result.

Speaker 2

In 2024 as you know Chris we took the number down to three ticks on the basis that we simply subtracted off the piece of the business that we sold in Progressive Broadies. And to come in with a 3.92% results for 24% was a really, really strong record year for us and a really, very positive year. I know from an analyst perspective sometimes that's a benchmark that people would like to grow from and but you know the way we look at it is we've had a good year, we take the opportunities that are there and it was a little bit better than you know we might have expected. We do have the specific headwinds that we have referred to Honduras in particular. It's just creates complexity around how we source alternative proof from the shortfall in Honduras and causes some dislocation in our shipping schedules and dislocations of containers so it's a little bit more complex than just losing short term food.

Speaker 2

We had a ship breakdown on the West Coast as always a little bit on how full we've had, So we've got some fruit on the mask ship that broke down its way to China as well with 65 containers of cherries on that although we believe that's between insurance proceeds that is a little bit more covered. So certainly there are some short term headwinds, not only different but greater than we've placed over the past and we work our way through them. I don't think they're structural, they're not fundamental to our business but we have to work our way through them. Foreign exchange as well has also been complications and the dollar as you know strengthened quite radically post the election and the timing of when that happened wasn't perfect for us in terms of some contract negotiations and taking a guess of what the price might be based on specific exchange rates and, if the dollar strengthened even further from some of those negotiations. The rest of the world and the Americas division has highlighted, to dispose of the progressive business of $24,000,000 and come in with the full year result ahead of the twenty three year number as we'll be an exceptionally good performance.

Speaker 2

So it's just in that division everything went particularly right for us and we're very pleased with that, although we do expect that '25 will be a more normal year with the normal ups and downs, good year but it will be a more normal outcome on particularly products like cherries and grapes. I think the phase will be a bit different as you've asked for how it will unfold. I think most of the headwinds that we face will certainly impact the early quarters, in particular quarter one. So I think you'll see over the course of the year a slower start to the year and a more balanced phasing over the completion of the full year of 2025. So I think that's our overall view guidance, Christopher, unless you got any follow-up question on that?

Speaker 2

No,

Speaker 4

no, that's helpful. And I guess my follow-up is just around tariffs. I know it's a shifting target, but maybe you could just help us think about, some of the, like, the mitigation strategies and contingencies you guys are evaluating, putting into place. Like, is there any do you guys have any, ability to, like, go back? I know you mentioned the contract renegotiations post election with dollar movement were were not not necessarily favorable.

Speaker 4

But, like, if tariffs get in place, like, do you have ability to, like, to go go back to those contracts, like, like, or take additional pricing? Do you have alternative sourcing you could You could look at productivity. Just I'm just trying to think through the levers that you guys have at your disposal to

Speaker 2

Yes. I think in micro terms, what we supply into the North American market and it's healthy food, food and veg. Generally speaking, the products that The U. S. Can't produce themselves or can't produce at that particular time.

Speaker 2

So you look at bananas and pineapples for example, they're a major tropical climate which The U. S. Doesn't have. So we believe that bananas and pineapples will continue to be consumed in appropriate quantities by Americans and I think everybody will want that to be the outcome. Some of our other export sources are complementary to US sources.

Speaker 2

So again, we think that people will want to have grapes all year round or have green peppers, red peppers, tomatoes, whatever it might be all year round and not at gaps in the market. So we think ultimately, you know, we hope that the tariffs don't come into play on basic day to day positive products like fresh fruit and veg and that they can and somehow that the exceptions to products that don't have any particular impact on the American economy. But ultimately we think it can go a little to price, it has to, you know, we get any kind of material impact of tariff when people want to continue to consume the products, you have to put the price. But there are so many variables and it's so difficult to predict, You know, we can control some things. We lived through a previous Donald Trump regime and we managed our way through that perfectly well.

Speaker 2

So let's see.

Speaker 4

Very good. Thanks very much.

Speaker 2

Thank you, Christian.

Operator

Your next question comes from the line of Gary Martin with Davy. Please go ahead.

Speaker 5

Hi, all. Congrats on a strong set of results. Just a few from me, kind of related. Just maybe starting on capital allocation and your viewpoint there. I mean, you made some really solid progress with regards to deleveraging during the year.

Speaker 5

Is the idea to kind of continue to focus on deleveraging or is there some degree of flexibility for, we'll say, you know, kind of targeted M and A in a go forward basis?

Speaker 2

Yeah. Thanks, Gary. I mean, obviously the whole question of capital allocation is very high up on our agenda and we examine all the potential of charges around that. We have a couple of big strategic questions that we'd like to answer, get answered first before we make any major different or unusual steps in relation to capital allocation and obviously the potential disposal of the beds division is at the top of the list in terms of what the outcome of that can change our focus, our perception, our ability to reallocate capital in a different direction. So we'd like to get that off the table quickly.

Speaker 2

We also are in the process of renewing our facilities, so we would follow the kind of the normal approach to do that, we want to ensure that that perhaps gives us the long term platform to have the appropriate financial flexibility to do deal with future opportunities that we have as well. Acquisitions, we have our own internal corporate finance department. We continue to look at the opportunities that are out there. There is no doubt though that there is there continues to be a differential between the private markets expectation in terms of value. We are seeing in some cases the cycles of PEs trying to exit there.

Speaker 2

You continue to be a lot of inter fund trading taking place and less so between pawns and trade buyers. So keep our eyes on that and there are some interesting opportunities in that space but it very much depends on achieving prices that will add to our business and add value to our shareholders. The dividend is something that's constantly under view and we'll have a look at that again and with 25 contexts. And then interestingly and from a very positive perspective, we do actually have a lot of internal development projects on the agenda that we're always looking at projects whether it's you know, we're expanding some of our plantain production system and we're in JVs in Guatemala and in Ecuador. Our Chilean JV, El Parque, is looking at some interesting expansion in certain products and we're looking at supporting that as well.

Speaker 2

Our core business, we've been slowly developing a significant logistics capability up in Scandinavia and then maybe some further interesting opportunities that we might involve in the reasonably significant investment and we've been open minded looking at those. Then with some smaller investments in our existing business, expanding our Irish footprint, expanding our Spanish footprint, looking at building our export business and strengthening our position in Peru in other grapes or avocados or berries, our fresh fruit businesses slowly building up its footprint directly in plantains and mangoes and limes and then some of our food service businesses across Europe. So we have plenty of internal projects on that we think will give us the right level of return. And we do ultimately benchmark those investments against the potential of a buyback. On the buyback is something that we go back to our previous life and total projects we did periodically undertake buyback programs and we keep an open mind, we keep on review and in the context of those issues, we will take the appropriate decisions.

Speaker 5

Excellent. A very, very thorough answer. And I think you beat me too. I was going to ask about some of the internal projects as a follow on. But maybe just as a second question, just to focus on diversified EMEA for a second.

Speaker 5

I mean, you call out some degree of profit weakness just across The Netherlands, just across some of Mainland Europe effectively. And I believe just as part of your prior remarks, I mean, it was kind of deemed, that you kind of company specific issues, but I mean, it'd be good to get a little bit further color on whether you expect this to persist.

Speaker 2

Yes. I think you look at our EMEA Division and it covers from Spain to Italy, Germany, Netherlands, Czech Republic, Scandinavia, Ireland, The UK, And there's different wholesale businesses, food service businesses, retail businesses, the ripening businesses. So we've a range of activities and you do get some ups and downs within those businesses with some interesting opportunities looking at developing a little bit more in the countries like France for example, we're doing the integration process between the legacy Doval and legacy Doval projects is working very well as The massive teams are combining very well to build on the combined strengths. So there's a few ups and downs there and we call them out, but I don't think strategically there's nothing that we've got anything there of any great concern to us and probably more opportunity than challenge.

Speaker 5

That's really helpful. And then maybe just one final question just on diversified Americas and rest of the world. You called that strong performance particularly across kiwis, grapes and avocados. And maybe just listening to the peers, it seems as though avocado pricing has actually gone up quite a fair bit. And maybe with tariffs in mind as well, is there any degree of elasticity risk if there's further pricing across some of those higher value product categories?

Speaker 5

Thanks.

Speaker 2

I mean, you can say yes, we've got some tariffs going on in, but obviously Mexico is a huge supplier of avocados into the North American market. But I don't think that The US is really going to focus on products that have no impact on American production. You know, so they don't have meaningful avocado production in The US again, it needs a minimum of subtropical flange which The U. S. Is very limited to subtropical capabilities with production capabilities.

Speaker 2

So I think that I find it an acceptable balance over time as well.

Speaker 1

Excellent. That's really, really good color. I'll pass it on.

Operator

As there are no further questions at this time, I would like to turn the call back over to Rory Byrne for closing remarks.

Speaker 2

Thank you. Yes, well, if we look back at 2024, it was a really strong record year for us. It adds to a very, very strong record now post IPO in the middle of twenty twenty one. So we've three full financial years in 2022, '20 '20 '3, '20 '20 '4 where we've consistently grown and strengthened the business. You know sure there's lots of challenges and complications out there in the world but we've got a very experienced management team who've lived through ups and downs of many challenges over the years and in many cases see plenty of opportunities for us for the future with a good focus on all aspects of the business operationally, financially, strategically and we think we're well positioned to move forward in a good way.

Speaker 2

So thank you very much, everyone for joining us today.

Operator

This concludes today's conference call. Thank you for participating. You may now disconnect.

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