Good morning, everybody, and thank you for for coming, and welcome to our half-year results for for Optima Health plc. Today you've got myself, Jonathan Thomas, Chief Executive of the Group, and with me today is Heidi Giles, Chief Financial Officer of the Group.

Agenda-wise, we will talk through—I'll firstly give you a brief recap and introduction to Optima Health, what we do, what our market looks like. I will then touch on our financial headlines.

We'll then move on to our strategic progress, outlook. I'll then hand over to Heidi for a little while to talk you through some of the financial slides in a little bit more detail.

Then hand back to myself to to wrap up and open up for for some for some Q&A. Reacquainting you then with with with Optima.

Optima is the market leader in occupational health and well-being underpinned by our proprietary technology and customer base that we we we deliver to. In a nutshell, what that means is we help the organizations that we work with get the best out of their people.

Looking and advising with our experts on the impact of work on on an individual's health and vice versa. That might may well be improving the productivity of their workforce where we deliver performance and attendance-based activities to support people to be successful in the workplace and get back to work.

It might also be helping organizations manage their risk in relation to health surveillancing some of their employees which who are exposed to hazardous substances, for example, and risks in the workplace, or also making sure that those employees are fit for the job that they're doing, in particular in safety-critical roles, police forces, railway workers, etc., so that they can manage their risk. We also may well get involved in adaptations in the workplace again to facilitate productivity in the workplace for for those employees, and also look at rapid access to treatment services to rehabilitate individuals and make sure they're fit for the job that they're that they're doing.

All of that is really important we see in the organizations and the market that we work in. That's underpinned recently by the government-commissioned Keeping Britain Working report that was recently done.

The headline from there as you can see on our on our slide there, the cost of ill health in in employers in the UK is £85 billion. That equates to around 150 million days lost to sickness absence annually, which is a 15-year high, and around 4 to 9 days that are lost to presenteeism and adjusted duties and lack of productivity.

In addition to that, the cost that was identified in that report to society and the state is £212 billion, an enormous enormous sum of money. I think the report, and we believe as well, calls out for more investment in this space and doing more.

As a result, the report indicates that spend on occupational health in the UK could increase and should increase to the order of magnitude of around £6 billion a year, which significantly increases our target addressable market, which, roughly speaking, depends where you look, is about £1.2 to £1.4 billion as we stand at today. Optima is ideally and well-positioned to to support and take the lead in that role.

Capability-wise, we deliver to over 5 million employees across the UK and Ireland. We have 1,600 experts in our business, of which around 900 are directly employed clinicians, and that's augmented and supported by a network, a vast network, of of clinicians, as well as mobile screening units and clinical footprint across across the UK to be able to deliver to our clients.

Optima, we we have a number of key differentiators and strengths and fundamentals which we believe us position us really favorably to to benefit from this. We've got comprehensive UK-wide, sector, geographical, clinical coverage across the UK, we can deliver to any client, anywhere, delivering any occupational health service, no problem, which we we believe is unrivaled.

We do that underpinned by our proprietary technology. We have in-house delivery of of that technology, which allows us to seamlessly deliver those appointments consistently, whether that be virtually, remotely, telephone-based, or in in a face-to-face clinic, whether that be on our client sites or on our sites or in a mobile unit.

That's really critical to our our delivery. Service excellence and clinical excellence is at the heart of what we do.

We deliver the full breadth of occupational health services, there's no requirement for one of our clients or customers or organizations to go anywhere else; they come to us and we can do the whole suite of those services. That's really critical that they have that seamless, integrated service delivery, we find.

Then fundamentally, we are a profitable business, we're very cash generative, and we have contracted and recurring revenue streams which are underpinned by regulation in many instances, which allows that confidence to be able to deliver that cash and invest in in our business. We've done that through a number of areas: so from a technology enhancements perspective, our clinical workforce, our people, but also in in our in in M&A.

We historically, and we'll do going forward, we will originate and find good value-enhancing M&A, and we've got great track record of integrating those in and delivering value from those. Then underpinning that and an endorsement of that, we have a diverse and high quality and well-balanced customer base who we who we serve and meet, as I said, at their point point of need in our delivery.

Moving then on to our H1 26 financial headlines, we're really pleased to report our revenue growth in the in the first half of the year, so that stood at 17%, we're up at £59.5 million of revenues, as planned, underpinned by some of the acquisitions that we completed earlier in the year and at the back end of last financial year, but also good organic growth in our core core customer base. Touching on those two acquisitions, in the half we completed two acquisitions.

One was Cognate Health over over in in in Ireland. Great acquisition for us, the first one outside of the UK jurisdiction.

We've recently rebranded that business Optima Health Ireland to make sure that we get good good leverage, and we are starting to support that business with group functions, sales expertise, etc., to be able to drive growth and revenue synergies from from that acquisition. The second one is Care First, which was an EAP mental health business.

We completed that again earlier in the year, and, again, really good combination with our existing mental health and EAP business, but not only that, Care First came with around 1,000 clients, all of whom require occupational health services as well, we're starting to have those revenue synergies, so that wasn't just a bolt-on, tuck-in, and improve margins of that business, but there are also revenue opportunities and revenue synergies that we see see from that. Then we're really really pleased with the traction that we're now getting in in our new business space, building on our results from last financial year into half into H1 of 26, we converted and signed £1.9 million of annualized new business.

Then, really pleasing, since the period-end close, we have either signed or are preferred bidder a further £8.3 million of new business. Really good performance there underpinning our growth trajectory, in particular for quarter four of FY 26 and also going into FY 27.

We're really pleased with that growth trajectory there. As we say on the slide there, in terms of that pipeline is, I think, pretty much very similar to what it was previously, about £11.5 million.

At any given time, we've roughly got £11 to £15 million of pipeline that we're working on and looking to to to convert. Adjusted EBITDA for the half came in at £8.3 million, so that's slightly down, so as we sought to mitigate cost increases as a result of the NI increases and PLC-related costs that we didn't have in the previous half, as well as some of those acquisitions that we previously identified would be slightly lower margins initially until we got those up to to group margins.

We're really pleased with the momentum of our EBITDA as we move into H2 of of of the year. That's flowing down as well to our statutory operating numbers there, as you can see.

Good step forward in our statutory profit numbers down at the bottom, £2 million of statutory operating profit. The previous period obviously included some demerger costs from the process that we went through there, and it's also worth noting that a good proportion of the cost base in between EBITDA and statutory operating profit relates to amortization of acquired intangibles, which is obviously non-cash of a circa £3.4 million there.

All of that performance, as we've always talked about, feeds through then into that strong cash generation. In the half, we generated from operating activities around £6.5 million of cash, good strong cash conversion dropping through, and obviously worth noting that the net debt position finished about £4.7 million net debt, despite us obviously paying out for acquisitions about £6.6 million there.

Really pleased with our with our results, and Heidi will touch a little bit more detail on that. Coming then to strategic outlook and progress.

We have a strategic initiatives in flight and clear line of sight to get our business to £200 million plus revenue and £40 million EBITDA. That strategic initiatives are in play at the moment.

They're they're underway, and, thankfully, they're not very complicated to to understand. They they figure in those four four categories as you can see there, underpinned by a fifth one along the bottom.

Key for us will be organic growth, as we've touched on in terms of we've had some good success in previous financial year and also in the first half in in in that regard. We're focusing on £100,000-plus clients, which is our core bread and butter area, and we think we will be successful in.

We will also be continuing our transition of the UK Armed Forces contract, which has been in transition now for around 6 months and anticipated to deliver service revenues from calendar year '27, but financial year '28, as well as, as I talked about, revenue synergies, both on new acquisitions, such as in Ireland and Optima Health Ireland and Care First, but also through expanding our our delivery in treatment services and other adjacent services and wallet share from existing clients. We see that as a key focus there, and we're on with that.

The second is our operational transformation program. We're really happy with—we've focused significantly on growth since our IPO, and we're happy with the trajectory that we've got in place there and and the cadence of what we're doing there, but it's also really important for us to drive our operating margins as we as we progress, and we're not losing sight of that.

We kicked off over the over the summer an operational an operational transformation program, which includes looking at clinical enhancements and how we operate there and improving that, looking at our operational efficiency and our administration and automation and efficiencies there, system enhancements, all to drive our operating margins, of course, and our margins, but also to differentiate and improve the quality of our service, which we believe will also support our organic growth objectives. Thirdly, we will continue, as we have done in the past, to look at M&A opportunities.

We will we will look for those originating and discerning those value value-enhancing deals, and we will leverage that platform. We've got a great platform that we've built over over many years to be able to do that and a and a cookie-cutter approach, if you like, to be able to transition those acquisitions in, which allows us to drive further commercial advantage, economies of scale, and unlock synergies in our in our in our business.

Then fourthly is our overhead efficiencies. As we scale, we want to optimize those central functions that are really critical to supporting our business, and making sure that as we grow, we don't scale in the same way as from from that cost base, and we leverage even better from that.

Underpinning all of that is our technology and digital transformation. We will look to differentiate our services and also disrupt those that market with our offering as we progress going forward.

We've got a clear line of sight on there. We've put put out those key key key targets and objectives, and we're really confident at progressing to those over over the medium term.

To give give myself and you some confidence on that, some some progress in relation to that and what our plans are for the for the for the next period. As we touched on earlier, a lot of our FY 27 and also '27 growth growth targets and projections are already already locked in to some degree in terms we've won those contracts and we're we're busy transitioning those.

The biggest one of those being the UK Armed Forces contract. We've been transitioning that now for around about 6 months.

Once that is live, that will be upwards of £20 million per annum in service revenues, which we anticipate to come through in FY 28, as I've already mentioned. We've then got strong new business momentum, £1.9 million won in the in the half, a further £8.3 million in the, what is it, 2 and 2 and a bit months since the period end, and also a continued robust pipeline of activity that we're continuing to work on, which we're really pleased with.

Our M&A integrations are well progressed. I haven't got Cognate on there, we've done the rebrand there from a Cognate perspective, and, as I talked about, we'll be focusing on revenue synergies from that regard.

The ones that we are bolting into and integrating into the UK business, which was BHSF, which we did in the previous financial year, and Care First, both are profitable in our hands and are are now well on the journey to being completely integrated into our business, which should be complete in quarter four of FY 26, and we're beginning those to to corporate margins as we run-rate out of FY 26. As I touched on, our transformation program that we properly started over the summer, focusing on our operational efficiency, clinical enhancements, and our central functions efficiency, are well scoped, underway, there's workstreams going going on those those as as we speak.

As you can see in the next period, obviously at the time of writing, in terms of we're we're planning from that operational transformation program to deliver a step change in our in in in our operating margins. To support that, to make sure this isn't a side-of-desk activity, and it's a key key priority, we've brought in some new hires to support us with that.

We have a Transformation Director who is on board and started and a Chief People Officer to support, who we brought in to support that that activity. To break that down in terms of the probably two key components, if you like: so the operational efficiency, that business case quantification and analysis is is underway at the moment.

We've got a good view of that, and we've got deployment plans where we're going to be starting to deploy that in the next calendar year. Then from a clinical enhancements perspective, again really important that we get that right and that it's fully integrated into our technology platform, and that's seamless for our clients from a user experience perspective, but also from our clinicians that are delivering.

As you would imagine, we've done a number of feasibility studies and pilots to to to get to the right outcomes for that. We're, and we're seeing improved user and patient experience from that, improved consistency and quality of the reports that are coming out of our clinicians, and also roughly 20% time saved to to be able to complete those those assessments and reports.

As I said, that technology design is—we don't deliver point, bitty solutions at Optima; that's been designed and developed into our core proprietary systems and will be seamless for for those clinicians and and our customers customers alike. We will have a phased deployment of that from H1 of FY 27 through through into our numbers.

Then, again, in terms of from a bread-and-butter perspective, we will convert and transition our new business wins, including the UK Armed Forces and the £8.3 million of of business that we're preferred bidder at or or won since the the new year. We'll continue to originate, source out really really really good value-enhancing M&A, get those delivered and integrated in like we have done in the past.

We're we're really positive in terms from an outlook perspective. There's a number of those initiatives to get us to our medium-term goals which are underway, and I'll hand over to Heidi now to talk us through some of the financial results.

Thank you. I'm going to go through the financial results in a little bit more detail.

Johnny's touched on some of the highlights, we'll look at those again. Just looking at the statement of comprehensive income.

If I can draw your attention right at the top of the page to the revenue figure, you can see that revenue for the first half was £59.5 million, and that's a really pleasing 17% growth compared to the same period in the prior year. Now, that growth was supported both by the acquisitions we've made during this year and also by underlying organic growth of about 3% on our contracts over 100k per year.

That's a really pleasing step forward for us. Also in that same top section of the statement of comprehensive income, you can see that we've made a provision for the procurement challenge that we previously disclosed.

Then when you look at the cost of sales, that has increased compared to the same period in the prior year. That increases both to support the additional revenue that we have delivered and, on top of that, the increases in National Insurance and real living wages that we've faced.

As a result of those cost changes and the increased revenue, you can see that, pleasingly, our gross profit has actually increased and is £18 million for the first half of financial year '26, compared to £15.8 million in the same period in the prior year. Looking down at profit from operations, as Johnny mentioned previously, really pleasingly, that's increased up to £2 million in the first half of this year.

That improvement has also been supported by a reduction in our exceptional costs in line with plan, as we've discussed previously. Then if you just cast your eyes down to the bottom of the page, the adjusted EBITDA, so that has slightly decreased first half of this year compared to first half of last year, to £8.3 million.

That decrease is really attributable to additional expenditure which we were expecting in this period. To look at that additional expenditure: National Insurance and real living wage cost increases amounted to approximately £1 million in the 6 months.

The new costs of being a PLC-listed business were approximately 400,000 in this period. Also, as we've previously mentioned, the integration and change team of 300k, we have moved them from the previous classification of exceptional costs, and they are now treated as a business-as-usual cost, and that was from 1st of October 2024.

Actually you can see there's quite a lot of additional costs that we have borne in this period, but we've managed to maintain our EBITDA with just a small adjustment following that. Then just finally in the bottom section of that sheet, you can also see a list of amortization and depreciation charges, and those are pretty much consistent with the same period in the prior year, which is in line with our expectations, no big movement.

Just talking a little bit about exceptional costs and our classification of them: so in the first half of this year, you'll see we've got £0.6 million of exceptional costs. That is made up of two buckets really.

The first is £0.2 million in relation to the acquisitions we've done. That £0.2 million is really specific external advisor and legal costs that we've incurred during that acquisition process when we've needed expert support externally.

The second bucket there of £0.4 million, these are integration costs to do with the acquisition, so as we're integrating them into our business and to get them up to the corporate margins. The type of costs that we would see in that bucket would be redundancy costs where we've had to carry out a restructure during the integration and where we've got a dormant site or duplicate systems that we're not using until we're able to exit those following the integration.

In terms of general classification of exceptional costs, we've mentioned previously we've kept our integration and change team; they're really key to our business, they support us with transitioning new clients and integrating M&A once we've acquired the business. That cost is no longer classified as exceptional.

As we've said previously, from the 1st of October 2024, that cost is in our business-as-usual cost, it's not an exceptional. However, as per the buckets I just talked about, some acquisitions we carry out might necessitate the use of external expert advisors, and in those cases, that would be classed as exceptional.

Redundancy costs on those integrations continue to be classed as exceptional. Then the one additional area just to touch on is Johnny has mentioned about our transformation programs that we're going into and the benefits those are going to deliver.

There will be some additional costs during that process, and where we will class as exceptional costs where we expect it to be incurred for a defined period of time and then exit the business supporting that transformation and where it's going to create a benefit. That will be limited to those areas.

Just moving on to the statement of financial position. We're really pleased to present again a well-positioned and stable balance sheet.

Our net assets at 30th of September '25 was £116.6 million, compared to £168.1 million at 31st of March 2025. When you look down the statement of financial position, you'll see that the trade and other receivables have increased from the previous year-end to £23.5 million.

That increase is due to two areas really: the first being the balances we've acquired through the acquisitions that we've completed, and the second being the provision we've made for other operating income. In a similar nature, you'll see that trade and other payables have also increased compared to the year-end, and again that is mainly due to the balances we've acquired through the companies that were acquired during the year.

Then when you look at the debt and cash, which Johnny did touch on: so we ended the previous financial year back in March with £2.2 million net debt, and at the end of the first half, 30th of September, that had increased slightly to £4.7 million, so that's an increase of 2.5. However, as we've mentioned, during that period we spent approximately £6 million on the acquisitions of Optima Health Ireland and Care First.

That just shows that we really have been generating cash and funding a lot of that acquisition out of the cash we generate in the period. Then just a bit of a focus on cash flow and net debt.

Really positively, if you look at our net cash generated from operations, that was £6.5 million in this 6-month period. That's actually a £6.4 million increase compared to the same period in the prior year when it was just £0.1 million.

That's really pleasing. When you look at some of the lines in that section, the working capital has seen a slight increase of £1.3 million.

Now, that is down to a £1.9 million increase in trade payables, partly due just to the timing of when payment runs fell at the end of the period, a small increase in customer-related deferred revenue, but that is just a timing movement that will change across different periods, and a £1.1 million increase in prepayments. Now, we always expect that in the first half of the year as there are a handful of quite large invoices that we pay every year at the start of the financial year, and it unwinds during the year.

That's a normal timing difference we see at the end of every H1. Then also the provision that I've mentioned for the procurement challenge.

Then another line that you'll notice in there is the VAT movement. VAT has increased by £0.4 million.

That is purely as a result of, as our revenue increases, the amount of VAT we pay increases and the amount on the balance sheet increases. That's linked to the positive revenue increase.

One other thing within net cash generated from operations I wanted to call out is that following the acquisitions, our credit control team has been working really hard during this period, and they've managed to get our average debtor days down to 28 days over the 6 months. That's actually a really positive link into our cash generation because our standard terms that we seek from customers are 30 days, which is really good.

Once in a while we need to accept slightly longer terms in a tender, or alternatively with some large customers we manage to get shorter terms, but to get that down to 28 days is really pleasing. Within any normal period that could fluctuate between about 28 and 35 days, it is possible in future periods that that could slightly increase in a different scenario and use a little cash.

Then just moving down from the net cash generated from operations, you'll just see that the other large cash movements we have are our lease repayments over about £0.7 million, the interest on our facility of half a million, our net capex of £1.8 million, which is in line with the expectations we set previously, and, of course, the M&A activity that we mentioned for £6 million. When all that comes together, that shows the story of our net debt moving from £2.2 million at year-end through to £4.7 million now, which, again just to reiterate, is a really good result because we've made acquisitions of £6 million in that time, but only increased our debt by £2.5 million.

Thank you.

That was brilliant. Thank you very much, Heidi.

To summarize that before we open up for Q&A, just to recap there: so Optima is the UK leader by size in corporate health and well-being, and we've got an excellent platform that we think is differentiated that allows us to be able to continue to sustainably grow our business. We've got a large and growing and attractive market, as you've already heard, and we see that as only getting more favorable by the day with some of those dynamics that are changing.

We've got great momentum, as you can see from our numbers from a new business perspective: £1.9 million won in the half, a further £8.3 million won since the half has ended, and a robust pipeline for us to continue winning more new business and growing organically. That growth in our outlook and our numbers is underpinned by, as we said, won contracts, the largest of which being the UK Armed Forces, which we anticipate to add north of £20 million per annum in revenues once that is live from a service perspective, but also as we win and convert more new business.

We've got some transformation initiatives that are underway which I've talked about there, which we believe will deliver a step change in margins, as we talked about on the previous slide: getting to £200 million revenues, £40 million EBITDA, and up to 20% margin is our objective. To augment and accelerate that, there are a good pipeline of opportunities available from an M&A perspective, which we think will accelerate growth and we will be able to drive to our own corporate margins.

All of that results in us being really really confident in our outlook from an FY 26 perspective, but also from a medium-term outlook and targets perspective. We will close there and open for questions in the room first, I think.

Is that right? Perfect.

Julie straight in.

Julie Simmonds, Panmure Liberum. The step-up in the new contracts since the year-end is really great.

Is there a particular reason as to the timing of the step-up, and sort of how many contracts does that include? Is it sort of one big one and a number of small ones?

Yeah. I think we've always said, Julie: so the conversion of those contracts is not always uniform in nature of how many are through and how many convert.

I think either the last one or the previous one we were open and said actually conversion has been a bit slower in this half than we would have liked, and, conversely, there's been an influx of stuff. There was nothing wrong with the underlying market dynamics or what we were doing or what our service was previously.

Just happened that it fell in different 6-month period to the other. It's a good mixture in there, there's some larger contracts in those wins, there are also some smaller ones, but they're all in our sweet spot range of between £100k of per annum and £5 to £6 million per annum type deals.

Right in the sweet spot.

Thank you. Then just on the sort of the government papers that have come out on Keeping Britain Working, how do you see Optima fitting into that, and what are you doing to get a bigger bit of that market?

Yeah. The good thing is we're already doing a lot of what's advised in that paper with some of our clients already.

That's already in play with a lot of our clients and they see the return on investment and benefit from that already. We're engaged with the DWP in relation to this, we've got conversations underway about how we take a leading role in supporting the design of what the workplace health programs look like in the future and how those are delivered.

We're actively in the room and part of the conversation to be able to drive that initiative.

Lovely. Thank you.

Chris Glasper from Singers. Just a question really on the transformation program.

You've started incurring a bit of cost around that, just a question really on how much you expect to incur as cost in total, and then what the payback on that is, I guess, as much as anything.

Yeah. That's not all new cost coming in there, Chris.

Yes, there are some additional costs that we brought in: the Transformation Director, a Chief People Officer, etc., that are in there. This is also more about repositioning some of the investment and capital expenditure that we already spend and really focusing on some of those initiatives.

Heidi guided in terms of the rough numbers of spend, but we're not talking millions and millions and millions. It'd be sub-a-million a year would be my anticipation of that, and for a finite period of time, not forever, which will either be capitalized or be exceptional nature in cost, but we'll very clearly pull those out.

Then in relation to the return, we will probably guide more in terms of in the new year on this, but ultimately those are underpinning our medium-term objectives, Chris. You can see obviously our growth trajectory and you can figure out how we would do that from organic growth and M&A, but actually moving from where we are today at roughly 16.5%—help me there, Heidi 20% margin is kind of the differential which we think the return on that will be.

Okay. Time frame to get there is what, 3 to 5 years?

From a medium-term targets perspective, in certain areas, we're already delivering some of those cost efficiencies and already starting to come through. Some of the more chunky delivery starting to come through in the next financial year, and obviously we'll phase deliver that in there.

Certainly by 3 years out, you'd be starting to see some of those benefits absolutely coming through in run-rate and LTMs and what have you.

Great. Then just quick question on the pipeline.

How much of that would you expect to win? Is it still around 50%?

Is that your typical win rate?

We typically winning 50% of everything that we bid for from a new business perspective. In any given period, yeah, roughly speaking, we would expect to convert about half of that, yeah.

There's no real change to the competitive landscape?

Not materially. The same group of players that we compete against in various areas and what have you.

We're not seeing dissimilar win rates to what we have historically. If anything, we hope our differentiation of our platform further enhancement actually increases that win-rate percentage.

Great. Thank you.

Adam MacArtha from Cavendish. Ireland, obviously establishing a presence there.

Just try to kind of get a feel for the sort of size of the prize that you're going after. I know you've talked about the £1.2 billion UK occupational health space, but what's there to kind of go after in Ireland now you've set up a base there?

Then just the competitive landscape there. I know one of your kind of competitors of PAM have got some presence there.

What's the sort of competitive landscape like out there as well? Is there sort of four big players including yourselves now?

Similar. You've got ourselves, you've got PAM own a business called CHI over in Ireland, and then there's Medmark, and then a number of fragmented and smaller players in the mid-market there.

For us, we see a couple of opportunities: winning market share in Ireland from the competition, of course, but also introducing new services. What we're seeing is in the UK and in the core Optima business, we've got a whole load more services and scope of services than what is currently delivered to that customer base in Ireland.

One of the benefits of joining up those businesses is to be able to introduce services that are already made and can be lifted into Ireland into existing customers to grow that revenue share is also a good opportunity. Obviously, it's a smaller headline market than the UK, but we are about €9 million or so in revenues in Ireland, and you can easily see us growing that with some good focus around growth.

Oh, great. Thank you.

Then sort of on the second bit, or my second question, sort of just on, again, on the M&A. I think your little pillar on slide eight, you've talked about sort of in the medium-term consolidation of the UK market.

Johnny mentioned obviously Ireland's a bit fragmented, but kind of looking further afield, I know you guys might want to conquer the UK first, but whether any other territories or regions outside of the UK where you could lend yourself into sort of that M&A activity at some point? Could be.

As you say, Adam, our focus is on UK. Whenever we're looking at an M&A opportunity, we first and foremost look at is it going to be value enhancing to our shareholders and increasing value.

We think there is a lot of track record and opportunity ahead of us from a UK perspective to continue with that, and we've already got that UK platform to be able to really efficiently bring those in, bolt them in, drive them to our margins, and continue to grow. That being said, there are opportunities out there, in particular in Western Europe, for us to look at, and we've done quite a bit of research around those markets if and when we decide that we might want to enter them.

Obviously, establishing a presence in the EU in Ireland obviously would help us catapult us into that if we were to look at that. UK is absolutely the focus for the time being.

Thank you. Then it's finally probably sort of a bit more immaterial, but you've talked previously about breaking some into sort of some of the NHS trusts with your sort of technology platforms.

Just wondering how progress is sort of going there. Is it still just kind of in the short term, don't really think about it, but longer term opportunities might sort of grow in that?

There's opportunities there as well, Adam. I think you're referring to our DART musculoskeletal triaging tool there.

We had good success at getting that into the NHS, so that is in—don't quote me exactly, five five or six NHS trusts at the moment, predominantly in the North West of England, and performing really well. We have got some investment behind that around how do we go and grow that into the ICB structure and the NHS trust structure.

That's a relatively small component of our business at the moment, both in revenues and investment in relation to size of the prize elsewhere. That's a fantastic tool in the NHS and one that we think would be valuable for us and for the NHS, but it's probably not as exponential on the growth curve at the moment for us as other opportunities that we're looking at.

That makes sense. Thanks very much.

It's okay.

Thank you. Heidi Palmer from Canaccord.

I just had a question, sorry, in terms of, I guess, follow-on in M&A. I appreciate it's quite a busy market, what's your competitive edge for why targets would want to come into Optima Health?

Then also, could you speak to some of the integration process, how disruptive it is, whether you aim to keep on the management teams, etc.?

Thanks. That's a good question.

We've got an extensive track record in this market of doing M&A and doing it well and bringing it into Optima well. If you think about from a people perspective, that is attractive for people to come into Optima and sell their businesses into Optima because there are much broader opportunities usually for them as part of the broader Optima.

If I look at my management team, for example, now, that isn't just what was a core Optima; that is a mix of acquisitions that we brought in. We've got people from our TP Health acquisitions, if I go even further back, we've got people from OH Assist and Optima acquisitions and what have you, have all brought skills and expertise and taken on broader remits and roles as the broader Optima has grown.

That's really attractive. Then, secondly, from a customer and services proposition perspective as well, it's also favorable and better.

From a customer perspective, they come in from usually a smaller provider, and they're getting better service, better SLAs, better service provision and breadth of what we're able to offer them, better IT systems, etc. Again, pretty favorable from that perspective.

To answer your last part of your question: we have learned a lot over the years about how to do M&A successfully and bring it in successfully. Not everybody stays on from a management team perspective.

Of course, they have different reasons for wanting to sell their business, of course they have, but we're pretty good at bringing those in now relatively seamlessly and also quickly and efficiently as well there. I think that's borne out, just take the two of the three deals that we've just recently done, BHSF and Care First, for example: there was no M&A process of that, those were bilateral deals that we did with those respective vendors and sellers.

We've got a good reputation in the marketplace for consolidating the market and from an M&A perspective, and we know what those opportunities are, and they come to us as well, and, yeah, we often avoid competitive processes in that relation.

Thank you.

Okay. No questions online?

Okay. Lovely.

Thank you very much, everybody, for coming today. Hopefully that's been insightful to tell you where we're up to on our progress.

As I say, to reiterate, we are really pleased with it ourselves and also looking ahead really really confident of our FY 26 outlook and also those medium-term targets that we've articulated as well. Thank you very much for your time, and we'll close there.