Good morning, everyone, and thank you for joining us today. Back in March, we talked about our momentum. I'm pleased to say it's continued, and we've had another record year. That comes from the shift we've been making over the years, building automation and AI into our platform, moving the business more towards cloud subscriptions. You can see that shift in these results. We grew faster, customers stayed and spent more with us, and our AI sales almost tripled. I'll come back to each of those before Richard covers the financials. We help organizations serve people better and at lower cost. Around 700 of them use Liberty, our AI-powered platform for customer engagement and automation. Right now, AI is changing how services can be designed and run, but much of the technology organizations rely on wasn't built for this or to work together. They're rethinking their platforms and partners. In our markets, the choice they make now can last for years. As they choose, we start from a strong position. Two in three NHS hospital trusts use Liberty. With Jadu, which joined us last December, we now work with one in two councils. Between them, that's 24 million appointments and cases a year. A third of our revenue comes from the commercial sector, including banks, insurers, transport, and utilities, all on the same platform. Whatever the sector, these are services people depend on, and customers are trusting us with more of them. That's one reason our cloud subscriptions have grown more than 20% a year, nine years in a row. It's been another year of strong, profitable growth. Revenue was up 20% to nearly GBP 58 million, and organic growth picked up from 10% to 12%. Cloud grew fastest. The annual value of its subscriptions rose 37%, and organically, it was up 24%. That's changing the shape of the business. Two years ago, cloud was half our revenue, and today it's around 70%. So the fastest-growing part of Netcall is now most of Netcall. As cloud grows, so does our recurring revenue, which is now 83% of the total, and that gives us good visibility. We went into the new financial year with GBP 51 million of its revenue already contracted, part of a record order book. Operating leverage is coming through. Adjusted EBITDA rose 23%, ahead of revenue. Because most customers pay us a year in advance, our operating cash flow grew faster still by 26%. Behind those numbers is someone waiting for a claim to be paid, a hospital appointment, or an answer from the council. When someone is terminally ill, their life insurance can pay out early. At one of the U.K.'s largest insurers, Liberty runs that claim from checking the policy to getting the medical evidence. It keeps the person updated so they don't have to chase. On average, the claim is now settled almost two weeks sooner. University Hospitals Sussex runs seven hospitals, and patients calling them used to wait on hold for around half an hour, so four in 10 actually gave up. Now one service on Liberty covers all seven. Self-service and an AI assistant online in the patient's own language have cut the wait to under three minutes. With its appointments on Liberty, too, waiting lists are 12% shorter. In Croydon, residents can get help with more than 400 council services in one place, and Liberty gets each case to the right team. When the power goes out, U.K. Power Networks knows who to help first. Its register of 2.8 million vulnerable households is built on Liberty. Different industries, one platform, and the same result. People get what they need sooner, and it costs less to serve. What makes those results repeatable is the platform underneath. Liberty has the products from both halves of a service, the conversation with the customer and the work behind it. For example, a tenant in social housing can report damp and mold online with a photo. For the housing provider, though, fixing it involves half a dozen systems that do not talk to each other. Liberty checks the tenancy, assesses the photo for any health risks, and if it is an emergency, it starts the legal clock, because by law, the home has to be made safe within 24 hours. From there, Liberty books a survey and the repair, updates the systems along the way, and keeps the tenant posted until it is fixed. None of that means ripping anything out. The housing provider can keep its core systems, and Liberty sits across them so organizations can modernize at their own pace. That repair started with a tenant, but the work can start anywhere. With the housing provider itself, another system, or in future, the AI agent acting for the tenant. Wherever it starts, it runs as one service managed from one platform. Because it needs little or no code, the people who run the service can change it themselves without every change becoming a major software project. The commercial model is simple. Our customers subscribe product by product. They tend to choose us where getting it wrong matters, so that is where we focus. We are at our best in critical service operations like that housing repair. This kind of work runs across many teams and systems, and with data in silos, often with rules nobody has written down. If it goes wrong, people, compliance, and money are all at stake. So our customers need a platform they can trust. Liberty meets the NHS criteria for digital health technology, and a tier 1 bank runs a critical service on our cloud, which needed sign-off from its regulators. The other thing that sets us apart is how easy Liberty is to use, so even a small council team can put its own services together. Our support does not stop at go live. Customers judge us on the whole experience, and more than 9 in 10 of those we survey would recommend us. A competitor can copy a feature, but it is much harder to copy that experience or to replace a platform that runs a critical service. That is why customers stay. Once Liberty runs one service well, it is the natural place for the next. That matters more now because there is more to win. Work that people do by hand, like checking a claim or booking a repair, is moving into software. To cut costs and complexity, buyers are putting it onto fewer platforms. The market for what we do is worth around $55 billion globally, and is growing 19% a year. For us, much of the opportunity is close to home. First, there are the customers we already have. We estimate they could spend around three times as much with us, and that headroom grows as they move more work onto Liberty and retire systems they no longer need. Croydon, for one, has switched off dozens of older applications, saving about GBP 1.8 million a year. There are organizations we don't serve yet. Of our target accounts in the U.K., we work with about one in six. In total, we see a market opportunity around 10 times our size today. We won't win all of it, and none of it comes automatically, so we stay focused on the strategy that's working: land, expand, innovate, and acquire. Starting with land, around 60 organizations chose Liberty for the first time this year, up from a record 50 the year before. Councils were the largest group, as many of them modernize their services to get more from tight budgets. Health providers are also under the same pressure, with the NHS 10-year plan moving more care online. That's why East Sussex Healthcare chose Liberty for its outpatients in a five-year agreement worth GBP 1.7 million. Not all our orders come to us directly, a fifth come through partners. Once customers are live, they expand with us in two ways. Their own team build more on Liberty without needing our people, and our community of builders and users is now 14,000 strong, up 43%. As they build, they buy more of Liberty. About 40% of our cloud customers added to their subscription this year. North Yorkshire is one of them. When its eight councils became one, the new council wanted a single front door to all of its services. It started with a pilot, and that's now a GBP 2.3 million program. Some grow even faster. A global financial services firm who went at the end of last year, first used Liberty for one application in one region. This year it signed a GBP 3 million agreement to run a core process worldwide. Others grow over many years, like Wokingham Borough Council. The council has one of the lowest levels of government grant funding in the country, so every British Pound has to count. It started small and began to grow with us eight years ago when it moved its contact center into our cloud. Three years ago, it replaced an old CRM with CitizenHub, one of our sector products, and put four of its own people in charge of building on it. Those four have digitized many of the council services, making them simpler and cheaper to run. Each successful project led to the next. Automation first, and then this year, process mapping and AI services for its contact center. Since the year-end, it has bought Jadu's AI agent for its website to give residents answers, not links, and reduce calls and emails further. Wokingham isn't a one-off. This chart shows all our cloud customers grouped by the year they joined. Every group has grown in every year, each averaging double digits. Starting at the bottom, even our oldest has kept growing by 11% a year since 2020. Near the top, last year's new customers grew 27% organically in their first full year. Every group grows for the same reason. Customers stay and spend more, and that's reflected in our cloud net retention, which was 115% this year. Add all the groups together and cloud is nearly six times the size it was in 2020. About three-quarters of that growth is organic, and over half of that came from customers we already had. Most of our customers still use only part of Liberty. Our customers have headroom to spend around three times what they do today. First, those still running our customer engagement products on their own servers are moving them into our cloud to get newer capability. Once there, they spend 1.7 times as much with us, and nearly 40% have yet to move. For those same customers, automation is the next step. Almost two in five have now bought it, up from around one in three last year. If the rest buy it too, that's worth about GBP 25 million a year in subscriptions. Finally, customers add more of our products and roll Liberty out across the organization. We estimate it's worth more than the other two together. That's what our five largest hospital customers have done, including University Hospitals Sussex. Their combined spend with us has more than tripled in three years. It isn't only our largest customers. Wokingham Borough Council started as one of our smallest, and about one in four of our customers are that size today, many in the sectors we know best. There's a lot of growth still to come from customers we already have. We keep adding to Liberty so our customers can do more with it. Much of our innovation starts with them through ideas from our community and sector products we build together. To do that, we put 16% of our revenue into R&D this year. We also keep track of relevant technology, so our customers don't have to. When it's reliable enough, we bring it into Liberty. Often that means buying a business that already does it well and has customers of its own. M&A is a deliberate program for us. The first was MatsSoft in 2017. It gave us the low-code capability at Liberty's core. We've made five more since, each chosen to put more of our customers' work on Liberty, take us deeper into our sectors, and open new paths to cross-sell. Five of our seven product areas came from acquisition. Once each one is on the platform, all 700 or so of our customers can buy it. You can see that in the three businesses we added in 2024. Since they joined us, their subscriptions are up to 43%. The latest is Jadu. Its AI search product already runs on Liberty, and the rest is following. It's doing what we bought it to do. We've made the first sales both ways, Jadu to our customers and Liberty to theirs. Alongside what we acquire, we develop our own sector products. They give customers a head start, the Citizen Hub did for Wokingham Borough Council. Each one is ready-made package on Liberty for a sector's common workflows, so we build it once and sell it many times. This year, we built three more, each taking Liberty into a new area of work. One for patient relationship management, live at Imperial College Healthcare NHS Trust. One for social care at Haringey. The Inbox Assistant at work at Manchester. For each one, at least half the organizations that could use it are already customers, as you can see on the slide. In councils, Govtech and Jadu acquisitions made our position stronger. Each new product starts with customers who already know and trust us. Manchester's a good example. Its council tax team gets tens of thousands of emails a year. Staff used to read every one and key in what mattered. Now the Inbox Assistant does it using two products we acquired. Our document processing reads every email and puts 8 in 10 straight through into the case management system. When a landlord emails about a new tenant, Govtech's automation kicks in and updates the account. The number of requests completed end to end is up by a quarter. That is just one inbox. Benefits is next, and Manchester has dozens more like it. This goes well beyond councils. Email is about a fifth of everything that comes into a typical contact center. Handling all of that is a job for AI, and sales of our AI products almost tripled this year. They are in more than 4 in 10 of our new cloud orders. Even as AI gets better, customers need to be in control. Take a claim. An AI model can read it in seconds, but paying it safely means following the rules, bringing in a person where judgment matters, and keeping a record. Liberty does all of that across the customer's own systems. Most of our customers don't have the AI teams on the scale of a global corporation. On Liberty, they don't need them. We choose the right AI model for each job at the right price and swap in better ones as they arrive. Once AI is doing the work, each case costs less. Customers could bank the saving, but so far they are choosing to do more, getting through today's queue faster, clearing the backlog, and taking on what wasn't worth doing before. At The Rotherham NHS Foundation Trust, an AI agent and self-service now handles 41% of IT requests, so the IT team get through more, and staff get help sooner. Across our customers, AI usage grew 145% this year. Like Manchester, a European insurer started with its inbox. In claims, it now automates 85% of its document processing. Nearly 30 people who used to route paperwork now advise brokers instead. The insurer pays us a subscription, plus a charge for each document we process. As it automates more, it pays us more. We have always priced partly on usage and outcomes, and this year, more than half of our new subscriptions were sized that way, not by seats. Our user licenses are growing too, and we expect that to continue for now as customers do more. Over time, the mix may change. Either way, the spend follows the work. Today, about 90% of the cost of a case is people. As AI does more of it, more of that cost goes to software. Our opportunity isn't just the IT budget, it is the cost of running the service. Richard will now take you through the numbers. Thanks, James. As was outlined earlier, Netcall's transition to a predominantly cloud-based recurring revenue business has been several years in the making. FY 2026 was another landmark year for the group. We delivered strong growth across the business while continuing to invest in our platform, our people, and future opportunities. During the year, we also welcomed Jadu to the group, which further strengthened the platform and broadened our customer reach. What's particularly encouraging is that growth is coming from multiple sources. We're winning new customers, expanding existing relationships, increasing cloud adoption, and successfully integrating acquisitions. That diversification makes our performance more resilient and gives us confidence in the sustainability of future growth. The headline message is simple: stronger growth, greater visibility, and continued financial discipline. Turning to the numbers, which I'll go through in more detail over the next few slides. Revenue increased 20% to GBP 57.7 million, with approximately three quarters of that growth delivered organically. Cloud revenue grew 37% to over GBP 40 million. Cloud ACV reached GBP 46.3 million. Our order book expanded to almost GBP 100 million. Of which over GBP 80 million is cloud related, providing excellent visibility into future revenues. At the same time, adjusted EBITDA grew 23%. Margins improved to 21%, and we ended the year with GBP 21 million of cash and no debt, despite significant acquisition payments. If there's one metric that best reflects the health and long-term value of our business, it's cloud ACV, which measures the recurring revenue customers commit to us each year and provides a clear indication of customer demand, retention, and expansion. FY 2026 delivered another exceptional result in this area, as cloud ACV increased 37% to GBP 46.3 million, and added a record GBP 12.4 million during the year. GBP 7.4 million of that organically and GBP 5 million from Jadu. Underlying growth remained strong at 24%, despite being applied to a base approximately 50% larger than the year earlier. Importantly, organic cloud ACV growth of more than 20% has been achieved for nine consecutive years, demonstrating both the strength of our platform and the consistency of customer demand. Behind this performance is a powerful combination of new customer acquisition and customer expansion. Our cloud net retention rate of 115% shows that customers continue to increase their use of our products once onboarded, while around 60 new customer wins during the year contributed meaningfully to growth. While our recent growth has been strong, we believe the larger opportunity still lies ahead. The breadth of our platform creates significant cross-sell potential across an increasingly engaged customer base. Total ACV, including maintenance contracts, grew 27% year-on-year to GBP 53.7 million, which was 15% year-on-year growth on an underlying basis. Customers continue to migrate from support contracts, which help drive cloud ACV to 86% of total ACV, up six percentage points year-on-year. As James mentioned earlier, a customer moving to the cloud spends around 1.7 times the amount they previously spent on support. Each migration therefore grows the recurring base, and the GBP 7.4 million of ACV still on support contracts represents further migration opportunities. ACV stands nearly GBP 6 million above this year's recurring revenue base, because it's an annualized measure. That is annualized recurring value, not yet fully reflected in reported revenue. Today, customers who adopt both our engagement and automation solutions typically generate more than three and a half times the ACV of customers using engagement products alone. Yet only 38% of engagement customers currently use automation products, highlighting a substantial opportunity to deepen customer relationships and drive future growth. We estimate that this means we have an annual opportunity approaching GBP 25 million in this particular area. One of the strongest indicators of future performance is not what we have already recognized as revenue, but what has been contracted. Our contracted order book, or RPO, increased 25% to GBP 98.6 million during the year, reflecting both the growth of our cloud business and the increasing strategic importance of our platform to customers. More than 90% of this value relates to cloud and support contracts, providing a highly recurring and predictable revenue base. With GBP 51 million scheduled to be recognized within the next 12 months, we enter FY 2027 with a high degree of visibility and confidence. Revenue rose 20% to GBP 57.7 million, and organic growth was 12%, up from 10% in the prior year, delivering a broad increase across new and existing customers. Cloud revenue was GBP 40.1 million, up 37%, and more than six times its FY 2020 level. Outside of cloud, support revenue declines as customers migrate, while service revenues grow with delivery activity. Together, support, product, and service revenues have remained at around GBP 18 million a year, creating a stable base beneath a growing cloud business. That is why total growth accelerates as cloud becomes a larger part of the business. Underlying growth of 13% was the highest in at least the last eight years, and follows the investment made in the contact center platform during FY 2024 and FY 2025. The result being that recurring revenue increased to 83% of total revenue, the highest mark yet for the group. Growth remains important, but equally important is the quality of that growth. Our objective is to balance investment in future opportunities with increasing operational efficiency, and our model converts about GBP 0.30 of each additional British Pound of organic revenue into Adjusted EBITDA. With an 84% gross margin, that leaves approximately GBP 0.54 in the British Pound to reinvest in growing the business through product, go-to market, and capacity areas, and allows margins to rise while we continue investing. The current financial year demonstrated that balance well. With this year's Adjusted EBITDA increasing 23% to GBP 12.1 million, and the margin improving by half a percentage point to 21.0%. This included Jadu's partial year results and did not fully reflect the benefit from the efficiencies that were delivered in the second half of the financial year in that part of our business. Twice we have stepped up investment ahead of a product change. Firstly, in FY 2017, following the acquisition of our low-code platform, and again from FY 2024 through to the first half of FY 2025 for the AI contact center platform, where we invested around GBP 1.5 million. In both cases, the investment was followed by stronger growth, and the AI contact center platform is now our fastest growing revenue area at more than 40% year on year. One of the defining characteristics of the Netcall business model is its ability to convert growth into cash. The combination of recurring subscription revenues and annual in advance billings continues to generate strong cash flows, providing both resilience and strategic flexibility. Cash conversion has remained strong during the period, which resulted in adjusted operating cash flows increasing 26% to GBP 12.7 million, equivalent to 105% of Adjusted EBITDA. As subscription customers generally pay annually in advance, the cash arrives before the related revenue is recognized. Deferred income therefore increased 26% to GBP 35.8 million of revenue growth, while billings grew 29% to GBP 63.5 million, the equivalent of 114% of revenue. That structural benefit is consistent, and although individual years can move with the timing of larger receipts, over the longer term, cash tracks profit. We also invested GBP 4 million in the platform this year, including GBP 3.6 million of capitalized development within total R&D investment equivalent to 16% of revenue. After that platform investment, free cash flow was still GBP 9.2 million, which I will come to next. As noted, free cash flow increased 31% to GBP 9.2 million, a free cash flow margin of 16% of revenue. We deployed over GBP 15 million during the year, principally on Jadu, acquisition-related payments from earlier deals, and the dividend payment. That is four acquisitions in three years, Skore, Govtech, Parble, and now Jadu, all funded from cash reserves. Each acquisition added capability to Liberty, and the balance sheet remained strong. We ended the year with GBP 21 million of cash, no borrowings, and adjusted net funds of GBP 18.3 million, having cleared the last of our debt in FY 2023. Over the last seven years, our model has generated approximately GBP 57 million of free cash. That cash has funded the platform, acquisitions, and a growing dividend. Approximately one quarter of adjusted earnings go straight to shareholders, and we retain the balance to continue investing in Liberty and fund the next acquisition when the fit is right. Since FY 2020, adjusted earnings per share have grown by approximately 28% a year, and the dividend has increased with them every year. I mentioned our dividend policy on the previous slide, but essentially the dividend payout grows because earnings grow. Since FY 2020, adjusted earnings per share have grown by approximately 28% a year, and the dividend has increased with them every year. To conclude, FY 2026 demonstrated the strength of our model. We delivered sustained organic growth, expanded our strategic position through acquisition, increased profitability, and generated strong cash flows. Importantly, we achieved all of this while maintaining a debt-free balance sheet and ending the year with GBP 21 million of cash. I will now hand back over to James to bring the investment case together. Thank you, Richard. The new financial year has started well. We are trading in line with our expectations, with a record order book of nearly GBP 100 million and no debt. Looking ahead, three things are working in our favor. Organizations are using AI to move more of their work into software. Our customers are trusting us with more, adding products and rolling Liberty out more widely, and our sales pipeline has never been stronger. We are well-placed with most of the opportunity still in front of us. Thank you all for listening to this webcast. We very much look forward to seeing you again at our half-year results in March.
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