Blackbird plc

Good morning, ladies and gentlemen, and welcome to the Blackbird PLC four-year results investor presentation. Questions are encouraged. They can be submitted at any time via the Q&A tab that's just situated on the right-hand corner of your screen. Please simply type in your questions and press send. The company may not be in a position to answer every question it receives during the meeting itself. However, the company can review all questions submitted today and will publish those responses where it's appropriate to do so. Before we begin, we would just like to submit the following poll. And if you could give that your kind attention, I'm sure the company would be most grateful. And I would like to hand you over to the executive management team from Blackbird PLC. Ian, good morning, sir. Morning, sir.

Good morning, Jake. Thank you very much. And good morning, ladies and gentlemen. Welcome to our Blackbird presentation for your results for 2025. So before we start and get into our presentation, I just want to cover three topics. The first one being on Elevate, which is that Elevate is still in our product market fit stage. We are therefore not spending huge amounts on direct marketing. We are spending money on some marketing, those long-term strategies, and we'll talk about those through the presentation. But until we're through the current market fit stage and we have product-led growth and we have retention, et cetera, then we won't be spending lots of money on direct marketing because that will be capital destructive. Secondly, on the Blackbird side, because this presentation is really about Elevate, I just want to cover up Blackbird at the beginning. So very happily, we were reporting a £380,000 profit on Blackbird this year. We still retained some of our very high value customers working at the very pinnacle of sports and news, including executing very recently the Winter Games in Cortina. And thirdly, I just want to address the cash situation. So on current run rate, Blackbird PLC has about 12 months worth of cash left. We are a very dissonant company when it comes to our cost base and will continue to be so. So thank you very much. Before we start, I want to cover those off. And now I'm going to show a video which really explains and contextualizes The problem in the media supply chain and the video production process that Elevate is there to address. It's a video that we took very recently at a Creative Fest event in London. So this is a very relevant and up-to-date problem.

Can be a pretty slow process.