Financial Data and Key Metrics Changes - The company achieved 6% organic revenue growth for FY '24, at the top end of guidance, with total revenue growth at 8% when including acquisitions and FX [5][55] - Underlying EBIT margins improved by 10 basis points at constant currency, with benchmark EPS increasing by 8% [6][55] - Operating cash flow reached 1.9billion,withacashconversionrateof97150 million has been announced, to be completed by June 2025 [78] Q&A Session Summary Question: Can you discuss the headwind to margin from the cloud transformation and the trajectory of CapEx normalization? - Management indicated that dual run costs from technology transformation are about 100 basis points and will sustain over the next two years, with CapEx expected to trend down to 7% by FY '29 [96][97] Question: How should we think about your capital allocation and potentially returning extra cash? - The company prioritizes reinvesting in growth opportunities but will consider enhanced buybacks if capital cannot be deployed effectively [98] Question: What are your expectations for Q1 and the first half of FY '25? - Management expects to start the year around 7% organic growth, with no broad-based recovery in lending volumes anticipated [106] Question: Can you provide more details on the growth in North America, particularly regarding Ascend and consumer services? - Ascend revenue for FY '24 was over $180 million, contributing significantly to growth, while consumer services benefited from a strong breach business [110][111] Question: What is the medium-term margin ambition for the U.K. and EMEA/Asia Pacific? - The company aims for 30% operating margins in the U.K. and 20% in EMEA/Asia Pacific, with confidence in achieving these targets [117]
