Steve Hare - Chief executive officer

Jonathan Howell - Chief Financial Officer

Good morning and welcome to Sage's Full-Year Results. I'm pleased to be joined by Jonathan Howell, our CFO. Now I'm going to start with an overview of our key messages.

FY '24 was a successful year for Sage as we continue our strong trajectory of growth. We achieved double-digit ARR growth for the third consecutive year. And this drove robust broad-based revenue growth with good performance in all regions. Disciplined cost control, together with operating efficiencies enabled us to deliver a record operating profit with margin expansion being particularly strong. And excellent cash conversion drove a significant uplift in free cash flow. This strong growth is underpinned by our resilient business model as more small and midsized businesses turn to Sage to become more productive and efficient.

Secondly, our progress is supported by continued development and innovation, enhancing productivity and insights for customers as well as for ourselves. We're investing in our core products, providing better functionality that's more tailored to customer needs. And we're integrating our solutions into suites to simplify our proposition and drive greater value. And we're building AI into more business workflows. This year, we introduced Sage Copilot, our Gen AI-powered digital assistant, and we're already seeing strong engagement and adoption.

And finally, our performance is driven by consistent strategic execution. We continue to focus on efficiently scaling the Group, driving top line growth to enable more investment, whilst at the same time expanding the margin. This is