Li Ying Kevin
CEO & Director

Good morning, and thank you for joining us. I will start with some opening remarks, then hand over to Sharjeel, who will cover the half year results, and then I will update you on our strategic progress. So let's start with opening remarks. The search ecosystem is changing. We have been very open about it. However, this is only 16% of our total revenue. Focusing on the things that are in our control, our growth initiatives only launched 7 months ago are yielding new growing revenue geared to offset the decline in the 16%. This momentum is paving the way for organic growth.

Finally, core to our strategy, we are evolving our business model at pace, streamlining our business, making decisions faster, including killing projects that are not delivering. Of course, we also double down on the ones that are. We do this to reflect the changing market dynamics whilst preserving our unique capability to drive effective monetization to deliver sustainable profit and most importantly, cash. And with that, let me hand it over to Sharjeel.

Sharjeel Suleman
CFO & Director

Thanks, Kevin. Good morning, everyone. Let's get straight into the numbers. Revenue at GBP 349 million was down 8% year-on-year on a reported basis, with organic performance down