And that’s the way we see our development. And that’s why we will continue to seek out and partner with anybody who has any one new component that can contribute to that. But any one component by itself, I don’t think is going to be the main potential competitive threat to us. Let’s see. The next question you asked was on Risk. Yes, as I said before, some subsegments in Business Services have seen slowing growth in the second half of last year, and in particular those relating to fraud and identity in certain types of U.S. financial services, personal interactions, account opening for stock trading and very, very small segment for us. It’s, of course, the sort of crypto account opening and trading. It’s extremely small for us, well less than 1%, but you could see the trends in those.
And I can keep going with some that had therefore seen lower activity than they did a year ago. So, there’s a few of those specific subsegments that you can see, therefore, that the overall growth rate for us is slowing, right, and has been lower for a while. So, it’s not just starting now. But again, as I said, the pickups that you’ve seen from several of the other segments, which is as predicted in an economic environment like this, they have offset that. And as you could see at the end of the year, with improving growth rate, and now they’ve slightly more than offset the slowdown in those Business Services subsegments that are slow. And the last question…
Nick Luff: So, your question on rebooking rates. Yes, they improved as we went through 2022. You can see that in the revenue numbers and those like-for-like comparisons I was talking about and how this first half was like 75%, second half 90%. So €“ but you see that that’s where the rebooking is coming through.
Matthew Walker: Thank you.
Operator: Thank you. We will take our next question from Konrad Zomer from ABN Amro. Your line now has been opened. Please go ahead.
Konrad Zomer: Hi, good morning everybody. Konrad Zomer, ABN Amro Oddo. Just one question on Exhibitions. When you mentioned that the margins will return to pre-pandemic levels, which was about 26% from 17% last year, how much of the £100 million of cost savings you put through in 2020 do you think is going to be permanent, so to speak? And how much of that will move back up now that revenues have started to move back up?
Erik Engstrom: I’ll let Nick cover this here.
Nick Luff: Yes. As you say, we’ve fundamentally improved the cost structure, the portfolio changes we made, and we permanently discontinued a number of shows and representing about 10% of revenue. So there’s clearly were €“ the weaker events of that also helps structurally with the margin. Yes, clearly, the cost base of the business evolves, particularly as you come back with the events. But essentially, the structural changes are permanent.
Konrad Zomer: But that would imply that 100 million already reflects about a 10 percentage points on your margin. So, then it wouldn’t be a very ambitious statement to suggest that margins will return to pre-pandemic levels. I mean it suggests that they will exceed pre-pandemic levels relative to…
Nick Luff: No, you have to €“ but, yes €“ obviously, the scale of the business is different if we’ve taken off 10% of the revenue off the top. So, you have to get that into account, okay.
