Operator: Good morning. Welcome to the Angling Direct PLC investor presentation. Throughout this recorded presentation, investors will be in listen only mode. Questions are encouraged and can be submitted at any time just by using the Q&A tab situated on the right-hand corner of your screen. Please simply type in your questions and press send. Before we begin, I would like to submit the following poll, and then I would like to hand you over to the management team. Steve, good morning.
Steve Crowe: Good morning, everyone. Thanks for making the time this morning to go through the half-year results for Angling Direct PLC. We will take you through the presentation that is up on the website, and then we will leave some good amount of time at the end because we have got some pre-submitted questions and happy to take any other questions as we go through the presentation. I will just skip on to slide three, the highlights, to open the batting. I think overall, a very positive set of results set against a pretty choppy and tricky backdrop. The year started when we were talking to shareholders and potential investors back in May, where we had had a very challenging Q1, the backdrop of the Iran conflict really coming through. Summer, much of the UK in drought conditions, which obviously impacts angling conditions, particularly water levels and oxygen in the water.
Steve Crowe: Against those much-publicized headwinds, we have been retaining and growing our customer numbers, and we think the strength of the sales and the strength of our earnings is testament to the resilience of the business that we have built over the last few years and has really given us a platform to increase the scale of growth and the scale of ambition, particularly in the UK for the business. We look there on the tiles, one of the things we think is most impressive is the scaling of the earnings, over-indexing our sales growth 10% EBITDA growth against a backdrop of a tougher sales environment. How have we done that? We have been very disciplined in terms of making sure we leverage those scale investments we made in previous years.
Steve Crowe: In particular, we spent over GBP 2 million on digital shelf-edge labeling across all of our physical store estate, and we invested in our fulfillment facility in the UK in terms of an automated packing capability. Both of those really helped us get into driving operational gearing and getting those savings to drop through to our EBITDA performance. Set that against in terms of where we go in the strength of the balance sheet. The cash you will see on the left-hand side remains in a very strong position. It is our cash peak point for half-year. The working capital cycle means at the end of the year is when we are most capital hungry and we have our lowest cash point.
Steve Crowe: Notwithstanding that, we have built the cash position further whilst still at the same time driving accelerated returns to shareholders through our buyback program, which I will talk a little bit more about later on. On this slide, we have set out where we are against our medium-term objectives, which we published our upgraded medium-term objectives back in May. It is worth reminding everyone that our previous set of medium-term objectives, we substantially delivered those within two years, giving us the opportunity to reframe the ambition for the business. I am not going to go through and read everyone out, but I think the important reference points on there is the UK business on GBP 125 million ambition. We are scaling those like-for-like customers in the UK, 2.9% growth at the lower end of the corridor.
Steve Crowe: Particularly set against those difficult conditions, we think that shows that we are delivering on consolidating this category and market within the UK. Indeed, we are pacing around a 4-year CAGR to deliver those medium-term objectives. As we gather momentum as we go through the year, there is potential to exceed that. On the earnings side, again, I have talked about over-indexing that EBITDA earnings growth relative to the sales, leveraging those investments we have made to drive that return in. At the same time, the CAGR on our earnings is pacing around 4 years to deliver that scale ambition of GBP 8 million. MyAD, our loyalty program, continues to scale its numbers. We are nearly 700,000 at the H1. We have passed that number as we have gone through the last couple of months post the period end.
Steve Crowe: We think that is a particularly impressive stat in terms of the customer envelope we have now got that we can talk to digitally and physically. Our most valuable customers, our omni-channel customers, we continue to grow those. They grew 8.3% in the half. An omni-channel customer is worth well over GBP 500 a year, and we continue to focus our data and our learnings into how we talk to and extract more value from that customer base. Europe, we are doing what we said we were going to do on Europe. We think the European market will turn. We are retaining that optionality whilst reducing the drag on the earnings and the return on capital.
Steve Crowe: The loss is reduced to around 7.5% of the UK EBITDA, and the rocky reduction in terms of that drag has gone back to 270 basis points, and we are making further progress on that as we travel towards the full year. Again, our focus in terms of cash deployment and how we balance that European optionality is very much focused on what our free cash flow yield can look like on our medium-term ROCE ambitions of over 15%. Interestingly, our share buyback component of how we are thinking about driving that medium-term return on capital, we have now deployed over GBP 4 million of cash, and we have acquired around 12% of the company at a price of 44p, which we think represents very good value for the shareholder base. And finally, Angling Direct's largest responsible employer for the first time, we are AD Community Fund that was part of our competition website.
Steve Crowe: We have returned over GBP 20,000 back to good causes within the angling community. We have had those voted on by our customers, and we are in the process of disseminating that cash to those various winners that we held across the four regions in the UK. In terms of some standouts in terms of the business review, we have given some more fulsome detail on the next couple of slides. I will just pick out a few of the highlights as we go through. On the left-hand side, the UK customer, I talked about the omni-channel customer and its importance and its value. I think, on a glass half empty, still over 40% of our store-only customers visit us once a year. On the glass half full, that is a real opportunity for this business. The data and the understanding we are getting of our customers is increasing.
Steve Crowe: We have seen over 14% of failure of independent tackle stores over the last 18 months, and we are increasingly seeing those customers coming to us. In terms of our store acquisition, they are all delivering in line with the business case we set ourselves. As a reminder, we are very disciplined in terms of the return on capital. We look from those sites, as a simplistic rule of thumb, a four-year payback is what we target. We have done more work in terms of refining our data catchment model, our secret KFC recipe, as I refer to it. And actually, we are increasingly confident with the level of failure and our understanding of average customer spend, drive time, and postcode. We can access increasingly more catchments within the UK. On the UK digital front, again, we continue to acquire customers.
Steve Crowe: We have done a really solid job in terms of delivering increased customer numbers using our digital marketing effectively and targeting those customers where we are making a positive contribution to the overall business. And at the same time, leveraging the investments we put in place, in particular the first bullet point in the right-hand stack there, where fulfillment ratios have improved over 60 basis points year on year. With the page, Europe as I said, it is very much doing what we said we would do, keep the option open. It is a scale market. It is over twice the size of the UK, the Netherlands, and Germany put together. Ensure that we reduce the drag of the losses, ensure we reduce the cash drag on the business, look at the efficiency of the capital we are deploying, and very much reduce the drag on the free cash flow yield and the return on capital.
Steve Crowe: We still think from a medium term, it remains an attractive option and therefore will continue to deploy the strategy of lowest cost to retain highest optionality. On the commercial front, our own brand stories has been a key component of what we have been building in this business in the last few years. That continues to go from strength to strength. It is over 15% of our gross profit penetration now, and the earnings from that brand grew over 20% in the half. We continue to refine our approach to our own brands, and we see there being more further growth from an existing brand or a complementary brand as we move the business further forward. The bottom point in that stack, one thing that we have really benefited from this year is when we have put digital shelf-edge labeling into the stores.
Steve Crowe: That has enabled us to be more choiceful about when we change prices, who we match prices on, and how quickly we can deploy those into our physical store estate and then back onto our website. Historically, we would have only changed prices twice a week. We are able to do that seven times a week or beyond once a day if we wish. That has really helped us focus in on that contribution aspect of driving incremental customer growth, particularly into our digital offer. The right-hand side, communities and sustainability. As I mentioned, the AD Community Fund, that is something that we are most proud of. We continue to scale that. AD Win Competition website, that has got the potential to go over 800,000 this year, meaning we will donate over 40,000 to good causes within the angling community.
Steve Crowe: That is going to play a core strand as we move forward in terms of how we are engaging and building the wider angling market. With that I will hand over to Sam on the financials.
Sam Copeman: Morning, everybody. Starting with just a few of the key financial headlines on the slide there in front of you, and we will get into a bit more detail on the next couple of slides, but hopefully this just gives you a snapshot to show that we are continuing to make progress in the delivery of those upgraded medium-term objectives. Just to pull out a couple of the other headlines on there. If we start in the UK, as Steve has touched on, that has been delivered in H1 in the UK despite what has been a pretty challenging backdrop for us. But you can see there we continue to grow sales, drive that critical overindex and adjusted EBITDA growth, which has been challenging, particularly as we move through the half, and we saw a bit more gross margin pricing pressures, which we will come onto in a bit more detail.
Sam Copeman: But then that has been more than offset by, as Steve has touched on, the investment in the digital shelf-edge labeling and the automated packing technology alongside then our continued robust cost base management, and that has really enabled that overindexing. You see that European sales have gone backwards year on year. That is actually ahead of our internal plans, though, as we continue to focus on the value accretive sales. As a result, the European losses have improved by 20% to -0.2 million, and it now represents just 7.5% of the UK earnings on a trading 12-month basis. From a cash perspective, you can see there, we are continuing to invest the cash to underpin the delivery of those medium-term objectives. H1 has focused on new space. Again, we will come back to that.
Sam Copeman: You can see there as well, we have also then returned excess liquidity through the buybacks, with GBP 0.4 million deployed in H1, and then a further GBP 3.1 million delivered post period end. Moving on to the UK in a bit more detail. You can see there, UK like-for-like sales up 2.9% with store like-for-likes, and here we mean the stores excluding the FY 26 and FY 27 stores and the closures. The stores were broadly flat year on year, -0.2%, and online was up 7.5%. Across both channels, H1 was shaped against that challenging backdrop, with Q1 trading impacted by the consumer reaction to the consequences of the Iran conflict, which was the immediacy of higher fuel prices was the standout there.
Sam Copeman: In Q2, we went into that period of record levels of low rainfall that saw drought conditions declared across many parts of the UK, and that really impacted then angling conditions. Moving across to store closures. We ceased trading in Beccles in late FY 26. Deliver the right unit economics for the stores against our ROCE ambitions. It is better for us to take that stock file and reinvest it in the business to drive an incrementally accretive return against that ambition. Finally there, just the big green bar, the 2.3, that is the new space. That is the six new stores we did last year and the three we have done so far this year. They continue to scale as an overall group in line with the business cases and each store sort of individually within its own business case planning corridor.
Sam Copeman: Overall, you can see there, revenue up, UK 6.9% or GBP 3.5 million to GBP 54.6 million. Moving to adjusted EBITDA in that bottom bridge, then starting with the gross margin. You can see there we have got a 40 basis points decline year on year. If you look at the bridge of that and start with the positive bridging components, we have got a 40 basis point improvement overall because of our own brand progression. Continues to go well. Gross profit growth year on year, just over 22%, and now just shy of 16% of our UK total gross profit, and that is up 200 basis points year on year at the half. We also have a 10 basis points improvement in the margin through new revenue streams.
Sam Copeman: These are things like our in-store services, where we do reel servicing and reel spooling, our commercial marketing income, and our new competition website, AD Win, as we continue to leverage that cost base, as well as our MyAD customer scale and reach. Moving to the negative bridging components in there, we have a 60 basis points reduction in the margin reflecting the higher levels of price discounting in the market, particularly over the Q2. We have increasing amounts of data and insight on who is setting the pricing in the market and around which SKUs in particular are being discounted. That is enabling us to be increasingly choiceful in terms of where we focus our efforts and our resources from both the competitor and supplier perspective in that area. Then finally, the 30 basis points of higher shrink year on year.
Sam Copeman: The primary driver of this is warranty claims on third-party products, where we have both a higher amount of claims year on year and a higher level of unresolved supplier warranty claims. We are seeing higher levels of warranty claim, but the key driver in here is the rollout of new third-party warranty claim technology we deployed in the H1. That is initially slowing down the resolution time frames, but we think that with the more robust comprehensive information that is used within that technology, that suppliers, alongside then the suppliers engaging direct will see a much better resolution rate.
Sam Copeman: We are seeing a bit of an initial slowdown, but we ultimately expect that resolution rate to come back and also actually provide us with better data and insight in terms of how we can have less warranty claims coming in, and then also how we can increase the claim resolution velocity with suppliers. Moving to the right-hand side dashed blue box on there in terms of the cost base. We continue to keep a tight grip on costs, and obviously even more imperative in a period where we have some more gross margin pressures. But because of the significant work we have done in this area over the past few years to offset some pretty significant cost headwinds, it is obviously an increasing challenge to find more and more options in terms of that cost optimization.
Sam Copeman: All of our efforts still stay focused on this to make sure that we are squeezing every pound of value we can out the cost base. Starting in that direct cost ratio, and this is the fulfillment cost in stores and online as a ratio of sales. Think store and warehouse colleague payroll, paid advertising ratio, et cetera. The ratio here increased by 1.4% year on year and a half, which under indexes versus the inflationary cost pressures we are seeing. Think 4.1% national living wage increase and payroll is probably over half of this cost in terms of direct costs. This is really where we are seeing the benefit of that digital shelf edge labeling and the auto pack returns paying through for us offsetting some of that headline inflation in the direct costs.
Sam Copeman: The channel cost ratio, so here this is the overheads directly attributable to the online and store businesses. For example, the store premises, this ratio is actually flat on a year-on-year basis. Actually, if you take out the new space, our spend is broadly flat on a pound note basis as well, reflecting our focus on really leveraging that cost base. On a similar note with the group overheads there, so that's where the central overhead, so think our head office functional teams, if you like, as a percentage of sales. You can see there that's actually improved by 90 basis points year-on-year. On a last 12-month basis, we're now down at 6.3% of UK sales, so that's well within our 7% appetite in terms of what we need to deliver at to hit those medium-term objectives.
Sam Copeman: Overall, that reflects then the UK adjusted EBITDA growth of 10% or to GBP 4.5 million, and that EBITDA margin growth of 30 basis points to 8.3%. Moving to Europe, as I said before, the sales are down a touch but ahead of the internal plans. That has also delivered a contribution ratio, and by that what I mean is the adjusted EBITDA prior to the overhead as a percentage of sales. That's actually improved by 100 basis points year-on-year, so really supporting that overall loss reduction plan. Alongside what is already a bare bones overhead structure in Europe is really what's allowed us to get those losses down further by the 20%. As I said before, we're down at 7.5% of UK adjusted EBITDA, down from 12.5% last year and 22.4% the year before.
Sam Copeman: context for understanding where that H1 performance fits in where we've come from over quite a short period of time. Then finally, just moving to cash flow and return on capital. You can see the cash bridge at the top of the page there, just to pull out a few highlights. You can see there we've got a working capital inflow of GBP 0.7 million in the half. Theoretically, in a steady state business where we weren't deploying any additional, the working capital flexibility we've got on the capital allocation policy, for example, you'd expect about a GBP 3 million inflow at this point because it's our working capital low point for the year.
Sam Copeman: That GBP 2.3 million variance against that GBP 3 million theoretical reference point does reflect the flexibility of the capital allocation policy, both in terms of that new space where we deployed about half a million pounds into those three new sites we've done in H1, alongside some acceleration in the stock intake where we went deeper on some of the top 1,000 SKUs. Just as a reminder, that top 1,000 covers about 55% of our revenue, and we did that earlier in the season at the outset of the Iran conflict, just to underpin the peak trading period, given we didn't know where we were going to get to at that point in time in terms of how much flux that would cause us. Some of that's still sat then on our balance sheet at the end of July as we headed into the August, September trading period.
Sam Copeman: On interest, if we park to one side the IFRS 16 interest element, the underlying interest income remains similar to last year, about GBP 0.2 million. Then finally on CapEx, in the H1 it is GBP 1.3 million. As you can see, GBP 0.6 million roughly relates to the three new stores with the rest of them reflecting maintenance CapEx. Then you can see there on the buybacks, which we have already touched on. So we have also given the adjusted free cash flow in that box on the right-hand side there, where we then strip out the investments in the CapEx and working capital for new space and then other investment CapEx, which there is not any other in H1 this year, and the buyback cash flows to then understand what that underlying cash flow generation looks like.
Sam Copeman: You can see there that continues to strengthen with a GBP 5 million inflow, GBP 1.4 million higher than last year. Then finally, moving to group adjusted ROCE, continue to make progress here, 130 basis points up year-on-year on a trailing 12 basis to 10.3%. This is our focus here in terms of delivering on both sides of the equation. Really the cocktail here is trailing 12-month EBIT growing at 25%, but the adjusted net assets only going forward by 0.3%. So really delivering earnings growth off a broadly flat balance sheet, ex cash. With that, I will hand back to Steve.
Steve Crowe: Thank you, Sam. Back in May, as I said, we upgraded our medium-term objectives. We just set out in the presentation a reminder of how we chose to move those objectives forward from the previous set that we put out in the market. Worth noting the level of ambition that we put in there, particularly around the earnings piece, around scaling those earnings by a further 33% over the medium term. Worth just referring back to, we substantially delivered the previous set of objectives within a 24-month period, and we are on a CAGR right now of around four years based on the May announcement date that we put out there. We have nuanced some of those around, particularly around Europe, where very much are determined and committed as a management team in terms of leveraging the balance sheet were we to expand into Europe.
Steve Crowe: We have got a very robust cash position and our capital allocation policy considers what level of cash we need to retain to open up that European optionality should it manifest itself. Over the page, what we have done is, some of the questions we often get is, what are the key drivers that sit beneath those levels of ambition? So we have just set out on the page there some of the fundamentals that underpin each of those aspects in terms of those new broader medium-term objectives. In particular, the return on capital point is the one that I am most passionate about.
Steve Crowe: That free cash flow yield and that return on capital does require us to continue to strengthen the UK business, be very disciplined about how we think about the European optionality, look at what is an optimum cash holding level that we need to hold for the business, challenge ourselves around that, and at the same time return capital to shareholders where it is compelling to do so. We think buying 12% of the company for 44p represents fantastic value for the shareholder base, and we have still maintained a very strong liquidity position and we continue to generate cash as Sam has just signposted with that GBP 5 million inflow number at the half. Over the page, current trading and outlook.
Steve Crowe: Everyone will have seen that the weather was a bit more helpful over September, which gave us a bit of a shot in the arm in terms of there was some pent-up demand there, a little bit more fishing activity, really strong performance in August and September. Underneath that 10.7 there are some very solid like-for-like figures, particularly in the UK stores as we saw our customer base increasingly come back to us after being unable to participate in the pastime over the summer with the very low levels of water and associated oxygen. We think that demonstrates the resilience in terms of our customer base and the strength of the customer moat that we are building for the UK business. Again, post the period end, I have talked about the buyback.
Steve Crowe: We did deploy more cash as folks will have seen to the day of the RNS that we put out last Tuesday, and subsequently post the RNS last Tuesday, we have done some more buyback at what we think is a compelling price relative to where we believe the short and medium-term value for this stock should be. Gaining customers. There is some discounting in the market, as Sam signposted. We do see the competitors making what we consider to be irrational decisions in some aspects of their trading. We will continue to respond to that in a choiceful fashion which we think builds long-term sustainability for our business. But we are very much still trading in line with those expectations that we have set out to the market which is a UK business delivering over GBP 6 million of EBITDA and a European business not losing more than GBP 400,000.
Steve Crowe: With that takes us to the end of the presentation. Thanks very much for listening. That takes us onto the questions.
Operator: Perfect. Thank you Steve and Sam for updating investors today. Could you please remind investors to submit your questions just by using the Q&A tab situated on the right-hand corner of your screen. For your reference, a recording of today's presentation will be available on the Investor Meet Company platform shortly after the meeting has ended. Guys, as you can see, we have received a number of questions during today's presentation. So Steve, if I could just hand back to you at this point to read out the questions and give responses where appropriate to do so, and I'll pick up from you at the end.
Steve Crowe: Thank you. The first one's about free cash flow, so I'll let my CFO handle that one.
Sam Copeman: The first question is you've provided an indication of expectations for EBITDA and revenue this year. Please can you provide an indication for free cash flow performance? If we look at what our two covering analysts have in their notes, obviously that's the source of the EBITDA and revenue guidance. If we park to one side the buybacks and just look at the underlying free cash flow, this obviously includes investment CapEx and working capital as well. They've got us in that 2.6 to 2.8 range, so that's probably a good corridor to think about.
Steve Crowe: Thanks Sam. Next question, please can you discuss how the dry conditions in the UK impacted your business this summer? The way we look at it is about 80% of our customers now is transacted through MyAD, so our customer loyalty program. Think QR code on your phone you can swipe at the till. So we can actually see who it is and how they're behaving. What we saw particularly in Q2 is our store-only customers, i.e. those who are coming in who are buying a greater proportion of bait and consumables, i.e. the things that you need to buy to go fishing. We saw a reduction in frequency across all of our cohorts, our one-time customer, our two to three times customers, four to five, six to nine and our 10 pluses.
Steve Crowe: We saw people engaging in the activity less frequently as those dry conditions prevailed. What we were able to do in response to that, given we have a substantial amount of data now around customer preferences, behavior, frequency of purchase, rate of sale, we were able to really lean into our customer database and talk to our most committed customers in an increasingly sophisticated way, whereby our omni-channel customers, the one who shops with us physically and digitally, we were able to, in nearly all of the frequency cohorts that I just talked about, drive greater frequency, and that was how we were able to underpin our like-for-like sales that we signposted up on the screen, the 2.9.
Steve Crowe: Again, in a more benign weather environment, we think that is why we have the confidence in those medium-term objectives to see those UK like-for-like scale even further, where we have not got the headwinds of that dry weather in the UK. Next one. Your prepared remarks were cautious on the health of the UK customer. Please can you help us understand the volumes versus price dynamics within your like-for-like growth. I think, as I said earlier, our overall customer footprint in the like-for-like business right across the UK was mildly accretive. What we did see was discounting in the market more latterly in Q2, and therefore we saw average spend levels across each of the frequencies reduce, and that is both in our store-only customers, in our web customers, and in our omni-channel customers.
Steve Crowe: We were really able to lean into a stable and modestly growing customer base, but at the same time, pressure on average transaction value from those reducing prices in the market. Next one. With your own brand gross profit up 22%, what scale remains to grow your own brand sales and margins without compromising customer choice or quality. Great question. I am an angler. I do recognize the value of the branded offer. I am very conscious of we do not want to be an own brand store. The way I am thinking about the Advanta brand is, can we be more choiceful about the categories we lean into and how we are clearer the role Advanta plays within each category strategy. We are increasingly challenging our buying economics by those choices we can make relative to the specification of the product.
Steve Crowe: One of the things that does come through is we offer very high-quality gear at a very affordable price, and are there choices we can make around that to drive the economics harder in the categories we wish to play. Obviously, Advanta is going to have a ceiling. It is not quite there yet, but in 24 months' time, one could argue, we are getting towards the scale of the ambition for that brand. We would love to run a second brand that sat above Advanta. We keep scanning the market for inorganic opportunities, and we will continue to do that, and we are disciplined on the price we will pay for that relative to the size of the price. Next one. Mental health or teaming up. On that, we very much see the AD Community Fund playing a role in that. We raised GBP 20,000 this year. That will double to GBP 40,000 next year.
Steve Crowe: We were giving that to four regional winners. We were fortunate enough in the regional winners didn't command all of the cash that was in the pot, so we've actually ended up disseminating it to nine different winners. As that scales, very much a lot of that is around participation, is around giving folks the skills and the confidence to go out and fish. Another angle to that is in our webpage, in our customer service team, we have got someone dedicated to enabling folks to use the telephone to call up and talk about the how-to guides, how do they access the kit? Where do they go? What we're not going to do is run scale organized activities ourselves.
Steve Crowe: We've done that historically, or the business did it historically about 3, 4 years ago, and that was completely uneconomic in terms of gaining new customer footfall and growing the market. Next one. How do the economics of the Dutch store compare to the UK average store? The challenge on the Dutch store is the margins in Europe remain very challenging, particularly in the capital item space. When I define capital items, I mean something over €30 price point. The volume of the capital items you need to push through the store environment to recover those economics against what a standard UK model would look like is disproportionate. The consumables in the UK store model is around 40 pence in the pound. In the Dutch store, we see them in excess of that because of the pricing digitally, where folks are much more aggressive digitally.
Steve Crowe: We're clear on what our loss threshold in Europe, our tolerance is, and we're within that loss envelope as we trade in that store today. Next one. Can you say more about from whom you bought all of these shares? All of the TR1s that we have done are up on the website. There's been a mixture of sellers for various different reasons. I'm not going to go into each individual seller and their reasons for doing that. We've taken some from institutions, some from the retail market. We're relatively agnostic on who the sellers are. We're more focused in on what is that price point that we think is real value for the rest of the shareholder register. We think at the current price, the stock's trading, that still represents a very deep discount to what fair value is.
Steve Crowe: We put in our RNS, we're going to go and seek to increase our buyback permissions again to give us optionality over continuing to return capital to shareholders through that mechanism whilst we think the pricing remains at a level that the board's comfortable with.
Operator: Perfect. That's great, guys. Thank you for updating investors today. Before we ask investors to share their feedback, which I know is particularly important to the company, Steve, could I please just ask you for some closing comments?
Steve Crowe: Yeah. Thanks for making the time this morning. We're pretty proud of what we've done in a very difficult market right now with the consumer backdrop. We think the hard work from the last three years from all of the team is proving itself out. The UK is a much more resilient business, has got the scope to scale quite quickly now. Take Europe out of the eyeline. We think the time is now. We're confident in those medium-term objectives, and we're looking forward to talking to you again in May with hopefully some further positive momentum against those.
Operator: That's great. Could I please ask investors now to close this session, as you'll now be automatically redirected
