Q2 2026 Lords Group Trading PLC Earnings Call

September 30, 2026

Speaker #2: Entering webinar of attendee.

Speaker #3: Good morning. Welcome to the Lords Group Trading PLC Investor Presentation. Throughout this recorded presentation, investors will be in listen-only mode. Questions are encouraged and can be submitted at any time by using the Q&A tab situated in the right-hand corner of your screen.

Operator: Good morning. Welcome to the Lords Group Trading 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. Now to hand you over to Shanker Patel, CEO. Good morning, sir.

Speaker #3: Please just type in your questions and press send. Before we begin, I'd like to submit the following poll, and then hand you over to Shanka Patel, CEO.

Speaker #3: Good morning, sir.

Speaker #4: Good morning. Thank you. And thank you to the attendees for joining us this morning for our H1 2026 update. The update is that we have delivered a resilient first-half revenue for 2026, and we are undertaking operational actions to improve our performance and reduce our leverage.

Shanker Patel: Morning. Thank you. Thank you to the attendees for joining us this morning for our H1 2026 update. The update is that we have delivered a resilient H1 revenue for 2026, and we are undertaking operational actions to improve our performance and reduce our leverage. In terms of the agenda, I will go through the highlights, followed by a financial review by our CFO, Stuart Kilpatrick. Then I will go through a business review and provide a short update on the outlook, followed by Q&A. 2026, the H1, as I said, we have delivered resilient revenue performance and a decisive operational response to what has been a difficult and challenging market. Management had identified the issues, and we have increased the pace of action that we need to take as a result of an unexpected weaker market than originally anticipated at the back end of 2025.

Speaker #4: In terms of the agenda, I will go through the highlights, followed by a financial review by our CFO, Stuart Kilpatrick. Then, I will go through the business review and provide a short update on the outlook, followed by Q&A.

Speaker #4: In the first half of 2026, as I said, we've delivered resilient revenue performance and a decisive operational response to what has been a difficult and challenging market.

Speaker #4: Management had identified the issues, and we have increased the pace of action that we need to take as a result of an unexpectedly weaker market than originally anticipated at the back end of 2025.

Speaker #4: Our revenues were $2,232.1 million, which is broadly in line with H1 2025. Our group like-for-like revenue, unfortunately, is a negative 6.8%. We can see that it's demonstrated by underlying demand weakness across our end markets.

Shanker Patel: Our revenues are GBP 232.1 million, which is broadly in line with H1 2025. Our group like-for-like revenue, unfortunately, is a -6.8%, where we can see that it is demonstrated by underlying demand weakness across our end markets. Our adjusted EBITDA is GBP 8.4 million, with a margin of 3.6%. Given the market and the need to preserve our balance sheet, we are not proposing an interim dividend. Our net debt is GBP 26.5 million, reflecting our seasonal working capital outflow. In terms of the main blocks of what has improved, our Merchanting like-for-like decline narrowed to 2.3% in Q2, and it was significantly higher in Q1, where we were affected by adverse weather and exceptionally wet Q1. Another positive for us is the fact that CMO has delivered a positive EBITDA in the H1. We have also managed to increase our P&H gross margins by 130 basis points.

Speaker #4: Our adjusted EBITDA is £8.4 million, with a margin of 3.6%. Given the market and the need to preserve our balance sheet, we're not proposing an interim dividend.

Speaker #4: And our net debt is £26.5 million, reflecting our seasonal working capital outflow. In terms of the main blocks of what's improved, our merchanting like-for-like decline narrowed to 2.3% in Q2, which is significantly better than in Q1, where we were affected by adverse weather and an exceptionally wet first quarter.

Speaker #4: Another positive for us is the fact that CMO has delivered a positive EBITDA in the first half. We've also managed to increase our B&H gross margins by 130 basis points.

Speaker #4: And in our Spares division, revenue has increased by 8%. We've managed to complete our refinancing, enabling 2026, which we covered at the year-end presentations.

Shanker Patel: In our Spares division, revenue has increased by 8%. We have managed to complete our refinancing in April 2026, which we covered at the year-end presentations. There have been challenges, and the things that have challenged us is that the P&H market conditions still remain difficult due to a factor of reasons. There has also been a challenge that APP, our boiler distribution business, whilst it has grown margin, it has grown margin on a lower market share. As I mentioned, the market recovery has been slower than expected, and that has been identified by the construction PMI, which is significantly below 50 for over 20 consecutive months. That said, with the market background, what is management doing? We have a focus plan for each of our operating businesses. We have delivered over GBP 3 million of OpEx savings. We have also reduced our CapEx going forward.

Speaker #4: But there have been challenges, and the things that have challenged us are that the B&H market conditions still remain difficult due to a variety of reasons.

Speaker #4: And there's also been a challenge that APP, our boiler distribution business, while it's grown margin, it has grown margin on a lower market share.

Speaker #4: As I mentioned, the market recovery has been slower than expected, and that's been identified by the construction PMI, which has been significantly below 50 for over twenty consecutive months.

Speaker #4: That said, with the market background, what is management doing? We have a focused plan for each of our operating businesses. We've delivered over £3 million of OPEX savings.

Speaker #4: We've also reduced our capex going forward. We have a well-invested business, and therefore we'll see that the current environment suggests that we ensure we maximize our cash flow and therefore reduce our capex to essentials, as well as ensure that we reduce our debt.

Shanker Patel: We have a well-invested business and therefore see that the current environment suggests that we ensure we maximize our cash flow and therefore reduce our CapEx to essential as well as ensure that we reduce our debt, and that is the priority for the business. Going to hand you over to Stuart who will go through the financials.

Speaker #4: And that's the priority for the business. I'm going to hand you over to Stuart; he'll go through the financials.

Speaker #5: Thank you, Shanka. If I can take you through first half financial snapshots: revenue, as Shanka mentioned, was very similar to last year, but the reported revenue of $232.1 million masks weaker underlying demand. As Shanka mentioned, our like-for-like sales were 6.8% down on the previous first half.

Stuart Kilpatrick: Thank you, Shankar. If I could take you through H1 financial snapshot. Revenue, as Shankar mentioned, was very similar to last year, but the reported revenue of GBP 232.1 million, it masks weaker underlying demand. As Shankar mentioned, our like-for-like sales were 6.8% down on the previous H1 of 2025. Gross profit was a positive in the results, up 4.7% to GBP 46.9 million. You can see our gross margin in the period has increased from 19.3% in the H1 of 2025 to 20.2% in the H1 of 2026, reflecting our pricing discipline as we experienced significant volumes of price input cost increases and materials cost increases, and also the improved gross margin in Plumbing and Heating, where we took the strategic decision last year to prioritize value over volume.

Speaker #5: In the first half of 2025, gross profit was positive in the results, up 4.7% to £46.9 million. You can see our gross margin in the period has increased from 19.3% in the first half of 2025 to 20.2% in the first half.

Speaker #5: Of 2026, reflecting our pricing discipline, as we experienced significant volumes of price input cost increases and materials cost increases. Also, the improved gross margin in plumbing and heating, where we took the strategic decision last year to prioritize value over volume.

Speaker #5: Adjusted EBITDA was £8.4 million, a couple of million pounds less than this time last year. A similar impact can be seen on adjusted operating profit. As you can see, the decline in profitability is effectively increasing our focus on cash generation and balance sheet management.

Stuart Kilpatrick: The adjusted EBITDA was GBP 8.4 million, a couple of million pounds less than this time last year. A similar impact on adjusted operating profit. You can see the decline in profitability is effectively increasing our focus on cash generation and balance sheet management. Our net debt was GBP 26.5 million, and this compares to last year of GBP 20.9, so a little bit higher. As Shankar mentioned, we always have a seasonal outflow of working capital in the H1. Our next priorities are managing working capital, being more efficient in managing our inventory, where we have made some good progress in the H1 and into the H2. Carefully managing CapEx to prioritize it on replacement or high returning projects, and the delivery of our business improvement plans, which we will talk about a little bit later in the presentation.

Speaker #5: Our net debt was £26.5 million, compared to last year's £20.9 million, so a little bit higher. And as Shanka mentioned, we always have a seasonal outflow of working capital in the first half.

Speaker #5: Our near-term priorities are managing working capital and being more efficient in managing our inventory, where we've made some good progress in the first half and into the second half.

Speaker #5: Carefully managing CapEx to prioritize it on replacement or high-returning projects, and the delivery of our business improvement plans—which we'll talk about a little bit later in the presentation.

Speaker #5: We're looking in a bit more detail then at the revenue and operating expense bridges. On the left-hand side, you can see our revenue bridge starting from the position in the first half of 2025 at $232.1 million, and the volume reduction that we've seen in plumbing and heating of about 13 or 14%, like-for-like.

Stuart Kilpatrick: We look in a bit more detail at the revenue and operating expense bridges. On the left-hand side, you can see our revenue bridge, starting from the position in the H1 2025 at GBP 232.1 million. The volume reduction that we've seen in Plumbing and Heating of about 13% or 14% like-for-like, has reduced revenue by GBP 16.6 million in the half. You can see a similar impact from the decline in Merchanting of GBP 5.4 million on a like-for-like basis. That's been offset by our acquisition of CMO, which joined the group, if you remember, in June 2025. We only had three weeks of CMO in 2025, but a full six months in 2026. CMO, combined with the new branches we've opened in Merchanting, four new branches compared to the start of January 2025.

Speaker #5: There's reduced revenue by £16.6 million in the half, and you can see a similar impact from the decline in merchanting of £5.4 million on a like-for-like basis.

Speaker #5: That's been offset by our acquisition of CMO, which joined the Group, if you remember, in June 2025. So we had three weeks of CMO in 2025, but a full six months in 2026.

Speaker #5: And CMO, combined with the new branches we've opened in merchanting—four new branches compared to the start of January 2025—they've added £22.0 million to the revenue, and that gets us back to a similar number compared to the first half of 2025.

Stuart Kilpatrick: They've added GBP 22.0 million to the revenue, and that gets us back to a similar number compared to the H1 2025. If we turn to operating expenses, you can see on the right-hand side there, operating expenses in 2025 in the H1 were GBP 34.4 million. The businesses we've acquired, CMO principally, the new branches add GBP 5.2 million to those operating expenses. We've done, in my view, quite well in terms of reducing the like-for-like costs by about GBP 1 million or nearly 3%, despite having higher minimum wage compared to last year and the impact of the employer's national insurance, which kicked in April 2025.

Speaker #5: If we then turn to operating expenses, you can see on the right-hand side there, operating expenses in 2025 in the first half were £34.4 million.

Speaker #5: The businesses we've acquired—CMO, principally the new branches—add £5.2 million to those operating expenses. And we've done, in my view, quite well in terms of reducing the like-for-like costs by about £1 million, or nearly 3%.

Speaker #5: Despite having a higher minimum wage compared to last year, and the impact of the employers' National Insurance—which kicked in in April 2025—and obviously, there’s been an inflationary impact on fuel costs and transport costs with the Middle East conflict that's been ongoing since February, which we tried to pass through as much as we can, but obviously our suppliers are also trying to pass that on to us.

Stuart Kilpatrick: But obviously, there's been an inflationary impact on fuel costs and transport costs with the Middle East conflict that's been ongoing since February, which we try to pass through as much as we can, but obviously, our suppliers are also trying to pass that on to us. But quite a good reduction in like-for-like OpEx in the H1. On that turn to our Merchanting division, where volume was challenged, as I've mentioned, the gross margin was very stable. So you can see revenues down by 4.6%, like-for-likes down by 4.9%, slightly more to GBP 112.3 million. Within that, our specialist brands of George Lines in the civil side and our Lords Builders Merchants brand delivered positive like-for-like growth in the half. As our businesses with greater exposure to the new build housing sector remained quite challenging, had a tough time in the H1.

Speaker #5: But quite a good reduction in like-for-like OPEX in the first half. I'll now turn to our merchanting division, where volume was challenged, as I've mentioned, but gross margin was very stable.

Speaker #5: So, you can see revenue is down by 4.6%, like-for-like is down by 4.9%, slightly more, to £112.3 million. Within that, our specialist brands of George Lines and the civil side, and our Lords Builders Merchant brand, delivered positive like-for-like growth in the half.

Speaker #5: And it was our businesses with greater exposure to the new-build housing sector that remained quite challenging and had a tough time in the first half.

Speaker #5: Gross margin remained stable at 25.8%, which is the same as last year. This is a credible performance given the continued volume of input cost increases we've seen.

Stuart Kilpatrick: Gross margin remained stable at 25.8%, which is the same as last year, which is a creditable performance given the sheer volume of input cost increases we've seen and the market remaining very competitive in the drive to try and win volume. The overhead increase was limited to half a million pounds in the half. That resulted in EBITDA of GBP 4.6 million, which really is driven by those lower volumes in the first line there, where the like-for-likes were down. The graph shows that. You can see the profit impact of the volume reduction is GBP 1.7 million. Recovered a little bit by margin and offset a little bit by overheads, but that's the main driver. The volumes are lower in Merchanting for the profit change half on half.

Speaker #5: And the market remaining very competitive in the drive to try and win volume. Overheads were limited or the overhead increase was limited to half a million pounds in the half.

Speaker #5: And that resulted in EBITDA of £4.6 million, which really is driven by those lower volumes in the first line there, where the like-for-likes were down.

Speaker #5: And the graph shows that. You can see the profit impact of the volume reduction is £1.7 million, recovered a little bit by margin and offset a little bit by overheads.

Speaker #5: But that's the main driver, and the volumes are lower in merchanting for the profit change, half on half. Going forward, we're obviously very much focused on winning market share from our competitors.

Stuart Kilpatrick: Going forward, we are obviously very much focused on winning market share from our competitors, where our customer service offering we feel is very fundamental to what we do. We want to improve our gross margin within Merchanting and keep to win some marginal gains, even slight gains help us. Tightly controlling our operating costs. It is important to remark that since the end of the H1, we have taken about GBP 1.6 million annualized out of the cost base within Merchanting as we have looked to slim down and keep our costs tightly under control. We then look at Plumbing and Heating. You can see revenues declined by 14.1% in the half. If you remember last year in March 2025, we had a very high volume of boiler sales, particularly ahead of an industry-wide price increase on 1 April.

Speaker #5: Our customer service offering, we feel, is very fundamental to what we do. We want to improve our gross margin within merchanting and strive for winsome marginal gains—even slight gains help us.

Speaker #5: And tightly controlling our operating costs. It's important to remark that since the end of the first half, we've taken about £1.6 million, annualized, out of the cost base within merchanting, as we've looked to slim down and keep our costs tightly under control.

Speaker #5: But then look at plumbing and heating. You can see revenue's declined by 14.1% in the half. And if you remember last year, in March 2025, we had a very high volume of boiler sales, particularly ahead of an industry-wide price increase on the 1st of April.

Speaker #5: I think that was our second-highest level of turnover for our plumbing and heating wholesale business that month. We didn't see that again in 2026.

Stuart Kilpatrick: I think that was our second highest level of turnover for our Plumbing and Heating wholesale business that month. We did not see that again in 2026, so we have seen quite a big drop in our revenue of 14%. We are also suffering from a UK boiler market, which is around 3% to 4% lower than previous year. We can see with the success of our Spares business, DH&P, which has increased by 8% in the half, that a lot of people are deferring that capital cost of replacing their boiler and preferring to do it up and patch it up for the next winter season. Gross margin, as I have mentioned in Plumbing and Heating, was a positive of 100 basis points. That reflects the deliberate shift we made in the Q2 2025 to value over volume.

Speaker #5: So, we've seen quite a big drop in our revenue—14%. We're also suffering from a UK boiler market, which is around 3 to 4% lower than the previous year.

Speaker #5: And we can see, with the success of our spares business DHMP—which has increased by 8% in the half—that a lot of people are deferring that capital cost of replacing their boiler and preferring to do it up and patch it up for the next winter season.

Speaker #5: Gross margin, as I've mentioned in plumbing and heating, was a positive of 130 basis points. That reflects the deliberate shift we made in the second quarter of 2025 to value over volume.

Speaker #5: But, obviously, we have suffered a little bit on volume since then, and we are all set on trying to recover that volume as we go forward into the second half.

Stuart Kilpatrick: We have suffered a little bit on volume since then, and we are all set on trying to recover that volume as we go forward into the H2. EBITDA, as you can see in profit terms, which has reduced probably by GBP 2 million, recovered a lot of that through the gross margin of GBP 1.3 million, and good performance on the cost base, where we are slightly better as well, which gives us a GBP 3.5 million EBITDA for the half compared to GBP 3.9 million in the H1 2025. Strategically, you may recall that we have reduced our depot sizes or number of depots from 7 down to 4 in the H1, which we said we would do in our wholesale business at the year-end. That is largely completed in the Q2.

Speaker #5: EBITDA, as you can see. In profit terms, that has reduced profit by £2 million. We recovered a lot of that through the gross margin of £1.3 million.

Speaker #5: And good performance on the cost base, where we're slightly better as well, which gives us a £3.5 million EBITDA for the half, compared to £3.9 million in the first half of 2025.

Speaker #5: Strategically, you may recall that we've reduced our depot sizes, or the number of depots, from seven down to four in the first half, which we said we would do in our wholesale business at the year end.

Speaker #5: That's largely completed in the second quarter. That impacts our costs by about £900,000 in 2026, down from about £1.5 million annualized flowing into next year.

Stuart Kilpatrick: That impacts our costs by about GBP 900,000 in 2026 and about GBP 1.5 million annualized flowing into next year. That is a good positive move given the big reduction in volumes that we have had. I then turn to Digital, which is primarily CMO. You can see the table there. We only had 3 weeks of CMO to consolidate in the H1 2025, as it was acquired in the early part of June. If you take on a like-for-like basis, though, to compare their pro forma sales in the H1 2025 to their actual sales in the H1 2026, we are actually 17.5% up year-on-year. That is good progress.

Speaker #5: And that's a good positive move given the reduction in volumes that we've had. But then, turning to digital, which is primarily CMO, you can see the table there.

Speaker #5: We only had three weeks of CMO to consolidate in the first half of 2025, as it was acquired in the early part of June.

Speaker #5: If you take our like-for-like basis, though, to compare their pro forma sales in the first half of '25 to their actual sales in the first half of '26, we're actually 17.5% up year on year.

Speaker #5: But, in the knowledge that they had a tough first half in 2025, that is good progress. And you can see we're reporting positive EBITDA in the first half of £0.3 million.

Stuart Kilpatrick: You can see we are reporting positive EBITDA in the H1 of GBP 0.3 million, which is really following the completion of their integration program, the recovery of their supply chain, and the reduced cost base compared to when we joined the group, aiming to try and get volumes back to the levels they were in 2024. We also moved our Condell business into CMO, part of Condell was online, and we moved that across in May 2026, which gives us a further opportunity to strengthen that business. Going forward, our goal is to keep on doing what we are doing, improve profitability, further broaden the product proposition, and continue to leverage our increased operational efficiency. In terms of our cash flow in the H1, as I mentioned, net debt was GBP 26.5 million at the end of June.

Speaker #5: This is really following the completion of their integration program: the recovery of their supply chain and the reduced cost base compared to when we joined the group.

Speaker #5: We're aiming to try and get volumes back to the levels they were in 2024. We also moved our Condell business into CMO; part of Condell was online, and we've moved that across in May 2026, which gives us a further opportunity to strengthen that business.

Speaker #5: And, going forward, our goal is to keep on doing what we're doing: improve profitability, further broaden the product proposition, and continue to leverage our increased operational efficiency.

Speaker #5: But then turn to our cash flow in the first half. As I mentioned, net debt was 26.5 million at the end of June. We've endured, or we saw the normal seasonal working capital outflow of about 6.7 million pounds, which is broadly similar to previous years.

Stuart Kilpatrick: We endured or we saw the normal seasonal working capital outflow of about GBP 6.7 million, which is broadly similar to previous years. Our debt is a little bit higher than June last year, GBP 5.6 million higher, and leverage is above the board's medium-term target at the moment. Leverage being the ratio of net debt to EBITDA. We did complete the refinancing on 2 April 2026, of GBP 65 million of total facilities for a three-year term with two one-year extension options. Our headroom, which is the surplus of the facilities over the net debt, amounts to GBP 32.4 million at the end of June 2026. So a significant amount of headroom based on our debt at the end of June.

Speaker #5: But our debt is a little bit higher than June last year, £5.6 million higher. And leverage is above the board's medium-term target at the moment.

Speaker #5: Leverage being the ratio of net debt to EBITDA. We did complete the refinancing on the 2nd of April, 2026, £65 million of total facilities for a 3-year term with two 1-year extension options.

Speaker #5: Our headroom, which is the surplus of the facilities over the net debt, amounted to £32.4 million at the end of June 2026. So, a significant amount of headroom based on our debt at the end of June.

Speaker #5: And our real drivers in the second half to address that point I've just made on the leverage are to drive EBITDA through greater market share of plumbing and heating, drive gross margin or gross profitability in merchanting, and continue to make progress in CMO in terms of profitability and leveraging off their current cost base.

Stuart Kilpatrick: Our real drivers in the H2 to address that point I just made on leverage is to drive EBITDA through greater market share of Plumbing and Heating, drive gross margin or gross profitability in Merchanting, and continue to make the progress in CMO in terms of profitability and leveraging off their current cost base. We also will drive working capital. We will be more efficient in stock management, and we have implemented a few things in the H1 to drive that, and we will keep CapEx to an essential maintenance level or for those projects that are offering a particularly high return. Back over to you on the business review.

Speaker #5: We also will drive working capital. We'll be more efficient in stock management. We've implemented a few things in the first half to drive that.

Speaker #5: And we'll keep capex at essential maintenance levels, or allocate it to those projects that are offering particularly high returns. Back to you for the business review.

Speaker #1: Thank you. On the business review, I'll go through each of our divisions individually. Merchanting: We are seeing some momentum improving with margin and cost actions that we're taking.

Shanker Patel: Thank you for that update. On the business review, I will go through each of our divisions individually. Merchanting, we are seeing some momentum improving with margin and cost actions that we are taking. Our Merchanting business combines localism and specialism, offering our customers an exceptional customer service backed by superior product knowledge and highly engaged teams, something that we make sure we always focus on is our engaged colleagues. This allows us an opportunity to be local leaders across all of the various locations that we operate from. In terms of the numbers, just to recap, we have an overall H1 negative of -4.9%, and that decline moderated to 2.3 negative in Q2. We opened four new branches in the last 18 months, and those four branches have delivered GBP 15 million of incremental revenue in the last 18 months.

Speaker #1: Our merchanting business combines localism and specialism, offering our customers exceptional customer service backed by superior product knowledge and highly engaged teams—something that we make sure we always focus on with our engaged colleagues.

Speaker #1: This allows us an opportunity to be local leaders across all of the various locations that we operate in. In terms of the numbers, just to recap, we have an overall H1 decline of minus 4.9%, and that moderated to a negative 2.3% in Q2.

Speaker #1: We opened four new branches in the last 18 months, and those four branches have delivered £15 million of incremental revenue over that same period.

Speaker #1: In terms of what we're doing, our commercial priorities are based on increasing ourselves in intensity. We do have a really good, strong sales team, and what we're focusing them on is gaining market share through improved customer service.

Shanker Patel: In terms of what we are doing, our commercial priorities are based on increasing our sales intensity. We do have a really good, strong sales team, and what we are focusing them on is gaining market share through improved customer service. We are also very much looking at improving our gross margin. Whilst we have maintained a gross margin, we are still seeing cost increases that are outside of our control relating to either the National Insurance effect from a couple of years ago to rents, rates, et cetera. That cycle needs to be broken, and it will be broken only if we improve gross margins whilst we are in a difficult and potentially market that does not look like it is going to grow exponentially very soon.

Speaker #1: We're also very much looking at improving our gross margin. Whilst we have maintained the gross margin, we are still seeing cost increases that are outside of our control, relating to either the National Insurance effect from a couple of years ago, to rents, rates, etc.

Speaker #1: That cycle needs to be broken, and it will be broken only if we improve gross margins while we're in a difficult market that doesn't look like it's going to grow exponentially very soon.

Speaker #1: And that leads us to ensure that our branch returns on capital employed are measured and effective, including a review of how they are performing compared to their peers.

Shanker Patel: That leads us to ensure that our branch returns on capital employed is measured and is effective, including a review of where they are performing compared to their peers. The structural actions that we have taken, in August, we completed a large restructuring which will deliver GBP 1.6 million in annualized OpEx reduction. We have set a gross margin challenge for H2 and beyond, looking at mix, looking at the sales type, looking at our customer profile and our colleague behavior. The business model remains as a branch autonomous business, but that is supported by a differentiated range in customer service. Our dual brand sites offer specialism products alongside this core Merchanting range, and we have seen really good success there.

Speaker #1: The structural actions that we've taken—in August, we completed a large restructuring, which will deliver £1.6 million in annualized opex reduction. And we have set a gross margin challenge for H2 and beyond, looking at mix, looking at the sales type, looking at our customer profile, and our colleague behavior.

Speaker #1: The business model remains as a branch autonomous business, but that is supported by a differentiated range in customer service. And our dual-brand sites offer specialist products alongside the core merchanting range.

Speaker #1: And we've seen really good success there. In our Plumbing and Heating division, the recovery plan is centered on gaining market share. Again, ensuring that we're improving our efficiency and improving our mix of products to achieve margin increase.

Shanker Patel: In our Plumbing and Heating division, the recovery plan is centered on gaining market share, again, ensuring that we improve our efficiency and improving our mix of products to get margin accretion. P&H at the moment offers its customers specialist product knowledge again, and a differentiated offering because not only is it install, but online and its distribution across a wide range of products in the Plumbing and Heating space between renewables, Spares, and heating products. As mentioned by Stuart, we had an unusually successful H1 last year and therefore our revenues on a like-for-like basis are 13.3% down. But we have reduced our cost base by reducing our distribution centers from 7 to 4. GBP 1 million annualized saving in full year 2027 and GBP 0.9 million expected in 2026.

Speaker #1: P&H at the moment offers its customers specialist product knowledge again, and a differentiated offering because not only is it installed, but online, and it's distributed across a wide range of products in the plumbing and heating space, between renewables, spares, and heating products.

Speaker #1: As mentioned by Stuart, we had an unusually successful H1 last year, and therefore our revenues on a line-for-line basis are 13.3% down.

Speaker #1: But we have reduced our cost base by reducing our distribution centers from seven to four. £1 million annualized saving in full year 2027, and £0.9 million expected in 2026.

Speaker #1: In terms of the context of this business, we didn't have the repeat of the March 2025 exceptional volumes ahead of a very large price increase due to the CHMN introduction. It wasn't unexplainable, but it was a very large price increase.

Shanker Patel: In terms of the context of this business, we did not have the repeat of the March 2025 exceptional boiler volumes ahead of an unexplainably large, sorry, not unexplainably, but a very large price increase due to the CHMN introduction and manufacturers putting up their prices. We estimate that the boiler market is down by 3% to 4% and that volumes for APP is down because of the fact that we have reduced our market share in chasing a greater gross margin which we have delivered. The actions that are underway as depot rationalization and cost reduction will continue. The rationalization is completed, but the reduction in costs continues. We have strengthened our commercial accountability with selling right across our three product areas of Spares, renewables, and heating products.

Speaker #1: And manufacturers are putting up their prices. We estimate that the boiler market is down by 3% to 4%, and that volumes for APP are down because we have reduced our market share in pursuit of a greater gross margin, which we've delivered.

Speaker #1: The actions that are underway are depersonalization and cost reduction, which will continue. The rationalization is completed, but the reduction in costs continues. We have strengthened our commercial accountability with selling right across our three product areas: spares, renewables, and heating products.

Speaker #1: And we've installed a new sales team, which will allow us to recover our customer base and the loss of volume, as well as install an outbound sales team to focus on the smaller merchants, where it's much more efficient for us to call them rather than to send a rep round to gain their business.

Shanker Patel: We have installed a new sales team, which will allow us to recover our customer base and the loss of volume, as well as install an outbound sales team to focus on the smaller merchants, where it is much more efficient for us to call them rather than to send a rep around to getting their business. That is something that is new to us and none of our competitors are doing that, and we expect that to reap rewards for us in due course. Our categories that are performing well are Spares, which is up 8% in H1, and we continue with our renewables progress, as the market adopts low-carbon heating products. We have launched air conditioning post the H1 and in the H2, and it has been a very successful launch for us there, with higher margins than the commoditized boiler volumes.

Speaker #1: That's something that's new to us, and none of our competitors are doing that. And we expect that to yield rewards for us in due course.

Speaker #1: Our categories that are performing well are spares, which are up 8% in the first half, and we're continuing with our renewables progress as the market adopts low-carbon heating products.

Speaker #1: We have launched air conditioning post the first half and in the second half, and it's been a very successful launch for us there, with higher margins than the commoditized boiler volumes.

Speaker #1: In terms of our digital, the turnaround milestones have been reached, and the principal milestone was to get the business into profitability. We are now focused on scalable growth.

Shanker Patel: In terms of our Digital, the turnaround milestones have been reached, and the principal milestone was to get the business into profitability, and we are now focused on scalable growth. CMO still remains the largest online retailer of construction products, and it operates through nine specialist websites. A part of its strategy is to continue to create new specialisms in its online websites, and we have done that again this year with lintels and the Brick Superstore. As Stuart mentioned, revenues are up 17.5%. EBITDA is now in positive territory, and we have got sales initiatives that will yield around GBP 2 million worth of incremental sales. The next phase of our priorities is to maintain this revenue growth and also look for margin improvement.

Speaker #1: CMO still remains the largest online retailer of construction products, and it operates through nine specialist websites. Part of its strategy is to continue to create new specialisms in its online websites, and we have done that again this year with Lintels and the Brick Superstore.

Speaker #1: As Stuart mentioned, revenues are up 17.5%. The bidder is now in positive territory, and we've got sales initiatives that will yield around £2 million worth of incremental sales.

Speaker #1: The next phase of our priorities is to maintain this revenue growth, and also look for margin improvement. There are many products that are listed on the website that don't sell in greater volumes, and we're looking at how we can promote those, as they are margin accretive.

Shanker Patel: There are many products that are listed on the website that do not sell in greater volumes, and we are looking at how we can promote those as they are margin accretive. We focus a lot on improving the operational efficiency and the cost discipline of this business. The costs are substantially down on how it operates from previous years, and we will continue to use technology to drive that further. The business has a data-led marketing proposition, and that again, is going to reap rewards as we start to look at how long the customer life cycle is with CMO.

Speaker #1: We focus a lot on improving the operational efficiency and cost discipline of this business. The costs are substantially down in how it operates, compared to previous years, and we'll continue to use technology to drive that further.

Speaker #1: The business has a data-led marketing proposition, and that, again, is going to rewards as we start to look at how long the customer lifecycle is with CMO.

Speaker #1: Traditionally, it's been quite short, and the repeat customers have not been as great as we've seen in our other divisions. And that's one of our focuses, to see how we can improve that with the greater offering that CMO now has, with the backing of a physical business behind it, across all the various product streams—plumbing and heating, general building materials, renewables, and civils.

Shanker Patel: Traditionally, it has been quite short, and the repeat customers have not been as great as we have seen in our other divisions, and that is one of our focuses is to see how we can improve that with the greater offering that CMO now has with the backing of a physical business behind it across all the various product streams of Plumbing and Heating, general building materials, renewables, and civils. In the next phase of our priorities, we had a business called Condell, which was also online and selling similar products to CMO, which is now being moved across to CMO, and we are seeing some really strong growth in those product areas under CMO and a cost reduction in the group with the duplication of two businesses selling the same product removed. We are launching a trade credit software, which is Digital.

Speaker #1: In the next phase of our priorities, we had a business called Gondel, which was also online and selling a similar product to CMO. That business is now being moved across to CMO, and we're seeing some really strong growth in those product areas under CMO.

Speaker #1: And a cost reduction in the group, with the duplication of two businesses selling the same product removed. And we're launching a trade credit software, which is digital.

Speaker #1: So, rather than a traditional trade credit offering, which is essential to sell construction products, this is a digital offer where the customer will be offered trade credit through a third-party provider online, while they are browsing our website.

Shanker Patel: Rather than a traditional trade credit offering, which is essential to sell construction products, this is a digital offer where the customer will be offered trade credit through a third-party provider online whilst they are browsing our website. It is called Two, and we are looking forward to seeing the effects of that come through as part of our Digital journey. I will summarize our operational improvement program. Every operating business has a focused plan with clear ownership and regular executive review. In terms of sales, for APP, it is to grow our share. For CMO, we are revitalizing inactive accounts and offering trade credit. In some of our specialist businesses like A.W. Lumb, we are focusing on direct sales as it sells into the house-building share part of the market.

Speaker #1: It's called Q2, and we're looking forward to seeing the effects of that come through as part of our digital journey. I'll summarize our operational improvement program.

Speaker #1: Every operating business has a focus plan with clear ownership and regular executive review. In terms of sales, for APP, it's to grow our share.

Speaker #1: For CMO, we're revitalizing inactive accounts and offering trade credit. In some of our specialist businesses, like AW1, we're focusing on direct sales as it sells into the house-building part of the market.

Speaker #1: We have been positively encouraged by the Help to Buy scheme, details of which are scant, but we feel that will support a degree of growth in our AWM direct sales business as house builders mobilize to provide greater housing.

Shanker Patel: We have been positively encouraged by the Help to Buy Scheme, details of which are scant, but we feel that that will support a degree of growth in our A.W. Lumb direct sales business as house builders mobilize to provide greater housing than there have been in 2026. We continue our gross margin focus through either improving pricing or ensuring that we get greater supplier support. The market is tough for us. It is equally tough for our supply chain, so we are looking at the supply chain to equally support as we focus on improving our margin. We will continue our cost reduction. We have completed a large restructure of Merchanting. We have restructured Condell, and we have carried out the DC rationalization, but we will continue to look at all of our costs to make sure that a cost reduction is delivered.

Speaker #1: There have been changes in 2026. We continue our gross margin focus, either through improving pricing or by ensuring that we get greater supplier support. The market is tough for us.

Speaker #1: It's equally tough for our supply chain. So we are looking at the supply chain to equally support as we try to improve our as we focus on improving our margin.

Speaker #1: We'll continue our cost reduction. We have completed a large restructured emergency with restructured Gondel, and we've carried out the DC rationalization. But we'll continue to look at all of our costs to make sure that our cost reduction is delivered.

Speaker #1: And we can see that in our numbers, with our like-for-like costs not growing in line with inflation. Working capital is a big priority for us.

Shanker Patel: We can see that in our numbers with our like-for-like costs not growing in line with inflation. Working capital is a big priority for us, where we will be optimizing our inventory, ensuring that our receivables collection is as strong as it can be, given our markets are under pressure. In particular, the financial viability of some of our customers will come into question in softer markets. But equally, we are also leaning on our suppliers to make sure that we get decent terms that mirror the provision of our credit to our customers. As I mentioned earlier, we have decided to reduce CapEx, not at the detriment of the business. We do feel that the business has been well invested, but it is time for clear financial returns and that threshold to be as high as possible for our businesses to deliver.

Speaker #1: We will be optimizing inventory, ensuring that our receivables collection is as strong as it can be, given our markets are under pressure. In particular, the financial viability of some of our customers will come into question.

Speaker #1: In softer markets, but equally, we're also leaning on our suppliers to make sure that we get decent terms that mirror our provision of credit to our customers.

Speaker #1: As I mentioned earlier, we have decided to reduce capex, but not to the detriment of the business. We do feel that the business has been well invested.

Speaker #1: But it is time for clear financial returns, and that threshold should be as high as possible for our businesses to deliver. In terms of the outlook, we're not expecting an improvement in market conditions.

Shanker Patel: In terms of the outlook, we are not expecting an improvement in market conditions, and therefore, we will be focusing on controlling our controllables. The effect of the war in Ukraine, the higher increase in fuel, and therefore the input costs will continue to make sure that our markets are softer. That you can see in the PMI index being 44.3 in August and well below 50. Whilst we are grateful that the Bank of England did not increase interest rates recently, but we are potentially expecting the effect of a 25 basis points rise in November, which clearly has a potential of a negative effect on our markets. Our industry federation has reduced its forecast from a +2.3% in 2026 to a -1.8%.

Speaker #1: And therefore, we'll be focusing on controlling what we can control. The effect of the war in Iran, the higher increase in fuel, and therefore the input costs, will continue.

Speaker #1: To make sure that our markets are softer, and you can see that in the PMI index being 44.3 in August, and well below 50.

Speaker #1: Whilst we're grateful that the Bank of England did not increase interest rates recently, we are potentially expecting the effect of a 25-basis-point rise in November, which clearly has the potential for a negative effect on our markets.

Speaker #1: Our industry federation has reduced its forecasts from a positive 2.3% in 2026 to a negative 1.8%. This is before the launch of the Help to Buy scheme, and we're hoping to get further details of that and see how that will help bolster our end markets.

Shanker Patel: This is before the launch of the Help to Buy scheme, and we are hoping to get further details of that to see how that will help bolster our end markets. Our priorities is to convert profit into cash, reduce our leverage by the year-end, grow our market share in our Plumbing and Heating division, and improve our EBITDA through implemented cost savings, operational efficiencies, and gross profit improvement. Thank you very much for your time, and we will move over to Q&A.

Speaker #1: So, our priority is to convert leverage by year-end, grow our market share in our Plumbing and Heating division, and improve our EBITDA through implemented cost savings, operational efficiencies, and gross profit improvement.

Speaker #1: Thank you very much for your time, and we'll move over to Q&A.

Speaker #2: Perfect. Thank you for updating investors today. Could I please remind investors to submit your questions using the Q&A tab situated in the right-hand corner of your screen.

Operator: Perfect. Thank you for updating investors today. Could I 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. To this point, if I could just hand back to the team to read out the questions and give responses where appropriate to do so, and I will pick up from you at the end.

Speaker #2: And for your reference, the recording of today's presentation will be available on the Investment Company platform shortly after the meeting has ended. Guys, as you can see, we have received a number of questions during today's presentation.

Speaker #2: At this point, if I could just hand back to the team to read out the questions and give responses where appropriate to do so, and I'll pick up from you at the end.

Speaker #1: Okay. Yeah, the first question: shareholder value has been consistently emphasized, and resiliency has been the message consistently. But performance hasn't been good. What is going to reverse this downward spiral?

Shanker Patel: Okay, now the first question: shareholder value has been consistent, the ended resiliency has been the message consistently, but performance hasn't been good. What is going to reverse this downward spiral? Well, the reversal of the downward spiral is in part the actions that we are taking. We have moved to taking quite drastic action. It is not fun having to restructure your business and lose colleagues that have been with us for a long time. But we have decided to take the actions in light of the market conditions. But the real reversal obviously comes if we can get some tailwinds, which I do not know if the Help to Buy scheme is the only tailwind that the government has in mind. But we look forward to seeing some of that come through, and if that doesn't, we will continue to operate as well as we possibly can.

Speaker #1: Well, the reversal of the downward spiral is, in part, the actions that we're taking. We've moved to taking quite drastic action. It's not fun having to restructure your business and lose colleagues that have been with us for a long time.

Speaker #1: But we have decided to take these actions in light of the market conditions. The real reversal obviously comes if we can get some tailwinds, which I don't know if the Help to Buy scheme is the only tailwind that the government has in mind.

Speaker #1: But we look forward to seeing some of that come through. And if it doesn't, we will continue to operate as well as we possibly can.

Speaker #1: We are a diversified business with quite a number of our markets challenged. And our job is to react to that. To that challenge as best as we can, which I think we're trying to do to demonstrate.

Shanker Patel: We are a diversified business with quite a number of our markets challenged, and our job is to react to that challenge as best as we can, which I think we are trying to do to demonstrate. But appreciate the point that performance hasn't been good, and equally it's not been good for many of our competitors in our sector. Another question is: are there further opportunities to expand exclusive or own brand products to structurally improve margins and strengthen customer loyalty? Yes, absolutely. In particular, in our Plumbing and Heating division, that's something that we have been focusing on. We have got a team that are looking at improving our gross margins through exactly that, some own branded opportunities.

Speaker #1: But I appreciate the point that performance hasn't been good. Equally, it's not been good for many of our competitors in our sector. Another question is, are there further opportunities to expand exclusive or own-brand products to improve margins and strengthen customer loyalty?

Speaker #1: Yes, absolutely. In particular, in our Plumbing and Heating division, that's something that we have been focusing on. We have got a team that is looking at improving our gross margins through exactly that.

Speaker #1: Some own-branded opportunities. We have launched quite a number of own-brand products, and now also put in a sales team that is focused on selling the higher-margin products rather than the commoditized, large-volume boiler products and associated heating products.

Shanker Patel: We have launched quite a number of own brand products and now also put in a sales team that are focused on selling the more higher margin products than the commoditized large volume boiler products and associated heating products. The answer to that question is firmly yes, and we will continue to do so and look forward to doing more of that in 2027.

Speaker #1: So, the answer to that question is firmly yes. We'll continue to do so and look forward to doing more of that in 2027.

Speaker #3: Perfect. Next one. Next question is: To gain market share means being competitive. Is your pricing enabling this? And can you squeeze suppliers' margins further?

Stuart Kilpatrick: Shall I take this one?

Shanker Patel: Yeah.

Stuart Kilpatrick: Next question is.

Shanker Patel: Thank you.

Stuart Kilpatrick: to gain market share means being competitive. Is your pricing enabling this, and can you squeeze suppliers' margins further? Well, our pricing is competitive. It kind of has to be. We price quite regularly, so that means checking against our competitors, what their prices are, and obviously the customers will come into our branch with a price from someone else and compare it to our prices. So we're constantly being competitive on the pricing side. Can we squeeze suppliers' margins further? We're obviously very dependent on good relationships with suppliers, but our suppliers are facing the same volume challenges we are, and there are obviously opportunities to do deals with them and enhance our margins. So that's another area of focus for the H2. As we've mentioned, improving our gross margin is two ways.

Speaker #3: Well, our pricing is competitive—it kind of has to be. We price scrape quite regularly, which means checking against our competitors and what their prices are.

Speaker #3: And obviously, customers will come into our branch with a price from someone else and compare it to our prices, so we're constantly being competitive on the pricing side.

Speaker #3: And can we squeeze suppliers' margins further? We're obviously very dependent on good relationships with suppliers, but our suppliers are facing the same volume challenges we are.

Speaker #3: And there are obviously opportunities to do deals with them and enhance our margins, so that's another area of focus for the second half, as we've mentioned.

Speaker #3: Improving our gross margin is two ways: it's price up and cost down, in essentially simple terms. And we're working on both of those equally hard.

Stuart Kilpatrick: It's price up and cost down, essentially, in simple terms, and we work on both those equally hard.

Speaker #1: Have there been any approaches by third parties to acquire the business, or is the majority shareholder comfortable that things will improve into significant profitability?

Shanker Patel: Has there been any approaches by third parties to acquire the business, or is the majority shareholder comfortable that things will improve into significant profitability, and when? Obviously, I can't answer or give any details, but the business has not been, or is not open to approaches at this moment in time. As the majority shareholder, it's comfortable that the business is a strong business that will improve its profitability as the market improves, but equally through the actions that it is taking. As I mentioned, the market itself is in considerable difficulty, and we're not the only business that's been affected by this. Got a question: how do you work more with suppliers in partnerships?

Speaker #1: And when? Obviously, I can't answer or give any details, but the business has not been, or is not open to approaches at this moment in time.

Speaker #1: And as the majority shareholder is comfortable that the business is a strong business, that it will improve its profitability as the market improves — but equally, through the actions that it is taking.

Speaker #1: As I mentioned, the market itself is in considerable difficulty, and we're not the only business that's been affected by this. The question is, how do you work more with suppliers in partnerships?

Speaker #1: All of our businesses are actually very close to their suppliers, and the way we do that is by working with them in terms of product launches, and in areas where they see a gap that we could potentially fulfill.

Shanker Patel: All of our businesses are actually very close to their suppliers, and the way we do that is actually work with them in terms of product launches, in terms of areas where they see a gap that we could potentially fulfill. Including CMO, where category management is really key, being a Digital business. Again, there's always more and more work that we can do with our suppliers. In particular, one of the initiatives that we've taken is first to leave our buying group, H&B, and go and enter into a strategic alliance with two other merchants, where again, we'll be working much closer with our suppliers rather than working through a buying group. Again, that's a big part of how we will see growth in our business.

Speaker #1: And including CMO, we're category management. It's really key being a digital business. But again, there's always more and more work that we can do.

Speaker #1: With our suppliers, and in particular, one of the initiatives that we've taken is to first leave our buying group, HMB, and enter into a strategic alliance with two other merchants, where again we'll be working much closer with our suppliers rather than working through a buying group.

Speaker #1: So again, that's a big part of how we will see growth in our business.

Speaker #3: So I'll take the next one. Please tell me more about the current debt rise and the plan to reduce it. What is the earnest estimate for full-year, end-of-year net debt?

Stuart Kilpatrick: Well, if I take the next one. Please tell me more about the current debt rise and the plan to reduce it. What is the honest estimate for full year, end of year net debt? Well, as we mentioned in the presentation, the debt rise in the H1 is largely driven by working capital, which is a seasonal thing, which tends to reverse in the H2. Our businesses are quite seasonal, with Plumbing and Heating being strong in September through to March, and Merchanting being strong from March through to November, really. We do have seasonal impacts on working capital. We have instituted some targets on stock and inventory levels, and we have introduced some new techniques and new software to try and drive inventory efficiency more challengingly. We think the debt will reduce in the H2 just through the natural seasonal flow.

Speaker #3: Well, as we've mentioned in the presentation, the debt rise in the first half is largely driven by working capital, which is a seasonal thing that tends to reverse in the second half.

Speaker #3: Our businesses are quite seasonal, with plumbing and heating being strong from September through to March, and merchanting being strong from March through to, sort of, November, really.

Speaker #3: So we do have seasonal impacts on working capital. We have instituted some targets on stock and inventory levels, and we introduced some new techniques and new software to try and drive inventory efficiency more challengingly.

Speaker #3: So, we think the debt will reduce in the second half just through the natural seasonal flow, and this estimate is similar to where we were in the first half—really in the first half.

Stuart Kilpatrick: This estimate is similar to where we were in the H1, earlier in the H1.

Speaker #1: Last week's got a long question, but I'll just pick out an aspect of it. Which is, the market cap has diminished since the IPO; the market doesn't like the trends.

Shanker Patel: Last, we have got a long question, but I will just pick out an aspect of it, which is: The market cap has diminished since the IPO. Market does not like the trends. How are we going to start being profitable, and what is changing for this to actually come to fruition, as actions speak louder than words? There is a personal downbeat by consistent poor performance. We completely recognize that the market cap has diminished. But equally, we also know that our market has, since our IPO, been on a downward spiral. Volumes are lower than 2019. That is naturally going to have an effect on our business and any other business in our sector. We are profitable, so I do not think the point is that when we are going to start being profitable. We are profitable. We are taking the actions to increase those profits in a very difficult environment.

Speaker #1: How are we going to start being profitable, and what's changing for this to actually come to fruition? As actions speak louder than words. And there's personal downbeat by consistent performance.

Shanker Patel: There is a personal downbeat by consistent poor performance. We completely recognize that the market cap has diminished. But equally, we also know that our market has, since our IPO, been on a downward spiral. Volumes are lower than 2019. That is naturally going to have an effect on our business and any other business in our sector. We are profitable, so I do not think the point is that when we are going to start being profitable. We are profitable. We are taking the actions to increase those profits in a very difficult environment.

Speaker #1: I completely recognize that the market cap has diminished, but equally, we also know that our market has, since our IPO, been on a downward spiral. Volumes are lower than in 2019.

Speaker #1: That's naturally going to have an effect on our business, and any other business in our sector. We are profitable, so I don't think the point is when we are going to start being profitable—we are profitable.

Speaker #1: And we're taking the actions to increase those profits in a very difficult environment. We have been affected massively by external forces, such as increases in our costs, which we've worked really hard to manage.

Shanker Patel: We have been affected massively by external forces, such as increases in our costs, which we have worked really hard, and those are our actions which speak louder than our words, that we have controlled our costs. As our presentation says, our job is to control what we can control. We are doing everything, and we can assure shareholders that we are doing everything we can to control our controllables. Notwithstanding that a big part of the management is actually very much invested in this business with a large shareholding. So what has affected other shareholders equally affected the management shareholding, and we will do our very best to improve that as much as we possibly can.

Speaker #1: And those are our actions, which speak louder than our words; that we have controlled our costs. And, as our presentation says, our job is to control what we can control.

Speaker #1: And we're doing everything we can to assure shareholders that we are doing everything we can to control our controllables, notwithstanding that a big part of the management is actually very much invested in this business with a large shareholding.

Speaker #1: So what's affected other shareholders is equally affecting the management shareholding, and we will do our very best to improve that as much as we possibly can.

Speaker #2: That's great, guys. Thank you, Franz, for those questions from investors today. Before we ask investors to share their feedback, which I know is particularly important to the company, Shanka, could I please just ask you for some closing comments?

Operator: That's great, guys. Thank you for answering those questions from investors today. Before we ask investors to share their feedback, which I know is particularly important to the company, Shankar, could I please just ask you for some closing comments?

Speaker #3: Okay. Once again, thank you very much for joining us this morning. Appreciate that our messages that we are in difficult and quite turbulent markets, but we would like to reassure that we're taking as many actions and everything in our control to do the best that we possibly can.

Shanker Patel: Once again, thank you very much for joining us this morning. Appreciate that our message is that we are in difficult and quite turbulent markets, but we would like to reassure that we are taking as many actions and everything in our control to do the best that we possibly can. Thank you very much.

Speaker #3: Thank you very much.

Operator: Thank you. Could I please ask investors not to close this session, as you will now be automatically

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