Mitie Group plc

Okay, good morning. We've got a full house today, which is great to see. So good morning, everyone, and thank you so much for making it here today, and especially given the tube strike today. I think we're all getting used to it now. As usual, we are here presenting from our headquarters in the Shard. Nicely set in this photo here with our new corporate branding. And I hope you noticed when you came in at the entrance there, our recently awarded royal warrants are pictured here with Priscilla, the stalwart of our cleaning team here at the Shard. So welcome to MITEI's full year presentation for the 12 months ended 31st of March 2026. And as we'll show, our results in 26 were good. We're confident in delivering our FY25-27 strategic plan, which I'll talk on shortly. And we are building the foundations for 28 and beyond. Firstly, turning to the 26 highlights, we've delivered strong double-digit growth in revenue and operating profit, and that's for the third consecutive year. Excluding acquisitions over this period, our organic growth has averaged around 7%, and that's well ahead of the wider FM market, which grew 2% to 3%. We've shown our resilience despite the material headwinds from inflation in labor and higher national insurance contributions. With margins up a further 10 basis points, we've got high visibility of our future. We've ended the year with record 16.3 billion pound order book and a 31.7 billion pound bidding pipeline, which we'll touch on. Cash generation was also good and we plan to extend share buybacks in FY27 to total 100 million, inclusive of the remaining 40 million of the current programme announced last October. M&A is a key feature of our model, as you know, and I'm pleased to say that the Marlowe acquisition is progressing above our expectations. And taken in the round, this positive outlook gives us not only confidence in delivering our FY25-27 three-year plan, but belief also that the strategic foundations are in place for continued value creation in FY28 and beyond. So here are some of the highlights in numbers with double digit compound annual growth since 2023 in revenue, operating profit, and earnings per share. In wins, renewals, order book, and pipeline, as well as in free cash flow, capital deployments and dividends. And with FY27 still to come, I think we would have taken where we are at today when we launched our facilities transformation strategy at our capital markets event back in October 23. So that gives you some sense of the progress we've made since then. So over to Simon now. He'll help you navigate through the detail of FY26 performance, then I'll come back and touch on strategy.

Thanks, Phil. Good morning, everybody. So as Phil said, we're now into the final year of our three-year plan. So before we get into the detail of the FY26 results, I'll just give a little bit more color to the financial progress that we've made so far and the financial model that underpins our strategy. Our model's based on profitable growth and free cash flow generation, enabling us to compound earnings, drive value accretion, and increase shareholder returns. At the capital markets event in 2023, when we launched the Mightyverse, we said revenue would grow in the high single digits. As we enter the final year of the plan, it's exceeded that target, growing at 13% a year over the first two years, supported by the increasing pipeline and the much larger order book that Phil just referenced. Operating profits growing significantly faster than revenue, at 18% a year, and it's worth reminding ourselves that back in 2023, consensus profit for FY26 was £207 million. Today we're reporting £264 million, having made seven upgrades since then. Margins have been resilient despite the material external headwinds, and this good growth and increasing profitability has led to significant free cash flow generation, which at £162 million is already higher than our FY27 target. This good free cash flow generation has enabled us to return capital to shareholders and pursue value accretive M&A, deploying £414 million in FY26, including the acquisition of Marlowe. As a result of these actions, our TSR since the capital markets event is 78%, well above the FTSE 250 average of 29%, and we're compounding earnings with EPS growing at 13% a year. So with that as a backdrop, I'll move on to cover the FY26 results, starting with the headlines. Revenue's up by 10.5% to £5.6 billion, driven by good organic growth of 5.3%. operating profits growing by 12.8% to £264.1 million, and we've improved margins to 4.7% despite the significant profit headwinds. EPS is up 7.1% to 13.6p a share, driven by profit growth and share buybacks, offset by higher net finance costs and the shares that we issued to acquire Marlowe. The Board's proposed a final dividend of 3.1p a share, taking the total dividend to 4.5p, up 4.7% on FY25. And finally, as I mentioned earlier, we've had a free cash inflow of £162 million, with average daily net debt of £440 million. So moving on then to cover the performance in a bit more detail and turning firstly to revenue. This slide shows the key drivers of the revenue growth in FY26 with the good momentum from FY25 continuing both organically and inorganically. The first block of the chart shows 54 million pounds worth of growth in core FM from wins and losses and incremental growth on existing contracts with wins significantly exceeding losses. Organic projects growth of 125 million pounds was driven by good growth in defense, data centers and healthcare. This growth includes a £20 million reduction in revenue in Mighty Telecoms, where we've exited unprofitable frameworks, as well as a £40 million reduction in central government, where we lost a high-margin contract that completed halfway through FY26. Pricing accounts for £151 million of additional revenue, and we've shown separately on this bridge the £59 million headwind from the completion of the high-margin, one-off surge security work last year. When we combine these four blocks, total organic growth is 5.3%. Finally, acquisitions contributed 5.2% of growth in FY26, and this block includes the infill acquisitions that we've made in the last 18 months, including Argus Fire and the two Spanish businesses, as well as the Marlowe acquisition, which added 208 million pounds of revenue. So sticking with the group numbers, next I'll cover operating profit. And this slide shows the key financial themes for the year on a profit bridge, highlighting the resilience of our business model. Strategic profit growth of 67.4 million pounds more than outweighed 37.4 million pounds of profit headwinds. Our growth strategy is focused on core FM projects and acquisitions underpinned by margin enhancement initiatives. Core FM and projects profit grew by £12.7 million, driven by new wins, combined with a good projects performance across most sectors. This block includes a £10.1 million loss on one specific contract, which I'll come back to shortly, as well as a £15 million headwind from the completion of the central government contract that I just referenced. Next, we added £12.2 million of incremental profit from acquisitions, of which Marlowe was £9.5 million. And when combined with £7 million of cost synergies, Marlowe profit for our first eight months of ownership was £16.5 million, significantly better than we initially expected. We made equally good progress with margin enhancement initiatives, delivering £25.1 million of savings, and we've turned the telecoms business around, breaking even in FY26, which is a £10.4 million year-on-year improvement. In terms of headwinds, the completed surge response work was an £11.7 million profit headwind. We made £7.1 million of investments to drive growth, including in our sales and technology teams. And the headwind from inflation and national insurance was £18.6 million, which I'll cover in a bit more detail now. So once again, we were successful in managing inflationary pressures in FY26. Our contractual protections and strong customer relationships enabled us to pass on 94% of cost inflation to our customers, resulting in only a £6.9 million reduction in profit. We said last June that we expected our employer's NI bill to go up by around £50 million in FY26, and that we'd recover around £35 million of that through contractual protections and commercial negotiations. The gross impact has been a little lower than we expected, at £48.5 million, and we've recovered more than we expected, meaning that the net impact is only £11.7 million. That's £3.3 million better than we expected. The total impact from inflation and national insurance, therefore, is £18.6 million, which has been fully offset by the margin enhancement initiatives. Looking ahead to FY27, the national living wage will increase by 4.1%, which is a smaller increase than in each of the last two years. We're confident that our contractual protections and strong relationships will enable us to price the vast majority of the increase through to customers, as we've done in previous years. We don't expect another national insurance increase in FY27, but we are affected by fuel price inflation. We expect the growth in fuel prices to have a five to six million pounds gross impact in FY27, most of which will pass through in pricing. We expect the residual impact to be around two million pounds, which is included in the 10 to 12 million pounds total impact from inflation in FY27. So moving on to cover the divisional performance, business services revenue grew by 17.6% to £3 billion, with particularly good performances in security, hygiene and in Spain. The security business grew by 8.8% despite the £59 million headwind from completion of the surge work last year. Growth was driven by fire safety and security projects, both organically and inorganically, as well as new wins in pricing. Growth of 10.6% in hygiene was driven by some new large wins and pricing, and the business in Spain has grown by over a third as a result of the expansion into security and significant wins in the public sector. Underneath the total revenue line, we show the growth from our three pillars of FM, FT and FC. Growth of 9.3% in FM is well ahead of market growth of 2 or 3% and reflects the strong performance in hygiene, in immigration and justice where we've just started the mill site contract and in Spain. The FT growth is driven by fire and security projects and the growth in facilities compliance is largely due to the 208 million pounds of revenue added with Marlowe. Profitability in business services has been resilient, growing by 3.7% in FY25, but margins have reduced by 80 basis points to 6.3%. Revenue growth, MEIs, and the contribution from Marlowe have been positive drivers of profit in the year, but they've been offset by the completion of the surge security work and the large central government contract that I mentioned earlier. Moving on to technical services, which has grown by 3.5% to £2.6 billion. Engineering, which includes our private sector maintenance contracts and larger engineering projects, grew by 1.4% in FY26. New wins, project work and pricing more than offset the loss of one notable contract and the contracts that we've exited in the telecoms infrastructure business. The defence growth of 9% and HLG&E growth of 3.4% were largely driven by increases in projects work. In defence, this included projects for the DIO in Gibraltar and Cyprus, and in HLG&E, the project's growth was in healthcare across a number of different hospital contracts. As we show again underneath the revenue table, this project's growth was the key driver of the overall technical services growth, with FT growing by 14% to 1.1 billion pounds. FM revenue reduced by 2.8% to £1.5 billion as a result of one notable contract exit and a reduction in volumes on the landmark contract. With a new senior management team in place and some early wins, we expect FM growth in TS to improve in FY27. The good projects growth combined with MEIs and the turnaround in the telecoms business drove a 24.6% increase in profit, boosting margins by 90 basis points. However, although margins have improved, they continue to be impacted by the headwinds from inflation and national insurance, as well as one loss-making contract. As I said earlier, this contract was a £10.1 million headwind to technical services profit in FY26, but it's now completed. It sits in a structurally low-margin sector, which we're exiting. Without this contract, TS profits would have increased by 34%, and margin would have been a further 55 basis points higher. My final P&L slide shows the consolidation of the group numbers with the BS and TS profits that I've just talked through, combining with 58.9 million pounds of corporate costs to make up the 264.1 million pound group profit and 4.7% margin. Corporate costs are a little higher than in FY26 as we've invested in sales and technology and due to the inflation and national insurance increases. So my last few slides cover cashflow, the balance sheet and capital deployment. We generated a free cash inflow of £162.1 million in FY26, with the key driver being the operating profit of £264.1 million. Other items was a £59.3 million outflow of cash and was largely made up of acquisition-related costs as well as the costs of delivering our margin enhancement initiatives. The year-on-year increase was driven by the Marlowe acquisition and the Marlowe integration costs. Next, the pension deficit payments combined with the add-back of share-based payments was a £24 million inflow of cash. With our DB schemes now in surplus, payments have ceased and we expect to undertake an insurance buy-in of our DB schemes in FY27. Working capital was a cash outflow of £35.7 million. driven by the continued growth in the projects business, the longer payment terms on retail wins, and a one-off £10 million impact from the new Procurement Act. Offsetting these outflows, we've made further one-off process improvements and continue to rationalise our supplier base. CAPEX leases interest and tax was a £126.9 million cash outflow, which was £21.1 million higher than in FY25. That increase was driven by CAPEX for new contract mobilisations including MILSIC, lease payments for the Marlow fleet and interest costs resulting from our capital deployment actions. These capital deployment actions account for a £414 million cash outflow which I'll come back to. And then finally at the bottom of the page we see the overall increase in net debt of £251.2 million. This increase results in a closing net debt of £450 million and an average daily net debt of £440 million, with the average leverage ratio of 1.2 times remaining within our targeted range. Debtor days have got a little worse due to the acquisition of Marlowe and growth in the projects business, and creditor days have improved despite the new Procurement Act as we rationalise the supplier base and continue to improve our processes. Rowick reduced to 18.1% as a result of the Marlowe acquisition, where we've added £414 million of invested capital, but only eight months of operating profit. And finally, net assets increased to £533 million after adding the net profit for the year and the shares issued for Marlowe, offset by dividends, share buybacks and market purchases for employee share schemes. Our strong balance sheet and ongoing free cash flow generation underpin our capital deployment actions. In FY26, our deployment has increased by 75% to £414 million, including the £228 million of cash used to acquire Marlowe and £15 million of infill M&A across high-growth sectors. We've increased our dividend to 4.5p a share at a 33% payout ratio, spent £29 million purchasing shares in the market for incentive schemes, and spent £63 million acquiring 38 million shares through the share buyback programme. As we look ahead to FY27, infill M&A will be relatively modest as we integrate Marlowe and realise the synergies. The dividend is likely to be at the lower end of our 30% to 40% payout range, and we'll continue to purchase shares for all employee share schemes. Finally, we'll continue to return excess cash to shareholders through share buybacks, announcing today our intention to purchase £100 million of shares in FY27. So in summary, we've had a positive year in FY26, with good momentum heading into the final year of our three-year plan. Revenue growth has been significantly better than our high single-digit guidance, and margins have improved despite the investments we've made and the headwinds from inflation, national insurance, and the completion of the surge work. We made a positive step forward in EPS despite higher interest costs, generated good free cash flow, and ROIC's fallen below 20%, but only temporarily. As we look ahead to FY27, we remain confident of achieving our headline financial targets. In terms of the detail, we expect finance costs will be higher as our leverage increases, our tax rate will remain at around 25% and Roit will increase back towards our target of 20%. And on that note, I'll hand back to Phil.

Thank you, Simon, and thank you for a good story of our progress. It's a good job. And as Simon said, I think we're confident in achieving our FY27 target. So where do we go from here? And why did I say in my introduction introductory remarks as i believe we are laying the foundations for value creation for fy28 and beyond well let me explain a little bit more about that and firstly just a reminder of our current strategic plan i'll do this quite quickly you've seen this all but our strategic plan was built around the three pillars of growth in facilities management, on the bottom there, growth from our core led by key account growth. In facilities transformation, the middle, projects-led growth, upgrading and decarbonising the built environment. And lastly, on the top, in facilities compliance, M&A expansion into regulation-led services following the acquisition of Marlowe. Our vision was the future of high-performing And together, these pillars created a differentiated end-to-end proposition to meet our customers' evolving needs whilst moving the group into higher growth, higher margin adjacencies. Revenue growth was at the very heart of our strategy. And on the left, we set a target of 1.2 billion of revenue growth over the three-year plan, half of which would come from the core, 200 million would come from projects growth, and 400 from M&A. So I'm pleased to see that after only two years of the three-year plan, as I'll show, we've already delivered that growth ambition. Now, you've heard me say before that our strategy was underpinned by favorable macro trends, and not surprisingly, these macro trends have endured. Increasing reliance on the private sector to tackle crime, rising public sector investments across defense, healthcare, justice, and immigration, the decarbonization and modernisation of the built environment, upgrades in power and grid infrastructure, data centre investments and increasing regulation around fire building, safety and environmental compliance alongside significant investments in UK water. So in short, we continue to operate in markets where our demand for services is structural, long-term and continues to grow. Our bidding pipeline bears this out, a 34% year on year increase to a record £31.7 billion. That's double where we stood at the beginning of our strategy. You've heard me talk before about the improving quality of our pipeline with more bids both meeting client pre-qualification and being submitted through for evaluation. But the mix of our pipeline has also changed. 6.8 billion of the pipeline relates to opportunities in facilities transformation in projects, where we've seen a tenfold increase in three years, as we are added to more of our clients' capital frameworks. And we now include, for the first time, our facilities compliance pipeline at 800 million. And like facilities transformation, I'd expect this to grow significantly as well as we establish our compliance credentials and qualify onto more client frameworks. The bidding pipeline, of course, then feeds through into a growing order book, reflecting our win rates of over 30% and retention rates back above 80%. We ended the year with a record 16.3 of order book. That's a three-year CAGR of 19% per annum. Facilities transformation order books are now an impressive, in the order book, are now an impressive 2.8 billion. And again, we include our fledgling facilities compliance order book of 500 million. This will only grow as we build out our total fire and security and total managed water offer. The final point to add on order book and mix is that due to their shorter duration, the vast majority of facilities transformation and facilities compliance held in the order book produces revenue much more quickly within two to three years. The same mixed point is relevant in margins where facilities compliance attracts the highest margins with facilities transformation with slightly lower margins but still higher than our core facilities management. These are all however before corporate overheads and shared services which now in aggregate absorb about 280 basis points of margin from the gross margin in the contract. Although that ratio of overheads to revenue is falling, it's why independent of our trading margins, we focus so much on our overhead costs. And as you can see on the right, we delivered another £25 million of savings through margin enhancements in FY26. On top of that, we've made a good start on the Marlowe integration, delivering £7 million of synergies in FY26, which was ahead of our expectations. We moved Marlow's alarm receiving centre, their ARC, from Warrington into MIT's ARC in Craighaven, Northern Ireland. We've exited 15 Marlow properties. We've streamlined back office operations and have already started migrating Marlow onto our cyber secure systems. These initial savings have given us good momentum into FY27. where further work streams including the optimisation of field forces, deployment onto a single workflow platform, continued property exits and further HR and finance savings are expected. Although it's too early to adjust guidance at this time, it's no doubt we've made a fast start and we expect to exit FY27 at the full run rate of synergies that we've previously guided. So when I look at our margin mix, our order book, our fast-growing pipeline on top of our macro trends, this is why I say we're laying the foundations for the next phase of growth in FY 20 or 28 and beyond. Foundations built around capturing share of wallet within our existing facilities management, client base, turbocharging projects in facilities transformation, growth in facilities compliance, and finally, accelerating technology and AI to unlock further margin expansion. So a couple of thoughts to leave you with on each foundation. Share of wallet, as you know, is about doing more for those clients with the deepest pockets and our deepest relationships. We have a world-class net promoter score of plus 64 points, double the FM industry. Yet with only 40% of our top clients contracting on an integrated FM basis, we know there's significantly more to do. And we've undertaken detailed reach out and research and analysis of our 50 largest strategic account spend and we've now identified around 1.5 billion share of wallet opportunities from security and hygiene through to engineering, maintenance, capital projects and now of course facilities compliance that we can deliver. How are we unlocking the share of wallet opportunity? Firstly, through a much deeper sector-led approach, demonstrating our expertise and tailoring complete solutions across the built environment in sectors that are different. Healthcare, transport, retail, financial services, critical national environments, they've all got particular requirements. Our corporate website, therefore, Mighty.com, is dialing up on this sector experience, and we've built an in-house LLM to assist lead generation in just navigating the complexity of Mighty offer. We're investing in our people, redesigning incentives for our strategic client directors and sales teams, and enhancing training. Thirdly, by delivering our own AI-driven insights from our CRM touchpoints, giving us a better understanding of how we meet our clients' needs. Transport for London, TFL, on the day of a tube strike is a good example where we provide hard services maintenance in the past, specialist security services, drones and technology around detection of graffiti, for example. And now we've just mobilized 2,200 colleagues on a £100 million per annum hygiene project. and waste management contract over the next five years. And this is the same success we've replicated with retail clients, pharmaceutical clients, and e-commerce clients. And on the upper right, you'll see already we've exceeded our growth ambition. We targeted 600 million in over the three-year plan, and we're above that target after only two years. Turbocharging projects and facilities transformation is another strategic foundation. Project revenue has doubled to 1.4 billion since we unveiled our new strategic plan back in 2023. And our ambition is to build to a 2 billion plus business over the next few years, underpinned by those macro trends we touched on earlier. Leveraging One Mighty to unlock cross-sell opportunities Around 80% of our project work is delivered to our existing FM customers, continuing to invest in capability through infill M&A, in fire and security, water engineering, and refrigeration, for example, while scaling up our consulting model, leveraging our deep knowledge of our clients' estates. and strengthening our capabilities through apprenticeships, graduate engineering programs, and again, rebranding our website under the High-Performing Projects strat line. I've mentioned the £45 billion investment going into data centres many times, as has the government. And so in the middle, look at the revenue growth in JCA Engineering, our data centre principal contractor, together with GBE Converge, which delivers sophisticated fire and security systems to data centres in the UK and other fast-growing European locations. Combined, we expect data centre revenue to grow from less than £200 million in FY25 to over 500 million over the next few years as we deepen our relationship with hyperscalers such as Google and Microsoft, and with developers such as KO Data, Arc, and Equinix. And on the right, you'll see some of our major projects in hospitals, at carports, And that's without mentioning the UK's largest battery energy storage project we're working on, or the UK's largest roof-mounted solar project, or the UK's largest heat extraction project from Effluent that we've completed already. That's turbocharging projects, and our reputation and our confidence is growing. And again, on the upper right, we've already significantly exceeded our three-year target in just two years. The last growth strategic foundation is facilities compliance, and I've split that into total water and total fire and security. Starting with total water, total managed water is a 6.7 billion addressable market for MITEI, targeted both on our customers' requirements with water, as well as those of the water utilities themselves, and we separate those two. Together, though, there's potential to build a £1 billion business in the medium term. Testing, inspection, certification, hygiene and treatment, retail metering and billing, where one of only 19 licensed water retailers here in the UK, and water engineering and wastewater management to commercial customers, as well as the mechanical electrical module services we're already offering to water utilities. We now manage the full cycle of water for our clients where growth has been driven by the increasing need to reduce usage and improve levels of cleanliness for discharge. Again, we have a new website showcasing our capabilities. Here we're using the refreshed Marlowe Environmental Services brand, not Mighty. New propositions, new go-to-market tools, improved data on client water usage and targeted sales campaigns. And we're hosting a two-day event next month, the future of facilities compliance and water. And over 200 of our clients are attending. And we're already seeing some early success, such as the £128 million contract award at the Atomic Weapons Establishment at Aldermaston to deliver water network management services and projects over the next 10 years. There, we're looking after 12,000 assets across the AWE's complex high-security estate, including boreholes, treatment plants, pumping stations, and a network of reservoirs. The scale of this award is a significant step up compared to Marlowe's typical contract size, and this is the direction of travel as we cross-sell to our large FM clients and access further public sector water frameworks such as that with the MOD. So as I've said before, water is the new energy, and we believe water will be a major strategic foundation for our growth over the forthcoming years. Same with facilities compliance, as I said, the other major opportunities in total fire and security. Here the combination of Marlowe and MITEI has already created the leading provider in a 5 billion UK market with a full range of capabilities as shown on the left. Active fire systems, passive security systems, monitoring. As I've said, demand is driven by the macro trends of building safety regulations, increased risk awareness, and the need for clients to manage their own compliance duties in a more structured way. Growth is focused on a clear go-to-market proposition, again with new branding. We've built a new sector-based sales team and with a new sales pricing approach as well, where we've been testing the elasticity of pricing with our clients. Thirdly, by self-delivery, bringing work in-house that's currently subcontracted. Scottish Power on the right is a great example of our joined-up approach involving now MITEI, Marlow Capabilities and RH Irvine on three of Scottish Power's National Infrastructure Programme frameworks. With critical national infrastructure, a core sector expertise of ours, we expect again this pipeline to grow. Now together, We haven't yet made our three-year target, but with a year to go of Marlow and the growth trajectory we see, we do expect to do so. Now, our final strategic foundation is not necessarily targeted on growth, but it's targeted specifically on margin expansion. And it's centered around technology acceleration, and in particular, AI. Now, we launched the Mightyverse at the Capital Markets event. You remember, that's the thing in the middle. We talked about upgrading our core systems, rolling out customer-facing apps and bots, and deriving more insights from our intelligent customers. solutions data lake, and today actually over 140 of our clients are accessing the data lake. However, at that time, what we did not foresee back in 2023 was the fundamental impact of AI. So what is new to our thinking is how we leverage AI across MITEI, unleashing the power of Copilot, where we now have over 3,000 licenses, and of Claude from Anthropic, where 200 licenses are being deployed. In fact, I've got one of them. So see how we get on. And that's why we've launched what we call Project Prio. process reimagining and optimization, building an agentic orchestration layer to manage agents. We already have the agents. We want to manage them, optimize the workflow, automate customer interfaces, Building agents that can sense what needs to be done, decide how it should execute it, and then act. I won't bore you with MCP or RAG or A2A, but if you want to ask me later, I'll tell you what we're up to. But we believe in a business like ours with 84,000 colleagues, AI could be a real game changer of how we deliver value to our clients. We've stood up a full team of 70 professionals. So this is the largest mobilization of a change program we've ever run, including McKinsey quantum black experts, AI software engineers, near form, and mighty specialists. PREO is our commitment to maintain our leadership in managing complex estates through a scalable agentic AI platform to upgrade the effectiveness of the built environment. And that fulfills our vision of the future of high performing places. We're focusing on eight high-impact domains, and together they represent more than 75% of our cost base, of our £5 billion cost base, combining agentic orchestration with human in the loop, as shown there. Now, it's early days in pre-owned. We're not making any forecasts at this time, but we do expect this project to have a long-lasting impact on our cost structure, our margin, and the value we share with our clients. We expect to deliver minimal savings in FY27 as we start to mobilize, but more will come in FY28 and beyond. Inevitably, there's an upfront cost of this type of program. We estimate 20 to 25 million pounds this year, and we flag this as an incremental cost to our other items in FY27. So as I said, we're laying the strategic foundations for value creation in FY28 and beyond. So summing up. FY26 has been a good year of strategic progress with double-digit growth in revenue, continued margin progression, record order book, cash generation. You can see our summary here and good progress in Marlowe. This momentum, though, will continue in FY27. That's what gives us our confidence in delivering our existing three-year plan, but more importantly, we're laying the strategic foundations for the next phase of our strategy and beyond, which sort of brings me to today, because today is my 10th mighty prelims presentation. I didn't realize you could have so much fun over 10 years. And as you know, it was always my intention to retire at the end of our facilities transformation three-year plan. And we explained that to shareholders a couple of years ago. It's not new news. With the share price of around 90p at the capital markets event, when we launched our facilities transformation vision, our shares were almost double. Our strategic investments have been successful and returns to shareholders have been strong. So as we transition to a new CEO, I certainly believe that the foundations for FY28 and beyond are being laid. So with that, let's open it up to questions and answers. I'm sure we have some mics around. I'm sure it's down. We have some mics. We'll start. Alex. Sorry, Alex. I haven't got my glasses on.