Rightmove plc

All right, good morning and welcome to Right News Results for the first six months of 2024. I'm joined today by Alison Dolan, our CFO, and also Ben Winstanley, our head of IR. So I wanted to share a couple of key messages up front with you. Our platform and network effects remain unrivaled. We remain the place that homeovers come to in order to see virtually the entire UK property market with now ever-increasing utility coverage and segmentation. overall h1 results have been in line with our expectations strategically operationally and financially and our financial guidance today is unchanged from the agm trading statement in may and while we are in this room operational delivery and indeed innovation for our consumers and partners continue at pace back at our offices and out in the field The underlying markets of property are starting to look more positive and supportive, but as usual, the market is operating at different speed within different sub-segments, and we'll get back to this. Sorry, now we have this going the other way around. Oh, here we go. um so in that context right moves platform continues to demonstrate its strength we saw revenue growth of seven percent with the letting segment going up 12 year-on-year arpa of almost 1500 pounds is tracking in line with our guidance for the full year at 75 to 85 pounds growth membership is one percent higher compared to december 2023 driven by strength in the lettings market offset by a reduction in developments as new homes developers have slowed new starts The consumer spent 8.3 billion minutes on the Rightmove platform, slightly higher than last year, and very much confirming our central position in the property ecosystem. We continue to deliver strongly in our core five business pillars for the business. Just a few examples here. In consumer, with more functionality and growing stickiness, we're accelerating our online valuation and track of property product usage. And we also now have over 40% of our email leads delivered from our app. Within core, our top packages in estate agency in new homes are both saying very strong take up. In particular, we have almost 1400 branches on optimizer edge. And we're looking to retire optimizer 2020 towards the end of this year. We saw a record number of net new partners within our lettings business. and we're progressing well on our rental operators and lead to keys business lines for the strategic growth areas we're doing great in the first half year with more than double the number of mortgage in principle submissions year-on-year one-year sales growing very positively for the leads keys product which was recently launched and that's within our rental services suite of solutions and then first version of the new commercial landing page now gone live The platform overall is strengthening every day. All of our tech teams are now using AI system tools for coding and seeing positive results. That really is an underpinning of future pace of innovation and efficiency. We're pleased to have welcomed over 100 new people to Rightmove, which is now as a firm accredited as a Sunday Times best place to work. So let's turn to an update on the underlying property market. As a reminder, Our digital platform model is very resilient to many swings in the property market. We enable further digitization and make use of our data scale advantage from a very central position in that market. What this table or slide sets out is a view of the current conditions. The sliders provide a view of metrics in H1 this year within a 10-year context, with the green blobs representing the current position and the arrows, our expectations, of how we'll move from an outlook perspective and then on the sides you have the period high and low point years for each line within that 10 year period so as a reminder both the market and our business model demonstrate some semi counter cyclicality so these factors of course do move a little bit differently and just stepping through it briefly in the first row for consumer affordability the backdrop is mixed rates remain elevated Relative to recent history and the typical five-year fixed rate is just under five percent according to the latest mortgage tracker for might move As we all know there are further expectations for lowering of the rates from BOE And of course the mortgage lenders will follow with that That will indeed stimulate transaction the remaining four sliders for the resale market show you that there's a good buyer demand sort of in a catch-up mode from last year really and and with it absolutely growing listings volumes notably though from a new listings growth perspective we're still only in the middle of the road in historical context sales agreed are recovering that's helping agent confidence and of course the outlook on cash flow crucially though it still takes seven months from the first listing until completion of the sale which is at the point at which our agent partners receive their payment On lettings, continued price growth supports the agent commission pool. There's an ongoing increase in available stock and a tempering of demand in lettings. So it's tilting back just a little bit, the still very imbalanced supply and demand picture. So structurally, that imbalance is very much in place. In new homes, in this part of the rate cycle, it does exhibit the slower for longer equal to the rates. with developers focusing on completing sales at existing sites over building new developments at pace and scale developers now also compete with larger resale listing volumes as we can see on the platform now we hear of and expect new development builds to trend more positively over time and as the environment improves for builders maybe as a general comment on the election result and what it means we're certainly pleased that housing is high up on the agenda And as we have been urging all along from from springtime actually But the labor government now really has sort of a proof in the putting period from its clearly stated ambitions So I'll share a little bit more detail on the three cups three key sub makes some markets within a core business For resale you can see in the top chart. We continue to expect an average year for housing transactions just shy or about 1.1 million sales and looking at our own data at the bottom left you can see from an agent perspective the market is resilient with our highest product house price index slightly higher compared to last year and sales agreed volumes are 13 higher so the outlook is improved compared to 2023 with both supply and demand indicators for the transactions on our site being higher compared to what it was last year however supply today measured in available stock and new listings is only in line with 2019 the last normal year and as i said elevated times to completion mean that there's a lead time from those positive agent pipelines and the home transaction agreements turning into actual cash flow in our sentiment survey which we have on the bottom right we can see that agent partners are decidedly more optimistic compared to the previous period but they're also not sky high and it's already not close to 100 yet Onto rentals. The top chart is a new way of displaying the imbalance between supply and demand that we talked about before. It shows the number of inquiries per available property on Rightmove since the start of 2019. So pre-COVID, the average was eight inquiries. At the peak in 2022, this rose to over 30 on average. Today, the level of supply, demand and balance is somewhere in the middle with an average of 17 inquiries. Still quite a lot. so the main demand remains almost a third higher than pre-pandemic levels predominantly as a result of affordability constraints in the resale market supply-wise we've seen a slight increase in new listings for rentals but it's nowhere near enough looking through our data and doing some analysis it suggests that 50 000 properties would be required to return to pre-pandemic levels of rental stock or 120,000 additional properties to limit rental price growth to be more aligned with the inflation expectations of around 2%. To date this year, we've seen around 7% price growth for rentals. So with our product suite and ongoing expansion, we cover an increasing amount of segments and needs and monetization opportunities in the large rental market. As a reminder, it generates as many or more moving events every year compared to the sales side of the market now trading conditions for developers remain challenging a combination of affordability constraints for buyers build cost inflation and extended build and release times have put pressure on all players but in particular the smaller and medium-sized developers you can see this impact in the top chart which is the ratio of housing starts to completion which was at its lowest ever level in q4 2023 based on ons data now there are grounds for cautious optimism with the mentioned new government ambitious ambitions no doubt better affordability is another key parameter for activity to start happening all the large corporate builders all partners are might move maintain their public completion commitments which while in aggregate are lower than the previous financial year, they're sort of expected to now be in trough levels and looking to recover into calendar 2025. So we set this out at the bottom left on this slide. Now in terms of right move products, we saw a good recovery in the number of developments using our coming soon product, which is on the bottom right. Coming soon is a no cap product for when boards first go up around the future site. so it's kind of a lead indicator for full of development spent the quarterly trend is positive but i would note that there was a bit of leveling off around the election and in the early weeks of july perhaps also influenced by football so it feels early to call it a whole time recovery for sure so just summarizing market backdrop continuous strength in consumer willingness to transact should be supported as rates hopefully start falling and the overall remark market including pricing remains stable we think that resale agents will see an average year transaction wise with a notable bounce up from last but cash flow effects still lagging as a result of the lengthy completion timetables rental agents continue to benefit from a relatively elevated supply demand imbalance and therefore pricing strength new homes absolutely slower for longer but grounds for optimism reflected in completion projections in the initial political commentary that we just had And with that, over to Alison.

Thanks, Johan. Morning, everyone. Lovely to see you all. Right, on to the results. So, revenue has increased by 7% on the first half of 2023, with growth across all areas of the business. now in this slide we've kept the same presentation format as in our full year results which includes rental services within the lettings part of core which is where it sits operationally but for this audience it also splits it out as one of our strategic growth areas so agency revenues increased by seven percent to 138.5 million the increase was delivered through a mix of package upgrades particularly to the top package continued use of our digital products, and good outcomes from our annual price increase process, which is now largely complete. In the letting side of agency, revenue has increased by 12% year on year. As Johan set out, the supply-demand imbalance has reduced somewhat, but it does still remain, despite being down on peak levels. So as a result, we have seen an increase in membership and product spend within this letting segment, as well as good uptake of our lead to keys product, which provides enhanced lead qualification and efficiency benefits for lettings agents. New homes revenues have reflected the underlying market with growth of 4% after a record performance in 2023. New homes growth was driven by ARPA growth of 9% with developers continuing to favour our advanced top package and compelling products, particularly native search adverts. The headwind, however, was a reduction in developments in the market and therefore on our site, and we'll come back to that shortly. Revenue growth in our strategic growth areas has increased by 31% to 8.7 million. Within that, commercial real estate revenues have increased by 11% to 6.5 million. growth was driven by increased membership numbers now just under a thousand and up eight percent on the first half of 2023 with arpa broadly flat at about 1100 pounds we have soft launched as johan said a v1 of the landing page and we expect a more significant upgrade to that during the second half mortgages revenue was up 176 percent year on year with revenues of 2.2 million for the first six months of 2024 ahead of the whole of last year. As Johan mentioned, we generated more than double the number of mortgage and principal submissions than during the comparable period and good broker lead volumes for our broker partner. And we have also just recently launched a second agency owned broker to the platform. And we've also started working on a remortgage product proposition which will launch a little later. Rental services revenues are up 29%, with good early take-up from Lead to Keys, which launched in the second half of last year. And then other revenues, which include data services, overseas and third-party advertising, grew by 2% in the first half, and we do expect a slight recovery in the second half. So the chart on this side breaks out the drivers of revenue growth between ARPA and membership for estate agency and new homes. And for the first time, we're also setting out the split between sales agents and lettings only agents. Within resale and dual sales agents, good ARPA growth as a result of ongoing uptake of our products and packages, along with BAU contract discussions as expected, has more than offset the slight headwind from a market decline in branch numbers. In lettings, you can see a different dynamic to the other two sub-segments as around 70% of growth in this sector came from net membership growth. ARPA contributes as well, but to a lesser extent as our new lettings joiners do tend to be lower ARPA partners. And then within new homes, the drag from lower development numbers is clear on the chart. offsetting over half of the revenue growth from the ARPA uplift. Meanwhile, New Home's ARPA growth has remained consistently strong. Posing on ARPA, overall it has grown by 86% year-on-year to £1,497. As ever, discretionary spend on product remains a more important feature than pricing, with 53% of ARPA growth due to that product spend. Agency added 76 pounds of ARPA up 6% on the first half of 23 to 1417 pounds. And we saw notable growth in vendor lead products, local valuation alert and right move discover as partners continue to see them as crucial to winning new vendor instructions. These products delivered a further 8% increase in leads relative to the first half of 23. our contract renewal discussions have all proceeded as expected and are materially complete for the year with no change to our long-standing pricing policy New Homes ARPA has grown by £164 or 9% year-on-year and we see this as a really good result in the context of a tough housing market and following two record years where New Homes ARPA increased by £450 which was 34% across 22 and 23 we've seen successful contract renewals across all partner segment with ongoing uptake of our top tier advanced package which now accounts for 56% of subscriptions ARPA growth was also supported by increased spend on discretionary products particularly display products such as native search adverts which grew by 5% in revenue terms versus the first half of last year and finally the launch of the access package has helped us to welcome more developments onto the platform with a 32% growth in housing associations on the site in the first half but again with a slight trade-off in ARPA total membership at the period end was just over 19,000 partners 16,193 in agency and 2,868 in new homes As we set out in our May trading update, agency numbers have grown by 2% on December and the chart on the bottom left highlights our really strong agency retention at 95% with consistent joiner numbers and a significant reduction in the number of leavers. The chart bottom right examines this further showing how materially membership growth has been supported by the lettings segment. We added more lettings partners in the first half of 2024 than in any previous first half in the past 10 years. We now have around 290 partners on lead to keys, of which around 90 are completely new to Rightmove, attracted by the efficiency gains from this software. Within new homes, the chart on the top right focuses on our largest corporate partners to give a consistent view over time. The orange line shows that we continue to retain all of the large developers on the site and you can see from the green bars how the number of developments has reduced every month since January with development numbers at the end of June the lowest they have been since December 2021. We heard from Johan earlier how the large developers do have public unit completion targets and the new government support for house building has been well flagged. So as a result, we are confident that as activity levels pick up again rightmove will remain the place to view virtually the whole of the UK property market in one place operating costs increased by 15% 7.1 million pounds year-on-year of which the majority was an increase in people costs we increased our headcount by 12% from December and by the end of the year over 80% of our staff will be in either tech or partner facing roles Total operating costs were £53.4 million with an associated adjusted underlying operating margin of 72%. This measure excludes the share-based payments as usual and now also excludes the co-adjute charge of £3.6 million and this is the metric we will continue to use for the full year 24 and for the first half of 2025. As in every year, we expect the margin in the second half to be lower than in the first as a result of the full year effect of payroll increases and our usual ramp up in marketing activity leading up to Christmas. So as a result, we are reiterating guidance of a 70% adjusted underlying margin for the full year. So looking at the income statement without the co-adjute charge and without the share based payments charge, adjusted underlying operating profit was 138.7 million. A few points on the items below operating profit. Share-based payments and finance income were both broadly in line with prior years, and our income tax reflects the UK corporate rate of 25%, but with some non-deductible capital items leading to an effective rate very slightly higher than that. As in every period, we have continued to buy back shares. Our weighted average share count is now below 800 million and full details of that are in the appendix. We remain highly cash generative with 143.8 million of cash generated in the half and an adjusted cash conversion ratio of 106% of operating profit compared to 102% in the first half of 23. largely driven by improved working capital metrics. A total of 100 million was returned to shareholders, 55 million via the buyback and 45 million via the final 2023 dividend. Cash tax was £32.9 million, higher than in the first half of 2023, reflecting both increased profitability and the full impact of the UK corporate tax increase from 19% to 25%. and we ended the period with £23 million of cash on the balance sheet. So our capital allocation policy and guidance for 2024 are unchanged. We will continue to prioritise investment in the business, including remaining open to inorganic investment to accelerate our strategic delivery. After investment for growth, we will continue to return all excess cash to shareholders via a progressive dividend and the buyback thereafter we reiterate all guidance given in our May trading update we continue to expect membership numbers to be up on the prior year by up to 2% we reiterate the ARPA growth range of 75 to 85 pounds and total revenue growth in the year of between 7 and 9% all at an operating margin of 70% thanks everyone I'll now hand back to Joanne

Allison all right so I'll continue with some of our operational and strategic main points now this diagram I really hope is familiar but it's worth repeating for two seconds these are the high-level building blocks that we have on our powerful platform on both of the sides they provide a very strong network effect and combined with a strong and very salient brand it's a real note for right move as a company Now we are decidedly accelerating product development on both the consumer and partner side of this network and actually in many more sub-segments of it, which you can see here. Finally, we are powered by our vision to give everyone the belief they can make their move. There is still more opportunity. So I'll give a few examples of how this works out. If we start with focusing on the partner side of the network, as a reminder on the left, we increase our throughput of product development and innovation ongoingly combining the largest data signal universe in the uk property market with consumer research and partner feedback we can deliver tailored product increasing segmentation and we can indeed get into substantial scale faster in the middle of the slide a reminder what it should lead to and it does that is our platform really drives the outcomes that our professional partners most value to grow their businesses a few examples here three out of four agents say that we are the most effective at driving leads we deliver five times the sales outcomes and eight times the lettings outcomes compared to our nearest competitor on the right just want to point out that for well over a year now since spring 2023 we've been working to pool together research data and feedback from agents to launch a refreshed partnering framework that we call building success together i'll come back to that a little bit later Now, Rightmove remains by far the largest and most instinctive place that home hunters turn to and return to. So, regardless of various comparison sources you can look at, and there are quite a few out there, Rightmove is displaying solidly over 80% share of time spent across portals on CommScore and Ipsos and above 70% for SimilarWeb. Our own data, bottom left, shows a slight uplift in both visits and time compared to last year. both of these metrics are significantly above their pre-pandemic levels as a reminder now we focus on the quality of the traffic as well as the volume and in in that light it's important to remember that over 85 percent of our traffic comes organically to us with consumers actively seeking out the right new brand and as i mentioned before our app users deliver well over 40 percent of our email leads and for our partners the leads that we deliver are 6% higher in the resale segment year-on-year and in aggregate almost 40% higher than pre-pandemic. So the accelerating rate of product and innovation, here is just a graphic and some examples. So we're delivering over 130 features and enhancements just in the first six months of this year. we're doing it with now 24 product teams compared to 16 this time last year all of our over 300 technologies are right new are now coding with assistance from an ai co-pilot and over 80 percent of our engineers have reported early on feeling more productive about it now pausing on ai just a little bit more broadly we have around 10 applications or so at an advanced or deployed deployed stage across all various parts of the business small example with a big impact is that with a vertical ai tool we're now saving 500 person days equivalent work for so-called dsars or data subject access requests which were illegally required to support now overall we see ai as a big enabler for the future especially for someone with our data on scale we're building the momentum with dedicated ai tech squads who are co-working with various teams out in the business and there's a lot more coming in the pipeline here now all of that existing activity and innovation has to uh... uh... happen as we maintain a very very high quadruple nine site uptime and investing class app score so the main diagram here it's fuzzy on purpose because it actually contains the real details of a ton of different products that we're working on uh... but each colored bar here is one of the one hundred thirty features in the in the first half of the year more coming of course just calling out a few examples consumers they now benefit from clear access to UPC information great pickup of that list sharing collaboration tools material property information enhancements enhanced filtering moving journey assistant tools in my right move saving return on mortgage applications and plenty more within core we rolled out enhanced multi-branch company reports which really drives better agency network management and visibility We're also enhancing partners' ability to self-serve on various tasks, like user management in Rightmove Plus, which actually just crossed 50% uptake just from starting it last year. We've enabled self-serve amendments to the creative assets for campaigns that partners put on our site. And that's another area we are now experimenting with AI tooling. In the strategic growth areas, as I said, they're all delivering really well against our operational milestones. and for the enhanced former tenancy manager within lead to keys we've seen a good pickup and we also have now the first iteration of the commercial homepage so we continue the strategic model push digitizing more of this industry there is absolutely more to do we're delivering effective and truly useful tools not gimmicks for our partners and for ourselves the cloud migration and unified data platform also continue to progress there really are non-trivial undertakings but they will provide a super strong foundation once we get through them for many more years of even faster innovation than today and within the consumer domain i'll just give you an example of what we would call connected innovation we think about this logically we are building increasingly beyond the fine segment sometimes within the fine segment but also beyond it at the same time and we try to really reinforce consumer utility and consumer frequency with our platform so within the domain of affordability if you remember it's the second step in our strategic model below find We launched tap or track a property last year and we're already seeing roughly 80,000 new tracks being done every single month Thanks to our large reach So a user will get an online valuation estimation range on an owned or other properties of interest Out of all the properties that we have historic valuations on the user can then opt to get valuation updates regularly from us and so we see a super high 80 email engagement for trackers and nine percent of the track properties are soon coming to market on rightmove which again is another indication from a vendor perspective so we get enriched data signals from the sears home mounting audiences particularly and that contains value to our agent partners beyond a raw lead click You can see in the middle of this slide how right now also credential is credential is its agents as a local and ultimate experts in valuation. And then logically, we're trying to think, okay, what's the next building block here. So we innovate on the back of tap. And renovation calculator is a good example. It's an upcoming consumer product launching the second half, potentially already in q3. And we use a ton of our own data and external planning data to create this Now, the fact is that 20% of owner-occupiers out there, they carry out a meaningful extension of their home at some point. And for them, it's extremely important to feel assured that that gets reflected in property evaluation. So it's a good example of how we segment more granularly. We build products for those segments. And naturally, this particular tool can be used for someone considering to sell down the road. get a better valuation for it but equally someone who's looking to buy and then want to upgrade which is often the case and the third element of this connected innovation module or way of looking at it within the affordability domain is how both tap and the renovation calculator really gets reinforced by the expanding suite of mortgage products so today mortgage in principle is mostly for purchase which is obviously connected to for example valuation interest But in the future, we'll also start building out and offer remortgages and loan extensions for green and retrofit purposes. So again, three building blocks that will really drive and actually enforce each other over time. So we drive functionality, utility, frequency. We are building a larger digital ecosystem connected to the platform, and we are becoming increasingly really a consumer moving assistant when it comes to home transactions. That opens up more value for agent partners. And of course, it also increased monetization opportunities for us as a company. So next, a number of you have asked about our approach to consumer marketing, and I'm sure we'll get back to the topic of marketing. So just a few thoughts and to outline how we think about this. We approach the consumer of today with a big advantage, which is important. Rightmove is a much loved brand. It's been reinforced for almost 25 years of investment and credentials. and of course all the data and product driven platform benefits we operate so we have a comprehensive marketing platform we call it believe it and it builds on those advantages it evolves them logically and very much in sync with how we grow our product features in the business overall there are four key pillars from left we continue to build the brand leadership is date it's salient we play international set pieces like the euros paralympics on tv etc We recently actually used our brand leadership during the election to call for a change in approach to housing in the UK. And it culminated in an exclusive interview answer from both Sunak and Starmer on their respective housing policies. Societal leaders respond to leadership brands, and we have one. In two and three, we then credentialize and expand our utility to homeowners at both personal and national aggregate levels. Our scale enables us to segment the consumer base with increasing efficiency, allowing us to personalize both products and communications, an example of which I showed on the previous slide. We combine this really with industry expertise and so much historic and ongoing real streaming data. And through news, regular reports, and moving stories, in the first half we were seen over 4 million times out in the press. finally in four we are indeed thinking about the future building for the next 25 years engaging the next generation through raft of activities showing up where they digitally live on channels like youtube pinterest tick tock and on tick tock we're actually one of the fastest growing brands overall in the uk now just touching on one of our strategic growth areas we've seen that 29 of our rental services operation which is now built out with the lead to key suite And as a reminder, why do we do this? Because it's a little bit of a different product than we've had in the past. Well, rentals, as mentioned, is over half of the moving events in the UK market. More and more people actually rent due to affordability or choice. Probably about there are two times more renters in the UK market compared to 15, 20 years ago. so our advertising revenue in lettings on the listing side really had stalled and we're now bringing new and promising solutions against that opportunity to be able to grow it into the future lead to keys is the uk's only digital end-to-end connected solution starting at the very top of the consumer funnel leveraging an asset that we have very important and that's of course a core strength we monetize all those aspects of this leads key partners on the lettings subscriptions for access to the platform paying an additional subscription for leave the keys including a set level of free references and then they can pay for variable references on top of that more revenues as a broker us being a broker here for rent guarantee insurance tenant insurance tenant utilities such as broadband and media and we continue to actually develop right now we're experimenting with a couple of more consumer ancillary services There is a substantial total revenue pool of hundreds of millions of pounds as we look at this entire category, and that's illustrated in the bottom right graph. But also, we are very, very early stage in terms of this opportunity, but it will be an exciting journey, and we'll try to build it to its full potential over years to come. bottom left you can see early but clear evidence of beneficial outcomes for our partners really really strong scaling and uptake from a year-year perspective across several very important metrics the top chart right just shows how lead to keys revenues are grown on a monthly basis since we launched not that long ago and i think what's notable here is that we're bringing in new listings partners to the right from the platform and we're not there before as well seeing a good uptake among our existing base of letting partners speaking of partners and another piece of marketing also important to to remember the position that we have out there the building the success together program so for long we've offered all of our partners significant resources consultation expertise etc as part of the right news description in 2023 alone we ran 64 000 business partner meetings we participated and shared insights in 30 or so national conferences and we had over 44,000 people registered on the online training hub. Now, there's a spectrum of free tools and data insights on Rightmove Plus and also within that Rightmove Hub. Now, most of our partners, specifically the vast majority, which are SMEs, they are still very, very busy. So the sheer scale sometimes of our support data, different tools, it can be overwhelming. So we started thinking about this and really consulting with partners already in the spring of 2023. This is not a recent construct on how we could actually improve how we deliver business value to them. So the result is this program, which we launched in Q2 this year contains these four pillars of insight, training, control, and advocacy. And it's a little bit like I described with our consumer marketing. It's a comprehensive, strategic, well-researched program. Of course, we'll continue to evolve it. We don't throw stupendous data points as a selling act. We throw serious effort into bettering our services with partners. Much of it is continuing to optimize what we've done before, but now we're taking it to the next level with this program. And conclusion. I want to say two things here if we can roll forward coming okay there we go well yep nope you need to move on a little bit further always I'm gonna have to look at slides there we go so just some reflections of our business at a higher level Sorry, I know it's gone lopsided. Well, there we go. I think it is a summary. You've heard it all before. But I think it's hopefully also been clear in this presentation and through the results. We have an optimistic outlook on our business. We're aware, though, that the market, as of now, needs further pickup. and it will at any point in time you know always have its certain set of dynamics and again different speeds in different parts of the market now we're convinced that there's a clear line of sight opportunity for virtual digital transformation we are starting that from a fantastic and resilient platform so i also want to extend a thank you to the hard-working right movers team delivering against this opportunity and finally the overall case We operate in an attractive large liquid market UK property. We've successfully built this central position for over 25 years. We have a uniquely powerful brand with 96% awareness among home movers. It's an incredibly powerful position. We're convinced that we can strengthen our already powerful network effects. We're data driven and the B2B model obviously at the core enables us to drive the business forward in all market conditions basically. We actually do think, even with 24 years in the back, that we're just in the beginning of a new journey that we set out eight months ago, and we're attacking that through our strategic model that we have outlined previously. We are not complacent. We're restless to innovate. We are scaling the core business. We are building new adjacencies. We are connecting them logically to the platform. And our aim is to deliver double-digit growth over the medium term. So thank you for listening. And with that, we'll go over to questions. And Ben will have to emcee that.