SDI Group plc

Good afternoon and welcome to the SDI Group PLC investor presentation. Throughout this recorded presentation, investors will be in listen-only mode. Questions are encouraged and can be submitted at any time via the Q&A tab situated on the right-hand corner of your screen. Simply type in your questions and press send. The company may not be in a position to answer every question it receives during the meeting itself. However, the company can review all questions submitted today and publish responses where it's appropriate to do so. Before we begin, I'd like to submit the following poll, and I'd now like to hand you over to Stephen Brown, CEO. Good afternoon, sir.

Hello, and a warm welcome to today's half-year results, ending 31st of October, 2025. I'm Stephen Brown, CEO of SDI Group, and joining me is CFO Amit Sharma. In terms of the agenda for today, reviewing half-year 26, I will provide an overview of the group and our dual prong strategy to drive growth. This will be followed by an operational review for the period. I'll then hand over to Ami who will cover the financial results. Ami will then pass back to me for a wrap up with the summary and I will then run through the outlook going forward. We will of course leave time for Q&A at the end of the presentation. First, let me reintroduce you to the SDI group and our business model. We are a buy and build group with currently 17 established businesses and roughly 500 employees operating from 19 locations worldwide. We maintain a lean and supportive group structure operating at a centralized model that fosters growth, autonomy, independence, and agility. Our focus is on high growth scientific niche markets and we have a proven strategy of combining organic growth with earnings enhancing acquisitions, having made 20 since 2014. In FY25 we achieved a total group revenue exceeding £66 million and our current guidance for FY26 showing growth to around £75 million. With our operations being geographically diverse, we estimate that we export approximately 70% of our products internationally, with 40% from direct sales and a further 30% of UK distributor sales ultimately shipped overseas. Importantly, our buy and build model relies on a compounding cycle of growth. Turning to slide six, and for those of you less familiar with FDI and what we do, I'd like to briefly explain our business model. The key takeaway from this slide is that the group is a sustainable and robust platform with a clear strategy to drive growth. We can simply define the strategy in two parts, organic growth and inorganic growth. Looking at organic growth, this is driven by our ability to build and sustain revenues and profitability across our strong portfolio of existing businesses. Inorganic growth is our ability to identify and execute accretive acquisitions that add value to the portfolio. We will also offer synergies and cross-selling opportunities for the existing portfolio businesses. cash flow generated from organic activities feeds our capital allocation strategy and drives inorganic growth where we seek to acquire complementary profitable businesses in niche markets. This leads back to create a compounding effect. Now to provide a bit more detail on what we delivered during the half year. This year has been focused on continuing momentum from last year and we delivered excellent progress against our strategy and continue to see our plans come to fruition. This financial year we expanded SDI's management team, increasing our capacity for organic growth and effective portfolio management with two divisional managing directors. This strength increases our ability to facilitate knowledge sharing and synergies across the group, supporting portfolio leadership teams to ultimately deliver. Strategic acquisitions have continued to contribute strongly to our financial performance this half year and the successful acquisition of Severum Thermal Solutions. In short, our business model has demonstrated its resilience against a highly visible backdrop of challenging and uncertain global conditions. And finally, we are delighted that we have restructured our debt financing with a renewed debt finance facility with HSBC, which is committed for the next three years. This will support our future inorganic growth. Now to go into a bit more detail on some of our key group organic growth activities. This year, throughout the group, we are focusing on operational excellence, leveraging the sum of our parts. We have invested across the group in new ERP systems at Fraser, LTE and PEG, with our learnings expanded across the rest of the group. And we continue to invest in R&D, enabling new product launches, and have benefited from revenues being generated from new product commercialization from last year. The drive to foster synergies from market access across the businesses has continued with numerous collaboration initiatives. For example, we repeated lab innovations for the second time, bringing five companies together to promote a unified product offering. Fraser and the SpecVision are working together for expansion into the EV automotive sector as well as targeted geographic access and we have exploited several internal customer initiatives such as ATC supplying Severum Thermal. We have improved knowledge sharing across the group also for example the group marketing function established last year has supported many portfolio companies with the launch of new websites across six businesses and rebranding initiatives, perhaps more prominent at Monmouth, Atta Cameras and Collins Walker. Now looking at each of our operating divisions in turn. I am pleased to report that we've seen revenues in lab equipment increase 12% to over £12 million. This is reflecting improving conditions in the life sciences and biomedical markets. Also, the organic initiatives we drove last year are having impact, particularly with Monmouth Scientific allowing second half momentum from last year to follow into this year. SafeLab had an exceptional performance through contract momentum. This was cemented by them receiving a substantial £1.3 million government contract for the delivery of high performance stream cupboards to be delivered at the end of this financial year. There have been further significant contract wins across the division, including Severn Thermal, who has two furnaces in production for a key nuclear contract with a value of over £300,000, and increased odour intake by LTE for environmental rooms, as well as the new Labcliffe L product. There have been numerous new initiatives across the division, including, as I mentioned, LTE's new range of autoclaves for a focus on sustainability, smart performance and safety, a momentous drive for improving product mix through growing their cleanroom revenues and capability. Again, we developed revenue growth, with the sensors division growing 6% to £9 million and boasting solid margins. We saw solid performance from Centec with increased demand from both new and existing customers for products and bespoke solutions. Encouragingly, they have strong capability and tenacity for market expansion. In addition to last year's strong order intake, in January, they expect to receive an annual recurring order of £2 million for blood gas sensors from one of their key OEM customers. and can boast a further life science giant awarding them recurring contracts and the back of a new relationship. Astels had a strong recovery in demand for their chemical dosing systems and are executing a strong order book this year. Gel continues to perform well with an excellent order intake in H1 for execution in the second half with solid demand for core products. In addition to this, they have received a notable order for the supply of two gas meter calibration machines, valued at around £1 million, again for delivery in H2. Again we see solid performance, this time across the product division, with revenues up 12% to £13 million. I'm pleased to see ADEC, for one, continue to perform well, executing on its market expansion strategy. They're adding to the life sciences revenues by growing into the buoyant professional astronomy market. This has been evidenced by a significant project valued at $4 million that commenced delivery earlier this year, with further delivery expected across the second half. They look forward to further traction in this market. Applied thermal control has been facing market headwinds in the first half, relating to regulatory use of refrigerants, predominantly in the US. However, in response, ATC released earlier this year updated G and H series products to meet the changing market requirements, and they continue to develop the range. We also had a number of new products launched across the division. In addition to ATCs, these include ADEC, who launched a new XGB60 camera for multi-camera installations. Moving on to our inorganic strategic development. This year, we have completed one excellent acquisition so far, in line with our key criteria. I am pleased to welcome Severn Thermal Solutions to the SDI group. Completed in June, Severin will be kept autonomous as part of a decentralized model. They manufacture and sell high temperature furnace systems and environmental chambers for advanced material processing and testing. They are focused on innovative high value markets such as aerospace, semiconductors and nuclear. Since joining the group, the integration of Severin has already exceeded our expectations, with the team showing a strong alignment to the group and rapidly fostering the collaborative spirit we have across the portfolio. Now over to Ami for a financial overview.

Thank you, Stephen.

Hello, everyone.

Looking at the financial highlights for the period, I'm pleased to report that we've had a good first half with 10% total revenue growth, which is made up of 3% organic growth and around 7% acquisition growth. The stronger sales performance led to a good profit performance compared to the equivalent period last year. Net operating margins improved from 12.6% to 13.5%. We saw growth in adjusted PBT and adjusted diluted EPS, as well as all the income statement measures. Net debt increased primarily due to the acquisition of 7 Thermal in the period. Turning to the income statement. We saw organic growth of 3% in the first half as I previously mentioned. This followed on from 2% organic growth over the second half of the last financial year. We expect to see this improving trend continue over the second half of FY26 due to some of the contract wins Stephen outlined. The £2.1 million acquisition growth came from Inspecvision, Collins Walker and Severn Thermal. I'm pleased to report that our gross profit margin increased by around 100 basis points to 66.3%. This is on materials only. We have grown our gross margins over recent times through our focus on pricing and this focus continues. On a like for like basis, our cost base increased by over 4% due to inflation, national insurance increases, bonus provisions and a strengthened central team. Lower interest rates at net finance charges are only marginally up on last year, despite the higher level of borrowing in the first half compared to last year. The tax rate on a statutory profit before tax is estimated at 26.8%. Whilst the tax rate on adjusted PDT is estimated at 23% for the first half, which is similar to the FY25 tax rate. Looking at below the line expenditure, Share based payments were around 100K lower than a year ago due to the FY23 LTIP boards lapsing in the period. We also had lower acquisition costs due to aborted acquisitions last year. The next three slides provide a bit more detail on the financial performance of the three segments. We start with the laboratory equipment division. This division showed organic growth of 5.9%, with a further 700K of revenues as a result of the acquisition of Severn Thermal. Monmouth had a very strong first half, as Stephen mentioned. LTE Scientific and Safelab Systems both saw some growth, but Synoptics saw a slower market. Net operating margins improved 11.7% as a result of the addition of Severn Thermal. Next, the sensors division. This division showed organic growth of 45.6%. ASILS grew strongly, as did CENTEC, the latter seeing strong demand for its pH sensors. Shell Instruments also grew, but MPB had a slower period of trading as it had tougher comparatives. Margin is largely held in this division at 21.7%. Next, the Products Division. This division had 1.4 million of revenues from the InspectVision and Collins Walker acquisitions. Beyond this, organically, the division was largely flat in the period, with a small decline of 1.2%. Attic saw strong revenue growth as it executed a $4 million professional astronomy order. However, Scientific Vacuum Systems saw a slower period of trading as it worked on one large program over the first half compared with two in the comparative period. Fraser improved their cost control and increased their margins in a flat market. This led to margins improving to 21.6% up from 19.8% in the comparative period. Turning to cash. Cash generated from operations reduced from 4.7 million pounds a year ago to 4.2 million pounds. This was due to an increase in inventories of 1.2 million pounds. A number of our businesses built up inventories in anticipation of a strong second half. The largest increases came at Attic as they deliver their professional astronomy contract and at Safelab Systems as they prepare for the large government contract they are to execute in the second half. Other businesses saw smaller increases, Monmouth through increased level of trading, and 7 Thermal as it executes its furnace contract for the nuclear industry. Customer advances at £2.9 million were broadly flat compared to April 2025 on a like-to-like basis. CapEx grew due to capitalised R&D spend, most significant at Synoptics and Fraser. Exceeding acquisitions, our working capital as a percentage of sales therefore increased to 21%. The acquisition of Southern Thermal cost 4.8 million pounds, which was funded through additional borrowings. This is more clearly illustrated in the next slide. This slide shows graphically the movements in net debt. The 4.2 million pounds of cash generated by operations is on the left-hand side of the graph, and our utilization of that cash is illustrated on the right-hand side. We ended the period with £18 million of debt, excluding leases, compared to £13.8 million at the beginning of the financial year. Our leverage at the end of the half was circa 1.3 times net debt to EBITDA, which is within the board's preferred range of 1 to 1.5 times. At the period end, we had a headroom of £5.5 million. And as Stephen mentioned, We renegotiated our bank facility over the autumn with some improved terms. This was signed last week and provides committed funding for another three years with a further two option years available. The accordion option has been increased from 5 million to 15 million pounds, which will give us additional flexibility in the future as we grow. And now I'd like to hand back to Stephen who'll take you through the outlook.

Thank you, Ami. Now looking ahead to the rest of the year. For the future, our strategy remains consistent. We will continue to drive organic growth by investing in new product development, promoting synergies, and driving operational excellence across the portfolio, whilst also pursuing high-quality acquisitions. We remain mindful of wider economic uncertainties, but are confident in a resilient business model and long-term opportunities and drivers in our markets. Inorganically, our acquisition pipeline remains robust and actively managed, and we continuously maintain and review the pipeline. Our focus inorganically is to execute on the significant contracts we have. As expected, we remain second-half biased but we remain positive in delivering FY26 results in line with market guidance and are confident in our ability to generate sustainable long-term value for all of our stakeholders. SDI remains a dynamic business and we very much look forward to communicating further as we continue to deliver to our model. Thank you for listening.

Stephen, Emi, thank you very much for your presentation. And if I may just bring back up your cameras. Ladies and gentlemen, please do continue to submit your questions just by using the Q&A tab situated on the right-hand corner of your screen. Just while the company take a few moments to review those questions submitted today, I'd like to remind you that a recording of this presentation, along with a copy of the slides and the published Q&A can be accessed via Investor Dashboard. As you can see, we have received a number of questions throughout today's presentation. Stephen, can I please ask you to read out the questions and give responses where appropriate to do so, and I'll pick up from you at the end.

Right, okay, I'll take it here. Thank you. Yeah, first question, what's your biggest challenge? Stephen, do you want to answer that?

Yeah, certainly. I think by far the biggest challenge, it won't surprise anybody to hear this, but it's geopolitical. It's the uncertainty. We don't really understand what's going to happen tomorrow, let alone next week. So I think that's definitely the biggest challenge and really how we navigate that. However, we do feel as if our business model is robust enough To field most of this, we were able to pivot between markets, not only geographic markets, but also physical markets as well. But yeah, absolutely geopolitical, 100%.

right next question why are directors not buying shares that i'll take that one and last couple of years we've both taken our bonuses as shares and those will best over the next two to three years so you what you ought to see is our both of our shareholdings increasing over the next couple of years and this is available at the end of the back of the presentation as well you'll see our shareholding and increasing the option holdings uh increasing Next question. Can you tell us more about the recently appointed divisional directors and what their roles are?

Yeah, absolutely. So we recently appointed two divisional directors. One has got responsibility of the product division. The other one's got responsibility of the lab division. and the reason for doing this is so that the businesses we've got in the portfolio have got much closer attention as we scale we're currently 17 businesses and quite frankly the bandwidth that we've got we had before was not adequate to give the businesses enough attention and to really support the leadership teams to deliver but really with bringing the structure in place With two of the regional MDs, that means we've got roughly six businesses to each director, which that intensive focus is really starting to come paid dividends. You'd see it in our financial results. You'll see it more come in the second half as well. So we're seeing the businesses, which were slightly lower last year, is really starting to come to fruition, despite the challenging markets. so um so it also gives us as we continue to grow and scale as more businesses come into the group we are an acquisitive group so so that will continue um we really need to that we need to have that structure to allow us to to develop and scale for us organic growth is really important and that's something that we will always have that focus on um so so that's that's the the main role for those those personal directors of course as well they do fit into the unorganic piece as well in the due diligence and making sure that we do make the right acquisitions um so that's that's the secondary to their the main role

Okay, what impacts have you seen from the recent budget changes? Okay, I'll take that one. The main one was the rise in the minimum wage. Quantify that, that's about 80k per annum. 80k per annum. So it's not massive, but it was still an impact nonetheless. That was the main thing that I saw from the budget. Next one. Please can you provide an update on the M&A pipeline and potential timings? Stephen, do you want to take that one?

Yeah, absolutely. So the pipeline remains very strong. We are an acquisitive business, as I said. That will never change and that will never stop. We've done one successful acquisition so far this year. Hopefully, there will be more. Obviously, I can't communicate too much more than that. But all in all, we are an acquisitive business and we will continue.

Okay, next one's for me. What is your CapEx guidance for FY26 and beyond? Fair to assume 2.5% to 3% of sales? Yes, that's about right. That's kind of, it's between 2% and 3%, but yeah, 2.5% to 3% is right for FY26. Next question. Can you comment on the typical size, even down multiples and target characters that you're prioritizing for future potential M&A?

yeah yeah that's you i can i can take that so our multiples pretty much remain the same we've always say i said that on ebit you look at either rather than even down and we're looking roughly four to six times um we're currently focusing towards the lower end of that rather than the higher end we are saying that market dynamics means that we potentially look look to uh towards that um at the moment so we're seeing opportunity at this point So key characteristics. We're looking for profitable businesses. We're looking for higher net margins is also important to us. We're looking for niche markets and or regulatory driven markets. So we're looking at those tailwinds driven businesses. We're also looking for strong order books. We're looking for resilient markets. We're looking for large significant exporters as well, which is also very important to us. We're not locked to the UK either, so we are looking on a global perspective. The EU is particularly of interest to us and so too is the US, but more so the EU. And also we're looking at businesses which will increase our recurring revenue as well, which is also quite important to us as we continue to grow and scale. In terms of typical size, about a million EBIT. Yeah, a million and above is typically what we're looking at at the moment. What we're really looking for is a creative acquisitions. So we're looking at acquisitions which are really going to add value and add to our scaling.

You previously said that the long-term organic growth target for SDI is between 5% and 8%. Is this still valid in the mid-term? Do you expect improved organic sales growth trend already in H226 versus H126?

I'll take the first bit. So are we looking at 5% to 8%? As a medium to long-term goal, absolutely yes. And you'll see that going forward. So I think that's still a realistic target for us. As I said before and said in the presentation, organic growth is important to us and it will always be a focus. Hence the earlier question about the divisional directors, for example. So we are focusing on it. Want to take a second, please?

Yeah, I mean, we are going to see strong organic growth in the second half. And the reason for that is because of the contract timings. as we talked about earlier that will drive the organic growth which will be quite significant in second half but then that is a function of the contracts and how they fall within time wise or timing wise within fy 26 so you'll still see strong organic growth over the full year you should see organic growth too and so i think that one answers that question Why is the profitability of the lab equipment business units so much lower versus the other business units? Is this driven by temporarily softer market demand?

Yes, certainly. So I'll take the last bit of the question first. Is it softer market demand? No, it's not. The market demand is definitely there. You can see with large contract wins I spoke to earlier, there has been others in the moment business as well, which has been quite helpful to us. The lower margins is purely market dynamics. There is competition in the market and that ultimately keeps the profitability a little bit lower. But we are holding our own. We're actually growing market share within those markets and it is looking quite strong for us. It has come back quite strongly this year and it continues to increase. But are we going to see large profitability coming in? other than where we are, we can probably improve on it a little with operational excellence, for example, and with Severin Thermal going into the lab equipment division as well will help the profitability also. But it's really down to the dynamics of the market.

Okay. Next one, I think, is me. Expenditure and development and other intangibles increased compared to the same period last year. Can you share the reasons behind the higher level of intangible investments? Well, we had a couple of product developments that are in progress. Expenditure and development increased, but certainly amortization, actually. And the way I would look at this one is that you compare how much has been capitalized versus how much has been amortized. And the delta is 0.2 million in the first half. um 0.2 and that compares to 0.1 last year so there isn't you know these are not big numbers in the on a net basis so the delta 0.1 in the context of almost five million ebit four and a half to five million ebit so um yes it has but it's not you know not hugely significant in on a net basis next question the interest cost on uh net finance i think is still high despite the limited leverage diversified group and strong execution Does a renewed RCF with HSBC allow for some lower cost of debt? How much? Yes, the simple answer to your question is yes, our new facility is lower in terms of cost than the previous one by a fair bit. um so we we have improved terms um i won't say exactly how much but it is going to be improved um i was saying that we do have i wouldn't say we've got limited leverage because we're at 1.3 times um however um and we managed to maintain the finance costs at a similar level to last year and the borrowings of average borrowings in the first half were a fair bit higher than the average borrowings in the first half of last year um but the answer to your question is yes there are improved terms and you ought to be able to see that in the financing charges as we as we go forward could you please comment on your midterm organic growth ambition do you still see 528 as the right range um within and within your three reported segments which do you believe offers the strongest long-term organic growth potential yeah i think the first part of the question has been answered after the earlier question but this is the second part a good question

It definitely will be the product side because we've got most of our high growth businesses within that segment. So we will always see that higher level of organic growth there, absolutely for sure.

Okay. Next one is a working capital question. That's me. Working capital levels last couple of years averaged at circa 13% of sales, which is much lower versus the level in recent years. do you expect working capital as a percentage of sales to drop back from circa 19 to sales towards 15 how um so there was a build up of working capital in the in the first half i sort of explained it in the presentation which is due to an inventory build up for the second half um i think you're looking at um the references of 13 are a full year um percentages i i think um you ought to see it come back down again. As we execute these contracts in the second half, the images will start coming back down again. And I think you'll see that working capital as a percentage of sales under our own internal definition will come back down from around the 21% mark, which it currently is. to near you know 19 20 which is where it was in the end of our definition i'm not sure how i think it's a manual how you've calculated that 13 which which balance sheet lines you've used but it ought to come back down and it's due to execution of those contracts which will reduce um inventories next question how much capital do you target to spend per annum on mna between five and ten million is the pipeline strong enough to execute on this i'll answer the first part steven john answer the second part so the first part is that we typically focus our free cash flow towards m a historically it's been around circa six million and we could move that a bit without leverage because we typically say between one and 1.5 times we can spend more than about six or seven if we move the leverage up a bit to towards 1.5 and 1.6 and it's quite and we may choose to do that in the future just to it'll be a timing thing you know and we can bury that it's a management decision So anywhere from six million, it could be seven or eight, it could be more than that. But the leverage would reflect that in the short term and then they will start coming down again. Is the pipeline strong enough?

100% yes. So the pipeline is looking strong as ever. We could execute a lot more than that if we really wanted to. But absolutely, yes, the pipeline is reassuringly very strong. It gives us the opportunity of choice as well, which is very valuable to us.

Do you see room to further improve growth margins? How?

Interesting question. 100% yes. And the focus we've currently got on organic will ultimately result in that. With the introduction of the divisional directors who've got a wealth of experience, both operational as well as commercial, coming in, we will continue to really focus on businesses. So what's going to drive that? What's going to drive that is an increase in commercial activity, increase in sales, organic growth will ultimately drive that. We've also got a real drive as well for operational excellence as well. So we're looking at good business management. Cost optimisation is also very important to us. So we will continue to drive the efficiency of the businesses, which would ultimately improve that.

Operating leverage will also contribute. So in other words, higher sales will drop through with the gross margin. Exactly. And the M&A also, we are targeting higher net margin businesses that we talked about earlier. Those will also have a positive impact in the mix.

Exactly. The inorganic will shift the dial quite considerably, actually, because of the focus of the businesses we're currently looking at.

Is there a minimum size of acquisition in terms of the target's turnover or profit that you will look at?

Yeah, what we look for is typically is a creative acquisitions and acquisitions that really move the dial. So for us to go much below a million EBIT, it isn't really going to have that impact of course if there's a if there's a really interesting business with with a significant growth potential and a market which we really see the potential in yeah of course never say never um but ideally for us to make the impact at this point that's we're currently looking at sort of a minimum of 800 to a million ideally more

Can you comment on the growth in central costs over the last two years? Yeah, I'll answer that one. This one is due to some of the additional headcount ahead of us to drive inorganic and organic growth, which we've talked about. We have a head of M&A to help us drive the M&A cycle. and we've got introduced divisional uh directors to help us drive organic and um so the combination of of all of those things have contributed to the increase in central costs uh but we need it to drive growth for the reasons that stephen outlined earlier in terms of management bandwidth and to grow to the level and to help us scale as well so that's the reason we've done that the fdi group will always be a lean and agile business um so any increase in on um

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We'll go back to the Q&A. How do you manage capital allocation between your existing businesses? What is your target R&D spend? Does this need to increase to generate organic growth? In terms of capital allocation, we do it on a business-by-business basis. Most businesses will put forward their budgets and strategic plans every year at which they will um request additional capital to do capex or whatever they are r d and we will generally approve it we'll look at each one on an individual basis we never we will not say no just um uh because we want to restrict that capital to any particular business we've said this before i said this before in this very presentation um we we don't uh we don't restrict capital to any of our businesses if they're just going to put a business case forward And, you know, we are very supportive of our investments. That's why that's one of the great things about being part of the SDI group, I think, for companies coming in is that ability for us to invest more than perhaps previous management

did as in the lead up to sale yeah and looking at the r&d spend as well r&d spend is very important to us because what's um the secret of organic growth is really keeping on top of the market and understand the market requirements as as the markets require more we have to deliver and uh and and and essentially execute products and provide products into those markets that the markets ultimately need and want that will need a regeneration of the products and a revitalisation of the products as well, which ultimately feeds into R&D spend. So that's something which we will always be doing. We do encourage the portfolio businesses to keep on top of that. In fact, if we're not getting requests for R&D spend, we're asking the question why. So that's a real significant focus for us and it is ultimately the secret of organic growth.

last last one for now could you sell which could you sell a company to raise to acquire um i i think would you dispose of something probable or improbable i think it's meaning any subsidiaries i think is a lot is this question i suppose the answer is um nothing is impossible right no right um we do get inbounds on for our assets and if someone is a better owner of one of our assets then we would absolutely consider doing so i mean it's not really what our business model is but i never say never if it make if it makes sense we will consider it if it makes sense we will consider you know a you know sometimes portfolio change is necessary it does happen from time to time um so we you know if it happens you know we will or we have a decent enough offer we'll go for it

That's great. Thank you for answering all those questions you carry from investors. And of course, the company can review all questions submitted today and will publish those responses on the InvestorMeet company platform. Just before redirecting investors to provide you with their feedback, which is particularly important to the company, Stephen, could I please just ask you for a few closing comments?

Of course. I'd like to thank you all for listening. It's very much appreciated and we very much look forward to communicating with you further.

That's great. Thank you for updating investors today. If I please ask investors not to close this session as you'll now be automatically redirected to provide your feedback in order that the management team can better understand your views and expectations. This will only take a few moments to complete and I'm sure will be greatly valued by the company. On behalf of the management team of SDI Group PLC, we'd like to thank you for attending today's presentation and good afternoon.