SSP Group plc

Okay, are we all right to get started? Yeah. Okay, good morning, everyone, and thank you for joining us here today, either in person or on our live webcast. I'm Patrick Coveney, the Group CEO of SSP, and I'm joined by Geert Borellen, our Group CFO today. In a minute, I will briefly summarize the progress that we've made in the first half. Geert will then cover the financials before I return to provide you with more detail on our delivery against Focus 26. and our outlook for the remainder of FY26. We said in December that we had to do more as a team to strengthen operational performance and to create value for shareholders. We shared our Focus 26 plan to drive sustainable improvements in profitability, cash generation and returns on capital, structured against the five pillars that you see on this slide. To be clear, there is more that we can and will do but we're seeing the benefits of that focus coming through in what we would characterise as a resilient first half performance with tangible progress against each element of the strategy. Sales for the first half have been where we planned them to be as we delivered like-for-like sales growth of 5% for the group in quarter one and critically sustained it in quarter two. Delivering a stronger, more profitable and more focused continental European business is paramount. With the actions that we've already delivered, And with more in flight there already, we're on track to deliver the planned increase in operating margin from 2.2% to over 3% for this year. And we're also setting out today the future direction for our European rail business, following our wide-ranging review in that region, with the implementation of that plan now getting underway. We recognise the critical role of productivity and cost efficiency in delivering Focus 26, and we've embedded the corporate overhead reduction plan that we shared last year to deliver annualized savings of £30 million. Importantly, and I stress this, we are also now delivering a targeted structural reduction in our minority interest charge across the group. Shareholders rightly expect strong conversion of sales and efficiencies into returns, and for the full year we're working on stepping up the return on capital employed metric beyond last year's 18.7% level, and we're on track to do so with a meaningful improvement of 70 basis points year-on-year in the 12 months to the end of March. Our programme of activities to drive stronger profit to cash conversion is progressing well, notwithstanding some planned one-off outflows that we had in the first half. We're running SSP more and more as a cash-first business, And based on current market conditions, we're well set to deliver on our pre-dividend, pre-buyback, pre-cash flow target of over 100 million for the year. Let me now hand you over to Hirt to talk through the numbers of the first half in more detail.

Thank you, Patrick, and good morning, everyone. I will start with the key highlights of this past year, and as in prior years, we present the metrics before any impact of IFRS 16. We grew revenues by 6% to $1.8 billion and increased underlying operating profit by 18%, with operating margin expanding by 30 basis points. This, in combination with higher income from associates and lower minorities, resulted in earnings per share of 1.1% whereas in prior year, we posted a loss. Better operating profit and lower capital expenditures were partially upset by the usual seasonal impacts and planned one-off outflows that Patrick referenced. This all resulted in free cash flow before dividends and share buyback a bit lower than last year. Leverage expressed as net debt over EBITDA was 2.2 times, the same as last year at this time. Consistent with our dividend policy, we propose an interim dividend of 1.6 P. Now, let's get into some of the details and let's start with sales. Sales growth was 6%, including 5% like-for-like growth, supported by strong performance in the UK and our Asia pack and EME markets. Notable is the strong recovery of like-for-like growth in the US towards the end of the half year, supported by increased dwell times due to airport security disruptions and the positive impact of spring break travel. Like-for-like sales momentum in Asia Pac and EME regions was again very strong, despite the impact of the Middle East towards the end of the half year. Later on in the presentation, Patrick will put this all in perspective of our group performance. Net contract gains added 2% to sales growth, again, as we prioritized investment in our Asia Pac and EME and North America regions. As in prior year, I would like to point to the negative 1% that you see in the column other on this slide. This represents the impact of the exit of our German motorway services business and the deconsolidation of our joint venture with Adani Airport Holdings in India. On the far right of the slide, you also see the like-for-like sales for the group as a whole have been solid at 3% in the first six weeks of the second half. This next slide shows how like-for-like sales evolved during the first six months of FY26 by region and into the start of this half. Sequential improvements are clearly visible in the UK and North American regions, as well as stable sales growth in continental Europe. The impact of the Middle East crisis is also visible with a drop to 8% like-for-like in quarter two in the Asia-Pac and EME regions. as I said, mostly as a result of the last weeks of the half year. In the first six weeks since April 1st, though, while we have seen stable sales trends across the majority of the group, passenger numbers in the key hubs across Asia Pacific and into Eastern Europe have contracted, leading to a 4% decline in like-for-like sales in the region. And Patrick will come back to set out the components of this and how we are thinking about this later on. In this half year, we generated positive EPS versus a loss last year. You've heard us say before that we are focused on creating value down every line of the income statement. And looking at how we build EBIT over time will only tell you part of the value creation story. This slide visualizes this clearly as it shows the different building blocks of EPS all through the income statement. It shows that improving EBIT is important, but the improving results coming from associates as well as a decrease in the profits that we share with minorities, i.e. keeping more for the SSP shareholders, are as important. We expect this minority share to continue to trend downward as a result of structural changes to our operations in North America, as well as due to the fact that growth in our Indian business is increasingly coming through the associate slide. Later in the presentation, Patrick will double-click on this when he reviews the North America region. Underlying operating profit grew by 18% to 50 million sterling with an increase in the underlying operating margin by 30 basis points at constant exchange rates. In continental Europe, we're particularly encouraged by the significant 32% reduction in operating losses to 9 million sterling. Operating margin in this region improved by 70 basis points. And the plan we put in place in this region and that we extensively commented on during the prelims is the driving force behind this improvement. Patrick and I are fully supportive of the great work that Satya and his team are doing there. The current momentum and focus that we have as a leadership team gives me confidence that we will end the year with an underlying operating profit margin in that region in excess of 3%. In the UK and Ireland region, the business continues its momentum and is making strong progress in its Focus 26 initiatives. We continue to benefit from the strong concepts we operate there, as well as the success of the M&S refreshes we did over the last years. In fact, in the half, the strong performance of the business is actually masked by the impact of positive one-off elements in the first half of 2025. Underlying operating profit decreased to $22 million as a result of these, in addition to a higher depreciation charge. In the APAC and EME region, we continue to benefit from profitable sales growth in Australia and Egypt, although this was partially offset by the effect of deconsolidating some of our units in India that I already referenced. As a reminder, upon this consolidation, SSP share in the results of these units is reported in the associates line in the income statement and continues to contribute to the earnings per share number. Towards the end of the second quarter, the Middle East conflict put pressure on the profit momentum of this part of the region. Our group earnings per share flipped from a loss last year of 0.4p to a profit of 1.1p in this year. As you can see on the slide, this is mainly due to the higher underlying operating profit, higher income from associates, and lower minorities and also lower financing costs, reflecting the results of our refinancing transactions last year. As you will have seen, our reported operating profit was 62.6 million sterling, reflecting approximately 11 million sterling of non-underlying items on a pre-IFRS 16 basis. Approximately 6 million of these were cash in the half year. As flagged at the prelims, these exceptionals are much lower than what we experienced in the prior year. These exceptional charges can be broadly bucketed as follows. The first bucket is related to the renegotiation of our contracts at one of the biggest railway stations in Paris. This is a major stepping stone for us on our way to structurally better margins in our French rail businesses. The charges considered exceptional here are the bulk of the impairments of 2.7 million, the one-off site exit costs of 11.3, and part of what is in the 2 million restructuring bucket in total relating to that railway station. I would also like to point to the 6.7 million exceptional credit that you see on this slide, and that is labeled IFRS 16, and that is the result of the derecognition of certain liabilities as part of this railway station agreement in France as well as some residual elements related to the exit from the Italian market that we announced last year. The remainder of the non-underlying items is related to the continued classification as software-as-a-service IT investment that can no longer be capitalized as an asset, and we continue to call them out as non-underlying expenses in our P&L. For the remainder of the year, we expect to continue to incur some non-underlying cost, albeit at a lower rate than in prior year. Components driving that will be the planned consolidation of the two corporate offices and resulting restructuring expense in France, and the continued investment in software as a service programs in IT. Our expected cash exceptionals related to all of this are already included within our full year guidance. The next slide shows the sources and uses of cash and how they impact our balance sheet. As anticipated, net debt increases at the half year, reflective of the seasonality of our business. Leverage at the half year stands at 2.2 times net debt over EBITDA, and that is the same level that we had last year. Free cash outflow before dividends and buyback amounted to 176 sterling compared to an outflow of 117 million in the prior year. Lower capex, lower tax payments were offset by higher financing costs and the timing of minority interest cash outflows. You also see the impact of the share buyback that we started in this half year. By the end of the half year, we had a cash outflow of approximately 43 million sterling incurred so far with regard to the buyback. The working capital outflow of 124 million in the first half of this year that you see on the slide is mainly due to the usual seasonality plus some one-off planned outflows. These include less usage of supply chain financing than at the year end, and the settlement of payments to M&S that were delayed at the year end as a result of M&S's cyber incident last year. Other factors include the temporary buildup of a receivable in our startup services aggregation platform in India. We expect to recover this by the end of the year. Our Indian business also had to invest in rent deposits as it won an important tender in Delhi's newest airport, Noida. Lastly, the gradual exit from our motor services business in Germany has a negative impact on working capital as well. As a reminder, we expect to complete this exit by the end of this calendar year. In short, the seasonal nature of our business combined with the above elements masks the great progress that we are making when it comes to cash generation and more specifically what we are doing to make the organization focus more on the importance of cash. On the next slide, I wanted to share with you some more insights on this. At the Prelims, you remember that we flagged significant cash generation opportunities, and more specifically in working capital. Since then, we've made progress in instilling in what should become an intuitive cash culture across the regions. We've introduced cash flow and working capital metrics to be looked at during monthly reviews. We have created a framework to create visibility on the drivers of free cash flow. And most importantly, we have introduced free cash flow as an incentive measure for management teams across the group this year. We have started to improve the capability or cash literacy in the organization. The UK team, for example, has rolled out a Cash is King training course to sensitize team members about cash and clarify how they can impact cash generation. In the group finance team, we now support the regional dashboards and ensure adequate target setting and performance management is kept in place. We've also clarified the opportunity we can go after. We have developed a dashboard tool that has helped teams to identify where the potential lies and where we should focus. And given the fact that our group is very diverse, those opportunities are not everywhere the same. The focus on top-line growth and return on invested capital is now complemented with a strong focus on cash generation. So what are some of these areas that we're now zooming in on? As we've shared with you before, a lot of the opportunity lies in core working capital management, like in the purchase-to-pay cycle, in challenging payment frequency, challenging the existence of repayments, and renegotiating payment terms. As you can imagine this is a project of many tens of small initiatives that when they all come together will have a meaningful impact on cash generation. With regard to receivables we found opportunities in how we build and collect supplier and marketing income when we're shortening the time between collection and income recognition is now key. Our team in France has stronger processes for purchasing income cash collection driving an improvement of 7 million for prior year. Our U.S. team is making a lot of progress in catching up on on-time collection of JV capital contributions. And in Thailand, for example, our team is working hard to convert cash deposits, a common practice in the country, into bank guarantees. And they plan to convert approximately two million of those deposits into guarantees and hence cash back to us by the end of the year. So while we're working hard to embed all of these cash opportunities, we continue to use supply chain financing initiatives where it makes sense. As a reminder, this form of financing comes at a cost lower than our revolving credit facility. At the half year, we had borrowed approximately 145 million sterling under this program, down from 154 at the year end. So the progress we are seeing gives me the confidence that we will generate a working capital inflow for the year as a whole. And assuming a stable operating environment through H2, be able to generate the $100 million of the free cash flow before dividends and share buyback we set out at the start of the year. CapEx for the half year was $93 million and consistent with our planning assumptions for the year. We plan to end the year with less than $200 million in CapEx. We're now returning to more normalized levels at approximately 5% of sales and still supporting a healthy combination of renewals, new contracts as well as technology investments. We continue to challenge our teams to be on the strategic requirement of certain capital investments, their ability to contribute to EBIT in the short term and ROIC return on invested capital in the long term. We continue to refine the way we look at capital allocation and especially one of the most relevant measures to help the regional teams prioritize investment between the ample opportunities we see in our markets across the world. Our capital allocation priorities are unchanged. First is our aim to maintain a sustainable balance sheet. This business operates best through cycles with leverage somewhere between one and a half and two turns. And of course, considering seasonal fluctuations in a business like ours, like you see here at the half. Second is to continue to fund profitable organic growth. We are firmly focused on generating improving returns out of the existing assets we have and locations and are not planning for M&A at this time. Organic growth, most particularly markets and airports where we already have a strong presence, creates the best platform from which we can improve our cash conversion. We continue to target a dividend payout ratio of between 30% and 40%. and we see returning cash to shareholders via a buyback as an important element of our financial model. Our share buyback program launched last October continues, and up to last week, or early this week, we had used about $57 million to purchase about 4% of our outstanding share capital, which is approximately 32 million shares. In summary, I'm happy with the results of the first half of the year. Sales growth is good and strongly supported by like-for-like sales. And while cash is top of mind, let us not forget that it is the optimization of all levers available to us that will increase our cash conversion. First of all, we need to be maniacally focused on the operational excellence because that is the biggest and best driving way for cash generation. Add to that working capital management, sensible capital investments, managing our relations with associates and minorities and all of our cash enablers. There's more work to do, but the momentum is there. And with that, I will turn it back to Patrick.

Okay. Thanks, Art, for setting out the first half numbers, but also for your strong leadership in what's now, it doesn't feel like this, I'm sure, but a year into your... your SSP journey. I wanted to turn now to how we're delivering the Focus 26 initiatives across the group's four regions in a little more detail. However, before doing that, let me just simply state this. We're controlling what we can control, which is a great many things, actually, and delivering the Focus 26 plan that we set out for you in December. So, let's start with North America. In North America, we've made strong progress against our plan on all fronts. Looking back for a second, in my first three years at SSP, our strategy there was centered on profitably but rapidly building out our share by growing the number of airports in which we trade. And we stepped up our airport presence from just over 30 airports at the start of 2022 to approximately 60 today. Our focus now is on more balanced growth by sustainably stepping up like-for-like sales in our expanded estate extending the number of restaurants across our current airport footprint, and more selectively, adding new airports to our network. We strengthened our life-for-life sales trajectory through the half with a particularly strong finish to quarter two, which we've sustained into quarter three. To do this, we're making improvements across our customer propositions, including refreshing our range of grab-and-go sandwich options and a stronger set of bakery propositions across the estate, and continued concept innovation everywhere. The North America team has also been at the forefront of our group-wide focus on raising operating standards with a dedicated operational excellence team who are setting operating standards across the network and the deployment of a program internally branded as Ready, Set, Go for shift leaders to better embed operational routines at the start of every shift. These airport and unit level efficiency efforts have been allied with a reset of overheads in America and we've reduced our non-customer facing roles in the region by 11% year on year. Bringing all of this together, we've delivered a strong uplift in both sales and EBIT. However, and I mentioned this right at the start, it's also worth highlighting that more of this benefit is accruing to SSP shareholders because we've also reduced our minority interest charge in America by 40% in the half. There are three reasons for this reduction. First, there is a changing federal, state and city regulation environment now, which allow for a lower level of minority interest business participation in new tenders. Second, With us now having a much broader and deeper set of airport coverage with stronger relationships than ever before, we can selectively grow out incremental units in existing airports with more targeted and typically lower levels of partner participation in doing that. And thirdly, we've sharpened up our cost allocation framework and ways of working with our equity partners everywhere. Importantly, we see each of these three trends as sustainable going forward, which will facilitate a stronger conversion of EBIT to net income for our shareholders. If I turn now to the UK and Ireland, we've traded well right through the half, particularly in the air channel, but also with M&S performing strongly across all channels. The ongoing refresh program that we have with our M&S units, combined with the brand's quality and familiarity, has driven double-digit light-for-leg sales across this format. In the air channel, our bar concept innovation is starting to drive performance. A good example would be The Reserve, our new premium bar in Dublin, which is already trading strongly. And we're also making improvements across our range of regional airport propositions more broadly. In Belfast and Leeds-Bradford airports, we're currently opening seven and nine units respectively on long-term contracts, where we're operating in each case the majority of the F&B offer in both airports, that's driving not only customer experience, but also enabling efficiencies and economies of scale for both us and our clients. These renewals are translating into higher sales and stronger customer propositions. Our reputation tool, that you've heard me describe before, drawing on 12,000 pieces of discrete customer feedback in the UK per month, now scores us at 4.6 out of 5, reflecting our improvements in availability, in speed of service, and overall food traveller experience. Alongside this work on proposition, our team is focused on the everyday disciplines of daily delivery including putting in place dedicated new format teams across our London estate who are raising operating standards by format, and the deployment of our workforce management system, which has been built in partnership with our technology team, which is driving efficiencies in opening hours and matching our labour schedule to unit-level demand in 15-minute increments. The momentum in our UK and Ireland business is strong, but as Hirt outlined earlier, it isn't fully reflected in the reported EBIT progression half year and half year, due to the prior one-off credits that he referenced in the first half. But overall, we expect a strong year for the UK. Our Asian and Middle Eastern businesses deliver the group's strongest sales performance, with like-for-like growth of 9%, underlying the long-term structural attractiveness of our businesses in these regions. This growth was achieved notwithstanding the recent conflict in the Gulf, which I'll come back to shortly. Across the region overall, returns from investments continue to build, mainly from the ARE acquisition in Australia and the TG acquisition in Indonesia, which are tracking ahead of business case and contributing progressively more to regional profitability. Lounges remain an expansion opportunity for us in the region, and last month we opened our first travel club lounge in Bangkok. And in India, our each aggregation system, which we've now rolled across our TFS lounges, but also other third-party lounges in India through the first half, is now capturing a greater share of the margin that's available to the industry from credit card and loyalty users. Underpinning all of this is an ongoing focus on cost efficiency, with initiatives ranging from a regional supplier consolidation program to an accelerated rollout of digital sales points. Now, Building profitability in continental Europe is essential. We're taking the actions required, resetting the cost base, exiting countries, channels, stations and units that we cannot fix, and changing leadership where needed. We've got under the bonnet and taken structural actions, not just short-term fixes, to permanently reset the economics of the region. Our continental European CEO, Satya Maynard, spoke to you in December about fixing the large contract at one of our major train stations in France. enabling us to halve the losses from this year on year, and setting us on course to reach at least break-even performance in that station in 28. But we've not stopped there. In the half, we've now addressed two further significant loss-making contracts in France. These had similar fixes, actually, to the December example, resetting baseline rents, closing units which were underperforming and couldn't be fixed, tackling historically high mags, and changing out unprofitable concepts or brands. Combined, the restructuring of these contracts will save in excess of 3 million in this fiscal year. Further progress against the cost elements of our plan include the consolidation of our two French corporate offices into one that Geert referenced earlier, the implementation of our workforce management labour optimisation tool that we developed in the UK but we're now deploying into France and Germany, and the continued exit from the final units in the German motorway service channel. As you know, of course, one of the most profitable ways to drive margin is through driving like-for-like sales. And central to that is the rollout of our point concept in Germany and the building of like-for-like performance as our recently renewed estate continues to mature in the Nordics. So there's a lot locked into our plan to deliver the second half. Momentum is building and our actions leave us on track to exceed 3% operating margin in the year. So, while we had a plan to further strengthen returns from our European air business, the median term prospects for our European rail business in its current form were unacceptably low. So in December, we started a rigorous assessment of all potential value-driving options that were open to us for this part of our business. Since then, we have tested every option against strict criteria covering feasibility, execution risk, and the cash costs and benefits of any prospective changes. On that basis, we ruled out the value-destructive options, including all options that would have been available to us for a complete or immediate full-channel exit. Simply put, the cash costs of such an exit would have been prohibitive. Instead, we concluded that at its core, the European rail business could deliver on our return hurdle, but it needed surgery and the current footprint needs a significant reset. So, in consultation with our employee bodies, we are now negotiating to exit approximately one-third of the units in our estate, the units where the economics are structurally challenged, while retaining the core where scale works, typically at larger, higher density stations. For the units not exited, we propose implementing site-level turnaround plans with defined milestones. If those aren't delivered, these units will be reclassified for exit. Taken together, the benefits will start to be delivered through FY27 as our actions gather momentum. So what will this business look like post-delivery? We've chosen to reset our footprint in European Rail and the outcome will be a smaller footprint more profitable, higher returning and less capital-consuming business. To be specific, the one-third of the estate that we plan to exit represents approximately 110 units and the average sales density for our remaining estate will rise by 25% as we narrow our focus to larger stations where we can achieve scale and to higher returning formats such as QSR, bakery and retail. Planning ahead, we would expect that the capital expenditure to be deployed into this channel would be approximately half the previous level, with lower levels of anticipated renewals and a restrictive approach to capital allocation generally. In combination, these proposed actions will drive returns from the inadequate levels we had since COVID to a level at which our business in this channel is operating at or above our cost of capital. The planned actions are now being embedded into a broader program of enhanced operational intensity for the region, and when implemented fully, will enable our continental European business to build medium-term margins beyond the previously indicated 5% level. So, turning now to Outlook. Before I move to a specific discussion on the elements of our outlook for the second half, let me take a minute just to delve a little deeper into the specific impacts on our business of the conflict in the Middle East. First of all, let's recognize there is a war going on, and we have 2,350 colleagues in the directly impacted region. I'd like to thank our leadership and our teams in Abu Dhabi, Saudi Arabia, Egypt and Cyprus for their immense efforts to keep our people, our clients and our units safe through this difficult time. But given the ongoing situation, what's happening to the region is clearly front and centre for all of you as well, so it's worth going into the details of what we've seen so far. At the end of February, as the conflict broke out, we saw a sharp drop in passenger numbers in the directly impacted Gulf markets. but also a meaningful portion of that demand was redirected through other hubs, particularly into the Eastern Mediterranean and the Asia-Pacific regions, where we saw strong like-for-like growth sustained, up 14% in both cases. As we moved into April and early May, the Gulf markets themselves, which represent approximately 2% of group sales, have traded and continue to trade, in fact, at approximately 60% of prior year levels. However, we have now also seen a drop in flights into the surrounding eastern Mediterranean and Asian regions, which cumulatively represent about 14% of group sales, impacting connecting volumes across the network, as well as a reduction in local traffic in many of these airports. So these parts of our business have gone from trading at a 14% like-for-like in half one to being essentially flat in half two to date. Clearly, this would be below what we expected it to be at the start of the year. Visibility about what happens in these regions as we go forward through the second half remains limited and uncertain, which is why we're focusing on what we can control through proper protection plans for the second half and the directly affected regions, as well as accelerating our Focus 26 actions more widely across the group. But, fortunately and critically, our diversified portfolio and flexible operating model are giving us at a group level a high level of resilience through this period. The key point here is the scale of the rest of the portfolio. Across just over 80% of the business, namely in North America, the UK and continental Europe, aggregate passenger numbers and spend levels are so far largely unaffected, and our Focus 26 delivery is strong. And as I hope we've made clear in the preceding slides, we've got confidence in the delivery in those markets because we've got multiple levers in play, commercially, operationally and on cost, to keep up momentum and profit conversion where demand remains robust. Turning now then to the outlook for the group as a whole. As we set out in our release this morning, based on the current operating environment, our expectations for FY26 earnings per share sit within the range of current market expectations. That's between 13.6 and 14.8p and would represent strong growth on the FY25 earnings per share level of 11.9p. On the same basis, we continue to expect to improve free cash flow, pre-dividend and pre-buyback to deliver the greater than 100 million free cash flow target that we have for FY26 as we strategically manage our capital allocation. And we also expect further progress on the group's return on capital employed, building on last year's level of 18.7%. Clearly, if the operating environment were to deteriorate for any reason, such as a resumption of large-scale military conflict in the Gulf, a substantial decline in the availability of aviation fuel, or a marked softening of consumer travel sentiment, that would represent a change versus the assumptions that underpin our outlook. and we'd need to revisit where we sit accordingly for those things to happen. A final point, just for completeness, on Tribal Food Services, TFS, our business in India. Following the successful IPO in India last July, we continue to consider options to realize value for SSP shareholders, working with our partner to plan to meet the required market requirements for a free float over time. The timing here will remain disciplined and market-led, with a clear focus on building a balanced forward looking partnership with K Hospitality, while also creating value for SSP shareholders. So, clearly right now, we're operating in an uncertain macro period, but the fundamentals of our business are strong. Notwithstanding the direct and indirect consequences of the recent Gulf War, which we tried to set out today, we are controlling what we can control, delivering focus 26 and moving SSP forward. Looking ahead, we operate in structurally growing food travel markets with leading share positions in attractive air and leisure segments and with very high levels of contract retention. Our focus on F&B and our operating capability differentiates us. It is built on deep expertise in complex food travel environments, long relationships for clients and a well-invested platform. Shareholder capital is being deployed strategically and with discipline. And finally, With cash generation now pivoting and growing through this year, after a period of high investment, we have the flexibility to balance our growth with consistent value delivery for shareholders. Each of the leaders that we're pulling at the moment strengthen the foundations of SSP and build an even stronger platform for future shareholder returns. So thank you for listening to us. I'm just going to sit down and then here tonight we'll take questions from the room and from the call. Sam, are you walking around with the microphones? Yeah, can we bring them down towards the front? Yeah, let's start with Tim and then Jamie. Okay.