TT Electronics plc

Thank you for being here at short notice, and thank you for being on the webcast if you're listening live or on record. I have to say it's been quite a long year and a short night, but we are now here, so I'd like to just start by acknowledging that 2024 was a difficult year for TT. Notwithstanding that, actually there were lots of positive spots. We had excellent performance in Europe, excellent performance in Asia. Our cash flow has really stepped up and helped our balance sheet. And we've completed what I think are very close to the final steps in sealing off and closing down and taking the risk out of our pension scheme. And there's been many other achievements as well. On the other hand, we've had plenty of challenges and a few opportunities to exploit. I'd like to thank Peter France for all of his contribution in 2024 and before. I'd like to thank the leadership team and I'd like to thank everyone in TT for navigating those challenges and delivering what in the circumstances was a good outcome. As you know, the accounts were delayed. But they are now resolved, signed, and we are announcing our results today. And that means we can put even more focus on delivering 2025. Eric's kindly agreed to step up as acting CEO. And as I'm sure all of you know, Mark is retiring today. He's done an incredible, is it nine or 10 years service and overseen the transformation of the company. the pension scheme and provided us with a platform for growth. On behalf of the company, the board and all of our stakeholders, I'd really like to express our deep gratitude and thanks. And we wish you well with your non-executive director roles and your extra leisure time. So looking forwards, I think our operations are stabilising. We still have good end markets, but as everyone knows, we are operating in extraordinary macroeconomic uncertainty. And the board is very focused on delivering the 2025 outlook, making the business more predictable, generating yet more cash flow in the year, and exploiting the value drivers that we do have as a business. So I'm not going to say much more. There'll be an update on the 30th of June when we hold our AGM. And I'd now like to hand over to Mark for the results and Eric for the business update. And, of course, we'll all be available for Q&A at the end. Thank you.

Great. Thank you. Thank you, Juan. Okay, one sec. Yeah, thank you, Warren. Good morning, everyone. I'd like to welcome you, everyone in the room, and those on the webcast to the 2024 final results presentation. I'd just like to start, however, by thanking Warren and the board for the opportunity as acting CEO, and it's a privilege to lead and serve what is fundamentally a good business with solid prospects, and I fundamentally believe that. I'd also like to thank Mark for the professionalism and effective handover as CFO designate over the past three months. And finally, thank Peter, with whom it was a pleasure to work with and I very much appreciated his support. so there's clearly been a number of challenges that the business has had to navigate this year and we'll cover how we've addressed them and how we are addressing them throughout this presentation despite the challenges we have made good strategic progress against many areas of the business and have implemented a number of changes at the start of the year that has made a positive impact including reorganising the management structure, refreshing our strategy, divesting three sites described as Project Albert, and introducing Project Dynamo as our improvement programme. And the progress we have made leaves us well-placed for the future. So looking at the performance of the business, overall we saw a small organic revenue decline, but delivered strong operational and margin improvements in Asia and Europe, offset by North America. European margin was up 440 basis points to 14.4%, driven by operational leverage on revenue growth and good efficiency improvements, and the Asian margin was up a similar amount, 410 basis points to 15.2%, again driven by good efficiency improvements. This positive progress was offset by the North America region, where destocking in the components market led to significant volume and revenue shortfalls. We also had the operational issues in Kansas and Cleveland that impacted our results more than anticipated. As a result, we have recognized non-cash goodwill and asset write-down costs of 52.2 million and made a prior year negative restatement of 5.7 million pounds. Encouragingly, overall, we saw good order intake in 2024, up 9% organically over 2023, and book to bill in the period was a positive 103%. The work on inventory has also gone really well, and the inventory work stream delivered a £13 million reduction in inventory, supporting our excellent cash conversion of 117% and leverage of 1.8 times, within our target range of 1 to 2 times. Our strong free cash flow was boosted by a further £11 million net pension surplus refund to TT in 2024. Mark has made significant progress on concluding the pension issue, overcoming a huge £270 million buyout deficit over his 10 years within the group. A remarkable achievement. Looking forward now, our focus is to lift profitability and margin through a combination of operational improvement and driving the top line. In terms of operational improvement, we have taken action across the business. In particular, our plans in Kansas have well progressed, and we are seeing the results coming through. In Cleveland, the improvement plan is underway, but the full benefit will take longer to realise than originally anticipated. I'll add more colour on a later slide, along with further details of operational improvements and cost savings at that site. Project Dynamo continues to provide the catalyst for operational efficiency improvement, growth and innovation, and I remain confident that this will support our financial plans. We have a clear action plan driving performance towards delivery of our median term financial framework. However, in the short term, components demand improvement remains difficult to forecast. We have seen the evolving tariff arrangements by the USA, as well as potential retaliatory actions by other nations, create more uncertainty in the market. As a result, we now expect adjusted operating profit to be in the range 32 million pounds to 40 million pounds. Furthermore, the Board has concluded that it is prudent to pause the dividend and will not be recommending a final dividend for 2024. We've also announced this morning we're conducting a strategic assessment of the components business and looking at options to maximise shareholder value. The management team and the Board are committed to driving group performance towards our medium-term goals and taking the necessary actions to deliver long-term value creation. I'll now hand over to Mark for the final time to take you through the financial results.

Thank you, Eric, and good morning, everyone. Clearly, it has been a challenging year, and I will set out clearly the performance of the North American region. But I also want to make sure you do get a clear understanding of the things that Warren alluded to that have gone really well in the year, the performance of the other two regions and the cash generation. So here we've set out the overall financial metrics for the business, and as we did at the half year, we've shown you the numbers both including and excluding the contribution from the Albert divestment. Revenue was down by 13% on a constant currency basis, but 5% excluding the divestment. And if you adjust for the impact of pass-through revenues, down 2% on a like-for-like basis. You can see the moving parts in the bridge on the bottom right-hand side of the slide. Adjusted operating profit declined by 17% at constant currency and 13% excluding the divestment. The comparison to 2023 reflects the restatement of the comparative year that Eric just referenced and as we highlighted in our announcement of the 25th of February. The adjusted operating profit is net of £2.3 million of severance costs split roughly 75% in the first half and 25% in the second half. Adjusted operating margins dropped by 60 basis points at constant currency to 7.1% and excluding the divestment were 7.4%. Earnings per share declined by 30% at constant currency due to the reduction in operating profit together with a small increase in interest expense due to higher interest rates and a slightly higher tax rate of 28.3%. On a more positive note, there was a £27.7 million free cash inflow with significant improvement in the second half of the year. Full-year cash conversion was 117%, supported by discipline over capital expenditure and a £13 million reduction in inventory. We also received a further pension surplus refund earlier than planned. The UK refund net of the US buyout that we discussed in the first half contributed £9.4 million to free cash flow. So £18.3 million of free cash generation from trading performance and £9.4 million from the good work we've been doing on the pension schemes. And as a result, leverage has remained within our target range despite the reduction in EBITDA. As cash generation continues, we expect to see further reduction in leverage by the end of this year. Retail and invested capital declined due to the reduction in operating profits. And finally, as Eric has just said, the board has decided to pause the final dividend given the current broad macroeconomic uncertainty and associated business risks. So before we move on to the performance of the regions, this is the end market growth which shows very similar themes to the half year. This slide shows the revenues and growth by market excluding the divestment of the Albert sites from both periods. Healthcare was down 14% at constant currency. Roughly half of the reduction relates to the unwind of zero margin pass-through revenues, all affecting the Asia region. As in the first half, the balance of the reduction impacted Europe and North America, reflecting softer life sciences demand and the end of certain contracts in North America as we've prioritised certain aerospace and defence customers. Aerospace and defence continues to grow strongly, albeit not quite at the 40% that we delivered in the first half, with the main benefit in Europe, but we did also see growth with some key customers in North America. Automation and electrification declined by 1% at constant currency, but was marginally up, excluding pass-through revenues, with Asia benefiting from growth in metro rail and semiconductor equipment demand, while Europe and Asia were both down on components demand. And finally, distribution, which is where we have continued to experience our main challenges. The 27% decline is very consistent with what we saw in the first half, with the biggest impact in the North America region. Inventory levels did reduce in 2024, but as we've said previously, we anticipate a longer recovery path and aren't assuming any revenue growth in components in 2025. So moving on to the regional performance, As at the half year, in the appendix, you'll find the results based on the old divisional structure. So starting with a real bright spot, the European region, which built on a strong first half performance to deliver a 14% revenue increase on an organic basis and a 64% increase in adjusted operating profit excluding the divestment. Adjusted operating margins in the prior year were reported at 7%, but have now improved to 14.4% excluding divestments. 290 basis points of that improvement was a result of the divestment, but the vast majority, 440 basis points, came from organic improvement. And that splits roughly one-third related to operational leverage on growth and two-thirds from substantial efficiency improvements, evidence of Project Dynamo in action. Clearly, North America has faced a far more difficult year with the challenging market backdrop related to the industry-wide destocking in components, along with our own execution challenges in Kansas City and Cleveland. The loss of high contribution components margins, along with factory inefficiencies and roughly £2 million of severance costs taken above the line, meant the operating profit dropped by 115% on a 17% revenue reduction. This equates to around a 50% operational leverage impact, excluding the severance costs. It's these challenges, along with an updated view of recovery, that resulted in the £52 million non-cash write-down of goodwill and fixed assets in this region. Order intake in year was 10% up on 2023, giving book to build up right around one times. But as a result, we're not anticipating revenue growth in North America in 2025. This is in part links to the deferral of some revenues in the Cleveland order book out of 2025 into 2026. That said, we do expect improvements as a result of our self-help actions. and Eric will update you shortly on the status of the operation improvement activities for the Kansas City and Cleveland sites. Finally, Asia, which, like Europe, again delivered very strong profit improvement. On a constant currency basis, revenue was down by 7%, but adjusting for the divestment and the unwind of zero margin pass-through, revenues were up by 6%. Pass-through revenues reduced to £5 million in 2024 and are expected to drop to nil in 2025. Adjusted operating profit increased by 26% in constant currency and 34% excluding the divestment. Operating margins improved by 410 basis points excluding the divestment with a similar profile to Europe in terms of growth versus efficiency benefits. With partial revenues now much lower, the impact on margins is far less pronounced, down to about 40 basis points. As we look into 2025, already well into 2025, it will be a busy year for the region as we prepare to transfer some revenues from China into Malaysia at the request of one of our customers. All of the preparation work will be done in 2025, and that will entail incurring around £2 million of one-off costs in adjusted operating profit in the year. And these one-off costs are expected to offset additional efficiencies we would otherwise see in the year. Finally, and to end on a positive note, I've shown here our cash flow waterfall. I said at our interim results that there were the signs of structural improvement in cash flow that we've talked about previously. This has been borne out in our second half cash performance. You may recall that in the first half, we had a working capital outflow of 21 million pounds. We said at the time we expected to get back to a modest working capital outflow for the year, supported by inventory reduction, and that's exactly what's happened. We generated a 15 million pound inventory reduction in the second half, giving us a 13 million pound reduction in inventory for the year overall. This, combined with discipline over capital expenditure, resulted in full-year cash conversion of 117%. Exceptional cash costs were only £0.6 million. So in a difficult year, free cash flow from the base business was £18.3 million. This was complemented by a £9.4 million inflow related to pensions. In the first half, we completed the buyout of the larger US defined benefit scheme, which dealt with that exposure at a cash cost of £1.8 million. In December, we received a further refund from the UK scheme of £15 million gross or £11.2 million net of tax. This follows the £3.2 million net payment received in December of 2023. At the end of December, there was still a surplus on the balance sheet of £7 million, which is expected to cover any remaining true-up payments to the insurer, LNG, and the remaining costs of the scheme through to wind-up, which should happen over the next 12 months, give or take. net debt excluding leases reduced by 25 million pounds to 80 million pounds and we ended the year with a leverage of one point times within our target range and we expect to see further improvement by the end of 2025. this is my 21st and last set of results with tt The business has changed an awful lot over the last 10 years, from a business when I started making £21 million of profits with a £270 million pension deficit to one which, even with its challenges, is more profitable, is cash generative, and with good opportunity for improvement. I will continue to follow TT with interest. With that, I'll hand back to Eric.

Thank you, Mark. Clearly, there is a lot of uncertainty in the world right now, but I want to explain the five key areas of focus for the group that we believe are in our control that will help us deliver margin improvement and shareholder value. We have our arms firmly around the operational issues in North America, and we need to complete the action plans that are in place to improve our performance. In April 2024, we introduced Project Dynamo and explained that our strategic focus would be on improving efficiency, growth and innovation. This needs to continue and deliver on the stated aims of the project. At the end of 2024, we have made significant progress in achieving the benefits that will help offset cost inflation and other headwinds, with the aim of achieving the £17 million benefit by the end of 2026. TT is a cash-generative business, and we have plans in place to deliver further reduction in debt and leverage in 2025. We also announced this morning a strategic assessment of the components business and are reviewing the options around that. It is important that we deliver profitable, disciplined growth that ultimately will lead to improved shareholder returns, and that is the focus of the whole team. I want to go into a little more detail on the operational issues identified in Kansas and Cleveland and how we're effectively and actively addressing them. The main issue was that productivity was lower than expected and where it should be. So we set out to really understand the issue and put in place clear remediation. We are pleased with the progress we're making in Kansas. The operational improvement plan is substantially complete with the results coming through. We are already seeing benefits from the factory layout improvements and the strong order book provides good visibility for the year. And the new management team are focused on continuous improvement throughout the year. For Cleveland, as previously noted, we have completed a deep dive to fully understand the issues and the improvement plan is underway, but the full benefits will take longer to realize than originally anticipated. in part due to the revenue deferral that Mark had mentioned. The leadership team at the site is expected to be in full strength during this current quarter, and the key work streams such as cost reduction, a thorough overhaul of demand, production and resource planning, and inventory control is being rolled out. There will be further improvements to come in due course from lean process learning. As we also announced this morning, we are seeking specialist resource and capability deployed at pace at Cleveland to accelerate the required turnaround program. All of these measures will improve the efficiency and streamline our processes to address the issues we have identified. And based on the progress we have achieved in Kansas, I'm confident that we'll achieve the required improvements in Cleveland. Alongside fixing some of the operational issues, as I've said earlier, we're still focused on delivering a range of improvements across the business as part of our self-help programme, Project Dynamo. I'm really pleased with the progress we have made. It is far-reaching and covers many areas of the business. I therefore wanted to give you a flavour of the type of activities underway across the three pillars of efficiency, growth and innovation, picking out some of the points on the slide. In efficiency, we are well advanced. We have taken a number of actions, such as negotiating energy contracts centrally for the UK. We have locked in annual savings of close to a million pounds. In growth, we have spent time analysing our low-margin contracts and seen significant improvements in a number of them. And we either tackle our cost of production or contract pricing. There is still more to be done in this area, but great progress has been made. In innovation, we are working much closer with our customers to develop joint technology roadmaps and leverage our experienced sales and engineering teams. This will be a long-term driver for growth, but will be vital in the delivery of a sustainable business model. However, the most pleasing part of Dynamo is the way it has been adopted across all levels of the organization and how it is driving a positive culture across the business of collaboration and the belief that everyone can make a difference. And I've seen that with my own eyes firsthand in the number of sites I've visited. Another positive impact from Dynamo is on inventory. It is another work stream where I've made good progress. As shared previously at the interims, we undertook a deep dive on inventory levels across the group and took a number of short-term mitigating actions. We have implemented a number of process improvements, as shown on this slide. This has worked really well. Our actions in this workstream have delivered a £13 million reduction in inventory levels in 2024, and we expect a further £15 million cash benefit by the end of 2026. as inventory turns improve further, driven by enhancements of planning and factory loading. The actions that we are taking in North America, along with our self-help programme, will make us fundamentally better business. We remain focused on driving performance towards our medium-term financial targets. Although we have indicated that we no longer expect to achieve the 12% margin target in 2026, as you can see from the bridge on the right, remains substantial elements on the journey to 12 that are within our control clearly we still require some recovery in our end markets to provide top line growth and drive operational leverage So, as we think about the outlook, we've reflected on what attracted me to TT. The positive is that the fundamentals that are attractive still hold true, and our focus remains on operational improvement and delivery of the benefit from our efficiency and growth initiatives. The end of the destocking cycle for our components business remains difficult to predict, and the increased market uncertainty arising from the implementation of tariffs by the US administration and retaliatory action by other countries increases this uncertainty. The Board therefore sees a wider range of potential outcomes for 2025. We remain resolutely focused on our operational improvement plan and on improving operational efficiency and productivity. However, the current uncertainty has increased the downside risk for the group and the Board now expects adjusted operating profit to be in the range of £32 million to £40 million. Strong free cash flow generation is expected to continue with leverage reducing further by the end of 2025. Strategic assessments of components is in the very early stage, but we believe that is a route to unlocking further shareholder value. We have a clear action plan and the building blocks in place to hit our medium term financial targets. Despite the challenges, I believe we have an improving business with good market exposure, with strong barriers to entry, and long-term contracts that, with improved execution, will deliver a strong business for years to come. We're now happy to open up for questions, initially from those in the room, but also as a facility for those on the webcast to submit questions, which we'll cover after those in the room. Thank you.

Thank you, Eric. Thank you, Mark. I'm told that the younger members of the team are sitting down for the questions and I'm standing at the podium, right? And you're going to orchestrate questions. So do we start with the room? Obviously, if you could say who you are and where you're from for the benefit of others.

Hey guys, good morning. Yes, it's Jonathan here from Barclays. I'll kick off. I just have a couple to start with. First is just in terms of obviously Project Dynamo. You're saying you're going to continue to run it and it's still on the plan, but obviously you've had a change in management. If you look at Project Dynamo, is there things that you could do better? Are there certain things which in that plan that you would rather not do? I mean, are we going to get a sort of a fresh perspective in terms of the group from the change?

Yeah, thanks, Jonathan. I think Dynamo is a really good, healthy initiative as a... as a process and structure for driving improvement and initiatives at all levels of the business. And as I mentioned earlier, I've seen that lots of examples firsthand across sites where people, for example, having initiative ideas boxes that are aggregated across sites to more larger centrally coordinated programs around going through contracts, low margin contracts, looking at pricing and group-wide spending initiatives and so on. So I think it's a useful tool and it sort of gathers hearts and minds around continuous improvement. But in effect, it's a continuous improvement type of process and I think we should continue to do that. I think People should keep in mind, whilst we've quantified the value of that, that is a building block within itself. We continue to identify additional opportunities on that. But, of course, that is, to some extent, offsetting headwinds that you inevitably get with a business, including inflationary pressures and so on. So I think it's a really good internal tool to help with the mindset of continuous improvement.

And the second question, just for Mark, just in terms of that bridge 25 on 24, can you just talk us through the main parts in terms of the profit bridge? Obviously, we're going to probably see some more savings, incremental savings coming through, and just sort of other things that we should be aware of when we're kind of looking at that.

Yeah, absolutely. So, I mean, I think the main things to be thinking about are... From a profit perspective, well, from a revenue perspective, first of all, the Albert divestment, that contributed £16 million of revenue in 2024. That clearly goes to zero. But that has de minimis profit impact. Again, from a revenue perspective, I touched on pass-through. There's about £5 million in 2024 going to most likely nil or a very small number. And then the organic sort of growth, you know, that will kind of rather depend on or that's the thing that will drive the range. At the upper end of the range, you're probably looking at sort of low single digit organic growth. The midpoint is probably flat from an organic perspective. The other moving parts, I guess from a profit perspective, we're expecting some efficiency improvements to come through in North America from the work that we've talked about. I touched on the fact that we've got this activity in Asia, moving product from China to Malaysia that has some one-off costs associated with it, of the order of a couple million pounds. We would normally expect efficiency improvements in Asia, but that will offset that. I think those are really the main things. There will be some dynamic benefit, but there's also some discretionary cost to rebuild within the numbers as well.

So those two net each other out?

Probably, yeah. Front row.

Front row.

So questions come in from Vanessa at Jefferies. I'll do it in three parts. Number one, can you please give more detail around the state of your customer relationships in North America and how you are retaining these as you continue to fix operational issues? As it appears, they are being very patient. Is this because of the complexity of the work you are doing for them?

Shall I take that one? We'll probably both make a comment because it's quite an important question.

Yeah, so... This question we've been asked on a relatively consistent basis over the last six, nine months. I think, I mean, and actually... Vanessa alludes to the answer in her question. I think the simple answer is that the work we've done over the last few years to establish ourselves with a customer base in high-complexity products, long-term programs that require a lot of qualification, that does mean that we've got very close relationships with these customers. We've all put a lot of effort into bringing the product into the facilities. So that does mean that we are retaining these customers. We're retaining the activity. The challenges are more that it's impacting the profitability that we're realising for that activity and it's not adversely impacting the customer relationships. We haven't lost any customers.

Yes, it's a very similar response. I mean, I think if you look at the metrics such as on-time delivery and customer experience, that isn't the issue. The issues are internally in terms of yield, cost of poor quality and inventory management, which ultimately impacts our margins. So we see the effect of these operational inefficiencies more than our customers. The customers are very sticky, they're very long-term contracts. seen evidence of issues with them. We referred earlier to some contracts pushing to the right. That's due to their own circumstances, not due to any movement to the competition.

I would also add, we actually have a very strong commercial and marketing leadership capability, particularly in North America. And as a board and a leadership team, we're very focused on net promoter score and tracking how well we are delivering for our customers.

Okay, second question from Vanessa. Could you please outline the percentage of U.S. revenue manufactured in the U.S. versus elsewhere and detail where our product is coming from, what percentage of sales is coming from each region, and how difficult is it to transfer manufacturing to more favorable locations if needs be?

Okay. To start with the second part of the question, certainly within the old GMS business, it's absolutely possible to move activity around the world. And a lot of what we do, for example, in Asia, is for multinational customers that has often originated initially in North America. So it's possible, it just takes time. And I described the fact that we're moving activity right now from China to Malaysia. We do do these things. For the components businesses and the power business, more typically that is a site-specific technology capability, but I think it's more typically in the contract manufacturing business that you would see customers moving things around, and we can do it with the passage of time. On the very specific question of percentages of activity, I might have to come back on that question, I think.

Okay, and part number three from Vanessa. She understands transferring production from China to Malaysia will take a while, and this is especially difficult in medical. How should she think about the impact on demand in the short term while this manufacturing is still residing in China? And on a more general level, are we seeing any end to the medical destocking at this stage?

So on the transfer, this is a planned program of work that we're doing in collaboration with our customer. We are working on all of the revenues for 2025 being delivered out of China. In the meantime, we are ramping up capability in Malaysia. That's what's driving the £2 million of one-off costs that I referred to. And we're gearing up to then be ready to deliver revenues out of Malaysia in 2026.

And just to pick up on the tariff point, perhaps a more general response. I mean, overall, we've got a portfolio with options, as the question alluded to, which is helpful. So it does give us the ability to transfer over time. And China to Malaysia is one example. Most of our contracts have in-code terms, which means that the customer effectively picks up any additional tariffs. But obviously, over time, that can raise questions about competitors versus other regions. But our exposure is relatively limited in the sense that if you look at our seven sites in the UK, a very small proportion is exported to the US. Obviously, you've got a large... scale within the US. And our two plants in Mexico don't suffer any import tariffs into the US based on the latest changes. So our exposure is less than it could have been.

We've got another question from Harry Phillips at Peel Hunt. His words, in the context of the planned components exit, is 2024 revenue of 100 million the right level to assume as a base, particularly given the 10 million revenue slippage into 2026? Is it possible to give the revenue for Kansas and Cleveland and the rest of components?

So in terms of the perimeter we're contemplating for components, and we've put that in the footnote in the announcements, that's Juarez, Plano in Texas, Mexicali, the components side of Mexicali, and the components side of Bedlington. In aggregate, those four P&Ls are roughly 15% of current revenues, which we said in the announcement, so £100 million is high for that. It doesn't represent the full what was previously the SNSC division. It's a majority of it, but it's a subset of that. I don't think we give specific revenue figures for other individual sites.

And also, I don't think we want to jump to any conclusions on the strategic assessment either. All options are on the table, to use the cliche.

Just to be clear, the £10 million revenue deferral isn't in relation to the components business. It's for the Cleveland site.

Okay, I'll keep going. Joel from Investec asks, can we elaborate a little bit on the growth in A&D in the year? Is this related to a specific defence platform or customer, or is it diversified across customers and regions? And I'll do the next bit of his question after you've answered that one.

The answer is it is pretty diversified. I mean, Europe has been the biggest beneficiary of growth in aerospace and defence. And that is across multiple sites and multiple programmes across those sites. And that's something that Clear has been building for some time. As I referred to, North America did see some benefit from A&D growth as well.

Next part, why do you have to pick up the cost of 2 million relating to shifting production from China to Malaysia? Why shouldn't this cost be borne by the customer?

Well, that's all part of a sort of contractual negotiation. Clearly what we do is consider what are the economics of the whole programme over life. So we are happy that what we're doing is, you know, the economic benefits are the right thing for TT.

That's all I've got on the webcast.

Okay, so no more questions online, no more questions in the room. Once again, thank you for all attending and have a good rest of the day.