Thank you for joining today. I'll now hand over to Steven Boland, CEO, and Andrew Crowther, CFO. Thank you very much. Thank you, Lisa, and good morning, people, for joining us. Very proud to present our FY23 results. It was another great year for our business, across all facets of our operation. I'm gonna walk through the presentation that was released on the ASX last night, and just focus on some of the highlights of the year and also talk about the FY24 year and what we're expecting to see as the year we've now just joined. So as I said, great year for the business across all facets. We've had, you know, a tremendous run over the last three or four years. The momentum really continues. In FY23, as you'll see, we've had record financial results in, in every category. Really importantly, we've opened up new channels for revenue with Jumpform, some additional screen purchases, purchase of initial big panel systems. Organic growth initiatives set is all fresh revenue is a big feature of the year we've just passed. The higher contract wins for the year is at a record level, and so is the pipeline. I'll point out shortly the absolute relationship between higher revenue wins in one year and what happens to the total higher revenue generated in the business the following year. It's quite remarkable how almost exactly linear those two numbers are. I think, you know, one of the real features for the year, in the year is the return on equity of 32.7%. It's doubled over the course of four years. I don't think there's many businesses, or certainly in 30 years of managing businesses, I don't think I've seen too many or have been responsible for too many that have had better than 30% return on equity. That's, you know, a great indication of, of the success of our capital investment programs. We're very pleased to be providing very early guidance for the FY24 year of a 29% improvement in EBITDA at the midpoint of our guidance range. Just to reiterate the competitive advantages for Acrow, they've been in place for some time now. We really honed in on these and, and, you know, as the year goes past, they continue to be stronger. We have a superior product range, and that is just getting better now with the introduction of a second screen system, another panel system. Now as we move into this year, as I'll talk later on about designing and then getting manufactured our own formwork products. The geographic footprint that we operate across, being in every state, every capital city, no other formwork and scaffolding company operates across the network that we do with that range of products. Clearly our, our engineering expertise, which has been, you know, really the major factor I'd suggest in, in the growth of this business, the success of this business over the last few years, as we've grown that engineering function and we've changed the way the function operates and how it interacts with our client base, and then in general, the quality of the people within Acrow, who I'm really proud to lead. We have a fantastic service ethic, a fantastic team spirit, and all those factors together, have, you know, got us to the position now where we are the clear, clear market leader in the Australian formwork, sales, and hire market, and, you know, our aspiration is to do the same in the industrial services market. Some of the key operational achievements for FY23, I have mentioned the, the secured contracts and pipeline. I'll talk a little bit about that a little bit later, and give some color to that. We did make two very important asset-only acquisitions that did come along with contract revenue right at the end of the financial year, one in April, one in June. In April, we purchased a premium screen system from a Queensland formwork at Heinrichs, and that system complements strongly the existing platform screen system that we have. In June, we purchased, a, Ischebeck, decking system, panel system, again, that came along with contracts that again, complement strongly our existing product offerings. The most exciting thing for, for me and, and for the future of the business in this year is the, is entering the Jumpform market. We had two active jobs in that year. We wanted to see how those, how those jobs, were undertaken and make sure that the system that we've got the rights for, the Jacking Systems model, we've got the rights for, it worked, it's working well. Pleased to say it's, it's exceeding expectations, and I'll, and I'll talk further about how we're now going to grow that business across the country in the next, next couple of years. Irrespective of even just purchasing that, that next, that second screen system, the existing screen system, the Natform system that we purchased about five years ago, had a record year in revenue. We did AUD 13.3 million of revenue in screens. AUD 11.3 of that was in the traditional business. It was the first time we'd exceeded AUD 10 million, all organic growth. I'll talk about the relationship between Screens and Jump Forms going forward, later in the presentation. Just general organic growth, new products and new territories. It's been a factor in the, in the growth of the business for the last couple of years, bringing products that we have in, say, the Queensland market or the New South Wales market into markets like South Australia, Western Australia and Tasmania. That continues to be a very strong part of the growth story of the business, and will still going forward. There is still significant untapped opportunities for us in that space. Then the market is civil infrastructure projects, which, you know, we've become the go-to supplier on most of the major infrastructure projects across the country. Safety, obviously incredibly important, and the business had a very good result in safety. We only had 2 lost time injuries in the year, which is obviously 2 too many. You know, we're, we're focusing on getting that number down to 0, but, you know, good, good improvements, great focus in the business, proud of the efforts in the safety area. Key financial metrics. You can see every one of those is heading in the right direction. I, I'll talk a bit further about the revenue in a second, because, you know, revenue of 14%, you'll say, "Okay, you're up by 47% in EBITDA, but only 14% in revenue." It's a significant mix change. When I get to the, to the full operational numbers, you'll see we actually had a greater growth in our sales contribution number in total than we did in our revenue. It's an indication that there, there was a very big change of mix towards higher revenue in the numbers. Strong numbers in NPAT growth, both statutory and underlying, EPS at AUD 0.117. It's a pretty good number, I think. I'm very pleased to be declaring a AUD 0.027 fully franked dividend for the second half of the year, bringing us to AUD 0.044 for the year, up 63% on last year. Most importantly, the return on investment, sorry, return on equity number of 32.7%. You can see on the next page of the presentation, how that's grown over a 4-year period. As I said earlier, you know, I've been sort of in management roles in business for now, sort of some 30 years, and I know I haven't been responsible for a business that's had that kind of level of return on equity that we've got to in Acrow. Andrew will talk later about our capital investment program, our vertical rates, what we're achieving, the disciplined approach we take here. It's really paying off, as can be seen both in these numbers and the general profit numbers. Higher wins and pipeline, you can see, we're up again, 34% in higher contracts year-over-year. The first of our Jumpform contracts, significant wins in screens, significant growth in formwork, the really, really impressive number is that the pipeline has gone from AUD 83 million to AUD 142 million, year-on-year. Very large factor of that is in Jumpforms. The story there is that we, we said those first two contracts we won, we wanted to make sure that we've got those under our belt comfortably, and we did. It was only really in May that we started actively marketing Jumpforms or tendering on Jumpform contracts. We've secured three in the last sort of six to eight weeks, the pipeline for Jumpforms is now into the AUD 20 million range from 0 over the space of about an eight-week period. The next page is really important to me. We haven't put this out before, but I think, I would like to think investors start to understand this, and as to why we place so much emphasis on secured higher, higher contracts as the key lead indicator, why we can talk with a high degree of confidence about guidance that we give. We're giving guidance, obviously, very early for this new financial year. We're giving it six weeks into the year. This is one of the major factors, because the reason, the higher revenue you win, you win the contracts one year, translates to actual revenue in the business the following year. You can see it's a consistent trend over a five-year period. It, it's not a fluke. This is what actually happens. If you can see the number we've saying, we've actually. That's actually a misprint. It's AUD 67 million worth of higher revenue contracts won in the FY23 year. AUD 74.5 million revenue for the year actually relates to the AUD 50.4 million worth of contracts won the previous year, rolling through. The AUD 67 million that we won in 2023, will roll through into 2024 at a much higher level. I know, for example, right now, in July, the higher revenue that we generated in July of 2024 is the greatest number in any single month in the history of the business, and is up about AUD 1.5 million on what it was in the previous July. You get that roll through of the growth, on, I'm never gonna undersell this KPI. It's key to how we manage the business, and if you can see that number going up, you know we're going to be making more money. Matt Caporella is not with us today. He's having a very well-earned holiday. He's been working extremely hard and spending a fair bit of time overseas, supervising the manufacturing of new Acrow products. I will touch on a number of the key factors in engineering. Firstly, just on the, on the evolution of engineering, you know, we've, we've talked about this over the last couple of years, the growth in numbers of engineers. We're up to about 45 people working in the department. We now have a steady state engineering group that focuses primarily on complex design. We have engineers that are chartered. We charge customers for the engineering service we provide. We have dedicated site engineers. We have an internal testing facility, ISO accredited, et cetera, et cetera, et cetera. This is an engineering business now. This is the absolute guts of how Acrow operates, is off the back of the expertise in engineering. Where that's going to now, though, which is to me, incredibly exciting, is that we are designing our own products across a range of areas in, in formwork. They are designed for the Australian market conditions. They're being manufactured across a range of factories in China, that, as I said, you know, Matt's visited twice in the last couple of months, where he's almost, you know, sort of directly supervising, making sure that they're being manufactured to the level we want. They will be at least as good, if not better than the European equivalents in the Australian market, and they will be at a extremely competitive price point. You know, the, the, the advantages here are clearly, they are designed for the Australian market by an Australian company who understands this market better than just about anybody. We own the IP, we totally control the supply chain, and we have a very strong price competitive position. This will be a, a significant change in Acrow over the next couple of years, and I'll talk a little bit further about how I think that's gonna affect this year later on. Just some examples of. Absolutely, marquee project for us has been the CYP project in Melbourne, the, the underground rail network. We are basically the only formwork hire, hire and seller on that project now. Every package is basically being awarded to us without it even going to tender. This is one specific example of work where we, we designed a system off-site, manufactured and put it together off-site, transported it basically in the middle of the night to the middle of Melbourne, and got it installed, and you can see the quote from the project director of that particular part. It's been a really successful engineering project. A couple of other examples, Cross River Rail in Queensland, very similar to the work we're doing at CYP. A photo of one of our first two Jump Forms. This is a quite a complex Jumpform at Albert Street railway station on Cross River Rail. This is a more traditional Jumpform, Monaco. It's a multi-story unit block that was built on the Gold Coast. The feature of that is it's got screens as well as Jump Forms in that photo. I would say today, there's basically almost not one screen quote that we are putting out that doesn't have a Jump Form quote going out with it. These two systems go absolutely hand in hand, and that's going to be strongly in our favor going forward. Then, just in this category also, just a bit on the, the equipment that we purchased in the, the last three months of the financial year. They're really high-quality assets. The screens that we purchased, what we're classifying them as our premium screens offering, our Natform system, we would call our standard screens offering. This is a more heavy duty, more expensive system, but it's purpose sort of built for tier one projects, all in the Queensland market at the moment. We're gonna be rolling that system out across the country, and we think it's gonna be a great complementary offer to the existing system. Same as the is panel systems we purchased. Again, highly, one of the most utilized panel systems worldwide, all in the Queensland market at the moment, we will be able to roll that out, and we're complementary to the rest of our business. Finally, I won't go into the detail of marquee civil projects, except to say, it pretty much isn't one that we don't have a major feature on now across the country. Going to the results. It's a kickback thingy. I just want to point out that revenue went up by AUD 20 million year-over-year. Sales contribution went up by AUD 23.2 million. You can see the contribution went up by more than the revenue because the split of hire versus sales was a significant change. You know, I will take higher revenue growth every day of the week. It's the purest form of revenue. It's the one that generates the most profit for the business, as these numbers absolutely show out. You can see a contribution margin of 62% is quite extraordinary and the growth of that number year-over-year. Very modest increases in costs in both yard and labor for a business that grew as substantially as we did. 8% in yard-related costs and 9% in labor. The other is the big increase, that's the bad debts. We've been talking about that all year. We did have a significant increase in bad debts of around AUD 3 million. 1.8% of sales, though, should be understood. It's a very low percentage of sales. Whilst some people would look at that and say, "Gee, you know, it's a big increase in bad debts," and it is. What I say is, we've had a AUD 17 million improvement in EBITDA, in spite of having a AUD 2.5 million-AUD 3 million increase in bad debts. Obviously 31.6% EBITDA margin, significantly up again. That's a lot to do with mix. One of the most important factors for me in here is that AUD 23.2 million of sales contribution margin got a AUD 16.9 million of bottom line improvement, which means we had a 73% pass through of revenue of sale revenue margin contribution into profit. I've spoken before of wanting to hold a number in the 60s, to hold, to have a 73% improvement in sales contribution margin being passed through to profit is a really, really strong result. Next page is the sales contribution bridge, which just shows you how the AUD 18 million of our growth came in a higher revenue, which is the, the key number and will continue to be the key number in Acrow going forward. Our formwork division, we cracked AUD 100 million in revenue for the first time in our history, up from AUD 78 million last year. Really good growth in Queensland and New South, New South Wales, very pleasingly in New South Wales. First revenue out of our Jumpform business, about AUD 4 million of revenue for the year in Jumpforms, and then a modest contribution out of the acquisitions of the screens and panel systems that happened in the last April, May, and June, about AUD 2 million worth of contribution from those two systems. Our sales contribution margin up by 28%, the pipeline continues to be incredibly strong in this space. By state, the key factors here are great growth in Queensland, which is, which is market-based. Well, we did have, well, I'd say our market share's probably gone from 60 to probably the high 60s now in Queensland. The most pleasing increase, as you can see, the New South Wales going from AUD 17 million-AUD 23 million of revenue in that, in the year. That is market share growth. Victoria, obviously come off a very low base in 2020 to very consistent results in 2021, 2022, and 2023. I would say that Victoria has had an absolutely cracking start to 2024. We've just, we've just hit record numbers in our Victorian formwork business in the month of July, and it's testament to that team down there have done a remarkable job. The Victorian, Victorian business, I'm very, very pleased with, and you see, obviously, WA, another year of growth. off the back of really substantial growth between 2021 and 2022, that trend continued. Great results across every state of the, in the operation. In industrial services, I really want to point out something strongly here. Again, you see here the revenue's down AUD 5 million, so on face value, you go, "Okay, it's an 11% decrease." The contribution margin hardly moved. Again, this is a mix issue. Higher revenue went up, labor margin dropped slightly, product sales dropped dramatically in terms of revenue, but increased in margin. We went from AUD 14.4 million down to AUD 9.7 million of sales revenue, but we only dropped margin from 3.1 to 2.7. I look at this as a year of, well, consolidation in this business. Certainly, the profile for shutdown work was not as strong in 2023 as it was in 2022. It's going to be much stronger in 2024. I know going into 2024, we've had, again, a really strong start to the year. We've just announced in the last few days our success in, in a 5-year contract on Snowy Hydro, which is tremendous for the business. Gives us great stability in this, in this part of the, part of the business, and also gives us a great foothold on that project in terms of other opportunities that will present themselves. We're in the bidding for a couple of other very large contracts, and we hope to be making some announcements shortly in that regard. We really are very strongly focused also on M&A in this space. A year of consolidation, and I know a year in FY24, it will be a year of reasonably substantial growth. Commercial scaffold, the one we never like to talk about, except I'm gonna talk about it. It's up by AUD 9 million in contribution year on year, and it's all to do with rates, and it's all to do with focus on dry hire and getting out of poorly performing contracts. You can, you can see there, for example, in FY22, out of AUD 15 million of labor and cartage revenue, we made AUD 900,000. That dropped to AUD 10 million this year, and we made AUD 2 million. Must be the quality of the work we've done in that space, but the story here really is around price growth. What we're doing at the moment is locking in prices with a range of our major customers for projects that will go for extended periods of time. That will give us certainty around our price going forward for the next 2 years. In a market that is, this is the cycle part of the Acrow business. I don't back away from it. It's a supply and demand market, the rates we're getting at the moment, we are locking in for the medium term to ensure the continued stability of the profit out of this division. The most important thing in the business is people, culture, and brand, really. It is our people who make the difference. We have a very diverse and, but inclusive workforce. We're bringing all of the employees, staff, et cetera, in Acrow, all under the one banner now. You may be aware, you know, we have Acrow. We purchased Natform 5 years ago. We purchased Unispan 3.5 years ago. They are all now united under one Acrow brand. I'll talk about that a bit further, but we are rolling that out in September, and, you know, you'll, you'll see one Acrow going forward. Strong emphasis now on training, development, and organizational development in general. Got a very, very good graduate program, mostly focused on engineering, but now we're broadening that to include sales and administration. Importantly, for a business that's as successful as we've been and for our size now, we've got a very, very good succession plan in place and training programs for right up to the senior executives. I mean, some of the absolute key people who report to me across the business have been getting some strong external training to assist them with their, you know, succession planning within, the succession opportunities within Acrow. We have a mental health champion program. It's important these days. It's become a very, you know, it's become a factor in, in business these days and in life, in these, in the times we're living today, and having that program in place is an important initiative. Our culture remains as it has for some time. It's about customers, being solution-focused, focusing on being the employer of choice, and setting and then exceeding those standards in the industry, being open, honest, and constructive and being one team, which leads us to the brand. We are relaunching the Acrow brand in the first week of September. That's being rolled out at a national sales and engineering conference we'll be holding in that first week of September. The people in Acrow will get to see, you know, feel, smell, touch the new Acrow brand before anybody else, and then it gets rolled out to the industry, to our shareholders, to our customers, to the general market throughout the month of September. The brand will encapsulate, we've done a lot of work on this, but the brand, the brand and what it stands for will represent and encapsulate our position as the leading Australian formwork company. That will be the, the crux of the Acrow brand going forward. Okay, I'll now hand over to Andrew, who's gonna come through the financial results. Thanks, Steven Boland, and thanks, everyone, for joining us. Into the P&L. Steven Boland's already been through the EBITDA increase from AUD 36.3 million up to AUD 53.2 million, along with a very large increase in EBITDA margin. Obviously, at the moment, consistent with last year, is 8% of our EBITDA growth is flowing directly down to pre-tax profit. It's a good outcome. Moving down, depreciation was up 16%, which, you know, was on the back of AUD 23.4 million of CapEx. Also, we had the acquisitions of Screens and Panels right at the end of the period of AUD 23.5 million, which obviously didn't have a huge amount of depreciation. Our interest up by 37% or up from AUD 3.5 million-AUD 4.8 million. Obviously, our, our gross debt went up during the year, which we'll go into in a moment. Our average gross debt through this period was AUD 40.5 million, compared to last year's of AUD 28.7 million. Obviously, interest increased interest rates across the board of the, of, of the economy. Pleasantly, our, our interest coverage ratio is exactly the same as it was last year, so it's 12 times. Moving further down, pre-tax profit up 68% from AUD 20 million, up to AUD 33 million. Tax expense, our underlying tax expense, consistent with last year, underlying tax expense was 8.3%, compared to last year's of 9.9%, and that was a mix between our tax-paying entities and non-taxpaying entities. From an NPAT, an underlying NPAT, we increased 71% from AUD 17.8 million to AUD 30.5 million during the period. Moving down, our NPAT quarter was AUD 15.7 million up to AUD 23.5 million. The difference between the underlying and reported, we had significant items of AUD 1.2 million. We've done a large yard change, a large yard movement up in Queensland, and there was a significant cost of that movement. We've had some restructures relating to that and others, and we also had a, which you would remember from our balance sheet, we had an investment in a legacy Garnon entity from pre-listing. That's now been written off, so that's gone through significant items. Moving down to significant items tax. We've obviously had, we've had some very large tax losses that have been carried forward for many years. Profitability's obviously been outstanding, and these tax losses have been used up quite rapidly. What's happened this year is the tax losses in our non-taxpaying entity have now reduced below what the deferred tax liability is. We've actually brought those deferred, those deferred tax balances on to the balance sheet, and to do that, we've, we've suffered a AUD 2.6 million accounting tax expense, essentially. This is not a cash expense, this is a, this is an accounting tax entry. What this means that going forward, we'll now basically have a 30% tax rate from an accounting perspective. Pleasantly, we still have about AUD 5.5 million of cash losses carried forward. Whatever our cash expense is next year, we still have AUD 5.5 million to offset this. We had AUD 3.2 million of share-based payments, which, as I said, got us to 23.5. From a EPS, EPS increased by 63% on an underlying basis, up to AUD 0.117. Even our EPS on a statutory basis went up by 42%, which is pretty good. As Steven Boland mentioned before, final dividend announcement of AUD 0.027, 100% franked. On the, the, the very recent AUD 0.90 share price, on a, on a, on a cash point of view, that's a 5% yield, but when you take into account the, the franking credits, that's a pretty healthy 6.8% yield on, on AUD 0.09. Moving over to the, the balance sheet. Total assets increased by AUD 33.6 million in the year. That includes the full CapEx of AUD 23.4 million, plus the very recent acquisitions of around AUD 23 million. Now, we'll get onto the CapEx in a moment. Net debt. Net debt went up by AUD 13.5 million to AUD 46.4 million. So our gearing is, our net gearing is 31.1%, up from 28.3%. Debt to EBITDA was 1x. Now, that's, that's reduced from last year's 1.1. What needs to be taken into account in this, the premium screens and panels that we acquired, so the, the AUD 23.5 million in April and June, that came with AUD 16 million of debt, and very little EBITDA came from that towards the end. If we hadn't actually done that, we would have been at 0.8 times debt to EBITDA. That was a, a very, a very late acquisition into our, into our debt. So we're very comfortable with the 1 term of debt to EBITDA, but, you know, it would have been better without that AUD 16 million. Obviously next year, that comes with a lot of extra EBITDA. From a cash flow from operations, AUD 44.9 million, that's an 84% conversion rate. It's significantly up from last year's. If you remember last year, we had a very large restructure of our working capital, essentially, and that took a big hit last year. We're moving very steadily on a working capital point of view. Working capital now, 23% of sales revenue, steady to last year. We see this basically continuing on into the future. If we look out the net, the net debt bridge, we start at AUD 32.8, we finish at AUD 46.4. Now, what I want to point out here is this really gives a very good indication of what our cash flow from operations actually generate, compared to if you saw it last year. We had AUD 52.2 million EBITDA. We've got a working capital imposed of around AUD 6.7. Lease payments, so cash lease payments, we had tax paid of AUD 3, finance costs and maintenance CapEx. Basically, then we had dividends of AUD 7.4, and we, if we'd actually not done the growth CapEx and the cash acquisitions, our net debt would have been down towards the AUD 13 million level. Now, we choose to make those, those, those CapEx, those growth CapEx and the acquisitions. The cash of that was AUD 33.8. That's a pretty healthy outcome from a net debt point of view. Now, as getting back to the working capital side as well. As Steve mentioned before, one of our big changes in other expenses this year was our bad debt expense, which was about AUD 3. Now, we need to take into account that, that was, even though that was an elevated level and we don't see that happening again this year, that was 1.8% of revenue. That's, that's not a bad outcome. Now, debtors, we're overall pretty comfortable with our, with our debtors at the moment. We have seen no deterioration of the debtors at all, as we're moving into July, we haven't in the second six months of the year either. 90-plus days moved up to 21% from 15% last year. The majority of that was actually negotiated sales, where we've got a long tail of repayments. They're not actually late, they're not actually late, 90-plus days. They're just sitting there because when the sale is made. We actually had an AUD 1 million receipt of that just in July, soon after year-end. Overall, we're pretty comfortable. We have a provision for bad, bad debt for 6.4% of the debtors' balance. That's up from 4.1%. We took the opportunity at the end of the year to bump that up a bit, just from a conservatism point of view. Moving over to capital expenditure. As Steven Boland said, our capital expenditure program really has proven to be quite successful. We've got a 32.7% ROE. We're continuing to take a very disciplined approach on CapEx with everything we do. We've traditionally had a 40% minimum return on capital. We're really not looking at too much now that's under 50%. In the year, we spent AUD 23.4 million on growth CapEx, AUD 17.8 million of that was growth, and AUD 4.6 million on our normal staying business CapEx. When we do the, when we've done the review of how much we're actually making from higher revenue over the period of time on this Cap, on the growth CapEx, this year, we're at 57.9%. That's up from 49.8 last year. This is this, in reality, this has been impacted quite greatly by the jump, the excellent returns on Jumpform, during the, during this year. It probably won't be that high in the next year, but it's still gonna be quite elevated, considering we're really only looking at 50% now. Moving over to funding and liquidity, on the next slide. We continue to have, we continue to have a lot of support from our, from our banking partner. The, the main changes in our banking facilities this year is we increased our working capital facility, essentially, by AUD 3.6. We took the opportunity to buy some Ring Lock at very cheap prices during the period. We drew down AUD 4.1 million during the first half of the year, and the balance of that is just under AUD 3 million at the end of the year. We also got an extra AUD 16 million to acquire the premium screens and panels right at the end of the year. Our headroom has increased from AUD 13.2 million at 2022, up to AUD 16.6 million. When you take into account the cash on hand at AUD 4.9 million, we have AUD 21.5 million liquidity available, essentially, at the end of the year. As I said, from a debt to EBITDA, at 1, we're, I mean, putting that, given the, the, everything held, held steady, I'm sitting that level at probably around 0.75 next year. You know, this business really is pumping out a lot of cash. With that, I'll hand it back over to Steve. Thanks, Andrew. I'll just go through what I think are the key factors into this year in terms of our growth, and then talk a bit about the guidance at the end. I'll roll out our favorite graph on civil infrastructure that no one ever believes, and I don't either, because it's gonna have a longer and flatter tail. Well, we're not the only people saying this. I mean, I, I read recently, you know, Boral results, that were obviously extremely good, and they talk about this because it's a key factor in their business as well. Did some Post-FY presentations recently, and they're saying the same thing we are. It's a longer and flatter tail, and that's just good for everybody. The key thing here is that how much of the revenue is ahead of us, not behind us. 68% of the 10-year spend is to come within the period 2023-2027. I'm sorry, but anybody who thinks that this is peaked and is about to decline, and the whole thing is gonna fall over, is just listening to media rubbish. It's not the case. We live it and breathe it every day, and we understand this better than the newspaper reporters do. In terms of the major projects going forward, these are projects that are starting. One that I want to point out here, because it, whilst it looks relatively small by comparison, which is the Coomera Connector, an AUD 2.2 billion project. For us, it's absolutely key. Right in our heartland, it's the, it's connecting road between Gold Coast and Brisbane. Effectively, for those people who know the, the area, it's the extension of the Logan motorway that comes across from Ipswich, and then it will now bypass the, the Pacific motorway and go in, go sort of, sorry, closer to the coast to provide a connection to the northern areas of the Gold Coast. It takes away all that traffic snarl that is there every day of the week. We have already won many millions of AUD worth of work on this project, and it's only just starting. You know, you look at that compared to, say, something like a Suburban Rail Loop, which is an AUD 30 billion project. We'll get more revenues out of Coomera Connector than we'll get out of Suburban Rail Loop in the next 3-5 years. This will be one of our marquee projects going forward. Secondly, is the Jumpform. As I said, we've, we've won 3 new contracts in the last 8 weeks. We had 2, both in Queensland. We've now won 2 in Western Australia and 1 in New South Wales. Importantly, every one of those 3 contracts that we've won has also got a screens package attached to it. We really see these 2 parts of the business group working hand in hand. As I mentioned, the pipeline, after a very short period of time, is into the AUD 26 million worth of work that we're quoting on. We're only just starting here. I firmly believe that this target of getting a AUD 20 million annualized revenue over a two and a half odd year period is absolutely within our, within our realm of possibility. Jumpform is definitely, it's a key part of our growth future. Then it rolls into the screens. We've now got two off-screen offerings, the traditional standard platform screen and the premium screen. The premium screens are, they're more heavy duty. They are more expensive to hire, there are jobs, especially in sort of the major tier one, where the builder or the form worker wants this kind of screen, that previously would have cut us out of that part of the market. We're experiencing tremendous growth in this area. We've never done a screens job in Western Australia, for example. We've now got two off the back of the work that we've won with Jumpform. We are absolutely I think we've got three at the moment operating in Adelaide. We are now absolutely a national screens provider. This is a high quality, high margin product, and as I said, goes absolutely hand in hand with our Jump Forms, another key part of our growth. Then the thing that I think we've yet to see the benefit of, but it's about to really kick in, in a big way, certainly towards the second half of this financial year into the next year, is the product development work, bringing products to the Australian market that we've designed for our conditions, where we've got control of the supply chain, we've got control of the pricing point, and we know they're gonna be as good, if not better, than our European equivalents. So the major one that we're focusing on the moment is Acrow Deck. It's a, it's a basic panel decking system for commercial formwork. We haven't got one, one, one deck in Australia yet at the moment. We've got an AUD 1 million order in South Australia for the system. As an example, that's a South Australian order, not New South Wales, Victoria, Queensland, probably the smallest market in the country. We've got a just under an AUD 1 million order. This will be a significant change to the Acrow business going forward. We'll be rolling this out as part of our new brand launch in September. We'll have products that we'll be able to show our customers across all of the country. As I mentioned, our IP, our design, we control the supply chain, we control the price. It's gonna be a great avenue of further growth for Acrow. Also Industrial Services, as I mentioned, stable year in 2023, but absolute growth expected in 2024. We've really grown this business dramatically over a 2 or 3-year period to get where we've got in 2022 and 2023. Now we're going to go to the next level. Snowy 2.0 was an absolute key to that. Now that we've announced AUD 56 odd million worth of work over 5 years, it will be more than that. We believe that, that, just that package of work alone with some additions we'll have along the way, will potentially be as much as AUD 75 million worth of work. There are some significant other contracts that we are currently bidding on and expect to have some success shortly, that we will probably be announcing to the market, and we are very active in M&A in this space. Folk, we've broadened our scope. We're always looking at Queensland, sorry, Western Australia and South Australia. We now think the North Queensland market is also very interesting here. We don't operate to any great degree up in that area, but it's got similar sort of market characteristic, characteristics to Western Australia and South Australia, we've got an active interest in that part of the world. All of that leads to our outlook and guidance. We're guiding to revenue between AUD 190 million and AUD 200 million, up from AUD 168 million, and we're guiding to EBITDA of mid-point AUD 68.5 million, so up 29% on FY23. We're doing this after 6 weeks. This is underpinned by the secured higher revenue contracts that we know that has an uplift of 35% compared to last year. The asset acquisitions that we made at the tail end of last year, as they roll through, will contribute an additional circa AUD 8 million of EBITDA this year to what they did in 2023. The revenue and profit that will come through the 2023 capital program as we go, the 2024 CapEx of AUD 23.5 million, that will generate growth as we go through the year. I want to point out, too, that, that in here, net, net debt and debt to EBITDA is going to decline. All things being equal, without any other dramatic acquisition or anything else that may or may not happen in our business, just based on our growth profile and our CapEx at the moment, we will see a reduction. I mean, I guess in summary, this is a business that's doing better than 30% return on equity. It's doing better than 30% EBITDA margins, more like 35%. It's guiding to 30% growth in its profit. It's getting 57% return on its, on its capital investment, and it's got a 1 turn of, of debt to EBITDA, probably declining to 1.8. I think it's a pretty healthy business and a business that we're very happy with, and we look forward to another successful year in FY24. Now I'm happy to hand over to focus. Thank you, Steven and Andrew. We will now commence the Q&A session. To queue for a question, please press star one on your telephone keypad. That is star one on your telephone keypad to ask a question. Our first question comes from Ed Woodgate, from Jarden. Ed, you are now unmuted. Please go ahead. Hi, guys. Can you hear me okay? Yes, all good. How are you? Yeah, good, thanks. Great result. Thanks for taking the question. Just, just wanted to clarify one of your comments regarding the July hire revenue, saying it was, like, up AUD 1.5 million versus the PCP. Does that, does that include any of the new contract with Snowy Hydro? I presume not, as far as I'm concerned. Snowy Hydro contract is not hire revenue, Ed, it's all labor. ... labor hire though, right? Yeah, but, okay. No, when we, we talk about hire, when we talk about hire revenue, it's hire revenue. It's the hire for the product, right? Okay. The Snowy contract that we announced doesn't have any product hire in it, it's all labor. Okay, noted, that's helpful. Thank you. Then, can you just kind of talk through it again with your, how you reached to the, your guidance? I mean, if I kind of go through it on the back of the envelope, it feels like maybe it's a little bit on the lower end, just with the heinrich screens acquisition, you have a AUD 24 million, AUD 20 million Jumpform pipeline that you're saying, the higher revenue momentum, Snowy, like a bunch of other things. Just wondering, is there some sort of mix shift going on there within the revenue line? To, or has there been any softening in the core revenue line items that contribute so strongly in 2023? It's just kind of conservatism? We're, we're six weeks into the year, I think is the first point that I'll make. Second point is that we don't. It's impossible for us to guide for product, large product sales that may or may not happen. We can't do it. I won't, and I won't do it. Yeah, we, we provide... It's always a factor in, yeah, last year, for example, we did announce it. We, we made a sale for Clough Limited in May, that generated AUD 2 million of EBITDA in one hit. Now, I don't have a forecast sale of that size in, in our current guidance, because I just don't know. I mean, there's plenty of lines in the fire, but I can't put that into a forecast. It's one of the reasons why we do have as many sort of changes that we do across the year as those things materialize. That's, that's, yeah, we, that's very much the case. Now, look, we're comfortable where we're going at the moment. I think, you know, you, we've, we've got to be, again, mindful of the fact that we're 6 weeks into the year. Yeah, sure. Okay, that makes a lot of sense and, yeah, always prefer conservatism. Okay, then just finally, so you might have talked about it there, can you just provide some color on the growth CapEx for 2024? Should that, should that be, should we be expecting that to come down or? No, we're, we provided a number, and that's the number, that's our budget number. That, and the FY24 growth CapEx number that we provided is very heavily slated towards Jump Forms and the new AcrowDeck product. Sorry, I'll also say something on Jump Forms, because you mentioned that in your, why aren't you guiding more? There's a, there's like a 6-month lead time from winning contracts to getting revenue in Jump Forms. We didn't start quoting again till May, right? I think we've always alluded to the fact that there was gonna be a gap. We had those first two contracts that we won. We wanted to make sure the system worked properly. It does. Then we started getting active. That wasn't till May. You're gonna have a very back-ended growth in our Jump Form revenue. At the moment, it's actually quite low. As I talked to you today, the revenue per month at the moment in Jump Forms is quite low. Then you start winning work, you get into an operating rhythm, and then that just, and then off she goes. It's actually the second half of this year, and then really in the next financial year, where you're really going to see the growth coming out of Jumpform. Yeah. Yeah, yeah, makes sense. Got it. Okay, that's helpful, thank you for the time and, yeah, congrats on the good result. Cheers. Thank you, Ed. Our next question comes from Rushil, from Ord Minnett. Please go ahead, Rushil. Morning, Steve and Andrew. Thanks for taking my questions. Hi, Rushil. Just a couple from me. Yeah, just regarding, you mentioned in your presentation that about 60% of the uplift in the total contribution of gross profit was from market share gains and new product development. Just wondering if you can provide a little bit more color there, particularly on the market share side of things. I know during the presentation, Steve, you alluded to Queensland being sort of high 60% market share now from about 60%. I'm just keen to get your thoughts on maybe just your market share gains in some of the key states. I know New South Wales has been underrepresented in, so maybe just some updates on those key states as well from a market share perspective. Queensland, look, in our traditional form of market in Queensland, we, we've maintained, if not grew our market share. One of the things that changed this year is the first 2, the AUD 4 million of the Jumpform revenue was all in Queensland. The screens acquisition and the panel acquisition is all in Queensland. That, that, you know, so they are, they are new products in the Queensland market where we're already very strong. That's, yeah, that's, that's part of the growth story of Queensland. That's got nothing to do with cycles, that's got nothing to do with simple infrastructure. It's got to do with, you know, products that we've now bought or introduced into a market where we're already strong. New South Wales is market share. At the moment, at the moment, New South Wales and Victoria are both getting market share gains. They are not really benefiting from new products into those markets. That's one of the, that's going to be one of the stories for us in FY24. We'll be, we're bringing products, the AcrowDeck product, for example, that we don't have anything like that system in New South Wales and, and Victoria. It's a major opportunity in those markets for us. South Australia, I mean, I'm sorry, I didn't even mention South Australia. South Australia, in, in the months of June and July, has just done its, it's done record high revenue by miles. just give you an indication, these are massive, well, they're not massive numbers maybe, but we would consider AUD 300,000 a month to be a good month in South Australia in high revenue, traditionally. That would be around our budget number. We did over AUD 500,000 in June and July in that market. That's an incredible result, it's got absolutely nothing to do with cycles. That's all to do with market share gains and new products in those markets. In Western Australia, same story. We've, we've doubled our formwork revenue in Western Australia over a 2-year period. Nothing to do with cycle, nothing to do with anything except market share growth and new product development. So, you know, we've done the work and had a look at it. The vast majority of our improvement in profitability is coming about, is coming through organic. It's coming organically, it's not coming out of market activity. Perfect. Thank you very much for that. Just on the working capital, Andrew, maybe it's a question for you, but the working capital you mentioned there was steady around about 23% of sales. I know in the past or last year, you mentioned that the target was 18%-20%. Just wondering, has that target changed, and are you able to just provide a little bit more color on, you know, what your expectations are for FY24 in terms of working capital as a% of sales? Yeah, no, it hasn't, it hasn't changed. Like, we, we obviously always trying to get it down. If you actually have a look at the breakup, and it's not in the presser, it's in the financials. Our, our debtors basically went up according to the, I think it's 14%, which is pretty similar to what the sales were. Our, our inventory actually went down from last year, so that was, that was part of Matt organizing, you know, organizing this. The big decrease was trade creditors in the year. We actually, we actually reduced our trade creditors by AUD 6 million. There was a few reasons for that. We had some long-dated AP payments we had to make for CapEx, etc. Overall, you know, AUD 6.7 million increase, it was relatively in line with activity increases. 18%-21%, 22%. I, I don't see any bump in working capital whatsoever. I don't think debtors will actually, I mean, debtors are going to go up by according to sales. Creditors will, you know, we, we try to manage our creditors to extend it as much as we can. It's going to be somewhere in that line, 18-20. In fact, Andrew, we've, we've just, just negotiated a significant change in trading terms with our biggest timber supplier. We haven't really run that through the numbers yet to see what effect is that, it's substantial. Yeah, that's, it will be very good for cash. It's very good. This is our, our timber supplier, who we probably spend, well, we spend $1 million a month. Yeah. Yeah. Their terms of trade are changed from 30% deposit, and then the balance, balance 30 days from bill of lading, to now being everything paid 60 days after bill of lading. That's a significant change to the working capital profile of that, that particular supplier at about $1 million a month. Yeah, perfect. Now, thank you very much for that. It's all clear. Just one last question from me, just regarding guidance and sort of following on from the previous analyst. Andrew, sorry, Steve, in your presentation, you mentioned a couple of new contracts towards the end there that you thought the firm, that, that Acrow might be close to announcing. Just wondering if you can provide a little bit more color on those in terms of the division it might sit in, whether it be formwork or industrial services and so on. Then secondly, do you have any of those prospective contracts, included within your guidance, or would those be incremental to what you've announced to the market today? We've got, we've got one, one substantial industrial services contract that we're, we're very close to, but it's not in our guidance. Watch this space, Rushil. I mean, we, we were hoping we would have had it done by now. We basically, well, I mean, we're, we're in mobilization phase, but they just haven't actually given us the bit of paper. It's, it's a, well, I think it's a reasonably substantial contract over around an 18-month period. Yep, perfect. I might just add on one last question to that. Just the new product that you mentioned as well, do you have much contribution within your guidance from some of the new products that you've mentioned today? No. Okay, perfect. That's all for me. Thanks a lot. Thank you, Rushil. Our next question comes from Alexander Lu of Morgans Financial. Alex, you are now unmuted. Yeah, thanks. Morning, Steve. Morning, Andrew. Just had a quick, maybe can I just start with new product development, please? You know, you mentioned Powershore and also Acrow Deck, sorry, yeah, and can you just talk about how the new products or how you think about new products in the future, and how that complements the existing product range, please? Well, Acrow Deck is, is the, is the, sort of the, the, the, the prime example right now, Alex. We have, we had a system in place that we, was a system that we used to buy from Walmart. We have the Ischebeck system, and the, and they're all the same application, right? Now, this is, basically, these are panels that sit under, you know, the la- the, the pouring of a large slab of concrete. Think about a car park slab or just any, you know, sort of multi-unit, you know, high-rise. Anywhere where you've got a, a large slab of concrete being poured, this is the most basic, fundamental commercial formwork product. We have designed now our own product that is compatible with this, with the system that we already have. That, I mean, again, this is, this is what meat and potatoes formwork, high utilization meat and potatoes formwork, that will, that will come in at very good price, controlled by, controllable in terms of supply chain. You know, it's, we're not at the, we're not at the mercy of a European supplier who sets the price and then tells us how much you're going to supply us. We've got our, our control of our own destiny in this space. You know, we don't even have a product in the New South Wales or Victorian markets at the moment that does anything in this space. We've got a Queensland business where we would probably generate in the vicinity of AUD 8 million a year or higher in this sort of category, and the New South Wales and Victoria markets are far bigger than Queensland, and we have zero revenue in New South Wales and Victoria in that space at the moment. Okay, thanks for that. Yeah, go on, Steve. No, I'm saying as, as an example, that's, you know, we've, we've got high, high ambitions for what that product particularly can do for us in New South Wales, Victoria, South Australia, Western Australia. Okay, great. In terms of sourcing, the product, can you just maybe just, you know, talk about, I guess, design, sourcing, supply chains, and things like that, and, is that a lot easier or supply chains are a lot more, or less constrained, than, I guess, 12 months ago? Oh, it's chalk and cheese, mate. It's, it's absolutely chalk and cheese. Prices have come down significantly, shipping times have come down. You know, you, you, we, we, sort of in the mid midst of COVID, it was taking you three months to get something, and that takes you 10, you know, sort of eight weeks. Sorry, three months, taking more like five or six. It went down to sort of an 8-week, 10-week turn out of China. We're on the front foot with this now. I mentioned that Matt Caporella has been to China two times in the last two months. He was there last week for three days. I said to him last week, "You better get your frequent flyer points rolling, mate, because he's going to be spending a lot of time in China with the manufacturers," just making sure the quality is, is what we want and the timing is what we want. You know, it's becoming, becoming very, very key to what we do going forward. Okay, that's good. Just one last thing for me, industrial services. Just, you know, mentioning, active M&A pipeline into new markets and territories. Can you just maybe just talk about that a little bit more, please? We, we, we want to grow the business. I've, I've made it, you know, clear for a long period of time. What I'd really like to see is a probably a balanced portfolio in the Acrow revenue of industrial services and formwork, you know? I, I used to say I'd like to see AUD 100 million in each, but we're already in AUD 100 million in formwork, so maybe I'd like to see AUD 150 million in each. I know, but yeah, we, we definitely, we definitely want to grow it. We've now, you know, we focus primarily on, you know, pretty much on power stations and shutdowns in that space and, and sort of, sort of Southeast Queensland to a degree, and then into New South Wales and the Hunter Valley, and then obviously now Snowy. We've, we've just seen some opportunities recently in North Queensland open up, and then obviously, South Australia and Western Australia are very strong markets. You know, we, we like the space, we, we know we're good at it. You know, we like, we like the margins we're making, and it's I think it's always said it's a nice counterbalance to the, the higher margin formwork business that still has a degree of cyclicality, despite what I'm saying elsewhere, which I don't think we're in that cycle at the moment. You know, there's no doubt formwork margins are better than industrial services, but the industrial services business does, as example, Snowy, give you the opportunity to get very, very long-term, good margin contracts that you can lock away and give you, you know, strong security of earnings over, you know, extended periods of time. Great. Thanks a lot. I'll leave it there. Thanks, mate. Thank you, Alex. Your next question comes from John Price of Colinda Corporation. John, please go ahead. Thank you very much, Steven. Thank you. Congratulations on the results. I mean, you've, you've, you've painted a very positive picture. I'm just wondering, as you look ahead, what do you see as primary risks to the business? I guess if you'd be kind enough to phase that by looking at each of the divisions. Thanks, John. I think, I mean, look, there's, there's still an overarching risk around bad debts. Right, so and that's the absolute thing that comes front of mind to me. I mean, I, we, I, we think, I think, Andrew, you can comment on this, but we think the environment today is actually far better than it was 12 months ago. What, what you, what you've got in that space, if you think about this, you had a number of contractors that entered into contracts pre-COVID at lump sums on very small margins, and then COVID hit, and they were stuck with, you know, with contracts that they couldn't, they couldn't get better rates on, with lots of lost, lost hours, like enormous lost hours on projects of labor they couldn't recover. That's, and then that rolls through to the situation that we've seen in the building industry in general. People are not quoting that way going forward. You know, there's a definite shift in that in terms of, you know, contractors are not taking the risks that they were taking previously. Right? That still is the overri-- I still see that, Andrew, I think that's the overarching risk, right? Yeah, absolutely. You know, I wouldn't say risk, you know, we, we, we, we, we hope to be able to get that number down this year to where we were last year. We had a bad year last year by, by, by comparison, but still well within comfort levels. Look, across the other divisions, the industrial services, I can't give you one, I'm afraid, because it's not that kind of business. I can't give you what I would classify. I mean, maybe is there a risk that we find that we can't get the labor required to do some of the contracts? Hasn't been an issue for us to date, certainly not an issue for us at Snowy. In formwork infrastructure, it's not going backwards. I'm again, I'll, I'll say pretty boldly, despite the knee-jerk of the media and what some governments say, it's not going backwards. We see it in fiddle every day, so I don't see a risk in the short to medium term there. In the scaffold business, where we're starting to make very good margins off the back of, you know, supply and demand, that can change, and that can change fairly quickly. You know, you could see scaffold, commercial scaffold earnings revert to sort of somewhere between where they are today and where they used to be, which is why what we're doing at the moment is locking in prices for at least the next 2 years to be able to give us some cushion there. I guess the biggest one is still the general construction industry and the, in terms of its debt profile. That's still, I think, the thing that we watch pretty much, watch the closest. Just one other, if I may. You've spoken in terms of the innovation you're incorporating in the business. When you look at your competition, what do you see there that could be potentially a threat to your growth of sales? Well, our competitors in formwork are all European manufacturers, and they, they innovate. So we shouldn't kid ourselves, but they know that's what their business is. They, they're sausage factories who pump out gear, and they need to sell them somewhere. And they, they do innovate, all right? But, but they don't develop, design products for the Australian market. They design products for the European market. Their, their Australian businesses are spit in the ocean of what they do in their, in their total business. So, you know, what we're doing is designing our products for our market, and we're already getting great feedback from formworkers here about, thank God, there's now an Australian company doing this, we don't have to sort of be dictated to by European suppliers. So we shouldn't kid ourselves, they won't innovate because they do. It's part of what they do, but they are designed for the European market, not the Australian market. Thank you, Steve, and great result. Best wishes for the year ahead. Thanks, John. Cheers. Thank you, John. Your next question comes from Michael McDonough, a shareholder. Please go ahead, Michael. Yes. Hi, Steve and Andrew. Just following on from John's question, really your answer on bad debts. I wonder, is the, is the, is the result that you've had concentrated in one division? That's sort of part A, but secondly, I would imagine, given the, the growth story and your positioning in the market, that the due diligence you're undertaking on potential customers now is, is much, much stronger and pa-- and you've got, I su- suspect, the ability to be much more selective as to which customers you work for. Can you comment on those two points? Yeah, Andrew. Sorry, yeah, Andrew. Yeah, that's a, that's a great question, actually. It's probably something that I should have mentioned during my part. One of I suppose one of the reasons we did have some of those, well, not a lot, but some of the bad debts is the, the situation has changed a lot. A lot of those bad debts, particularly the big ones we had, we had. I won't say it was relaxed, but we, we had very small bad debts a couple of years ago. We're probably quite relaxed in our application of the credit policy, I think it would be fair to say. Because we're making money, we're making no bad debts. Then the situation changed rapidly with COVID, and then the flooding in Queensland, and these guys were on fixed contracts. Some of these guys went bad pretty quickly, and we had relatively large balances. In the last year, the application of our credit policy, we haven't changed it. We've just applied much harder. As you said, when a new customer comes on, we're much harsher with what sort of credit we give them. I mean, when, you know, our customers are, you know, they are a specific type, groups, but what we can do is if they don't have the credit that we're happy with, we can just make them pay more upfront, or we get bank guarantees and so forth. The answer to your question is essentially, our credit policy application is much harder. Still very commercial, but much harder, and that's why it gives us some comfort that we're, our bad debt profile will be much lower. Michael, to answer your first part of the question, it's the commercial formwork market, primarily. It's the commercial formworker who's working for a builder who locks himself into a fixed sum contract to do a job and then gets stuck with hours they can't recover because of COVID and flooding or other things. Yeah, okay. That's great. The second question I had, you've mentioned, or you made the announcement on Snowy 2.0. You did also mention in, in just before about the risk of attracting labor. You seem to suggest that that's not gonna be an issue. Can you, can you give an indication of how many sort of people, you know, on average, are you gonna require for the Snowy contract? It sounds like it, you, you don't see it being too difficult to attract that labor. Given it's a 5-year contract, do you have any escalation clauses in that contract, or are you tied to a rate at the moment that you're gonna have for 5 years? Thank you, because they're very good questions, Mike. Firstly, we've got about 20 guys there at the moment who work on sort of, I think, they're sort of rolling four-day shifts. That number could, will probably double over the, over a period of time. We're not concerned about attracting the right people. We're Look, it's interesting with this particular case. We are an incumbent supplier at Snowy under a very short-term contract that's now been let for a long period of time. We negotiated an EBA with the CFMEU for that site, in conjunction with Snowy, with the Future Generation. Our deal with Future Generation is not a lump sum. Every hour we charge for or every hour we pay the labor, we get a margin on top of that hour. Our contract is locked in with the rise, the rise and fall that we have locked into our EBA with our employees. It's absolutely 100% pass-through for every Australian dollar that we pay our employees. It's, you know, there's basically no risk on the margin that we've got locked in. I can tell you what it's gonna be every month now for the next 5 years. Right. Okay. That contract, you said, doesn't include any equipment hire, I presume you are hiring equipment into that, into that project. Is that done under a separate deal, or is that done piecemeal, tender by tender? They don't, they don't hire on that job, they buy. We would have sold- Oh, okay. we didn't sell much this year. That's one of the reasons why the product sales dropped off in the industrial business. We would have sold about AUD 5 million worth of scaffold equipment to them over the course of the last two and a half years. Right. They will continue, they will continue to buy from us. We know, I mean, as I look at my pipeline at the moment, I've got sales forecast to be made to Snowy on scaffold. At relatively small levels for the next few months, but we know that's gonna have to pick up as the job continues to escalate. Yeah, they don't hire, they buy. Just... Okay, that's fantastic. Just a final comment. That tells us that Snowy Hydro won't be finished till at least 2028, despite all the other proclamations. Keep, keep going. Keep going. All right. Look, thanks for that. That's great. Thank you. Thanks, Mike. Thank you, Michael. Our next question is from Graham Douglas, from Desire Superannuation. Please go ahead, Graham. Good morning, gentlemen. Thank you very much for a great result. It's, it's really pleasing to see, and it's good to see there's a very good runway ahead of us as well. My question was actually about the bad debts, but you pretty well covered that off now, so, I don't have any other questions. Thank you. Okay. Thanks. Thanks, Graham. Cheers. There are currently no more questions. If ever anyone would like to ask a question, please press star one on your telephone keypad. As there are no further questions, I'll now hand back to Steven Boland, CEO, and Andrew Crowther, CFO, for closing remarks. Okay, thanks very much for taking the time today to hear our presentation. You know, thanks for the questions. They were insightful and, yeah, thanks, I really appreciate that. Again, proud of the results, very confident with our future and look forward to continuing to update our shareholders and interested parties on our progress. Thanks very much. Cheers. That concludes the Acrow FY23 results call. You may now disconnect.