Good day, and thank you for standing by. Welcome to ALS Limited FY 2024 results briefing conference call. At this time, all participants are in a listen-only mode. After the speaker's presentation, there'll be a question and answer session. To ask a question during the session, you need to press star one one on your telephone. You will then hear an automated message advising your hand is raised. To withdraw your question, please press star one one again. Please be advised that today's conference is being recorded. I would now like to hand the conference over to your first speaker today, Malcolm Deane, CEO and Managing Director. Please go ahead. Thanks, Maggie, and good morning, and thank you all for taking the time to join today's briefing. I am Malcolm Deane, and I'm here with Stuart Hutton, CFO of ALS. Today, we will outline our results for the financial year ending March 31st, 2024, with a presentation that will run for approximately 30 minutes and will follow up by a Q&A session. I would like to start by thanking all of the colleagues in ALS for their continued support and collaboration underpinning our results today. In ALS, we have embedded a safety-first culture, and we see that it's driving strong safety results. For example, this last year, our TRIFR showed the lowest rate ever recorded by ALS. While our lost time injury frequency rate increased, we are leading the industry in this metric and remain focused on continuous improvements in our performance in the year ahead. At ALS, our purpose is to help make the world a better place through science, assurance, and sustainability, a deliberate strategic choice to integrate sustainability into our fundamentals, targets, development, and decision making. I am proud of the progress that we have made this year in line with our sustainability strategy pillars: people, planet, community, and business practices. In fiscal year 2024, we maintained carbon neutrality for Scope 1 and Scope 2 emissions, reduced plastic waste, and expanded our use of solar energy. We extended our partnership with communities, charitable partners, diversity organizations, and local suppliers, and reaffirmed our commitment to a diverse, inclusive, and safe work environment through dedicated programs and increased collaboration opportunities. We are committed to creating positive social and environmental value for communities while delivering operational and economic value for our clients and stakeholders. In ALS, we continue delivering on our objectives, from revenue growth to leading industry margins and overall in shareholders' return. Our business delivered overall revenue growth of 6.8%, with low single-digit organic growth, despite a challenging market and slowdown in mining exploration and overall pharmaceutical activities. The latter two were primarily driven by a lack of funding for exploration and drug discovery. The company continues to deliver very solid best-in-sector margins, recording a 19% EBIT margin for fiscal year 2024. This was supported by the strong performance of our leading environmental business, as well as food and industrial materials, and the resilient performance of the mineral business, which delivered an EBIT margin of 32%. Our cash generation, balance sheet, and liquidity remain strong, supporting implementation of capital framework and continued growth journey as we move forward. Overall, underlying NPAT was AUD 316.5 million. Reflecting the positive underlying NPAT results, the board has declared a final year dividend of AUD 0.196 per share, which equates to a payout of 60% of our underlying NPAT. Current performance and confidence in the future have supported the board's decision to approve dividends at the top of the range. Statutory NPAT was AUD 12.9 million. The main delta to the underlying NPAT was the impact of the write-down and related restructuring cost of Nuvisan. Stuart will give you further details in this regard later in the presentation. So now moving to the highlights of each of the divisions for fiscal year 2024. Starting with the Commodities division, in minerals, we saw a modest revenue decline of 2.4% due to subdued conditions and under adverse FX impact in emerging markets. Margins in minerals continued to demonstrate their resilience, staying above 30%. Industrial materials performed strongly, with substantial organic growth from a market share gain up 13.2% and margin improvements. Combined, the margin in the Commodities business was down 103 basis points to 29.3%. In life sciences, environmental organic revenue was up 8.6%, with growth outpacing the market and continued margin improvement, supplemented by several bolt-on acquisitions. In food, organic revenue was up 6.5%, with continued volume and price recovery, supported by an improved mix of work and cost control measures. Pharmaceutical organic revenue decreased by 11.5%, impacted by reduced funding for discovery phase drug development, which resulted in margin compression. Excluding the impact of Nuvisan, pharmaceutical organic revenue decline was only 4.6%. Combined, the operating margin in the life sciences business was down 42 basis points to 15.1%. So I will now expand on our Commodities division result, which demonstrates resilience in what continues to be a soft market.... Total revenue for commodities was flat, and the underlying EBIT margin declined to 29.3%. But pleasingly, the minerals margin was above 32%, reflecting reduced cyclicality, further market share expansion, flexibility of the cost base, and increased uptake of newer, higher-value add services. We continue to strengthen our leading position in minerals and deliver stable margins despite the slowdown in exploration spending. During fiscal year 2024, we increased market share and long-term growth, and profitability is driven by our world-class hub and spoke model, excellent client service offering, increased uptake and penetration of our high-performance testing methods, and the acceleration of our mine site operations. Global electrifications continue to drive revenue growth opportunity in our minerals group. Reduced sample volumes were partially offset through dynamic pricing, cost management, capacity planning, and downstream growth. After an incredibly strong previous three semesters, metallurgy organic growth slowed down, as projected in our November outlook statement. However, still delivering high single-digit organic growth and showing a solid pipeline with good growth opportunities in green metals, connected services. Finally, industrial materials had a solid result, supported by strong global commodity trading, and in our oil and lubricants business, we saw volume and price growth in the major markets we operate in, APAC, North, and Latin America. Moving now to the life sciences portfolio, which saw double-digit revenue growth. The total revenue for the life sciences grew by 12.4%, and the underlying EBIT margin was 15.1%. Our life sciences business are aligned with industry megatrends, including increased regulation, enforcement, and outsourcing, emerging contaminants such as PFAS, and a greater focus on health and nutrition. Strong performance by the environmental and food business were offset by challenging market conditions for the pharmaceutical business, both from a lack of funding for discovery-phase research and some efficiency issues, which impacted revenue and margins of the wider portfolio. As you know, the TIC market continues consolidating, and at ALS, we have deployed inorganic growth capital to strategically support our portfolio development, either geographically or from a service standpoint. During fiscal year 2024, we made 8 strategic acquisitions for a total consideration of AUD 76 million, which are expected to generate an additional 152 million in the following fiscal year. Roughly half of the capital deployed was towards the environmental portfolio. While most of these acquisitions are smaller bolt-ons, they are aligned with our strategy and expanding our global reach in the environmental business, as well as further adding to regional strength of our pharmaceutical business. Growth capital is being allocated in line with our recent refreshed capital allocation framework, which I will also outline later in the presentation. Post-reporting period, we also made 2 additional acquisitions of environmental business, York and Wessling, which either add to our presence in existing geographies, with York in the Northeast U.S. complementing our existing footprint, or Wessling, which enables us to enter new geographies and capabilities in Europe, specifically Germany, France, and Switzerland. Our focus is now on embedding in the recent acquisitions and the Nuvisan transformation program, where integration is already underway. This gives me the segue to touch on the Nuvisan transformation plan in more detail. ALS took full control and ownership of Nuvisan on the 31st of March 2024, acquiring the remaining 51% stake for nil cost. The transformation program commenced immediately following. We are targeting cost reduction of approximately EUR 25 million per annum over a 2-year period, with associated costs to implement of approximately EUR 20 million. A new ALS management team has been established and is in place to oversee the transformation program. The immediate priorities are directed towards driving operational improvements, footprint and headcount, business development, and marketing efforts. We are pleased to see some green shoots on the CRO market recovery. Biotech appear to be moving back into favor within capital markets, with biotech funding improving significantly in the first quarter of 2024. We are optimistic that the long-term industry fundamentals for discovery phase drug development remain intact. There also continues to be an increased interest in further outsourcing to third parties to advance their programs and speed to market, which provides further opportunities for ALS. Now I will provide a short update on the integrations of the two additional acquisitions we made post the fiscal year 2024 financial year. As we informed, York accelerates the ALS expansion into the Northeast US environmental market, particularly in PFAS testing. The acquisition was effective from the first of April 2024, and the integration and transition of York to the ALS Way is progressing well, with a focus on standardizing methods, equipment, and systems. There is a good early collaboration in sharing best practices between the ALS and the York teams. Client service and relationships are being consolidated as appropriate at all sites. Second, Wessling provides an immediate pathway and footprint into the large German and French environmental and pharmaceutical markets. Regulatory approvals of the acquisitions are progressing as planned and integration planning is underway. The acquisition of Wessling remains on track to close in June 2024. In the short term, we are focused on embedding the recent acquisition to best align with the ALS Way. Now I want to take a few moments to summarize what has been delivered in relation to the fiscal year 2024 objectives across each of the business streams that were communicated to you in November 2023. Despite mixed market conditions in fiscal year 2024, we have delivered a solid result, with most businesses delivering on their objectives presented to the market. We continue to be a global market leader in minerals testing, and to grow our market share across the total value chain. We are seeing sustained client demand for additional high-value services, including the high performing methods. Metallurgy recorded high single-digit organic growth and margin improvements, and we are pleased with the resilience and reduced cyclicality now built into the minerals portfolio. As mentioned earlier, margins have been maintained above 30% since fiscal year 2022. Further details about the business resilience have been included in the appendix of this presentation. Industrial materials, inspection and coal volumes continue to improve year-on-year, and there is a solid organic market share growth and margin improvements in all end markets. The environmental business has delivered solid organic growth and market share expansion in key geographies, both organic and through acquisitions. Margins have expanded in environmental, and disciplined price management is resulting in improved efficiencies. Food also saw mid- to high-single-digit organic growth and margin expansion, with further consolidation of our operating model in the leading regional business. While still facing a challenging market, pharmaceutical improved in the second half of fiscal year 2024 compared to the first half, with volume and margin improvement recorded. With that, I will now hand over to Stuart, who will take you through the financial performance of the business during the year. Stuart? Great. Thanks, Malcolm, and good morning, everyone. I will now present the highlights of our FY 2024 financial performance. In short, ALS delivered solid financial results amid mixed market conditions. The group maintained a market-leading operating margin of 19%, which is in line with the group's targeted floor margin. This represents a decline of 125 basis points from the prior year, which is both a mixed issue from softness in minerals volumes and efficiency issues in pharma. Underlying EBIT was AUD 492 million, which is in line with the prior year, and underlying NPAT was AUD 316.5 million, which is also consistent with the prior year, and the revised guidance range communicated at the end of March 2024. Statutory NPAT decreased to AUD 12.9 million, primarily due to the write-down and restructuring costs associated with Nuvisan and other one-off items, including the ongoing ERP implementation program. Moving to revenue. Total revenue for the business reached AUD 2.6 billion, a 6.8, a 6.8% increase compared to FY 2023, of which 2.2% was organic, 2.2% was from acquisitions, and 2.4% was from positive FX impact, largely from currencies in our larger markets strengthening against the Australian dollar. Organic growth resulted from sustained global demand for environmental services, further demand for value-add services, and growth of mine site production testing in the minerals business, growth and recovery of the food business, and improved conditions with the industrial materials business. These were partially offset by macroeconomic challenges impacting client funding for mining exploration and discovery phase pharma research, and the related slowed discovery phase product development in pharmaceutical. Organic growth of 2.2% was supported by prioritizing risk-weighted capital to protect, extend, and expand the portfolio. Shifting now to operating margins on slide 16. As noted earlier, the group margin declined by 125 basis points to 19%. Underlying group margins contracted by 81 basis points at constant currency, reflecting the underperformance of pharmaceutical, the expected dilution from some acquisitions which are early in their integration phase, increased corporate costs, and lower volumes in minerals. Life sciences and commodities margins contracted by 43 points and 45 points, respectively. The group FX impact of 44 points was based largely due to unfavorable currency impacts in emerging markets within the commodity business. Moving to cash flow on slide 17, net working capital proportionately increased with revenue growth to AUD 58 million in FY 2024. Some of the increase in working capital related to timing issues associated with customers taking advantage of deferring payments to us to April, with Easter falling right at the end of March. This is a timing difference, which will reverse in FY 2025. Capital expenditure increased to AUD 152 million, with approximately AUD 100 million of this amount directed to our ongoing investment in organic growth and efficiency, in line with our value creation framework. Free cash flow increased by 5.7% to AUD 286.5 million. While still at a healthy level, EBITDA cash conversion declined to 93%, but remained above the group target of 90%. Moving to the next slide, which is on capital allocation discipline. This, which is slide 18, this chart aims to illustrate how the balance sheet and targeted leverage range has supported the growth of the business, as well as return to shareholders over the last five years. The group continued to demonstrate a disciplined and proactive approach to capital allocation, in line with the refreshed value creation framework, which Malcolm will outline shortly. Through this framework, the group has successfully deployed growth capital, both organic and through acquisitions. With the exception of the investment in Nuvisan in 2022, the majority of growth capital has been allocated to our core businesses, environmental and minerals. The group has consistently returned capital to shareholders with dividends at the top of the 50%-60% payout range. In addition, the board has reactivated the dividend reinvestment plan, with these results providing future capital flexibility for the business. Leverage is currently at the midpoint of the target range of between 1.7-2.3. We think with the cash generation ability of the business, this leverage range continues to be appropriate. After completing the acquisitions of the two environmental businesses, York and Wessling, leverage will be at the top of the targeted range. The group is committed to reducing leverage to the midpoint of the targeted gearing range over the next 12-18 months. To the balance sheet on slide 19. So as at 31 March 2024, the balance sheet remains strong, with a leverage ratio of 2x, with over AUD 530 million of available liquidity, including AUD 346 million, or approximately AUD 350 million of undrawn bank facilities. In April 2024, the group entered into new additional three-year bilateral revolving bank facilities totaling $300 million, or in Aussie, roughly AUD 450 million. These new facilities will be used to refinance current bank debt maturing in May, and also fund the acquisitions of York and Wessling. This refinancing will increase overall liquidity and remove any near-term refinance risk. The slide shows the company debt maturity profile pre- and post-refinance, pre- and post- the refinancing as of May 2024. The weighted average debt maturity will increase to 5 years post-refinance, with the average cost of approximately 4.3%. Post the acquisition of Wessling, available headroom in bank facilities will be approximately AUD 375 million. Now moving to corporate costs and how these have evolved. As noted earlier, the group recorded an increase in corporate costs in FY 2024 to AUD 54 million. This increase was, primarily driven by higher people costs associated with wage increases in line with CPI, investment in learning and development of our talented people, and long-term incentives for key staff. There's also been some expanded investment in functional support in key areas such as strategy, finance, and procurement. These were partially offset in FY 2024, by lower sustainability-related costs due to the timing of purchase of carbon credits in FY 2023, which were nil in FY 2024. Corporate costs are expected to, be around 2.25% of revenue as we move forward, as sustainability costs normalize and resources are added to support integration and other key functions, provided by the corporate center. With that, I will now pass back to Malcolm. Thanks, Stuart. So let me spend some time talking about our progress towards our long-term vision, how we are placing in relation to meeting the fiscal year 27 targets, and what we are focused on in fiscal year 25. Our innovative, data-driven approach has provided and continues to provide growth opportunities. Three standout areas of our operations are supporting this journey and helping us build and refine our approach to supporting our clients. First, our industry-leading, and in many cases, proprietary testing capabilities that provides our clients with unique service offering. Second, the advanced global systems we have developed and deployed, including our LIMS, that provides our clients with unique and valuable data insights. And third, our focus on innovative technology and reliable data has been supported by our developments of AI and machine learning capabilities, both organically and through targeted acquisitions. Having made significant strides in the execution of our strategy, we're well positioned to invest in and shape the business for the future. This includes reshaping the portfolio through rationalization to ensure we are prioritizing the key components that will support our long-term growth, and deploying both organic and inorganic growth capital to capture opportunities, complete acquisitions, and drive continuous implementation of the ALS way. Our fiscal year 27 strategy has served us well. However, with a growth and improvement-focused mindset, we have determined that it was time to refresh our approach with a view to refining what has delivered success, while at the same time fine-tuning some elements to drive the business forward. With that in mind, our new framework is supported by a uniform executive team that joins together both long-term and new leaders. Our ongoing focus to improve integrations of acquisitions, enhancements to our operating model that will see us extract margin improvements on some underperforming businesses, and some margin uplift on already industry-leading margins. A consistent approach to marketing to clients, which includes dynamic pricing, scaling businesses in minerals and environmental, and regionally strong businesses in life sciences to deliver solid organic growth. An updated approach to capital allocation, or as we refer to it, the value creation framework, which I will expand shortly. Going forward, we are replacing providing specific underlying impact guidance with providing building blocks through a combination of annual and multi-year targets metric. This is similar to the approach of our peers and many ASX-listed companies. While we are changing our approach to guidance, it is important to reiterate that our existing financial targets for fiscal year 2027 remains unchanged, and we are on track to achieve them. So now moving to the next slide, which outlines our refreshed value creation framework. This is slide 24. We believe this framework provides the fundamental basis to help us deliver on our ambition of top quartile shareholders' return in the medium term. The first layer at the top explains the refocus and new risk-weight approach to growth capital allocation. The capital allocation comprises organic, including ongoing implementation of the ALS Way and investments in innovation and inorganic. We expect our portfolio to unlock additional value and maximize return for our shareholders. Investments close to the core will be given preference with higher returns expectations on any investments that are in segments just outside or adjacent to the core. Overall, we are targeting that discipline and successful implementation of the refresh strategy will support mid- to high single-digit organic revenue growth and steady improvements in terms of margin, as we leverage our scale and deliver benefits from the ALS Way, which includes ongoing investments in innovation. The second level explains how the new strategy approach connects with the capital allocation of the company. When assessing where to invest in our portfolio, we have used the lenses of market attractiveness, competitive position, and growth potential, and it became clear that parts of our portfolio have benefited from market leadership positions in key markets, either globally or regionally. In this regard, we have identified four growth pillars of our business. First, protecting and extending leadership positions in key businesses through a combination of rapid organic growth and inorganic expansion. Second, expanding our service offering and market share in selected global and regionally high-growth markets to create leadership positions, where the business already benefits from a strong presence. Third, we will selectively invest capital into markets through organic growth and M&A that can expand our scale or capabilities. And lastly, we will seek to optimize value from underperforming businesses, consistent with how capital is allocated to extract maximum returns. In terms of returns, with this new capital allocation strategy, we are targeting a return on capital employed of 15%. This is measured as EBIT or average capital employed in the third and fifth full year post-investment for organic and inorganic capital, respectively. Finally, on the third level, this section explains the company's overall growth profile and shareholders' return. Through a combination of returns on organic growth and continuous improvements of the existing asset base, and improving returns from integrations from any M&A activity, we are expecting ROCE in the high teens or above to continue in the medium term. As mentioned, we are targeting that the refresh strategy will support mid- to high single-digit organic revenue growth, steady improvements in terms of margin, and strong ongoing cash generation. When combined with a sensible targeted gearing range of between 1.7-2.3 times, ALS will have the balance sheet power to invest to deliver on its growth ambitions and also returns to shareholders. Now moving to the perspective for the upcoming fiscal year, in slide 25. ALS remains well positioned to capture positive long-term industry megatrends, with strong confidence to execute on near-term growth ambitions and operational improvements. Reflecting the strength of the ALS portfolio, the group is targeting mid-single-digit organic revenue growth in mixed market conditions. This is despite ongoing uncertainty in global markets in which ALS operates. On operating margins, the group is expecting modest improvements in margins for the wider Life Sciences division, excluding the initial impact of York and Wessling acquisitions, which, as noted earlier, on a combined basis, will adversely impact margins. Continued margin resiliency in Minerals and Environmental is expected. Positioning of some corporate functions and the sustainability agenda will see an increase in corporate costs, but still expect them to operate at approximately 2% of the revenue. On capital allocation and in line with the value creation framework, risk-weighted growth will be prioritized for the environmental and mineral business. Our focus for the short term is on the integration of recent acquisitions and the Nuvisan transformation program. As Stuart noted, leverage will be at the top of the targeted range post the completion of the Wessling acquisition. There will be a period of consolidation in fiscal year 2025, and we are focused on returning leverage to midpoint of the targeted range of 1.7-2.3 times. So before I open the discussion for questions, I would like to thank the entire team of ALS for their support over the year. And with that, I will now open the floor for discussions and questions. Thank you very much. Thank you. We will now conduct the question-and-answer session. Please have one question and one follow-up per person. If you have more questions, please requeue. As a reminder, to ask a question, please press star one one on your telephone and wait for your name to be announced. To withdraw your question, please press star one one again. Please stand by as we compile the Q&A roster. The first question comes from Jakob Cakarnis of Jarden Australia. Please go ahead. Hi, Malcolm. Hi, Stuart. Just wanted to skip to slide 42, if I could, where you've got the sampling flow performance for us. It sounds as though the second half, obviously, much better than the first in terms of sampling flows. If I look at the chart, on the two-week growth trend, it looks like it turned positive as you exited the end of FY 2024. Can you just talk to some of the dynamics that you saw of the sample flow trends just through the second half, please? We made an effort to put it at the end of the presentation, but it was the first question, so thank you. Yes, I think your comment is right. We've seen some improvement at the end of the fiscal year. Whether that's enough for us to call a trend, I think it's too early. In ALS, in the mineral business, we are focusing, as we said during the presentation, capturing market share, and we were able to expand market share both in exploration and downstream. We believe that that will continue creating resilience in terms of margins for the mineral division. So to your point, to your question, yes, we have seen that sample volume slowly improving, but it's not something that we can call whether the trend has changed or not. What we can tell to the market, that we are working towards continued resilience in terms of margin for that overall minerals group. Thanks, Malcolm, and just one for Stuart, please. Slide 19, you've given us what looks to be a bridge of net interest costs into FY 2025. You've said, take the AUD 55 million from FY 2024 and add on the interest costs associated with York and Wessling. York's an obvious one because you get that at the start of a new fiscal period, but it sounds like Wessling might be a little bit delayed. Am I right in thinking that York and Wessling combined would be around AUD 9-10 million of incremental interest costs, or do I need to consider timing there, please? Jakob, look, I think you're, I mean, you're right. We set it out to try and help you, and it sounds like you've read the tea leaves perfectly. On Wessling, we expect that transaction to complete at the end of June, which is what we said when we announced it. I think that Malcolm perhaps alluded to this. The good news is we've already got some of the approvals from the German authorities. We've still got the French authorities to go, but we would expect to get those in early June, and therefore, we will conclude that transaction at the end of June. And, as I said, your maths is there or thereabouts, looks like. Thanks, guys. Appreciate it. Thank you. Thanks, Jakob. Thank you. Our next question comes from Rohan Sundram from MST Financial. Please go ahead. Hi, Malcolm and Stuart. Just, one question from me around: where do you see the best opportunities for operational improvement and efficiencies just within the core business outside of Nuvisan? Thanks, Rohan. Great question. So let me start with the core businesses. We always see space for improving margins and operating leverage in those businesses. And I think that a clear example of that has been the environmental business, that during the years where we've been building the global business and connecting the businesses into the regional hub and spoke model, we've been able to extract better margins every year. And we, we'd expect that to continue in the medium term. Outside the core, clearly we signal that the food and the industrial materials divisions have shown very positive margin improvements. Within the industrial materials, all the divisions were positive, and I would say that the oil and lubricants is showing a similar sign for this year as well. Outside those divisions, clearly the area of focus of margin improvement is what we call the underlying pharmaceutical divisions that they faced during last year, a little bit of the slowdown after COVID, and it impacted, especially in the first half. We've seen margin improvements, sorry, volumes improvements on the second half. That's why we call that that division had a negative organic growth of around mid- to low single digits. And a big area of focus is how we continue improving the margins of that division that has started already on the second half of the year. I don't know, Rohan, if that answers your question, or you have a follow-up? That's very helpful. Thanks, Malcolm. Thanks. Thanks for the question. Thank you. Just a reminder, to ask a question, please press star one one on your telephone. Just a moment for our next question, please. Our next question, we have John Purtell of Macquarie. Please go ahead. Good morning, Malcolm and Stuart, hope you're well. Just a couple of ones I can. Just you've obviously guided for mid-single digit organic revenue growth for the year ahead versus the 2% in 2024. What are the key drivers, Malcolm, of that sort of stronger, slightly stronger expected growth, and would it be fair to say that that guidance for mid-single digit is broadly spread across or evenly spread across life sciences and commodities? Thanks, John, for the question. I was hoping that you'd address the question for Stuart, but I think it seems that I have to answer. So what we're expecting is a continued momentum of the core divisions. Obviously, there's higher revenue growth expectations in the life sciences division, with ongoing momentum of environmental and food and the recovery of the pharma business that started in the second half. In terms of minerals, you know that it's hard for us to really forecast revenue growth and where we are in terms of the exploration funding. Our effort is to continue expanding downstream, and I think one of the slides that we included in the package shows that right now the non-exploration activities in minerals represents 25%, and that's a growth from the last couple of years. But also the resilience of the margin since 2021 were set were higher than 27%, irrespective where the, the cycle was. To your question on organic growth, clearly the big areas of focus are life sciences, and within the industrial materials, we have very positive momentum on inspection, and we are very pleased on seeing the performance of the oil and lubricants division as well. ... Thank you. And just to, just to follow up in relation to Nuvisan, that the EBIT was essentially breakeven for the year. It looked like it was similar to the first half. Was that sort of in, in line with your expectations or a tad better? And, and just the outlook there for Nuvisan in 2025. I know you've referenced some improvement in, in funding markets in biotech. So I would start. I think that Nuvisan was in line with the expectations. Last year when we did the strategic assessment, it gave us a very good view of the business and a better understanding of the areas of opportunities. The focus right now, John, is both on the business development and revenue growth of that business. I think it's a high quality business for the German market. It's highly regarded with a very high scientific value. In terms of biotech funding, we have seen an improvement. How fast that money is being deployed is still to be seen, but it was not a surprise result. It was in line with expectations. Stuart, do you wanna comment? Yeah, I think the only other thing I'll add, John, is, you know, we've been quite public with the expectations we have for our transformation program on Nuvisan. I think what we just ask is, you know, we will keep the market informed. Just give us a bit of time. So I think we'll give you a numeric update at the half year, at the AGM, and be more qualitative rather than a quantitative update, just because, you know, some of these things take a little bit of time. But I think what I'd say is, perhaps to shape a little bit of that, we've started off on track with where we expected to be. So, at this point, it's looking in line with where we set it. So that's a good start. John, just a final comment on that. You can expect... I think ALS always did a very open and transparent communications in line with the transformation plans, the integrations of the two acquisitions that we announced and how we progress with that. Following what Stuart says, you can continue expecting a very open communication with us, from us with the market in regard of those transformation plans and integration plans. Got it. Thank you. Thanks, John. Thank you. Our next question comes from Peter Drew of Carter Bar Securities. Please go ahead. Hi, Malcolm and Stuart. Thanks for the question. Just with respect to the commodities business, you've guided to resilient margins for FY 25. I'm just wondering what your, you know, revenue growth assumptions are to achieve that. And also, you also flagged a higher mix of senior clients within Geochem. I'm just wondering how that plays into the margin mix as well for FY 25. So let me try to answer that question, Peter. Thanks for the question. I don't wanna be repeating and sounding boring, but it's hard for us to really forecast and give a clear number expectations in minerals. I think you've pointed out very well that the resilience of that business, it's not something that we take lightly, Peter, because that's come with a couple of things that we wanna highlight again. First, was I think we pointed out in the presentation, was the year with the fastest market share growth, both in exploration and downstream. Clearly, the conditions were subdued, as we pointed out in March, and we, we've seen with the sample volumes that we included on the slide deck. But that shows how strong the service aspect is of that business, and how we can be leaders of the business in a very volatile environment. So for us, the resilience of the business is something that really helps put us a lot of hope into the performance of the business. In terms of mix, clearly we've seen an increase of majors compared to juniors, and we've seen the funding of juniors not being necessarily green last year, and were slower. And I think that we've seen some of that data also on the last quarter of the previous fiscal year. But majors continue bringing new services. We continue having very healthy win-loss ratio. In terms of the mix of elements, we've seen that the mix is still in line with what we presented back in November. That is, gold and battery metals being at a similar percentage. Obviously, that's very a little bit month by month, but overall, a similar mix in terms of elements. The biggest change in terms of mix is from a client perspective, that we've seen that majors uptake, especially of the high performer methods and the new Uncertain that we just recently released. Stuart, do you want to compliment? No, not really. Nothing else to add. Review, please. Yeah, thanks for that, Malcolm. Just my follow-up question, just in terms of the cost out for Nuvisan, I'm assuming that that AUD 25 million year two is a run rate into year three. Is that correct? Yes, Peter, that is right. That is, well, we expect those, I mean, it won't happen this way, but in terms of trying to help you populate a model, assume that they will happen progressively or evenly over a two-year period, and that AUD 25 million would be the exit impact rate in end of year two. Great. Thanks very much. Thank you. This concludes the Q&A session. I will now hand back over to Malcolm for closing remarks. Thanks, Marie, and I wanna thank again to the colleagues of ALS for their continued support, the continued support of the board of directors, and obviously for the shareholders, and, all of you that attended the call. Thank you very much, and see you next time. Thank you. This concludes today's conference call. Thank you all for participating. You may now disconnect.