Hello, and welcome to the AVJennings first half results webinar for fiscal year 2022. I'm Andrew Keys, and I'm facilitating today's event. Following the presentation from AVJennings CEO, Philip Kearns, and CFO, Larry Mahaffy, there will be a Q&A session. Attendees, please use the Q&A function in Zoom to ask questions of Phil and Larry. Good afternoon, Phil, over to you. Thanks, Andrew. On behalf of AVJennings, I'd like to acknowledge the traditional custodians of the various lands on which we work today, and Aboriginal Torres Strait Islander people and Māori people participating. We pay our respects to elders past, present, and emerging, and recognize and celebrate the diversity of these peoples and their ongoing cultures and connections to the lands and waters across Australia and New Zealand. Hello, I'm Phil Kearns, the new AVJennings CEO and Managing Director. Welcome to all of you who've joined us today for AVJennings first half 2022 presentation. It's a real pleasure to be here. As we head into the second half of financial year 2022, there's excitement in the air as Australia edges towards normalcy, whatever that means. Much has changed in our lives over the past two years of the pandemic, but there is expectancy about what lies ahead. Our hope at AVJennings is that all those that live in our communities can continue to take advantage of the quality that we aim to provide. Our work and family life has changed as we've struggled through the trials of the COVID-19 pandemic. What has never changed has been our customers' desire to have a nice community and home to live in, and our desire to provide it. It is our 90th anniversary, and that desire to build communities will be here beyond our one hundredth year and will always be in our DNA. AVJennings has used the pandemic as an opportunity. We have learned from our customers and potential customers, those new small things that they want from their experience with us. Parcel letterboxes, space for a home gym, home office facilities, to name a few of what the houses of now and the future will require to be livable. It was the same in the 1930s when AVJennings was able to provide for the needs and wants of the families of that time. Now more than ever, our customers, shareholders, and other stakeholders demand a commitment to ESG requirements. I can say that AVJennings is steadfast in the path that it's taking to be a leader in that field. In my new role as CEO of AVJennings, I've seen up close the quality that we produce in both the estates that we create and the homes that we design and build. I visited a number of our sites across Greater Sydney, Wollongong, Central Coast, Melbourne, and Brisbane, and I've learned to be able to spot an AVJennings house due to the quality of the build and the attention to detail applied by our people. They genuinely love what they do and take pride in doing it. While the last 12 months has had its challenges, the AVJennings team continued to pursue customer service excellence, design excellence, and post-sales excellence. This too is in our DNA. Our financial result for the first half of 2022 was strong and is a testament to the previous CEO and the quality of the team that delivered it. I can take little or no credit for the number as January 10 was my start date. What I can do after one month in the job is to thank Peter Summers for his 37 years with the company and his unwavering commitment to AVJennings over that period. This half year shows profit before tax up 11.6% to AUD 10.6 million, and gross margins improving to 28.7%, leading to EPS rising to AUD 0.02, up 47.1%. Our second half looks promising as contract signings are strong and our production pipeline is in good shape and will improve further if the current run of poor weather turns fine. With a good first half, our balance sheet gets even better, which means we have funding capacity to expand housing construction and for further acquisitions. This will be a major focus. Despite the size of our country, access to good, easily zoned land is difficult, and it requires a team focused on key areas, alert to opportunistic deals, and able to build meaningful relationships with key people in our target areas. AVJennings is one of the most trusted brands in the country, and we plan to keep it that way. Larry, I'll hand over to you to take us through the financial results. Thanks, Phil. Slide 9 summarizes the company's financial performance over the half, which was positively affected by rising activity and sustained high demand. Net profit before tax of AUD 10.6 million was up 11.6% on the prior corresponding period, while profit after tax of AUD 8.1 million was 47.2% higher due to a lower effective tax rate arising from the impact of tax effect accounting, the profit earned from an equity accounted joint venture, and the reversal of some share-based payments. The result is after an accrual for amounts payable to the previous Chief Executive Officer, approved by shareholders, absent which underlying profit before tax would have exceeded AUD 13 million. Average gross margin rose to 28.7%, up 4.4 percentage points on the back of good margins from various Cobbitty and Spring Farm communities in Sydney, Lyndarum North in Wollert, Melbourne, Cadence in Ripley, Brisbane, Ara Hills in Auckland, New Zealand, and Eyre in Penfield, Adelaide. Net tangible assets per share increased slightly to AUD 1 per share, while earnings per share rose to AUD 0.02 per share, up from AUD 0.0136 in the prior corresponding period. Pleasingly, the strong first half result and positive second half outlook led directors to declare that a fully franked cash dividend of AUD 0.011 per share be paid, an increase of 57.1% on the prior corresponding period. Slide 10 depicts the growth in underlying profit before tax, earnings per share, and dividend just mentioned. Slide 11 illustrates a number of leading indicators for the business. Contract signings rose 21% to 502 lots during the half, while 586 pre-sold lots were carried out at the first half balance date, 452 of which, having a contract value of AUD 151 million, are expected to settle or be revenue recognized in the second half of the current financial year. A further 46 lots were contract signed during January, collectively supporting second half performance. Slide 12 explains that despite a modest fall in settlements during the half to 340 lots, average contract value was higher and revenue rose by 2% to AUD 116.9 million. This was due to the preponderance of built form settlements, integrated housing and apartments over land that accounted for approximately 53.5% of total revenue, and a change in built form mix from the prior corresponding half, which saw a more significant contribution from apartments. The bulk of dwellings in the Empress building at Waterline Place in Williamstown, Melbourne, settled during the half, together with some legacy apartments in the Indigo and Viridian buildings in Subiaco, Perth. While revenue from integrated housing fell to AUD 46.1 million, this reflects timing differences in completion that affected settlements only, as the number of detached houses and townhouses under construction was stable at 189 dwellings, with 68 dwellings started during the half. Slide 13 illustrates revenue by region, with the positive movements in Victoria and Western Australia reflecting the contribution from apartment settlements just mentioned. The summary balance sheet depicted on slide 14 indicates that balance sheet footings remain very sound. Pleasingly, the company's core debt facility was recently approved for increase to AUD 300 million from AUD 250 million, and its rolling termination date extended to September 2024. The summary cash flow on slide 15 shows that net cash from operations for the six months rose strongly to AUD 31.2 million, funding a substantial reduction in borrowings. Slide 16 shows the change in gearing over time, with the company's net debt to total assets ratio falling to a cyclical low of 15.5%, leaving the company well-placed to expand activity in the second half of fiscal 2022 and beyond. Slide 17 shows that total inventory, including controlled land under option, stands at 12,117 lots. This includes 663 lot equivalents acquired by the company in the southeast of Melbourne at Clyde South. We are hopeful that several other acquisitions in Brisbane and Melbourne, amounting to more than 600 lot equivalents, will be finalized in the second half of fiscal 2022. Work in progress continues its upward march in slide 18, reaching 1,748 lots, well up on the prior two balance dates as the company worked to recover ground lost in the earliest phase of the pandemic. We expect to complete around 715 of these lots in the second half of fiscal 2022, comprising land-only lots, integrated houses and apartments. This increase in work in progress is expected to result in more completions and settlements during the second half of the current financial year. I'll hand back to Phil Kearns. Thanks, Larry. Macroeconomic trends look positive despite what some perceive as the threat of rising interest rates. Consumer confidence rises and falls with the pandemic, which is hopefully nearing its end. Unemployment is at all-time lows in the 4% range, while migration will return soon, with the ABS stating that will increase to 240,000 by 2024/2025. Australia's interest rates are destined to rise. However, we think that the rate of increase may be shallower than the more extreme predictions currently reported. Additionally, the increasing household savings ratio sees more customers with money in the bank able to buffer interest rate increases. In New Zealand, government controls are trying to quell the rising price of homes in our key areas of business. Our partners and staff on the ground tell us that while demand may ease off, it will not go away. I'm eager to see what more we can do over there in New Zealand. AVJennings is a residential developer. We have a good geographic spread across Australia and New Zealand. We are a major player in the key growth markets of those states. We develop and build communities where our growing populations of everyday Australians and New Zealanders want to be. Evolving environmental and social considerations come into play with every site we do, and they will always be at the forefront of our minds. Recreation, biodiversity, energy and water management, and cultural heritage matters are regular features of our landscape. The business we are in will not change, but the way we do it will as we look to a more efficient way of doing business and we answer the demands of our customers. We face some key issues to accelerate our growth, including access to capital for large acquisitions and increased building activity, business process improvement, and speed of decision-making. I'm incredibly grateful to be handed the opportunity to drive this company to its next phase of growth, with a team committed to being true to the company's values and building communities. After five weeks in the CEO seat, I know it can be a youthful and dynamic 90 year old. We're moving with the times and a bit of stretching, we can remain nimble to respond to the community needs. I'll now hand over to Andrew, who will moderate the Q&A. Thanks, Phil. Thanks, Larry. A reminder for attendees, please put your question into the Q&A function, and I'll moderate that for you. One moment. I do have one question that came through prior to the briefing. So I'll ask that now from an investor shareholder called Anthony. It relates to the contract signing trend and growth over a period of time. It's been trending upwards. I guess, how do you feel about that trend looking ahead the next six months to 12 months, Phil? I'm hopeful that that trend will increase. We talked about some of those macroeconomic factors. Yes, we think interest rates will rise, and that will potentially have an impact. However, as we talked about the household savings ratio, we talked about the end of the pandemic, and really importantly, we talked about the migration. I think that will continue to drive the demand that we'll see that for the next, hopefully 12 months to 24 months. Thank you. Just give participants another minute or so. Please put any questions in the Q&A. A couple of questions have come through. The first one is from Owen Parks. Does the company have any concern over the large discount at which AVJennings shares trade to net tangible assets? Is there anything you can do to change that discount? Do you want me to handle that one, Larry, or do you wanna talk about that one? Well, look, I'm happy to respond to that if you like, Phil. I think the simple answer to that question is yes, and we're always exploring ways to close the gap. We don't think that the discount fairly reflects the underlying value in the company. We think there are a few reasons for them. But really, the fundamental way that we can close the gap is to continue to improve our performance. We think coming out of the pandemic, as we are, we're well-placed to do that. Thanks, Larry. I might share the next question with you, too, from Raymond Wayne. The return on assets of the company has been sort of mid to mid single- digit or a bit above. What can you do to lift return on assets? I think a relatively low, well, a lower return on assets is to some extent a function of the size of the balance sheet we've got and the value of the investments that we hold. I think the answer to that question is similar to the first. We continue to focus on improving the efficiency of our operations to drive our revenues forward, improve the efficiency of our overhead structure, and lift the company's earnings on a sustainable basis over time. Thanks, Larry. A question comes through from Adrian Lapenis. With gearing at very low levels, is the plan to use some capacity there for more land acquisitions, or is capital management on the cards and Adrian's said, for example, buybacks, given the discount to NTA? I think the focus for us at the moment is on the acquisition front. We're seeing not only large increases as the whole of Australia's population grows in house prices, but we're also seeing large increases in the price of land. To acquire that land requires quite a bit of capital, and the size of the sites that we would like to buy and aspire to buy are expensive. The use of the capital moving forward is gonna be focused on land acquisition and more of build form, increasing our build form. Thanks, Phil. There are no more questions in the queue. I think, thank you to Phil and Larry for the presentations today, and thank you to all the participants, for tuning in. We will finish the webinar there. Thank you very much, everyone. Have a good afternoon.