Good morning, everyone, and welcome to Codan's full year FY 2024 results webinar. I'm Sam Wells from NWR, and joining me from the company today is Managing Director and CEO, Alf Iannello, as well as CFO and Company Secretary, Michael Barton. Following a brief summary of the results released to the ASX this morning, investors and research analysts will have the opportunity to ask questions. There'll be a choice of two options. First, you can submit a written question via the Q&A function at the bottom of your Zoom screen throughout the call. Alternatively, research analysts may raise your hands during the call should you wish to ask a verbal question of the management team. We'd kindly ask that you limit your verbal questions to two per person, and we will endeavor to get to the majority of questions asked, in some cases, consolidating questions on the same or similar topic. Thank you, and over to you, Alf. Thanks, Sam. Good morning, and welcome to the FY 2024 full year results investor presentation for Codan. Thank you all for joining. My name is Alf Ianniello, and I'm Codan's Managing Director and Chief Executive Officer. I'm pleased to be now presenting my second full year results as CEO. Joining me today is Codan's Chief Financial Officer and Company Secretary, Michael Barton. Before we proceed, please take note of our standard notice and disclaimer. The plan for today's presentation is for Michael and I to provide some key highlights on our FY 2024 results, touching on each of Codan's three business units: Tactical Communications, Zetron, and Minelab. Following the results-specific detail, we'd like to take some time to illustrate some of our key environmental, social, and governance initiatives, all of which are an important element of our business today. Following this, we'll run through our current strategy, touching on some focus areas within each of our business units. Finally, we'll aim to tie it all together and provide some high-level commentary on the company's outlook for FY 2025. I'm pleased to report Codan has delivered a strong FY 2024, building on some of our hard work and success throughout FY 2023. Group revenue came in at approximately AUD 550 million, up 21% on last year, while EBIT grew 29% to AUD 114 million. Pleasingly, the business delivered organic EBIT growth of AUD 22 million, up 24%. As described previously, our primary focus remains on strengthening the business to achieve sustainable, profitable growth for the future, reinforcing a stronger Codan. The group delivered NPAT of AUD 81 million, up 24% versus last year, primarily as a result of strong organic growth, supplemented by the businesses we acquired throughout the year, being Zetron UK and Wave Central. Both businesses are performing well, with integration activities now completed. Investment throughout the year was also directed towards strengthening our people, key processes and systems required to deliver our future strategic growth initiatives. Lastly, our annual fully franked dividend has grown year on year, now totaling AUD 0.225 per share for FY 2024. I'll now pass you over to Michael to run through our P&L and balance sheet. Thanks, Alf. Good morning, everyone. Thanks again for taking the time to join our results call today, and apologies for the post-man flu voice that I'm using this morning. This slide highlights our continued strength in performance across our communications segment, reinforcing it as a core for our future growth. Communications revenues were up 19% versus the prior corresponding period and reached AUD 327 million. As communications continues to strengthen its position in the market as a solutions provider, our forward order book has also observed a year-on-year growth of over 20% and reached AUD 197 million at June 2024. Our metal detection business also delivered a strong FY 2024, with each of Minelab's divisions delivering increased revenues. Collectively, they were up 25% versus FY 2023. During the year, expenses increased, primarily due to acquisitions, some higher variable remuneration linked to the improved financial performance of the organization, as well as integration costs that were incurred on the acquisitions we made. Specifically, the group's integration and acquisition-related expenses were approximately AUD 2 million in the FY 2024 year. Pleasingly, the business has continued to deliver sustainable growth across the last three consecutive reporting periods, with our second half NPAT of approximately AUD 43 million, up 13% versus the first half and up 23% versus the prior corresponding half. Turning now to our balance sheet. Net debt increased by just under AUD 24 million during the year, to reach AUD 75 million at June 2024. As noted on this slide, there are three key components relating to this change, specifically the payment of AUD 37 million cash consideration for the two acquisitions. We invested close to AUD 40 million into product development, and we funded AUD 36 million of dividends during the year. Another notable change during the year was increasing the group's existing bank facility to AUD 170 million, up from AUD 140 million, with a further additional capacity available of AUD 150 million, subject to bank approval. These facilities provide the company with the financial flexibility to support future inorganic growth opportunities. Codan continues to seek acquisition opportunities which enhance the quality of the group's revenues. Specifically, our focus is in the key communications growth markets, which will provide Codan with increased future earnings visibility over time. Lastly, and we touched on this last year, we've successfully reduced inventory by a further AUD 11 million, driven by the sell down of African gold detectors. As outlined, this slide just visually illustrates the changes to our net debt position throughout the year, and I've already noted the key changes on the slide. So during FY 2024, we have continued our engineering investment across our business units, investing a total of AUD 57 million or approximately 10% of revenues. Our engineering investment is weighted towards communications and their key growth markets. The recent acquisitions have contributed to this growing engineering spend and the weighting towards communications, and this is consistent with our future growth strategy. We have a global team of highly skilled engineers and research scientists, and through product development, we ensure our competitive position continues to be further enhanced. I'm gonna hand back to you, Alf, to take a closer look at the three business units. Thank you, Michael. As a reminder, for those perhaps newer to our story, our communications business designs and manufactures mission-critical communication solutions for global military, public safety, and commercial applications. These solutions allow customers to save lives, enhance security and productivity, and support peacekeeping activities worldwide. Our communication business had another strong year, with communication revenues increasing 19% to AUD 327 million versus FY 2023. The growth achieved throughout the year was primarily attributed to Zetron's strong organic performance, bolstered by the acquisition of two high-quality businesses during the period, Zetron UK and Wave Central. Collectively, the acquisitions contributed revenues of AUD 31 million, and the businesses remain on track to achieve their year two investment objectives. Pleasingly, communications delivered organic revenue growth of 16%, exceeding the target range of 10%-15%. After normalizing for revenues from the large communications project delivered in FY 2023, approximately AUD 20 million. Communications segment profit grew 19% and totaled AUD 80.5 million, which reflects a 25% segment profit margin. Operating leverage in FY 2024 was impacted by several factors. First, HF revenues were affected by geopolitical issues in Africa, and we were normalizing out the large communications project delivered in FY 2023, both at high gross margins. We have also invested in strengthening business development and engineering teams to deliver on our strategic growth initiatives. This positively positions the business to deliver future growth. The company remains committed to achieving additional operating leverage, targeting a 30% segment profit margin in the communications segment over the next two to three years. Tactical Comms delivered a solid result in FY 2024. Strong growth in the unmanned systems and broadcast markets more than offset softness we experienced in our HF business due to geopolitical factors within Africa. Tactical continues to benefit from its leading mesh radio technology, which demonstrates exceptional performance in harsh and contested environments. Specifically, the business excels in providing compact, lightweight, and efficient solutions, optimizing size, weight, and power for a diverse set of customers. Some notable wins during the year, as listed on the slide, include an AUD 8.5 million European-funded unmanned military program, a AUD 7.1 million South Korean military mesh communications contract, and several contract awards in broadcast for live event news coverage, college and professional sport. Following Codan's acquisition of Wave Central in December 2023, the business integrated well and delivered results in line with expectations during the first seven months of ownership. Zetron outperformed expectations during the year as the business continues to deliver revenue growth from its expanded footprint. Zetron's growth continues to be driven by customers seeking to benefit from the integrated and complete command and control solution, which is offered across the public safety, utilities, and transport markets. Zetron continues to be recognized as a dependable solution with commitment to quality, customer service, and responsiveness, demonstrated by some recent business wins illustrated on this slide. Specifically, some notable wins during the year include: a AUD 10 million contract with one of the largest utility providers in the Midwest region of the U.S., a AUD 3.5 million upgrade with Kitsap County, and a AUD 2 million Queensland Rail project upgrade. Beyond this, we've also renewed the London Underground recurring services contract, as well as multiple awards throughout the year across North Carolina, Arizona, Missouri, West Virginia, and New Jersey, strengthening our North American position. During the year, Zetron successfully completed the integration of Zetron UK, with the business exceeding our year one acquisition expectations. With the business now successfully integrated, Zetron has shifted its focus towards executing its FY 2025 growth plans, consistent with previously announced investment objectives. Again, for anyone new to the story on the call, Minelab is the world leader in the handheld metal detection industry for recreational, gold, prospecting, demining, and military markets. Over the last 30 years, Minelab has led the category in innovation and has driven metal detection performance to two new levels of technological excellence. Minelab's revenue of AUD 220 million for FY 2024 reflects a 25% increase versus FY 2023, all achieved organically. As a result of enhanced operating leverage, Minelab's segment profit margin also increased to 35% during the year, versus 32% in the prior year. During FY 2024, Rest of World performance benefited from full-year revenues, driven by the release of the Manticore, Equinox 700 and 900, and X-TERRA PRO products, alongside an expansion of retail channel points of distribution across North America and Europe. While sales softened in specific regions such as Australia, which meant we achieved 4% growth in the Rest of World sales, it was pleasing to see double-digit growth in key markets such as Europe and North America. Notably, growing sales via expansion of storefronts with leading retailers, along with enhancing market position using platforms such as Amazon and Minelab e-commerce channels. These efforts are expected to support further growth in FY 2025 and beyond. Therefore, Minelab maintains its target of achieving high single-digit growth for the Rest of the World revenues. Within our African business, despite the Sudan region and North Africa still being largely disrupted, it was pleasing to observe an improvement in revenues in West Africa, which has generally returned to pre-COVID levels. As a result, Minelab Africa delivered an improved FY 2024 result with revenues of approximately AUD 70 million, increasing half on half as well as versus FY 2023. Additionally, as supply chains have normalized, Minelab has successfully reduced inventory holdings by approximately AUD 15 million over the course of FY 2024. Lastly, Countermine continues to generate strong performance following the delivery of several government contracts to support humanitarian demining efforts in Ukraine. Countermine's established relationships with global NGOs supporting this effort is underpinned by its proven track record of detector performance. As the market leader in handheld metal detectors, Minelab continues to invest in new product technologies, along with maintaining a significant focus on distribution channel expansion. Collectively, all these efforts position Minelab well for future growth. In this section, we'll take the time to highlight some of our key focus areas across environment, social, and governance. Similar to last year, over the last 12 months across the organization, we have taken significant strides in embedding our environment, social, and governance framework. Codan is committed to ensuring that each of our initiatives align with the guiding principles of the ESG framework. A key component of this, as laid out in this slide, are our priority areas around climate change. Firstly, partnered with external environmental consultants, we have engaged key stakeholders through the entire business globally to both build capacity and to understand our current carbon footprint. This has then allowed us to explore our emissions reduction risks and opportunities, which forms a key component of transition to net zero. We have identified opportunities to reduce Scope 1 and 2 emissions and are well on track to meet current Australian legislative requirements with respect to mandatory climate-related disclosures. We'll continue to invest in our climate journey and seek practices to ensure we are reporting our position as accurately as possible, and that any published reduction targets are achievable. Secondly, as we strive for a more resilient infrastructure and operations, we continue to develop and implement capacity building across Codan's board, executives, and key stakeholders. Utilizing internal and external resources, we aim to accurately evaluate the relevant risks and opportunities across our entire value chain, businesses, and strategy. This element will also involve advanced scenario analysis, quantifying the effects of certain outcomes, and the relevant steps to mitigate the severity of damages should they arise. We look forward to updating you on our ongoing progress here as we continue to integrate improved processes across our organization. Within our ESG framework is our social pillar. We remain dedicated to being a responsible corporate entity with a structured and thoughtful approach to the social pursuits we support. We invest in and support community programs that assist disadvantaged groups in the communities where we operate. We aim to support programs that encourage and develop students of all genders, ages, family status, and cultural backgrounds to pursue careers in STEM. Additionally, we support industry, science, and innovation initiatives to nurture the next generation of innovators. Finally, we are committed to promoting and supporting the well-being and development of our people. Throughout the year, we've sustained our efforts with some pleasing outcomes delivered. Some notable examples include the official launch of the Codan Founders Scholarship Program in collaboration with the University of Adelaide, Codan's continued support of the Undergraduate STEM Scholarship for Women with the University of South Australia, Codan's sponsorship of Youth Opportunities, supporting young people to develop lifelong skills, habits, and confidence to thrive. Zetron Annual Shoot for the Stars Golf Tournament, benefiting Behind the Badge Foundation, which is now in its 11th year running. Our 36th year of gold sponsorship of the Variety Bash, Australia's largest and longest running charity motoring event throughout Australia's Outback. Our entire team are incredibly proud of these contributions and look forward to growing on this in future years. From here, we'll now move into the strategy overview portion of the presentation. For those of you that have heard me present this previously, you'll be familiar with this slide. In summary, our values, organizational culture, and positive outlook is the foundation that enables us to continue to build a stronger Codan. I would like to recap a couple of key points highlighted within today's presentation, particularly as we continue to strive to become a stronger Codan and generate sustainable value for shareholders. We are a global business operating within developed markets, market economies, as we seek to diversify our earnings across large global addressable markets. We are committed to innovative product development, investing considerable engineering resources to enhance our future suite of products and solutions. We target sustainable cash, revenue, and profitability growth across our entire business. We foster collaboration and inclusivity, inspiring individuals to excel and achieve their full potential, helping drive an exceptional culture. We are guided by our organizational core values, which we recently relaunched, and I will discuss this in greater detail in the next slide. And lastly, we believe in genuine leadership and accountability, fostering an environment where everyone is empowered to make a meaningful impact. Codan is a community that has evolved over time and continues to evolve. Codan has always been committed to excellence and continuous improvement, and we recognize the importance of embracing a strong set of values that guide our actions and shape our future. At Codan, our customers are at the heart of everything we do. We understand that without their trust and loyalty, we would not be where we are today. That is why our first value is a customer-driven approach. We are dedicated to understanding their needs, exceeding their expectations, and building long-lasting relationships. Trust and integrity are the cornerstones of our business. We are committed to doing the right thing, even when faced with difficult choices. By upholding the highest ethical standards, we earn the trust of our customers, partners, employees, and in the communities that we operate in. High performance is ingrained in our DNA. We strive for excellence for everything we do, pushing ourselves to constantly improve and surpass expectations. Our commitment to high performance is reflected in the quality of our products, efficiency of our processes, and dedication of our employees. By setting ambitious goals and fostering a culture of continuous learning, we can achieve remarkable results. Lastly, we embrace a can-do attitude at Codan. We believe with the right mindset and determination, anything is possible. We encourage our employees to think creatively, take calculated risks, and embrace challenges for opportunities for growth. As we relaunch these core values, we recognize the vital importance of shaping the future of Codan. They are not just words on the wall, they are the guiding principles that inform our decisions and shape our interactions. By embracing these values, we create a culture of excellence, collaboration, and integrity that sets us apart from the industry. Our strategy is focused on these three core pillars to drive long-term sustainable value for shareholders. The first, investing in ourselves... This is what I term doing everything right internally. Here we seek to focus across people, processes, and systems, driving improvements in core metrics, as well as investing in technology, innovation, and new product development across segments. We continue to invest in our employees to ensure we have the right structure, people, and roles to deliver on Codan's strategic growth plan and build a stronger Codan. Secondly, strengthen our core business. This is where we seek to improve the quality of our top line, pursuing geographic and business unit diversification, while seeking to expand our suite of products and services to our growing addressable market. A key component of this is building more stable and predictable revenue streams. The third circle, disciplined capital allocation. This is our inorganic growth strategy around pursuing strategically aligned and accretive acquisitions, specifically targeting opportunities that fill a technology gap, offer enhanced scale, or increase market penetration. As per our recent Zetron UK and Wave Central acquisitions, we'll often execute bolt-on opportunities, complementing existing technologies that strengthen our differentiated product pipeline. The next three slides will lay out the key strategic initiatives within FY 2024, as well as the near-term objectives across each business unit. Firstly, with respect to Tactical Communications, some notable strategic achievements are listed, which include strong growth in unmanned systems, appointment of several key personnel to drive leadership and regional focus, successful delivery of our first MANET soldier system, enhanced military radio market presence, as well as the successful acquisition and integration of Wave Central. Beyond these achievements, our near-term objectives include commercialization of a multi-waveform radio solutions under our TrellisWare partnership, successful field trials of our Sentry 6161 mesh radio, continuing to invest in the next generation waveforms and products, leveraging key U.S. government partnerships, as well as continuing to pursue inorganic opportunities to target large and growing addressable markets, which will enhance predictability of earnings. Overall, Tactical Communication is focused on enhancing their offering as a full solutions provider. Within Zetron, a key objective is to expand systems, support contracts, and enhance predictability of recurring services revenue. Pleasingly, during FY 2024, we have achieved significant year-on-year growth of our order book. Through an underlying focus on systems, the business has received several large system wins and major service renewals. In conjunction with continued channel growth within North America, Zetron continues to strengthen its position in its market. As touched upon in previous disclosures, our successful acquisition Zetron UK has exceeded our year one expectations. As we think about near-term objectives for Zetron, we're seeking to continue to grow our public safety market share globally while launching next generation technology platforms. Consistent with our communications growth strategy, we continue to explore inorganic opportunities that expand our Zetron product portfolio, capability gaps, or achieving geographic expansion. Lastly, in Minelab, we continue to promote and introduce new products and focus on expanding our channels to market. Some notable FY 2024 achievements within Minelab include the successful launch of a new X-TERRA range of products, continued direct-to-consumer channel development, including launch of a U.S.A. website, African gold detector sales into countries outside of Sudan, returning to pre-COVID levels, as well as additional customer-facing initiatives to grow our user experience and engagement. Looking forward, we are continuing to invest in next generation detectors across recreational, gold, and counter-mine segments. Additionally, we are focused on growing our recreational market share by increased retail distribution, primarily across the U.S. and Europe, leveraging our growing e-commerce channels. Further capability expansion will also help in reinforcing Minelab's brand's presence and reputational strength over time. Building on the three core pillars slide earlier in creating long-term value, our inorganic growth strategy specifically targets opportunities that fill a technology gap, offer enhanced scale, or increase market penetration. The three bolt-on acquisitions executed in FY 2023 demonstrate our appetite for acquiring businesses that enhance our technology offering or expand our market reach. Our ability to quickly integrate bolt-on acquisitions is a key competitive advantage. These acquisitions highlight our successful acquisition strategy and our now proven framework for effective acquisition and integration. Now for our outlook summary. When considering the outlook for FY 2025, we take into account the following considerations as listed on this slide. Firstly, Communications continues to target 10%-15% organic revenue growth. We remain confident in our ability to grow, especially with a strong start to our order book, with approximately 120 million of FY 2025 revenues secured. With our secured order book revenue, a strong pipeline, and ongoing strategic initiatives, we are well positioned to sustain steady growth and continue building on the successes of FY 2024. Minelab continues to target Rest of World revenues to grow at high single digits. Secondly, Codan is seeking acquisition opportunities which will enhance the quality of the group's revenues. Codan will continue to deliver on its strategic growth plan, with investment into developing the next generation of products and solutions, expanding into new geographic markets, and strengthening our global distribution channels, and enhancing our operating leverage. Collectively, these efforts aim to position Codan strongly for a sustained growth in FY 2025 and beyond, ensuring Codan is well positioned to capitalize on emerging opportunities. The board will provide a further business update at the annual general meeting on the 23rd of October, 2024. And with that, this draws us to the end of our presentation today, and now I'll pass back to Sam for Q&A. Thank you very much. Yeah, great. Thank you, Al, and thank you, Mike. As a reminder for the audience, you may ask a written, submitted question via the Q&A function at the bottom of your screen. Alternatively, for research analysts, if you'd like to ask a question verbally, please raise your hand via Zoom, and we'll aim to get to you. The first question coming through is from Evan Karatzas at UBS. Evan, please go ahead. Sorry, just had to unmute myself. Hopefully, you can hear me okay, so really interested to just go through the Zetron performance a bit. Sounds like that's grown, you know, well above the overall comms business. If you can just go through how you're seeing that Zetron positioning through both the U.S. and the U.K., and I guess, what's enabling you to grow well above your competitors there and what the market's probably growing at as well? Yeah. Our understanding of the market growth is probably high single digits. And at the top tier, one of the reasons we are winning is we provide a full command and control solution. There's only probably one other organization, being Motorola, that provides that command and control solution. A lot of the bottom end of the market is quite fragmented in the elements of command and control. So that competitive advantage of having one solution, that competitive advantage of it being interoperable with other solutions if required, our responsiveness in market. So public safety in the U.S., very well positioned. Zetron UK, we have acquired, we have integrated well. I think our view as an organization is there is an addressable market there for us to go at. And being year one, the growth pipeline will be probably focused on just converting some of the opportunities coming through. So we're very well entrenched in the U.S., so we understand the market better. So the U.K., we'll see it grow, and we're still trying to sort of get this technology swap between our current suite of products and the Zetron UK So in summary, I think us having an end-to-end solution, being a fragmented market at the lower end, which actually caters for our use case, has helped us a lot with Zetron. Okay. All right, maybe just a quick follow-on to that. So you're seeing customers wanting that full solution suite rather than, like, a modular piecemeal. Is that the way to think about it. Yeah, that's right, 'cause command and control is probably split into, like, six subsystems. And our ability just to provide one subsystem. It's just a far more convenient solution moving into the future. And there's a lot of changes happening at the front end, so you need to have systems that are up to date, so you're also seeing some legacy businesses rolling off and our Zetron systems rolling in. Yeah. Okay, good. I'll just ask one more, if I can. You know, just, I guess, following on to that, with that U.K. business, now you've fully integrated to the Codan, you know, systems and platforms, is it fair to assume the margins in that U.K. should start to really increase closer to, I guess, the overall comms segment? I think they were, like, 14% or so when you bought it. And then maybe also, any other drivers or factors within comms we should be thinking about in terms of puts and takes on that margin expansion in FY 2025? Yeah. I think, you know, the margin expansion really is a growth story, Evan, so it really will come from us growing the top revenue line. We would expect the businesses that we've acquired to earn margins around our target range. You know, we recorded 25% contribution margin in FY 2024. We've got an ambition to get that to 30%, and we would expect all of our acquisitions to fall within that range once we get past the initial year of integration. Okay. All right, I'll pass it on and get back in the queue. I have a couple more. Thanks. Okay, thanks, Evan. A couple of submitted questions from Jason Palmer at Taylor Collison. In terms of outlook, any comments or observations on Africa and/or Countermine? So we'll take the African question. I think, you know, as the presentation stated, you know, Sudan is still, from our perspective, zero, shut. But we're doing some good BD across the Northwest Africa and other regions. So, you know, we believe, you know, we have a good, steady state, in Africa. And as everybody knows, who's followed Codan for a long time, there's a level of opaqueness in Africa, but we are comfortable today that we're back to a normal run rate of business. So that's the most positive aspect of it. And the second question on Countermine, with the geopolitical issues around the world, you would think there will be some tailwinds for Countermine. So we just need to keep being present and active in those key geopolitical markets to sort of gain an opportunity. So we've gained an opportunity last year, obviously. And we, you know, have got representatives in all these areas at the moment, you know, trying to do some business development. Great. Thank you. The second question from Jason. How progressed are you on potential acquisitions? The upsizing of the facility suggests it could be larger versus the pure sort of bolt-on acquisition. Yeah, you know, we have acquisitions in the pipeline. And, you know, we're very much convergent on what the acquisitions look like today than we were probably 12 months or 18 months ago. So, you know, we are reviewing, we're in contact with all the right, you know, people globally in the Northern Hemisphere. We've been very, very clear, it's comms, and it's Northern Hemisphere. So, that's where we're focusing our time at the moment. Okay, great. Thank you. Just got one more submitted question, but again, just a reminder, any of the research analysts that would like to ask a verbal question, please raise your hand and I can unmute your line. Just on balance sheet, given the enhanced scale of the business as a result of M&A, there appears to be an elevated cost base to go alongside that. How do you think about return on investment of this elevated spend? And how should we think about the cost base across future years, please? Yeah. I think, you know, the cost base and the change that we saw in the FY 2024 numbers, really driven by acquisitions and the success of the business, so most of that's been allowed for in the FY 2024 numbers, so going forward, it should be a more normal outlook around the cost of the organization. We do continue to invest in parts of our business that we need to be successful in, so some of that's been in, you know, back office systems, but certainly engineering teams and our go-to-market sales teams, we've continued to invest in FY 2024. A lot of that activity is in the FY 2024 numbers now. Okay, great. Thank you. Next question is from Cameron Bell at Canaccord. Cameron, please go ahead. Oh, yeah. Good day, guys. Just looking at your, you've got that comms order book growth that you've mentioned of plus 21%. And then you've also got your guidance, so you're saying 10%-15% revenue growth in comms next year. Do those two numbers, does that kind of imply that, I guess, the quality and maybe the longevity of your order book just continues to improve? That's what it does imply. You know, we're getting, you know, we've been very focused on, you know, we spoke about pipeline discipline and BD discipline to start with, but we've been very focused on larger, more long-term contracts coming into our order book. So we've been very measured on, you know, getting these into the funnel and converting them to orders. Yeah, from my perspective, we're just getting better and better at the execution part of it, and the execution outcome is a stronger order book. That's the positive element. Yeah. Okay. Thanks, guys. Great, thank you. I've just got another submitted question here. Can you please tell us which geographical markets you're planning to expand to, or which are priorities, please? I think, it's a different answer for the different three businesses. So I'll go through Minelab first. I think, with Minelab, we are heavily focused on sort of doubling down in Europe and the U.S., in that recreational element. The pleasing thing with Minelab last year, we've invested heavily on e-commerce and in customer engagement programs in those two markets, and we saw double-digit growth. They are the largest market, so we will focus there. In DTC, the U.S. still remains the largest market, but we, you know, DTC is creating a strong presence in, obviously in Europe, a strong presence in the Middle East, and a strong presence in Asia. So, you know, it's a scattering of all of those. So we are present. And with Zetron, public safety in the U.S. is still the primary market. That's 70% of our pie, and we'll continue to focus on that, and then we'll continue to expand public safety into Europe, which is a large addressable market in its own right. That's what our research shows. Okay, great. Thank you. I think that's it for questions today. Should you have any follow-up questions or perhaps we didn't fully answer submitted questions today, please feel free to email them through to either Kayi or myself, and maybe I'll now pass it back to Alf and Michael for any closing comments, please. Yeah. Okay, thanks, Sam. Firstly, I'd like to thank everybody for their interest in the FY 2024 recap. You know, from my perspective as the CEO and the leadership team, we believe that Codan's got a really strong future. In FY 2024, we've continued to execute against our tactical and strategic plans in a very methodical manner, and that consistency and approach is a great strength of Codan. So for me, this approach will ensure that we'll continue to operate in the top quartile as an organization, either in terms of financial metrics, people, systems, processes, and then embed a great culture. But secondly, we'll continue to push our organic growth rates and our inorganic strategies. So again, thank you very much, and we look forward to an update at the AGM in October. So thank you, and enjoy your day. Great. Thank you. That completes Codan's FY 2024 results webinar. Enjoy the rest of your day. Thank you and goodbye.