I would now like to hand the conference over to Mr. Michael Sainsbury, CEO. Please go ahead. Thanks, Ashley. Much appreciated. Welcome, everybody. Happy New Year to everybody. I hope you've all come back refreshed and excited and looking forward to a big year. It's certainly been a big start to us, an exciting start to us for 2026 at IPD Group, and we're really proud and excited and enthusiastic to talk to you today about the acquisition of Platinum Cables. So thank you for joining us. I'll walk through the slide deck today. The first slide there is obviously just the title. If I move through to slide two, talking about the key highlights of the acquisition, and obviously there, it's plain to see that Platinum Cables are a leading Australian provider of high-performance cabling solutions, predominantly for the mining sector. Not exclusively, but predominantly for the mining sector. They do diversify into the resources area, into rail, but predominantly the revenue is derived from the mining sector. The acquisition further strengthens our position in the mining sector. We have really good touch into the mining sector with the CMI business with the Minto plugs and the IPD business with power distribution into the mining sector, amongst other things. So there is some very good synergy there across certainly CMI and across the IPD business. And in fact, in the EX Engineering business as well, with a lot of their business going through mining applications and oil and gas, where there's certainly opportunity for cable as well. The complementary nature of Platinum Cables to the group obviously is covered by that, and our focus for the first 12 months will certainly be around the sales synergies from IPD's relationship in some of these key mining environments and assisting the Platinum business to grow in that space and vice versa with the relationships that Platinum have in the mining space and allowing IPD to leverage off that. The purchase price, as shown there in the boxes on this slide here, is at AUD 37.5 million upfront payment, which represents 5.2x multiple of the EBIT. That represents an earnings per share accretion of 11.5% on the group on a pro forma basis. The revenue of the Platinum Cables business is AUD 44.8 million in the financial year of 2025, and an EBIT, an excellent EBIT of AUD 7.2 million on that AUD 44.8 million for the financial year of 2025. At a headline perspective, a good overview of the business, very accretive and strong EBIT and EBITDA margins. If I move through to slide three, where we talk in a little bit more depth about the overview of the acquisition, it obviously enhances our presence and capability in the mining sector, as already discussed. The transaction itself, obviously Platinum, as I mentioned, a high-performance power, communications and optical fiber cabling solution. The total consideration shown there consisting of AUD 37 million in cash and AUD 500,000 in shares issued to the CFO for the business. The contingent cash payment for that will then be a maximum of AUD 7.5 million, which is the earnout period, which is based on for every dollar of EBIT growth in the calendar year of 2026, five times that dollar of growth on the 2025 results. It's capped at that maximum of AUD 7.5 million there. The completion date, obviously, it's already completed. We completed on the 31st of December, so under our full ownership already. The strategic rationale, it's really an amazing fit for the business. The complementary nature of Platinum and the group's existing offers reinforces our position again, and it reinforces some of those key customer relationships. Importantly, the management of Platinum Cables are all staying with the business with no expectation of any of them moving on. They are all remaining as part of the acquisition and obviously very, very keen to close on the earnout for the next 12 months. Internal priority is the leverage of the sales synergies. Longer term, there will be focus around efficiencies and utilization of the IPD Group's shared services to be able to enable the Platinum business to expand and scale in a cost-effective manner. But in the short term, we'll certainly be focusing on the sales synergies that will no doubt be there between the businesses. The business model, as I mentioned before, the AUD 44.8 million of revenue, the EBITDA of AUD 8.2 million, which wasn't on the previous slide, and the EBIT at AUD 7.2 million. EBIT margin at 16.1% in 2025. And the business has a very strong record of organic growth with revenue growing at 10% cumulative between the years of 2021 and 2025. So certainly a growing business and some opportunities in there in investment into renewable solutions in the mining sector. It It means that there's a significant pipeline of opportunity there for growth well into the future. The funding of the acquisition will be primarily through cash and debt via the new debt facilities, which we've secured through CommBank, resulting in very, very limited, in fact, minimal shareholder dilution. The funding will be via an expanded core debt with a limit of AUD 56.1 million, which covers the AUD 37.5 million upfront consideration and the AUD 7.5 million earnout and the AUD 11.1 million of existing debt we already have. In addition to this, we have a new working capital facility, which has a AUD 10 million limit secured through Commonwealth Bank at very, very good and attractive rates. The financial impact of the acquisition results in a pro forma EPS accretion of 11.5%, excluding any synergies and costs. And it certainly increases our pro forma EBIT margins from 11.5% to 11.5%. So a good uplift there. In terms of debt leverage, we will be at 0.9% of the pro forma 2025 EBITDA, which is well below. We We have a policy of we are comfortable at one, up to a maximum of one and a half. So you'll take note of the fact that we still have plenty of room in our balance sheet there to support the business moving forward. Moving forward again to slide four, a bit of an overview of the Platinum Cables business. I won't go through all of the stuff on the right-hand side because we've covered a lot of it already. But one area there we haven't touched on is that they have 41 full-time employees as of June 2025. The business was established in 2001, so it's not a new business, 25 years of trading and very, very well established and a strong name, strong brand recognition, strong reputation in cable in the mining space. And they do have a national presence. They operate from two distribution centers, one in Wetherill Park, ironically in the same street as our corporate head office in Wetherill Park for the IPD Group business, and then another distribution facility in Perth to be able to support the West Coast requirements, and they have sales operations all around the country. It specializes in durable, compliant, and innovative cable products for the mining and resources sector. They have a really strong track record of supporting major projects, and I'll talk more to them in incoming slides, particularly in mining, but certainly some opportunities and growing opportunities in that transport infrastructure space as well. The core capabilities of Platinum Cables, what separates them? Very, very, very strong emphasis on engineering supply of mining, specialized cable for harsh and environmental environments. So, not dissimilar to the IPD business, put a very strong focus on the engineering specification and the EBIT margins and the gross margins that it's able to achieve are reinforced by that strong focus on engineering. They supply power. They supply communications and optical fiber cabling. They have that dedicated engineering team for technical support and sales representation in every state to build strong relationships with all of the key customers. And they are able to provide rapid delivery and logistics with the warehouses in both New South Wales and WA, as I mentioned. The key differentiators of this business are a very, very strong focus on certification of their systems for quality, environmental, and safety management. They have end-to-end traceability and stringent QA processes around their cabling and mining-grade cables engineered for extreme durability and safety. There is no crossover with the CMI business. Just to give some context to that, when you consider that CMI is in cabling, how can that be the case? It's a very long, drawn-out process to get approval for your cables to go into mining applications. A lot of the cases, in fact, all of the cases, it means having to take large mining companies and these end users over to the manufacturers to do QA assessment of the manufacturing processes and quality assurance and a large investment in doing that to get the mines to approve your cable. And certainly, Platinum Cables has done that with all the mining applications. So there's an approval for the Platinum Cables in that environment, which was not present in the CMI business and potentially would have been a very expensive exercise for CMI to do that and potentially may not have even been able to happen in the next 10 years. It can take such a long time to get those approvals, so the acquisition of Platinum takes us into that space immediately and gives us a really strong position, and they are certainly known as one of the key players in that mining environment for cables and related products. On to slide five, we talk about a couple of case studies there. Because of confidentiality reasons, we're not allowed to nominate who the end users are, and we don't have their permission to do so, but there's two big projects there. There's one that's at a Western Australian gold and copper mine. Platinum has supplied over 15,000 meters of high-performance trailing cable since 2016 to support the heavy-duty operations in an open-pit gold and copper mine there, one of Australia's largest gold producers. East to West Coast, both right across the country, a customer that is common across East and West Coast. Platinum has supplied over 5,000 meters of cable to two major mining sites in the Pilbara and in Central Queensland, supporting large-scale iron ore operations. And so it is very, very accustomed to dealing with large, complex project orders and has, again, a very strong reputation and heavily specified in that space. The strategic rationale, again, highly complementary, no overlap with CMI and enhances IPD's position in the mining sector. One of the key messages we talk about in any of our presentations is growth, and one of the acquisition pillars for that growth is around strategic acquisitions. And this certainly strengthens and expands our position in that mining sector through the acquisition of a highly specialized cabling offer. So it fits perfectly into that space. It provides us with additional cross-selling opportunities for IPD Group, as I've mentioned, into CMI with no overlap and respective product offerings with sales and synergy into the Minto plugs. What is really important to point out here? The Minto plugs go into these mining environments. It has been a major gap of CMIs for the last decade that they're able to sell these plugs into mining environments, but they're not able to sell the cable into these same mining environments to hang off the back of the Minto plugs because they didn't have a mines-approved cable. Now we have the ability to offer a packaged offer with the mines-approved cable and the Minto plugs. And you can see that picture there on slide five in the middle there. That is actually a Minto plug, which is hanging off the end of those cables there. So it shows you the attachment of the Minto plug. Previously, we would have sold that Minto plug, and potentially Platinum would have been reselling the cable, but the group wouldn't have been seeing the revenue for that. So that's an instant cross-selling opportunity for us there. Technical expertise, obviously being so heavily specified and so heavily skewed towards engineering, there's a strong technical expertise that drives that value add. And given the specified nature of the cable into these environments, that is important, and it will, again, create additional synergies with the other highly engineered products. Moving on to slide seven, we go into a bit of an overview about the pro forma financials of the business, and I'll hand over to IPD Group's CFO, Jason Boschetti, to cover off those for you. Jason, over to you. Beautiful. Thanks, Michael. I'll just cover off slide seven and eight around those pro forma financials. We've presented a table there to represent IPD Group from FY 2025 actual and pro forma in Platinum Cables results for FY 2025. As part of that pro forma result, we have added in expected interest expense as if the acquisition happened prior to the start of the financial period. But we've also excluded sales synergies and potentially synergies across the group in that. What we have included is some assumed costs, around AUD 300,000 of ongoing integration-related costs as part of that pro forma result. We're really proud to present that 12.6% top-line accretion, taking IPD Group on a pro forma basis to that AUD 400 million revenue mark. And because of the margins across Platinum Cables, it is a lot more accretive at an EBIT and EBITDA perspective, showing 17%-17.6% accretion across EBITDA and EBIT. Net PAT after interest brings it down to 11.8%. And at an earnings per share and around an earnings per share basis, we're proud to present an earnings per share accretion of 11.5%. The EBITDA margins and EBIT margins of the group are also accretive because of the nature of Platinum Cables. And just on a rounding nature, the net PAT margin looks like it's a 0.1% decline. It's very much in line. It's more of a rounding nature at the net PAT margin line. I'll move on to slide eight, really highlighting the group sales at AUD 400 million on a pro forma basis, having Platinum Cables make up 11% of the group and at an EBITDA perspective of AUD 54 million, being 15% of the group. The pro forma revenue by product type has shifted. We've presented this on a pro forma basis as well. Cable is now representing 30% of our product type, up from 21% on IPD's actual FY 2025 results, and really proud to show the diversification of our end markets. We have now, as the bottom graph on the right presents, Infrastructure, Industrial, Mining now makes up our largest end market, now at 32% of the group's revenue. That has shifted from 23% on an IPD standalone basis. The Infrastructure, Industrial, Mining now becomes our largest end market, pushing the Commercial Construction market and buildings down to our second largest market at 28% on a pro forma basis. So really proud to show that end market diversification in that last graph there. I'll hand back to Michael Sainsbury for slide nine. Thanks, Jason. So slide nine there is the summary. Before I go into those points, because I have touched on some of those points already, I just want to just do a bit of a deep dive onto this Platinum business. Platinum is synonymous with a founding family called the Bambach family. And the Bambach family, David Bambach, was the largest shareholder of Platinum and certainly the CEO or the Chair of the business before our purchase. The Bambach family are synonymous in cable. And the fact that David has been running this business and started it 25 years ago, we're buying it off a company, off a group of people that are well-established cable experts with a strong engineering, strong understanding of cable solutions. They know the cable space, and the actions that they've put in place, certainly in the last five years, have driven 10% growth on a CAGR perspective. So it shows that these guys are in the trenches and certainly know what they're doing. And the fact that they're staying on for us to assist us in that growth moving forward is an exceptional outcome for us. So in summary, the market position through the group's capability, that's obviously a very, very enhancing position. The two businesses will complement each other, offering, again, highly engineered solutions. It strengthens our technical expertise and product offering in a specialized, high-demand market. It's not commodity in any way, shape, or form, and that's reinforced by the strong EBIT margins. It unlocks significant cross-selling opportunities across the group in the mining sector, with obvious growth potential in that transport sector, in particular in rail. It expands the group's revenue base through market and diversification. It also does take away the concentration of ABB as the largest vendor for the organization. So there's a dilution of that concentration as well. It gives us the ability to leverage the shared services model with engineering capabilities of the group to allow Platinum to enhance its overall market position and do that in a cost-effective manner. And partnering with the group enables Platinum Cables to expand its national footprint over time. In some of the states, they have minimal resources. And to a large extent, as a smallish business with not a lot of capital behind it, the willingness to invest and to put money into it to grow at the scale that the business IPD Group can do may not have been there. So that's something that we can bring to the business and bring scale and opportunity to the business in a faster, more concentrated fashion. So that really covers us for today. I will open the floor to any questions. Hopefully, I was going to say questions and answers. You ask the questions, and we'll provide the answers. So I'll hand over to the moderator to see if there's any questions there. Thank you. If you wish to ask a question, please press star one on your telephone and wait for your name to be announced. If you wish to cancel your request, please press star two. If you're on a speakerphone, please pick up the handset to ask your question. Your first question today comes from Joseph House with Bell Potter Securities. Please go ahead. Hi, Michael and Jason. Congratulations on the acquisition and happy new year. Just a question from me. Are you able to unpack that value engineering capabilities of Platinum Cables a bit more and just how it's a point of differentiation? Yeah, mate. Like IPD, there's a strong focus on engineering. If you're going to be playing at a specification demand creation early stage, you need to put a strong focus around engineering and working with these key end users about making sure the cable is fit for purpose, meets all the Australian standards, is quality. Because you're talking about really high critical power environments this is going into. So certainly, a large portion of the 40 people that they have are skewed towards that engineering and design compliance, standards compliance, application compliance to make sure that they get the right product in the right place at the right time. So it's not dissimilar to IPD, where we have a significant play towards that early engagement specification and not just playing at the 11th hour, where it comes down to a pricing discussion. And that reflects in the EBIT margins, mate. The fact that they're able to achieve the EBIT margins and the gross margins they have really shows the work that they're putting in at an early stage to get the product specified. So the end user has confidence that it is the right solution and price doesn't become so much of a critical component in the transaction. So big good fit. If you talk about the DNA of the organization, they're similar to that of the DNA of the IPD business, mate. Excellent. That's great to hear. Just one more question. It sounds like there's a fair bit of compliance and regulations, I think, as you pointed out earlier. Just keen to better understand the market. Is it a fragmented market? What's the possibility of entrants coming in? Yeah. Really good question, Joseph. As I said earlier in this call, the fact that it would have been so expensive and taken such a long period of time for us to get into this environment with CMI shows, and we're already an established business that's in the cable space, has got a lot of expertise and a lot of capabilities. The fact that an established business like CMI would have been so difficult to break in. And I'm saying difficult, it may have been impossible because these mines are so loyal to the companies that they're working with at the moment, and they have put so much trust in it. It can actually be difficult for someone like CMI, which made the strategic rationale for the acquisition so much more engaging and enthusiastic for us, because it could have taken up to 10 years if we got there and the cost in getting it to that stage to get it approved, and then building the confidence of these end users that the product is going to be safe, secure, and provide the ongoing requirements for the critical power sites is something that would be very, very difficult to do. So I take great comfort, Joseph, out of if it was going to be difficult for us with a business as big and substantial and as well-respected as CMI, then it's going to be as difficult, if not more difficult, for anyone else to get into that space. So any new entrants into that market would be a very, very, very difficult space for anybody to come in. And that gives us great protection, mate. That's very clear. Sounds like you've got a sticky customer base. So well done. I'll leave it there. Yeah. Thanks, bud. Appreciate it, mate. Thanks, Joseph. The next question comes from Adam Dellaverde with Taylor Collison. Please go ahead. Hi, Michael. Excuse me. Can you hear me okay? Yeah, mate. Got you loud and clear, Adam. Hi, Michael and Jason. Thanks for giving us a few days off over the New Year to digest this one. I imagine it was a pretty busy year-end for you guys. Just a quick one on the rapid completion. We sort of saw a press release, and then all of a sudden, the deal was closed the next day. Is there any story around that or any information around that worth knowing, that timeline? No, mate. I think that the two parties obviously had an enthusiasm to get the deal together as quickly as possible. We were obviously. David, as the old owner of Platinum Cables, was mindful of leakage into the market with these sorts of things, and obviously, as an ASX-listed company, we're mindful of exactly the same thing. So once we got to a point where we had both agreed and we had both agreed on a price, it made sense to get it done. And obviously, with the legislative changes around ASIC and the ASX and acquisitions, materially, there was going to be a fairly lofty cost involved in doing it post-January 1 with the new regulations that were in there. So I think it just, and the fact was that Jason had nothing else to do over Christmas other than to pore over all of the information and the due diligence. So it all just fell into place for us, mate. And both parties were enthusiastic about getting something together as soon as possible. Okay. Great. And just on the manufacturing side, supply chain side, you mentioned the Bambach family, and there's a big Bambach manufacturing business, I think, for cables. Is that related to the vendor here? No, it's not related, mate. David Bambach was over 90% owner, I think about 92 or 93%, maybe 95% owner of the Platinum business, and some of the employees own the rest. The Bambach business is family-related, but not anything to do with Platinum Cables. So complete separation, distinguished, differentiator there, mate. Just on the sort of quality control manufacturing of these cables supply chain, is it offshore or is it a local manufactured solution? It is offshore, mate. It is predominantly through two vendors, but it is offshore. And as I say, all of the key mining clients here in Australia have all been to that plant and done their own analysis and done their own QA and done their own assessment of the manufacturing processes, the QA processes that go on not only at the manufacturer before it comes here, but then the strong processes that Platinum has in place to do a double-check on that product when it gets here. So all of those major mining clients have already been over to the plants and done a full assessment of that. And there is a continuing QA, stringent QA that gets done locally as well, making sure that there's no deviation around the specifications there, mate. So a big emphasis put on quality and on the importance of the QA process. Yep. Yep. Okay. A couple more from me, the simple ones for you, I reckon. Very, very high revenue per employee. And when I think about trailing cables and I think about all the durability and the harsh conditions, I'm imagining there's a very fast replacement cycle. So maybe talk through once you kind of get spec'd into these mines, over the mine life, do you just keep resupplying these cables as they, is that a big part of the business, almost the recurring revenue part, or is it sort of win on new mine formation the key catalyst for revenue growth in this business? I'd love to give you a really accurate percentage breakdown of what is MRO and what is new business. At this stage, I probably don't have the clarity to be able to give you a precise percentage breakdown. But your point is valid because of the harsh nature of these environments, because you've got heavy vehicles and you've got potential chemicals in some of these environments, and they're harsh industrial environments. And I guess the power requirements, the certainty around power requirements, there would be a large MRO play here, mate, where the cables, just a little bit of damage, it'd have to be replacing the cable. And in some, certainly in underground, as the tunnel boring gets bigger, it requires more cable with a Minto plug as an adapter, if you want to call it there, to extend the cable into the next section of the mine. So there would be a large portion of it that is MRO, mate. To give you my gut feel is that it would probably be and it's a gut feel. It truly is nothing more than that. It'd probably be 60%, maybe 50% new, 50% replacement. But again, with the clarity of hindsight in six months' time, that percentage might change. That's just my reflex answer. That's really helpful. And I guess on the other side of that then, and this is the last thing I'm trying to understand, in that AUD 44 million of revenue, which is a pretty decent number for what I thought would be a smaller niche, how much of that would be single large projects in any given year, say more than AUD 5 million from a big project? Is it the nature of the business where you have two or three large projects every year, or is it more diverse? Certainly, there are some fairly large projects. When I spoke earlier in the call about the opportunity for renewables in mining sector, we're talking about opportunities in the scale of AUD 10 million plus for single project opportunity. So there's certainly some large project opportunities. When I say to you that 50/50 split, 50% of it would be new, 50% MRO, I would say to you that maybe half of that 50% would be in large, lumpy projects and the other half in smaller projects. But again, that's something that we'll probably get more granularity on over the next three months, mate. I'll certainly be able to talk at more depth about that when we do our roadshow in end of February, early March. I'll be able to give some more transparency around that sort of information, mate. No, that's great. I think it really frames it. Thanks for answering my questions. No worries, mate. Pleasure. Your next question comes from Matthew Chen with Moelis. Please go ahead. Morning. Morning, Matt. Happy new year. You too, mate. Can I ask, how are you guys thinking about the synergies at this point? Can you give us a kind of rough idea of a potential quantum? Is that something that's factoring into your thinking? How are you guys thinking about that? Thanks. Yeah. You know what, Matt? As soon as your name got announced, I actually thought that was going to be your question to really detail synergy. And I'm mindful of the fact that just because we bought Platinum, to expect that competitors, that our customers or potential customers who are buying off competitors are going to change over to us because we've got an existing relationship, it doesn't necessarily happen immediately. Sometimes you've got to break the bread with them, and you've got to work through that. And sometimes they can take time, and sometimes it takes your competitor to fall over or not have stock to create an opportunity. So at the risk of creating too much expectation and giving you a dollar value in a time frame, I say to you that it is potentially how long is a piece of string. But there is no doubt that with the relationship that CMI have with these mining end users, with the Minto plugs, there will be some substantial amount of business that Platinum is not seeing because they don't have relationships. And the relationship that CMI will bring will bring opportunity for us to leverage into that space. And the same thing with the mining OEMs from IPD's perspective. A lot of these mining OEMs are procuring mining cable to go into their switchboards or their skids or whatever it may be. So there would be significant opportunity there from the IPD business. And I can also say that I know that EX Engineering have done some work for oil and gas environments that have specified that it must be approved cable and mines approved cable. And CMI wasn't able to fulfill the requirements of that EX requirement, if I use that word twice there. So the Platinum cable will give EX the ability to be able to use that cable into these harsh environments because of the already existing approval. So I'm not going to put a dollar value or a time frame on it, Matty, because I don't want to create expectation that I either under-promise or oversell or vice versa. But I will say that from my perspective, the sales synergies are significant. It's just how long it takes us to convert some of those customers over from their incumbent to us as a provider. But it will certainly be a key part of our focus starting today and certainly in the next 12 months and ongoing from there, mate. Great. Thanks. And just on the earnout hurdle. So is this the right way to think about it? You're paying five times on the increment of the AUD 1.5 million EBIT in CY 2026. Is that right? So for every dollar EBIT growth they get above 2025, we will pay them AUD 5 of earnout capped at AUD 7.5 million. So if they were to achieve an increased EBIT of AUD 1.5 million, that would see us pay out the full impact of the AUD 7.5 million. If they finish south of that AUD 1.5 million, it would reduce that earnout. If they go over the AUD 1.5 million, then it would be capped at that AUD 7.5 million. And it's capped at essentially 20% EBIT growth. And I'm just trying to think about the guardrails here. And over the kind of last four years, it's done 10% revenue growth. Is that right? Correct. Per year. Great. Thank you. You're welcome, mate. Once again, if you wish to ask a question, please press star one on your telephone and wait for your name to be announced. Your next question comes from Nick Maxwell with PAC Partners. Please go ahead. Hi, Michael and Jason. Yeah, thanks for taking my questions and just a couple from me. Just following on from Adam's question earlier, obviously, it's a nice quick settlement over the break. Just wondering, I guess, how long the process had sort of gone forward with you guys and Platinum and I guess what the reasons were for them getting out. Yeah. Yeah. Good question, mate. So when we first bought CMI, the gap in the mining cable offer was brought to our attention pretty much immediately when we bought CMI. So we're talking 18 months. Two years ago now, it was brought to our attention. We didn't contact them immediately. We waited to do it. We focused on getting down to CMI, but no doubt probably 12 months after the acquisition. So we've been talking to them for roughly 12 months about potential partnerships and a lot of activity, a lot of discussion over that period of time. So to answer your question briefly, probably we've been talking to them for close to 12 months now. What is the motivation? It leads me to a really important point. David Bambach owned 95% of the organization, and the rest of the ownership was spread through key people in the organization. One of the reasons we got the key people together, one of the reasons for getting the people together quickly was we obviously had to bring those key employees in that there was an acquisition happening, and that created the potential for more spread of the message and not complying with ASX requirements about keeping it confidential. That's part of the reason. One of the motivations is David Bambach selling. David is in his mid-60s, is my guess. I haven't actually asked him his birthdate, and hopefully, I'm not going to upset him by making that assumption here. But certainly, his ambition was to look to get towards a different model for the business moving forward. At some point in time, he will want to back out of the business and create an environment that can fund the business. He has a real care for his people, and he wanted to see his people protected, and he wanted to see his people kept employed. So private equity, there was a concern for him that they may lose people as a result of cost reductions. So partnering with us ticked all the boxes for him, keeping all of the staff, providing a model and scale to grow the business into the future. And with the management expertise we have in the group and CMI and obviously already existing in Platinum, over the coming three to five years, it gives him the ability of being able to back out of the business probably entirely at some point in time. So it ticked all of those boxes for him. But I guess the main motivator, the main thing with him was that he wanted to see his people looked after in a continuity of employment for all of his people, which was fantastic because it was one of our key mandates in the acquisition. We realized that businesses are, in a lot of cases, the people, and we wanted to make sure that we kept all the people with the acquisition. So I hope that answers your question, mate. We see the heavy mining focus. Is there any sort of commodity concentration or any sort of risk there? No, nothing at all, mate. Sorry, you're not talking about commodity of the products. You're talking about fluctuations in the commodity of gold, silver, metals. Is that what you're asking? Just like, yeah, a specific commodity. Are they focused on any? Is Platinum focused on any specific commodity, or are they exposed to any sort of, yeah, specific commodity? They are well diverse across all of the mining environments. So they're not really concentrated in one particular area of mining. So precious metals, I mentioned those couple of examples: iron ore, gold, copper. There's coal in there too. So they are well diversified across all of the mining sectors. And with the emergence of rail as an upcoming opportunity, that creates even more diversification as well. The other thing is, when I talk about this renewables opportunity, which is part of the reason that they wanted an earnout, they've put a lot of money investing into this opportunity already and are in a very, very strong position. And they wanted to be able to capitalize on some of the investment they had put in that business. There's an expectation that some of that will start to come through in the first 12 months, and the earnout will give them the ability of recouping some of that cost they've put in. But what it will be, the significant and really good part for the organization is, once one mine invests in this renewable opportunity, effectively taking the mine site off the grid and becoming completely 100% off-grid capable, the same thing will flow through to the rest of the mines owned by this large end user. And I have no doubt then that it'll flow through to other mining sites as well. So while this significant project is a one-off project at the moment, I have no doubt, and it will be transferable. It's renewable energy going into a mining environment. It will be transferable into any renewable opportunity. So it creates significant pipeline opportunity for us for the future as well and further diversifies their already well-diversified. Yeah. Perfect. Thank you. And then just one last question just on revenue growth for Platinum. So you sort of talked to the 10% CAGR over between 21 and 25. How's it sort of looked the last couple of years from their point of view? Yeah. Very consistent across that time. A bit more of an uplift, probably 21 to 22, but fairly consistent, Nick, across that time period, 21 to 25. Yeah. Perfect. Awesome. Thanks for that, guys. Appreciate you taking the question. No problem. Not a problem. There are no further questions at this time. And I'll hand back to Mr. Sainsbury for closing remarks. So two things I want to just reinforce here. Firstly, I know there had been some rhetoric around in the markets that with Mohamed's move from executive life in IPD to non-exec life in IPD, it may have flagged that there's a lack of depth in the acquisitions. And I hope that this gives the market some confidence that Mohamed will still be, and the second thing I want to point out and pay my appreciation to is the hard work and the effort that Mohamed and Jason have put into bringing this acquisition to the fore. Mohamed will certainly be a key partner. I know he's online today, but he's on mute, so we won't hand over to him. But he'll certainly be a key part of that acquisition pipeline for us in the future. And in his non-exec capacity, he will be focusing not exclusively, but a substantial amount of his free time on acquisitions. This acquisition does certainly give me, and it should give you some confidence that there's a very strong pipeline there of acquisitions, and it'll continue to be part of our strategic rationale for growth in the future. That's first things first. To say that I'm excited about this would be a complete understatement. The strategic rationale, the fit with CMI, the fit with IPD, the fit with EX Engineering, the cultural fit of the business is very, very close. We had an all-hands call with all of their staff last week, and they are a great bunch of people. It's like a family business to a large extent, and that's what we promote in IPD. They are within a stone's throw of IPD's. Their warehouse in Sydney is within a stone's throw of IPD's head office. So that'll make integration, when I talk about integration, just co-mingling and sales synergies with us being so close, so much easier and so much quicker. So really excited about the growth that this brings to us immediately, but even more excited about the growth opportunities in the future across all of our businesses. It's been a strong take-up from the markets with the share growth, and I appreciate the support we've had there. And I look forward to catching up with everybody in February, March, where we'll give an update on the half-year performance against what we've already put out there guidance. And I look forward to catching up with most of you guys face-to-face or virtually at that point in time. And thanks very much for your ongoing support, and we look forward to further growing the business and keep on putting money in the pockets of our shareholders. Thank you. That does conclude our conference for today. Thank you for participating. You may now disconnect.