Good morning, everyone. I'm joined this morning by Nick Carnell, Chief Executive Officer, Johns Lyng Group Australia, Adrian Gleeson, Executive Director, Matt Lunn, Johns Lyng's CFO, Lindsay Barber, COO, Nick Turnbull, EGM, and Jen Michelle, Group EA. I'm going to provide an overview of the financial year 2023 results. Additionally, I will comment on the strategy we are executing as a group, and how that strategy is shaping our forecast for the financial year 2024 and beyond. At the conclusion of my presentation, I, along with the executive team, will be available to answer any questions you may have. It's my pleasure to announce that the FY 2023 was another record year for Johns Lyng. Since listing in late 2017, the company has grown substantially. At the revenue line, we have had grow TAGAR th of 39.8% over the last 4 years, and as I will outline later in my presentation, we are forecasting further significant growth for FY 2024. The growth is no accident. We plan it and drive it aggressively, ensuring at every level we employ rockstar talent who want careers. This forms our culture, it plays a significant role in our ongoing growth. Our aim is to continue growing our resilient earning streams. All of our businesses are defensive by nature and provide annuity-style revenues related to insurance claims, weather events, natural disasters impacting individuals and households. Turning to our FY 2023 results, a revenue increase of 43.2% over FY 2022 to AUD 1.281 billion, resulting in EBITDA of AUD 119.4 million, also a rise of 42.9%. EPS growth of 75.3% to AUD 0.17994 as a stellar outcome by any standard. In addition to the AUD 0.045 per share interim dividend we declared, the board has approved and announced a further dividend of AUD 0.045 per share, bringing the total dividend amount up to AUD 0.09 per share. This dividend is fully franked and represents a payout ratio of 52.9%. There are two points I make here. One, Johns Lyng is strongly cash generative. Cash conversion stands at 142.7% of EBITDA. The balance sheet of Johns Lyng is robust. There is net cash of AUD 71.9 million and net assets of AUD 394.2 million. For those of you who have followed Johns Lyng over the years, you will know that the complimentary bolt-on acquisitions are part of our DNA and business model. This type of balance sheet strength and the flexibility it affords is a tremendous advantage when negotiating acquisitions in an often competitive environment. The core of Johns Lyng is our Insurance, Building, and Restoration Services division, IB&RS. It is in this business that we see great futures and resilient growth in annuity-style earnings. Business as usual, revenue growth of 32.2% year-on-year. This is outstanding for a service business and again, confirms and validates our defensive earnings. Going forward, there will be further growth, and we'll always maintain our discipline for the past 20 years. Our earnings profile must be defensive, and the annuity style characteristics will not change. Our approach and strategy are unique. Our execution this past year and our vision for the future sets us apart to be able to deliver such consistently strong results. The outlook for BAU revenue for, and profit for FY 2024 is very strong. As many of you know, Johns Lyng has become a market leader in disaster response, recovery, and restoration in Australia. Our company proudly and competently supports Australian communities and families at their times of need. In FY 2023, this work extended into New Zealand and the U.S.A. We're now operating in three geographical zones. Beyond the usual benefits of diversification, we are gaining invaluable experience and knowledge in this segment. We've learned that cat events are happening more frequently, they're becoming more severe, and the response, recovery, and restoration work is bigger and longer lasting. Beyond working with our long-established insurer clients, we are now partnering with governments at a federal, state, and local level. These trusted partner relationships ensure that we not only provide services at the time of the event, but we are increasingly being asked to use our rich experience and consider strategies around remediation, resilience, and prevention. We've established a division to service these clients, and we are the market leader in Australia. In FY 2023, the consequence and the effects of the prolonged La Niña weather cycle has affected the east coast of Australia. The cat division had a strong year. Revenue growth of 125.3%, resulting in a 137.9% increase in EBITDA. Work that is ongoing in these in the states of New South Wales, Victoria, and South Australia, means that cat will make an important contribution to JLG's earnings in FY 2024. I want to reemphasize that, that any earnings that we are forecasting for cat from work in hand, and we make no forecast about the incident events other than to reiterate the observation above that are becoming more frequent and severe. The events that we have witnessed in Hawaii and California in recent weeks illustrate this point. In addition, in our traditional IB&RS segment, we further cemented our market position with contract wins and extensions across our blue chip client base. New contract wins with Youi and Austbrokers, where all were augmented by contract extensions with Suncorp, QBE, Allianz, CommInsure, IAG, and RACQ. One of our competitive advantages is having local presence by way of having bricks and mortar offices throughout Australia, especially in all our regional areas. It allows us to build solid, solid relationships by being immersed in the region and working with the local community. During the year, we expanded our rural bricks and mortar offices, opening further offices in Devenport, Shepparton, Moruya, Noosa Heads, and Auckland. As I mentioned, we opened an office in Auckland. As a result, we were able to assist communities affected by Cyclone Gabrielle. We saw significant flooding across the North Island. The North Island presence complements our South Island exposure in Christchurch, which we established via the acquisition of 80% of Mainland Building Services in May this year. We'll continue to grow our New Zealand footprint in FY 2024.... During this year, we also acquired 6% equity interest in A1 Estimates. I'm going to highlight this acquisition because it hits all the notes that drive our business model, firstly with DNA and culture of A-1 is a great match for Johns Lyng. We've worked closely with A1 and their management team as we subcontracted their expert insurance repair maintenance services from them. We know, we know them and the quality of their work. What we also know is that, that we can take take that service offering and leverage it across our national footprint and customer base. In simple terms, we can scale enormously well when required, especially in events. As you can see from our presentation, we have established Johns Lyng Disaster Management. By launching this business, we have the dedicated capability and service to service government and semi-government clients as they manage events when they occur. What we have learned is that the severity of these events increases. Governments at all levels are becoming increasingly involved in recovery, repair, and restoration work. Additionally, governments are thinking about resilience and mitigation strategies. Inevitably, these require services and infrastructure, and Johns Lyng is able to assist across the vertical. Because we are the leading national disaster response company, we have been engaged by three state governments and numerous local authorities, and we still have significant work in hand. This business is about reputation and service capability, and we're proud to have market leadership in this space. Moving now to the strata services, which comprises strata management, strata building services. There are many reasons we are attracted to this market, but the two key drivers are, firstly, consolidation. We have the second-largest market share in this sector with 4%. This highlights the opportunity we see to consolidate. The second attractive factor is growth. As landlords outsource various often mandated and regular service work, we are uniquely placed to provide these services and cross-sell relative adjacencies that are already part of our service offering. Indeed, part of the rationale for our recent acquisition of Smoke Alarms Australia and Linkf ire was just this, selling mandated services into the sector. I'll expand on these acquisitions shortly. In January 2022, we acquired, we acquired Reconstruction Experts in the U.S.A. In many respects, this business mirrored Australian business. This is why we were attracted to it beyond our non-negotiable mantra of a cultural fit. Since the acquisition, we have worked very hard to extend Reconstruction Experts' geographical footprint and service offerings. We have leveraged our in-house business, such as Steamatic, and we are enjoying the cross-fertilization of ideas between Australia and the U.S.. Reconstruction Experts has been successfully integrated, and we have developed and finalized our strategic plan for the U.S.. We launched new services and brands, and as of 30th of June, we have 13 new business partners in the U.S.. These partners have local connections, expertise, and knowledge. Given the cultural alignment I've mentioned, we trust them to continue to deliver the results and provide positive customer experience that have made them a trusted partner in the first place. We executed our first catastrophe response when Hurricane Ian made landfall in Florida in October, the fifth strongest storm to impact the U.S. and likely one of the costliest disasters in the nation's history. All this talks to the wonderful progress, and we could not be happier with, but importantly, as we grow, we have not lost sight of the bottom line. Our U.S. business contributed $246.6 million of revenue in FY 2023, and a margin circa 11%. This is consistent with our forecast, and we are very excited about the future growth and prospects of Johns Lyng in the U.S.A. Post current state, we made two acquisitions by buying Smoke Alarms Australia and Linkfire. We have laid foundations for the fifth pillar of being essential home services. This pillar is complementary to existing growth pillars of IBRS, Strata, Disaster Management, and Johns Lyng U.S.A. These revenue lines are mandated under various federal, state, legislative organizations, and building codes. Our prediction is that this type of government-mandated activity will grow and will be largely immune from pricing pressure. I make no apology for continually emphasizing these characteristics. They talk to JLG's unique selling proposition as a company and investment. As I mentioned earlier, our capital position and balance sheet are very strong. It is a competitive advantage, and we have achieved this position because our business model is strongly cash generative and is not capital intensive. In short, we have the physical resources to move quickly but prudently when we see an opportunity. This level of cash generation and financial strength means that we are able to substantially increase our dividend to AUD 0.09 per share and a substantial rise of 67.9%. I want to finish by looking at FY 2024. We will start by saying that after 7-8 weeks into the new financial year, we're off to a flying start. A very strong work in hand position means that we have started the year running, and I'll be able to provide a fuller briefing... FY 2024, we are currently forecasting sales revenue of AUD 1.17 billion. The key point to make here is that BAU revenues are forecasted to grow by 18.5%. This will be another record year for BAU revenue. Importantly, BAU EBITDA is forecasted to grow 20.1% to AUD 113 million. Let us take a moment to reflect on these, those numbers. We are a conservative company. We do not forecast cat events. All the earnings associated with cat forecasts relate to work in hand. Our observation is that these events are becoming more severe and frequent. We do not provide blue sky forecasts. We have a track record of beating forecasts. I must stress our earnings are resilient, growing, and defensive. They have an annuity-style profile. We believe that our business model is unique and compelling. It insulates us from the key negative macroeconomic forces of high inflation and interest rates. Our earnings are predictable and therefore low risk in a service industry environment. This is why we are so excited about the near, medium, and long-term future of Johns Lyng. Thank you for your attention, and we'd be delighted to answer any questions you may have. 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 comes from William Park, Citi. Please go ahead. Hi, Scott and the team. Thanks for taking my question. Can we just touch on your comment around the record job registrations and work in hand for FY24? Can you provide some color around this and the timing around when these are to be delivered over the course of the year, and how much visibility this gives you at this point in time? And just the second part of that is whether you have sufficient capacity within your workforce and subcontractor base to carry these out, or do you need to grow your workforce to undertake this work? Thank you. Yeah, all we can say at this point is we've come out of the blocks really well. The first seven or eight weeks have been really busy. Registrations are up, and business is really busy, and we're under pressure. Are we under pressure with staff and subcontractors? Absolutely, we're under pressure, but that's a good thing, and we're always under pressure in that area for sure. That stretches us, and that's sort of how we work. The line of sight we have is really coming off all the work in the prior 12 months and all the events in the prior 12 months. It's now a lot of it is still to be done because mainly we did assessments and cleanup and demolition. So there's so much line of sight that we have on work that has not been assessed and has not been reallocated back out to us. So yeah, we can just see what's to be done. So that's why we're really confident of a big FY 2024. Thank you. And if you were to sort of move to the U.S. part of the business, just looking at what you've disclosed there, it looks like the second half margin will step back. Can you just talk to what's happened there? Is it purely the inflationary pressure, or just wondering whether if there are other factors that we should be aware of? Yeah. Yeah. The only reason the margins cut back a little bit in the U.S.A is purely because we've just allocated some costs for expansion. Our expansion over there is exceeding our expectations. We've been able to appoint 13 new business partners, and they're rolling out really fast, and we're being received really well. So there's quite a little bit of suppression that we've invested in growth over there, and we're really happy to invest in the growth because we're being received so well. Do you want to add to that, Matt? Yeah, sure. Hi, well, it's Matt speaking. I think if you look at that underlying 11% margin, it's, it's a solid margin in the context of the revenue growth. So when you unpack that Johns Lyng U.S.A result of $247.6 million, it's implied growth of 25% period on period of that Reconstruction Experts was $239.2 million, which includes some cat headline. Headline growth there from a revenue perspective was almost 32%. In terms of the cat in the U.S., $21.5 million is a great result from a standing start, being the first cat response we've ever initiated. And that means BAU was $217.7 million, which is, which is 20% growth. The 11% margin result is an excellent result in the context of that revenue growth, because that revenue growth is being fueled by investment. And when we talk about investment, we mean specifically launching the Make Safe business in Colorado, in Texas, and in Florida, and also launching Express as well, alongside Make Safe. Just to put it into perspective, as an interesting data point, if you look at the headcount, the FTE headcount on acquisition, we had about 300 employees. We've grown that headcount as of one-third, so we've added 100 FTEs. As of today, we've got just over 400 employees, and that's all supporting that growth. So in the U.S., the strategy is about revenue growth. It's about market share at a good margin. So I think in the round, we're really pleased, and we're excited about next year's growth. Thank you. And just quickly on that, do you expect a margin of circa 10% or thereabout in second half to continue on? I mean, is that a sort of a new base that we should be sort of thinking about, given you're looking to expand, continue to expand in the U.S.? I think probably two points to make there. Well, one, you know, when the hurricane, you know, hit Fort Myers in Florida, it effectively shut off business as usual work in Florida. Now, obviously, the quid pro quo for that was a massive increase in cat work, but, you know, by deferring some of those BAU projects, that added some temporary, you know, margin pressure in the second half, which is now rebounding. But, you know, as we've always said, over time, as we build out the full suite of services, we expect the U.S. margins to align broadly with the Australian business. So over time, we see the U.S. business margins aligning with Australia. Thank you. And, and just one last one. I mean, if you were to sort of think about, just, just focusing on Australia, looking at some of the weather forecasts in the near term, I guess medium term, it looks like we're heading to much drier conditions than what we saw in past periods. And while I appreciate, you know, your resilience through these weather patterns, just wanted to see how you're thinking about, potential pipeline for BAU and cat if the drier conditions persist until and even after your current contracted work volumes are delivered. Well, we never. To be honest, we gave up thinking about weather many years ago. For 20 years we've had record growth year on year, and, you know, 5 years ago in Victoria, they were building a desalination plant because there wasn't enough rain. And then all of a sudden, they canned that after they spent AUD 2 billion because there was too much rain. We don't worry about weather, because you know what? Experience tells us no one can predict the weather. So all we know is that we grow year on year, and we get more registrations in, and we aggressively just seek new geographical areas, and we put more account managers on to attract new business, irrespective of the weather. I think just expanding on that as well, Scott, importantly, you know, over the last, let's say, two years for argument's sake, we've opened new subsegments of the cat market. And in FY 2023, we entered New Zealand, and we're already responding to Cyclone Gabrielle. You know, we've, we've opened up, other work streams with, with governments, you know, state and federal governments through Johns Lyng Disaster Management, which, which has had an excellent result in FY 2023 and continues to grow. We've opened up the U.S., and, you know, over time, the U.S. cat opportunity will dwarf any other market in the world. I think also just an interesting point is that historically, and we expect this to continue going forward, we've only ever been limited by our own internal capacity. And when I mention that, I'm specifically referring to our estimators, our supervisors, our project managers. We've always fully used our headcount and our resources, so, you know, we expect that to continue. If, you know, the number of cat events does decrease, and we don't expect that it will, especially because we've opened up new markets, but we still expect to fully utilize our resources. We'll only ever be limited by our own capacity. Yeah. Just keep focus on the BAU. That's what we focus on internally, is making a big, strong BAU platform and foundation. And then when and if things occur from a catastrophe perspective, we attack them and approach them the same way we always have. Thank you very much. Very clear. The next question comes from Russell Gill with J.P. Morgan. Please go ahead. Hi, guys. Congrats on the result. Just a handful of questions. And I know you're you obviously steer clear of your bullish cap guidance, which seems that you underestimate by 250% over the last 4 years. Just to bring a bit more clarity on your outlook for that, you guys obviously have a bigger business now in lots of different areas, and you've obviously seen a number of events. You've guided to, I guess, revenue 30% higher or a little bit higher than last year. In terms of the pipeline of work or the opportunity of work out there today over the next 12 months, how does that compare to, I guess, 12 months ago on, I guess, on the visibility of potential work that you can see across different segments of your business? It's as big as... It's as big as we've ever, ever seen and bigger than we could imagine, Russell. You know, the event that happened on the East Coast last year was the biggest event Australia has ever seen. Most of our work in FY 2023 was assessment and cleanup. All those assessments have to go back in to the, to the relevant bodies, and then those assessments then come back out. 90% of those assessments haven't come back out, so that's why we know there's so much coming up, because we know how many assessments are in there. So yeah, so our vision on that is just enormous. We, we- Great. What, what it lends to is just an enormous amount of work. Yeah. So if you think about the East, just the East Coast event, are you feeling like it's got two more years to run before it starts tailing down? Like, how do you see the cadence of the size of the opportunity, I guess, over the next couple of years? I'd say 2-3 years at least is what we can see. That'd be the same in the U.S. Yeah. Same in the U.S., what we- Yeah. Great. The second thing is, you guys, given your business model, are, are beneficiaries of, I guess, high levels of inflation. The insurance industry has put up premiums by a lot and are continuing to do so. When you're thinking through FY 2024, how are you thinking about inflation? Because you obviously benefit the last couple of years through inflation. How are you thinking about inflation in 2024 and how it rolls through your business? Well, any inflationary costs that we incur get passed through. But our average claim cost actually didn't increase that much last year. I think we looked, it was only up 1.6%. So I think, to be honest, we're a little bit... There is inflation costs, but we are a little bit insulated from inflation's cost. Because our all of our work is bespoke and not large volume type purchasing, we've never benefited from bulk buying or bulk bulk material supply, if you like. So our contractors have to go and buy their goods from Bunnings. So you know, you don't get a massive wholesale price from Bunnings. So people that benefit from buying and they import from China, and they import from overseas, they're doing bulk buys. So they suffer from inflation costs when they can't get goods in, you know, containers are stuck in port, and they can't get in. So they really suffer from inflation costs. I believe in our sector, most of the inflation costs are actually already in there because they're paying premium prices, if that makes sense. Did I explain that right? Yeah, no, I think, yeah. Another way we think about it is our ability to control outcomes for our clients and customers is by being as close as possible to them. And that then ultimately dictates scope. So the biggest issue for us around getting more allocation and growing registration, we talk about record registration, is managing average cost. Now, there is some inflation inputs that are very minor within the overall scope, but the way we manage that is by having more brick-and-mortar offices. And I said, if we can get to a job within an hour versus two days, that's a very different scope, a very different end price, a very different end result we get to a scorecard. So irrespective of inflation or an inflationary environment or deflation, the way we manage scope is the most important output for us to getting more registrations. That's the way to think about it, Russell. Just on that, Nick, I mean, I think, the comment was made before that the average claim cost was only up 1.6% on last year. That, across Australia, that seems a very low number. Yeah, well, it is because, again, the more offices you can put in places, like, the quicker you can respond, the lower the average dollar value is of that particular claim. ... So irrespective of even, let's say, timber goes up 30%, you're not putting as much timber into the job, but you got there quicker and we save some, but that's the way we manage it. So when we look across the portfolio of claims, across different cost bands, we've seen a really strong performance from an average dollar perspective. That's when we talk about competing on volume, not competing on price. So we compete on volume, and then we've seen the registrations pick up. I think also just having that local presence, Russell, you know, it keeps the subcontractors honest. Like, we've got deep relationships with our subcontractors, and in most cases, they've built their businesses off the back of Johns Lyng. They like working for Johns Lyng. You know, it's recurring work. We pay them on time, so you know, it maintains the integrity in the supply chain. So again, for all these reasons, that regional network is so important. Yeah. Great, and just a final question, just on how you're seeing labor as a general comment, I guess access to labor and I guess talent within your pool. So obviously things got quite tight during COVID, and I was hoping maybe you could differentiate between your, I guess, your Australian operations and your U.S. operations, what you're seeing both from a access to talent within your own business and then also on your subcontractor network, just in terms of availability of labor, from an overall demand perspective. Yeah, it's a good question. I think I'll let Scotty answer them. I think the same issues we've faced for 20 years is probably the way, COVID or no COVID, you know, being aggressive growers, we're always on the hunt for talent. It's an everyday conversation in here, and that talent goes right through from you know, an administrator through to an estimator, through to a business partner. It's at every level, and when you're aggressive growers, and especially in the environment we've been able to create, we're always progressing talent internally too, so to keep topping that up. So it's not an issue that's new or has come because of COVID or there's any change. It's been in the business from my perspective, the last 10 years, and probably Scotty, for the last 20. So it's ongoing. What I'd say is that we've been able to deliver amazing outcomes, another record year result. I don't expect anything to change this year. And we had a team meeting this morning on talent. So that's, it's not anything that's new. And I think that the, from a subcontractor perspective, you know, we've continued on more trades. We talk about new offices opening. That gives us a loyal trade base around that office that is new. It improves the service standard, it improves the average cost, it increases registrations in that local area. So that's the way we think about the ability to bring new trades on. It's just not, "Hey, sign up and register, and we might chuck you a dollar." It's that there's going to be deep relationships and long term here with these trades, because they see an opportunity to build businesses with us. So that's the way that's the way we think about it. It's the same, same dynamic in the U.S. that you're seeing there? I, maybe the question comes back to, I mean, you've seen some challenges by the new build in the fixed price contract industry and whether that's led to, I guess, some supply coming into that subcontract network. So any different comments in the U.S. business? U.S. is the same, Russell, to be honest. While we're growing, and as Nick said, we've grown for the last 20 years. While we're growing, talent is always what we're looking for. Our restriction on delivering more work and getting more revenue is on the talent we put on. It's not the work. The work is there. We've said this many times, with touch wood, in 20 years, we've never said we're quiet. Our acceleration and speed on that is how quick we can get good talent into the system. The U.S. is the same. As I said on the call, we've been received very well in the U.S., now it's just about finding people. The work's there, it's just about finding people, and that's... While we're growing aggressively, we just need more people all the time. That's the good problem we have. Great. Thanks, Scott and team. Cheers, guys. All right. No worries. Bye. Thanks, Russ. The next question comes from Piers Flanagan with Barrenjoey. Please go ahead. Morning, guys. Thanks for your time this morning. Just a couple from me. Maybe just firstly on, just on the BAU performance and the performance with IB&RS, it looks like that was probably a little bit ahead of expectations. Can you maybe just break out sort of within that sort of core IB&RS versus, strata comp, contribution throughout the period? Yeah, sure. Hi, Piers, Matt, Matt speaking again. IB&RS, you know, a very, very strong result, a record result for, for IB&RS. You know, total revenue, AUD 1.147 billion, up almost 53% year-on-year. That includes BAU, business as usual, revenue of AUD 775.3 million, up over 32%, which is about 14% growth, excluding acquisitions and cat obviously contributed the balance of AUD 371.3 million dollars up over 125%. So in terms of that BAU revenue growth, excluding acquisitions of about 14%, you know, we had, you know, fantastic growth in Johns Lyng strata services of about AUD 10 million, you know, almost 13% year-on-year. We had about AUD 20 million growth with the continued ramp up of those new contract wins over the last 18 months. You know, specifically RACQ, Westpac, Chubb, Honey, Blue Zebra, and Steadfast. So, you know, on a combined basis, you know, over 45% growth with the continued ramp up of those contracts, which we expect to see continuing to ramp up through FY 2024, which is fantastic. A great result, you know, from other strategic initiatives like Emergency Broker Response. You know, that product continues to go from strength to strength. It's a real snowball effect, so incremental revenues there of almost AUD 5 million, up almost 12%. And then just, just general growth with allocations and, and organic growth across the rest of the portfolio of about AUD 30 million or, or 10% or so. So, you know, a really fantastic result from IB&RS. And, you know, while, while the CAT result was fantastic, a record by a country mile, it shouldn't overshadow the BAU results, which are most important. And then maybe just continuing on from that, Matt, just looking at the guidance next year and the BAU guidance, sort of excluding commercial construction and excluding acquisitions of 12%, looks strong. Maybe some of the building blocks behind that guidance forecast? Yes, sure. So, you know, in absolute dollar value terms, that's AUD 102 million revenue growth, as you say, Piers, just over 12%, which is very, very strong. You know, while, you know, we're actually maintaining in percentage terms our forecast growth year-on-year. But obviously, as we grow in absolute dollar value terms, that dollar value growth is increasing, which is fantastic. But in terms of the building blocks there, you know, the key driver is insurance building and restoration services, as you would hope and as you would expect. You know, of that AUD 102 million, IBRS is expected to contribute about AUD 92 million of that growth. And really it's a continuation of the same themes, you know, in terms of the FY 2023 versus FY 2022 results. So it's a continued growth in strata services of about 17%, which is fantastic. So an incremental AUD 15 million-AUD 16 million continued ramp up across those new contracts. So 8%-10%, emergency broker response, conservatively estimated to grow at 10%. The U.S., again, conservatively estimated to grow between 10% and 15%. Strong outperformance, but we're always conservative with our guidance. And then, you know, 8%-10% growth across the rest of the portfolio. So we've got a track record for being conservative. We follow the same principles. We build our budgets bottom up. You know, everything's based on current run rate. And, you know, from a BAU perspective, what we can see in terms of the pipeline, we've got strong visibility, a strong empirical data from the panel allocations. So we're comfortable with the forecast, and the task now will be to try and outperform. That's helpful. Thanks, Matt. Just on the cash conversion, sort of very strong at 143%, and even normalizing for a pay prepayment at 100%. Can you maybe just talk to that prepayment and then sort of how to think about that cash conversion on sort of a go-forward basis, and expectations around that level? Yeah, absolutely. It's quite pleasing that, you know, this year is exactly the opposite conversation of last year. We had temporary cash flow suppression, you know, this time last year because of the massive mobilization to certain cat events. This year, the balance sheet has acted in exactly the way we foreshadowed, so it's released that cash, which is terrific. In the presentation on slide 15, there's a reconciliation of operating cash flow. You're right, cash conversion for me, but now is very strong, about 143%. We made a couple of normalizations for that prepayment of about AUD 21 million, and then also the reduction in working capital, so accrued income decreasing by some AUD 28 million. You'd get back to about 100% conversion from EBITDA. So in a normal period, if there is such a thing as a normal period, we would expect cash conversion from EBITDA to be between 90%-100%. It's a very strongly cash generative business. We don't have massive working capital imports and CapEx is light. So, yeah, we are incredibly pleased with that, with that cash flow, that operating cash flow before interest and tax for FY 2023. Great, and just a last one for me, just on the margins, pretty stable throughout the year. And Scott, you mentioned you've won a few contracts, and you renewed a number throughout the period as well. Just as part of those discussions, I mean, has there been any change to sort of the, the cost plus margin profile, or just how is the discussion with, with insurers at the moment in the, in the current macro environment? It's pretty much the same, same, Piers. There's no real change in margins. Margins are consistent, terms are consistent. A couple of those are just real extensions as well. So yeah, no, no, no real change there at all. That's helpful. That's it for me. Thanks, guys. Thanks, Piers. Thanks, Piers. The next question comes from Julian McCarthy with E&P. Please go ahead. Oh, hi, guys. So just a few familiar. Firstly, with the new, with the RE business, what did it actually make? This is really confusing on the slide because of a few notes to the account there. So in terms of RE, Julian, it's Matt speaking, of course. In terms of RE, you know, for FY 2023, revenue was $239.2 million. And, you know, that comprises business as usual of about $217.7 million, and the balance being cat of $21.5 million. So that's about 20% BAU growth, and obviously, it's the first cat we've ever responded to. So we delivered $21.5 million cat revenue, which is, which is really fantastic from a standing start. And, you know, really importantly, we've got the infrastructure now set up, and we've got, we've got the cat plans in place to be able to respond more aggressively to, to future cat events, which, which is terrific. Underlying margins for Reconstruction Experts were about 11%, which, you know, is a little bit lower than perhaps we were expecting, you know, 18 months ago. But we are investing for growth, as I said, during the actual call itself. So, really importantly, we've added 100 FTEs, so we've increased headcount by one-third. We've launched Make Safe, and we've launched Express, and we're investing for growth. So it's a real opportunity in the U.S. It's about market share, it's about revenue growth, and obviously, we need to maintain reasonable margins. But, you know, we said from the start, from the acquisition, we expect margins in the U.S. to align with the RT business over time as we build out that full suite of services. Yeah, no, I get that, but what was the actual revenue DA? Well, it was 24.6. 24.6. So, and that's, I mean, compared to what you sort of look at when you first made the acquisition, it's sort of tracking below. So how does that sort of fare with the earn-out by some issue of earning? So, you know, as we kind of foreshadowed at the half year, we've written the earn-out provision down to 0. We don't expect to pay the earn-out. The final test for the earn-out will be based on CY 2023, so calendar year 2023, so the trailing three-year average EBITDA as at 31 December this year. We don't expect the earn-out to be paid, but notwithstanding that, you know, the business is tracking well. You can see the revenue growth, you can see the margins are solid, and, you know, it's a massive, massive market going forwards. ... Right, okay. And the CAT revenue forecast for this year, AUD 138, how much of that is the U.S.? The U.S., the U.S. CAT forecast is a conservative $8 million. So that's literally the contracted work in hand. Right. Okay, cool. And just finally, so with—I mean, when, when you bought that RE business, there was an expectation that you'd follow up with some, you know, pre-sales acquisitions quickly, but we haven't seen anything. Is, is there, is there an underlying reason or is it just, you know, a bit harder to find similar sort of businesses? Harder to find, Julian, pardon me. We are in discussions with a few at the moment, but they're really hard to find, where management want to stay on, et cetera. They're there, and we'll land a couple, no worries, but they are really hard to find in our disciplines of retaining management that are motivated and want to come forward. Right. So it's going to be more of like a, an organic growth story? It'll be both. 组合。 It'll be both. Organic's going really well, and just... We've just got to land a couple of these acquisitions that we're in discussions with. Okay. We go over there- Thanks, guys. Go back over there, and I'm back over there in a couple of weeks to talk to a couple, Julian, and it's, it's ongoing. Okay. Thank you. Thank you. Your next question comes from Ronan Barrett with MA Financial. Please go ahead. Morning, guys. Just with regard to disaster recovery, are you able to split out the revenue that came from that segment in FY 2023 and how you expect those revenues to trend into 2024? Hi, Ronan. That particular subsegment is not something we're disclosing separately. You know, it's all government counterparties. So, you know, the vast majority of that work is included in the cat disclosure, but we're not going to break out cat between insurance counterparties and governments. Okay, no problem. And obviously, it's early days for you in New Zealand, but just roughly what level of revenue you got from New Zealand in FY 2023 and I guess, growth expectations in 2024 from that region? Yeah, I'll let Matt talk to the numbers in a second as he gets his notes. But he couldn't be happier. And I think I made mention of the business partner that we opened the office with over there, and you know, his ability to get out with the support of Josh Barnes and Chris, who has spent a fair bit of time over there as well, to build a really strong organic opportunity, and be ready for the potentially turning capitalize, has been fantastic. You know, Josh Barnes, our Australian CEO, is heading back over in a couple of weeks to have really meaningful conversations with a couple of major insurers. We're now receiving work from, you know, probably the top 3-4 insurers over there, already on a BAU basis as well. So, he's done an amazing job of setting that up, ready for growth in the future and have a location on the South Island now, too, just opens up more possibility. I'll let Matt talk to the exact numbers of the financial year results. Well, yeah, I mean, we've only been on the ground over there for, what, Nick, some 6 months or so? You know, but to be able to deliver, you know, AUD 5.5-6 million revenue in New Zealand in this financial year from a standing start is, is really terrific. You know, that's a combination of BAU and cat work, of course, and, and we expect that to continue growing through FY 2024. In the forecast, we've probably got, you know, somewhere between AUD 10-15 million of revenue in there. I think, you know, what's really important is that it's, you know, the whole cat response to Gabrielle, it's fast-tracking the BAU business in New Zealand, so it's fast-tracking relationships, it's cementing relationships, and it's allowed us to scale up that operation probably 50% quicker than we would have done ordinarily. Yeah, absolutely. Thanks, guys. That's all for me. Thank you. 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 Tim Wilson with Macquarie. Please go ahead. Hi, guys. Thanks for taking my questions. Just one in particular. In terms of the cost comments you made in terms of the claims inflation, how is that helping you in regard to panel positions and versus your, competitors? No, really strong. Tim, I think that's, you know, we talk about that's been a strategy that we've, I'll say invested in, but it's, it's been, you know, last 10-11 years worth of, regional expansion that have provided, I guess, that ability to, manage our outcomes a lot closer. It's not just cost, it's service as well, it's timeliness, it's building capacity. So there are a number of factors that, you know, allow us to continue to perform well on, on panels. And when we talk around, yeah, BAU growth and going back to some of the questions we had earlier around, you know, strong organic growth next year, the confidence we have in that is the current position we have on scorecard panels, the conversation we have with insurers, new offices where we're going to be opening. So there's... They all sort of intertwine to yielding a strong result. Okay, thank you. Thanks, Tim. Thank you. There are no further questions at this time, and I'll hand back to Didier for closing remarks. No, thank you very much, everyone, for joining the call and, look, I'm sure we'll catch up with a lot of you over the next few days. Thank you very much.