Good morning, and thank you for joining us for this presentation of the Johns Lyng Group's FY 2024 results. My name is Scott Didier, and I'm the Group Chief Executive Officer of JLG. Before I introduce our other presenters joining me today, I'd like to provide some commentary on the 2024 financial year. FY 2024 was another stellar year of growth and progression for the group, achieving a record-setting BAU EBITDA. We are winning new clients and contracts and strengthening our relationships both across Australia, New Zealand, and importantly, the U.S. We have been very clear with our growth strategy. Since two thousand and four, growth has been at the center of everything we do. It's our DNA from the front door to the back door, and we are a sales-based organization. To put some context around that growth, since we listed in late 2017, we have achieved a remarkable expansion of our revenue base of AUD 286.8 million in FY 2018 to over AUD 1.159 billion today. We're proud of that growth and value we are delivering for it and the value we are delivering for our shareholders, and I thank you for your support. I'd like to take this opportunity to expand out on our progress in the U.S., which presents a significant opportunity for the group and constitutes one of the key strategic growth pillars. FY 2024 was the inflection point of Johns Lyng USA, and we have now grown the business by 34% over the past two years, alongside completing significant strategic work. The introduction of our core business service line, Johns Lyng MakeS afe, Johns Lyng Express Builders into the U.S., is advancing our strategic vision of offering comprehensive and complementary services across the country. We also continued the rollout of our proven equity partnership model during the year with a total of 25 business partners across 5 key states at present. These partners are all aligned to our core values, and equity partnership approach ensures that they are committed to growing the business and delivering success. In the second half of FY 2024, we appointed Tyson Barber, the CEO of JLG USA, and we thank him and his team for delivering 22% BAU growth, first half versus the second half. Under Tyson's leadership, together with the investment in business partners and the business development team, we maintain great confidence regarding the organic growth in the U.S. We are excited and energized by the progress we are making in the incredibly large U.S. market. Having hastened slowly, we are now at a point where we're seeing growth, our growth strategy pay off. In short, FY 2024 was another fantastic year for the group. Financially, we are achieving solid results, particularly in our IB&RS BAU. We are executing on our growth strategy with several strategic and complementary acquisitions, consolidating our position in the highly fragmented strata market, another key strategic growth pillar for the group. We are expanding our footprint and operations in the U.S., with significant work expected in FY 2025. We continue to support communities impacted by natural disasters, and with these events forecast to increase in frequency and intensity, are working with governments to develop community resilience. We enter FY 2025 with strong momentum and registrations and are very excited about providing an update on our progress throughout the year. Joining me on today's call, I'm joined this morning by Nick Carnell, Chief Executive Officer of Johns Lyng Australia, Matthew Lunn, Group Chief Financial Officer, and Adrian Gleeson, Executive Director, Investor and Corporate Relations. I will now pass over to Nick, who will provide some more detail on our achievements during the year. Matt will then expand upon our financials and provide FY 2025 forecasts. We will then be happy to take any questions. Thank you, and I now welcome our Australian CEO, Nick Carnell. Yeah, thank you, Scott, and good morning, everybody, and thanks for joining us. As Scott mentioned, financial year 2024 was another strong year for the group, with total revenue of AUD 1.159 million and group EBITDA of AUD 138.3 million, excluding commercial construction. While revenue is slightly down on last year, it's important to point out that financial year 2023 included a record contribution from our CAT division, following several large-scale natural disasters. Pleasingly, our BAU operation achieved a record financial performance, which Matt will expand on in just a moment. Our continued and deliberate growth since listing is a testament to our strategic investment thesis, centered on defensive growth and consistent execution. We target opportunities where we see strong fundamentals that align with our core capabilities and offer non-discretionary, annuity-style revenue profiles. This, plus the fact that the majority of our insurance building and restoration work is on a cost-plus basis, helps insulate us from the economic cycles and inflationary pressures. We have a diversified and large client base, mitigating concentration risk, while our blue-chip insurance counterparties mitigate credit risk. This insulation from risk has helped drive our bottom line growth amidst challenging conditions of recent years, and will continue to pursue opportunities that align with this thesis. Closing June with AUD 21 million in net cash and more than AUD 80 million in undrawn revolving credit facilities, we have the balance sheet capacity and ample liquidity to execute on M&A opportunities rapidly and dynamically. Our strategy for organic growth also remains unchanged, and during financial year 2024, we made good progress against it. We expanded our geographical footprint to 159 locations globally as at 30 June 2024. That broad coverage, combined with our growing network of local subcontractors, allows us to engage with new clients, deliver work on time and to a high standard, increasing efficiency. We're winning new clients and contracts, which is increasing our IB&RS job pipeline. During financial year 2024, we were pleased to achieve several new contract wins and extensions with blue-chip insurance counterparties. These included Tower Insurance, SafetyCulture Care, RAA, Auto & General, Hutch, Longitude, MAS New Zealand, and Allstate in the U.S., among several others. These are significant contracts that speak to our strong reputation, the depth of our relationships, and our ability to deliver. We look forward to watching volumes from these contracts ramp over the coming periods. We also completed several important acquisitions during financial year 2024. Strata Services is a key growth pillar for the group, and we're pleased to acquire two leading Strata Management businesses, Your Local Strata and AM Strata. Your Local Strata is a leading Sydney-based Strata Management company that added just over 3,000 lots to our portfolio, as well as subsequently acquiring AM Strata, based in Queensland, grew our portfolio by just over 4,000 additional lots. In the first quarter of financial year 2025, we've also signed an agreement to acquire a 100% equity interest in Brisbane-based SSKB, which brings an additional 44,000 lots into our portfolio. Therefore, we now manage just over 145,000 lots across 4,800 schemes. We're the second largest market share nationally in this space. We still see tremendous opportunity within this highly fragmented Strata market, which has inherent revenue synergies across the group. We'll continue to consolidate our position, enhancing our offering to the market. I'd now like to speak to the two other acquisitions we made during financial year 2024, Smoke Alarms Australia and Linkfire, which created the foundation for our Essential Home Services growth pillar. We're excited about this new pillar, as its potential to generate strong returns for shareholders is fantastic. Occupancy and completion certificates, and a raft of other regulatory mandates, rest on providing evidence of working smoke and fire alarms, among other services. These are mandated to be completed regularly. We know that insurers, owners, corporations, government, and regulators are increasingly mandating these are delivered by reputable and registered service providers. The revenue model is annuity or subscription-based, meaning we have forward visibility as to the earnings we should see from our existing client base. These earnings are stable, growing, and not affected by input price inflation. Furthermore, the two businesses are non-systemic growth characteristics. By that I mean, when you combine them with the businesses that sit within our portfolio, they provide strategic adjacencies. Combined, these come together in a strong value proposition that we continue to grow through our management and our vast network. Post year-end, we also announced we've acquired an 84% controlling equity interest in Chill-Rite, a regional New South Wales-based provider of heating, ventilation, and air conditioning. The acquisition creates a strong foundation for further organic expansion and builds the capacity of our subsidiary, Air Control, to service large national contracts, creating a solid runway for growth. Financial year 2024 was also another significant year for Cat Work. Having established ourselves as Australia's leading provider in crisis response, recovery, and reconstruction solutions, we are applying our skills and insights to other markets and have seen strong results. In the U.S., we continue to carry out reconstruction works following 2022's Hurricane Ian. The scale and destruction caused by Ian cannot be understated. The total loss is estimated to be $119 billion. It is the third costliest disaster in U.S. history, and our vital work is expected to carry into FY 2025 and well beyond. In Australia, we supported recovery efforts following the Murray River floods, Tropical Cyclone Jasper, and the East Coast storms that hit during Christmas and New Year's. In New Zealand, we continued to respond to insurance claims after Auckland was impacted by several flooding and wind caused by Cyclone Gabrielle. These weather events are expected to increase, both in their intensity and frequency, with workflows covering multiple periods, and when they do, JLG is in a strong position to work closely with government and our insurance counterparties to restore homes and businesses to their former glory, and supporting communities through the recovery. Our 16,000-strong network of local subcontractors across Australia is key to this. We continue to grow those networks throughout the U.S. and now New Zealand. Our work in FY 2024 builds upon recent periods to create a strong platform for growth, and with the strong start that we've seen already in financial year 2025, we look forward to building on that momentum throughout the rest of this financial year. Now, I'd like to hand over to Matthew Lunn, Group CFO. Fantastic. Thanks, Nick. So perhaps just on slide four, I'll take you through the financials. So the first point to make is that FY 2024 was a record BAU financial performance. Group revenue was AUD 1.16 billion, and that includes BAU revenue, excluding commercial construction, of almost AUD 930 million. That's up 10% on FY 2023. From an EBITDA perspective, group EBITDA, excluding commercial construction, was AUD 138.3 million, and importantly, that includes BAU EBITDA of AUD 111.2 million, up 18.2% on FY 2023. That 18.2% growth from AUD 111.2 million EBITDA from a BAU perspective is a record. And that really underscores, you know, the strength and profitability of our core insurance, building, and restoration services operations. Really pleasingly in the U.S., Johns Lyng USA outperformed expectations. At the half year, we foreshadowed an expected revenue result of AUD 247 million. We've delivered just above that, AUD 250.2 million dollars, which is great. That's up 7% on FY 2023, but importantly, it represents 34% growth on FY 2022, which is the year of acquisition. So we've significantly grown that business since acquisition. Also pleasingly, we've delivered on exactly what was foreshadowed at the half year, which is 22% growth second half versus first half. So those issues with the pre-construction period and protracted lead times, that bottleneck's being expanded and those jobs have flown through, and we've delivered 22% growth second half versus first half. That's also led to strong pro forma cash conversion from EBITDA at approximately 90.3% and operating cash flow of AUD 112.5 million. That's given us the confidence to declare a second half dividend of AUD 0.047 per share, which is in line with the first half. That brings the total FY 2024 dividend to AUD 0.094 per share, which is also a record. That equates to a payout ratio in the order of 54%, which is towards the top end of our stated dividend policy, which is between 40% and 60% of NPAT. By design, our balance sheet remains very strong, with net assets in excess of AUD 460 million, representing an increase year on year of over AUD 66 million, and at the end of the financial year 2024, we had net cash of about AUD 21 million. In terms of FY 2025, we're very excited about the prospects for FY 2025, and we're now projecting conservatively revenue of AUD 1.13 billion, which includes BAU revenue, excluding commercial construction of AUD 1.07 billion. That's up 15.1% on FY 2024. We're also projecting group EBITDA, excluding commercial construction and public company OPEX, in the order of AUD 138 million, excluding CAT, so just on a pure BAU basis, AUD 131.8 million is up almost 9%, which is fantastic. So again, consistent with prior periods, our CAT forecast within that number from a revenue perspective is AUD 51.1 million, and that is comprised exclusively of contracted work in hand. So hopefully there's some upside from a CAT perspective. And again, there's a strong pipeline of continued M&A, which we hope will complement and bolster that very strong forecast BAU growth. I'll pause there on the financials and hand back to Scott for any closing remarks before we open up for Q&A. Thank you, Matt. Before we open the floor to questions, I'd like to thank our team for their dedication and hard work throughout the year. I'd also like to thank our investors for their continued support. The JLG executive team and I are poised for the opportunities that lie ahead. Confident in our strategy to drive value creation, deliver continued growth for our shareholders, we look forward to providing an update of our progress at the upcoming AGM. I thank you for your time and welcome questions. Thank you. If you wish, 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, then two. If you're on a speakerphone, please pick up your handset before you ask your question. We will now pause momentarily to assemble our roster. Today's first question comes from William Park with Citi. Please proceed. Hi, thank you for taking my question. Chris, could I perhaps start with why there was such a discrepancy between what you guys have reported in FY 2024 versus what you guys have been, what you guys have guided to? Just wondering what's effectively changed over the last six months. Thank you. Yeah. No, fantastic. Thanks, Will, I'll take that. It's Matt speaking. So I think from a guidance perspective, you know, we're there or thereabout. You know, group revenue, as I said, was AUD 1.16 billion. Our company guidance from a revenue perspective was AUD 1.207 billion, so ostensibly it's 4% short, but importantly, from an EBITDA perspective, we've delivered AUD 138.3 million. Our company guidance was AUD 150.4 million. We've outperformed our EBITDA guidance by AUD 1.9 million or 1.4%. So again, from an EBITDA perspective, we've actually outperformed. Thank you. Just, just on the margin that you're guiding to for FY 2025, you know, looking at slide 26, it's effectively stepping down versus PCP. Can you just step through you know, how we should be sort of thinking about margin profile, not just in FY 2025 but beyond that, but also why there is such a step down in 2025? Yeah, absolutely. So on slide 26, as you can see, you know, the FY 2025 forecast EBITDA margin, the average IB&RS forecast margin is 12.3%, and you're absolutely right. It's stepping down from 13.2% in FY 2024 to more sustainable levels. So FY 2024 was a record EBITDA margin of 13.2%, and that margin expansion was driven by multiple things. You know, one, acquisitions, you know, but if we strip out the acquisitions, it's still really great margin expansion. What's really driven that record is massive job volumes flowing through the business off the back of the major CAT events, mostly in FY 2023, but then also continued BAU growth through to FY 2024, but a rebasing of investments. In FY 2023, with the initial mobilization scale up to be able to respond to all those CAT events, we had to create a step change in capacity, so we were investing in additional people and resources. In FY 2024, notwithstanding, we've maintained very, very high job volumes, we've rebased that investment to more BAU growth levels, so that obviously allowed utilization to increase and operating leverage to come through to expanded margins. Going forward, we can't maintain 13.2%. We are forecasting 12.3%, which again, is a significant step up from eleven point nine in FY 2023. As the business grows and we generate greater scale, you know, some of these scale efficiencies will become more permanent. The operating leverage will flow through more permanently, and margins will continue to expand. You know, you can see back in FY 2022, margins 11.3% growing into 2023 of 11.9%. FY 2024 is a record, of course, but then growing again into FY 2025 versus FY 2023. So we expect margins to continue to increase, but there will not be a step change up, because again, the business is very defensive, low operating leverage, cost base is mostly variable. We outsource the work to subcontractors, but importantly, you know, that gives us protection. Thank you. And just one last one from me. This is more around how you approach your guidance. I mean, given that you provide guidance down to a decimal point, you know, I would have thought a lot of the work that you have, you know, looking at basically your guidance implies that a lot of work that's sitting in your guidance is effectively locked in. But just wondering whether, I know CAT is mostly locked in, but can you just give us a sense as to how much of the BAU work is locked in at this stage, as you look ahead to the end of FY 2025? And if it's not, you know, close to 100% locked in in terms of BAU, just wondering why you wouldn't provide a guidance range as opposed to a, as you know, single number? Thank you. No, it's a great question, and perhaps I'll unpack it in collaboration with Nick. So I think the first point to make is you're absolutely right. You know, from a CAT perspective, that is contracted work in hand, so that's locked in. If you were to ask me what the CAT forecast is this time next month, it will be higher than AUD 51.1 million. From a BAU perspective, you know, when we look at work in hand, anything that's contracted work in hand is locked in. And then, you know, outside of that, you know, we look at the empirical evidence from the panel allocations. You know, and we've got really good visibility and really good granular visibility over panel allocations, albeit probably only... and I'll defer to Nick here, but probably 50%-60% of our BAU forecast is kind of locked in. You know, we can't predict the weather. We don't know what specific job volumes are gonna flow, but we do know that if we're receiving X number of allocations each month from a particular panel, then subject to weather events, you know, it's gonna be a similar level as long as we maintain our KPIs. I think the one swing factor, which goes back to your initial question on the company-guided revenue versus the actual revenue is weather. And, you know, it's been a particularly benign period in the second half of 2024. Now, ordinarily, the number of jobs that we handle, you know, with the portfolio effect, it smooths things out, but we've had abnormally benign weather in the second half of 2024, and that's negatively impacted our Express business. Express, as you know, is typically higher volume, lower dollar value projects, and so they are disproportionately affected by benign weather, and they also benefit from inclement weather. So it's really the Express business in the second half. But again, we're forecasting strong growth in Express going forwards, and this concept of benign weather is validated in some of the recent publications by Suncorp and IAG. Nick? Yeah, I think the other part, though, well, you know, the way we think about budgets and in particular, that sums up to our house guidance is the fact that, you know, the 130 operating subsidiaries, they've all got a budget, and I guess some of that work direct from allocations from large insurers, but also they have local relationships they need to go out and outperform. So I think for us, it's about making sure that each of our business units perform in line with their own individual budget, and that hasn't changed for the last 20 years, the same way we've always looked at summing up our overall budget comes down to the business partners all growing their little patch. And you do get some consistency with BAU. That's why we call it BAU, business as usual. Business as usual is your everyday, you know, small claims. Someone's run over a letterbox, a garage, roller door's falling down, a tree's fallen on a gutter. There is consistency with BAU work that we can draw on. Thanks very much. Next question is from Russell Gill with JP Morgan. Please proceed. Hey, guys. A handful of questions. Just, just to get clarity on that margin guidance, so you've obviously FY 2024 guide, you know, the margin was quite high, and you're guiding it to be lower. You're also bringing in, I guess, businesses like the acquired businesses that are on 20% EBITDA margins that are coming into it. So are you seeing that new 12.3% number as, I guess, the bottom? You know, have you thrown everything at that number and that's how low it goes? Because I would presume you can't really look back to the, you know, FY 2021 and FY 2022 comparable years, given you're acquiring higher margin business. How should we be thinking about that level of margin for the business going forward? I think, Russ, going forward, and if you were to draw a line of best fit through the margin profile over the next five years, it will continue to increase. It'll continue to increase. Now, obviously, margin in any given period, any half year or full year financial period, will be impacted by the level of investment. So if we do, and I'm sure we will, respond to future major CAT events, there'll be a mobilization period, and there'll be a additional exponential investment required, which will temporarily suppress margins, but then margins will then expand as we grow into that capacity and increase utilization and margin. But over time, over the next five years, and you can see this historically over the last five years, you know, our plan is to make acquisitions which are margin expansive as well as EPS accretive. But also, a business of greater scale creates more efficiencies, and those scale economies allow the operating leverage to come through. So whether it's back office staff, you know, or whether it's rent or other fixed or step-fixed costs, the benefits of scale will drive increases in margin. But again, as I mentioned, in response to Will's question, you know, we do have generally low operating leverage. You know, our cost base is mostly variable. It adds to how defensive we are because it creates a bit of a floor on the margin if job volumes were to drop, but equally, it means there's no step change up in margin. But again, you know, from our perspective, our strategy is about market share, and it's about volume, and the kind of punchline here is that we will see margins expand over time with acquisitions, but then also with scale economies and operational efficiencies. Maybe another way to ask the question: Are you, in your guidance, presuming BAU volume growth across the business? So you basically said that the second half was weak, but are you expecting, I guess, the second half annualized, or are you expecting, I guess, growth off that second half from a volume standpoint? That's a fantastic question, and the answer is we are expecting growth in BAU. So if you look at, and you kind of interpolate this from the numbers that we've published. But if you look at the second half 2024 BAU revenue, excluding commercial construction and acquisition, you know, it was about AUD 455 million. If you were to annualize that by multiplying it by two, you'd get to about AUD 911 million. You know, the full year 2025 guidance is AUD 1.2 billion, so that delta is about AUD 110 million. That represents about 12% growth on the annualized second half. So yes, absolutely, we're forecasting increased job volumes and therefore, you know, margins growing as well. Can we just switch to the cash flow? So, you know, the first half was weak. Last year obviously was quite substantially large, but I guess in FY 2023, it was undoing some weak cash conversion from FY 2022, given some of those mobilization challenges. You've normalized some adjustments here for 2024. Should we be expecting, I guess, some unwind of those adjustments and therefore FY 2025 reported operating cash flow will, I guess, outperform? Yeah, it's a fantastic question. So I'm on slide 16, where we've presented a pro forma cash conversion bridge, and there are effectively three adjustments. The first two adjustments have all been shown before in previous presentations. So the first adjustment there relates to a non-recurring customer prepayment in the second half of 2023. So that was published and explained in the first half 2024 results. So effectively, we were prepaid AUD 21 million on the 30th of June, 2023, and that adjustment is literally the unwinding of that prepayment. The second adjustment there relates to our Commercial Construction business. You know, it's been discussed ad nauseam. You know, that business is now in the final stages of run-off. That business will be wrapped up by Christmas this year. So in the first half, you know, the negative working capital in the Commercial Construction business. And it's negative working capital because it receives stage payments, so it's effectively deferring from income in advance. So as the business unwinds, you know, that negative working capital has to decrease, and as you're settling creditors, that manifests in a cash outflow. So in the first half, you know, the suppression to operating cash flow is about AUD 8 million. On a full year basis, it's AUD 15.3 million. I suspect it will be about the same again into the second half of 2025 as that working capital goes to zero in Commercial Construction. And then the only new adjustment is item number three there, which relates to disaster management. Disaster management's work is predominantly CAT, historically. So as you can see, FY 2023 CAT revenue, AUD 370 million or so, decreasing to about AUD 206 million in FY 2024. It's got a similar negative working capital dynamic to commercial construction that the government contracts in disaster management are pay when paid. So it's the cost plus arrangements, but effectively we pay the subcontractors when the government pays us. So with the reduced volumes, we're effectively settling those creditors because we've already been paid, hence the reduction in negative working capital, manifesting a AUD 10.6 million cash outflow. But when you piece the jigsaw puzzle together, you get back to very strong pro forma cash conversion for EBITDA of 90.3%, which is broadly in line with expectations. At this stage, the only pro forma adjustment you're expecting in FY 2025 will be another, call it, AUD 7 million-dollar drag from Commercial Construction? Correct. I think it'll be about AUD 7 million from commercial construction. And then there'll probably be another, you know, I'll call it X million dollars from disaster management, depending on where the CAT number lands. Yeah, obviously subject to no further events. Correct. Right. There's another major event will affect at the time again. Yeah, exactly right. That's right. And then while we're on commercial construction, so you've guided to a further loss in FY 2025. It looks like there's more revenue gonna be coming through than you actually reported in the second half. So you reported AUD 5.8 million in the second half, but now you're guiding to AUD 7.1 million, coming through with an additional AUD 2 million loss. Two questions here. This is just because of the timing of the job and releasing of work to complete. And then secondly, if we just take that AUD 2 million out, are there any stranded costs from that business that we actually should be, you know, I guess, reparking back into the rest of the group? Yes, so I think it's a fantastic question. The revenue is purely timing. It's just, you know, that AUD 7 million relates to the final two projects getting wrapped up. And Nick, we've got two projects remaining. Yep. Last week, September, slash first week of October, and the last week of November is the second job. So again, as we sort of spoke about at the half year, by the end of the calendar year, we'll be all wrapped up. Yeah. So we've obviously recognized all the known project losses in FY 2024. The AUD 2 million forecast loss into the first half of 2025 represents overheads to be incurred in the first half of 2025, and then a very small amount of concern just for any final wrap-up cost. But it's a great question around the redeployment of resources. So Nick, I mean, this process has been ongoing for the six to nine months in terms of redeploying resources. Yeah. to the rest of the business. And there might be one or two, but really, the people that we've had to redeploy to sort of get some large loss opportunities off the ground has already happened. So I wouldn't imagine there's too many other. There might be one or two that come out at the end of these last two jobs, but other than that, we wouldn't imagine there'd be anyone else. Yeah, but I guess it's the one silver lining, is that we've cherry-picked some great people that have moved into major loss and contract loss. Yeah. Now they're bolstering the growth in that business as well, which is fantastic. So what, I guess what I'm trying to say is that when you look at your EBITDA guidance ex CC for the full year, there's not gonna be a reallocation of AUD 1 million out of that CC division into corporate overhead in the second half? No. No, no. Okay. Then just finally, unpacking the growth guidance, just maybe between Johns Lyng USA, you're saying 10% organic ex- acquisition revenue growth. Is it possible to break down what you're assuming for Johns Lyng Group USA in that number? Yeah. Yeah. So just on slide 26, the BAU revenue forecast acquisitions, AUD 1.02 billion, is up 10.1%. That's about AUD 93.4 million growth. So the good news is that the lion's share of that growth is coming from the specific strategic initiatives that have been underway for the last 12, 18, 24 months. I'll just quickly unpack them and ask you some thoughts. So you know, in terms of strata services, we're expecting continued very strong growth. We expect strata services to contribute an incremental AUD 17 million in revenue or so in FY 2025. That's up 16% on FY 2024, which is terrific. You know, incremental contribution from some of those new panel wins that Nick spoke to, probably AUD 4 million-AUD 4.5 million, which is fantastic. You know, Emergency Broker Response growing exponentially, so we're expecting an incremental of AUD 11 million. That's up 20%, and incidentally, FY 2024 versus FY 2023, it grew 29%, which is terrific. And then really pleasingly in the US, a very strong result for FY 2024, basically outperforming expectations, but also expecting continued growth in the USA into FY 2025. We've been pretty conservative with our assumptions around the US, of course, but we'd expect somewhere between 10%-15% BAU growth in the US business. And then, you know, probably about 10% growth across our Essential Home Services pillar, which is really pleasing, including both Linkfire and Smoke Alarms Australia, and the balance is general growth across the rest of the portfolio, which is terrific. Okay, so I mean, that does kind of answer some of the questions, so Johns Lyng USA, you're assuming quite 10%-15% organic growth. That's obviously a lower margin business, you know, around that 10%, and presumably you're keeping margins flat in that and then hence bringing down the margin for the group as well. Correct. So we expect for the next few halves in the U.S., margins to be around that 10% mark. Over time, you know, there's good operating leverage in that business, and we can see margins expanding back in line with the average IBRS margins in Australia and New Zealand. But I think whilst we're in a growth phase, you know, we're investing heavily in the startups. You know, we've launched all the service lines now in our home states, which are growing exponentially, but off a low base. So, you know, really pleasing with some of those businesses broke even in the second half, and we're forecasting profit there into FY 2025. But we're growing from a zero start, so it's a process. Great. Thanks, guys. Our next question is from [Gus Rehberg], with Macquarie. Please proceed. Hi, team. Thanks for taking my questions. Just following on from where Russell left on the Johns Lyng US, USA. So in terms of the Allstate panel, was there anything from that panel that contributed in the second half? And I can't assume there'd be too much in there. And what do you expect that panel to deliver into FY twenty-five, you know, noting that 10%-15% organic growth? Yeah, it's really been small from Allstate. It's nothing material at this stage. They've been really slow coming out the block, so at this point, we don't really expect a great deal from them. Anything, it'll probably be in the second half, you know, that we will start seeing something there. But it's been very, very slow. That 10%-15% organic growth we've referenced doesn't heavily rely on Allstate. Correct. So there's, you know, there's other factors that are contributing to that growth outside of that. Maybe just talking about those factors, could you just give a little bit more detail, you know, what businesses, you know, outside that Allstate panel then? Yeah. contribute to the 10%-15%? That's all coming in our organic businesses. Express and MakeS afe, in particular, have been launched. We're having a really good push with some brokers in the U.S., which has been received really well, so our traditional businesses are going really well. Perfect. And maybe just touching on M&A, there's obviously a lot of areas you're looking to grow. Is the M&A focus more on the home front in Australia, or are you looking in the US as well? And then just you know possibly the areas of your business that's in Australia that you're looking at growing inorganically. Yeah, we look in the US and Australia, and basically we just look for good fits, you know, where management can come forward, where they're right in our wheelhouse. Be it strata, be it IB&RS, you know, that's where we look for in Australia and the U.S. You know, we're looking all the time because what we look for is actually quite challenging at times because we need management to come forward. But you know, they're there, and we're looking all the time, and we're very positive on that front. Perfect. That's helpful. Thank you. The next question is from Tom Tweedie, with MA Moelis Australia. Please proceed. ... Good morning, team, and thanks for taking my questions. Just a couple from me, and sort of unpacking a couple of the previous questions. Can you remind us, with the express business, how much of that revenue or workflow is weighted towards BAU versus CAT work? Or, I'm just assuming here that it's got a higher weighting to weather-related events as well. Most of the, Tom, express work is in BAU. Yeah. Very rarely, very rarely do you get express. Express work is your day-to-day, smaller type work, you know, patch and paint, little leak in the ceiling to a set of letterbox to a, you know, a blind falling down. A very small, everyday type work in, is express. Average dollar value in Express, Tom, is about AUD 4,000. So it's, yeah, limited scope and low complexity type repairs, as opposed to, you know, when you see a catastrophe, in particular, say, hail or hurricanes or cyclones up north, you're sort of seeing averages around the AUD 40,000-AUD 50,000 mark for those types of repairs. So the benign weather events and the Express sort of drag that are totally separate, non-related factors that occurred in the half, rather than them being tied into each other? You still find that even, you know, even tiny, well, we call them surges, they're not cats, but they're surges of weather can have an impact on Express. And in particular, you know, some of that benign weather, especially on the East Coast, you've just seen a slightly slower period of that. They even look at it, Suncorp and IAG's results, they talk about their loss ratios improving the second half purely because of that factor as well, which we've seen. And what I'll also say is that 90%-95% of work through Express comes from direct allocation from panels. So again, that just shows what sort of volumes coming through insurers sort of impacts Express more than any other business we've got. Okay, understood. Thank you. Then I was gonna ask, just on the margins again, you know, to see that margin expansion, Matt, that you mentioned. Do you need sort of workflows and volumes to return to those FY 2023 levels, or do you think the current, you know, run rate at which the volumes are coming in, that you can, one, expect that twelve point three to hold, or two, get margin expansion from the current volumes that you've got? Now, look, we can certainly deliver those 12.3% margins based on that forecast. I mean, the forecast does assume, you know, 12% growth based on the second half run rate. But, you know, I think based on volumes being a little bit lower, BAU volumes being a little bit lower off the back of benign weather conditions in the second half, yeah, we've got latent capacity, so we're really just using that existing capacity. So we'll basically just grow back into that resource base. I mean, again, we're not talking sheep stations here. You know, yes, volumes were marginally down in the second half, but it certainly wasn't material. We've got a good infrastructure base and enough capacity to be able to deliver that forecast, you know, while maintaining BAU growth levels in- We've seen that run rate return. Yeah, for Q1, we've seen the run rate return. It's been a good start, so I think we've got confidence around the outlook. The run rate's fine. Yeah. It's just come off in CAT, so the run rate's fine. Yeah. BAU is fine. Okay, excellent, and one last one, just on the CAT pipeline and into that AUD 51 million guidance number. Just trying to get a sense of how much or how progressed are the storms from obviously Christmas? And then also, is there any update on the Victorian Government work, any further projects potentially coming down the pipe, or how do we think about that? Yeah. So, yeah, as we've always said, that AUD 51.1 million in the guidance is locked in. That's always contracted work in hand, so that's the, effectively the starting point for this financial year. Yeah, how far we've moved through, those events, over Christmas, I'd sort of say probably 60%-70%. There's an element of that in that AUD 51.1 million that's work, that's contracted. There's also still an element of contract work that I've got an answer on. That always sits in abeyance, and it sort of takes different times to see that come through. From a government perspective, we still do continuous work for the Victorian Government. We had a very motivating operational board meeting at the start of the week that spoke around some future opportunity they're still looking at, so I'd expect that to continue on even well beyond the first half is, I guess, the visibility. But that isn't in the guidance right now because it isn't a contract that we can put a number to, so it doesn't fall under the guidance, so we see some upside there. And I think obviously in the U.S., too, we spoke around the fact that there's still a proportion of quarter work from hurricane and that yeah, we sort of expect to go over the next couple of years. We're just seeing how slow things can move over there from a homeowners association perspective. I think that we can expect to see some of that work just drop in, but again, it's not in the guidance because we haven't got it contracted or an executed contract in place. Great. Thanks. That's it for me. Thank you. Thanks, Tom. Thanks, Tom. Once again, if you wish to ask a question, please press star one on your telephone and wait for your name to be announced. And the next question comes from Tom Chapman with Jefferies. Please proceed. Hi, good day, guys. Thanks for taking the questions. Just two areas. Firstly, on slide twelve, you call out the underperformance in New South Wales. Are you expecting any carryover issues related to this in twenty-five, or are you kind of confident it's a turnaround? Just understand, like, is this just people-related or industry-related? Yeah. Yeah, we've just had some, I'd say some inexperienced business partners that perhaps got overwhelmed with a little bit of the volume, so we've rectified that, and we did that at the beginning of the half. So we don't expect that to go into FY 2025 at all. Yeah. Has that had any kind of market share-related issues, or you feel like it's going to carry on? No, again, I think, you know, the infrastructure around that particular business unit sort of supports any sort of perception issues, but I think, overall we can, I guess, the visibility we've got when we look at that business individually, it wasn't performing in line with expectations, so we had to make change. And then just on the strata business, you might have already called it out, but what were the management and services revenues in 2024 for the strata business? In FY 2024, as a growth pillar, strata services delivered AUD 115.9 million, which is up 12.9% on FY 2023. Obviously includes Strata Management being the core business of Bright & Duggan, and then also Strata Building Services, which is predominantly IB&RS work for dedicated strata insurers. Within that AUD 115.9 million, Strata Management contributed AUD 69.7 million. That's up 20.2% year-on-year, which is terrific. If we strip out the acquisitions during the year, it's still 14.2% underlying organic growth, which is a really strong underlying organic growth rate for a business whose clients are so sticky. In Strata Building Services, the business is growing and scaling. Total Strata Building Services revenue for FY 2024, AUD 46.2 million. That's up 3.4% including CAT book. But the real growth is excluding CAT. So when you look at the BAU component for Strata Building Services, AUD 41.4 million is up 15.1%. So growing those BAU revenues exponentially, which is fantastic. Again, total strata services as a pillar, AUD 115.9 million revenue, up 13% year-on-year. Awesome. Thanks for that. And then I think you may have said it with another question, you're expecting about 16% growth into 2025 in Strata? Correct. Yeah, exactly. We've been growing at about that rate for the last probably two or three years, and we would expect that to continue. I mean, we're still scaling. So all the new panel wins and clients in terms of dedicated strata insurers, you know, all those panel- And geographies. They're moving into the ACT and South Australia, so there's a number of layers to that growth, which is exciting. I think what's interesting without digressing too much is just the acquisition of SSKB really opens up the Victorian market for us now. So historically, we've been well represented through Bright & Duggan and Strata Management in Queensland and New South Wales, but effectively no presence in Victoria. So now with the SSKB, we manage some 5,000 or so lots in Victoria, and that's a great base from which to leverage from a strata IB&RS perspective as well. The positioning more generally in the strata business, I think you caught up before. You're the second largest in Australia with the new acquisitions. Has that made any material change or the kind of small wins that will, over the mid, long term will be positive? No, I think, you know, growth is about, you know, specific contracts and specific contracts and wins are about relationships with developers and owners' corporations. So, you know, it's great to be the second largest player in the space, and it's great to have a bit more scale and, you know, larger internal market to cross-sell. But I think when it comes to growth, it's really about that traditional business development process. Yeah, definitely. Which is seeing good results in. Yep. Cheers. Thanks, Tom. It is time for any further questions, and I'll now turn the call back over to Mr. Didier for any closing remarks. Thanks very much, everyone. Really appreciate your continued support. Thank you. That does conclude our conference for today. Thank you for attending today's presentation, and you may now disconnect.