Again, a very strong recovery was seen across the half. In the first quarter, new units installed were up 17% compared with Q4 of FY20, when the majority of the COVID impacts were actually felt. Importantly, however, the number of new units installed again in the second quarter of this half, they continued to recover and were up 35% compared with the first quarter of this half. A great result emerging in North America. In Europe, as you know, over the last 18 months, we have increased our infrastructure as the fundamentals for adoption of trophon continue to strengthen. This investment is resulting now in excellent growth in the number of new units installed, which was up 31% in the last 12 months and 18% in the last six months. There's now 1,320 units in the EMEA region. The number of new units installed in Q1 of the half was actually up 60% compared to Q4, recovering quite strongly from the major impacts in Q4 of FY20. That growth trend continued into Q2, with the number of new units also up 50% compared with Q1. Seeing good recovery and good momentum continuing to emerge in our European operations. In Asia Pacific, the total installed base was up 6% in the last 12 months and 3% in the last six months to 1,660 units. While in Q1 of this year, the number of new units was actually down compared to Q4. That I think is a reflection, in some cases, of the strict lockdown measures everybody here in Australia has experienced over that time period. This recovery was experienced, or recovery was experienced in the second quarter, with new units installed up 50% compared with the Q1 of FY21. Overall, a very positive growth profile for new installed base across the half, which we're expecting to continue into the second half. Moving on to revenue. From a total revenue perspective, the half-year revenue of AUD 43.1 million, that was down 11% compared to prior corresponding period. This lower revenue was primarily driven by the foreshadowed reduction in purchases by GE HealthCare as a result of the impacts of COVID-19 on its ending inventory at June 30, 2020. In addition, there were impact of the stronger Australian dollar. Everybody realizes the appreciation of the Aussie dollar in the last half. In constant currency terms, revenue was AUD 44.6 million versus the AUD 43.1 million reported, so down 8% on prior corresponding period in constant currency terms. Just a brief reminder on the foreshadowed reduction in purchases by GE HealthCare. We brought this up when we reported our FY20 full-year results. As you'll remember, Q4 of FY20 is where we felt the biggest impact of COVID-19. In that quarter, new installed base was down almost 50% due to hospital department lockdowns, which also in themselves resulted in ultrasound procedural volumes being reduced in that period. This had the effect of GE HealthCare's ending inventory at the end of FY20 being greater than anticipated, with the knock-on effect then, of course, of impacting capital and consumable purchases in the first quarter. In the second quarter, however, the global revenue recovered strongly. It's up 38% compared with the first quarter. It's up to AUD 25.7 million in the second quarter. That growth resulted from stronger installed base growth across all regions. As I mentioned, there was 800 new installed base in that second quarter, which was higher than even the third quarter of last year, which was pre-COVID. Not just the installed base. GE HealthCare have resumed purchases of capital equipment in the second quarter as they've worked through their inventory overhang from COVID, as well as an increase in consumables and service revenue. It's also worth mentioning because back in November, we did announce a major upgrade deal that has been entered into with I-MED for 200+ trophon upgrades from the EPRs to T2. That revenue is expected to be recognized in the second half as those trophon2s are installed across their network. Accordingly, there was no revenue associated with that particular deal in the first half, but expected to be fully recorded in the second half. If I break the total revenue now down by consumables and capital. First of all, the consumables and service business, which certainly really demonstrates the resilience of the Nanosonics business, I believe. Our half-year consumables and service revenue was AUD 33.7 million. That was down 1% on PCP, but actually up in constant currency terms. As already explained, there were some temporary impacts on consumable revenue associated with ultrasound procedure volumes being impacted by COVID-19. Especially in that fourth quarter of last year and some of it into the first quarter of this year, also some GE inventory overhang at the end of June 30. Importantly, this was temporary and has since recovered well. In fact, revenue from consumables and service in the second quarter was up 29% compared with Q1, to AUD 19 million. If I take that in constant currency terms, that's almost close to AUD 20 million, which is the company's highest quarter on record for consumables. A very positive recovery happening in the consumables. From a capital revenue, again, I think I've said enough that the impact on the capital revenue, which was AUD 9.4 million for the half, was down 35% compared to prior corresponding period. That was primarily felt in the first quarter, where despite new install base recovering, because there was no capital units sold to GE HealthCare for the reasons already explained, then there was a major impact in capital. In actual fact, in the first quarter, it actually resulted in a reduction in capital revenue of 64% between Q4 of FY20 and the first quarter of FY21. As GE HealthCare resumes capital purchases in the second quarter, coupled with increasing sales by our direct operations in North America, as well as positive performance of both Europe and Asia Pacific, the capital revenue grew 148% over Q1 to AUD 6.7 million in Q2. Again, a great recovery happening and underway on the capital side of things. In terms of the other financials for the business, well, during the half, we continued to make significant investments in our broader growth strategy across our global infrastructure capacity and capabilities, as well as geographical expansion, with a particular focus on Japan and China. In addition, we continued to invest in our product expansion strategy through our internal R&D program, as well as our new business development function that's been set up to identify and assess potential strategic acquisition opportunities. Overall operating expenses for the half were AUD 33 million, which was up 8% on the prior corresponding period. The operating profit before tax was AUD 0.2 million for the half, and that's compared to AUD 6.7 million in the prior corresponding period. The operating profit really is a tale of two quarters, being quite negative in the first quarter, reflecting the impact of the COVID-19 on the overall Q1 revenue, much more positive in the second quarter. Our free cash flow for the half year was a net outflow of AUD 2.4 million compared with a net cash inflow of AUD 10 in the prior corresponding periods. That's due to the amount and timing of customer receipts and the timing of supplier payments. As at the 31st of December, cash and cash equivalents totaled just under AUD 88 million, so AUD 87.9 million, compared with the AUD 91.8 million at June 30. This cash balance, coupled with negligible debt, really does continue to provide ongoing strong foundation for the continued investment and growth of the company. Briefly from a product expansion perspective, well, as reported at the FY20 AGM, we continued to invest in a number of exciting innovations aimed at addressing a broader range of infection prevention requirements. Our primary interests span a number of areas across instrument cleaning, instrument disinfection, storage solutions, environmental decontamination, and compliance and traceability. In the first half, AUD 7.6 million was invested in R&D. That's up 12% on prior corresponding periods. The R&D team continued to make significant progress across our late-stage development projects, including a new platform technology, as well as a new solution for superior digital traceability and reporting. In addition, the company is exploring a number of other product opportunities through our own internal R&D capabilities, as well as through ongoing investigations into potential strategic acquisitions and our product licensing and collaboration opportunities, and all of that through our newly established business development function. Regarding our expectations for the second half, well, first and foremost, the positive growth trend and improving market conditions experienced across the half, they are expected to continue. Subject, of course, I think as everybody says, to the acknowledged inherent risks and uncertainties associated with the COVID-19 pandemic. As such, based on all the current indicators and market improvements, the company is anticipating ongoing growth in total revenue and profitability into the second half. That will be driven by install base continuing to grow, increased usage of consumables across all regions, GE HealthCare now purchasing capital equipment again, and back to normal levels of purchases for consumables also. Of course, there's the revenue from the I-MED upgrade program here in Australia. With the COVID-19 vaccination programs underway, the company is certainly optimistic that the overall market conditions, in particular access to hospitals, are likely to improve. The underlying fundamentals for the business, they do remain strong, and the company certainly remains optimistic about the future for both the trophon ecosystem, but also broader opportunities across infection prevention. As such, we do maintain our commitment to continue to invest in the strategic growth priorities of the business through market expansion, R&D, and infrastructure and capability growth. Our total operating expenses for the year are now expected to be at the lower end of the AUD 75 million-AUD 78 million range that we had indicated previously. With that, I'll now hand over to any questions. Thank you. 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 are on a speakerphone, please pick up the handset to ask your question. The first question today comes from Josh Kannourakis with UBS. Please go ahead. Hi, Michael and McGregor. Can you hear me okay? Yes, Josh. Very good morning. Good morning to you. First question, just with regard to the outlook statement. Obviously, you're talking around growth into this period. I just wanted to clarify, when we're thinking about the base of growth to look at, should we be looking at the Q2 FY 2021 run rates, or are you just talking to the broader first half? Thanks. Look, I think we're not giving specific guidance as to the rate and whether you can use the blend that is across the first half or the Q1 to Q2. What we can say is we expect the installed base will continue to grow and on a quarterly basis, greater than what we saw in Q2. From that, we would certainly expect more purchases from GE in the second half than we saw in the first half. With that growing installed base and procedure volumes continuing to recover quite strongly, consumables will continue to grow. Of course, then you've also got the I-MED upgrades that will come through in the second half. We're expecting to see a, subject of course, to what I said, the inherent risk associated with COVID-19, that we're expecting to see a much stronger second half. Got it. Just in terms of the consumable side of things as well. Obviously, it's picked back up quite strongly, in terms of the ultrasound volumes and what you're seeing in terms of end market cycles and trends. Yeah. There were a few data points that showed probably from November, there was a little bit of a rollover and potentially a bit of a pickup year to date. I'm just interested in what you're seeing in terms of maybe the trends you're seeing in market as of today. Yeah, that's a great question, Josh, and I think, and just remind everybody that when we came out with our update in November, the consumables that we were talking about there were the in-market, so end user use of consumables as opposed to the total consumable purchases, which would include what we sell to the distributors. There's a National Tracker on various medical procedure volumes that we're tracking in the United States in particular, and it has shown that there has been a good strong recovery in the overall in ultrasound and imaging procedures in general. I think other companies that have reported have come out and said that. The other part that we track is we look at our installed base, our direct installed base pre-COVID, and we looked at what the average daily shipments of consumables were just to that cohort and has that now recovered back to the pre-COVID levels, and it's back over 90%. We're seeing good, strong recovery in that procedure volume and don't really see any reason why that would reduce moving into the second half. Just following on to that very quickly. Last question. In terms of the inventories therefore and the channel for both capital goods and also on the consumables, could you give us a bit of an update on that? Thanks very much. I think the inventory overhang that GE had going into the first quarter by and large has worked its way out. We would not consider now to be any major inventory overhangs. Thanks, guys. Thank you. Thank you. Your next question comes from Shane Storey with Wilsons. Please go ahead. Thanks very much. Morning, Michael. Morning, MacGregor. Shane? Yeah, hi. Maybe to start with a more strategic question around the U.S. capital sales situation. I'm sort of interested in whether there's been any difference in how GE HealthCare's team or your team are approaching the back half of that market with the product sort of past 50% penetrated now. I guess specifically there, I'm interested in anything you can share on CapEx versus OpEx acquisition models developing in the U.S. Then finally, an observation on any EPR replenishment activity that you've observed, that would be very interesting. Thanks. Yeah. In terms of the first part of your question, really the uptake in T2, we've got a lot of existing hospitals who originally purchased a number of trophons, who are now purchasing more as we're expanding into more and more departments within those hospitals. In terms of the model, it still seems to be primarily driven by a capital purchase model as opposed to a fundamental shift over to rentals or leasing. The model really has not changed. Likewise, in the U.K., it's still primarily an MES model. On the upgrades side of things, as you can imagine, with limited hospital access, especially over this first half, we have adapted quite well in terms of being able to interact remotely with our customers, which results as being a really good result, in particular in Q2. That is despite the fact that hospital access was still only at about 40%. As you can imagine, our main focus has been on new installed base. The trophon upgrades have not been outside of the I-MED deal that you saw in November, and that revenue would come through in the second half. The upgrades has not been a major focus for us in this first half. As the markets open up and hospital access now improves and vaccination's coming through, et cetera, well then it'll come back very much onto the agenda. There's a significant number of units now that have reached five, six, seven years of age that we believe are very much ripe for upgrade. We'll certainly be talking to those customers. Thanks. The last question I had was really around Europe, where you beat our numbers, notwithstanding sort of matching us there on volume. I'm interested to know what the principal moving components of that was in Europe for quite nicely. Thanks. Yeah. Europe really is a reflection of the investments that we have made over there and the fact that we've geographically expanded a bit, both putting the right people on, increasing sales force and infrastructure in the U.K. and in Germany, putting clinical resources on, marketing resources on. All of that, timed when the fundamentals for adoption are strengthening and continue to strengthen. I think, we're all very pleased with the direction that Europe is going. Thanks, Michael. All the best. Thanks, Shane. Thank you. Your next question comes from Peng Cheng with JP Morgan. Please go ahead. Hi, Michael. Hi, McGregor. Thanks very much for taking my question. Hi, Peng. Hi. I just wanted to ask quickly on GE's ordering patterns from here. Going forward, do you expect to see any sort of more lumpiness in their sales or demand going forward? Is there any reason why we can't use installed base as more of a normalized proxy for capital revenues now? Yeah, I think installed base, that might not be a bad proxy moving forward. We don't necessarily see lumpiness. Sometimes things happen at the end of our quarters or at the end of our halves, which coincide with GE HealthCare's end of half or end of year, that there may be little bits of lumpiness there. Fundamentally, I think the most important thing here is the overhang associated with the impact of COVID-19 in Q4 and the subsequent impacts that had on Q1. We believe that based on their growth of installed base, that that has been fundamentally worked through. Of course, GE HealthCare, as access improves as well, remember a lot of the units that are out there that are aged are existing GE HealthCare customers. There's an opportunity moving forward from in this second half, but more so even further into FY, into the next year, that the upgrade opportunity for GE is quite significant, which obviously then has a very positive impact on the number of units they would be ordering from us. Thanks for that. Just following on that, you mentioned a number of units are aged and ripe for upgrading. Are you able to give the percentage of your installed base, an update on the units that are eligible for upgrade now? It's really what I'd be able to provide, I don't have the numbers off the top of my head. It's an age distribution. For example, units, there'd be units well over 5,000, 6,000 units that we would consider to be targets for upgrades. If you look at the I-MED opportunity, where there's over 200 units going into I-MED, those units in I-MED were approximately seven years old or so. We think the big issue for us on upgrades at the moment is just hospital access and wherewith. Because I think it's more important for us spending our time to drive the install base growth. The value proposition associated with the trophon2, in particular with the superior traceability elements of trophon2, which now is becoming more and more important. Also the fact that we're now selling a lot, like 100% of our sales now are trophon2. The fact that we're selling a lot of trophon2s now into hospitals that already have EPRs, but we're selling them into different departments. We believe moving forward, the hospitals will actually standardize their SOPs across their departments, which again, further supports the upgrade of the T2. Thanks. I just wanted to also ask on the pattern of hospital CapEx going forward. Are you hearing anything or seeing any sort of impact from potentially lower levels of hospital CapEx, given the reduced surgical procedures that we've seen kind of over the last nine months as a result of COVID? Yeah. Look, certainly that hasn't been explicit for us as we've been talking to the hospitals. I think it's more a question of the hospitals understanding even better the importance of infection prevention. On the CapEx side of things, we're not at AUD 40,000, AUD 50,000, AUD 100,000 piece of equipment. We're down at the AUD 8,000. It's not a huge overhang on the CapEx, albeit has to go through the appropriate approval processes. At the moment, we're not seeing CapEx constraints being a limiting factor for ongoing adoption. Great. Thank you. Maybe just one more, if I could. I noticed that there's no mentioning about kind of the targeted timeframe of launch for the second product. I think previously you were saying FY22. Just wondering if you've stepped away from this kind of timeline or it's still applicable. Has COVID-19 changed your strategy with regards to launching new products, whether that be the product itself or the timing? No. Look, we're still aiming for FY 2022, subject to all the usual caveats I put around that. In addition to the new platform technology that's anticipated, we also have a new traceability and compliance solution that could, in actual fact, over time, have very important implications beyond trophon. Really is potentially our entry into the IoT space. We also aim to have that in FY 2022 as well. There is a lot of activity happening, as you can appreciate, in the R&D area of the business. Of course, with our business development group, they actually have been very active in the last six months, and they've identified a number of potential opportunities and reviewed those in that timeframe. None of those have ultimately come to fruition after we've done the appropriate diligence. That continues to be an activity as well. No, nothing really has changed. Nothing to read into the announcement here with respect to new products. That's great. Thank you very much, Michael. Thank you. Thank you. Your next question comes from Joshua Ting with Bank of America. Please go ahead. Good morning, Michael and McGregor, thanks for taking my question. I just wanted to talk a little bit about GE HealthCare and the dependence of some of the sales from Nanosonics on that. Are you able to give us some color on what sort of proportion of revenue is coming from GE HealthCare, and if you could sort of split that between the capitals and the consumables line, that'd be really helpful. We don't break it down to the capital and consumables, but overall, the proportion of revenue on GE HealthCare is decreasing. It accounts now for approximately 45% of the revenue in that first half compared to the prior corresponding period, where it would've been about 54%. They still remain a very important partner for Nanosonics, still very engaged, and we look forward to continuing with our partnership for them for years to come. Okay. Terrific. If I could just ask a couple of questions around the sales team engagement and what the current access to hospitals has been like. I know you sort of referenced that it had been improving in your prepared remarks, are you able to give us any idea of how the engagement has been and whether hospitals are a bit more used to dealing with the sales teams coming in? Yeah. Now that they're a bit more under control with COVID? In the U.S., it really is state-by-state dependent. A lot of our clinical applications people that go in and do site assessments, they certainly are getting more access now. On an overall scale, when I assessed and even talking to other medical device companies, we're probably at about 40% of what we ordinarily would be at when it comes to physical access. Obviously, we're compensating for that with other mechanisms of customer engagement, which seems to be working because as I mentioned in the overview I provided, in the third or the second quarter, there was 800 new install base installed. That was higher than the number installed in the Q3 of FY 2020, which was pre-COVID, when we had total access. At the moment, it's a marriage between physical access and other mechanisms. As the hospitals are managing things better, as vaccinations, a number of our staff have got vaccinations now, as vaccinations are underway, we just expect that to continue to improve. Okay, great. Thanks. That's all from me. Thank you. Thank you. Your next question comes from John Hester with Bell Potter. Please go ahead. Yep. Good morning, Michael. Just want to take a minute to go back and examine that statement around the new product release, since you've sort of just indicated that FY22 is still on the cards. Can you describe, in relation to the first one or two products, at what stage are they now? Have you finished the development and are now waiting for approvals, or are you now sort of still in the throes of doing work in the field with these products? No, I think as I've said at the half year, John, that there were a number of technical enhancements that we were working on, in one of the, especially the new platform technology. There was some good significant advancements in that in this half. I would consider that quite an advanced stage. The other traceability and compliance type IoT product as well, that's at also a very advanced stage. We still haven't come out and reported to the market exactly what stage and what regulatory status is, et cetera, with the exception of stating that we have FY 2022 as a target for rollout for new products. Michael, at what point would you think that the revenues from these products would sort of reach materiality as in like maybe 10% of the revenue base? I'll have to come back to you on that one. Obviously, we believe that the new platform technology is a transformational technology. There obviously will need to be a ramp-up period. It's not just a flick of a switch and it's a global launch immediately. We'll have to deal with individual regulatory jurisdictions. The timing across different markets will change and at the same time we'll be continuing to grow the trophon franchise. To get to a specific goal of when this is going to make up 10% of our overall revenue. We do expect that the uptake, in particular of the new platform technology, may be a bit faster than what we saw when we launched trophon, because ultimately I believe that the underlying fundamentals for its adoption are stronger compared to what they were when trophon was launched. Just perhaps one additional follow-up. Would you expect a pilot launch in Australia or would you go straight into the U.S. market? The timing of launch and where launches will happen can be regulatory dependent. We've never come out and said the U.S. market is the first market. That'll be very regulatory dependent. It could be Australia, it could be Canada, it could be somewhere in Europe. A lot of that will be regulatory dependent. In relation to Japan, you've made a number of really positive statements in your release this morning about Japan, and you expect that to be doing some good things pretty soon. Can you elaborate on your expected timing? Well, I'm not sure I mentioned too much on Japan except that it's a core part. There was a main focus on Japan and China. Yep. We do have five distributors, and we have built an infrastructure up in Japan, and we are now getting units into some key hospitals up in Japan. The guidelines are still outstanding. I think the guidelines are what's going to hopefully trigger an inflection point up in Japan. They're still outstanding, we are working with the various societies up there on that. Japan, unfortunately, has been in a state of lockdown since January, that lockdown doesn't come out of that till the middle of March. We are still engaging with customers up there, but we don't have physical access into the hospitals up there at the moment. Ultimately, Japan, we still are quite bullish on the opportunity for the business in Japan. We work towards as fast as we possibly can in Japan. In addition, on China, we're now establishing our WFOE and all of those sort of things, and have pretty set on our regulatory strategy for China. It'll be a bit behind Japan, another important market for us to enter into Asia Pacific. We did get some regulatory approvals in this last half in Thailand. We are expecting further Indonesia and Thailand, and we are expecting further regulatory approvals in this half in Malaysia as well. Our regional president in Asia Pacific is in discussions with some potential partners for those markets as well. Whilst we've all experienced the impacts of COVID, and I think when you step back and look at the revenue impacts are fully explainable. To me, the most important takeaway for today is that installed base growth momentum has returned, that the overhang with GE HealthCare in terms of their inventory has been worked through and they're now purchasing, and we enter into the second half in a much stronger position. We will continue to invest because we do believe those opportunities in Japan, in China, and geographical expansion in general are still there. Hence why we are continuing to invest strongly even though we've got these temporary COVID-19 impacts on our revenue and profitability. Thank you. 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 Mathieu Chevrier with Citi. Please go ahead. Good morning, Michael. Good morning, McGregor. Thank you for taking my question. Mathieu, how are you? Very well, thank you. First of all, just on North American penetration rate, you mentioned 55%. How high do you think that could potentially go? Well, we don't necessarily put a cap internally as to how high we can go. We're going after the whole market, and that TAM of 55%, or the 55% is based on a TAM of 40,000 units, which is a number that we've been talking about historically. Personally, I believe the TAM is probably a bit greater than that. At this stage, whether it's 40,000 units or 45,000 or 50,000 units, it doesn't really matter. There's still a large opportunity to continue to penetrate. In the past, pre-COVID, we were certainly on track to continue delivering about 3,000 units per annum, and we would've come out and said the exact same again about this year, 3,000, if COVID hadn't happened. Once we could get back to steady state, I think we're committed to those sort of numbers, which means in the next three years, you'd be getting up to 70%, 75% of the TAM, but no real reason for us to stop there. Thank you. Just again on that penetration rate really relating it to Europe. When do you think Europe could get to revenue levels similar to North America, if ever? The TAM over in Europe is similar, and the goal is to get to similar levels. Now as, remember, America started way ahead of Europe in terms of the strength of the fundamentals for adoption. It already had requirements for high-level disinfection. How it was doing it, people were doing it over there, it was quite antiquated, just soaking in toxic chemistries, et cetera. Whereas Europe was very different. There were many countries that didn't even have guidelines or requirements. That's why you see Europe behind where we are in North America at the moment. Over the last number of years, just like what we're doing in Japan now, we did in Europe and worked with the authorities, demonstrated the need and the requirements. All the data is certainly there to support that. Then you start seeing various countries emerging with their actual requirements and guidelines. As such, you're now seeing those fundamentals strengthening and our installed base beginning to grow. The complexity with Europe, of course, is you're dealing, or the beauty, I should say, with North America, is you're dealing with one large homogeneous market, albeit some nuances state to state. The complexity with Europe is every country is very different. The requirements in every country are very different. The rates may not be as similar as the United States, but the opportunity and our conviction to actually penetrate it similarly to the United States is very high. In fact, I'm not sure you'll find, because if you look at the United States as well, we're currently in over 5,000 hospitals in the United States. A decent percentage of our sales today are now back into existing customers, but just going deeper into those hospitals, into more departments. I don't think there's many pieces of medical technology that can have such penetration in the U.S. hospital system, and certainly across all the luminary hospital sites in the United States that ultimately doesn't become successful in Europe. We continue to invest in that region and remain confident in the overall growth story for that region. That's great. Thank you. Just to finish, speaking of APAC, have you quantified the I-MED revenue opportunity for, I guess, the second half? We have, but we cannot disclose it. We know that there will be 200 units going out. That will be recognized in the second half. Thanks very much. Thank you. Thank you. Your next question. I think there's maybe just time for one more question, if we can, please. Of course. Your next question comes from John Copeland with Evans and Partners. Please go ahead. Good morning, Michael, and good morning, MacGregor. Could you please give us a bit more commentary around the gross margin expansion seen this half and your expectations for the second half? Thank you. Yeah. The gross margin, I think what you saw in the first half was really a reflection of the capital consumables mix. That should revert back to the sort of gross margin levels that you were used to seeing in the first half or on the PCP perspective. Maybe a little bit higher because of the consumables mix and the pricing of consumables, but I think it'll revert back to what you had seen previously. Okay. Thank you. Just in relation to gross margin as well, what have you seen in terms of freight costs? Did that impact this half? Yeah. To look at going forward? No. Good point, it certainly impacted us dramatically, actually, and all companies during the peak of the COVID period in Q4, quite significantly. Our supply chain has done a fantastic job in managing supply, but also freight. We see our freight costs being back to more normal levels of costs that we were experiencing pre-COVID. Great. Thank you very much. Thank you. Thank you. I'll now hand back to Mr. Kavanagh for closing remarks. Okay. Well, thank you all very much again for joining the call this morning. We'll continue to work very hard, as we always do, now that we're in the second half. I look forward to catching up with many of you over the coming weeks. Thanks all very much. Bye-bye. That does conclude our conference for today. Thank You for participating. You may now disconnect.