Yeah. I think it's now 9:00 A.M., which is the official start time for this call. We'll launch straight into it. I can't see who's on the call, but thank you all for joining in. At our end, we've got Josh Reid and John Dwyer and myself, Tony Robinson. I'd like to, as I said, welcome you all to the call on the half year results. The results for our six months of trading to December 31. We've released the presentation to the market, but I'll walk through the slides and we'll take questions at the end from anyone. I would say that just going into the first page of this, the financial highlights. It's been a very good six months. I think that the results sort of speak for themselves in a way. The underlying revenue up 28%, underlying EBITDA up 42%, underlying net profit after tax you know up 61%. The earnings per share up 46%. I've actually just come back from a trip to the U.K. I had two weeks you know in the U.K., and I can say that you know it's our goal is to build a really great broking business. It's a broking business that I think we can all be proud of. Certainly you know it's a business that I'm really proud to be involved with. It's full of great people. You know, you go around Australia and you get the chance to meet people, or they're passing through Melbourne, and we've got a you know, cracking group of you know, people in the business in Australia that's at the front of the business, you know, doing the work, servicing the clients. You know, you meet a lot of those people you know, over the last couple of years. It's often by Zoom, but they you know, just a great group of you know, of people. You know, we're really blessed with you know, a great executive team, you know, here, you know, from the front of the business right through you know, to the base of the business where Josh and I sit. You know, the Adam Burgess or the Tony Walker, the Pat Miller, you know, the Ben Goodall, David Withers. You know, all of the Kirsty Roser. You know, there's a wonderful group of people that have worked really hard to deliver this result. As John said to me before, this is, you know, this is my, you know, one of my two great days of the year because it looks like I'm actually doing something and driving the performance of the business. But it's not obviously. It's this performance is a product of this great group of people in, you know, in the business. I'm starting there because I've just been to the U.K. and it's a reminder of the caliber of the people that we've got there. No wonder it's doing really well. You can see on this first slide, you know, the growing contribution we get out of the U.K. and, you know, the growth that we've had there, you know, through the period, you know. Again, a fabulous group of people, whether it's, you know, the founding principals of, you know, Paragon and, you know, Tara and James. You know, through to, you know, Angus, who's one of the key and one of the sort of almost founders of that, you know, that business. Through to, you know, to Noel and, you know, to Sammy. But also to some of the other people, you know, Spencer in Paragon or Ian or, you know, the depth of the team that have come with those new retail acquisitions, you know, Richard or Jeff and others. It's a really, again, a business full of really great people. Really capable at what they're doing. This result is a product of their efforts. You know, it's obviously always appropriate to give recognition to all of the work and effort that they've put into producing these results. It is a great result. As I said, you know, this first slide you know, just really gives you that snapshot. You know, we're continuing to grow strongly, and we're continuing just to do what we do. You know, we're an insurance broking intermediary business and we try to be better at that today than we were yesterday, and aiming to be better at it tomorrow than we are today. We're Australia's only multinational broking business. We've got operations here and in the U.K. We're trying nibbling away at, you know, a presence in Hong Kong, and Hong Kong is actually going quite well. So that's a really encouraging sign and a tribute to the people up there. We operate in New Zealand. Again, it's a really good, solid, growing business there. But the two principal parts are Australia and the U.K. You can see we're almost equally weighted in earnings out of Australia and the U.K. We won't end up that way just because Australia has a better second half than first half where it's not true in the U.K. You can also see the growth that we get out of each of the regions being highlighted here. The note we've put up at the top is a strong result shows growth in the highly diversified business model, both diversified by region and by parts of the business. Because while we say we're a broking and insurance intermediary business, within broking we're a wholesale broker, an international wholesale broker, a domestic wholesale broker in the U.K. plus a retail broker in the U.K. We also operate some MGAs or underwriting agencies as well as having this wonderful broking business, you know, in Australia. All very positive in terms of the things that you as shareholders should be thinking about, you know, is the depth and capability of this business continuing to grow? The answer is yes, there's a real depth of capability, and there's a growing capability in the business. You know, is it a good business? Yes, it's operating in a great market. Insurance is a renewing essential, you know, part of each business's, you know, recurring revenue in that sense, essential part of every business's, you know, business's right to run. You know, they need insurance to continue to operate. It's, you know. The value that we add to those clients and the approach we take to those clients means that we're you know gonna be a successful growing business. On that note, sort of a long, slightly long introduction just to remind you know, of what we are and why we're able to produce these results and where these results come from. I'll hand over to Josh just to talk a little bit more detail about that, the financial results. Yeah. Thanks, Tony. We'll just move slides forward, Carolina, please. Okay. Yep, as Tony said, very strong results. You know, we're really pleased with them. Probably some of the key things to highlight here is a really good spread of organic and acquisition growth. You know, roughly 50/50 each in terms of the AUD 12 million of EBITDA growth. Some of the highlights, 28% revenue growth, as Tony said, to AUD 120 million. 42% EBITDA growth to AUD 40.7 million, and that's adjusted for AASB 16. Underlying net profit after tax before amortization up 61% to AUD 27.6 million. Statutory net profit after tax up 21% to AUD 16.6 million. In terms of the organic growth, AUD 5.7 million of the AUD 12 million EBITDA increase was from organic growth. It's a 20% increase. It was a strong performance across all segments. We'll talk a little bit more about the detail shortly on that. The acquisitions contributed AUD 6.3 million of the AUD 12 million growth. All the main acquisitions are going well, which are the three retail UK insurance brokers, Abaco, Trust and Absolute. The other large acquisition we did was PSC Alliance here in Melbourne. Again, going very well. The other pleasing part of the acquisitions we've done, you know, probably more than a handful of bolt-ons, largely from the PSC network business, you know, which just shows what a great business that is as well. That's some of the highlights. Moving on to the next slide. Probably talk a little bit more about that detail there. That's sort of showing the growth in revenue and EBITDA, you know, split between the organic and the acquisition. In terms of the acquisitions, I said there was AUD 6.3 million of growth there. About AUD 4 million of that is from the what we're calling the PSC UK Insurance Brokers business now. So that business is the bringing together of the four retail businesses that we have, three of which have been bought over the last 12 to 18 months. They're all going very well. We completed PSC Alliance in September. As Tony said, we've got a great group of people, and the acquisition of Alliance has certainly added to that and has added to the capability of the broking franchise here in Australia. You know, we're 3 or 4 months in. We're delighted how that's going. They're performing well. Has brought a new office to the distribution team or the broking team. In terms of the organic growth, called out AUD 5.7 million of EBITDA growth, which is 20%. The revenue growth was 15%, and that's pure organic growth. That doesn't include the bolt-ons. That's pure organic growth. Some factors in that, you know, clearly in the period there have been strong markets and by strong markets, you know, hardening or hard insurance prices, which certainly help. Equally importantly, you know, the client count, you know, across virtually all businesses and groups has been good. You'll sort of see the EBITDA margin has increased from 30%-34% in that half. If, you know, again, really pleasing results there. As Tony alluded to on the first slide, you know, a real call-out is just the growth in the U.K. is well over AUD 8 million for the half. You know, approximately AUD 4 million of that, as I sort of said, was from acquisitions. The balance of, you know, AUD 4.7-ish million was from really strong organic growth in the U.K. In particular, Paragon's had a very strong first half, aided by really hardening markets, particularly in the cyber and D&O space. They've also had good client count growth, importantly, probably over 10%, 13% to be precise. About a 50% contribution before we allocate sort of corporate overheads from the U.K. A very meaningful business for us now. Great team over there. We'd expect contribution for the full year to moderate, as Tony said, into sort of the 40%. Moving forward, Carolina, to the next slide. For those of you that follow us, you'll know that we like to put this slide in because it shows that we do have a very strong track record of growth, and that growth is continuing in this half. If you look at the half year result and five-year compound growth rates, it was 27% for revenue, 32% for EBITDA, but 36% for NPATA, 18% for dividends and 26% for earnings per share. I think we've called out before that, you know, our four-year goal from FY 2021 base is to double the business, and history supports us being able to do that. Also the talent of the team and sort of the drive of the group, you know, continues to make us think that's a realistic position that we're shooting for. I'll hand over to Tony for the next part of the presentation, Carolina. Going back to where I sort of started from, which is just to make the point again that, you know, we are a diversified business model. You know, it's a nuance really in a way, because we are, you know, we are an insurance broking and insurance intermediary business. You know, the diversification is modest in that sense. You know, we're not venturing outside that general description of trying to build a great broking and insurance intermediary business. We do benefit from, you know, operating in a number of areas and, you know, have a number of specialties. You know, whether it's workers' compensation in Australia or cyber in the U.K. You know, we've got lots of specialties within, you know, that broad umbrella of insurance broking and insurance intermediary business. So we've got a diversity of expertise. We've got a diversity of clients. We've got a diversity of, you know, of, geographies that, you know, we're operating in. You know, again, just to note that, you know, the contribution that we're getting out of the, out of the U.K., we think that's got lots of room to continue to grow. Niall and Sammy do a fantastic job, as does Angus, Tara, and James. They've picked up these retail businesses there, so we're now spreading our wings a bit further. We have been, up until now, really a international wholesale business and domestic wholesale business, Paragon and Carroll. We now have a real presence in the retail marketplace, and are looking for more opportunities there. Next slide, please, Carolina. We've talked about strategy at work for the next couple of slides, and Josh has already touched on, you know, that integration of the Alliance business, you know, into the group. We always talk about acquisitions to you guys, but we know we're acquiring the profit stream or merging the business and recruiting the people, and it is that way. We do acquire the profit stream. The rest is really about bringing people, you know, you know, businesses into the group to expand that sense of corporate partnership, to make it a stronger and more capable business. Certainly the inclusion of Alliance and the people in Alliance into the group has made us a better business. They're a really capable group and have fitted in really well. They've brought with them that same client-first focus that PSC is proud of. They've been a good addition to the group. The next slide is just talking a little bit about the success we're having in New Zealand. You know, I talked about the fact that we're slowly, carefully building our presence in New Zealand. You can see that we're now getting over NZD 2 million of profit for the period. Or expect to get NZD 2 million of profit for the year out of New Zealand. It's a meaningful part of the business now. Again, great people over there. Not surprising, all these businesses are dependent on the caliber of the people. But they're doing a great job there. Next slide, please, Carolina. The strategy at work. You know, we're talking about constantly looking to think about how do we make it a better business for shareholders. Josh has done a magnificent job this year organizing the refinancing of our debt. We've extended the term, we've lowered the cost of it, and we've increased the capacity. You know, I don't think we could've had a better outcome in that. That explains in part the leverage between the EBITDA growth and the growth in underlying net profit after tax. Every part of the business is doing the role that they're expected to do and we want them to do. All of them are contributing to the great outcome that we've seen for the, you know, in the half yearly results. Segment results, I'll hand back to Josh. Oh, no. Next slide. Oh, sorry. I've skipped one slide here. Josh has just pointed out that this is actually quite an important slide because it sort of talks to the people issue. We are a capability based business, and we continue to focus on building that team right across the group. We also focused on, you know, how do we ensure that, you know, they're in a spot where they're, you know, rewarded fairly. You know, that they're receiving the benefits of the, you know, or participating in the benefits or the value that they're creating for shareholders. In doing that, locking them in so that we come up with a structure that both shares in the value that they're creating, but locks them in, to benefit so that they know they're gonna benefit, that over an extended period. One of the instruments or the principal instrument we use for that is loan funded shares. We've issued a number of loan-funded shares this period. That's the outcome. The goal of this is to, as I said, lock in, you know, a group of executives, and people in the business that are important to the business and, important to, you know, go on driving shareholder value. A lot of that's occurred through this period. I think we're in a really good spot, you know, at that level. As I said, a great, group of individuals in the business. Next slide, Carolina. I'll hand over to Josh. Thanks, Tony. Yes, a little bit more information here on the contributions from the various operating segments. As you recall, distribution is, you know, Australian broking businesses, PSC Networks, and the workers' comp business. They're all performing very well. The EBITDA for the distribution segment was up 17% or up AUD 2.8 million to over AUD 19 million contribution. 16% revenue growth and 17% EBITDA growth. Some factors in all of that, you know, we've spoken about the Alliance acquisition, but also, you know, those bolt-on acquisitions from the PSC Network business. What that practically means is some acquisitions of authorized representatives both in Australia and New Zealand. The Networks is a really strong contributor in its own right. Also, you know, there's the best part of 200 ARs in that group as they're looking for, you know, often retirement or other sort of changes. Then we're a natural sort of acquirer. That's gone well this year. In terms of the organic growth, you know, strong GWP growth, given the market has been certainly favorable for us. We think probably in the mid-single digits. You know, there's been good client growth in that sector as well. From an organic growth point of view, just call out a small item that the workers' comp business is some deferred revenue in the first half, which created a little bit of a drag on the organic growth for that segment. That unwind is a timing issue that will unwind in second half for when people are considering organic growth. We'd highlight that. On the agency businesses in Australia, really strong result this period. 20% revenue growth with very strong EBITDA conversion on that. Largely driven by Chase Underwriting, which as you'll recall, is a construction insurance specialist. The pricing or the market conditions have been favorable there. You know, the business has got great capacity and great underwriting support, you know, and is getting increasingly larger clients in that space. That business is in a great spot. The medical insurance business under agency business is growing well. We think, obviously travel insurance business is still in hibernation, but we're hopeful that that will start coming out of hibernation in the second half. On the UK side, you know, I think we've touched on this a little bit. You know, very high growth. Well over AUD 8 million for the period. The acquisitions contributed AUD 4 million. That's pretty much all in what we're calling PSC UK Insurance Brokers now. As of the first of January, those four businesses have functionally merged into one entity. Still operating as four teams, but, you know, there is a sort of a central management of leadership group there now. From the first of January, that change has come through. Really strong organic growth of approximately 40%. Touched on Paragon, had a really strong half, probably AUD 3 million of the organic growth coming from Paragon. Really strong, as you... A lot of people on this call would know that cyber and D&O in particular, you know, the rates there have been very favorable or very hard. We think that's moderating in the second half, but certainly was a benefit in the first half. There's been good organic client growth in Paragon as well. I sort of called out before over 10%, 13% to be precise. All other businesses in the U.K., as Tony sort of said, Carroll's, which we're sort of calling domestic wholesale, the MGAs being Breeze and Chase, good organic growth. If you look at the organic growth portion of PSC UK Insurance Brokers, there's been good growth there as well, particularly out of the Absolute business, that we've owned for over 12 months now. In terms of the center or the group, some higher costs in there in this period, largely because of D&O. We've also brought on some more people into the center. Well, not many, but you know, one or two, which has increased the bench strength of our ability to support the businesses. Moving on to the next slide, Carolina. These are just some numbers that talk to what I've just mentioned. You'll sort of see notionally the UK contribution 50%. Well, it was 50% exactly for the period. That's excluding any group cost allocations. I think that will moderate into the sort of 40%, mid-40% for the full year given, you know, the Australian businesses still have a very strong last quarter. The reconciliation between the statutory position and the underlying position. As we've called out in prior periods, the revenue we exclude from that is any fair value changes from investments on balance sheet, the main of which is B.P. Marsh, as you all know. B.P. Marsh, for the period, was largely flat, largely a neutral result. You know, and the market value of B.P. Marsh at balance date was approximately AUD 45 million. Some of the main items excluded from underlying earnings, the first one was a AUD 2.2 million charge relating to the release of a prepaid debt fee from Barings. As part of the refinance, we repaid the U.K. debt with Barings. There was an upfront cost with Barings that is deemed a prepayment. Given we repaid that debt, that full amount got released to the P&L in the period. It's very much a one-off charge. AUD 2 million of that was the revaluation of deferred considerations, which as you know, we need to do every reporting period. That charge was the result of higher expectation of higher amounts on those deferred considerations, which is essentially code for strong performance of the acquisitions. That was driven by, you know, Absolute, Abaco, and Trust, you know, performed well, which means, you know, the deferred consideration is high. A good outcome. AUD 600,000 charge relating to the implied option costs from the group long-term incentive plan that Tony touched on, and that increased amount was due to, you know, the increased issues during the year. We adjust these from the underlying result to ensure that we avoid a double count when we're talking about our underlying earnings per share, obviously in the denominator of the shares. We're just taking them or excluding them from the underlyings to avoid that double count. That's the logic there. The wash up of all of that, the underlying net profit after tax up 61%, a very strong result. NPAT being higher than the EBITDA, largely because the cost of debt coming down. The average tax rate was lower in the period at 27%. Obviously, the U.K. is a lower tax jurisdiction, and that's had an impact there. Importantly, calling out the earnings per share growth to AUD 0.086 for the period per share, 46%. Moving forward, Carolina. Just highlighting the cash flow for the period. Again, has been very strong, up 44% to AUD 50 million. Just to highlight and reiterate, those of you that follow us closely would know this, but the first half is by far the strongest half for cash generation for us, and that's largely because the peak debtors are at a peak in June, particularly driven by the Australian peak renewal season. Obviously they get collected in this half. Also the Paragon bonuses accrued across the year and are paid in the second half. From a cash flow point of view, you know, those bonuses are paid in the second half as well. They're two of the key drivers as to why the first half cash flow generation is always higher for us. You know, good cash is the point. Moving forward to the next slide, Carolina. Thank you. Just talking about the balance sheet. Tony's touched on the debt side of things, so we probably don't need to go through that again. Just calling out and reiterating that the group net leverage target is 2-2.5 times. You know, we're comfortably sort of you know the middle sort of upper end or probably middle end of that range. Still within the target there. I think some of that's pretty self-explanatory. You know, the increase in the intangibles represents the acquisition activity, you know, that we've spoken about at some length already. Onto the next slide, Carolina, and over to Tony for that one. You know, the summary of the results, as we keep saying, it's a simple business. The complexity is in the execution. Yeah, but we are a simple business. You know, we're an insurance broking, insurance intermediary business, and we operate across a number of jurisdictions and across a number of specialties within that. The complexity is in the execution. Our goal is to, you know, have brokers involved in the business that are servicing their clients well, adopt a client-first approach to those clients and are growing their client base. You know, organic growth is the most important part of, you know, our business. When we get an opportunity to, you know, to acquire the profit streams of businesses and merge them in and recruit the people, it's a wonderful fillip for the earnings of the business. You know, each time we'd like to think it makes us a better business. The core goal is to continue to be able to grow organically. I think we're very confident that we can do that both, you know, here and in the U.K. and also in, you know, New Zealand and Hong Kong. We're well-placed. We know what we do, and we know what we need to do to be successful. We are upgrading the guidance for the full year. Where we sit in that range is gonna be a bit of a product of the rate cycle in some classes in the U.K. We're seeing some of those turn a little bit. You know, cyber is a good example where even if the rates aren't turning, the amount that's being written because that specialty is in Paragon and they're writing a lot of work out of the U.S., you're a bit dependent on the rate cycle in the U.S. Because if the rates for cyber insurance, you know, in the U.S., fall, less work goes to the international markets that are sort of centered around centered in London. A bit hard to call at this stage, where we'll sort of fall in that range. We know it's important to give you a sense that we've done well and we expect to continue to do well and therefore we've upgraded the guidance for the full year from AUD 84 million-AUD 89 million to AUD 87 million-AUD 92 million. I do think, as we keep saying, we're in a very good spot. We've lifted the dividend. We've got a 70% fully franked dividend of AUD 0.04, AUD 0.045, but slightly lower payout ratio just 'cause we've got some great opportunities in the acquisition pipeline. We think that we're well placed to execute some of those over the next 12 months. I think that overall, we're in as good a spot as we've ever been, I think, in terms of the strength of the business, the capability of the business and the spread of earnings. A very positive outlook for us going forward, both in this six months and, as we keep saying, each year is the foundation or the starting point for subsequent years. Not just for this year, but going into 2022, 2023, we think we're in a really good spot. A nice spot to end. Any questions from anyone? Hopefully those results sort of speak for themselves. Any questions on any of those or any other part of the business? Naveen, you've been unmuted. Great. Thanks, Tony and Josh for that overview. As you mentioned, normally it's quite easy to ask lots of questions when you have a company that has a few issues, but the results are pretty self-explanatory, so well done on an outstanding set of results in the last half. I guess just one question I did have was just in terms of seasonality in this business. Historically, if you look at it from an earnings point of view, excuse me, it's been roughly 38-39% first half, sort of, you know, 60-61% second half. Yeah. Is there any reason to think why that seasonality won't continue this up? Yeah. Yeah. A bit hard to hear, but I think the question is broad and simplistically, you know, is the historic split between first half and second half changing? The answer is yes. U.K. doesn't have that same weighting first half to second half. As the contribution from the U.K. grows, the split between first half and second half will change and is changing. Yeah, definitely don't go for the 39%-61%. It would be a great result for the year if we could do that. We'd probably maybe do upgraded even more if we had that expectation. Yeah, it's as that U.K. contribution grows, that split changes. Okay. It has been a really significant contribution from the U.K. and some, you know, we hope some other good organic growth opportunities and some good acquisition opportunities over there. Okay, great. Yeah, that's where my question was leading, Tony, as you probably already caught on to. Yeah, I guess still Australia is still the more dominant division, but U.K. is still growing very strongly. I guess seasonality is probably still gonna be centered towards the second half, but maybe not as strongly. Yeah, that's right. Yeah. It's not gonna be 50/50. No. Nearly 50/50 in the first half, but we won't end up at 50/50 for the full year. It'll still be a majority out of Australia. Has Paul sort of made a decision as to his living arrangements yet this year? Well, I don't think it's solely Paul's decision. You know, I think there are other influences on that decision. He and I overlap. He had a couple of weeks in the U.K., and I had a couple of weeks in the U.K., and you know, whenever I'm in a place where Paul is, you know, you do realize the value that he adds to the business. You know, we've got three great founders in Brian and John and Paul, and each of them play an incredibly important part in the business. Having Paul in the U.K. while I was there, you know, he provides leadership and a sense of aspiration that's an important part of what he contributes to the business, and you're reminded of that. Having him there after a two-year absence and having him there a bit more after a two-year absence would be terrific. As I said, at this stage, there's a couple of weeks there. I think he's going for a much longer period in the middle of the year. You don't wanna spend too much time over there just 'cause he also adds that same value here. You know, maybe what we need to be doing is getting one of the other founders into the U.K. for a little while. Maybe we get John over there for an extended period now that we've got a real retail presence. I'm in warm weather, Tony. That's right. Getting John there in winter is gonna be hard, but so no clear indication of, you know, of that. Any other questions? Andy, you've been unmuted. Great. Thank you. Good morning, Tony, Josh, and John. First question just around the dividend payout ratio. So you mentioned it was 50%, a lot unusual with defined acquisitions. How should we think about it going forward? We've certainly wound the dividend payout ratio back a bit, and that's, you know, a reflection both of the desire to keep a bit more cash, you know, in the business and also, you know, recognizing that we're now not paying fully franked dividends. We haven't sort of settled on a long-term view of it, and maybe that's something we do need to do to give you guys a sense of what we'll be doing. You know, we're sort of playing it as the performance sort of rolls through. We're sort of working it out, you know, what's an appropriate amount that, you know, maintains at least, say, a 70% fully franked ratio. In terms of coming up with a guidance on a dividend payout ratio, we just sort of haven't focused on it. Yeah, Andy, we probably have been telegraphing softly. Yeah. For a year or two now that we expect dividend per share growth to be lower than earnings per share growth. Yeah. 'Cause, you know, 2 or 3 years ago, it was in the mid 70%. We've sort of been softly telegraphing that. Yeah. In my mind, that's sort of what we're doing here a little bit because, you know, in terms of our acquisition strategy, we're obviously, you know, a consumer of capital, so the more, you know, it comes from equity markets and the debt facilities and what have you. You know, the more that we retain, the less we need to use that, which we think is better. Equally, our shareholders do expect us to be a good dividend payer. Yeah. It's just a matter of getting that balance right. It is a bit of a trade-off, you know, in the sense that, yeah, it's a U.K.'s got a lower tax rate, so, you know, Australia's got a higher tax rate, but the franking credits are created out of it. We like the U.K. earnings. We like the low U.K. tax rate on those earnings. Therefore, the return on shareholders' funds that are deployed there is sort of markedly better. Yeah, sorry, we sort of haven't settled on it. We sort of think 70% fully franked is a good thing to be having as, you know, at least one of the pegs in the ground as we work through that issue. Any other questions? Naveen, you've been unmuted. Thanks. Yeah, that's all right. Just had one follow-up question. In terms of the acquisition pipeline, how is that looking at the moment? Are there specific areas, types of businesses that you're- Yeah. focusing on some others at the moment? Yeah. Naveen, it's you know, great question. I'm gonna you know, to some extent, give the same answer when we've spoken before. I'd love the acquisition pipeline, you know, to be fatter and fuller. The acquisition pipeline, you know, is consistently, you know, at a level that, you know, sees us, you know, make a, you know, number of good acquisitions, you know, each, you know, each period. You know, it's about where it normally is, I guess, is what I'm saying. The acquisition pipeline is about where it normally is, but I'd always like it to be fuller and fatter. Interestingly, we're sort of continuing to talk about, okay, if that's a goal, you know, let's make it a proper goal and then solve for that goal. How do we do that? How do we sort of increase our, you know, presence? You know, or how do we get more in control of actively, you know, sort of searching, you know, for the acquisitions in here and in the UK? So we've got a reasonable acquisition pipeline and a pipeline that's consistent with what it's been over the last sort of three to five years. And as we always say, when they come through, you know, we can't determine. We're talking to people all the time. We're in good discussions. We're issuing term sheets all the time. But when we actually complete something, you know, is just a bit of an unknown. You know, there's one acquisition, you know, we've been talking to for some time. When we first started talking to them, we thought, "Oh, this will be one that's, you know, gonna happen quickly. You know, sort of this will be a sort of 4-6-week turnaround." I think nine months later, we're still waiting for the start of that 4-6 weeks. You know, they're very hard to judge. I met with a number of people while I was in the U.K. You know, if we can pull off some of those, again, it'll be terrific. Great people and very consistent with you know, with how we run our businesses. Good opportunities both here in the U.K. We've actually got a really good opportunity in Hong Kong, which I think if we do it'll finish the amount of capital. You know, one of the things we always talk about is we partly manage the risk by managing the amount at risk. You know, John rightly says, you know, that the best way to manage risk is to be able to manage the risk if it becomes a reality. If the risk becomes a problem, you know, can we manage it? And that's the ideal situation. When we're buying a broking business, we're obviously in that spot. We sort of built some capability in the U.K. in retail, so that we could if we bought something, we had a problem, you know, before we started to expand the amount of capital, you know, in retail, in the U.K. Where we can't do that, like when we're entering into a new territory, we manage the risk by managing the amount at risk. Hong Kong, we've got a reasonable presence there. We've got a good opportunity there. If we do that'll cap the amount that we're gonna put at risk in there until we're certain we can get good returns out of it. I'm only mentioning that to give context to the comment that, yeah, there's a good opportunity there. There's some good sort of tuck-ins in New Zealand. There's some good conversations happening in Australia, and there's some good conversations happening in the U.K. I'm not sure I'm giving you much of an answer. I'm giving you lots of color without any definitive answer there, Naveen. I'm sorry. It is hard to sort of pick you know when these things are gonna find their way right through that acquisition pipeline to a completed acquisition. Any other questions? Andy, you are unmuted. Thank you. Maybe just a follow-up on that. How many term sheets do you have in the market? Oh, gee. I don't keep track. We've got a lot. Oh, no. A good number. Yeah. A good number. Yeah. Okay. Fair enough. I'm not gonna give you a number. That's fine. Yeah, that's the problem. Josh always makes the point, you give one number to you guys and then we're gonna be measured against that each time. If I gave you a number, you'd then ask me that question each time, and you'd judge me based on the, you know, on the number. Yeah, I think I'll stick to the color. We've got a good number out there. Okay. Just one last question. There's been a bit of press talking about sale process of the Tysers business in the U.K. Is that something that PSC would be interested in? Sorry, say that again. Just around the Tysers's sale process in the U.K. It's in the press at the moment. Just wondering if it's something that PSC would be interested in. No, it's probably a really great business, but I mean, we don't, you know, we don't comment on what we're doing in detail, as we've just said with term sheets. Tysers is, you know, a big, bold step. We operate in the U.K. in three parts and they're each good businesses. International wholesale is how I describe it. Others will have different ways to describe it. I call it international wholesale because the vast majority of Paragon's work comes from outside the U.K. They're focused, you know, from the London base, they're focused internationally. They're focused outside the U.K. Carroll's is domestic wholesale, going to the same markets, but servicing, you know, U.K.-based brokers. Then we've got the retail business, as they call it in the U.K. It's the SME business. Paragon is a great business, full of really good people. They are a bit different. You know, at the simplest level, Paragon, the average number of clients. A broker in Paragon, their principal client is the broker that they're dealing with. You know, they're not dealing directly with the insured. That just creates a concentration. If a broker in retail or SME land is servicing, you know, pick a number, 100 clients, John might tell me, you know, a different number to that, but call it 100 clients. In a wholesale business, they might be dealing with 5-10. All sorts of dynamics shift and change as a consequence of that. We're delighted with the caliber of the people we've got in our wholesale businesses. They're all committed to building this as a great business. You know, I listened to someone the other day and said, "You know, how do you know that you've got good people in the business? Just work out whether they love the business or they love the money." The great part about this business is everyone loves the business. You know, from me and Josh and John, right through to the front of the people. You know, meeting the people in the U.K., I spent a good amount of time with Spencer over there and or Angus. You know, they love the business. You buy something like Tysers, and it's just more complicated. Getting something of that size, getting everyone recruited and merged into the business is, you know, it's complex. Yeah, it's just a size that prevents us being, you know, really interested. That's a long answer, but it's important because it answers some other queries and questions. We normally don't answer questions on detail, but Tysers, you know, is a large acquisition for someone and, yeah, not something that we're interested in. Any other questions? You'll all be too frightened to ask a question now because I'm giving such long answers. Any other questions? Spin unmuted. Yeah. Thanks for that. Naveen, you're quite hard to hear. Apologies. I'm not super clear. In fact, we now can't hear you. My mic is fine. Yeah. Sorry, Naveen. We can't hear you. Naveen, give me a call afterwards. Is this anyone else? Got Andy again, so I've just unmuted him. Yeah. Just a last question from me, guys. In the first half, could you sort of comment on how much temporary savings, cost savings you still have in the cost base from COVID, and that you would expect to come back in future years? Again, it's a great question. We're certainly starting to see some costs come back. You know, not least there's you know some pent-up you know requests. You know, people are looking to earn you know and it's a tight labor market. There's probably you know the first piece, there's probably more post-COVID. There's a release of some pressures you know on you know the ability to you know to have conversations like that with people. You know, we think we've tried to be on the front foot with all of that, but there's definitely that element of expense pressure that you know has reappeared that wasn't there over that you know that COVID twenty-four months. In terms of travel, it's coming back slowly. I certainly think the big step up will be in 2022, 2023. You know, even things like, you know, it's important to get people together in these businesses. We haven't been able to have a, you know, a whole of business conference. They're expensive things to run, but they're really important and really valuable. They create a sharing of, you know, ideas and opportunities and building relationships and, you know, bringing people together to, you know, remind them of the, you know, our goal and our purpose. We won't see one of those this year, but we will see one of those next year. They're not rushing back. You know, they're not rushing back, that sort of expense. I think we're also finding some savings in some spots, you know, as we get better at, you know, running the business. You know, we're looking at IT and, you know, how do we make better use of IT to help productivity at the front of. You know, we're not trying to be an IT business, but we're always looking for ways to improve the productivity of the people at the front end to make their jobs easier. We're seeing, you know, opportunities, you know, both here and in the U.K. to do that. So there's some trade-offs there. I think the big step up, if there's a big step up, you know, you've. It won't be huge. I mean, you know, rent and labor, you know, are the two largest expenses in the business, and labor is the largest of those. So, you will see some pickup in expenses, but probably more in 2022, 2023. John, do you wanna make a comment about that? You're closer to seeing people starting to travel or not travel. Any significant cost in this financial year. That's how I would see it. I think that we will see some increase, but it'll be minor. I think if there's gonna be an increase in cost, it'll start in the next financial year, and I don't think we'll ever get back to where we were previously. Or we may, but it's a long way down, long horizon on that, you know. Two or three years maybe. I don't think there's any significant cost in this financial year. No. Naveen's text is his question, which is Hong Kong. How comfortable are you with local management to be able to expand in this region? Well, part of it is, you know, finding an acquisition that increases the depth of management. We think that the one we're looking at the moment definitely does that. But that is really almost the key to it. You've gotta have a favorable environment, but you've gotta have capable people. Finding capable people, you know, it's a line from John, but you know, it's all about the jockey. It is absolutely true that, you know, if we can't find the right people to drive a region, the region won't be successful. If we can't find the right person to run a branch, the branch won't be successful. You know, we're not talking about running them. You know, it is about leadership in these. It's not about managing. You know, we've got the right leader. So yeah, that's the goal, is to find an acquisition in Hong Kong to complete that puzzle. To you know, not spend too much money in that region while we find out whether we've got a depth of capability there that allows us to be successful. There's a text here from anonymous. So, I'm not sure who this is, but thank you. Is there still scope for EBITDA margin expansion? I don't. No. I think that, you know, maybe over time, you know, with the productivity I've just talked about, you can get a little bit more. No, I think the goal now is to, you know, to grow, you know, to continue to grow revenue and, particularly to grow revenue organically. That's the real value to us, is to continue to focus on that, to help people achieve those goals at the front, but to help them build their client base and to service those, to service them well so they retain them and to give them the skill set to build. That's, you know, that's everywhere. Here and the three parts of the U.K. business, the underwriting agencies. We've got, again, you know, making the same observation. You know, the leadership in these businesses is, you know, is first class. You know, even going back to Australia, you know, the leadership, you know, someone like Adam Burgess provides, you know, for growth, driving growth in the underwriting agencies. You know, we're extremely fortunate to have people of that caliber helping us drive organic growth. I think for us, rather than trying to get more out of every dollar, our goal is to get more dollars by getting more clients and retaining them. John, do you want to add anything to that? I think the thing with the EBITDA, Tony, is that as a general rule, we improve the EBITDAs of the businesses that come into our business. Yeah. There's no risk on that. I think we do that. Yeah. Almost with 100% of the businesses that come in. Yeah. What happens with ours is ours are run really, really well because the core of our businesses have been in the system, in some cases for in excess of 10 years, and that's hard to improve it, you know. If we gradually increase those EBITDA margins over a period of 5 or 6 years to get them where they should be optimally, once that happens, there's nowhere to go with that. What we do is we improve the businesses that we come in. What we're trying to do is improve productivity and improve the business insofar as that we might start to write more larger accounts as opposed to smaller accounts. We change the mix of the client bases strategically where we can, where it's possible. You know, it's really hard to. Particularly in Australia, very, very difficult in Australia to increase those EBITDA margins, I would think. Yeah. Yeah. Any other way? Heading up to 10 o'clock. I'm sure everyone's got other calls that they've got on through this reporting period. Any other maybe one last question? Has anyone got one last question? Guys, on that basis, I'll wrap it up. As we keep saying, we genuinely appreciate you both being on the call, but also your interest in the business and you're a great group of shareholders, so thank you for your support. We look forward to talking to a lot of you over the next week or so. Thanks, everyone.