Good to go? Yeah. It's nearly nine, nearly 9 o'clock, isn't it? We'll just start with a bit of a preamble. I think everyone can see me, but, can we just split the screen so they can also see Josh? Because I can do that with this camera, can't I? Yeah. We also have John Dwyer on the phone. Yeah. Can everyone see John? Yes, you can hear us. I think I've just chatted through to nine, 9 o'clock, so it's now, 9 o'clock and the official start time for the, you know, for the call. Thank you all very much for being online and, being here to hear us talk about the, the results. As always, we appreciate your support and interest. We've released the results, and the presentation. I won't go through each of the slides. John, Josh, and I will share the workload this morning. I'll start by just talking about the... where we are as a business. We remain, in some ways, completely unchanged, we're, you know, a, a broking and underwriting agency business or a broking and specialty, lines business. We've been that same business, since we listed and prior to listing. We continue to focus on being the best that we can, and that's producing great results. We believe that continuing to focus and stick to what we do well, will go on producing great results into the future. We do continue to evolve, though, and our goal is to be, you know, a business that finds places where it can compete for clients to provide services. Where our ability to compete is partly off size, but largely off the capability and expertise of our people, and the result you're seeing today is a product of the outstanding skills and capability of the people at the front of the business, serving clients, their leaders, and the leaders of tho- of those leaders. As we build that group and the capabilities of that group, we'll continue to grow and deliver growth in earnings and results. We wanna be a globally significant broker and specialty business. You know, we think of ourselves more akin to the traditional broking model around the world, which is more Gallagher and Willis. Australia's got a number of listed people that play in the broking or the insurance intermediary markets, we're all quite different. We're the most similar to how businesses operate around the world, as I said, a Gallagher or a Willis or an Aon, or the one that's most front of mind at the moment, Marsh, because we recently competed against them to try and bring the Honans business, you know, into PSC. They're all, in the same way, dependent on the capability of their, of their people. As I said, that's a model that works well. We believe we do it well. We think the results reflect that, and we think the results going forward will continue to reflect that. As I said, all of those results are the product of the capability and expertise of the people at the front of the business, their leaders and the leaders of those leaders. It's been an interesting year for us. We had a go at a couple of big steps forward. One was Tysers, and the second was Honans. Because unfortunately, neither of those came, came off. We remain disciplined, you know, in how we want to invest our money because we're all shareholders here, but invest the money of shareholders. Once again, that discipline saw us not being able to get to the finish line, being first to the finish line in the race for Honans. It's been an interesting exercise and a good exercise. We still deployed over $50 million to bring new groups into the business to go on building that capability and expertise that I talked about previously. As a group, we continue to focus on organic growth. That's delivered a great made a great contribution to the result this year and will similarly do so going forward. We've got a strong acquisition pipeline. We've harvested some of those, AUD 50 million worth of those, during the 2023 year, and we'll continue to do that in the 2024 year. I'll let Josh talk a little bit about our funding capability later on. The 2023 result, really good step up in EBITDA, nearly 20% growth to AUD 111 million. 23% growth in the after-tax profit, 15% increase in earnings per share, and we've lifted the annual dividend over the prior year by 13%. We have wound back the dividend payout ratio, as you can see by the comparison of those numbers a little. We've said we're about at the end of that, end of that process, but retaining a bit more cash for acquisitions has made sense as our franking percentage has declined. The next slide really just summarizes what I've been talking about. It's a strong financial performance, really good organic growth. We've got a business that's really well-placed. We're operating now, you know, in a number of locations around the world, Australia, New Zealand, Hong Kong. The small step into Hong Kong has been a delivered great results. You know, our usual approach to entering areas that we're not familiar with. We might understand the industry, but not that, not the particulars of that particular area. We manage the risk by managing the amount at risk, and we've entered gently. The results from that have been terrific, a real tribute to the to the people up there, led by Hye-Won. We continue to look for other opportunities, given that it has been successful. Again, we'll be careful about managing the amount at risk. We operate obviously in the UK and and also in Ireland, a small step into Europe and maybe a small stepping stone that we think about building from, you know, in future years. We also operate in Bermuda. We're really well-placed for continuing to grow. Our acquisitions through the year performed well. One of the most exciting parts for us, is that we're also starting as those acquisitions got expensive and the hit rate for our success fell a little bit, we started looking around for other ways to continue to drive growth, and we found some great businesses to to seed or to get into in the very early stage of life. It's been a great year for that. The 23 year has been a great year for that. Next slide is just a reminder of the track record of growth, and I'll hand over to Josh. Yeah, thank you very much, Tony. Good morning to everyone. As Tony has said, 2023 was a continuation of our very strong track record. This is a slide, as most of you know, that we like to put in each year, just to remind you of that and what a great business this is. It's recurring revenue. It's at world-class and leading profit margins with really great cash conversion. The businesses grow both organically and M&A via acquisition. Just a reminder of what a great business and industry this is, reflected by, you know, compound annual growth rates, you know, in the core earnings measures of revenue, EBITDA, and then NPATA over that journey of, you know, the best part of 25%. A continuation of that into this year as well. Next slide. Thanks, Felicia. As it relates to this year, specifically, revenue up 17% to a little under $299 million. EBITDA up 19% to $111 million, and underlying net profit after tax before amortization, up 30% to a little over $78 million. As Tony has sort of said, the organic growth for the year was good, so organic growth at 11%, and the acquisition growth contributed $7 million for the year. Tony has touched on that a little bit. As an absolute dollar amount, a little lower than prior years, we still deployed over $55 million in acquisitions across generally smaller deals where the accretion and alignment are higher. The activity internally was a hell of a lot more than that. As Tony sort of said, we, you know, we, we were not far away from the Honan's acquisition. We were working with AUB for a period of time on the Tysers' retail JV. You know, what we've sort of seen in the period is that the bigger transactions are certainly very competitive and quite expensive. Our strategy of the last, you know, 10 years, really, of focusing on those smaller accretive transactions was probably the key point for this year. As Tony said, earnings per share up strongly by 15% to a little over AUD 0.22 per share. As it relates to the reported result, up, up materially from the prior year to AUD 56 million. There are nothing unusual in the, the usual adjustments for this year to the underlying, being things like the fair value changes in our investments, in particular, B.P. Marsh, changes in the deferred consideration values, and some costs relating to our acquisition activity. I'll, I'll hand back briefly to Tony for the next slide. Thank you. Just to note that we're seeing a change of chairman, Paul Dwyer, stepping up to that role. Brian's stepping into the role of deputy chair, but also chair of our Asian strategy. It's great to have Paul in that role. There's no better seller of us as a buyer of businesses or a buyer of, you know, people's time than than Paul. He's a great leader and a great, obviously, part of the business. I think him in that role, you know, will create great opportunities for us as, you know, he uses his network to find other acquisitions and in seeding opportunities. Brian's been fantastic in that role, and I think his real interest is in seeing how we progress in Asia, and this provides him with the time to guide us through that risk-taking process, you know, carefully and sensibly. Next slide is: I just thought we'd touch on the up before we dive a bit deeper into some of the parts of the result. We've provided guidance for next year. Another, obviously, indicating another strong year. We're expecting a good, strong year. This is before any any acquisitions. You know, for clarity, we're not factoring in anything other than what we own at the moment and the growth expectations of those in the annualization of ones we made through the last year. We're probably as excited about 2024 as any year, you know, the last four or five years. It really does look to be a year where we've got a lot of things that have the possibility of igniting and taking off in those seeding investments. We've got really strong, you know, leads in each of parts of the business, and they're well aligned and engaged. We've built capabilities and strength. I think also that we're a business that, you know, stands just lives on its own merits in a complete way now. It's been a little bit transformative for us. It's really allowed us on what we're doing well to be the best that we can, undistracted by, you know, any, any peripheral partnerships. I think that's also giving us excitement about the opportunities available to us, and for growth going into the 2024 year and, and even beyond. Let me, let me just, sort of come back a little bit to the detail of the business, and I'll hand back over to Josh. Thank you, Tony. As Tony said, we'll just dive a little more, in a little more detail into the groups by, by the segments, now. In summary, all segments have really contributed well to the result. If we look firstly at our distribution group of businesses, which essentially are us- our Australian and New Zealand broking businesses, had a really good year. Revenue up 19% to AUD 128 million. EBITA are up 17% to AUD 56 million. One thing I'll call out, market-leading margins at sort of 44% contribution margin is as good as you're gonna see anywhere in the world. Continuation of that this year. The acquisitions in this, this area contributed very much to the capability of the group. Probably some highlights in that were, there was essentially a startup new office called PSC AMG in the, in the South of New South Wales, where we partnered with one of the ARs in our network, Aaron Stephenson, and then bolted another business into, into his. They've been a great addition to the group, performing really well. We bought a trade credit risk business, Sharon Brewin and her team. Great business in its own right, but adding capability across the whole network. Just examples of the capability that Tony sort of spoke about earlier. As usual, in this segment, a lot of small bolt-in acquisitions that go into our platform. Yeah, another, another great year there. As it relates to the agency and specialty businesses, another really strong year. Revenue up 14% to AUD 24 million. EBITA, up 17% to AUD 13 million. Market-leading margins again in that segment. Next one, pleasure. Thank you. That growth was spread essentially between the construction business and the travel business. Tony spoke about our excitement for some of the things coming up in FY24. That's very much the case in these agency and specialty businesses. We'll talk a little more shortly about the acquisition of the Insurance Australia business that is due to complete in November. That's gonna be bringing, especially in PI insurance. Essentially, that would be adding a, a new growth product into the agency segment. We're also in advanced planning for two other business opportunities in agency, which will add to sort of new products. Some really good times ahead on the agency side. In terms of the UK businesses, again, a really good result. Revenue up 15% to GBP 142 million. EBITA are up 18% to GBP 46 million. Improved margin, again. There's a few parts to the UK segment, which I'll talk very briefly about now. Paragon contributes a little over 50% of this entire segment, so, you know, it's a material part of it. Constant currency revenue growth of 10% and constant currency EBITA growth of 9% in that business, so they've, they've continued to trade well.... The Carrolls and Breeze businesses, which are our wholesale and MGA business over there, very strong organic growth, led by development of its online platform with its distribution base. Our retail businesses over there, it's been a year of integration. There's a very meaningful revenue base there of now over GBP 15 million and a really great platform for us to grow over the medium term. Our MGA businesses or our underwriting agency businesses over there, we've added Ensurance UK to the existing Chase UK business. We expect really good growth in that part of the UK heading into FY24. Finally, the Hong Kong segment sits. Well, these Hong Kong businesses sit in the UK. We probably need to rename UK to international. Probably get to that at some point. The Hong Kong businesses, Tony has touched on, a really pleasing year. EBITDA essentially moved from break even to an EBITDA contribution of over AUD 2 million. It's in a really good spot, led by Hye-Won Interest rate increases help us, and some of the FX volatility helped us a little bit during the year as well. On top of that, you know, we're seeing client growth numbers across all aspects of the group. Touched on acquisitions a little already, about AUD 7 million of growth from those. As an absolute dollar amount, it is lower than the prior years, as we've called out. We have deployed over AUD 50 odd million in capital, as we said, in those smaller accretive deals, but it's certainly been part of the marketplace that the larger deals that we have really been involved in, that we've touched on, have been and are super competitive and expensive. But we still, we still look at all those things. The interest expense is up a little bit. However, it's been a contributor to our earnings per share growth, given the full year impact of the refinance, some 18 months ago. It continues to benefit us. You'll notice that there's a lower average tax rate this year, which is the benefit of our offshore operations. We do remind people and call out that the UK rate of company tax has increased from 19% to 25%, with effect from the 1st of April. Just moving on again, Felicia. I'll just finalize my piece. I'm just talking about our funding capacity. In short, the balance sheet, One more. Yeah, just back a couple, Felicia. Thank you. Okay, yeah. The balance sheet is in a strong position in summary. The leverage ratio, which is the key number we look to sort of talk to, to that on, is at 1.55 times against our target range of two-two and half times. At a very high level, that means there's a notional AUD 100 million of capacity we've got that would take us to the middle of that target range. As Tony has spoken about, our pipeline is strong as it usually is. You know, if you look at our balance sheet, there's closing cash of AUD 71 million. There's AUD 68 million in limits with our banking syndicate, and there's even more, you know, materially more than that, potential funding from our note facility that sits, that sits alongside the sort of bank funding facility. In short, in a really good spot there. The- Okay. Over to you, Tony. I just wanted to spend a minute just talking about insurance. The, it, it's a PI specialty business. The reason I think it's worth calling out is partly because it fits into our underwriting agency or specialty lines area. The person that runs that is Adam, Adam Burgess, and he's an enormously capable person. You know, giving him the leadership over an extra set of capabilities and capacity, you know, is a really sensible investment by us. You know, he's delivered a great outcome over a long period of time in building Chase without any acquisitions at all. What we're getting here is a great platform for growth. We're very confident that Adam Burgess, in conjunction with Tom Kenter, who's coming over with the acquisition, will drive that business really successfully. It's one of the ones we're getting in, but we would describe as getting in at the early stage of it. We're not, it's not a startup, but it's equally, it's a small business relative to what it can be, and we're really confident that we've got the capability and the reach to ensure that it is the best that it can be, and should be a significant contributor to our performance, you know, in future years. A good contributor in 2024, but a more significant contributor in 2025 and 2026. Again, a good reminder about that we're always looking not just for the next year, but you know, how we're ensuring that we can continue to drive growth in subsequent in subsequent years. I'll skip I'll skip over right to the end because we'll start to cut through to to you guys to see if you've got any questions about our results. Just going to that summary slide. Again, I think that it's been a really terrific year, and the 24 one is as exciting as any, you know, any of the recent years. We're really looking forward to it as a year. We're well placed. We've got great capability in the business. One of the interesting things about the Honan's opportunity and looking at the Honan's opportunity, was it caused us to work with our M&A team in Paragon, and they're an enormously capable group. We actually had to try and create a new insurance solution to a particular, to address a particular risk, because we're obviously, as we now know, competing against a giant. There were some issues associated with funding and settlement that we thought we could solve with insurance. It was a new idea, and the Paragon M&A team took up the idea and ran with it and found a party that was willing to willing to underwrite that risk. You know, the year's been interesting for lots of reasons. The Honan's acquisitions and the acquisitions we made, the Honan's opportunity and what it caused us to see about ourselves, that, that illustration of Paragon is only one part of it. It's also reminded us that we're risk takers, and we're happy to be, to be bold, but, but it's obviously within boundaries because we want to always remain, you know, disciplined. I've said that we want to continue to grow as a business. You know, we want to be a globally significant broker. We only want to be globally significant if we can do that in areas where we can compete as a consequences of our expertise and capability. What we're finding is that as our achievements grow, our ambitions grow, you know, it's a really pleasing outlook, I think, for shareholders as a consequence of that. Again, just to reconfirm that our expectation for 2024 reflects all of those words. Maybe that's a good place to stop and see if anyone's got any questions. Just on the questions, you can submit them online by sending a note or raise a virtual hand if you'd like to speak. Well, clearly, we've done a very good job explaining, where we are and what the, what the, what the outlook is. Not getting any sense that there's any questions coming through from anyone. I hope that's not a technology failure. I'll let you do. Going through the questions here. We have got some questions, so thank you. They're coming through on the chat. There's a question come through, which Tony would be very good at answering this one. With Insurance Australia, why pay with scrip? Oh, sorry. The question's been asked, with Insurance Australia Group, why, why pay with scrip? Because it's what the vendors wanted. They like what they see in our business or the key shareholders. It's, they like what they see in the business. We actually, when we bought the UK part of insurance, they took part of that consideration as scrip, too. They've already voted with their feet in terms of their interest in us, so that in, in our business and our journey, it provides rollover relief to insurance shareholders. As I said, they like what we're doing and where we're going. Mm-hmm. Just going through. Yes, we've had a question here, and probably diving down into the numbers a little bit, but we've had a question on the FX contribution to the results. Mm-hmm. Yeah. The FX assisted the Paragon business because there was a stronger US dollar. Yeah, it was a contributor in the year.... a positive contributor in the year. All right, the, thank you again, thank you for the questions. You know, the, there's a question about, you know, insurance, the price, paid looks high. We're, we're really comfortable with the price we're paying for insurance. There's significant assets in there, so the purchase price net of the tangible assets, cash, and PSC shares is- means that the price earnings multiple we're paying is, you know, we believe fair. Regrettably, you know, in these sorts of environments, you, you, you can never get things cheaply. You can't buy good assets cheaply. We're paying a fair price for it. We're really comfortable that, you know, it's a price earnings multiple of, you know, 10, and we believe less, very quickly. That's, that's 10 times historic earnings. We're, we're really comfortable with it, the purchase price. I think that the, as I said, the outlook for it is, you know, is, is really, really solid. The Apex, I've got a question here on Apex. We're not claiming Apex is, you know, a miracle cure for, you know, for all processes, you know, the complexity of solving the mystery and complexity of, you know, insurance processes. What Apex allows us to do is ensure that we've got a platform that can evolve and improve, you know, and it's in our hands to do that. It's got wonderful flexibility. The solution we've identified has wonderful flexibility, so the ability to bring other underwriters in, for instance. We've got, we've got also... Because we've got control, we can determine, you know, both how much to invest in it and how quickly to invest in it. The goal is also to stand independently of anyone else, so that we're dealing directly with Australian underwriters. We've got great relationships with those underwriters and are already seeing the benefit of dealing directly with them, with the wordings we're working with them on and the arrangements that we have with them. It's a system that enables us to better deal directly with the underwriters, while delivering a starting point for, you know, maintaining productivity, particularly for the authorized representatives and choice of product in an efficient way. Also, hopefully, over time, you know, as I said, delivering better outcomes to clients by more choices and delivering productivity improvements inside our broking business because we haven't used any alternate platform to date in our core core broking system. The next one is about: Could you please provide further color on the guidance to understand the UK tax rate? Are we factoring any weakness in organic and the organic growth? The answer is no. We always have high expectations of what people can deliver in organic growth. We always say that we, we budget, you know, from the front, from the front back, the front of the business are looking to grow their client base, and they know their client base is a, you know, generally growing businesses. We get the benefit of their expansion and also the expansion of the client base. That should drive organic growth, irrespective of the premium rate cycle. That's true both here and in the UK. You know, a lot of people have asked questions about the rate cycle, particularly, you know, in businesses that are a little more focused on a lesser number of lines and a lesser number of clients, like Paragon. I think their result this year has been a terrific example of continuing to see growth being achieved, irrespective of the rate cycle. The supporting conditions broadly, but softening in some insurance line. Could you talk about what sort of rates? As we've always said, we're, we're, we're not focused on rates. You know, it's not a controllable for us. You know, our goal is to talk to the people at the front of the business about how they're feeling about their clients, how they're feeling about their new client pipeline, and build up backwards from that. There's no part of that, that's about about rates. We do think that the, the market. We've been saying the same, and have always been surprised that the hard market has stayed as long as it has. We've been saying for a while that we, we think rates are starting to soften a bit. We're seeing signs of that. We don't think that it's gonna be a material part, you know, it's not gonna be a material issue in the market through the 2024 year. Agency margins were very strong. Is that sustainable over the medium term? Again, the same, same is yes. As I said, Adam Burgess runs that area and does an outstanding job with it. You know, no better illustration than that, than the, the rebound he's managed to achieve in the online travel business over the last year. We're continuing to back him to find new opportunities. Some of the startups we've talked about are in his area, and we're really confident that they'll make a contribution, possibly very little in 2024, but make a great contribution in 2025 and, and in 2026. Yeah, we think that we can maintain the margin, you know, in that in that area. In the last one here is in relation to acquisition pipeline. Is it about, about adding scale or adja- adjacencies? The, the answer is both. Where we can see an adjacency like trade credit, as, as you've mentioned, we will absolutely grab it. Those specialty areas are really interesting, you know, for us. We've done it in, in areas that are adjacent to broking in the broader sense of it, in things like workers' compensation. That's been, you know, again, the team that run that are, you know, doing an amazing job, and it's something that our clients really appreciate and, you know, and value. So it's been a good acquisition, both in terms of the financial contribution it makes and the return on capital that it provides, but also in terms of helping to provide a better outcome, you know, for our clients. You know, part of our success is our client-first approach, and, you know, that certainly feeds into helping us ensure that we're delivering great outcomes to clients. I think that's, I think that's really all the, all the questions that I can see. I'll just make sure from someone more capable than me, that I haven't missed a question. Please send through any others. I'll give it another minute or two to see if any come through. The list of the questions is just four answers. Nothing new has come through. Yeah, nothing new for the moment. All right. Well, everyone, again, thank you for your interest and, and, and your support. We're really excited about the year ahead. Look forward to talking to at least some of you over the next few days, and sharing, you know, sharing that excitement with you more directly. Hope you all have a great day. Thanks again. Bye.