Well, it's 9:00 A.M., and we'll start the call. I think everybody's in. So thank you all for tuning in this morning. We've released the results to the market, and I'm just going to talk through the presentation pack that is now in the market. It's been a good half. We continue to grow and continue to build capabilities and continue to pursue the strategy that we've consistently outlined over the period we've been listed. And I think it's a really outstanding result in a number of ways because we've achieved a 12% EBITDA growth notwithstanding some headwinds, some rate pressure in some key markets, particularly in Paragon. We've got some IT issues that we're continuing to invest in to provide future growth. We've now operating independently. We've moved out from the buying group that we were part of, and that itself has created some transition challenges. We've got a flat Aussie rate market broadly and got a bit of a drag from startups, which we're really confident will generate great returns in particularly starting in the 2025 financial year. So a really strong result given all of the aggregate of those gentle headwinds. EBITDA up, as I said, 12%, but done in a period where we're laying good foundations for really strong future growth, net profit up 6%, the consequence of slightly higher interest rates on the borrowing and a change in the tax rate in the U.K. Underlying revenue up 15%, earnings per share up 3%, and the interim dividend up 10% to AUD 0.057 per share. All of the work that we're doing at the moment and the acquisitions we've made through the period and the acquisition pipeline that we're currently working our way through has given us confidence to upgrade our forecast for the year to an underlying EBITDA range of AUD 125 million-AUD 130 million. I should note that that's assuming we're making those estimates based on the assumption that we make no acquisitions in the second half. If we do, they'll in turn make a contribution to that second half and therefore that full-year number. We have got a number of acquisitions well progressed. As I said, we've had some tailwinds, rate declines in some markets, particularly in the U.K. You'll see that the Paragon result is down a bit for the half on the prior corresponding period. That's been budgeted. That was as expected. It's a great business, and it's been a terrific business to have merged into the greater group over its life and having one of those small reset moments. They've got strong client growth, so we know that it is just one of those reset moments. So the business is really well placed for a good half, for a strong second half. And more importantly, as we say, each year is a foundation for subsequent years, a great foundation for both the second half and for the subsequent years. Josh, I'll hand over to you to get into a bit more detail on the financial results. Yeah, thank you very much, Tony, and good morning to everybody. As Tony touched on, just adding some color to what he was saying. Got some more detail on the full P&L there, but what you'll see is revenue up 15% to AUD 159 million, underlying EBITDA up 12% to AUD 54.2 million, underlying net profit up to tax before amortisation up 6% to AUD 37.1 million, and statutory net profit after tax up 39% to AUD 29.8 million. We might move to the next slide just to unpack that a little more. So with regard to organic growth, it's a good period for organic growth. So revenue up AUD 12 million and underlying EBITDA up AUD 2.2 million. Unpacking that a little bit, the distribution businesses, so the Australian broking, the network, and the workers' comp business had a really strong period. Organic growth up 10%, which was a really strong result. The agency businesses had a solid result, Chase Underwriting, the construction business in particular, going well. As Tony sort of said, the U.K. was a little bit mixed. The Carrolls business in particular was very strong. The retail businesses were solid. As Tony touched on, there were three parts of Paragon that were a little softer due to weak market conditions and pricing in the main, they being cyber and D&O, where the rates have been coming off, and the M&A market through the period was soft. That was the driver of the U.K. position being down, which is a temporary position. The combined drag, if you like, of those three years was AUD 3.5 million. That gives you a bit of context to it, but the businesses are well placed going forward. Just calling out the FX position for the year. The sterling did appreciate quite a bit against the Australian dollar, about 9%, and about 6% against the US dollar. So as you'd appreciate, there's a bit of a natural hedge between those two. But this year or this period, there was a bit more of an FX movement that provided a benefit at an EBITDA level of about AUD 600,000, and at a revenue level, it was a benefit of about AUD 5.6 million. So moving on. Thank you, Theresia. So this is a usual slide that we show just to remind everyone about the very strong long-term track record that the group has. It shows that we have a long-term sustainable moat over economic and insurance cycles. And it really sort of highlights what we often talk about when we explain the business, which is strong recurring revenues at market-leading margins with good cash flow and good cash conversion. I think this slide very much encapsulates that That's the next slide. Thank you. So just looking a little bit again, a little deeper again into the segment results. As we look at distribution, distribution was up 18% for the period or AUD 4 million. Really strong result, 10% organic growth, which I called out before. The difference being acquisitions. So the acquisitions across the period, we were busy. We did 9 acquisitions there. Or in terms of the acquisitions - sorry, I should have said earlier - acquisitions contributed AUD 9.2 million of revenue growth and AUD 3.4 million of incremental EBITDA growth. And a lot of that was strong performances from deals done last year, PSC AMGI and Turner-Rawlinson in the main. That's been a busy period there as well. The agency business was up 11%. As I touched on before, the Chase Construction business had a strong period, was up 12% organically. During the period, we completed the Insurance Australia acquisition. That brings a new capability and team into the group in the PI area. So we've rebranded that Chase Professional Risks and really excited about the opportunities that that brings us. Also in agency, the travel business was down a little, which has overall brought down the organic growth in agency a little. The reason for that is we're investing in an enhancement to the IT platform that that's running on, which we expect will re-energize the growth there in the second half. Moving on to the U.K., it was up 2% overall. As I sort of said earlier, a bit of a mixed result. About AUD 1.5 million was contributed from acquisitions in that segment, in particular the Insurance U.K., Turner-Rawlinson, and Giles Gowles businesses. Organic growth overall in Australian dollars was -AUD 1 million, which was predominantly impacted by Paragon. As I said, some really strong performances in Carrolls in particular. The overall drag of Paragon was AUD 2.3 million, and AUD 3.5 million of that were those three areas that we called out earlier. So the other areas of Paragon are performing nicely. So just moving on to the next slide, sort of gives a bit more detail and some numbers behind the story that we've just touched on. So we'll move on again. Theresia, and I'll hand to Tony to talk a little more about our acquisitions for the period. So as we've said before to everyone, we're starting to look around a bit for startup and early-stage investments. So we're talking about early-stage in the sense of ones where we think there's small amounts of capital at risk, but they've got really, what we believe, really good growth prospects and therefore growth rates. Insurance definitely fits into that. We've now bought both insurance in the U.K. and in Australia. The U.K. has, again, been a good acquisition, but it's in that bedding down phase, as is often the case with early-stage investments. There's sort of a realignment of people and processes that can distract a bit from growing the revenue. That's certainly been the case in the U.K. Insurance in Australia is fitting in well, and we're really confident of what it's going to bring to the business, again, particularly starting in the financial year 2025 once they've been through that bedding down process. A few acquisitions in the U.K. in addition, one in Ireland. We continue to see a very full acquisition pipeline. The same observation as we've made before, that if you had a chart and you plotted the size of the profit and the price earnings multiple on that chart, if they were the two axes, it's a very steep linear line. Where that leaves us, given we're quite disciplined about what we'll pay for businesses, that leaves us focusing on the smaller end. But that's consistent with the way we've built the broking business over a very long period of time, as Josh often calls it a brick-by-brick approach to it. We're seeing a lot of good opportunities both in Australia and the U.K. at that smaller end, and confident that we'll go on finding acquisition opportunities. We've got a number that are well progressed, and we're hopeful will come through in the second half. Next slide, please, Theresia. I talked about the fact that we exited from the buying group that we were a part of during the period. What that's caused us to do is to have a look at whether we can improve our productivity and also mirror some of the levels of service that have been available to our authorized rep network under that buying group. We've created what we call PSC Apex, and we're really excited about what we're finding as we roll out the development and implementation of that. Very significant changes have occurred in the IT industry, as we all know, one of which is the ability to provide services using outside providers to develop those platforms. It's got a fundamentally different cost structure than it might have five or 10 years ago. As we dig further into that, the opportunities for us to develop Apex, to eventually, hopefully, even bypass Sunrise, but to start to increase the productivity in our broking business beyond what was available to the authorized reps as part of the when we were part of that buying group, has been a real eye-opener. As I said, very excited. It's going well. It's running well. And we're starting to talk to insurers about connecting with them directly. We're trying to give you some sort of sense of the idea of the success of that with this slide, with some sense of the volume of work that's now going through that. The other thing I've touched on is the startups and early-stage opportunities. We've just picked out three of these here. There's a number of others that are probably more in the early stage, but we've got two new underwriting agencies that we've started, one in credit enhancement and one in plant and equipment. Both are going well. Again, a drag in the first period because you're employing people ahead of getting the revenue. They're out marketing. They start to build the revenue. They then get to break even and then start to make a profit contribution. There'll probably maybe a small drag again in the second half. That's obviously factored into our forecast, but they'll be good, strong contributors in the FY25 year. Eldn Risk, we own 40% of it. We've got people on the board there. There was a board meeting there. They're well ahead of where they expected to be on customers. The business is, in some ways, a wholesale broker, so you get appointed to the customer base, which are really private equity firms where you're trying to maximize the outcome for them on the coverage of their underlying assets. But each of those assets has a unique renewal date. So once you're appointed by the private equity firm, the revenue flows as those renewals start. So while they're ahead of where they expected to be on client numbers, they are still building the revenue base there. So it'll continue to be a bit of a drag on earnings as it was through this half and will be probably in the second half, but again, that's in the forecast we've talked about. Very bullish about the outlook. The client base aggregate gross written premium for the insurance of the clients that they've appointed is already well in excess of AUD 500 million. So we've got an involvement in the business there with very capable people in a good marketplace, and they've got a good start to the development of their business plan. The next one is just a bit on Paragon. We've always said to you that one of the great parts about SME broking or middle-market broking or the retail broking, as it's called in the U.S., is that it's very stable earnings because what you've got is a mix of clients, and therefore a mix of insurance types. The insurances don't all move together in that there is a cycle. The rates go up and rates come down, but the motor insurance doesn't move at the same time and the same pace as, say, property insurance. And with retail, because of the mix of insurance types and the mix of client types, you're in a very stable earnings environment. We've said the past, we've always got more exposure to rate in terms of its impact on profit, the areas where there's a concentration of classes, and we've always pointed Chase and Paragon for that. Paragon has got a good mix of classes, but it's more concentrated than a retail broker. There's two parts of that business that are facing some rate pressure at the moment. And again, we've mentioned this before. That's both rate pressure and relative rate pressure. So about half of Paragon's book is wholesale and half is retail. That wholesale piece almost all comes out of the U.S. So risks coming out of the U.S. can remain in the U.S. when there's a difference between the rates or the appetite in the U.S. and in the U.K. wholesale markets. And that's been a bit the case in some of these classes, and also the rates themselves are down a bit. M&A is different. There's just been not a lot of M&A activity, so their result is a product of the slowing in M&A activity in the U.K. and the U.S. markets. The M&A have probably the largest pipeline of opportunities that they've ever had, so a very positive outlook there. And the rate declines in cyber have been going on for a couple of years now, and we think they're starting to get to the bottom of those. A great result in the other areas. It's a great business. It's been a terrific addition to the business, and obviously, it's profited up significantly even in this period over when it joined the group. Next slide. B.P. Marsh, we've always asked about that. Finally, the market is starting to recognize the value of the underlying assets. Based on prices over the last week, our holding in that is probably worth double what we paid for it over the five-year period, so the returns are starting to reflect our belief in that area. We're not looking to exit it at the moment, but it is worth noting that it's a business that is performing well. The guys of Brian Marsh, who's the person that effectively is the investment fund manager as well as principal owner of the business, is an outstanding investor, and that's been demonstrated again by some of the realizations of the underlying assets in that business through that period. There may be some fund returns out of that, which would be obviously helpful to our funding position. I'll hand back to Josh just to talk about the statutory net profit reconciliation and cash flows and debt. Thank you, Tony. Yeah, so just touching on the reconciliation between the underlying and the statutory position, Tony touched on a big part of that, the revenue that we exclude from underlying earnings, the fair value on our investments in particular. So B.P. Marsh was up materially in the period. It was about AUD 8.6 million. That's because they've done three very, very successful divestments over the last six months. So as Tony touched on, they'll have the best part of sort of GBP 70 million or GBP 80 million in funding capacity. So there could be well, they're looking at sort of increased dividends and capital returns for that, and the share prices reflected that. Also, we sold three joint ventures that we were involved in for a profit of around a little over AUD 3 million. So that's on the revenue. So in terms of the expenses, just the usual suspects, really, it was AUD 3.6 million of increase in deferred consideration. That's largely due to the good performance of those acquisitions in particular, PSC AMGI, and Turner-Rawlinson. There was an AUD 1.9 million charge regarding the implied option costs on our long-term incentive plan. There was an increase in costs in professional fees relating to our acquisition activity. A couple of ones to particularly call out there is, I think we've said on the record, is saying we had a really strong look at the Honan's acquisition in the first half that completed in November. And probably the other one to call out is the scheme of arrangement with Insurance U.K.. Tony touched on the tax rate. The average statutory tax rate is up to 30% from 27%. That's largely the result of the increase in the U.K. company tax rate from 19%-25% and a slightly higher contribution from the Australian businesses in the period. So moving on to the next slide. Thank you. So the cash flow remains good. So I think, as you'd appreciate, the first half is the strongest sort of seasonal path for cash flow. The operating cash flows were just down a little bit from AUD 57 million to AUD 51 million. The reason for that is timing. There's higher balances in the working capital, in particular, higher cash tax payments and slightly higher receivables that you'll sort of see when we look at the balance sheet slide next. So that's just a timing issue in some of the movements of working capital. If we move to the balance sheet, please. So there's a summary of the balance sheet. So a couple of things to call out. Again, you'll sort of notice between December 2022 and December 2023, the working capital balance is AUD 9 million higher. So again, that lowers the cash conversion, which should unwind and just be pure timing. In the period, we spent AUD 35 million in gross cash on acquisitions and deferred considerations, sort of set there AUD 25 million in net cash because the difference being we purchased some cash as part of the insurance acquisition and got about AUD 5 million from the sale of those joint ventures. But probably the main point on the balance sheet is the group gearing position is strong in the sense that the leverage is low, and we'll have a look at the next slide shortly. But. Sorry. No, that's okay. It's okay. So this is illustrated here. So our leverage ratio is less than 1.5 times, and our stated range is 2-2.5 times. I've just presented a scenario there that we've got capacity, probably AUD 150 million of acquisitions in a hypothetical sense would get us to a leverage ratio of a bit less than 2.4 times. So that shows the strength of the current balance sheet and funding position. If we look at our pipeline now, it's strong, and it looks and feels very much similar to what it has over the last few years. So there's some good opportunities there. Probably an important point to make is that all funding for those can be achieved with our increasing free cash flow in the business and debt availability. And I'll hand back to Tony. So as I said at the start, a really strong result. I think it's a result we're really proud of given that it's been achieved notwithstanding some headwinds, some that are market-driven, and some where we've decided that we're going to invest in businesses to grow, whether that's or invest in startups or new capabilities that initially have a bit of a drag on the underlying earnings. And that's important for us. We've said that we're trying to be more of a three-legged stool with organic growth and acquisitions and startup and early-stage investments. And we're seeing the benefits of that in things like Elden Risk, where we've made a move to get 40% of a business that we think can be a really significant contributor in future years but is a bit of a drag in the current period. The business is in really good shape. It's a strong result. That's an indication of the capability in the business, which continues to grow. We're seeing that particularly in the U.K.. The retail group grows in size and strength, and we've got Pat Miller over there now running that retail area. So he's taken their expertise. He's built in Australia and building a good team inside that. We've got some really good businesses that we've acquired there with good people at the front serving clients, and it's got that same client-first approach that works so well in Australia. So we've got a good result, a strong business, and a consistent strategy that's paying dividends. We've increased the guidance going forward. As I said, that doesn't include any acquisitions we make in the second half, and we've got some that are well-progressed, and we've got a really strong balance sheet. We've got a dividend payout ratio now that leaves us with about AUD 30 million of free cash flow each year. So it's both a good, strong balance sheet and a good amount of retained cash flow to fund those acquisition opportunities going forward. So hopefully, all of that gives everyone comfort that the outlook for the business, both in the second half and for this full year and for subsequent years, remains really positive. Maybe that's a good place to stop and get some questions. Yeah. So if you have any questions, please send them through via the platform, and we shall have a look at them and respond. So one of the questions here is, now that interest rates are high, have you increased the required return for acquisitions to reflect the increased cost of capital? We've tended to be very cautious about how we spend money. We try to be very disciplined about it. We're probably still looking at investments that we're hopeful of buying things in the 8-10 range and are consistently doing that, and some even better than that. We tend to run out of sort of interest if they sort of sit outside or sit above that range. If there's a really compelling reason to be above that range, for instance, they've got significantly higher growth prospects, we'd have a look at it. But we've always taken a view on acquisitions that we think about this as sort of a through-the-cycle cost of capital, and that's reflected in that discipline about the price earnings multiples that we've been paying. We've always felt that interest rates would rise or cost of capital would rise, and we've, as I said, maintained a discipline that allows us to continue really unchanged in that sense about the way we think about acquisitions. The other is that we're very good at integrating them because we're well, we also make the integration task much simpler by that brick-by-brick approach that we're talking about because a lot of this is merging those businesses in and getting people to understand sort of the values, beliefs, and disciplines of our business and getting them to own them and believe them in the way that the existing business does. That's much easier if you're bringing smaller groups of people into a large group who've already got a buy into those values, beliefs, and disciplines, and that maximizes the return from these opportunities. Yeah. I'll just add some color on that. So on slide nine, we've given a little bit of a breakdown of first half's acquisition activity. And to Tony's point, you'll sort of see there on balance, those nine acquisitions that we've made, the average multiple we've paid is right in the middle of the 9x. And that's sort of where we're seeing the market pretty consistently in the smaller acquisition space. The next question is, Paragon, how much premium rates are the measure of what you have, say, to spend? Are you getting used to the best? It's my customer. Can you go right to the top? Yeah. So the next one is seasonality of profits. What's the skew FY 2024 to the second half due to recent acquisitions? Look, it hasn't tended to change much. There's less skew first half to second half in the U.K., but Australia remains skewed to the second half. There's no real change to the split between first half and second half from recent acquisitions, Josh, do you think? No. The second half has always been and remains the higher profitability half for the reasons Tony says, particularly driven by Australia. Again, the acquisitions that are recently done have not skewed that in any sort of meaningful way. The next question is, what gives you confidence on better pricing? Pricing is just really a product of competition. When there's an absence of capital, prices all rise, and there's often an absence of capital because capital's been burnt by big losses. There's a correlation, obviously, between the performance of a class and the capital available, both because capital gets burnt if the loss ratio gets too high and also if pricing gets high, it attracts more capital in. If loss ratios are low, capital is taken out. And there's just a limit to how long that downward cycle lasts. The downward cycles seem to be much shorter than upward cycles. And at least in cyber, that's probably been going on for a couple of years now. So the indication is that it's starting to come to an end. But like all forward-looking statements, that's got an element of experience in it but also an element of a guess. So Paragon, how much are the premium rates declining in those lines? Well, remember, in the lines that I'm talking about, there's two factors that drive the decline in revenue in those areas. One is how much work's coming out of the U.S. into the U.K., and what's the rates that you're getting for that work. The decline in revenue is a product of both of those. But rates in some classes are down by probably 25-30, maybe even in some areas, more. And we're even starting to see that in Australia. We were talking about our D&O cover the other day, and we're expecting to see a material reduction for us here. So yeah, we're starting to see some of the declines that we've seen in the U.K. flow to other parts of the marketplace. Regarding APEX, can you provide any guidance on the magnitude of what you plan to spend? That's the beauty. And I'm sorry if I haven't made that clear. One of the things that we've learned through this process is what you can achieve for the money nowadays is significantly different to what it was 5 and certainly 10 years ago, but even 5 years ago. I think we've probably spent to get to where we want to be, which is effectively to have a process that mirrors the productivity of the Steadfast Client Trading Platform. We've spent less than AUD 500,000. It's probably a bit over AUD 100,000, in truth. Remember that the Steadfast Client Trading Platform has never delivered the same client outcomes as Sunrise just because of the fact that you're going to insurer by insurer, and each insurer will have its own set of questions, and therefore, it's a more granular pricing. And what we've got now is both a mirroring of the productivity of the Steadfast Client Trading Platform and a better client outcome for the authorised reps who are on the Steadfast Client Trading Platform. Our business has never the wholly owned broking business has never been any material user of the Steadfast Client Trading Platform. So the improvement in productivity that's come from the development of APEX should start to flow through to increase productivity in our wholly owned broking business. We'll invest that in trying to grow the rate that we grow our client base, the productivity gains from that. But all of that's being achieved for very modest amounts of money. If we spend another AUD 500,000 on APEX, that'll be a big investment. We're looking at bringing web forms into it to increase the productivity but also to allow us to capture the data that allows us to hopefully create new underwriting agency opportunities or at least better wordings. And we're also looking over probably 18 months, two years. If we can do it faster, we obviously will do it faster bypassing Sunrise. And we're already having some conversations with underwriters where we're going to be going direct probably even over the next six months rather than via Sunrise. So it's something where we're talking about a modest amount of money. But we were talking about this internally. Sunrise charges insurers a lot. If we can capture some of the margin that Sunrise is capturing, we can afford to spend a good amount of money to try and achieve that outcome. We can afford to spend a couple of million AUD to try and accelerate the pace that we move to bypass Sunrise. But at this stage, we're giving ourselves sort of 18 months, two years. As I said, it's probably if you're thinking about the amount we'd be spending, it's probably sort of AUD 500,000. So, what are you speaking about, Sunrise? So the next question is about APEX, and I think I've answered that. The changing conditions for Paragon, again, businesses always come out better of challenging times. You get more discipline back into the business. One of the great John Dwyer lines, and there's lots of them, is the winners are always the people that can stay in the discipline the longest. And what happens when you've got a slight tailwind, which is what a lot of these businesses have had from rates? It's hard to maintain the discipline, the discipline to pick up the phone and prospect or the discipline to service your clients as well as you should. The positive of difficult times or headwinds is that you're forced to get back to the disciplines and make sure that they're embedded in the organization. A simple illustration of that, in Australia where some classes are starting to be flat or come back a bit, and you're needing to continue to recover the same income per client because of the services you're providing, you need to be disciplined about asking to adjust the fees as the commission earned comes down. That's a real discipline, and it needs discipline to see it be effectively executed. So Paragon's been through a period where they've had some tailwinds from rates, and they're now facing the headwinds of rates. They're definitely ending up a better disciplined business as a consequence of that. They're out prospecting harder. They're being more disciplined about how they're prospecting. We're seeing that translate into good client growth numbers. I think client numbers are up about 3% for the period. There's been one of the drivers of the increase in the M&A pipeline is the fact that they're now starting to see some work out of the USA where historically, they haven't had any opportunities coming into that team and therefore the London market out of the U.S. So very confident about Paragon. And in fact, I think in some ways more confident about it going forward, the certainty of growth and the growth in capabilities than I was at the start of the year. What's driving the increase in the EBITDA guidance, particularly since the softer U.K. result? Hopefully, I've given you a sense of that where really, you can see the underlying result is a really strong one, notwithstanding those slight headwinds. So we know that our capability is growing. We know our strategy, which has been consistent through that period, does deliver results. We're really comfortable with the capabilities in the business continuing to grow, and that gives us confidence that we're going to have a good second half. Plus, we've made some acquisitions in the first half, which will flow through to the second half and that weren't factored into the original guidance. Well, yeah. And just on that, we're ahead of our internal budget. So none of this in the period has been a surprise for us. And given we're slightly ahead of our internal budget, that gives us that confidence as well. Just, there's a question. I'm just checking. Yep. We've spent less than AUD 500,000 on APEX to date. Just to add some color to that, to Tony's point, it's minimal upfront CapEx. And the commercial driver for our partner there is there's an ongoing expense in the AUD hundreds of thousands to support that. So that's the main sort of commercial driver for our vendor there as opposed to the corporate recovery. Yeah. To be fair there, Josh, there's always an expense we're dealing with, anybody, Sunrise included. Yeah. That's right. Yeah. That's right. So That's right. So That's right. So the next question is, does the rise in interest rate change your view of acquisitions? I think I've probably answered that. I mean, we've been blocked out of most larger acquisition opportunities by the price other people are prepared to pay. So it's not that we're not seeing opportunities or that we'll be prepared to pay the price we think is sensible for them or that our price has got more conservative as interest rates have gone up. As I said, we tend to price based on a through-the-cycle view of the cost of capital. The issue is that just the pricing continued to get crazier and crazier. We had a good look at Honan's and just couldn't get to the price people were paying. As I said, you think of it as a chart: the size of the profit and the price earnings multiple people are paying. The larger they are, the bigger the price earnings multiple people pay for it. So we're very comfortable that in the size acquisition opportunity that our strategy drives us to, that brick-by-brick approach, that there's lots available for us at a price that fits in our sense of what an appropriate price is. And that's not to say our strategy is the right strategy. It's just right for us. And each of the listed Australian businesses and the ones that operate around the world have got a slightly different focus. Ours is very definitely client-first. The most important people for our business are our clients. The most important people in our business are those serving clients. And that means that when you're merging a business in post-acquisition, you've got to get, as I said, the values, beliefs, and disciplines that are driving our success to be bought in and owned by the new people that are joining the group. And doing that step by step or with small groups of people is a lot easier than larger acquisitions. So it sort of works for us that we're pushed back to that end of the marketplace anyway. If you look across the sector globally, there still does remain great demand from institutional investors for this asset class. I think that's a reflection on the quality of the industry and a lot of the great economic fundamentals that it has. In our experience, that probably hasn't changed a lot over the last six months, Tony. I still think there's a lot of capital looking for a home in the industry, which to Tony's point, particularly at the large end of acquisition, has really pushed up the pricing. I think the other thing that that touches on, a lot of you are shareholders in the business because of the attributes of the business. Each of the players in the Australian listed marketplace have got a slightly different approach. Ours is very much, as I said, we're running it's a broking business led by brokers and driving to produce great outcome for clients. We think that our approach produces great results in a really good industry. My guess is there's a number of our investors that are picking us possibly for that but also are involved in the industry because inherently, it's just a very good industry. It's stable. It's a business essential. It's therefore got recurring revenue. It's a value you're providing to the client in a very transparent way. You're helping them get rid of risks that are uncomfortable for them or constrain them. So it really is a great industry. Our result in this period is a testament to the quality of the industry as well as the quality of the execution by us, that notwithstanding that we've got some of those small headwinds I've talked about, we're still able to grow EBITDA by 12% in the half. There's a question on whether we announce small acquisitions. We don't. We just found that it's the value to shareholders in doing it as we do them rather than sort of updating them at the half-yearly has just caused us to sort of focus on doing it each half-year. That's it. So I feel like that's all the questions. So probably a good time to wrap up. And I feel I'm laboring it because it's such a simple message. We just have to keep coming back to it. We've got a very clear understanding of what we do, a very clear understanding of what works. And we think it's a great strategy that's generated a lot of shareholder value consistently over a long period of time. We've continued to do that. We're focused on being a great three-legged stool in the sense of driving that growth into the future, acquisitions, organic growth, and startup early stage. The first half has gone really well. The second half is looking positive. And the aggregate of those two for the full year provides a great foundation for 2025. We're expecting to continue to deliver to shareholders great returns looking into the next few years. Thank you all. I think that's all the questions. We look forward to catching up with a lot of you over the next few days. Thanks very much for your time. Thank you. Thank you.