Thank you. Thank you to all for joining our results call. I first wish to acknowledge and pay respect to the traditional custodians of the lands on which we operate, live, and gather. We would like to also recognize our continued connection with country and culture, and pay respect to elders, past, present, and emerging. Thank you for joining myself and Silk's CFO, James Nicholias, in both of our first full result presentations in our new roles. I'm very pleased with the FY 2024 result and broader Silk team have achieved. As you may recall, as we head to our financial highlights. Thank you, Mel. As you may recall, heading into FY 2024, we had flagged that the period in front of us would be met with a shift in sentiment, moving away from the pandemic mindset of just in case, back towards a just-in-time approach. This shift resulted in a rapid decline in customer inventories as customers corrected their stock holding positions. Despite this, Silk continued its trajectory of growth, underpinned by its national integrated service offering, delivering revenues of AUD 556.4 million, a pleasing 13.9% increase on the prior corresponding FY 2023 period. In another pleasing result, our most recent acquisition of the Secon business performed ahead of expectations and delivered AUD 59.5 million of revenue for the 10 month period under Silk's ownership. Silk's business model continues to demonstrate resilience in the face of external global conditions, and our customer base remains diverse and strong. We delivered an 11% increase to underlying EBITDA to AUD 95.4 million, and achieved underlying EBIT of AUD 34.8 million within consensus in the financial year. While this was slightly lower than FY 2023, the business continued to show great resilience in adapting to the changing and challenging environment. As warehouse storage volumes declined in FY 2024, we turned our focus towards warehouse productivity and delivered record handling margins. This has set a solid foundation for our warehouse operations for the year ahead. We finished FY 2024 with underlying NPAT of AUD 11.5 million. And amidst a year of ongoing challenges and following the acquisition of Secon, we ended the year with a resilient balance sheet, with cash reserves of AUD 27.2 million. Our net asset value for FY 2024 was AUD 82.4 million. The Silk business continues to generate cash, and while slowly, slightly lower than FY 2023, the financial year saw strong cash generation, with cash to underlying EBITDA of 131.1% pre-CapEx. Operationally, we continue to focus on driving efficiencies. Our container hardstand area reduced by 17% to 295,000 m2 as a result of optimizing our port logistics property portfolio. This included exiting sub-optimal leases and realigning the use of our Fremantle sites. As a result of the Secon acquisition, the total warehouse area increased by almost 20% to 505,000 m2, and pleasingly, billed containers increased by 14.9% to 331,000 containers. Billed consignments reduced to 69.900 in FY 2024. As foreshadowed, average leased occupancy reduced to 75.1% in FY 2024. However, pleasingly, we're now observing improving signs in occupancy, and at the end of July, occupancy has improved to 76%, excluding our recently opened Kenwick site in WA. We continue to prioritize safety in all we do. Over the past 12 months, our commitment to safety has improved our lost time injury frequency rate to an industry-leading 1.65. The success of our business is because of the values we impart in our business. This year, we increased our total workforce by 20.5% to 1,878, and we continued to diversify our workforce. Of significance, over the year, we added Secon to our national port-to-door offering, adding increased capacity to our western corridor of Melbourne. We added a new site in WA throughout the year, rounding out FY 2024 with 46 operational sites strategically located across the five states. Importantly, Silk remains the only national integrated port-to-door logistics provider. The achievements. Our commitment to our customers and ability to adhere to service levels and our time-certain approach has underpinned our growth. Pleasingly, this was demonstrated in our Net Promoter Score, which has improved to a + 20, compared to + 2 in the prior financial year. The business development team, now led by newly appointed Chief Customer Officer Sacha Vasiljkovic, delivered annualized new business wins of AUD 55.7 million. Importantly, the business also saw an 11.6% increase in trading customers. Contracted recurring revenue grew to AUD 425.5 million, and 84% of our warehouse revenue comes from contracted customers. Importantly, safety and ESG remain a priority for the business as we continue to grow sustainably, and I'm proud to announce our new Kenwick site in WA was awarded a six-star green rating. As we work towards our growth targets, a key area to achieve efficiencies is via our technology. This year, we developed phase I of our web-based control tower portal and developed a data service layer, which connects to our core systems and includes API capability to allow customers to self-service. Additionally, we upgraded our private cloud footprint, resulting in a reduction of our carbon emissions and ensuring high levels of redundancy and security across all of our core systems. To the Secon business. We successfully completed the acquisition of Secon in the first half of FY 2024. Pleasingly, this business is exceeding expectations, and our strategic intent to grow a complementary bulk container logistics platform is well and truly on track. As mentioned earlier, Secon's 10 month contribution this financial year delivered AUD 59.5 million, and we believe there is an opportunity for Silk to capitalize on the latent demand in this bulk container logistics market. Within the first 10 months of ownership, we've successfully launched our national bulk container logistics offering under the Secon brand into Sydney, Brisbane, and Perth, and pleasingly, in June, we began servicing our first national customer. As noted in previous communications, we anticipate the Secon growth opportunity to be upwards of AUD 100 million in the near term. This will, however, require some capital to unlock in accordance with our asset-light strategy. Over the year, we invested in automation to support a competitive proposition for customers, and pleasingly, their response has been very supportive. We are excited by the opportunities we are observing in this bulk space and believe we are on track to yield the benefits from Secon with a strong pipeline as we enter FY 2025. Excuse me. ESG. We continue to progress our ESG roadmap. This financial year, we established a working group to advance on-ground initiatives that deliver improvements and promote our environmental strategy. Notably, we've invested in high-productivity vehicles and improving travel efficiencies. We've installed solar across four sites and introduced lithium batteries into our materials handling equipment in our new Western Australia site. As touched on earlier in our key achievements, we've added this new site in Kenwick in Western Australia. In line with our environmental strategy, we invested in a six-star green rating. Kenwick received this classification this month, in August of 2024, and will join a very small and select group of only 15 sites within Australia which have achieved this rating. The site includes solar, low water usage fixtures, EV charging stations, and other environmental efficiencies. The site supports continued growth in the business, resulting in additional capacity in WA market in a strategically positioned location. Importantly, Kenwick is on the intermodal rail head, enhancing the delivery of our port-to-door solution. We continue to advance our ESG program, and Kenwick highlights our ability to achieve the pillars in our environmental roadmap. As we grow the Silk business, we remain focused on progressing this important part of our strategy and staying abreast of innovation. As noted earlier, the sector has seen a shift back to just-in-time. However, it is worth noting that the intensity that came from the movement away from just-in-case to just-in-time has now stabilized. This is being observed with greater stability in our warehouse utilization and steady volumes through our port logistics businesses. While we've seen an improvement in the second half of this year in port volumes, there remains global supply chain challenges that may impact the current trend in the upcoming year. However, as we have previously demonstrated, we continue to be well-placed to weather uncertainties through our diversified customer base and our variable cost model, and James will talk to more of this shortly. One of the headwinds being felt across the sector is a shift in the property rental market, with lease prices increasing substantially. This may have an impact for Silk in FY 2025, as some of the sites renewed are renewed at market rates. We expect some short-term pain from this as we work with our customers on contract renewals. However, we are confident in the strength of our customer base and our ability to recover these costs, if not immediately, then through subsequent years. Importantly, the key is customers are choosing to stick with Silk, and we continue to manage our relationships very well. Pleasingly, several blue-chip go-global customers affected by lease renewals have already recontracted with Silk. I'll now hand over to James. Thank you, John. Firstly, I'm pleased to report that revenue, underlying EBITDA and underlying EBIT is in line with our previous guidance provided back in February 2024, when we released our first half 2024 results. The last 12 months have reinforced the ongoing resilience and agility of Silk's operating model during a period of mixed trading conditions, as discussed by John. The FY 2024 reporting period was a clear demonstration of our sustainable performance, which delivered the following key results: Revenue of AUD 556.4 million was up 13.9% on PCP. Underlying EBITDA of AUD 95.4 million was up 11% on PCP. With underlying EBITDA margin at 17.2%. These strong results at EBITDA and EBITDA margin level show Silk's ability to leverage its variable operating cost model and to respond quickly to market conditions. Certainly, a pleasing set of numbers in a challenging environment. Underlying EBIT, at AUD 34.8 million, was down slightly from AUD 35.5 million in the PCP. This was primarily due to higher depreciation charges associated with either new or renewed leases entered into since the PCP, or depreciation associated with leases and assets from the acquisition of Secon during the current period. These higher depreciation and amortization charges, together with interest from lease accounting, in turn contributed to underlying NPAT and EPS being down on PCP. We closed the period with AUD 27.1 million in cash after paying an FY 2023 interim dividend of AUD 0.0282 per share, totaling AUD 2.29 million. The FY 2024 final dividend has been declared at AUD 0.0142 per share, providing an annualized dividend yield of approximately 3.1%. Our overhead at circa 7.5% of revenue, down from 7.9% in the prior year, benefited from a disciplined focus on costs and the continued integration of the Secon of our acquired businesses. Turning to Slide 13. The current period highlights the strength of our business model. The asset-light variable cost base, where we can pull levers across our business, along with cost recovery mechanisms, allows us to recover those increases from our customers, combined with new business, which gives us a very resilient, robust business model. This is evident on this slide when we look at labor, our mix of subcontractor and company fleet, and our casual equipment hire, where we stand down equipment such as trailer fleet on a day's notice at no cost. It goes to the resilience of our business model, where we have, firstly, balanced resources. We maintain cost-effective resources while leveraging flexible labor and equipment to adapt to changing volume demands. Optimized operating leverage. This strategy maximizes fixed cost efficiency, enhancing profitability and operational agility, responding to challenging and changing market conditions and long-term value. By staying adaptable, we mitigate downside risks and capitalize on growth opportunities, driving sustained shareholder value in the long term. Turning to Slide 14. Here we present a reconciliation of statutory to underlying earnings for the period. The key reconciliation items during the period relate to M&A costs associated with the acquisition of Secon, discontinued site costs, primarily related to Kemps Creek, restructured costs within the group, and depreciation, amortization, and interest on fair value uplift of acquired assets and liabilities associated with the purchase of Secon. Turning to Slide 15 and our segment results. Firstly, port logistics. Revenue growth was AUD 78.9 million, or 27.6% versus PCP. This consisted of AUD 59.9 million from Secon acquisition from the 1st of September 2023. AUD 5.7 million from an extra two months of FFS in 1H 2024 compared to 1H 2023, and organic revenues up by AUD 13.7 million, in line with the trend in bulk containers across the period. It is worth highlighting that our acquisition of Secon in September 2023 is another important advancement in the group's national integrated port-to-door service offer, by further expanding our bulk logistic capability along the eastern seaboard and providing bonded warehousing services. Bulk container volumes increased by 14.9% this year, and we remain focused on value over volume, exiting lower yield customers to focus on customers seeking long-term relationships, securing new sustainable revenues, executing a diligent yield program to pass through rising input costs, reducing congestion and restoring operating efficiencies, and improving safety across all our sites. Average revenue per container increased to AUD 1,099, including Secon, from AUD 990 in the PCP through the aforementioned measures. Looking now at contract logistics. Our contract logistics segment delivered solid revenues in a challenging environment that were down on the PCP by 5.5%, despite warehouse utilization being down 13.9 percentage points and bulk consignments being down by 17.9%. EBITDA margin expanded slightly to 23% from 22.7% in the PCP, principally due to continued operational improvement in warehousing. At an EBIT level, the margin compression was primarily due to higher depreciation charges associated with new or renewed leases entered into since the PCP, as noted earlier. Revenue in contract logistics was down AUD 11.1 million, comprised of warehousing being down by AUD 1.9 million, offset by, and distribution being down by AUD 9.2 million. Our Silk leased warehouse average at capacity increased to 253,000 pallet spaces from 242,000 spaces in 1H 2024, as we continued to manage our operating footprint and introduce K2 into our network. Leased warehouse occupancy averaged 75.1% in the current period versus 89% in the PCP. The current period was characterized by the industry-wide inventory adjustment as customers transition to just-in-time stockholding levels from the COVID-19 impact just-in-case levels. This transition commenced in the second half of the previous financial year and continued throughout the current period. Turning to Slide 16. We maintained revenues despite lower volumes during the period. Our revenue growth is comprised of both organic and inorganic sources. Acquisitive revenue was AUD 59.5 million from Secon during the period, as noted earlier. Secon is performing ahead of expectations and will be a key lever for future growth in the group. Organic growth was up AUD 13.7 million in port logistics and down AUD 11.1 million in contract logistics on PCP, primarily due to the volume trends in each segment noted earlier. Pleasingly, total customer trading customers continued to increase during the period to 635, and there were also 71 new business wins, which are expected to generate AUD 55.7 million in annualized revenues across all service lines going forward. Our cost recovery and yield management program across warehousing and transport customers also remain disciplined, well-communicated, and timely. Turning to Slide 17. Here, we provide a breakdown of our revenue by customer market categories. Importantly, it highlights that Silk's sustained customer-centric focus has directly led to long-term relationships and growth in these resilient end markets, including 8% year-on-year revenue growth from Silk's top 20 customers, an average tenure of 7.27 years with contracted customers, and 95% of revenue was generated from existing customers in the period, demonstrating the stability and recurring nature of our revenues. It is also worth highlighting that we have significant opportunity for integrated cross-sell across our customer base, with a large proportion of them currently using a single service only. We are very focused on this and are actively working to grow our share of wallet with our customers. Turning to Slide 18. We closed the period in a very healthy position with cash of AUD 27.1 million and borrowings at AUD 50.9 million. Finance leases were AUD 8.9 million, and there were bank guarantees on issue of AUD 19.8 million. Therefore, our net debt per the balance sheet, measured as borrowings and finance leases, less cash, was AUD 32.7 million. Corporate debt increased by AUD 24.7 to AUD 48.5 million in the period to fund the acquisition of Secon and the final consideration for the acquisition of FFS. Our net and gross leverage ratios are 2 x and 2.8 x, respectively, and debt serviceability is well within our banking covenants. These ratios are in line with our expectations following the acquisition of Secon during the period. We also continue to maintain discipline with working capital, and it remains a focus for the group. Looking more broadly at the balance sheet, it is worth highlighting that it now includes the assets and liabilities from the acquisition of Secon. During the period, we completed the purchase price allocation for Secon, where we recognized intangible assets of AUD 16.6 million across customer relationships, brands, and leases, and goodwill of AUD 18.4 million. Further details are included in our financial report. Turning to Slide 19 and cash flow. Cash generation, measured as free cash flow, as a percentage of EBITDA less lease payments after CapEx, was 101.2%, and was higher than the PCP, primarily due to improved working capital outcomes. Working capital continues to be well-managed and focused with proactive management of debtor and creditor terms. Our retail customer exposure remains low as a percentage of our total portfolio. CapEx was higher this year than PCP and is prudently managed to ensure it drives improved safety outcomes and incremental returns in line with our asset-light capital CapEx funding strategy. I will now pass you back to John to take you through our strategic outlook. Thank you, James. In terms of growth initiatives, as we look to the future, we're committed to executing on our growth promise and remain committed to our revenue target of AUD 1 billion. Our growth strategy is underpinned by the five pillars you can see here, and we remain focused on our ability to respond to our customers' needs. Our Control Tower brings our integrated port-to-door business to life. It offers customers unique value and makes it easier for them to do their business, control their supply chain, and manage costs. We're rolling this out in our Port Logistics segment in the first half of FY 2025 and expect to have it progressed across the rest of the business at the end of this financial year. We continue to focus on our integrated service offering, and for FY 2025, we've implemented target account plans and setting KPIs for each of our account managers to drive this opportunity. Over FY 2025, bulk logistics will be a key focus. We plan to leverage the momentum within the current industry dynamics and our new national capability to grow this segment. We are focused on driving efficiencies through optimization across our portfolio of sites, assessing and executing consolidation opportunities where sensible in exchange for higher quality, more efficient sites. We see particular opportunity in Western Australia and Victoria, where we have had significant growth in recent years. Finally, we will drive operational efficiencies through system deployment and unlocking synergies from our acquisitions to date. Currently, our focus is on rolling out a consolidated transport management system to deliver untapped operational efficiencies in our port logistics segment, particularly in Victoria, as we harmonize our acquisitions to date. Additionally, we are implementing a new 4PL system to support our ambitions in distribution and consolidating our core operational platforms to synchronize our systems across all of our brands. In terms of outlook, over FY 2025, we expect to continue to deliver on our track record, delivering solid revenue and EBITDA growth in FY 2025, subject to no further adverse changes in economic conditions. I am confident Silk's management team to continue to deliver new business wins and drive cross-selling opportunities through a greater share of wallet, especially as the only leading national port-to-door logistics provider. Organic growth will be the focus for the next 12 months, particularly in the bulk and fulfillment segments, where we see significant opportunity for growth. We'll continue to invest in our technology stack while investing in and expanding our acquisitions as we work towards our strategy to reach AUD 1 billion in revenue. That brings us to the end of the presentation. I'll now hand back to you, Mel, for any Q&A. Thanks, John. Firstly, our first question is from Ian, but before I start, a reminder to everyone, you can submit your questions via the box at the bottom of the screen. Ian says: "Congrats, John, on your appointment. Well deserved. Can you please advise what the business is doing to improve the share price, which has been down over the last 12 months? Given all the good results, one would think an improvement from the market could have been expected. Hello, Ian. Good to hear from you. I haven't seen you for 12 months, and I'm sure I'll see you later in the year as well. It's a question that confounds us, Ian, ourselves. We're doing everything we can on this side to improve the share price. We see the business fundamentally undervalued. Any metric you look at versus the results, versus our track record since listing the business, would say the business is significantly undervalued. On that basis, we continue doing what we're doing, and you know, we've since listing this business, we have, in effect, doubled our revenues, doubled our margins, but we haven't seen that flow through to share price. It's perhaps a question better for some of our brokers in the market, but look, we, we're just focused on growing the business, Ian. That's our key focus. We'll continue to enhance, develop, and grow our acquisitions to date. We're investing in technology, and frankly, the track record over the last three years since listing, and indeed, the track record since we acquired this business, Brendan and I, back in 2014, speaks for itself. Thanks, John. Our next question is: could you please comment on margins on contract renewals, and are you facing any pressure there? No, the margins on contract re-renewals at this stage are holding up. We have recontracted two customers, as I spoke to in the presentation, that were affected by significant lease increases here on the east coast of Australia. And we did that in a very open way with those customers, and we maintained our margins through it. In one customer, we achieved the lease recovery in year one, and in the second customer, it'll be over a two-year period. So, margins will hold, although recovery of lease costs may be over a medium-term period, as we say, two or even three years, as we look forward. At this stage, margins are holding up. Thank you. Our next question was: given that organic growth was just 4% this year, do you expect FY 2025 to be in the same ballpark? Let me take that one. Yeah, I'm just thinking it was below the 4%. We've got a great opportunity ahead of us. We are expecting solid growth. As John said, our core focus next year will be on organic growth. We've acquired Secon. Secon is now within the fold of this business. So there'll be a cycling of two months of inorganic growth, effectively from Secon, given it was only acquired from the 1st of September. But the focus of this business, and John's highlighted some of the recent contract renewals there, we're expecting a substantial and solid organic growth, and that is our core focus next year. Within the bulk segment, where there is a pipeline there of AUD 100 million, pleasingly within bulk logistics, we've already secured two substantial national accounts. One came on in June, and one has come on in recent weeks, and there is further opportunity there. We do have to invest in the Secon business, so I would expect organic growth to be higher in FY 2025. Thank you both. Ian has another question. He just says: "It appears that the appointment of a new CPO is taking a while. What has been the key reasons for the slow appointment, and is there any negativity being seen by applicants about Silk? W as that a CCO or a COO, Mel? CPO. Oh, yeah. Thank you, Ian. No, we've changed some of the structure at the senior leadership level within the business, and perhaps I should explain that. It's a good question. Since I was appointed into the role as CEO on May 2022, we've made some slight changes within our senior leadership team. James and I are both new in our roles, as we said earlier in the presentation. Our former COO, Dani Aquilina, is now looking after corporate services. Corporate services, Chief Corporate Services Officer, Dani's role incorporates P&C, so it picks up our people and culture, P&C. It also picks up our procurement strategy, and strategy alignment across the group, and it's a very important role. These are functions that, over the years of growth, we have traditionally, partly or in full outsourced, and I've now felt that that is better to bring those in-house under Dani's leadership. In terms of her former role as Chief Operating Officer, I've appointed Stephen Fanning to the role of Head of Operations, and all of our operations now report through to Stephen as head of group Head of Operations across our port logistics, contract logistics, segments within the business. Furthermore, Dani has appointed a General Manager of People and Culture within her team, and that Sharron Gammon has moved into that role. Sharon's been with the business for a number of years and will now take on a more fulfilling role, I suppose, in terms of general management across all of our people and culture. I hope that answers your question, Ian. Thanks, John. Steve Mabb from the ASA says, "John, congrats taking on the role, and I hope Brendan is doing well. What has been the biggest surprise now that you are in the CEO seat, and what, if anything, are you planning to do differently to Brendan? Hello, Steve. Look, first of all, I think it's fair to say that you know, Brendan and I have been colleagues, buddies, mates for a long period of time, so the transition for me into the CEO role, I'm confident, and certainly my team are giving me that, the feedback is that has been seamless. We do have different styles. I've made those small changes within the senior leadership team, but they're not driven so much by Brendan not being here in a management capacity these days, more around the growth of the business and the direction we're going. I think it's fair to say, Steve, that FY 2025 will be somewhat of a year of just focusing on what we've done over the last couple of years. As we come out of COVID, we've got lots of opportunities in our recent acquisitions. 101 Warehousing is doubled in size since we acquired it. Fremantle Freight's got a lot of opportunity in container logistics, bulk logistics itself in Western Australia, and some property synergies to be driven through. And we've spoken about the enormous opportunities in Secon. So perhaps not a lot different, but more focused in the current year, or this current year, around growing organically. Thanks, John. And further to that, Steve has just asked, "The theme of the annual report and presentation is very focused on revenue growth and the five-year plan. The profit commentary is very focused on underlying profit rather than statutory. Can you comment on what is most important to the leadership team going forward, revenue growth or profit growth, and why? It's both, Steve. Absolutely both. I mean, we have prided ourselves on, you know, the time-certain offering and that we work with, you know, a customer base that is not only very loyal to Silk Logistics Holdings, but continues to grow with us. And indeed, our top 20 customers, I think, we've grown by 8% over the last year. We've maintained margins. Margin is a focus. Our business development account management teams are focused on margin. We won't give away margin unless it is strategically sensible. For example, a national customer or a customer growing into other service lines, we may give up a little bit of margin for a greater revenue there, but it's over a bigger pool, and we are talking small percentage points in that respect. But margin remains a focus. We will not be driving revenue for revenue's sake, to achieve a AUD 1 billion target. Thank you. The next question is, "Congrats on the big improvement in the Net Promoter Score for the year. What do you put that improvement in customer satisfaction down to for the year? And can you leverage that to bring on some new customers and refill some of the underutilized warehouse space through word of mouth? Thank you. I'd like to say the previous Chief Customer Officer is all the reason for the improvement in Net Promoter Score, but I won't. No, look, to be fair, obviously, NPS coming out of COVID was perhaps not where we would have ideally liked. So there's going to be some uptick as you refresh, refocus your business in terms of your Net Promoter Score. Long-term customers, though, you know, we continue to recontract customers, and we've lost very little, you know, in the 10 year, 11 years of ownership now and, you know, three years as a public company. Absolutely, it is a lever for growth within our business. And that's why we're investing in our technology. Our Control Tower, which will allow customers to be able to, you know, connect to our own portal, manage their own inventory levels, make their own inventory decisions with or alongside us, is absolutely important. And, you know, we see lots of opportunity in growing there. As the world moves, we've seen a you know, a greater focus on ESG. Our Kenwick site, its six-star rating is important. There will be customers that will see and move, and move towards that, that Silk is driving a strong ESG platform. You know, we promote ourselves to the larger corporate FMCG, blue chip-type customers. You know, we're pleased that this business has maintained global customers, big brands, across our whole network, and we see further growth in that. Thank you. Our next question has come through: What's the thinking around the capital requirement to unlock the growth you see in Secon? Have you got a sense of timing and quantum? Yeah, look, in terms of the capital requirement, there's, as we've noted here, there's great opportunities ahead of us in that Secon space, in that bulk space. And we're very focused on leveraging the Secon brand, leveraging that business on a national basis to take advantage of those opportunities with customers that operate nationally. That is gonna be a core focus for us next year. We've already commenced the process. We've looked at rolling out the Secon business across other states outside of Victoria in the financial i n FY 2024. And we'll be looking to invest in capabilities to deliver for customers during FY 2025 and FY 2026. Thanks, James. We're down to our last couple of questions, so a reminder, if you have any questions, please feel free to type them into the box. John, distribution has been a weak link in profitability over the past year or two. Can you comment on industry dynamics and what steps Silk are taking to improve returns from this part of the business? Thanks, Mel, and that's a good question and a fair question. It has been disappointing for us. One of the, you know, for those that have been shareholders for some time in Silk Logistics Holdings will know that we've been trying to build out or seeking to build out our distribution business by acquisition. And we've been close on a couple of opportunities over recent years, but not quite got there. What we have done is in recent months, we've taken the view in the business that now we will go back to our 4 PL distribution strategy. And what's that? That is required is a half a step back to take a couple forward, and we're going to enhance our IT and transport management systems to deliver a sustainable four-party logistics platform. What we are seeing, after consultation with a number of customers, and we spoke about share of wallet in this presentation, is that a lot of our larger customers would prefer a 4 PL model, model that has the right system, architecture, and connectivity, such that they can select, alongside us, the right carriers for the right locations for their distribution across the Australian market. So we've taken that advice. We have worked and are working with an improved system, which we are rolling out this year in terms of our four-party logistics space, and improving our share of wallet targets with our current customer base. So we see a significant opportunity over FY 2025 and through into FY 2026 in the growth of our distribution portfolio. Thanks, John. Can you talk about your thinking regarding debt, given the significant increase in net leverage? Yeah. No, thank you for the question, so we announced today that we have a net leverage of 2x EBITDA on a pre basis. That follows the acquisition of Secon during the period, so the primary reason for the increase this year is the Secon acquisition, which is obviously delivering great results for the business and is a key lever for growth going forward, so we're very comfortable with our current debt position, and really, it's increased following the acquisition of that key lever of growth for us going forward. Thanks, James. And we've just got a next question on lease payments. Can you speak to expectations regarding lease payments in FY 2025? How much do you expect this line item to increase by? Yeah, that's a good question. As John noted earlier, we've got, you know, we've got a number of properties that come up each year for lease renewal. We have a number of those across the eastern states next year, a handful of those across the eastern states next year. There are increases that will kick in from across the period, some in the first half of this year, some towards the latter half of this financial year. There would be an increase of a few million AUD in those lease costs in FY 2025. Thank you, James. That looked to be the last question that we have. If anyone does have any questions that they'd like to submit, my email details are at the bottom of the release, and you can send to me directly. John and James, I'll pass to you for final comments. Thank you, Mel, and thank you to everyone that has attended this short presentation today. Appreciate your support. Thank you. I'd also like to acknowledge and thank, you know, our board of directors, our employees, all the staff within the Silk business. It's been a solid but tough year in FY 2024, but the outlook is promising. I can assure you of that, and we look forward to a strong FY 2025. Thank you very much. Thank you.