But basically continuing to roll the model. Over 20 successful acquisitions now, including the Boltons and the first disposal this year we've made of Premier Olympic, which we're very pleased with. In terms of how we operate, just to recap on that again: we have 2 divisions that we're operating currently. Embedded Engineering and B2B Manufacturing. As we are growing, we'll probably break down our Embedded Engineering operation into some more sector-focused areas. Which gives us a benefit of being able to scale and continue to drive the growth through acquisitions in a manageable way. Our B2B Manufacturing businesses predominantly focused on aerospace, precision engineering, seals, and printing, we're continued to expand that model, and we have complementary targets that we're looking to put into manufacturing. To replace Premier Olympic, and similarly on the Embedded Engineering side, we've got a lot of good prospects that we're looking to add into those segments that you can see, and continue to grow the segments as well. That's not the only areas we're targeting. We'd like to get some presence in other infrastructural sectors, and we're confident we can do that in the medium term. But the model we think is eminently scalable, the costs of scaling at a group level, we don't anticipate are going to be significant blocks any future development of the group and the scaling of the group overhead will be incremental rather than significant blocks as we saw when we carried out the IPO. So quite comfortable with the model, and pretty pleased with the performance of it so far. Excuse me. In terms of the end markets, I think you've seen the sort of directional end markets that we're in. By design, what we've tried to do is make sure that we're not overly concentrated in any market. What we're trying to do is make sure that we've got good diversification, which brings with it resilience. So if we do see movement in markets, it doesn't have an over-leveraged impact on the whole performance of the group. Some of you know the CP7 rail infrastructure challenge that a lot of the service providers had a couple of years ago. Impacted on some of our rail activities, but pleased to see we're seeing that come back now. Both in rail and also associated HV sectors of private networks. But then, if you look across the 7 groups there that are not classified as other, they're accounting for about 65% of our overall revenue and exposure. So and it's reasonably distributed across those 7 groups. And we don't see any reason to change that. We may see some movements through projects and through organic growth and acquisition, but we're not proposing to fundamentally change the sort of distribution of activity that we've got in the group. The benefit it provides is the resilience for some of the issues that we're seeing in the world and in our markets at the moment. So we're keen to keep that. So what I'll do now is pass over to Siobhán to take you through the half one financials. And then we'll drop into some case studies and more details on the acquisitions that we've done. Great. Thank you, Hugh. Good morning, everyone. Over the next couple of minutes, I'm going to take us through some of the key financial slides, which will cover off the financial performance and the financial position of the group, particularly for the first 6 months of 2026. I'll begin with the headline financial performance, moving on to the balance sheet, focusing on cash flow, and then we'll conclude the session with looking a little bit at the performance of the group over a longer-term period. So starting with the key financial performance metrics, the group has continued to deliver strong revenue growth for the first 6 months of the year. Our total revenue is up there to 42.4 million in the first 6 months of 2026, which represents a 33% increase on the prior period. This growth was delivered across both of our divisions, in particular we had a very strong performance within Embedded Engineering. The growth there increased over 68% to just over 24.4 million, in the first 6 months. That came off the back of significant contract wins that we had within that division, and alongside this we have seen our B2B Manufacturing division increasing also, up to over 18 million in the first 6 months. Looking then at our growth profit margins, within Embedded Engineering we have seen a decline in the first 6 months of the year when we compare it to the first half of 2025. This is directly related to a one-off renewables project that we'd done within EMC. It was a very significant project for the group. We took it on within 3 months of acquiring EMC. In 2025, it was very profitable for the group. However, it has led to a decline in our margin within that division. However, if we exclude this from our analysis, we can see that actually our margin overall has remained stable at just over 38% when we compare it to the same period last year. Importantly, this growth has translated into positive earnings growth. Our adjusted EBITDA is up to 4.7 million for the first 6 months of the year. Alongside this, we completed our first disposal for the group. As Hugh mentioned, we disposed of Premier Olympic, which was a part of our B2B division, in at the end of June. This had led to a significant profit on disposal, which has contributed to our increase in the net profit after tax. And similarly, a corresponding increase in our earnings per share at the end of the period. If we move on then to our financial position at the end of June, you can clearly see that our balance sheet has strengthened in the first 6 months of the year. Our cash has significantly increased following the disposal proceeds we received from Premier Olympic. As a result there, as Hugh mentioned, we have seen a reduction in our net debt. Down from 11.3 at the end of December to 2.9. The other significant movements we can see on our balance sheet is a reduction in our fixed assets, our intangibles, and our inventory. These are all directly related to that disposal of Premier Olympic and also the acquisition that we've done in the first 6 months the acquisition of Grid Core. Alongside this, we have seen a reduction in our deferred consideration balance there. We paid in over 1.2 million in relating to obligations we had for WJ and EMC, which were acquisitions that we've done in 2023 and 2025. So overall, at the end of the 6 months, very pleased to see that we have strengthened our balance sheet significantly and have strong cash position going into the second half of the year. Moving then on to the cash flow. As I mentioned, our cash has increased over 5.2 million, under in the first 6 months of the year. The key drivers of this increase is coming through from the proceeds, as I mentioned, up in Premier Olympic. And we also had a seller's contribution received from the acquisition of Grid Core. Key movements within our outflows from operating activities. We do have a working capital movement of over 4.2 million in the first 6 months of the year. This is coming through from both our continued and our discontinued operations. The primary movement here we can see is an increase in our receivable balance in the first 6 months. This is very much a timing effect relating to the revenue earned in the first 6 months of the year. We're already beginning to see this unwind as we move into Q3. And also, if we look at the movements on our inventory and our treasures, very little movement across those in the first 6 months. So overall, very pleased with our outflows from operating activities in the first 6 months. Lastly then, just to touch upon our financing activities. Included within the debt repayment and issue line there that you can see, we drew down over 2.4 million on our loans in the year, of which 1.9 came from refinancing that we've done within one of our operating companies. Offseting this, we had 1.2 million paid back on our existing facilities. And we also paid out over 1.2 million on the deferred consideration in the first 6 months of the year. So overall, to conclude, very strong cash position at the end of the first 6 months. It's allowed us to go on and do our new acquisition in July, and also sets us up for future growth as we move into the second half of the year. Then to conclude this section on the financial highlights, we thought it would be quite useful to show the group's earnings development over a longer period, rather than just focusing on the first 6 months of the year. What we've seen to demonstrate here is the earnings development that the group has achieved over the past 5.5 years, using FY2020 as the base period. To explain how we measure this, we look at our acquisition growth and our organic growth over this period. When a company joins a group, the first 12 months are treated as acquisition growth. And from there, on a subsequent growth, it's treated as organic growth. What's this slide showing us? Well, over the last 5.5 years, our total revenue has increased over 75 million of which 11.4 is coming from organic growth, which represents 15% of that growth over the period. What's important to remember here is that our end markets and our customer base can produce an uneven year-on-year performance. And so looking at this over a longer-term period is the best reflection of progress for us and the key metric that we look at. In terms of our strategy, this is consistent with our buy improve bill strategy, where the acquisition provide that initial growth and then from there when we look at the underlying entities, in terms of growth, we focus on improving the performance, looking at deepening the customer relationships, creating synergies, and that's what drives that organic growth across the group. We not only look at revenue as a measure of success, we also look at earnings. And you can see this on the next slide when we look at our adjusted EBITDA growth over the same period. Very positive to say that we have over 1.1 million coming through from organic growth, which represents 14% of that growth over the period. Again, just such an important what Hugh mentioned earlier, we have invested in the platform. Building the platform to support the growth and also we had significant IPO costs at the end of 2024 and into 2025. So that has obviously impacted on our earnings over the same period. Overall, this just demonstrates when you look at our growth over the longer period, we're focusing on not just that acquisition growth, which obviously is one of the main contributors of growth for the company, but also focusing on earnings as well. Over the next couple of case studies that Mark will take us through, we'll explore that in a little bit more detail. Okay. Thank you, Siobhan. And good morning, everyone. I'd just like to follow that theme that Siobhan has discussed in terms of organic growth and developing it over a period, rather than being focused on myopically on the short term. And starting with IVS is a good example of that, where we can demonstrate that development over a longer period. So IVS, Industrial Valve Services, was one of our first acquisitions, which we acquired back in 2017 during the proof of concept stage. It was a distressed acquisition. We bought it for a pound. It was distressed operationally, financially, and also commercially. And we actually lost a couple of our key customers following acquisition. It was a heavy lift. It took a couple of years to sort out, but we put in place a very strong management team led by Steve Jones, who some of you know. He now heads up our embedded engineering division. And between Steve and the management team, they stabilized the business and returned it to profitability over 2 to 3-year period. But as you can see in the bar chart in the top right-hand corner, the real catalyst for change was winning a significant contract with the Valero Oil Refinery in 2021. And from that point onwards, we can see significant earnings and revenue growth, organic growth over that period. What we can't actually see here, while it's a plateau in the last couple of years, is the team have also won another significant contract with Exxon Oil Refinery last year. And that still has to come through. So we'd expect this revenue and earnings growth to continue growing and follow that trajectory going forward. Whilst we haven't had this exponential organic or earnings growth across all of our other businesses, it is a good example actually of a point we're trying to reinforce today that actually whilst it does take a little bit of time, we do see that growth coming through. And that's a point we're really trying to reinforce today that we're looking at it over a period due to our customer base, our end markets, and this is a good example of that. So just moving on to Premier Olympic. Hugh talked about this in his introduction. This is our first disposal. We sold this business on the 30th of June this year, to a European trade buyer called the Dalpo Group. Just for reference, this is one of our first acquisitions, which we acquired back in 2021 when we were seeking to gain scale within the group. It was doing 14 million turnover, 1 million EBITDA, and had low gross margin, and was a retirement-type sale. However, we saw a lot of opportunity and latent development potential to grow this business, and particularly the gross margin. The way we structured this acquisition, we only put forward a 250K of shareholder cash and funded the balance from asset-based lending debt and then paid the remaining consideration from the operating cash flow through deferred consideration over a 2-year period. Following completion, our operational team implemented an improvement process across the business, implementing a costing model, a pricing model, investing in state-of-the-art capex. And we also put in place a new strong management team with more of a commercial focus. Who actually dropped revenue to flush out a lot of low margin customers. So on the back of these operational changes and also more of a commercial focus, our margin increased from the low 20s to the low 30s, and our profitability at a bottom line nearly doubled. So we got to the stage last year where we were looking at what was the next stage of development for Premier Olympic. There was a potential consolidation play to bring it into one site, or further capex investment. However, around Christmas time last year, we got approached by a very credible European trade buyer. Who put forward a very strong offer, with the majority of the consideration to be paid upfront. On the back of that credible offer, and also having put Premier Olympic through the improvement stage where we've really demonstrated the Amcomri model, and also because it was potentially a little bit non-core, it had been called an outlier by other investors. And probably wasn't as technical as some of our other businesses. So for those reasons, we felt it was a very good and opportune time to really demonstrate and crystallize a significant return to shareholders and, as you can see, the bottom right-hand corner, this represented a 28 times multiple uninvested capital. So we were very pleased with the outcome of this and what that enabled us to do is bring in significant cash proceeds to invest and deploy in more strategically aligned acquisitions. So that's what we did with Northwest Transport Supplies. We managed to acquire this business within a few days of completing the disposal of Premier Olympic. And we were conscious that Premier Olympic was a large contributor to the overall group. So we wanted to back to back that disposal with a more strategically aligned acquisition. So some of you will be familiar with some of our other businesses in this sector. TP Matrix, E-Track, Electronics. They all focus on electronics repair and refurbishment within the rail sector. As does NTS, however, NTS is focused more on the mechanical repair reconditioning and overhaul. And as you can see in the top right-hand corner, that's a HVAC unit, which is based on the mechanical repair as opposed to electronics. This was another retirement-type deal. It's more strategically aligned. These businesses, they tend to be very high gross margin. Gross margin of over 55%. Capex light. Cash generative. And when we identified this opportunity, based on the success we've had with our other repair and overhaul businesses in this sector, they have longstanding customer relationships. NTS has good customer relationships with the likes of Alstom and Unipart. We were very keen to firstly win this deal and then acquired as soon after the disposal as possible. So we're very pleased to land this acquisition so soon after the disposal. We see a lot of development potential within it. And it's continuing to trade well since we've acquired it. Okay. Then our other acquisition this year to date is Gridcore Electrical Services Limited. At the last results show back in April, we had exchanged on this transaction, but we hadn't yet completed on it, which we have now. Just for reference, this was a carve-out. It was a carve-out of an underinvested and non-core division from SSE. It's an electrical compliance and testing business with a lot of recurring revenue. And it had been deemed non-core by SSE. They made it clear the pricing wasn't the motivation in this sale. They wanted certainty of execution. Certainty of delivery. Selling to a business and an operator that could take this on and essentially carve out a division and set it up in a newly formed subsidiary. And that's what we managed to do. We did this over a few months. Again, it was a heavy lift, especially from our transactional and our operational team. But it enabled us to buy a platform in a particular area of interest for us in electrical compliance and testing. At a significantly discounted entry point. And based on other transactions that we've done in this space, we were keen to move on it and execute on the transaction, which we thankfully have done. In addition to the electrical and compliance platform, it also gives us exposure into the private network, electrical infrastructure, and market. This is a particular area of interest for us. A very strong management team have come across with this transaction. And they're working on a lot of significant contracts at the moment, which we're hopeful they'll win in the short term. So overall, again, this is a slightly different proposition. It's not a vanilla retirement-type acquisition. It's more akin to industrial valves or a Drury's and Clara, which we've talked about previously. But we're very pleased to get this over the line. It's a key area of interest for us. For reference, there's other businesses in the UK based on electrical testing and compliance going for a 10 or 11 times EBITDA multiple at the moment. So to get this at this price point with an extremely impressive team, we're very excited about going forward. So then just looking ahead, and in terms of the pipeline opportunities, firstly on the acquisition pipeline and then Hugh will just touch on the organic growth pipeline. Again, going back to the last results show, in April, we talked about being awash with opportunity and being inundated with new opportunities coming through to us. Please link to say this has continued over the summer. There's a significant amount of referrals coming into us from regional corporate finance advisors. I guess having a slightly higher profile now, there is more opportunities coming directly into us as well. We still get a lot of off-market referrals, which a couple we're working on at the moment. And we're also doing direct target marketing. Whereby we're going direct to sectors or end markets and picking companies where we've had particularly good success in before. So there's a number of good opportunities that we're looking at in the snapshot of the pipeline that we have below. And there's a few there that we're at a progressive stage on, which we're excited about working on over the next few months. Final point I'd really make on the pipeline and the acquisition side is, as Hugh related to or mentioned in his introduction, we are seeing more competitive tension at the moment from the serial acquirers outside of the UK and some other newly set up private equity-backed buy and build platforms in the UK. But these businesses are targeting the slightly higher deals. So from 2 million EBITDA upwards. While they would still be within our target market, I think our sweet spot to date has been in businesses typically from half a million EBITDA up to one and a half million. And that will continue to be the focus. Because based on what we're seeing in the slightly larger deals of late, there are significant competitive tension and we certainly don't want to get into an arms race or a pricing war with some of these larger deals, where pricing and getting the deal done is clearly the motivation. And we've had a very good disciplined approach at getting a good entry point into acquisitions. And that's what we'll continue to focus on. So Hugh's just going to touch briefly on the organic growth pipeline and then we'll summarize and conclude and hopefully have plenty of time for questions. Yeah. Okay. Thanks, Mark. So I just wanted to add a little bit more flavor to the slides that Siobhán has explained to you about how our organic growth works. And if you go back to the basic model, that we've got a buy improve build. Clearly we've got an acquisition growth opportunity, which is significant, as you've seen from the slides. Secondly, we've got synergistic earnings between the businesses and thirdly, this organic growth, part of which can be synergistic, that we've can exploit within our businesses once we've acquired them. We have a lot of questions on what is our year-on-year organic growth, what is our half-year versus prior half-year organic growth. And unfortunately, the sort of simplistic analysis of just comparing year-on-year doesn't really work for our markets, our customers, and the services we provide. It needs to be over a longer period of time to make a good, realistic assessment of the progress that's being made, which I think Mark has demonstrated in the IVS case study and also Siobhán has shown. And what I wanted to do is just give you a little bit more understanding as to why that situation is. And if you look at the entry point that we have for acquiring these businesses, generally speaking, they're mature industrial businesses. Generally, they're stable. They are good performing in most cases. We have a few that we've done that have had distress in them, as you're aware. But generally, the bulk of them are performing well. They've got a proven product, a proven service, but they've reached this plateau that we've talked about before. The ownership structure at the prior to acquisition will be comfortable with that, because it doesn't present risk to them. And they may not be up for the risk of actually expanding the business. So that's our entry point. But from a customer point of view, the customers that many of our businesses serve, are very technically conservative. If they have to introduce change into their processes, whether that be a manufacturing process or a service process that we're applying at an energy facility, or a power facility, or an electrical infrastructure, if they make any changes, the regulation of change is very comprehensive. There's a process of management of change that can take years to work through before you can make a technical change and maybe introduce a new service or change a component. And secondly, the nature of the demand is also not annual. So if you look at, for example, we have good exposure, positive exposure to shutdowns in large process facilities, energy facilities, petrochemical, gas facilities. Those shutdowns don't run to the year-end spreadsheet, unfortunately. They will run to operational requirements that can be 18 months, it can be 3 years. And so whilst we've got an embedded position with the customer, and we've got a high probability of getting work, it's not annually repeating. In some cases, it may be, but in others, it isn't. And when they do set dates, those dates change. So in order to get an assessment of true organic growth, it's very important to take a longer-term view of what we're doing in Amcomri. And we're very pleased with the way that we've managed to sort of get positioned with those long-term relationships and the recurring revenue. But the practical reality is it does move around and it is lumpy. And we wanted to just explain that in a little bit more detail to give context to the numbers. What we do find is when we're acquiring a business, the organic growth opportunity both in earnings and revenue, and particularly in earnings at the beginning of the process, comes in two stages. Stage one is internal changes that we make to the business. Might be on pricing models, as Mark's mentioned. It might be on looking at actually optimizing gross margin through revenue changes. Or it might be through small technical changes or cost down where we can boost the gross profit and boost the earnings of the business without changing revenue. Then, as we get going with the business over a 2 to 3-year period, using the triangle that we've shown you, and moving up the triangle on a solid base, we're able to then start looking at revenue generation and I think the revenue uplift that Mark's explained for IVS is a really good way of explaining that. So in summary, it's lumpy, year-on-year comparisons are not ideal for our business. And we wanted to explain that, demonstrate the reasons for it, and help you understand how this is a longer-term play doesn't always fit the spreadsheet, but it's a great market and a great place to be in. And we're very comfortable with the our ability to continue to scale in it. Okay. So we're only going to leave time for questions. So I think probably a summary of where we see half one. I think overall very pleased, as we have indicated. There've been several challenges that we continue to see on the journey, both globally. The Middle East and energy crisis that we're seeing, which we're not through yet, unfortunately, I don't believe. We don't believe continues to cause some changes to the profile of our earnings, where people are suspending shutdowns or moving them. We see the same features in power, but we've managed to weather that. And I think we will do going forward. I think our earnings performance, we're pleased with. The balance sheet realignment that Siobhán's talked to is very helpful to us and gives us great prospects now looking forward at the pipeline and the acquisition prospects that we've got. And hopefully, from the work that we've done and the information we've provided on organic growth, you can see that we've got a lot of good prospects there. And the disposal of Premier Olympic, I think, shows the complete cycle that we're able to go through in terms of buy improve build. Gives us another tool to work with going forward. I think going forward, what do we see? I think where the world goes is a little more difficult to predict. But generally, with the distribution of revenue and our markets, we're again, as resilient as we probably can be to that at this stage. I think there will be some movement in some of the projects that we've got, positively and negatively, but we can I think weather those. If we look at the manufacturing side, the spend on defense and aerospace is still very positive. We'll be shortly investing potentially in more CAPEX, in more equipment to service capacity to deliver in that market. And our pipeline remains very strong, as Mark has shown you. So ultimately, we can't walk on water. We're a business that I think is well positioned, but the world does move around. But we're pretty pleased with where we're at. And I think looking forward into half two, and beyond into 2027, we still see good prospects to continue to scale as we have done. Probably good time for questions. Thank you. We've had a number of questions pre-submitted and submitted live. And just as a reminder, if you'd like to ask a question, please type them into the Q&A box. On the right-hand side of your screen. We'll now move on to our first question. At what point does Amcomri become too large for the current decentralized model to work effectively? I don't think we reach that point. I think if you look at how we have built the model so far, and then look at the opportunity that we've got to incrementally restructure to accommodate scale, as I've shown in that embedded engineering slide, and in the B2B manufacturing, I think if you look at some of our peers of successfully managed to do this, and we don't copy anyone in our model, what we aim to do is pick good ideas, use good ideas, but develop our own entity as well, our own identity. And if you look at our next stage, I think what we're going to need to do to continue to accommodate the scale, but continue to deliver the performance and work on the opportunities that we've got around organic, around synergy, around acquisition, is to just open up the structure to have a deeper sector focus particularly in embedded engineering at this stage. Where we can just have slightly less management intensity on embedded engineering as a whole, but break out into rail and infrastructure, break out into electrical infrastructure, and break out into power and process. And then as we continue to scale, that model has the ability to break further segments out that we would resource and manage. The advantage of that is the platform, as Siobhán has shown, the major block of cost to get onto the market, I think we've been through. And if you follow what I've just described there, the next stage is an incremental cost increases. They're not large block increases. In cost. So we're pretty comfortable. We can follow the scale, by gradually evolving the organization into sector specialisms and if you look at I mean, for example, Halmut do that very well with they've got over, I think, 60 companies now that they manage very effectively on that model. And there are others like Diploma as well that have successfully managed to do that. So I don't see any reason why we can't follow that. Thank you. Impressive growth of 40% in revenue from continuing operations, but adjusted EBITDA grew only 2%. How much of that gap is temporary, and when should investors expect the profit growth to catch up with the revenue growth? Sure. I'll start. Yeah. I'll take that one. I think it's important to look at the first six months of the year and look at where that revenue growth has came from. Within the embedded engineering division particularly, our revenue increase in the year is up. As I mentioned, just over 68%. Included within that first six months, I spoke about the one-off renewable project that we've done within EMC. Just a reminder, we acquired that company back in April 2025. Within three months, we got that contract. It was a $13 million contract. Very significant for the group, very positive for the group, but is a lower margin project that we would typically see within that division. So it has impacted temporarily on the margin in the short term, in the first six months. So yes, we would expect to see an improvement in our underlying earnings that project has completed successfully for us. So very happy with that. Within B2B manufacturing, we have did our first disposal. It was slightly lower margin business compared to the rest of that group. So we have disposed of that. We've then gone on, as Mark has said, to invest in NTS, which is a more significant higher margin business. So you would expect to see an increase in our earnings profile also. So overall, yes, we think it is it's temporary based on the first six months, primarily related to that project specifically. As I mentioned, when we exclude EMC from the portfolio for the same reference period, actually our margins and earnings are in line with the same period last year. So yes, to summarize, it is a bit of a temporary issue. Thank you. And how much of the value creation comes from buying businesses cheaply versus actually improving the margins after acquisitions? Yeah. I think it's a combination of both, really. I think if you look at the two sort of distinct types of acquisitions we do, our classic vanilla retirement-type acquisitions, and then acquisitions where we've got more of a stressed element, where we get a much more discounted entry point. I think on the retirement-type acquisitions, we try and structure those so that we pay a certain amount upfront, and then the balance on a deferred basis, which is paid out of the operating cash flow. So we're quite disciplined in actually minimizing how we pay upfront. The maximum we've paid is 4 and a half times EBITDA over the last number of years. So whilst we're still paying a fair and reasonable amount, we still feel that is a good entry point into those acquisitions. Whereas on staying on the buy side, on the stressed or special situation type businesses, we are buying either for a pound or at a significantly discounted entry point. So I think the entry point is clearly important, but also we try and implement improvement processes over the period through improving margins, through utilization, operational efficiencies, pricing, costing models, et cetera. And I think actually looking at the two case studies we've talked about in the presentation so far, is a good example of that. In Premier Limpet, we still bought at a reasonably discounted entry point by only paying a certain amount upfront, but also we made significant operational provenance to that business over time, increasing the margins from low 20s to low 30s. And that put us in a position then, a number of years on, to be able to sell it as we did earlier this year. So we got the best of both, really, on Premier Limpet. Looking at IVS then, IVS, we paid a pound for it. It was more of a heavy lift, so we got a very discounted entry point, but improved the profitability significantly through revenue and more of a commercial focus through winning a number of large contracts. Albeit our margins did improve as well. So I think in summary, it's a combination, really. We do try and have a distant approach in terms of how we buy, and minimize our upfront consideration, but also through our operational team, try and really create improvements and efficiencies to drive that increased profitability. Thank you. The B2B manufacturing division has been improving its gross margins. How much further can those margins realistically go without requiring significant additional investment? Jonah, answer that. I'd like to take that. Yeah, I know. I'll follow up on the industrial piece. And as you can see, our B2B margin has increased over 2% on the same period last year. That margin improvement comes from a couple of different areas. As Hugh mentioned, first of all, we're looking at maintaining that asset base there and see where we can make small incremental changes to improve that margin, be it through driving efficiencies, looking at pricing models, costing models, yeah, we can invest in capacity, but that's really a bit of a volumes game as well. I mentioned we dispose of our lower margin business within that group at the end of June. So naturally, we'll expect to concentration from the remaining companies within that group to produce a higher margin as we move into H2. Do you want to add anything else to that? Yeah. I think the question of how far you can go is if you look at what's driving the capital expenditure in those businesses, there's two or three elements to it. The first element is the infrastructure, obviously ages in terms of manufacturing infrastructure. And it has to be replenished over a period of time. And we're excuse me, that's a natural consequence of having machinery that gradually wears out. So replacement is the first piece. The second piece is when you do that, getting efficiencies from new machinery that may be much better than the old machines that you have. And then thirdly, you're investing for capacity to actually follow and expanding market. And I think we've got coverage of all of those features in our manufacturing businesses, particularly the precision engineering and gasket manufacturing businesses. And we just need to balance that. There's still a lot of opportunity to get more from what we've got through efficiencies that don't require capital investment. For example, making sure the utilization of the machinery is at its highest, secondly, then looking at the running hours that we've got, and can we put additional running hours in. And thirdly, there are also now opportunities, particularly in precision engineering, to use more modern technology to get more from existing machines rather than investing in new ones. And our model will be to follow all of those threads. At the moment, we're quite comfortable that with the profile of age that we've got, and the opportunities with new machines that are more efficient, to have a sort of balanced, relatively capex-light direction in those manufacturing businesses that we can continue to develop. And we don't see that changing. There won't be a step-changing capex. There will be continued incremental spend on a sort of selective basis to get capacity, get efficiencies, and deal with aging equipment. So we're quite comfortable with that. I think going forward, we wouldn't look to significantly change that by acquiring something that needed significant capex. But the key is optimizing it and keeping it relatively capex-light. Thank you both. Could Amcomri ultimately fund a significant proportion of its acquisitions from internally generated cash, creating a self-funding acquisition compounder? Jonah, answer that. Yes, I think ideally that is where we'd like to get to. I think traditionally, we funded a lot of our acquisitions. This is the upfront piece anyway through a combination of asset-based lending, debt, and cash within the business. And in the latter years, cash-generated internally from some of our other operating companies. As we move forward and as the business grows and scales, there will be more of an opportunity to obviously recycle and use more of that internally generated cash. But I think it's important to note what I mentioned earlier, is that a lot of our considerations actually paid on a deferred basis anyway, which comes out of the operating cash flow typically from our underlying operating companies. I think one other point to note on this is that as we've grown and as we've created more scale, we will look potentially to move to a group-wide banking facility, which will improve our liquidity position going forward. And there is also the option of potentially using paper for doing potentially larger transactions as well. We haven't done that to date, a lot of the transactions we buy are from retiring shareholders where they're looking for an element of cash upfront. However, if the right opportunity does come about, that is something we'll certainly look to going forward. So I think in summary, it's a combination really of balanced use of internally generated cash. We now have cash proceeds from the sale of Premier Olympic, alongside the equity raise we did at the IPO. And as we scale, we'll continue to use that balanced approach. Thank you. As you grow and presumably make more acquisitions of the same size, can we expect to see an increase in the amount of acquisitions per year going forward to maintain your growth rate? Yeah, answer that. Yeah, I think so. And I think actually, going back to the point I made when we talked about the pipeline, we are awash with opportunities, which is great. But there is more competition at the higher end. And that isn't our model. We don't want to move away from the disciplined approach of what's got us to where we are. So we will look to do slightly smaller transactions and a higher amount of those as well. I think we mentioned already a couple of the larger potential opportunities where there's been a number of offers put through. We don't want to get into a pricing war with some of our other competitors. So we will look to do focus more on doing a higher amount of the smaller deals. And I think based on our strong funding position that we're in now, especially after the Premier Olympic sale, we've got a very strong and capable investment team. And we are awash with opportunity. So there's no reason why we can't continue to roll out. We said previously two to three acquisitions per year, but we'd look to potentially increase that absolutely going forward. Thank you. Are there any plans for existing major shareholders to repeat the sale of some shares to increase share liquidity? Yeah. I'll take that one. I might just give a bit of background to that as well. In July, we had a share sell-down of over 10% of existing shares. That's the first time we've done it. It came from a limited number of defending partners. Why did we do that? Well, first of all, over the last 18 months to two years, we've had a consistent message from the roadshow, from our investors, saying there's limited liquidity, shares available. So that was one of the reasons we did it. Second reason, really, was to kind of diversify that investor base as well. We want to get more institutional investors on our share register to help reduce any share price volatility. In addition to that, prior to the sell-down, we had a limited number of those institutional investors on our register just over 3%. In terms of the free float, that's available, it just moved down to 47%. So in the short term, there's no plans to do a further sell-down. And there's also lock-ins in place as well to protect that. Thank you. What type of work in the embedded engineering division have been rephased because customers are running assets at high utilization due to wider factors in the oil and gas industry? Okay, I'll give you a good question. And I'll give you a couple of examples, both O&G and in the rail sector, and also energy. So particularly in oil and gas, what we're seeing at the moment is there's very high loadings on the facilities. It's not just a UK phenomenon. If you look across the US, for example, there was some information in the FT the other day about US refineries running at 105% capacity, which is pretty well unheard of. That was a very high operating level to sustain for a large complex capital asset like a refinery. And we're seeing similar sort of things happening in the UK, and I think what the operators are doing clearly with the oil price, where it is at the moment, they're from an operational point of view in margins on refineries. It's a good place to be with a high oil price for the operators. So in some cases, they're looking at their shutdown schedules and moving their shutdown schedules. There's a limit to how much they can do that, both from a regulatory point of view and from an operational point of view. But what we're seeing is the making changes to those schedules to maximize the current benefit that they're achieving on operating margins from the oil price. So that's one example that we've seen. Where shutdowns are just moving, not going away, they're just being rescheduled. Then if you look at the rail sector, interestingly, we've seen in our rail businesses, particularly the electronics ones, we've seen two or three operators who have delayed the release of electronic modules to us because they have insufficient spares left to keep their trains going. And therefore, they can't release the spares to us for overhaul. And the way that it works is there's a float that they hold, maybe on door controllers or items like that, where there's maybe 50 or 60 spares and we work on the float to keep the spares upgraded. But they've used the spares in the operating trains because of failures. And therefore, they can't release them to us. Now, what that means is, ultimately, it's good news for us because there's more repairs and upgrading to do. But in the short term, it delays the receipt of those items to us whilst they try and rebuild that stock for their operating trains. What that does mean, of course, is it's quite difficult for us to predict when we get that repair and overhaul. But this is contracted revenue that we have won. It's just exactly when it lands is a little bit tricky. The third example I'd give you is energy for waste. Two or three of our businesses operate across energy for waste. And at the current loadings on the grid and the grid margin, some of the energy for waste operators are also moving their shutdowns around, where they're producing power from the incineration of waste. Again, with the pricing in the market at the moment, generating electricity is quite a profitable exercise for them. And they're moving some of those shutdowns around for both operational reasons and economic reasons. And we have to follow those shutdowns. They don't necessarily pop up where we thought they were going to. We work with the operators and manage that. So those are three examples. Thank you very much. We'll now move on to our final question. If you have any further questions, please email the team who will respond to any that haven't been covered today. Our final question is, what lessons were learned from the larger lower margin renewables project? Do you have a project size and risk limits following this project? Yeah. So good question. I think Siobhán's touched on this already. When we took the project on, we had only acquired the business three months earlier. And if you've seen from the model that we've shown you on the slides, our preferred direction with acquisitions is to make sure we got the foundations in place. And we increment up our triangle in a controlled progressive manner putting support into the teams and making sure we've got all the processes, the resource, etc. When we were given the opportunity through the work that EMC had done to take the project on, we looked at the position, we looked at the opportunity, and we took the decision as a team that it was a good opportunity. Entry to a new market, step change for the business. And I think the learning points from that would be, was it did stress the business? It has caused some challenges in terms of that scale-up. I think we've managed those very, very well. Ideally, we would have waited a lot longer to go up our triangle before we've done it, but we do like to be relatively entrepreneurial with a balanced risk. And I think we took the right decision to do it. Going forward, we probably will stick more to our strategic direction, where we've got balanced risk profile, we've got balanced commercial exposure. And our preferred target size for projects infrastructural projects like that would be in the between one and three million pound turnover by company. Which gives us a good leverage in terms of the outcome, but also then gives us the chance to make sure we've got all of the proper processes, all the resources in place, and we're not doing that on a step change basis. We're doing it on a progressive ramp. So that's what we'll revert to going forward. It was a one-off opportunity. We're really pleased we did it. It has pushed us through the mill a bit. I think we've done a good job. But going forward, we will return to our normal operating mode in our approach to projects. And that certainly is the direction that our grid core business is engaged on under Rob Braun, who's now very actively looking to deploy that model. Thank you very much. These are all the questions we have time for today. So I'll hand back over for any closing remarks. Yeah. Okay. Well, thanks very much for joining us. Hopefully, you can see from what we've talked through that we're pretty pleased with the results, pretty positive outcome. We've got some good stuff going on, very good, strong acquisition pipeline that we are able to work with through the work we've done with Premier Limpet and the disposal of that. It's positioned us well now for further acquisitions. We've got some very good underlying projects going on in the businesses. And if we look at our end markets, with the caveats that I've made about what's going on in the world, we're quite pleased with our position in those markets. And look forward really to continuing to roll the model over the next period and talking to you on the final results hopefully early next year. Thank you to management team for joining us today. That concludes Amcomri Investor presentation. Please take a moment to complete a short survey following this event. The recording of this presentation will be made available on EngageInvestor. Hope you enjoyed today's