Good morning. It looks like we've got a fair number of participants online, so we'll kick off. I think most of you know myself and Chris, so CEO, CFO, and we're delighted to be able to share with you our results this morning. Usual process: this is being recorded. If you have a question, if you put your virtual hand up, and at the end of the presentation, Helen, who's helping us from Stifel, will unmute you and get you to ask your question. And we're more than happy to take whatever questions, but it's easier if we do them at the end on a virtual program like this. So, we'll get going. And, again, thank you for joining us. I'd just like to start by reassuring those of you who've been very used to our five pillars that we haven't really changed our strategy at all. So we've just expressed it slightly differently, just to pick up, really, the progress in the organization. So what you can see here, the three boxes: we now talk about our organic growth. I think that you used to talk about the portfolio. It's exactly the same strategic priority, really looking at developing and nurturing our existing veterinary brands. The inorganic growth, which we'll talk a bit more about because that is a really important part of our strategy: making sure that we are looking for the right, strategically aligned opportunities for inorganic growth, and we'll touch on that a little bit more. Nothing's changed about that. Still geographic reach, building scale, and strengthening our aim both short, mid, and long-term pipeline. Moving on to the right-hand side, new product development. So really, for us, the inorganic growth is feeding the left-hand side and feeding the right-hand side, so feeding into organic growth in the next few years and feeding into new product development in the longer term. The other pillars, literally, we've just popped underneath. We are very pleased with where we've come to with our finances. We've talked about them being strong and actually strengthening, and in 2023, you'll see that they've strengthened even further, both in generating cash but also in terms of management of debt. People, you know, we now have a highly capable team. We continue to invest in our people, and you'll see that coming through in the numbers. And we've popped on operational excellence because, really, this business is now humming, and it's got a really strong beat. So moving on to some of the highlights in 2023, you can see here that we launched Daxocox and Plaqtiv+. Plaqtiv+ is continuing to grow really well. It's a growing market, really good reception for the dental products. Daxocox, in our own direct markets, hit double digit and is continuing to grow. We're gonna talk a little bit more about a brand audit that we did last year. And then you can see in the numbers as we go through them, the equine portfolio benefited really from the return of Danilon that used to be out on distribution into our U.K. business, but it's providing a really strong core for our equine portfolio. In terms of inorganic growth, we continue to be highly active. In fact, you know, in the last year, we've probably been much more active than we've been able to be before. We'll talk about the disposal of Identicare, which was a post-year event, but it really does crystallize the value that we get from something that was really not aligned to the rest of the business. We'll talk about that. In new product development, the Orthros Medical collaboration continues. This is a really exciting area. We're seeing more and more activity in this area with competitors and other organizations, and we're really pleased to be part of that exciting new area. And we've extended that program, actually, to cover the equine conditions, which we hope will be a really good add-on to that license. Balance sheet, I've already talked about, and Chris will talk a lot more about it. Clearly, one of the things in terms of people, and you'll have seen in today's announcement, that Jan Boone, who'd been our chairman for the last seven years, which is a long term for anybody, I think, will be stepping down. And we ran a process, and we looked at opportunities to continue to strengthen that. So Ed Torr will be succeeding Jan as non-executive chair. Happy to answer any questions on that. But I think many of you are familiar. Ed's been on our board and highly active as senior independent director, certainly for the time that I've been with the organization. And just picking out something within operational excellence, I think the operational excellence is continuing to improve. You're seeing it coming through in margin and some of the activities. But we've changed our supply chain leader, and he has brought some really good experience from Colgate and GSK OTC. So we're really looking at opportunities to strengthen that supply chain, build the robustness. But also, as a senior leader in the organization, Alex Mayfield, our new leader, is really adding value. So that was a real highlight for us in 2023. I popped this in for anybody who isn't particularly familiar, but most of you on the call, I think, are familiar with the animal health market. My summary is, you know, it continues to be a really attractive segment. You know, depending on which bits of data you look at, the global market's growing at about 5%. Europe probably is growing a little bit ahead of that. It looks; it depends on what data source you're looking at. But while we continue to see some headlines about those lockdown puppies that are now, you know, people say they can't afford, we're actually not witnessing that in terms of the continued growth of the pharmaceutical part of this market. So, you know, it continues to be a great, great place to do business. I'm not gonna spend any more time on this unless, you know, you I'm very happy to answer questions at the end, but that's the summary. It's a it's a dynamic growing market still, and we're, we're really very pleased with the market fundamentals here. Chris? Morning, everyone. What we'll do so got this slide framework before, so I'll, I'll give a quick summary of the overall performance that's, obviously detailed more in the prelim. So I think somebody from our side is really pleased with the overall performance, which saw, the first thing was return to revenue growth following a strong second-half performance, and we guided to that, at the interims. Continued strong progression on our gross margins through focus on our larger high-margin brands. And the benefits of that, increase in gross profit, we've – you'll see – we've largely invested in our people base and R&D, and Jenny's touched on some of the things around the people already. Improved levels of cash conversion versus 2022. And then leading from that, at the end of the year, net of IFRS 16 leases, the business ended in a net cash position. We'll come on to you seeing clearly post-year-end with the disposal of Identicare, that's completely transformed that cash position. And we'll come on to more detail on the three core objectives that Jenny's ran through in terms of how we're gonna allocate that, I suppose, additional firepower to the strategic priorities around organic, inorganic and new product development. So a really kind of, I think, pleasing performance. Before I move on to more detail on particularly revenue, EBITDA and cash, I'll cover two things on here. One is EPS. So you've seen that's down to 10.9p, which if you look at our P&L, EBITDA's increased marginally, operating profit's about the same, and profit before tax is about the same. So this is really in the tax line, so our effective tax rate's gone up to about 27%. We've detailed the reasons in the prelim as to why, but just to summarize, the main reasons are U.K. tax rate increase during 2023, sorry. Also we had a one-off benefit of a non-cash benefit of deferred tax in terms of tax losses last year. So 2023 is high. Just as a guidance for 2024, it'll probably be in the low 20s in terms of effective tax rate, so return to more normal level. On the dividend bottom right-hand side there, so we've increased the overall dividend to GBP 0.05 a share for the year, which meant that there's an increase in the final dividend to 3p. Just to kind of outline the reasons why, partly, firstly is that, that we held the dividend over the last kind of few years flat, and now in recognition of the trading performance, continuing strong cash generation, balance sheet, strength, and also confidence in the future performance. And, you know, that's gonna be linked to later on in terms of how we allocate this the cash from Identicare. So they're all the reasons why we've, decided to increase the, dividend. The policy remains unchanged, and we'll come on to that later on, but again, our focus remains in terms of capital allocation, really around accelerating growth. So moving on to slide seven. So this is a summary of the underlying financial results, down to EBITDA. So revenue up around 4% to GBP 74.4 million. We've got, a slide on each of the product categories to provide more detail. So in the meantime, I'll just summarize, the overall drivers of that movement here. A large part of the absolute growth was in companion animals, which is the largest part of our business, notably around new and recently launched products. In particular, we're pulling out Plaqtiv+ there, which is the dental range that comes from our license through STEM. Daxocox, Jenny's gonna touch on this later, but that's performed really well in our own operations. Identicare, which is included in companion animals, grew by 34%, so continuing the kind of trajectory we saw from the half-year in terms of revenue momentum. And then Jenny mentioned earlier the equine portfolio, grew by 11% largely, in relation to, to Danilon, coming back into our own sales and marketing control. On gross margins, I mentioned earlier, you know, this continuing evolution of strengthening our margins. So they're at 1.5%. That's a combination of positive sales mix towards a larger margin, higher brands, and also services. And by services, we mean Identicare, coupled with what we term as targeted pricing measures to mitigate input cost inflation. And again, the theme there was largely COGS and logistics. In terms of underlying EBITDA, you can see that's marginally up on prior year. And as I said, you know, really what we've done is invested that kind of additional benefit from the increased sales and increased margin into our business in kind of three areas really there: people investment, so that's about GBP 1.5 million, as we continue to focus around growing and developing the skills and the talent base that Jenny touched on earlier. I will note here in this I think we said it's in the announcement that there's been quite a significant amount of inflation. A lot of that's mandatory in Spain in certain countries. So about 40% of that GBP 1.5 million is inflation. We're gonna see the same theme, perhaps a little bit higher in 2024, largely results of some legislation that's come into Spain. So inflation will be a theme which we kinda see as, you know, continuing to invest in people. Commercial excellence, so that's sales and marketing, you know, and underpin of things like driving Daxocox and Plaqtiv+, so the organic growth. And then R&D, so Orthros is early stage, so the costs at the moment are going through the P&L rather than CapEx. That will change as we go through that development pathway. So they're the kind of three areas. Those three areas, in terms of investment and focus, will continue to be the main focus of 2024. So again, we're planning to increase investment in all three areas as we move through this year. So, three slides on each of the product categories. So, at the bottom left-hand side of each of these, we've given the three-year track record just to give some people some background if they need, but clearly the focus will be on 2023 versus 2022. Before I move on to the financials, we've included in each of these slides how we see the segment. I think we'll touch probably more on those later on when we come back to looking at strategic priorities and capital allocation, but I think if we just cover off here 'cause companion animals is, as I said earlier, so about 70% of our business. So in line with the market, we see that as the engine for future growth. And to drive that growth, we're gonna invest in our operations, innovation through R&D, and then accretive M&A, and we'll touch on that more. On the revenues, so, this area was up 4%. And this year-on-year growth you can largely see on the bottom chart was delivered in the second half. So we had a really good second half here. In terms of key drivers, so the dental range, so Plaqtiv+, so the sales were up almost GBP 1 million on last year, which is really pleasing. And also we've got a longstanding product called Orozyme, and that's one of our top five brands. So that's the whole dental portfolio has kind of accelerated in terms of growth, and Plaqtiv+'s brought along a product that's been around for a number of years, so really pleased with that. Talked about Daxocox, so sales overall are broadly flat as a group. But as I said, the dynamic is double-digit growth in our own operations, offset by lower international partner sales. I think Jenny touched on this briefly earlier. We've undertaken a what we call a significant brand audit over the last 12 months. And really the results of that are we're putting into play for 2024. So the expectation is that across our own operations and also export partners, we're expecting to accelerate growth into 2024. So really exciting year for Daxocox. Identicare's in this product group, as we talked about. I kinda just touched on, you know, the growth being over 30%. That was largely through subscription sales, so chip volumes and chip sales were about flat. Really, that recurring revenue base through subscriptions is one of the key drivers of the value creation that we'll come on to later in terms of the sale. So, pleased with that. And then more broadly, I think we touched on at the half-year about some wholesaler stocking destocking dynamics across certain parts of our markets. I think at the end of 2023, we kinda think that's leveled out. I think we, versus 2022, so stocking channel we think's about the same. And we think, you know, that's normalized now in terms of, you know, that dynamic that we impacted our first-half sales. And finally, these positive contributions from Daxocox, Plaqtiv+, some new products as well, has been partially offset by the competitive dynamics that we always need to deal with across certain generic brands. There has been some cessation of distribution arrangements, and these are the kinda small, low-level ones that we would deem as kind of the less sustainable ones. So it's a little bit of this continuation of the kind of product life, the kinda portfolio life cycle that we're looking at. And we have had some disruption in supply, in particular in the U.K. on certain products. A large driver of that was transfer of manufacturer, and we expect that to normalize in 2024. Production animals, I think just to reminder, this is an important part of our business, particularly so South European operations and also the international partner network. And as a reminder, we're targeting to at least maintain revenues in this part of the business, and that's largely through sales and marketing excellence and also selective distribution opportunities. On revenue performance, it grew by around 1%. Big contrast here between own operations and international partners. So direct sales operations grew by around 10%. That was largely driven by a nice new distribution product in Spain and actually growth of some of our largest selling brands, including certain antibiotics that had a big fall-off in 2022. And in international partners, we've had some impacts of phasing of orders. So that part of the business tends to get, you know, one or two orders a year on certain products, so the phasing of those impacts. And also we've seen some generic competition on one key brand, in particular in Germany, which is under our export area. On equine, very brief, Sarah, I think we've touched on this. So the driver of that 11% growth is Danilon. As a reminder, we bought that back into our own sales marketing control in the second half of 2022. So obviously bringing back that in has meant that we've been able to drive accelerate sales growth, and also, you know, that's had an improvement in our gross margins as well as, obviously having it in our in our business and our under-control versus distribution means the margins tend to be better on that area. Jenny? Okay. So, we thought it might be helpful just to talk a little bit more about Daxocox and Plaqtiv+ 'cause those are clearly our, our lead drivers of future organic growth. Chris has already talked about Daxocox, 16% revenue growth. And it is a very competitive market, so we're, we're really pleased with that, but not, not as pleased as we would be if it was obviously much higher. So we've spent a bit of time with the change in the organizational structure, with the COO in place, with some upskilling in around marketing, to really look at Danilon Daxocox with a very fine lens. So we're still really confident in the future of Daxocox. And in fact, I think in the last six months, we've become even more confident. So, you know, we know that this is a good market, increasing elderly dog population, prevalence of osteoarthritis is increasing and diagnosed more frequently. We also have seen there was a bit of market disruption in sort of 2020 with new drugs coming in for the treatment of arthritis, but the World Small Animal Veterinary Association, the WSAVA, is continuing to endorse use of non-steroidals, and Daxocox is a long-acting non-steroidal as really the standard of care. One of the well, the main thing about Daxocox is versus the other non-steroidals, you can give Daxocox once a week. And I think when we did the brand audit, we realized that that message had kinda got lost. And so we've now got an absolute razor-sharp clarity on the Daxocox USP, which is making life easier for the pet for the vet for the pet owner. And so that material and that focus for our sales teams is, is being rolled out now. We've got some new indications that we've talked about before. We've got some better, more, suitable dose sizes for bigger dogs. And we've also got some work going on on acute pain, so post-operative pain, soft tissue injuries. And so those are just about to go into the regulatory process. In addition, with our partnership with Virbac, we've got a regulatory process for expanding the number of territories. I think there's just over 10 territories where we're submitting regulatory files. And those will come on stream over the next few years. So I think in 2023, we did a lot of work on Daxocox, and we've got a lot of confidence from where that work is taking us. So it's a bit of watch this space, really, really looking forward to 2024. We're already seeing a little bit of improvement in the uptake. The sellout data is really good. On Plaqtiv+, this was a product that took off as soon as we started talking about it to our customers. And as Chris said, you know, we in 2023, it increased by about GBP 1 million. We know that this segment is continuing to grow rapidly, you know, 6%+ depending on which reference source you use, veterinary segment. We know that the vets love these products because it really helps them to give their pet owners something, something that's immediately making a difference. Pet owners appreciate the fact that we have a range of products in this. We'll be launching chews, to add to the range. New product development is progressing. We're looking at new ways to use the technology that's in Plaqtiv+ that makes these products so special. We are rolling out global distribution agreements. Just as a reminder, we have the rights for the veterinary channel, across everywhere but the Americas. And so now we're rolling it out into some of those big markets in Asia, etc. And so we're in the process of signing those local distribution agreements. So again, really excited about Plaqtiv+. Just as we've talked a lot about how we've been moving the portfolio from a very mixed generic portfolio into a better place. And so here what we're just representing is, you know, on the top schematic, really, it features a bit the sort of puppies at lockdown 'cause as those puppies age, they start to have different indications that take them into the vet. And what we're very confident about is the portfolio we have now operates in some of those big areas. So whether it's the Plaqtiv+ in the dental area, whether it's Daxocox and our OA collaboration around osteoarthritis, and whether it's some of those standard products that are used every day in every vet practice. So we're absolutely confident that this focus that we've had on our portfolio is really putting us in the important areas of medical need and also the lifetime stages of the pet. So we see this as a good opportunity for growth. We get lots of questions about the distribution products. And we set out as part of our strategy to reduce our reliance on what we term distribution products, but within distribution products, there's really two different groups. One is the sort of very standard distribution product that's on a short-term contract that is, you know, maybe lower margin. And over the past five years, we've really weeded those out. So our business, while we still have some distribution products that are important for us, most of the distribution products we have now are either where we have a long-term and sustainable license. So these feel like they're our own products. So no, we can take them away. We're really confident that we have those for a long-term future. So that boundary between owned where we own the IP and distribution where we have long-term contracts is sort of blurring a bit. And we're confident that we understand exactly where there is risk. It appears on our risk register, but we're much better at understanding where that goes. The portfolio is also moving from that generic business that we had five years ago to the larger part of our business coming from novel and sustainable products. And you know, we've talked a lot about rationalizing the portfolio, and that is continuing to help with things like margin, our focus, allocation of resource. Just moving on to Identicare, which clearly was after the 2023 close. Those of you who've been with us a while and following us for a while know that, we carved Identicare out from the main business. It really is a very different business to the pharmaceuticals business. And so we brought in specialist leadership. We repositioned the Identicare platform. And in 2023, we started to see that, revenue and profit momentum following the carve-out that we did under Robert Diamond, who's the real specialist in, in this, sort of retail digital business. We saw a nice sales increase. We were really pleased about it. What we found was that as the business increased, as people became more aware of Identicare, there was just an increasingly amount of interest in it. So from external, sources, we just through 2023, that interest built. We ran a short process, ultimately recognizing that there was this level of interest, and we're really happy with the deal that we did. We're looking forward to seeing what the team do in the future with the Identicare business. But for us, the proceeds from that transaction really helped to strengthen our balance sheet. It increases our firepower to invest in growth opportunities with those things that are much more core to our veterinary pharmaceuticals business. So we're pleased with the valuation. We talked about it being attractive. You know, actually, for me, I think it was a very attractive valuation that we got for it. We're really pleased to have that cash to spend. And so we will be using that to invest in future business, so in our inorganic business. Okay? Okay. So I'm just gonna come back to the cash and the cash position. I think as the headline says, you know, and leading on from what Jenny just talked about, there's been a transformational change to our balance sheet. So I'm not gonna spend too much time on explaining the debt bridge, 'cause obviously the net debt position, which is GBP 1.2 million including IFRS 16 leases, is clearly very different. You can see on the right-hand side, at the time of the transaction announcement, we kind of estimated around GBP 27 million of net cash. So what I am gonna focus on is cash conversion. So if we kinda look at that table on the right-hand side, so as I said, you know, underlying the cash conversion improved on 2022, which is kinda what we directed to. And that was really driven by a combination of a low increase in our net working capital and also a reduction in the other items, some of that's, you know, non-tax and non-cash, etc. So that's led to around GBP 1 million increase in our underlying cash flow from operations to GBP 11.4 million. On the working capital, the actual net movement's really quite small, but if you have a look at the detailed cash flow, the actual movement in the constituent parts of debtors, creditors, and payables is actually material versus that net change. So I'll touch on that, actually a bit in terms of more about what we see going forward. At an overall level for 2024, we're guiding on two things. One is continuing to target an improvement in cash conversion from 2023, so we're guiding to around 90%. That factors in the disposal of Identicare. So Identicare, 'cause of the subscriptions, had a high cash conversion versus this average of 86% here. But we're confident picking up on Jenny's point around our operational excellence and supply chain that we can. There's some things that we can benefit from going forward on working capital. On the constituent parts, I suppose the guidance. So trade receivables, we think, will be broadly similar. So I think the phasing of sales we expect to be the same, largely driven by particularly towards the year-end in terms of when we do price increases and some promotional activities. Inventories, we ended 2023 in a lower-than-expected position, so we expect that to increase during the year, come onto the dynamics first half, second half. High payables, and also just touching on we touched on the effective tax rate in the P&L. And I said there that the cash taxes were higher. We expect them to come down in 2024. So the dynamic there, on working capital is that there will be an increase, but all pointing towards a 90% cash conversion. In terms of profile, we are expecting to see that similar to what we've seen in 2023, which is an acceleration in cash conversion as we go through the year. So we will see a lower cash conversion H1 versus H2. The large part of the H1 driver is this normalization of what we had as low stocks at the end of 2023. It's there on the left-hand side. I just wanted to touch on this very briefly. So we are coming towards the completion of a refinancing exercise of our revolving credit facility, which is due for renewal at the end of March 2025. We're expecting that to be completed by the end of April, and we're gonna tick up the RCF a little bit to give us a bit more firepower. So we're expecting to complete that by the end of 2024. So, now that we've got that strong balance sheet and we've got some cash, just this schematic really represents the things that we're doing to really drive future growth. Obviously, promotion of existing brands. And you've seen from the EBITDA in 2023 and also, the impact for 2024, we're continuing to invest to make sure we're driving those brands as hard as we can, and really making sure that the organization is an absolutely commercially excellent organization. So a bit of investment there. The next three blue boxes, we've talked about a lot. We are still looking to expand our geographic footprint. We're still looking for something in France. We're looking at opportunities to make sure that we consolidate our European footprint. We're also keeping an eye on the U.S., keeping an eye on Asia, but really looking to expand our geographic footprint. And it's interesting because you can see that our results when we have direct sales and marketing operations are good. So we really want to make sure that we continue to expand that. We're looking at in-licensing late-stage assets. Really clear that until we get Orthros through to the next stages, that our focus is on looking for opportunities that are immediately accretive, both in revenue and profit. So any product or company that can add, in the short term to top and bottom line, that's really where most of our activity is. And then acquiring brands and companies outside of, licensing or a sorry, there are two options, licensing or acquiring, but making sure that we're just building that but building that so that we continue to carve the cash. So that's really what we want to spend the money on. And, you know, that's the anticipation. and then future down the track, in-licensing early-stage assets. We would, once we get Orthros moved a little bit further down the track, we will look for some more early-stage assets and do the same risk management approach, very early, early stage, very low payments building as we get towards launch. And then also looking at some innovative new product development that we can we can do ourselves, and we can look for opportunities there, all of those things driving to EBITDA growth. But actually, frankly, the real focus is on those blue boxes, geographic footprint, late-stage assets, in-licensing or acquiring. So that's what we're focused on. Just a little bit more about, you know, what's changed in 2023. The big thing that's changed is that the velocity that we've got has increased. So when I talk about velocity, the number of products and companies we've been looking at, the number of products that we've decided or companies that we've decided of real interest, the number of active conversations that we have ongoing, the number of product deals signed in 2023, and also during 2023, we participated when you look at one NBO, but it wasn't just the NBO. We actually had an NBO, and we went into a formal process, went all the way through to DD. Unfortunately, we weren't successful, but it gave us real confidence that we were able to compete with the good guys. We were in play. It took up quite a lot of our time. So underpinning that, we are seeing an increased openness to explore different dealmaking options, and we're doing some of that. It's interesting 'cause when you look at the number of deals that were done, which was sort of a bit suppressed from previous year, but actually what we're seeing now is much more willingness to do deals, much more openness, probably partly as a result of us being out there a lot more. But also, I think people are kind of looking for the next opportunity. Martin, who's been leading this now since last June, you know, he's out there, has the right connections. We're talking to the big companies about what's in their tail that might be suitable for us. But we are retaining the discipline around what we look at to make sure that we spend the money very sensibly. So we won't do a deal just for the sake of doing a deal. So as I've said before, strengthening the pipeline, geographic footprint. And we've had a real focus on sustainable portfolio growth. So even, you know, if it's a new product deal that we sign, we're looking for that to be a sustainable product that we have the rights to for a significant amount of time. And as we announced last year, in the middle of last year, Kane Biotech are looking to review their majority equity interest in STEM. That is still ongoing. We're watching with interest as to what Kane want to do. And so we're part of that conversation, but clearly, it's Kane who are driving that piece of the decision. Not much to say on Orthros. There's those of you who've worked with companies with early-stage products. But what I will say is we are now looking into equines. There's some clinical work going on in horses. It, it makes a lot of sense. It we like the equine business because it's for a, a business at our size, the customer group is very clear. So equine specialists, it's a very clear segment of the overall veterinary practice. So it's a good area for us. We're having a look at the, Orthros products in, in equine, and then we'll do the studies in dogs, before the end of the year. As you know, we've got this ongoing research collaboration. We're just trying to get those first products through the license agreement first before we get too caught up in signing new deals. But we've got some studies going on about the on the third potential collaboration. So we're really pleased with how that's going. As I say, it's a really interesting area, lots of activity that we're keeping up with. So it's a bit of a watch this space. So there's nothing new to tell you. We will announce as soon as we have anything, anything worth sharing. Okay. So this is my final slide. So I think Jenny's outlined the strategic priorities around those kind of three core areas, and also giving some information on BD. So this slide's kind of moving on just to kind of give some information on how we expect to to fund that strategy. At the bottom, we'll just give an indication of our overall funding capacity as it stands today. So I'll do a quick run-through of the capital priorities. So on organic growth, I think you've heard the theme of continuing investment in, you know, our people and operational excellence. I think I would kinda summarize that as this continuous investment to put in place what we've called strong foundations for future growth. In terms of M&A or inorganic growth, so no change here in terms of the debt capacity that we have. And we've talked about, you know, effectively, there's the refinancing coming up. And equity capacity where we feel needed is reserved for accretive M&A in the areas that we've talked about before, whether that's geographic expansion, late-stage, licensing, etc. On debt, we're maintaining what I would say is a disciplined approach to the balance sheet, so target leverage of up to 2x. And then if we take that, on the basis of the ongoing forward EBITDA with the cash on hand in the bank today, then, you know, indications are we've got around GBP 50 million of funding capacity to allocate to that area, so a significant amount of available facilities, etc. In terms of the pipeline, the underpin to increasing investment here continues to be that strong cash conversion we've talked about. That's why that continues to be a focus. And we are targeting to increase investment in this area to around 5% of revenues. That will largely be CapEx versus OpEx. We've talked about, you know, there is R&D going through the P&L at the moment, but as Jenny's touched onto, we'll tend to only have probably one key project on late-stage assets, which is impacting our EBITDA. And then on the dividend, I think I kinda said right at the start about the policy, which is unchanged. So really, as you can see from this capital allocation slide, big focus around investments for future growth and value creation. What we've added here is a chart on the right-hand side to kinda demonstrate a couple of things, that you know, we've continued to return a dividend to shareholders. And so that's GBP 12 million over the last five years. But in that time, which, I think, continues to generate the kind of strength of our free cash flow, we've also reduced debt by over GBP 20 million. So in terms of this overall dividend increase, we think, you know, the business is in really good shape from a normal course of business in terms of cash generation to continue to fund a dividend, but with a primary focus on the three top boxes on that left-hand side. So that's coming to the end. And just in terms of outlook, I hope that what you've seen today and we've been sharing with you, you know, we're really happy with where we've got to. We've got revenue growth. We're focused. Identicare, we believe, was a great deal. It was, you know, the right thing to do for the business, and we'll use that money very wisely. Orthros is continuing, and there's a lot of excitement around that area with it extended into the equine indication. So in 2024, you know, continuing to push for profitable growth and cash and really stepping up the investment in organic and inorganic opportunities because now that we have the firepower, as Chris talked about, you know, we're really clear on what we want to do, and, and we are pushing hard, to make sure that we continue to grow this business. So more than happy to take questions. I'm gonna take guidance from Helen, who can have a look at who's got their hands raised and can unmute. So Helen, over to you. Thank you. We have, I've got two people with their hands up. And I also have one typed question, from Lars Knutsen. Shall I give you that one first, and then I'll unmute, Max? Okay. Lars's question is, "Thank you for the presentation. I hear a lot of operational efficiency and improvement and higher growth of higher-margin products. But still, you expect EBITDA margin to be down year-over-year. How does that add up?" So, I think if we're looking at the forecast, one of the reasons on the EBITDA margin is Identicare, 'cause that was probably around where you can see where it's about 50% EBITDA margin. So, if we look at pro forma versus pro forma, we are expecting EBITDA margin to tick down a little bit this year, i.e., it's flat on higher revenues. But that's really the theme around that is what we've talked about, is the investment. So it's the investment and a little bit of that continuing theme on inflation, that's what that means, that EBITDA margin will downturn in 2024, but we're expecting that to increase from 2025 onwards. So, 2024's really another big investment year for us. And Identicare disposal are the two key reasons. Okay. Lars, I hope that answers your question. Helen wants to unmute. Max, are you there? Or? Yes. Max is unmuted now. Hi, Max. Hi, Jenny. Hi, Chris. Thanks for taking my questions. Firstly, just to understand a little bit on this price and volume in 2023 in terms of your revenue growth 'cause obviously, we've been in quite a high inflationary environment, and how that has impacted the business and how you see that going forwards. Secondly, you talked about in the release about having done a distribution deal in Spain. I think you've done another couple, subsequent to that. So I wanted to try and understand and you, you mentioned in your, talk just then with the slides that, your focus is on much longer contract terms with those sort of, distribution deals. So understand a little bit more on that. And then finally, on Plaqtiv+, clearly, that's surprised on the upside, compared with, I think, probably original expectations. It almost looks like it's gonna be a bigger product than Daxocox at the moment. So, try and understand, you know, where we could see that product going longer term, given the success. Thank you. Chris, do you want to address the volume piece? Yeah. So if I understand correctly, Max, this is around the revenue rather than the market. Exactly. Exactly. Yeah. So, I suppose how do I summarise this? So in terms, so I'm not gonna give you absolute numbers 'cause some of the data in the business is quite tricky. But I think. I mean, Chris, if I summarize, you I think you underlined constant currency growth was 2.5%. You're in an inflationary environment last year that suggests that it's almost all price. If not, you've seen a little bit of volume declines. Would that be fair to say or not? Yes. Yes. So, so in terms of sales prices, you're right. So that, that, that contribution is probably, you know, mid-single digit. Volumes have declined, but that's largely partly so in international partners where we've talked about, you know, that, that kind of volume decline there. And also in some of the lower-margin areas of the portfolio, some of which has been impacted by that supply disruption I've talked about. So you're right. So overall, I would say, so volumes have declined a bit overall. And the sales price is a large part of the driver, but there's also the sales mix in there as well. Great. Okay. Max, on the distribution deals, so I think we talked about three. We did one for production animals in Spain, which was a really nice add-on piece. And then two, one is we're now distributing Oralade, which is a rehydration therapy, which is from a business in Northern Ireland. And that's gone really well. And the other product that we signed a deal on last year is a product called Alfamil. And again, that is going very nicely. I think, in terms of, you know, my comments about longer contracts, better contracts, I think we learned a lot of lessons from some of the loss of distribution contracts that we had historically, but also some of the quality of the distribution contracts. So I think many people are aware we have a legal counsel called Liam Maclean. And he has helped us to make sure those contracts are more sustainable, but also, we're putting much more effort into really truly partnering with people so that, you know, we don't have any shocks and surprises. So these new contracts are, you know, longer, rolling. We've been careful about changing the control clauses, etc. So just really a discipline about making sure that those contracts are more sustainable. So that's the piece on there. And you're right. Plaqtiv+ has been, you know, when we always have a range, and clearly, we share, you know, mid-range or a slightly conservative sometimes. But Plaqtiv+ has really been going well. A couple of reasons for that. One is it's a growing market. And secondly, it's our sales force love it. So they love selling Plaqtiv+. It frankly, it's an easier sell for them. It's less competitive than Daxocox. And so what we're trying to do is make sure that with the lessons we've learned from Plaqtiv+, a transfer to Daxocox and our sales teams becomes confident around Daxocox as they are around Plaqtiv+. But for me, it's one of those things that really shows the benefit of having that commercial excellence. Also worth remembering that Plaqtiv+ doesn't have the long regulatory timelines that Daxocox has. So as we territory expand, Plaqtiv+ whilst there are usually some regulatory process to go through, it's not a full prescription medicine regulatory process. So we anticipate that being a bit quicker. Now, if your next question was, "How big could you see it being?" I don't know today, you know, if I was to share the top of that range. But it's certainly going really well, hugely successful. And, and as I say, the, the business loves it, so and as well as effect, of course. But, but, yeah, could it be bigger than Daxocox? Let's hope. Thank you. Helen, anyone else with questions? Sorry. I have to remember to unmute myself so you can hear me. We've got Mike Mitchell. I'm just unmuting him now. Great. Thanks. Hi, Mike. Oop. Hello. Mike's unmuted, but maybe you haven't unmuted yourself, Mike. I don't know. Can you hear me now? Yeah. Yeah. Hi, Mike. Fantastic. Hi there. Hi there, Chris. Hi there, Jenny. No, great performance. And congratulations, of course, on the Identicare deal. Just on the inorganic side of the story, I'm just wondering what the sort of day-to-day process looks like. Yeah, just wondered if you could remind us about the team that's tasked with finding deals, you know, their background, where they're located. Are you going to add, or do you need to add any, any more bodies to the team given the greater cash resources that you've got there? And just to come back to that strategic priorities slide, Jenny, in that stepwise chart, you know, with the blue boxes, should we infer anything from the ordering of those boxes? Do I take this as a formal prioritization of, of strategy? I'm just thinking how the task is going to be tasked there. Yeah. Mike, I'll pick that one up first if that's all right. Ideally, we'd like something that covered those first three boxes. So, you know, we talked about one NBO and that we did last year and got all the way down the track. That covered all three. So it isn't necessarily a prioritisation, but we know that, you know, our ideal deal would deliver those three and something for the pipeline. So, so that's our sort of holy grail. As I say, we thought we found it last year, but we are picking ourselves up again and, and relooking for that. But that's the holy grail. What we also recognize is that some bolt-ons would be helpful. So when you think about the, "How do we spend the money?" the majority of that money, we would like to spend on something that does all three. So, you know, a really nice big, big opportunity. But in the meantime, we would look for smaller deals that bolted on in any of those three areas. So whether it's a product that was ready to go, a business in Germany, France, Italy, you know, where we're slightly under scale, so that, that's really either in-licensing products or, or buying or licensing products from companies. So, so not really a, an order of priority. Ideally, we'd like them all in one package, but we will do smaller deals as well. Does that hopefully, that helps? Yes. No, that's really great. Thank you. Just in terms of the process and the people. So I think you're probably aware that we, freed up Martin from all these other responsibilities, last June. And Martin is really our man out there. So Martin's out there knocking down doors. He's seven-foot-something, so he's very good at it. But he's out there, and he's a real networker. And, and it's very interesting in the last six months, particularly, the number of people that Martin has been able to access. So in terms of the lead generation and, and who's out there, the main person is Martin. So he's been going to VMX, AHI, all of the key congresses, networking with the people in all the BD organisations in all of the big companies. They have a BD forum. So there's a very out-there be present. And, and Martin is really the face of that. And then, I was gonna say behind the scenes, but that's not really fair for the role that she's doing. We have Sandra Single, who's our product and business development director. And Sandra's role is more of a desk research role. And so Sandra is looking at things that she then points Martin out to go and Sandra is really looking to try and make sure that we have things that are right for the market in the future. So she's doing more of a desk process piece. And so they're the two key people. And then we have a sort of analyst person, Anja Krivic, who is supporting on both doing the commercial evaluations for things that Martin finds but also helping Sandra to identify opportunities. So that's the sort of core team. In terms of the process, we have a weekly what we call the SPOT meeting, which is strategic product opportunities team. And that's the group that look at things both whether it's a, "Hey, there's a really interesting business somebody's told me about. What do we think? What do we look like? What are the challenges? What are the opportunities?" So that's called the SPOT team. That's a weekly process. We have a steering group, which is the broader executive team where we challenge, you know, either the forecast or the opportunity, how it would fit. And then I suppose Chris and myself, we brought in last year, I think you're aware, Lorna as Finance Director. And that was really so that we can use more of Chris's time on a lot of the financial piece. And we brought in Maria as COO. And that was really so that more of my time is spent out talking to people. And that has certainly happened. Clearly, Chris has been introduced. Lorna's only been with us full-time since January, and it feels like she's been a lot longer. But clearly, with the audit, the annual report, and all of the activities that go around today, moving into the AGM, you know, we haven't had quite as much of Chris's time. But I think with Lorna now on board, that will help. Certainly, my time is spent. You also asked a question about, "Do we need more resource?" We have continued to contract in resource, at whatever stage we are at. So if it's, that's an interesting business. How would we construct the deal? And we use this a lot for the NBO that we submitted last year and that whole process through DD. We contract in experts. So, the most of our experts seem to come from AZ. Can't think why that is. But we've got some great people who we call upon to help us at those times. So we've got that in place. Do I think today we need some more resource? I think we're well-positioned. I think as the COO and the finance director help, it and it frees us two up a bit more. But we would we will certainly keep that under review as, as we move forward. And the time when we will need some more resource and whether we choose to bring it in on contract, or we actually bring somebody in is when, when we get some of these opportunities that we're talking about to their next stage. Because what we are very aware of is that, for example, last year when we were when we were looking at the major deal, it sucked everybody in. And, and actually, what we realized when that didn't come to fruition was that the whole target generation, the whole process of going analyzing and assessing and moving forward had sort of stopped because everybody was sucked into that deal. So I think that's the piece that we recognize we need to be really aware of. But today, we haven't got a plan to bring we haven't allocated another headcount. But we hope that some of the work we did last year will really help to free up resources to do more of this. Sorry, Mike. That was a long answer. Yeah. No, that's fantastic. No, that's really helpful, Jenny. And just one final one from me then, just pre-Identicare. I think my view of the development platform, for the group as a whole, was that it was very useful to have third parties or collaborative or research partnerships where you could pivot off the external expertise of another party as well as jointly investing. Does that still apply now, or, you know, now given the cash resources, are you much more likely to consider bringing that sort of expertise in-house? It's a really interesting one. And I don't think there's one size fits all. But certainly, one of the things we have ramped up, which I should have said earlier about the process, is our use of external experts and advisors. And I think one of the things we recognize is that we have limited expertise. So if we were to bring something in, you know, thankfully, Sandra's got good biologics expertise, so can work with the Orthros deals very well. But, you know, if we get into some of the other areas, we would probably need to bring additional expertise in. So, I think it'll be a mix, to be honest. The partnering piece, I think, works really well when you when your partner's good. And so getting that right at the start, I think, you know and, and STEM's been a really interesting learning process for us. And, you know, wherever that ends up going, you know, we've learnt a lot from how that partnership works and what you need to make sure you put in place. But also working with this group of advisors has started to help us to work out where it's right to partner, where it's right to JV, and where it's right just to buy in. I don't think I wouldn't rush to buy something in if we didn't really understand it. I think it's great if you can find a partner who you can work closely with. Fantastic. Thanks, Jenny. Thanks, Chris. We have another question from Kane Slutzkin. I'm just going to unmute him. Great. Hi, Kane. Hi, guys. Morning. Can you hear me? Yeah. Yes. Yeah. Hi. Lovely. Quick question, guys. I sort of noticed, of course, you talking about sort of the focus on larger selling, more profitable brands, and that's sort of helping margins. I'm just wondering and apologies, I did arrive later. Apologies if you've already shown this. But you used to give that sort of slide or a percentage of revenue coming from your top 40 brands. I'm not sure if you showed that earlier. Where are we on that? Was that about 75%-80% of sales, if I recall, last year? And how's that portion of the portfolio grown versus sort of, I guess, the overall growth or the, the X sort of, portion? Yes. Yeah. So, so the slide's not in there, Kane, but I can give you the, the kind of more details. So in terms of the top 40, yeah, it's about 80% of overall sales. And as we've seen in the past, those are the growth is higher in that part of the, the portfolio, logically, than, than the rest. So I think if we talked about, you know, broadly 4% growth, then the top 40 was growing probably between 5%-6%. So that's where we are on that. And again, that's bringing in new products as they enter the top 40. So Plaqtiv+ is a big driver. Okay. Perfect. Thanks, guys. Okay. Helen, we've got a couple of minutes, I think. Any others? I've got no other hands showing. Great. Well, I think everybody knows where we are and what we're doing. And you know, if you do come up with any other questions, please do feel free to contact us. And we'll do our best to answer. But thank you very much for your time and attention and for some good questions.