Good morning, everybody, and welcome to the Alliance 2022 interim results presentation. I'm pleased to see so many of you in person this morning and look forward to meeting those who are listening on the webcast very soon. As always, this morning I'm joined by Andrew Franklin, our CFO, and Cora McCallum, our head of Investor Relations and Corporate Communications. Turning our attention to today's presentation, I'll begin with a reminder of our strategy and how this has supported our progress in the first half of 2022 before handing over to Andrew to walk you through the detail of the results. I'll also touch briefly on the CMA case as much as I'm able to do so in terms of timings and what happens next. I'll then finish with a summary and reminder of the outlook for the remainder of the year before opening the floor to questions. This slide serves as a reminder of our strategy. We're committed to delivering solid organic growth through investment in marketing excellence, supported by innovation and development. We remain focused on our consumer healthcare portfolio, which benefits from the in-house regulatory knowledge embedded in our legacy prescription medicines business. This synergy has become more important as the consumer healthcare market evolves and regulatory oversight increases. We aim to further enhance organic growth through selective complementary acquisitions, the most recent of which we completed in March with the ScarAway brand from Perrigo. More on that a little bit later. We maintain an active review of acquisition opportunities focused on the consumer health care market, where we look to leverage our established global platform, particularly in the U.S. and APAC regions. This strategy is underpinned by our investment in people and in building a sustainable business so that Alliance can continue its purpose to improve the lives of consumers and patients through making available a range of clinically valuable health care products. This strategy is supported as well. Despite the challenging operational environment in H1 2022, we've invested in our business, completed a highly strategic acquisition, and progressed the development of several proprietary new products. Revenues increased on a reported basis, demonstrating the value of our portfolio and international diversification. Now, when we presented to you back in March, we highlighted that our performance would be more heavily weighted to H2 than in previous years due to our anticipated revenue trajectory for Nizoral and for Amberen. Shortly after those results, on the 28th of March, Shanghai went into a severe COVID-related lockdown. This created disruption in our supply chain, as we highlighted in our AGM statement in May, delaying some sales into H2 and further increasing the second half weighting. Following the easing of lockdowns, our supply chain is stabilizing and delayed orders have now shipped and performance is on track. Our strategy remains unchanged, and this slide details the progress we're making with innovation and development. As we mentioned at the full year results, we've recently strengthened this part of our business with the establishment of a dedicated innovation and development team. In early 2022, we launched our first product from the new I&D platform, Kelo-cote Kids, a presentation developed specifically for use in children from the age of three months upwards. That launch has been extremely successful, resulting in a 20% market share position in the cross-border e-commerce children's scar treatment market in China in only three months. We submitted new product innovation approvals in both the UK and Germany and expect to launch Kelo-cote Kids in these markets in 2023. I'm also excited to announce the next two significant products that we'll launch this year. Kelo-cote Sheets in the cross-border e-commerce channel in China and Canker-X in the US. The Kelo-cote Scar Sheet launch closes a gap in our scar treatment offering in China, where we previously only had gels and sprays for sale. Scar Sheets represent around 4% of the cross-border e-commerce scar treatment market by value versus 15% in the US. We see an opportunity for market expansion. Scar Sheet formulations are the preferred treatment in cases such as eyelid surgery and C-sections, and we believe there is an opportunity for consumers to use sheets in conjunction with gels, thereby increasing the potential value per transaction. We intend to launch the sheet in the China domestic online market once the necessary regulatory approvals have been received. Now turning to Canker-X. Canker-X is our first proprietary brand launch. It's an extension of the Aloclair brand offering, a differentiated treatment for mouth ulcers, specifically for the US market. Canker-X has clinically validated claims and will be the only product in a category that is both benzocaine-free and alcohol-free, meeting a real consumer demand. A number of leading retailers have already committed to stocking the product, which we estimate to have annual net sales potential in the low single million dollars. We envisage spending some GBP 1 million-GBP 2 million per annum on I&D going forwards, with an aim to generate 10% of net consumer sales from new product innovation in the future. Acquiring complementary products into our portfolio remains a key part of our strategy, and I'm delighted that we closed a highly strategic acquisition in March, during the first week of our results roadshow, in fact, which again demonstrates the strength of the business development team we have here at Alliance. We acquired ScarAway, the second largest brand in the U.S. scar treatment market and the U.S. rights to Kelo-cote, completing our worldwide portfolio for this brand. This acquisition was integrated into our business very quickly in around four months, partly because we only had to deal with one territory, albeit the largest consumer market in the world. Also because we'd already invested in our U.S. infrastructure following the acquisition of Amberen in December 2021. We spent $19.4 million, or then GBP 14.6 million pounds on this acquisition, equating to approximately 2x sales. A multiple which reflected some supply issues that the vendor was experiencing. With our expertise in managing CMOs and our strong in-house supply chain management team, we were confident that these issues could be resolved fairly quickly. Our confidence proved correct, and I'm pleased to tell you that ScarAway sales are running in line with our expectations. Our in-house R&D team are already developing some ScarAway line extensions, which I hope to be able to share with you in the near future. Our corporate development team remains busy and has a multitude of potential deals that it is assessing. As a reminder, we adopt a targeted approach to acquisitions, seeking leading brands which have a differentiated, clinically valuable claim set in our existing geographies. Now let's turn our attention to the operational performance of H1 2022. As I've already mentioned, we anticipated a weaker start to the year than usual due to our anticipated revenue trajectories for Ambaren and Nizoral in particular. The unexpected lockdown in Shanghai compounded this weakness, and revenues declined 2% adjusted for currency. While consumer healthcare revenues declined 3% at constant currency due to a softer performance of each of our three key brands, I'm pleased to say that the base consumer business grew 15%, demonstrating the power of our diversified portfolio. Prescription medicines also had another solid performance. We've spoken about the ScarAway acquisition already, so I'd like to talk a little more about our three key brands now. This slide explains the performance of our three key brands in H1. I will then detail the drivers of H2 performance to provide a bridge to the consensus expectations for full year 2022. Revenues from the Kelo-cote franchise rose 5% to GBP 22.9 million, but declined 3% in constant currency. Adjusting for the recent acquisition and currency tailwinds, like-for-like revenues for the Kelo-cote franchise declined 12%, mainly due to lower volumes from our new China cross-border e-commerce partner. As we've already explained, the lockdown in Shanghai disrupted the supply of products into China and led to a decline in the CBEC market for scar treatment. However, the online domestic market grew and Kelo-cote gained market share. We also successfully launched Kelo-cote Kids in this channel in April. Revenues in H1 came ahead of our original expectations, and as I've said before, we captured 20% share of the CBEC children's scar market in China in only three months. Amberen sales were down 25% in constant currency, with challenging comparators in the bricks and mortar market for the whole category and increasing competition online. We've adopted a very targeted approach to our investment in the brand, focusing resources on the faster growth, higher value e-commerce market. We've worked hard to refresh our claim set during the period in order to support our product differentiation and premium pricing and launch new market assets accordingly. Our marketing campaigns reinforce the message that Amberen has a clinically validated formulation and is not merely the combination of a number of ingredients which might have shown benefits in trials on an individual basis. Turning now to Nizoral. Sales declined 12% at constant currency. However, during the period, we finally completed the marketing authorization transfer from Johnson & Johnson in China, our largest market, and appointed a new top-tier distributor. The lockdown in Shanghai meant that the transition to a new distributor took a little longer than expected, meaning some sales were delayed from June into July. Our new distributor offers a larger sales force than the one we inherited from J&J and has fewer key products to focus on, meaning a greater proportion of resources can now be dedicated to Nizoral. Outside of China, our activation campaigns are gaining traction with a campaign in South Korea, which we highlighted at our full year 2021 results, driving 39% growth in in-market sales for the first 4 months of the year versus the equivalent period last year. What gives us confidence that the second half performance in each of these brands will deliver the sales expectations of the market? This slide aims to bridge the gap between H1 reported revenues and full year consensus expectations. You'll see that we've taken the reported H1 revenues and adjusted for the delayed Nizoral sales and the underperformance of Kelo-cote in cross-border versus our expectations before lockdown. We've also removed the ScarAway revenues to arrive at a pro forma underlying H1 revenue. We've then shown the implied additional revenues in Nizoral, Kelo-cote, prescription medicines, and other consumer healthcare to reach consensus sales for full year 2022. We're unable to quantify the shortfall in Amberen, and because the consensus has already lowered expectations for this brand, we've included Amberen in other consumer healthcare for this exercise. Looking at Nizoral first, we anticipated a step-up in sales in H2 due to the timing of our various activation campaigns. I've already mentioned, the campaign in South Korea, which was launched in Q4 2021, drove 39% increase in sales in the first four months of this year. Similar campaigns were launched in Thailand and Australia in July, another two markets where Nizoral holds category leadership. We also held a promotional campaign week in Guangzhou, China in August to coincide with National Hair Care Week. We were also excited about the ability of our new Chinese distribution partner to drive sales growth. Furthermore, we gained marketing authorization clearance in Vietnam in May, allowing us to reenter that market after a two-year hiatus. Turning to Kelo-cote. I'm glad to report that lockdowns have eased in China, and that our colleagues in Shanghai are back together in the office there. We continue to work closely with our cross-border e-commerce distribution partner to optimize this sales channel. Our B2C channel is well developed, and in September, our Kelo-cote flagship online store was awarded a prestigious Tmall Global award for surpassing CNY 100 million in annual sales for the first time. We've refined our strategy to increase our presence in the larger B2B channel, incorporating additional distributor support with associated orders expected in quarter four to meet midterm demand. We also anticipate continued growth in Kelo-cote Kids formulation in China and the launch of Kelo-cote Sheets, which in addition to a full six months of ScarAway sales in the US, should deliver strong sales momentum. Our other consumer healthcare business continues to grow well, and we anticipate strong performance in Aloclair and MacuShield in particular. With regard to Amberen, our new advertising campaigns are already showing new and improved user engagement, which allows for more targeted and more efficient use of marketing spend. Our investment in the brand continues with new packaging ready for launch in quarter four 2022, and a pipeline of new formulations in development to drive longer term growth. Finally, we continue to anticipate continued robust performance from the prescription medicines business. I hope you understand why we believe a step-up in revenues in H2 is achievable. As we detailed in our RNS, our full year expectation includes several large distributor orders in quarter four, the timing of which is dependent on the rate of recovery in those markets. However, the second two blocks on this chart really are business as usual for us. This slide shows some of our new creative assets, which are designed to illustrate Amberen's differentiation and highlight our new claim that 91% of women in our trial experienced a reduction in hot flashes. We also highlight that this is a product with over 12,000 five-star reviews on Amazon. We remain committed to Amberen. It's a well-respected brand in an underdeveloped market, and while it's had a tough year this year, we see significant growth potential over the coming years. We've also continued to strengthen our business during the period, progressing the rollout of our ERP system to complete the integration of the North American business, such that all three US brands, including ScarAway, will be on our global D365 platform by the end of September. We've continued to evolve our office infrastructure, opting to close our Chester office rather than renew the lease with those colleagues now hybrid working from home, and Chippenham. We've relocated our Paris office to a more modern fit for purpose premise. I'm pleased that we continue to make good progress on sustainability. You'll notice that we've enhanced the sustainability section of our investor relations website, simplifying our sustainability framework under three main themes, people, planet, and product, and making key information easier to find. Our environmental strategy has developed further, and today, we announced our net zero timeframe for our Scope 1 and 2 emissions. We anticipate reaching net zero by 2030 with an interim reduction target of 65% by 2025. We've reached out to all our contract manufacturers to understand their Scope 1 and 2 emissions, so that we can improve the calculation of our Scope 3 emissions as we move to set a net zero target for these in the near future. We've also conducted a complete audit and analysis of our packaging estate to progress our sustainable packaging strategy and are now identifying key areas of focus. I hope to update you on these further at our full year results in March next year. It's been a busy first half across the business. I'd now like to hand over to Andrew to talk you through the financial details. Thanks very much indeed, Peter, and good morning to everybody. As you've already heard, the first half was a challenging period for Alliance, yet we delivered a 1% see-through revenues growth of GBP 81.6 million, boosted by the acquisition of ScarAway and some foreign currency tailwinds. Changes primarily in sales mix led to a 2% decline in gross profit and a 170 basis point reduction in gross profit margin to 62.1%. As Pete has already highlighted, we increased investment in the business to improve our operating capabilities and boosted the level of marketing support provided to a number of our brands, while maintaining good cost control through a targeted approach to our spending. Consequently, underlying EBITDA declined 5% to GBP 21.5 million. Underlying profit before tax decreased only 2% to GBP 19.7 million, resulting from lower net financing costs due to exchange gains, which offset a slightly higher underlying amortization charge following the successful implementation of our ERP system in May. With an underlying tax rate of 20.8%, 30 basis points higher than for the period last year, our underlying basic earnings per share decreased 3% to 2.9 pence. I'm pleased to announce that an interim dividend of 0.592 pence per share, an increase of 5% on last year's interim dividend, will be paid on the nineteenth of January 2023 to shareholders on the register on the twenty-third of December 2022. As Pete has already talked through the detail of our key brands, Kelo-cote, Amberen, Nizoral, I'll focus on the other consumer brands which reported a 15% sales growth with strong performances in Aloclair, up 50%, due in part to distributor restocking, recovery in Vamousse sales as children returned to school, and a 6% growth in MacuShield, our product for eye health. Hydromol and Forceval were also strong performers within the prescription medicines portfolio, up 22% and 9%, respectively in the first half of last year. As shown on the slide, consumer healthcare represents 70% of total group sales, broadly in line with the prior year. This slide details our balance sheet and cash flow headlines. Free cash flow for the period was GBP 5.1 million, with net debt increasing GBP 16.6 million in the period following the acquisition in March last, this year of ScarAway and the US rights to Kelo-cote. As a result of this acquisition, our net debt to EBITDA ratio increased to 2.05 times at the period end, comfortably below our banking covenants of 3 times. With good cash generation expected in the second half this year, we expect this ratio to reduce to about 1.8 times by the end of the year. This leverage is slightly higher than anticipated when we gave our trading update in July, and is due to the anticipated timing of sales and associated cash flows in the fourth quarter. However, the direction of travel is clear. This slide walks through the cash and debt movements in more detail. Cash flow from operations was GBP 8.4 million, which was partially held back by the outflow of working capital of GBP 14.5 million, due primarily to the timing of sales following a record trading month in June. With CapEx of GBP 0.5 million, we track below our run rate implied in our full year forecast as we managed our cash flows carefully in the period. Our free cash flow more than covered our dividend and CapEx requirements for the first half, with the majority of the increase relating to ScarAway, the ScarAway acquisition in March. As a reminder, we have GBP 165 million revolving credit facility, of which GBP 31 million is currently undrawn, and we held GBP 29 million worth of cash on hand at the end of the period. We also detail in the appendix additional technical guidance for 2022. You'll note we have modestly reduced our anticipated CapEx this year, and now anticipate spending some GBP 2-3 million versus the previous GBP 3-4 million guidance we gave in March. We've also increased our net debt guidance to between GBP 90-100 million following the acquisition of ScarAway, the timing of sales anticipated in the second half, and the impact of currency movements on our non-sterling loans. I know there's been a lot of focus on cost inflation due to the current environment, and we have been cushioned to a certain extent by the longer lead times in inventory holdings in our business. We have deployed various mitigation measures, including contingency stockholding of raw materials and componentry within our supply chains, such that we've been able to delay and offset pricing pressures in the first half to a large extent. However, with most of this stock now utilized, we will, like all of us, be more exposed to general market conditions. That said, forward commodity price forecast suggests a stabilization of prices in the near term, in the midterm. For reference, on a full year basis, approximately half of our cost base relates to the price we pay for finished goods, warehouse, and to distribute our products, and approximately a quarter of our spend relates to labor. Of the remaining 25%, approximately 15% is marketing related, which to a certain extent is discretionary, and 10% is for overhead. Finally, we have the ability to pass on some cost inflation onto the consumer through price rises, although this is generally not possible for the reimbursed prescription medicines portfolio. We also continue to look in our manufacturing and supply chain network for efficiency benefits. With that, I'll hand back to Peter. Thank you, Andrew. Thank you. Before I provide a comment on the outlook for the year, I also wanted to provide an update on the CMA cases. This is relatively new news. As most of you are aware, in May 2019, Alliance announced that a CMA had issued a statement of objections to four companies, including Alliance, alleging anti-competitive agreements in relation to the sale of prescription prochlorperazine, a small out-licensed product in Alliance's portfolio from June 2013 to July 2018. Alliance out-licensed prochlorperazine to a distributor in 2013 in return for an agreed fixed transfer price. Since that time, Alliance has had no involvement or control over, and did not benefit from, the in-market pricing of the product, which is entirely managed by the distributor. Alliance recorded annual revenues of GBP 1.9 million at peak in 2015, and revenues of GBP 0.7 million in 2021, representing approximately 0.4% of the group's turnover that year. The CMA's decision does not concern any other product in Alliance's portfolio. In February 2022, the CMA issued its findings that all four companies had infringed competition law and imposed fines, including a GBP 7.9 million fine for Alliance. We've already said, we strongly refute the findings and lodged our appeal with the Competition Appeal Tribunal in April. I want to reassure you that we take our responsibility for compliance extremely seriously and have supported the CMA throughout the investigation. We believe we have been prudent by providing for the fine in full at the end of 2021, but we also continue to believe that there is no case to answer. I also want to highlight the long timeframe for this case. The appeal will be heard next year in early June, will wrap up in late July with a verdict towards the end of 2023. Only if we fail in our appeal will the case commence against the directors. This case will continue in the background, but I'm lucky to be supported by a strong management team, and we remain focused on business as usual. In summary, we've navigated the operational challenges of H1 really well and further developed the business while maintaining tight control of costs. We completed a highly strategic US acquisition to further leverage our platform. We continue to invest to support our key brands and have significantly progressed our I&D pipeline with three proprietary new products launched or launching in 2022, and more planned for 2023. We've also continued the momentum of our sustainability strategy to set a net zero target for our Scope 1 and Scope 2 emissions and gather the necessary information to be able to set a net zero target for our Scope 3 emissions in the near future. While the operating environment remains challenging, we anticipate strong sales growth across many of our major brands in H2, including Kelo-cote and Nizoral, as we continue to work closely to integrate our new distribution partners and launch new products to grow our market share. Our full year expectation includes certain large distributor orders in quarter four to meet increased demand, but the timing of these is always, as always subject to the rate of recovery in those markets. We remain committed to ensuring that consumers can access our brands in the event of potential volatility in supply chains in the future. As usual, we'll continue to monitor the situation closely. Looking to the midterm, we anticipate a stabilization of prices for goods and support services, and we continue to review our manufacturing and distribution network to look for efficiency benefits. Our base business remains strong, with further new product launches expected in 2023 to secure future growth. Thank you very much for your continued interest in Alliance. I'm now happy to take your questions. Thank you. Andrew, morning. Morning, it's Andrew from Investec. Just one on Kelo-cote and China's zero COVID policy. There are other regions which are still locked down, aren't there? Yep ...in China at the moment. Is the thinking that that sort of continues for the rest of the year, i.e., the current situation is what underpins your expectation for Kelo-cote in 2H? That's right. Obviously we experienced quite a severe lockdown in Shanghai with the major hub for us and everybody else within China. I think from what we're seeing, we are at a, it's very difficult to call where COVID will run out to. We're quite fortunate in the fact that we have two routes into China. One's cross-border and the other one's domestic as well. Actually in that period, Kelo-cote grew quite nicely in market with a domestic supplier. Yeah, I think to your question, you know, that assumption underpins our year-end. Perfect. Thank you. Then, the net debt target's 1.8 for the year-end. Does that impact your thinking around potential for further acquisitions in the near term, or is there any change there? Would you still go ahead unchanged and think about ways to finance it? Yeah, I think if I answer the sort of acquisitions and where we are with that, we have a lot that comes across our desk. We're also very conscious that we want to drive real synergy in the platform that we have right now. The types of things that we're looking at are tactical bolt-ons, which make perfect sense for our platform right now. Nothing too large at the moment, I think it's fair to say. I think that's right. As you said, the direction of travel is clear, that while we levered up to acquire the ScarAway brand, the cash flow we expect to see in the second half is gonna be reasonably strong, which will bring it down and it'll be continued cash generation next year as well. We've got plenty of room. Also our covenant's at three times, so we've got plenty of headroom, but we certainly wouldn't want to go near any of that. Perfect. Thanks. Just the last quick one. The ERP, is that fully rolled out, and do you see some benefits from that coming through in the future? The ERP, we've successfully launched it for the whole of the U.S. market. APAC and China are the remaining markets to go live. They were tactically put, phased in that way. We'd expect that they would come live during next year. We're rolling out that global platform. With regards to synergy benefits, I think where we see it is around the speed of information within. We're able to get a report out of the system, looking at working capital requirements. That's largely where we will expect to see some form of synergy gains. Perfect. That's really helpful. Thanks. Thanks. Sam from Berenberg. Hi, Sam. Hi. First question. Was the uptake in Kelo-cote Kids in China ahead of your original expectations? And what do you see as the long-term market opportunity? Yeah, the long-term market's pretty good for Kelo-cote Kids, not just in China, but across different markets. It was ahead of our expectations, particularly through cross-border. We will be launching that in the domestic market as well. That takes time to get the registration through, but very quietly confident about Kelo-cote Kids. It serves a nice part of the market. We've worked hard on the license to get usage from three months upwards as well. And it's an incredibly effective product. The marketing team has done a great job in positioning that, and there's definitely more to come from that. We've seen uptake, particularly in the premium B2C channel for that. That's helped contribute to Kelo-cote's growth there and the results that we're starting to see on Tmall. It's early days, but we're quietly confident with that brand. Great. On Amberen, do you still see the same sort of longer-term market opportunity with that product that you did when you bought it, and is it just an execution-type issue? Yes, we do. It's the market's had a tough time. I think if you look at that, it as a whole across bricks and mortar, it struggled in the first half of last year. We firmly believe in Ambaren as a proposition. The brand characteristics are excellent. It's been established for quite some time. The user feedback is plain to see with the Amazon reviews that we have, and our data is very strong as well. That product works. It's now about execution and making sure that we grab market share in that particular marketplace. That, that's where it boils down to. Yeah, we're fully behind Ambaren. Great. Thanks. Hi, Natalia Webster from RBC. Hi, Natalia. Thanks for taking my questions. I've just got two. One's just to follow up on Amberen. I was just wondering if you could give us a bit more color on the competitors you see in the space in the US and the differentiation there. My second question is on the large stocking orders in Q4. Are you able to provide us with an idea of the magnitude of these so we can have an idea on the sales number for the full year if these don't go through? Yeah. Taking Amberen first, if we're looking at the competitive marketplace, there's one main one that we've always been open about. That's Estroven which has a slightly larger range. There's also own label as well within that marketplace. The differentiation that Amberen has though is its formulation which is proprietary, and as we've stated in the presentation, revolves around the combination of those products rather than just putting different products together in a pack and claiming differentiation. What we've done is we've beefed up our claim set quite substantially with our scientific affairs team at Alliance, and we feel we have a good proposition right now with that 91% claim. In terms of quarter four, we always have a second half weighted performance within the business. We're not gonna give guidance on exactly what quarter four looks like, but it is three months. It's not all at the end of December. We'll have a good handle on outlook as we move through. We certainly won't leave people on a cliff edge or anything like that. No, we're confident in the forecast that we have. As we have 100 distributors within the business, there always is a little bit of lumpiness towards the year-end. We just thought it prudent to highlight that. Great. Thank you. Hi, Paul. Hi, guys. It's Paul from Numis. Just two questions as well. You've owned ScarAway now for a few months, so if you could just elaborate on how you see kind of that product developing within the U.S. and potentially beyond. Secondly, just underlying growth of Kelo-Cote within China, taking out the distributor effects, are you still seeing good kind of growth kind of in the underlying market, or is that being impacted by your change of distributor? Good. Two good questions. ScarAway's done quite a few things for us. I'll talk about what ScarAway's done for us in that market and then what we see with ScarAway moving forward. That's provided a brand with a lot of synergy, obviously with Kelo-Cote, our main brand. It's number two in that marketplace, but we have some plans through R&D to start growing that considerably. There is a lot of synergy across things like the kids presentations and the sheets that we can use in other markets. For us, that's been terrific. It's not as big a market as China, as we know, but there's certainly quite a lot of potential there for that particular brand, and we're putting behind that brand quite a large push without giving too much away on things like e-commerce, our point of sale as well. We have a new distribution partner that we're working with in the U.S. who we're super excited about. Lots to be confident with that brand. The main thing we were worried about when we brought it on was the supply issues which the guys have fixed really well and got onto that. Yeah, very, very comfortable with that acquisition and the price we paid. I know that will generate a super return as well. In terms of Kelo-Cote demand, we definitely are seeing that coming back in China. We transferred to a new partner in cross-border e-commerce who've been superb in B2C, so onto the premium platforms doing a great job there. Perhaps a little underweight in B2B which is a larger part of the market. That's the traded part of the market. We feel that we have a new distribution set up there now that we've worked hard with them on, and we're confident for year-end. The demand is absolutely there for Kelo-cote. It's about making sure we take as much as we can in terms of proprietary sales because we also have to keep an eye on counterfeit as well, and we're doing more than we've ever done on that. Without doubt, that midterm is looking bright for Kelo-cote. Probably just another question on kind of cost of living pressures around the world. Yeah. I mean, do you see any potential impacts on your portfolio, or are there any opportunities where you think your portfolio might offer better value than other brands that are out there? When we look back to the last recession in 2008, consumer healthcare as a whole actually grew a little bit, and it's a relatively resilient sector, taking aside the prescription medicines business which is relatively immune to economic cycles. Where our products are placed is certainly premium priced. However, the reason they're premium priced is they work. You know, brands like MacuShield and brands like Amberen, you know, are annuity brands that people take. They feel a difference, and they make a real, you know, difference to people's lives. They're one of the last things to go. That said, with private label, that's something we've just got to watch and make sure that we're on point with regards to that with some of our retail partners. That's probably the biggest sort of overall threat. The brands are very, very strong. They've been established in the markets for a long time, and they really make a difference. You know, I think the sector in itself is very resilient, as I've said, and I think our brands are pretty well-placed given their clinical benefit. Thank you. Thanks, Paul. Thank you. Morning, guys. Ed Thompson from Liberum Capital. I just wanted to ask actually a couple of questions just on cost pressure, particularly on salaries. Do we still expect a bit of greater pressure on salaries in H2? And should we build guidance probably on the margin as well? We do continue to see cost pressures across the business. Certainly within the staffing side, we built that already into our models. We clearly differentiate the salary cost pressures around the different regions of the world. It's there, so there's no question about it. We've just got to keep a careful eye on it. As we saw, about 25% of our cost base is labor related, so you can work out some cost increases from that. Just on the margin guidance for the full year, we obviously saw it come down in the interim as well. We expect that to sort of be maintained a little bit, just at around that level going in for this second half. We are, as I say, we have relatively long inventory holding periods within the business. While we're working our way through that inventory, we don't expect to see a massive fall off just because of the cost increases coming through. As I say, Peter and I've mentioned before about our contract manufacturers, where we look at synergies where we can get better efficiencies through that network. Okay. Just on FX, there's been big movements since post-year-end. Mm-hmm. Can you just remind us of your exposure, not only on the revenue line, but also on the cost line? We have more than half our profits generated within the sterling environment. We have a cost base both in euros and in dollars, so we're able to offset those to some extent. You should know that our debt as well is covered both in euros, dollars, and sterling. That helps to mitigate to some extent from currency movements on the leverage. As you saw in the first half, we had a FX tailwind of circa GBP 2 million. At the moment where the dollar is moving, we're gaining a little bit as well, second half. Okay. Last question. It just relates to actually, Silicone Sheets, launching in China. Is there any reason why we shouldn't presume that is the ScarAway product being rebranded? We also have some other sheet formulation as well, Ed. There is the opportunity to take the ScarAway brand across, and that technology. We also were working on sheets before, and the ScarAway acquisition has just helped accelerate that on a global basis. For China, we have a different sheet technology as well. Okay. Thank you. Any further questions? A few webcasts. Yep. We have a few questions from the webcast. Our first is from Charles Weston from RBC Europe. Charles asks, "Could we start to see some impact from the new Amberen marketing by the end of 2022 in terms of monthly market shares? Or should we be looking at H1 2023? Thank you, Charles. Thanks for your question. We're looking in our numbers at H1 2023 for that recovery to come through. That said, if it comes through a little bit quicker, that will be upside within the business, but we're confident in the new claim set. Okay. Another from Charles is, "In the absence of your inventory stocking, what would have inflation effects have been in your P&L for H1?" Sorry, I think there's a few typos there. We would have seen a slight increase in cost. Again, we're running on inventory levels which are similar to how we've run in the past. We went through Brexit and COVID, et cetera. We've had about 180 days of on average month inventory on hand. It would have been a little bit more, but not materially so. Great. We have a question from Paul Cuddon. Paul asks, "Regarding the large Q4 distributor orders, which seem crucial to meeting full year expectations, what could lead them to fail to meet expectations? I think I've already answered that before, in the question that came before. Super. No problem. Yeah. Our last question is from Mark Atkinson, from Atkinvest. He asks, "Can you please provide some guidance on the rationale for the CMA finding against Alliance Pharma, given that outwardly the company stood to make no financial benefit from any possible infringement of competition law? No, I think I've been fairly full and open actually this morning on that and given as much as I can, given the ongoing nature of that case. I don't wanna speculate in public on that. Super. Yeah. That's all our questions for the webcast. I'd like to pass back to you for any closing remarks. I think that's that. I'd like to say thank you all for coming along in person. It's great to see such a full room this morning. Thank you all for your support. Andrew and I will remain around for the next sort of 10 minutes or so to meet you all in person. Thank you for those that have joined online as well. Thank you. Thanks so much.