Well, good morning everyone, and welcome to Biffa plc's full-year results presentation for FY 2022. At this time, all participants are in listen-only mode. The results today will be presented by our CEO, Michael Topham, and our CFO, Richard Pike. The presentation will last around 30 minutes, and there'll be time at the end for questions. After the presentation, the Q&A session will begin. To submit a question on the webcast page, please use the Ask a Question button, which can be found at the top left of your screen. If you'd like to ask a question over the phone, you need to press star one on your telephone keypad, and if you want to cancel that, you can do so by pressing star two. I'd like to remind all participants that this call is being recorded, and the recording will be available on our website later today. Without further ado, let's hand over to our CEO, Michael Topham. Michael, over to you. Thank you, Helen. Good morning, everybody, and thanks for taking the time to join us this morning for the presentation of the results for Biffa for the 52 weeks ended the 25th of March. We'll follow the usual format. A quick introduction from me before I hand over to our CFO, Richard Pike, who will take us through the results before I then wrap up by talking through some of the progress we've made in some of our key strategic areas. Before I get started, I just wanna make a brief comment about the other announcement we've made this morning regarding the potential offer to take private the company by Energy Capital Partners. You will have seen from the announcement that today the board has agreed to a further extension in the deadline from today, the 2nd of August, to the 30th of August, and that's to enable ECP the time to conclude their discussions with potential financing partners. You'll hopefully understand that we're not able to comment any further on that, the potential offer today, but we will of course be updating the market as and when there are further developments. Also more generally as we're in an offer period, we're somewhat restricted as to how we can answer questions regarding future earnings and guidance, maybe as fulsomely as we otherwise would do. I hope you'll appreciate that if we can't answer your questions in the manner that we normally would. Okay, if we get into it, we've described this year as a year of resilience and growth for Biffa, and I think, as we look back to where we were, you know, just over a year ago, and where we've got to, we're really pleased. We've recovered well from the pandemic. We've not only restored our adjusted operating profit levels, but we actually exceeded pre-pandemic levels to post a record level of adjusted operating profit to the Group. Across the business, volumes are generally either at or slightly ahead of pre-pandemic levels, and we've had a good cash performance, and we have a strong balance sheet. All of that has supported the restoration of our dividend. It hasn't been the easiest of years in truth. You know, we've had to deal with and continue to have to deal with a number of external challenges. We've maintained our services despite that difficult operating environment, most notably the shortages there have been of HGV drivers at certain points of fuel and of other critical supplies. The fact that we've been able to maintain our services and indeed have had record low levels of customer churn in our R&C business in particular is a testament to a really strong response and a really good performance. I think through this year we've really shown the resiliency of our business model. For the most part, the demand for our services is non-discretionary. For the most part, we either have inbuilt protection against inflation within our contracting structures or good levels of pricing flexibility. Whilst it requires ongoing careful management, we're pretty pleased with the performance today in dealing with what is clearly a difficult inflationary environment that we continue to be in. We'll talk a little bit later about our HMRC inquiry that we announced a few weeks ago. It's an ongoing inquiry, and it has a large range of potential outcomes. You'll see that in the accounts that we've published today, we've booked a GBP 20 million provision within our adjusting items. As well as the really strong performance in the face of the difficult operating environment that I talked about, I'm really pleased with the ongoing delivery of our strategic priorities. In the year, we've invested just over GBP 171 million into those areas, and that's in particular in the acquisition of Viridor's collection and some of its recycling assets that were concluded during the year. If we add to that the recent announcement of the investment we're going to be making to support Scotland's rollout of its deposit return schemes, it means that we're now at about GBP 500 million of commitment of discretionary capital into our growth areas since our capital markets day just under three years ago in September 2019. It's been a really big period of investment. It's a really exciting period of growth for Biffa. I should say that for the most part, most of that investment remains a work in progress with the future benefits still to come. As we look further out, we feel like we're really well positioned for future growth. There's a really significant investment opportunity in green economy services and infrastructure in The U.K. to support the ambitions of the government and actually more broadly, the ambitions of society in helping to deliver a circular economy. We feel like we're really well positioned to play a big part in that, and we're encouraged by the emerging policy agenda, albeit it's taken a bit longer than we'd originally expected. I'll talk a little bit about that later as well. With that, I'll hand over to Richard to take us through the results for the year. Thank you, Michael, and good morning, everybody. Building on, you know, Michael's comments about the fact that we've recovered well, and we've had a resilient period, and, we're positioned well for growth, I think this slide really pulls that out. You can see here we've got record revenues, record adjusted profits, having successfully mitigated various headwinds that the business has faced into in the last 12 months. Our leverage is below where we forecast it to be despite a couple of years of significantly enhanced levels of investment. As Michael said, we're feeling well-placed looking forward, despite the sort of early signs of the onset of recession. A result of that, we've felt confident to reinstall the dividend at levels in line with where we were pre-COVID. Next slide, please. Coming into the different business areas. Collections, as Michael said, basically, we're slightly ahead of like-for-like volumes pre-COVID. We've had a really successful period, I think, in terms of mitigating the inflationary pressures that we've had to face into in the last twelve months. Really pleasing level of new wins and customer retentions during the period, coupled with all-time low levels of SME churn. The integration activities in relation to both Simply and Viridor are both on track. On the municipal side of the business, again, really pleasing period. We're actually really pleased with the new wins we've got in this side of the contract of the collections business, rather. We're making pleasing progress on the rollout of electric vehicles, albeit it's still fairly early in terms of infrastructure in that space. We should note that, you know, there are ongoing pressures on driver pay, as with the I&C side of the business. We don't have as much flexibility in municipal, but we did have a strong level of inflation-linked indexation uplift this year, so we're well placed to manage through those pressures as well. Next slide, please. Specialist services is a bit of a mixed bag. Industrial services, which, as you know, we actually had a strong period during COVID, has continued to go from strength to strength during the last 12 months, both in the IRM and hazardous waste side of the business. Company Shop, however, is still not where we want it to be. As you're aware, we made a GBP 25 million provision at the half year because we had underperformance. If we can flick onto the next slide, please. You can see basically some of the reasons for that on this slide. On the left-hand side, you can see basically where our sales levels were during the last 18 months, and also the gross profit associated with that. You can see on the right-hand side, the margin that we achieved on those sales during that same period. If you look at the right-hand side, that declining performance was the reason why we ended up making the provision at the half year. We have since made a variety of changes, both in the team, in the sourcing strategy, in our marketing activity, and also in terms of our focus on membership attraction and retention. Those activities have caused that margin recovery on the right-hand side, and also the overall gross profit and sales improvements on the right side. We expect that to continue into the current year. Next slide, please. Resources and energy is obviously, you know, several moving parts, and in overall terms, you can see that we've got significant uplift in revenues, primarily as a result of the investments in the polymers side of the business and also in Viridor. You can see a commensurate uplift in profits associated with that. Different aspects of the business have got various moving parts to them, so I'll go into more detail on those. Firstly, starting with recycling, which, as you know, has two parts to it, the polymers business and the MRFs. I think firstly, we should say that Redcar, where we make recycled HDPE or plastic milk bottles, has had a really strong year. Our proven cost-plus model and our long-standing customers are feeding through to strong underlying performance in that side of the business. As we talked about extensively last year, in terms of the recycled PET or plastic drinks bottle side of the business where we built a new facility in Seaham, it took us longer than we expected to get the customer approvals through, but we're now actually operating at full capacity and the year ahead will very much be about optimizing the performance in that facility. Finally on the MRFs, which as you know, basically we've had a difficult long-standing you know, period of performance in the MRF side of things. I'm pleased to say that we've got really strong performance in that side of the business. Both the operational side of the business have been strong and we're benefiting from elevated commodity prices, feeding through to the bottom line. Organics, you can see a significant uplift in revenues. That's all to do with the contracts we acquired on the Viridor side of the business, and they're performing well. Then I'll take inerts and landfill gas together. Both these side of the businesses are performing in line with expectations. Both sides we're seeing reducing profits. Inerts because we had one of our large facilities close, during the period, and in landfill gas because obviously we have yield declines year on year. Overall, you can see that we've had margin decline. That's a function of basically the inerts and landfill gas side of the business going backwards in profit terms. Also sorry, you know, we've still got to see the performance from CM fully coming through into the numbers and a full-year of Viridor numbers coming through. These numbers are in our opinion very pleasing, and we're actually very comfortable with how the business is moving forward. Next slide, please. Next, I'll take adjusting items. I want to make a few comments here because firstly, the size of the overall numbers are quite large. Albeit I should say, as you can see on the right-hand side, the vast majority of these items are non-cash. I think three things are worth drawing out. Asset impairment is the Company Shop impairment that we made at the half year of GBP 25 million. The next line down in terms of the unwind of the EVP balances, basically is our long-standing dispute on EVP and FLFF. The next line down is the HMRC inquiry, which, Michael talked about up front. I'll touch on those in the next slide, but those are the vast majority of the provision in here. Next slide, please. Coming back to the EVP and FLFF cases. In May, the Supreme Court refused our leave to appeal, and hence this dispute is now concluded. As we made provision and paid over the amounts at the time of the IPO, basically, there's minimal effect of this on our numbers. We have got a GBP 20 million impact on operating profit in adjusting items in the year, but the tax offset against that means that there's just over GBP 5 million of net impact to the P&L in the period. No impact on cash, because although there are still payments due to pre-IPO stakeholders, those will be funded by tax deductions from the write-off of this amount, and hence there's no impact on cash or leverage. Then finally, coming back to the recent announced landfill tax inquiry. Probably a couple of things to say here. Obviously this is a material ongoing dispute. As at the year-end, we've made a GBP 20 million overall provision. As you can see in the third bullet, sorry, fourth bullet point on here, we have GBP 3 million provided at March 2021, and hence we've made GBP 17 million of current year charge, bringing us up to that GBP 20 million provision. This is our best estimate as we stand of the liability, but there's still a long way to go on our negotiations. HMRC haven't yet concluded on their views on potential liability, and there's a large range of potential outcomes. We should treat this very much as an estimate at this stage. Next page, please. On cash flow, I really just want to say two things. I mean, obviously, we benefited in the current year from the recovery in EBITDA versus FY21. Working capital, if you remember back in FY 2020, we actually pulled hard on our working capital to sort of protect us going into the downturn. The working capital outflow this year is just a reversal of that. You'll notice on various lines within the cash flow, you know, the emphasis in terms of investment during the period. As Michael said, you know, in terms of acquisitions, the very large investment that we made in Viridor. We've done that within, you know, our parameters of affordability. As we can see on the next slide, basically, we've managed to keep our leverage inside where we expect it to be. At our March trading update, we said we expected to be around three times levered, and we've actually finalized the year just under that. You'll also notice in here that not only have we done that, but we've changed the mix of our funding during the course of the year. We've very minimally drawn on our bank lines at present. We've replaced those drawings with new private placement issuances and the cost of those longer-term funding averaging out at about 2.6%. We're well-placed moving forward. Next slide, please. The final slide for me, I'm not gonna talk to all of this, because it's sort of stuff that's sort of previously been said and Michael expanded on different areas. I just thought this, in terms of what we said a year ago that we would do and what we've actually done during the year, this is a summary of how we feel we've performed in, you know, those various areas. The RAG rating on the right-hand side shows you that predominantly, we believe we've either achieved or overachieved versus what we said. In a couple of areas, in particular Company Shop and CM, we're slightly behind where we expected to be. I think that's actually a pretty good score report in terms of our performance for the year. On that, I'll hand back to Michael. Thanks very much. Excuse me. Thanks very much, Richard. Okay, so we'll just have a quick run through now the strategic areas and just give a little bit more color about our investment activities in the year. If I start with this slide, which hopefully is familiar to some of you. It's just a reminder of how we see our model and in particular, how we're focusing our investments on helping to deliver the circular economy vision for The U.K.. We're embracing the waste hierarchy through our investments in waste reduction and recycling and energy recovery, such that we can hopefully move waste up that waste hierarchy, minimizing the environmental impact of it, and also adding value to both our customers to reduce their cost of waste management and also adding value to us and our shareholders through increased contributions. All of that's supported by the collection activity, which are fundamental to the waste supply chain. You can see the four areas there and our vision for each and what we're trying to achieve. The numbers on the right are the investment that's been made in the year, as I said earlier, and that. The predominant figure there is in the acquisition of Viridor's collections business and some of its recycling assets. We also made a further GBP 25 million of investment into our JVs and energy recovery, which I'll come to as well. I should say, as I said at the outset, this excludes a recent commitment that we've made for the Scottish Deposit Return Scheme, which will be to come over the coming year. If we move on and just go through these each in turn. If we start with waste reduction and our Company Shop business. Just as a reminder, we acquired this business in February 2021, and the objective really is to create a meaningful step and have a meaningful offer in waste reduction. This is absolutely fundamental, I think, to what a modern progressive waste management company needs to be. To be able to look our customers and our regulators and society in the eye and say that we've got the capabilities and we've got the desire to help you reduce waste. Of course, not all waste will be reduced. There'll be a lot left over that'll need recycling and other services, but it's got to start with that commitment to help people reduce waste. Company Shop has a really unique offering. It's a really, really clever business. It provides a vital role to The U.K.'s FMCG supply chain, working with manufacturers and distributors, predominantly in food, but not only in food, to help ensure that surplus product doesn't go to waste. In the year just gone, we've managed to prevent almost 100 million items from going to waste through the interventions that we facilitate and then the redistribution through the membership restricted outlets that we operate. It's a great model, a great service to the sector, and it really fits well with what we do more generally across waste management and recycling activities for these same customers. Now, it hasn't all been easy, though, as Richard said. It's been a difficult start. The changes in shopping habits that we saw coming out of the pandemic really hit Company Shop hard and that has taken a bit of time, but we've definitely seen those behaviors change and continue to change, and that's helping the business. We also, I have to be honest, there's been some missteps along the way, but, you know, we've righted those. Still a lot more to do, but, we're very encouraged by the progress that's been made from the fourth quarter as the information that Richard shared and since then. You know, this business is gonna have a really good future. Very optimistic about it. Certainly not the first year we'd hoped for, but, the building blocks are in place for a really good future. Another small investment we made in this space in the year was the seed investment into a business called LoveJunk, which is an app-based marketplace which connects people who have either surplus or waste products that may have a future life with either upcyclers or refurbishers or indeed waste managers. That's been a business that's launched in London and it's been rolled out across The U.K. and hopefully over time, internationally as well. We're pleased with the progress that LoveJunk has made since we made our seed investment there. The priorities for the year ahead for us in Company Shop is very much to consolidate and embed the improvements that we've made and see further progress. We won't be expanding the business any further in the short term. It's really important that we do that on solid footing. We'll take a little bit of time to get back to the sort of trends that we need to before we consider our next moves in terms of growth of the store network. We will, of course, continue the success that we've had in helping to develop broader partnerships, such as the success that we've had with Pilgrim's Food Masters and others that I'm not allowed to mention across both the waste management and surplus redistribution space. Moving on to recycling. Those of you who followed us for a while will know that we've been very proud for a while of our leading position in UK plastic recycling. We're a pioneer in closed loop food grade recycling. That fundamentally means that we can turn plastic packaging back into food grade plastic that can go back into making the same product again in an ongoing UK-based loop. We've now got, through the investments we've made in the last few years, essentially full coverage of post-consumer rigid plastic. That's PET, polypropylene, and HDPE. We've got a really mature, successful capability in HDPE, and we've got our new PET facility at Seaham, which has been ramping up its production over the last year. During the year, as Richard said, has made really good strides gaining all of the necessary regulatory approvals and customer approvals to ship food grade plastic back into the supply chain, including the likes of Buxton, which is a Nestlé brand, which you'll see there. Really good progress in the year in ramping up production, also commissioning the Washington facility for polypropylene as well. The Viridor acquisition, while not a polymer processing power business, does increase the control of the plastics into this business, so really further embeds that vertical integration, which we think is key to our success. In the year ahead, the year that we're now in, we will continue to build on CM's recent progress to really get that optimized and delivering its business plan. We are expanding our HDPE plant further. We're building a third line that's in construction at the moment on the same site at Redcar, and that's going well. We want to get that built and commissioned over the course of the remainder of this year. Then we'll be looking for further growth opportunities further out. We're very optimistic about our polymer business and pleased with its progress. We think the regulated backdrop, as I'll come to later around the plastic packaging tax and the restrictions on export plastic, all really play well to its future. Moving on, and still on the same area of the strategy and recycling, really pleased that we've been able to secure the contract with Circularity Scotland, which is the established scheme administrator for Scotland's Deposit Return Scheme. We've been appointed as the partner to provide the logistics, counting, and sorting services for the scheme. Fundamentally, that means that we will be responsible for ensuring that all of the bottles and cans that are returned to return points, of which there will be about 30,000, which is effectively most of the retailers of bottles and cans, drinks, beverages, are collected, taken back to specially built counting centers, where they are scanned, and effectively, the recovery is evidenced such that then Circularity Scotland can refund deposits. The objective here, as you probably know, is that it will significantly reduce littering and significantly increase recycling and also improve and create a really good quality stream of recycled material for the supply chain. Excuse me. This is a big undertaking. The hard work now begins. It's going live in August next year. We've got about GBP 80 million of capital to commit. That includes property lease commitments, but fundamentally, the rest of it is in vehicles, and the counting centers that we're now building on behalf of Circularity Scotland. We have a 10-year plus 10-year contract, which offers really good margin protection, and should provide a good income stream for the business over that time. In addition to that, I mean, we're very excited to be doing that in its own right because as I've said earlier, it's a, you know, it's a fundamental part of the future landscape for circular economy. DEFRA are committed to rolling this out for England as well. Hopefully, our experiences in Scotland will stand as well to be able to provide services, in England too in time as well. And the other advantage for it as well as providing the logistics counting and sorting services is it does give us a really good opportunity to further expand our polymer business. We're now gonna be in discussions with Circularity Scotland around the possibility of building a polymer processing facility in Scotland for Scotland's plastic. And hopefully we can make that happen. It's not a firm commitment at this point, but there's certainly a desire on all sides to see if we can make that happen as well. Great development for the business and further evidence of the progress and the opportunities that we have ahead of us. Moving on to energy recovery, you know, I say this a lot, but hopefully our commitment to waste reduction and our commitment to recycling is in no doubt. Those last three slides hopefully provide enough evidence of that. However, we do know as operators in waste management that not all waste can be eliminated or recycled at this point. It's gonna take many years and a lot of intervention, a lot of behavioral change until we get anywhere close to that. In the meantime, it's absolutely vital that for waste that can't be reduced or recycled, that there is a safe, reliable, cost-effective, low-carbon disposal solution for it, and that is what energy recovery is. In addition to all of that, something that's probably been overlooked actually in time is, it does contribute to UK energy security as well, which is something that's obviously come far more into focus in recent months. We're partnering with Covanta, who are a leading energy recovery operator to develop two facilities, one in Lancashire called Newhurst and another in Cheshire called Protos. The Newhurst facility is substantially built now. It will be starting commissioning later this calendar year. All being well, it'll be completing the commissioning in the early part of next year. Protos's schedule is about a year behind that, we're expecting it to be completed in 2024. Excuse me a moment. There's a lot of things to be excited about on this. I mean, we're pleased with the progress of the construction projects, and that's not to be taken for granted. These are very big, expensive, complicated projects, and they're going well. As we look further out, I think we're creating some pretty valuable assets here. A couple of things worthy of note is we think we've got the opportunity potentially to increase the consented capacities at one or both of the facilities, and that would provide quite good financial upside if we're able to do that. We're also keen to investigate how we can capture the benefit from the strong forward electricity market, which everyone will be aware of. The sooner we can start generating, the better really, and we can start to benefit from some of the stronger prices. More generally, I should say, I think the market in this space or the construction market has become certainly a lot more challenged. It's getting harder and harder to get consents to build these facilities. The construction costs have obviously increased materially in the last year or two. You know, timing is everything in business, but I think we've built these things at a good time. Really excited to get them off the ground and built and operational. Excuse me. As we look further out, the other big dynamic that will be coming into play is the opportunity for these facilities to participate in carbon capture and storage technologies. Protos in particular is well located, being located close to the Northwest cluster, which has been set up by the business department. We're registered for that, and that gives us a good opportunity to participate in that as well. There's a link actually which we won't be showing you now, but at your leisure, you can click through on the link, and you can see a time-lapse video of the progress that we've made on our new waste facility, which is very impressive. If you're ever driving past the M1 at junction 23, you'll see it 'cause it's right by the motorway. That's really good progress there as well. Last but by no means least in the collection part of our strategy, we, this has long been a big part of our business. Our R&C business is a fundamental part of the backbone of Biffa. It's about half of our revenues. We have a large leading national platform, collection platform for producers of waste, essentially outside of the household, but, you know, of all shapes and sizes. We've been growing that through acquisition. It was a big part of our vision when we did our IPO, and we've done 26 acquisitions since our IPO and successfully integrated them and delivered synergies, as we've integrated them into our network. Excuse me. The last year or two has probably been the most intensive period of that because of the two larger acquisitions we've done, which is the Viridor and Simply Waste acquisitions. We said at the time when we did the Viridor acquisition, it was a sizable undertaking that we would slow down on further M&A until we'd safely delivered that integration. That was definitely the right call. It's a big undertaking, about 1,000 people coming into Biffa, about 20,000 customers, and a target of synergies of around about GBP 10 million. A really big undertaking, and I'm pleased to say that's gone really well so far. We did say it was about a 12 months-18 months process from the start date, which was September. We're still not through it fully, but we're making the progress we had hoped to. That's really pleasing. You know, we're keen to carry on the M&A journey, and we know it's a proven part of our strategy, and it's a good place to allocate capital. Indeed, we did a small acquisition in recent weeks of a business in Sheffield, about GBP 4 million of revenue, and that's gone well. There's some evidence there that you know, we're back on the program. We've still got some work to do on both Simply and Viridor to get those synergies all fully delivered. More broadly, lots to be excited about in our R&C business. As Richard said, strong performance in the year. Of course, it's hard work at the moment with a lot of inflationary pressures, but we think we've got the levers to pull at our disposal there to make sure we can protect ourselves. Lots of technology investment. We are on with our ERP replacement across the whole business, but that will provide significant benefits to the R&C business. We've also just launched a new customer portal, and we're rolling out new in-cab technology as well across the entire fleet, all of which will deliver you know, far better experience both for customers and for our drivers and provide a lot better real-time, richer information that will really help us as we develop the business further. You know, the priorities really for the year ahead are to continue that synergy delivery and integration, to continue to manage the inflationary environment and to safely deliver some of those technology projects. Okay, that's the four areas and a quick run through everything we've been doing. In particular, I suppose, you know, in addition to all of that, I'm really pleased with the progress we've made in delivering our sustainability strategy. We launched this just over two years ago in early 2020, and it's a strategy for the decade 2020- 2030. There's a lot of ambition in there, we believe. There's a lot to it. I guess the main headline figure, the most eye-catching one was a 50% reduction in our CO2 equivalent between 2020 and 2030. Pleased to say that we're tracking a bit ahead of that so far. We've now achieved a 28% reduction since the benchmark year of 2019. So that puts us in a really good place to deliver that target and hopefully exceed it as we go further. Of course, that won't be the end of the story, and we've got a net zero commitment by no later than 2050, which will take a lot more work over time. You know, we're making really good progress. There's an awful lot of other stuff within our strategy around making sure that we are a really good, safe, fair, engaging employer, that we're a good neighbor, and that we, you know, contribute positively to the communities we serve. I'm not gonna go through all of the various limbs to that part of the strategy, but there's a couple of things worth mentioning. Health and safety was tough over the pandemic. It was difficult to do all of the work and the interventions we need to do on safety, but I'm really pleased with the progress we've made in the last year in getting the trends back in the right direction. Also really pleased that we managed to maintain our engagement levels at our high level of 59%, which is a big percentage points above The U.K. average. Having done that in spite of the challenges that we faced, we know with lots of integration, lots of difficulties as we talked about earlier in relation to supply chain and shortages of people and what have you. I think that, you know, very pleased with that result, and hopefully it's a good platform from which to further improve. I won't go through any more of the detail, and there's a very extensive report that will be coming out shortly on our progress. All of that's fed through to some pretty good improvements in various ESG ratings that we have and which are shown at the bottom of the slide there. Lots more to do as ever, but really pleased with how we've got on so far. Then the final thing I just want to talk about, and I've touched on it as we've gone through there, is this kind of emerging, you know, or you know, changing policy landscape that we're seeing in The U.K. Now, in truth, things have not moved as quickly as I think we all would have hoped because of the pandemic and Brexit. It's very clear that there's you know, real political consensus around doing more to help really accelerate change and accelerate the delivery of the circular economy. This slide is. There's a lot on here, and I won't go through all of it, but what I've tried to do here is just to talk about the key policy drivers that there are across those four, the five areas of our business, fundamentally, the collection and then the four elements of the waste hierarchy. I've tried to lay out how I think we're positioned and why I think we're so well-aligned to those policy drivers, based on our capabilities and current position. A couple of things just to mention, you know, real standout things for me are the plastics tax, which is now in place, and it's very clear that that's going to support in, you know, increasing demand for recycled plastic over time. We're calling for that tax having been introduced to become progressive, such that the required levels of recycled content go up over time and the levels of the tax go up over time, so that it not only changes behavior, but it drives further ongoing progression in that behavior. Deposit return scheme is obviously a key thing, and you know, we're excited to be helping Scotland deliver on their ambitions and then hopefully other parts of The U.K.. Another key element which will come in what's called collections consistency is the requirement for food waste to be separately collected. It's an absolute must. Food is a real problem if it is mixed with other things, whereas it can be separately collected. That can help further stimulate the anaerobic digestion part of our business and help create more green energy, help create more soil enhancer, and also get it out of the other materials, which then stand a far better chance of being recycled. So really good for us as a business because it helps support our collections offer as well as our capabilities in anaerobic digestion. There's lots of other bits on there, and I won't go through them all, but you know, the devil is always in the detail in legislation, but you know, we are broadly encouraged by what government wants to achieve, and we just need it to be put in place now such that people can then get on with it, and people like us can start to invest to deliver those services. Exciting times as we look further out. Okay, that's it for us. We'll open up to questions now. I mean, I won't repeat everything that's on this slide, but you know, really pleased with the year we had. As I said, I think we really have demonstrated our resilience. Really pleased to have restored that profitability and the dividend, the investments we've been doing in spite of all the difficult backdrop and external challenges we have. I'm really excited to continue our leading role in investing in the transition that the sector's in the middle of. Okay. I will pause there. Hand back to Helen and open things up for questions. Brilliant. Thanks, Michael. I can see there's no questions on the conference line at the moment. Just as a reminder, if you are registered and would like to ask a question, it's star one on your telephone keypad. Let's hand over to the webcast questions. I've got a couple of questions from Martin Young at Investec. The first one's coming to you, Michael, and then the second around landfill tax is coming to you, Richard. It's just a recap question from Martin to begin with, Michael. Martin says, "Apologies, but I missed the first 60 seconds of the presentation. Could you just repeat your comments re the extension of the PC to 30th of August? Thank you. Yeah, I mean, it's just to say that the board have agreed to an extension of 28 days to enable ECP to conclude their discussions with potential financing partners. That's all there is to say, really. We weren't commenting further on it. An RNS has been put out today about that, which provides that disclosure. Thank you. Richard, the second question from Martin is around the landfill tax issue. He's asked: Why has the max liability on the landfill tax issue moved up to GBP 168 million from GBP 153 million? How did you land on the GBP 20 million provision? Thanks, Martin. I mean, we've provided quite extensive disclosure on this in the RNS. It sets out. We received further assessments in June for the period of April to June 2020. That's the majority of the extra GBP 15 million versus what we'd said back in May. In terms of the GBP 20 million provision, as I said, there's a wide range of potential outcomes in this case. As we're all aware, basically, we spent a lot of time with Deloitte over the last month getting, you know, basically them comfortable with this situation. We've made an estimate. Based on what we know today, our estimate is GBP 20 million. There's no magic in that number. It is an estimate, and that's what we and Deloitte felt was appropriate to disclose as at the end of March. Thanks, Richard. I'm gonna stay with you for a second. We've got a couple of questions from Calum Battersby at Berenberg. I'll ask you the first question, and then let you answer it before I read the second. Are you able to state anything regarding the expected income to come from Protos and Newhurst now that we approach the operation dates for both? Compared to the example P&L given in the 2019 CMD, is it accurate to state that higher energy prices mean the profits from these ventures should expect to be higher? Thanks, Callum. I think the capital markets day illustration is still valid in terms of base case for those. If we get capacity expansion approvals, as Michael talked about, then that will actually enhance basically our gate fees and our energy generation. If future energy prices stay high, then you'd expect that to increase the returns as well. You know, both, well, increased energy generation drops straight through to the bottom line, increased gate fees and the amount of waste processed would have an operating cost associated with it. Both will be value added to those business returns. Thanks, Richard. The second question from Calum is around the systems replacement project. Calum asks, "Can you please comment on the systems replacement project you've disclosed in today's accounts? How long should it be expected that the GBP 10 million-GBP 15 million annual expense lasts? And what are the expected benefits to come from this investment? Yeah. This, I mean, this is a certain enterprise-wide replacement of our systems. We've got a system that's about 40 years old. Works very well, you know, 'cause it's actually basically a bespoke system for our business. But because it's so old, it needs replacing. As I mentioned in the slide, I mean, we'd expect to spend GBP 10 million-GBP 15 million per year for the next few years. We haven't got a definitive timeframe yet. It depends on how much progress we make. But if you assume that basically, you know, at least over the next four years we'll have that sort of level of spend, I think that's probably realistic. Thanks, Richard. Michael, I'm gonna come over to you for a question around the HMRC case. What exactly are HMRC concerned about? Is it mixed loads? Were the appropriate number of tests carried out? Were they correctly carried out? Were they documented and reported in the correct way? That comes from Martin at Investec. That's quite detailed. I mean, I'd rather not get into the detail too much. As Richard said, there's quite extensive disclosure in the RNS, which you can have a read of. Fundamentally, HMRC have got concerns over what they believe are potential misclassifications of waste across the industry, so it's not purely a Biffa-related matter. In simple terms, if waste has been misclassified, either deliberately or otherwise, it potentially results in lower levels of tax being paid. That's at the heart of the issue. I don't think it's appropriate to get into too much detail beyond that. Suffice it to say, as we said from the outset, we've investigated so far the concerns very thoroughly. We've taken expert advice. We refute the allegations. HMRC are yet to make formal assessments. As Richard said, there's a, you know, there's a large range of potential outcomes based on the protective assessments that they've made, and we've made the provision we've made based on a best estimate at this point in time of a potential outcome. Thanks, Michael. Richard, I'm gonna come back to you for a question around the EVP case. This comes from Martin at Investec again. Why has the operating profit impact of the EVP case only GBP 20.8 million? I thought the prepayment was considerably higher at GBP 63 million. It's the net of the receivable and payable that we've reflected in the accounts. It's all disclosed in the notes. Thanks, Richard. Our next question comes from Steven Hanson at Alpine Global. There's a couple of questions in here, so I'll read the first one first. They're staying on the issue of landfill tax. The commentary on the landfill tax states concerns exist with certain customers. If HMRC rules additional tax is owed, will you be able to reclaim the higher tax from those customers at the center of the dispute? Michael, did you wanna take that one? It's a potential mitigation. Yeah. Brill, thank you. The second question from Steven is: If this inquiry started a couple of years ago, why did it take until a couple of months ago before it was disclosed? Basically, these things take a long time. You know, and, you know, we get notified of Revenue having concerns. We then go through a lot of work with them to establish where those concerns are coming from and to respond to those concerns. EY did a piece of work for us that took over a year, basically to assess all of the Revenue allegations and put, you know, Biffa's position forward. As at March 2021, EY's position on Biffa's behalf was that there was a, you know, a minimal level of tax, you know, the GBP 170,000 that we referred to at the bottom of the range. Over the last year, you know, the Revenue, you know, haven't accepted all of EY's points and so we haven't gone away. As you know, they've issued, you know, protective assessments to the tune of GBP 168 million. During the course of this financial year, as we've had further detail from the Revenue, we felt it was the right time to disclose. Obviously, the disclosure we made under Rule 2.4, because ECP have had, you know, access to that detail, we felt it was necessary to disclose that in the context of the bid. We were always intending to make a disclosure this year. Because with the case evolving, this was the appropriate time to basically disclose the extent of the contingent liability as we became fully aware of what, you know, where the Revenue were coming from and then the extent of that. Prior to this point in time, we felt it would've been misleading, and it would've been very much an evolving set of disclosure. Thanks, Richard. I can see that there's actually no further questions on the webcast, and we don't have any other questions on the conference line. Michael, I think we can hand back over to you to do a brief wrap-up. Okay. Thank you everybody for joining and for those who asked questions and, you know, appreciate your time at short notice for joining us. Have a good day. Thanks, everyone.