Good morning, everyone, and thank you for joining us today as we share Britvic's first half results. After my reflections on the half, I will hand over to Joanne to take you through the financials before I come back to look further ahead. I am delighted with our first half performance, particularly given the challenging external environment. Our growth strategy is working as we accelerate top-line growth in all our markets and build momentum on both core brands and in new growth spaces. We are successfully mitigating the well-publicized inflationary pressures through price promotional mechanics, cost and efficiency measures, and are supported by our resilient, well-invested supply chain and by our highly engaged and very capable people. We also continue to invest for the future. This includes increased AMP and further investment in our infrastructure, organizational capability, and our sustainability agenda. We are a highly cash generative business, and we have reduced our leverage by 0.6x from last year and have increased our interim dividend by 20%. Today, we have also announced that we're starting an initial share buyback program of GBP 75 million over the next 12 months, reflecting the strength of our balance sheet and confidence in our strategy. We have strong momentum across all our key metrics, both financial and non-financial. Our underlying revenue for the half is up over 18%, and EBIT and earnings per share are both up over 20% with adjusted EBIT margin up 20 basis points despite a 30% increase in AMP and the underlying inflationary pressures we are facing. We have declared an interim dividend of GBP 0.078, up 20% year-on-year. In terms of our non-financial KPIs, we remain top quartile for employee engagement and still lead the industry with the lowest calories per serve. We are on track to meet our stretching science-based targets. We've reduced scope one and two carbon emissions by 30% so far. We continue to improve our water usage ratio, and now we have just over 30% recycled PET content across our GB and Ireland bottles. I will now summarize our progress across our markets, starting with GB, where our aim is to lead market growth. The market is normalizing after COVID, and we are growing faster with total GB revenue significantly ahead of both 2021 and 2020 before COVID took hold. We have grown revenue in all of at home, out of home, and immediate consumption channels. Our growth accelerated to 21% in quarter two, albeit against a softer base, as last year's Q2 was still impacted to some extent by lockdown restrictions. Our core brands have strong momentum with Pepsi, Tango, 7UP, R. White's, J2O, Lipton and Fruit Shoot all in double-digit growth. We have successfully increased price to help mitigate the impact of cost inflation. On the retail side, we've achieved some big customer wins in the period, including a 30% distribution uplift on our deferred consumption packs in Asda and significant distribution gains in immediate consumption in Tesco. In hospitality, we are now the soft drinks partner for London's O2 Arena, the world's number one events venue by ticket sales. We are also innovating to access new growth spaces. Plenish is growing market share in plant-based drinks, and we've leveraged Britvic's strength in grocery and food service to expand distribution. In March, we relaunched the brand in redesigned packaging, which improves shelf standout and highlights its premium credentials and natural ingredients. Our acquisition of the Boiling Tap Company led to the launch of Aqua Libra Co, where we've developed and launched a new cartridge-based tap with flavored water options, and we're building a solid customer pipeline across both workplace and retail outlets. London Essence continues to grow, with revenue up over 200% as the on-trade reopens fully, and we continue to expand distribution and launch new flavors in both the at home and out of home channels. We also continue to invest for the long term. Our recent investment in the business capability program created one of the best supply chains in the industry, and we have just commissioned a fourth new can line in Rugby, adding a further 150 million liters of capacity to meet expanding demand. We also made further investments in the site to reduce our carbon footprint and improve our water ratio. Our Kantar-based commercial transformation program went live in March, enabling greater visibility and optimization of our customer investments and promotions. We also completed the in-housing of our digital marketing activity. In Brazil, our intent is to continue to accelerate growth, expand our footprint and market share, which will ultimately improve operational leverage. This year, we've continued to deliver double-digit revenue growth, achieving new market share highs on both our core and new brands, thanks to targeted distribution gains and great in-store execution. We have also taken multiple price increases to mitigate continued high inflation, and we continue to enhance our vertical integration through the leasing of a new processing facility for grape. We are also building a portfolio of premium higher margin brands such as London Essence and Mathieu Teisseire that will also help broaden our channel presence. We have installed and commissioned our third biomass boiler in the market, further reducing carbon emissions. Finally, turning to our other international businesses. In Ireland, H1 revenue is up an impressive 23% with double-digit revenue growth in the at-home channel, supported by a really strong market recovery in out-of-home following the lifting of COVID restrictions. All our core brands are growing, and we're extending them into new growth segments. We're taking price to mitigate inflation, and we're working hard to improve both our water and carbon ratios, including through the removal of returnable glass bottles. In France, we've also delivered double-digit revenue growth of just under 12%. All our brands are in both revenue and share growth, and we've taken price in a very challenging retail environment. We have also entered into a new co-packing partnership to support the continued international expansion of Mathieu Teisseire. As for our global premium brands, we doubled our international London Essence revenue in the half, with new distributors secured in Italy, Belgium, and Australia, and we continue to expand our range of tonics and sodas to broaden appeal and mixing opportunities. International Mathieu Teisseire revenue grew 94% as we stepped up our support behind the brand, opening a new studio in Paris with new brand ambassadors headlining a series of high-end trade events. We've secured new distributors in India, Italy, and Belgium, and new customer listings further afield in groups such as Tim Hortons, Highlands Coffees, and the Anand Group. We've also secured an international listing for both London Essence and Mathieu Teisseire with Marriott Hotels in Europe, the Middle East, and Africa. That's a brief summary of some of our key achievements in the first half. I'll now hand you over to Joanne for more detail on the financials. Good morning, everyone, and thank you, Simon. Before we get into the detail, figures on my slides will focus on adjusted measures, and items expressed in percentage growth terms are calculated on a constant currency basis and adjusted to remove the Counterpoint agency business to aid a like-for-like comparison. Group revenue increased 18.5% year-on-year, and we saw a sequential improvement with second quarter revenue increasing 20.8% versus 2021. Adjusted EBIT increased 20.7% to GBP 73.5 million, resulting in an adjusted EBIT margin of 10.2%, a year-on-year improvement of 20 basis points. The increase in EBIT margin reflects a positive channel mix as out-of-home volumes recovered and improved operating leverage. This enabled us to continue to rebuild investment despite significant inflationary pressures. Adjusted EPS increased 27.8% year-on-year, benefiting from a lower interest charge. The interim dividend per share of GBP 0.078 represents a year-on-year increase of 20%. Our continued focus on cash management resulted in a positive free cash flow. As a result, we have delivered an adjusted net-debt-to-EBITDA ratio of 2.2x, which compares favorably to 2.8x leverage in March last year. Moving on to channel dynamics. In our largest market, GB, the at-home channels continue to grow, and in the year to March 2022 was GBP 1.1 billion larger than the year to March 2020. Since restrictions started to lift in spring last year, the out-of-home channel has seen a steady recovery back towards 2019 levels, with the managed pub trade reporting like-for-like revenues close to pre-COVID levels in recent weeks. Our at-home channel has seen value growth of 16.5% versus 2020, and our value share is ahead of pre-COVID levels, with particularly strong growth in Pepsi, 7UP, Tango and Lipton. We have also seen immediate consumption volumes above first half 2019 levels benefiting from improved distribution, including front of store chillers. In out-of-home, we have seen a sequential improvement through the first half, with revenue as a percent of total GB revenue increasing from 30%-34% in our first half 2022. This compares to a 40% share pre-COVID. These dynamics have translated into an accelerated total GB growth with 10.8% volume growth and 19.3% revenue. The out-of-home recovery drove a revenue increase of 59% as we lapped the prior year trading restrictions. Importantly, we also continued to grow in at-home, which was up 4.4% year-on-year. ARP growth of 7.8% was driven by price increases implemented in early Q2 and an improved mix across both channels and packs, with out-of-home and single-serve as an increasing share of revenue. We increased our AMP in the first half in GB by GBP 5.2 million, which along with COGS inflation, resulted in a decline in brand margin of 190 basis points. In Brazil, we saw a continuation of double-digit revenue growth, with reported revenue up 15.3% and underlying revenue up 18.4%. This is driven by both volume and ARP growth and primarily came from our ready-to-drink juice, kids, and grape brands. Both brand contribution and margin declined in the year, driven largely by continued inflationary pressures, which were partially offset by implementing multiple price increases. Finally, turning to other international, volume grew by 14.5%, ARP by 2.6%, and revenue by 17.4%, with all major markets in double-digit growth. Total brand contribution declined 240 basis points driven by input cost inflation, which again was partially mitigated by price increases. We continue to rebuild our AMP investment across the business with a focus on the highest returning spend. Total AMP was GBP 6.1 million higher than our first half 2021, with an increased share of spend on digital media. Our fixed cost base increased by 6.9%, which reflects selective investment in key areas and a continued discipline on our discretionary spend. Overheads and other costs were the biggest driver of the increase, reflecting investment in our capability, an increase in variable reward, and also an adverse swing of GBP 2 million on our hedging settlements. Selling costs increased 6.5%, in part driven by the acquisition of Plenish in the second half of 2021 and increased discretionary spend as costs, including travel, partially normalized. Our fixed supply chain cost increases were driven primarily by utilities inflation. At prelims last November, we shared that we were seeing a higher inflationary environment driven by commodity and energy prices. Events since then have led to further inflationary pressure and supply chain disruptions. For our business, we have particularly felt the impact across packaging, including aluminum and resin, ingredients, most notably juices, and of course, the increases in natural gas and oil, which have a knock-on impact across the supply chain. We continue to remain focused on minimizing the impact on our business under three key levers to do so. Our revenue growth management capabilities, smart procurement, and productivity initiatives. We also have a positive mix benefit from the continued recovery of out-of-home volumes. Our most significant lever is our revenue growth management, which includes pricing activities, our promotional strategy, and mix management. Following extensive elasticity modeling, selective price increases were successfully implemented through the half, though there has been a time and therefore margin lag between inflation hitting our P&L and the price increases landing with customers. We expect to realize the full benefit of our pricing and other actions in the second half. Our experience and elasticity modeling from past inflationary periods has shown soft drinks to be a resilient category, and the relatively high degree of promotional participation provides a degree of flexibility to ensure the trade-off between volume and value growth is optimized. Our second lever is our procurement capability, which we have invested in over the past 18 months, including the implementation of SAP Ariba. We have changed our sourcing strategy to improve security of supply and have a high level of cover across the commodities we hedge and our fixed supply contracts with approximately 95% coverage for the balance of our financial year 2022 and 50% for 2023. This gives us a degree of forward cost visibility to ensure we have the right plans in place to mitigate the inflation on our business on a rolling 18 months basis. Our final lever is our productivity initiatives and disciplined approach to cost management. These include new capacity in GB, which reduces co-packing costs. Across supply chain, we continue to drive cost efficiencies through our continuous improvement program, including reductions in our cost to serve, warehouse automation, and reducing secondary packaging. Moving on to cash. I am pleased with the continued focus on cash management, which is reflected in our positive free cash flow in our first half. The year-on-year movement in cash was driven by an increase in EBITDA of GBP 10.3 million, a working capital outflow of GBP 8.7 million and lower CapEx. We also saw an increase in our year-on-year income tax as we lapped a cash tax rebate in France. The working capital outflow was driven by an increase in stock as we held higher than normal levels to protect service, and we saw an increase in our Brazil stock holding driven by inflation and further vertical integration in grape. Our receivables performance was strong with average days sales outstanding continuing to fall. This was partially offset by a lower level of payables. Our net debt position reflects a reduction of GBP 130 million compared to our closing net debt in March 2020. This brings our leverage ratio to 2.2x, the lowest half-year leverage since 2016. We have a disciplined approach to capital allocation, ensuring we invest in the business to support sustained organic growth, and as opportunities arise, use M&A to increase our exposure to new or fast-growing categories or to accelerate our scale. We remain committed to an adjusted net debt to EBITDA ratio of 1.5-2.5x and a progressive dividend policy based on a 50% payout ratio. Given our confidence in the continued downward trajectory of leverage and our strong cash generation, we have today announced an initial share buyback program of GBP 75 million to be executed within the next 12 months. Our total adjusting items in the first half was GBP 6.4 million, and I wanted to draw your attention to a change in our accounting policy relating to implementation costs of software as a service arrangements. Previously, these costs were capitalized. However, following guidance issued by IFRIC last year, such costs are now required to be expensed. The costs impacted by this change in accounting policy were GBP 3.2 million in our first half and relate primarily to two projects, the implementation of Kantar, our new commercial system, and SAP Ariba. We anticipate full year costs to be GBP 8.2 million. Finally, for me, just to share some technical guidance and modeling considerations for the balance of year. As highlighted at prelims, the shape of our growth in 2022 reflects soft-based comparators in the first half as a result of lockdowns in 2021. Therefore, while we expect continued good revenue growth in the balance of year, we will face a tougher second half comp. We expect inflationary pressures across commodities, ingredients, labor, and energy to continue. We have a high level of cover in place for the balance of 2022 and now expect inflation for the full year to be high single-digit. As I've shared, we have a number of levers to mitigate the impact of this inflation on our P&L, and this gives us the confidence to continue to invest behind our strategic growth drivers, including AMP, digital capability, sustainability initiatives and capacity, all of which will support both near term and longer term growth. On tax, we estimate our effective tax rate to be 20.5%-21.5%, and our interest charge to be between GBP 17 million-GBP 18 million. Our expected CapEx for the year is GBP 80 million-GBP 90 million, and full year adjusting items are estimated at GBP 15 million-GBP 16 million, reflecting the change in accounting policy and treatment of SaaS related costs. Thank you, and I will now hand you back to Simon to talk about our confidence in our future growth. Thank you, Joanne. In this final section, I'll look ahead to our second half and beyond. To reinforce the point I made at the outset, our growth strategy set out on this slide is really working and remains robust and relevant. I am confident we will continue to drive sustainable growth for Britvic even through the most challenging of times. Now, you are very familiar with this slide, but I would like to call out a few highlights and some of our key focus areas for the second half. In H2, we will continue to build on our growth momentum and invest for the future. We will activate our brands through a series of highly relevant marketing programs while also optimizing our pricing and promotional strategy to help mitigate rising inflation. We are expanding our core brands through line extensions and innovation, and we'll continue to build our scale in new growth spaces. At the same time, we are building for our longer term future by investing behind our brands, developing our organizational capability, and further embedding our sustainable business practices across Britvic. Our second half brand campaigns feature a mix of proven winners and exciting new ideas. These include the launch of a big new summer campaign for Robinsons, The Big Fruit Hunt, and Robinsons Ready to Drink sponsorship of cricket's popular The Hundred. The ever successful Pepsi MAX Taste Challenge is back, as is our Pepsi Live Nation music campaign, and we're sponsoring UEFA Women's Euro for the first time. J2O is launching a new campaign across both at home and out of home channels. In other markets, we have exciting new digital campaigns for Maguary in Brazil and Club and MiWadi in Ireland. We also continue to build on the shoulders of our core brands through a combination of line extensions and innovation, examples of which you can see on this slide. In Ireland, Ballygowan will access the flavored water segment with a hint of fruit. Having recently entered the energy category there with Rockstar, we are also launching Club Loaded, a glucose extension to the Club brand. In GB, there are new low sugar flavor extensions for Tango, Britvic Mixers and Aqua Libra, while London Essence launches a new pink grapefruit soda across all its markets. In Brazil, we're extending Puro Coco into a smaller 180 ml format to target kids and broader on-the-go consumption occasions. In GB, Pepsi joins Aqua Libra in accessing the at home market with a new multi-pack, and 7UP Free extends its range with 7UP Free Cherry. We continue to access new growth spaces with two examples on this slide, one big and one currently small. Flavoring water is one of our key growth areas, building on Britvic's flavor concentrates expertise across all our markets. Water consumption continues to grow, and yet the opportunity to improve the drinking experience with flavor and function remains relatively untapped. We see significant opportunity here for our squash and syrups brands and for Aqua Libra Co., our beyond the bottle business. As well as the marketing campaigns I referenced earlier, we're supporting our flavor concentrates brands by relaunching Robinsons Fruit & Barley with added vitamins and expanding our range of Robinsons Benefit Drops. In Belgium, we are launching Teisseire for soda machines. As I referenced earlier, we have developed an innovative flavor tap under Aqua Libra Co, which is generating significant interest in workplace and retail channels. On Plenish, following the recent relaunch, we will continue to leverage our existing commercial relationships to secure wider distribution. We are supporting the brand through the Less Is Moreish campaign to highlight what makes Plenish different and premium. We are activating this campaign both online and in store to drive visibility and trial, featuring our new brand ambassador, TV chef Ravneet Gill. Our sustainability programs span both healthier people and a healthier planet. On people, we promote healthier consumer choices through low and no sugar products and through the addition of supplements like vitamins, several examples of which we've covered today. Within the company, we empower and engage our employees at every stage of their career. For example, to help those joining the workforce, we currently employ 74 apprentices and have made offers of permanent employment to a number of our 42 government kickstarters. We are a part of the FTSE drive to advertise vacancies to Ukrainian refugees and have recently had our first employment offer accepted under this scheme. On plan, we are working towards our science-based targets on carbon emissions. We also continue to champion a world without packaging waste. A part of this is our commitment to reduce the amount of non-recycled plastic across our portfolio. In addition, we are looking at innovative solutions to replace plastic packaging while also moving beyond the bottle altogether with London Essence on tap and Aqua Libra Co alongside our existing dispense business. Despite external headwinds, we continue to invest in building capability across multiple disciplines. As well as the commercial transformation and digital marketing initiatives I referred to earlier, we are continuing our technology investment roadmap. For example, we are in the final stages of rolling out SAP Ariba for self-service procurement, and we are partnering with Amazon Web Services to migrate our data to the cloud, allowing us to close our physical data centers and thereby increase agility and security while reducing our carbon footprint. The technology program extends into the supply chain, where we continue to digitize our 3 GB factories to optimize manufacturing output, efficiency, sustainability, and resilience through the monitoring of performance, energy usage, and required maintenance. In warehousing, alongside the upgrade to our national distribution center, we are rolling out extended warehouse management systems which provide full visibility of materials through to finished goods and is building increased resilience by improving our management of inventory, wastage, and product quality. In terms of capacity, we'll be installing yet another can line at our Rugby facility, our fifth, as demand continues to expand. In Brazil, we will increase capacity through an additional small Tetra Pak line to enable our growth in Kids and On the Go. We will also increase our resilience and reduce costs through further vertical integration of key raw materials. To summarize, the strong trading momentum we have delivered in the first half sets us up well for H2. We have successfully taken action to mitigate inflation, and we will continue to optimize our pricing and promotional activity as the year progresses. We see multiple opportunities to continue to grow our business, both within our existing channels and brands and in scaling our presence in new spaces. We will continue to invest in our future through marketing programs, organizational capability, and sustainability initiatives. We have clear and compelling priorities for H2 and remain confident in our track record of resilience, agility, and strong execution. We remain highly cash generative and look forward to enhancing shareholder value through sustainable growth and buybacks. Thank you for listening to us today, and now Joanne and I will answer your questions. Thank you, sir. If you would like to ask a question, please signal by pressing star one on your telephone keypad. If you're using a speakerphone, please make sure your mute function is turned off to allow your signal to reach our equipment. Again, press star one to ask a question. We will now take our first question from Ed Mundy from Jefferies. Please go ahead. Morning, Simon. Morning, Joanne. A few questions from me. The first is really around channel mix. It's really a two-part question. Simon, I mean, at home sales have continued to grow despite the rebound in the away-from-home channel. Is this really due to sort of increased household penetration, or is it consumer frequency that's driving that? And how sticky do you expect these trends to be, you know, over the medium term? I guess the second part of the question on channel- Ed, sorry, I didn't hear that question. The beginning part. Channel mix. I got the channel mix part. I didn't get the detail. Okay. The question is, you know, sales are higher at the at-home channel relative to pre-pandemic levels and last year, despite the out-of-home channel sort of bouncing back. Is that due to increased household penetration or is it increased frequency? I mean, I'd love a bit of color on sort of what's really driving that and how sort of sticky do you expect these at-home trends to be? The second part of that question is perhaps more for Joanne, really around sort of the margin structure. If at-home is a larger part of your business today, relative to pre-pandemic levels, is this a headwind for margins, or does the larger scale that this brings to your broader business provide an offset? That's the first question around channel. The second question is really around the consumer environment. There's a lot of chat in the media around a weakening consumer environment, but this is, you know, clearly not evident in your numbers or in your momentum into April. If we do hit a tougher consumer environment, you know, what parts of the strategy would you expect to evolve to navigate through that? The third question is around, you know, this new commercial system to optimize the efficiency and effectiveness of promos and customer investment. Historically, soft drinks, a big bulk of it has been sold on promo. What are the early learnings from this, and how significant could this be for ARP? Great. Thanks very much for those questions, Ed Mundy. Yeah, just Joanne Wilson can pick up margins and perhaps the Kantar sales promo transformation program, and I'll pick up the other two bits. On the channel mix, we have seen post-COVID normalization with out of home almost back to pre-COVID levels and immediate consumption actually slightly ahead of pre-COVID levels. As you quite rightly point out, it's still a relatively robust at-home market. I think the answer to your question is both. It is increased penetration of our brands and it is increased frequency. You know, on top of that, you know, we've done very well building our relationship with our customers as our brands have momentum, and we tend to have a slightly stronger share in the at home channel than out of home channel. We've successfully been able to build our distribution points and visibility in store. I think some of it is market and the consumer reactions, and some of it is actually how we've been activating and executing in store that's driving that robustness. I'll pick up the consumer environment as well. Yeah, we've seen the normalizing after COVID as I've just referred to. Of course, you know, there is a drop in consumer confidence and a cost of living squeeze. But as you'll know well, Ed, you know, this is a resilient category. It has proved to be resilient in past recessions. I think, you know, we're particularly well-placed with our portfolio, you know, directed at low and no sugar, health and wellness trends from a consumer perspective, and obviously number one and number two trusted brands in our respective segments. That is where consumers tend to turn in times of difficulty, as it was thus during COVID. Then I guess the final point is also, as you know, we are very much a multi-channel business. You know, where the recession impact tends to show up first is in out of home. Yes, you know, obviously with a balance across out of home, at home and immediate consumption, you know, I think we're well-placed to deal with that. You know, finally, you know, we have seen continuation of our momentum into April and early May, where we kind of continued to report double-digit revenue growth. Joanne, do you want to pick up on the margins? Yes, I can. On Kantar? Good morning, Ed. Yes, let me just take the margin question first around channel mix. We are seeing a number of tailwinds on our channel mix. First of all, out of home is recovering back in line with what we expected, and that is improving the margin rate that we see and also our immediate consumption volumes are back ahead of 2019. That is also helping. As you said, we've got a much bigger at-home business. The overall at-home market is bigger, and we've taken share of that market. That does tend to trade at a lower rate. We have seen the benefit from operating leverage coming through in the first half, and we expect that to continue in the second half, although the lap will be stronger, so not coming through as strong as we saw in the first half. The other point I'd add, Ed, is in out of home, we've shared the percent of revenues increased to 36% in the first half. That compares to 40% pre-COVID. What I would share within that out of home, we are seeing a different out of home mix. So managed retail and wholesale has recovered quicker than food service and licensed. Within food service and licensed, we've seen QSR perform strongly. So that for now is driving an adverse mix within the out of home channel as well. There's a few dynamics going on within the margin mix. Definitely some of those tailwinds, as I said, coming through in the first half. In terms of the commercial system, I'm really pleased to say we went live with that in GB and Ireland in February, and that's been very successful. Just a reminder, some of the benefits from implementing that system is really drive our promo optimization. It'll give us real-time data on our promotions and much stronger pre- and post-promo evaluation and also much faster execution on automation. Lots of benefits and a really strong payback on that. As it has only gone live in February, you know, most of those benefits, some of them will come through in the second half, but most of them will be in FY 2023. You asked specifically on ARP, so absolutely it should drive our ARP, but it should also drive our margin. As we understand our effectiveness of our promotions better, we can react in real time to those to really drive the return and therefore increase margin, which is obviously incredibly helpful in the environment we all find ourselves in. Great. Thank you. Thanks, Sid. We will now take our next question from Fintan Ryan from JP Morgan. Please go ahead. Good morning, Simon. Good morning, Joanne. I have two questions for you, please. Sure. Firstly, I wonder could you give us a bit more color on some of the Brazilian supply chain issues that you highlighted in the first half, just with regards to the coconut water and I presume holding back the concentrate business as well. At what point would you hope for those issues to be resolved? Should we expect to see that therefore an acceleration of the top line of these in the second half of the year to 2023. Then following on from that, just what color can you provide in terms of margin delivery in the Brazilian market over the next sort of 12-18 months? Appreciate where the raw materials are, but clearly you are seeing pressures despite the pricing action. If you could give us some sense of what moving parts are there. Just maybe a small question on Rockstar, particularly in GB. You didn't really mention the performance of that brand in particular in the opening remarks. Color on how that's performing in the market currently and what your commercial plans are for the second half of the year would be very helpful. Thank you. Great. Okay. Thanks. Thanks, Fintan. Yeah, look, I mean, the Brazilian supply chain, you know, is complicated, you know, from a logistics perspective. We have had some ingredients challenges. You called out coconut water, which has restricted our sales capability to a certain extent. And we've also been challenged with keeping up with demand on our Fruit Shoot and kids brands as we continue to grow and take share in that category. Having said that, you know, I wouldn't call it out as a major issue. You know, as you can see in the results, underlying growth of 18%, and that's on the back of, you know, four or five years of good double-digit growth. You know, we're really pleased with our Brazilian performance. We have taken significant share in all of our core categories from which we acquired, so concentrates and ready-to-drinks. We've also taken quite significant share in new brands and categories such as coconut water, grape, and Kids. You'll have seen that in the presentation. I think, you know, that's very much in line with our strategy, and this plays a little bit to your second question around margin delivery there, where, you know, our intent is to build scale, build share, and grow our penetration of that market and the significant scale of the soft drinks category in Brazil, which will lead to operational leverage over time. As we build these brands to have a reasonable share, we can also start to take more price. On top of that, we have premium brands coming in, which are higher margin and will enable us to grow our presence beyond the off-trade, also into the on-trade, which will be higher margin business and create a more resilient business. Finally, we continue to be really successful with our vertical integration. This will help with the supply chain as well. The most recent example is you know, producing our own grape juice this year through a leased facility in the south. I think you know, the margins are suppressed with inflation in Brazil at the moment. It has been a challenging market, but we're very pleased with the progress we're making. Over time, we continue to see ourselves building margin. I'll just pick up on Rockstar and GB. Look, it's been challenging for us, and I think that's primarily driven by two factors. One, supply chains. As you know, we've had a lot of problems with our outsourced supply of Rockstar. Secondly, you know, we're delighted to have a brand like Rockstar with PepsiCo marketing capability behind it as well, to be able to participate in a category which is the second biggest category in the market, GBP 1.5 billion. We're pleased to say that the supply challenges are done and dusted, and we can now focus on building the brand. We've got a lot of summer activity to do that. We still have strong customer support. We will be out sampling, and we've got a number of different consumer promotions. You know, it's got a positive direction from here. What I will say is this isn't a quick burn. You know, I think there are two very strong competitors in this category. I'm confident that we will take share over time, but it's not gonna be a quick burn. Great. Just a quick follow-up from the last point. Appreciate you've added new canning capacity, significant canning capacity. Would it be fair to say that that would be going towards the insourcing of Rockstar production? We continue to add new can capacity. As you say, a new line this year. We're also gonna be putting in a new line through the second half and into the first half of next year, a fifth can line. The demand continues to grow. Whether we insource or not will depend on how we see that demand evolving over time. We haven't made that decision yet, but it is a possibility that we bring Rockstar in-house. Thank you very much. Thanks, Fintan. We will now take our next question from Emma Letheren from RBC. Please go ahead. Hi, morning. I was wondering if you have seen any impact on your volumes from the price increases you've taken so far, or if it is too early to say, and equally if you've seen any down trading within your categories. Secondly, what kind of magnitude would your margin improvement have been in the half without the kind of heightened cost inflation, given that you should have that positive mix improvement that you've mentioned from the recovery of out of home and immediate consumption? Thank you. Okay. Thanks, Emma. Look, I mean, I think, on the consumer demand, you know, the short answer is we haven't seen any downside impact, from either price or the challenged consumer environment at all. As I said to Ed in the first question, you know, this is a resilient category. Our portfolio of brands puts us in a very strong position, with building our distribution points and visibility, in-store with customers. We've got a very strong summer marketing campaign across our portfolio. So as I say, you know, we're confident in the outlook. And as we've seen in past recessions, you know, we've fared well. You know, with regard to price, you know, we have taken price as we've articulated, you know, through the course of the morning, but we're using all the levers at our disposal, you know, mix, you know, promotional depth and frequency, as well as cost and efficiency measures. I think we've been proportionate. We've considered our competitive position across brands and SKUs and channels and customers. I think the team have done a really good job. I think we're well placed for the future. Joanne, do you wanna pick up the call? Yes. Good morning. Good morning, Emma. I mean, that's—it's quite a difficult question to answer because of course, you know, as Simon said, we're responding to a higher inflationary environment. Certainly what I can say is that I am pleased with the tailwinds that we expected to see on margin, both quantum and rate, and they are coming through. As I mentioned earlier, we're seeing improved operating leverage as we saw strong volume growth in the first half, and that is all coming through. Also mixed benefit both from the channel mix, so out of home recovery and back in line with how we expected and also the pack mix effect. That's moved back into single serve and immediate consumption, all of which is improving the margin rate. Of course, in the first half, that has been offset by the timeline between inflation hitting the P&L, which was very much from the start of the year, and when our price increases were implemented in markets. So for example, in GB, we implemented price early in Q2, and in France that was at the start of March. So that's impacting, you know, the margin rate that we have delivered. Thank you very much. Thanks, Emma. We will now take our next question from Simon Hales from Citi. Please go ahead. Thank you. Morning, Joanne. Morning, Simon. Just a couple from me as well, please. I mean, firstly, I mean, given the worsening COGS backdrop that we're seeing now, given the war in Ukraine, as we head through the second half and into fiscal 2023, I just sort of wonder how you're thinking about your ability to take further pricing. Some of your peers have already commented that they're already contemplating second-round price increases maybe as early as the second half of this calendar year. I wonder where your thinking is, on that in your different geographies. Secondly, in regards to the share buyback, how should we firstly think about the phasing of that share buyback program you've announced today over the next sort of 12 months, just sort of 50/50 over the next sort of two halves? Is that the right way to think about it? Joanne, you mentioned in your comments that this was an initial share buyback program, I think you said. Does that mean we should really start to think about modeling into our outer year forecasts and ongoing share buyback into our estimates? Okay. Great. Morning, Simon. Thanks for those. I'll take the first and Joanne will pick up the second. Look, it is still really difficult to work out what happens from a cost perspective going forward. You know, clearly we have a lot of visibility for the balance of this year given our hedging policy. We're also starting to get some quite good visibility and hedging into next year. Exactly how that transpires, I think we'll wait and see. What we are though doing is obviously we are responsive and agile in how we think about this, both from a pricing perspective as well as other measures. As we go through the second half, we'll of course get a better chance to see how the momentum of our brands continues versus the price assumptions and electricity assumptions that we put into our thinking, and we'll adapt our pricing promotional strategy, you know, through the balance of the second half. Whether we need to take more price or not, you know, this half we'll see. If this sort of COGS backdrop that we anticipate continues into 2023, then of course that will be part of our plan for the next year as well. Morning, Simon. Yeah, let me take the second part of your question first, and I'll give you some context as to how the board thought about the share buyback. We're really pleased with our cash performance over the last couple of years. Since March 2020, we've paid down our net debt by GBP 130 million, and our half year leverage is the lowest it's been since 2016. We're also confident on the downward trajectory of our leverage going forward, the cash generation of the business and execution of the strategy. Within our capital allocation framework, we have a leverage range, a target leverage range of 1.5-2.5x, which we are well within. Within our capital allocation as well, we're very much focused on prioritize, obviously, investment in the business to make sure that we can deliver the sustained growth that we're setting out to do. We're confident that our CapEx and OpEx investments will allow us to do that. Therefore, you know, we've announced the share buyback today. It's an initial tranche of GBP 75 million, as you said, over the next 12 months. We will continue to review this at the end of each year. If the circumstances that we see today continue then, we would see this as a recurring program. In terms of the phasing of the GBP 75 million, I mean, it's about 3% of our value today. We would look to take opportunity as that presented itself, which I think it does in the market today, to perhaps front-end that a little bit. The intention is to do that over the next nine-12 months to do the full GBP 75 million over that time period. That's really helpful. Can I just follow up on something maybe with you, Simon, around your comments around, you know, the elasticity modeling and the assumptions that you've been making. In my mind, historically, the elasticity in soft drinks is probably historically run as about 0.2, 0.3. I wonder, one, would you concur with that? Is that the sort of elasticity assumption you've been making? Or are you perhaps, you know, sort of stressing it a little bit further this time as you perhaps head into a recession, where, you know, inflation levels are very extreme compared to anything we've seen in the last sort of 40 years? I'm just wondering how you're thinking about those elasticity assumptions. I think a couple of things. First of all, you know, I'd say your elasticity numbers are about right. I think what's just as important is our relative pricing. You know, against our key competitive set, how we price. I think let's see how that plays out. You know, we have certain target price points. We know they work well for us. Let's see what the competition do over time. Of course, you know, part of it is about price. A lot of it is also about feature and, you know, the promotional intensity. I think we know that this is a very elastic category. If you can get great feature and display, people see our brands, they tend to buy more, they tend to drink more. As I said earlier, you know, we're in a great place with our customers. I'm very pleased with the conversations and cycles of joint business plans that we've had. We've got some great promotional activity feature and display right through summer. That gives me a lot of confidence. Then finally, of course, we have the ability to adapt and tweak our promotional depth or frequency as we go through the months ahead and learn more. Brilliant. Thank you ever so much. Thanks, Simon. We'll now take our next question from Nik Oliver from UBS. Please go ahead. Hey, good morning, and thanks for the questions. Two from me, please. On GB, you mentioned a 70 BPS drag on brand margin from A&P in the first half. Anything you can share on the second half to help us with our modeling? Secondly, a broader one on London Essence. You mentioned some of the new, you know, international distribution agreements. Just some words on your aspirations for that brand longer term, and how we should think about pricing versus its nearest and premium competitors. Thanks. Great. Okay. Do you want to pick up the margin comment, Joanne, and I'll come back on London Essence. Nik Oliver, as you know, we've been rebuilding investment, including A&P. This time last year, for most of the first half last year, we were in lockdown or some form of restrictions in many of our markets. Therefore, our A&P was much lower. Hence you're seeing the over GBP 6 million increase year-on-year, and that's driven in GB a 70 basis points reduction on brand margin. As we go into the second half, we did upweight our A&P last year. We had a full schedule of media and in-store activities. We would look to do a similar level this year. You won't see that same drag of margin as we go into the second half. Great. Yeah, you know, really pleased with our London Essence performance, both in GB, where it's up over 200%, and internationally, where we're basically doubling the business, albeit, you know, those numbers are flattered because of the on-trade reopening. As you know, Nik, you know, the focus on London Essence, certainly internationally, and initially in GB, has been to build the brand through the premium on-trade. Of course that was to some extent slowed or upset, you know, in the last couple of years through COVID. Also facilitated us moving into the retail channel in certain markets like GB, Ireland, and Holland, where the brand is more established, earlier probably than we had anticipated, but actually quite successfully. What we are seeing is actually a lot of interest in the brand. You know, the premium opportunity for mixers and sodas is very much there, and that's been proved by our key competitor. What we're finding with London Essence is it's kind of working its way, you know, into the number two slot, both in GB and Ireland and indeed in our international markets. The brand credentials are working really well for us. You know, the distilled essences, great taste, low in sugar. The look and feel of the brand is very premium and, as I say, is really working and getting a lot of attraction. Look, it's still small, you know. It's kind of, you know, high single digits in terms of revenue for us. Growing strongly and we are building a much better distributor base, as we've given some examples in today's presentation. We remain very excited about the potential for the brand over the longer term. Great. Thanks, guys. That was really clear. One just final quick one. On the tax rate, you mentioned the uplift in U.K. corporation tax coming in in FY 2023. I mean, any early thoughts on what that could mean for the group tax rate for fiscal 2023? We'll see a half year effect, Nick, obviously in FY 2023 when that comes in, and then the full year effect in FY 2024. That will obviously increase our GB tax rate. Yeah, I think that should be reasonably easy to model. Okay, perfect. Thanks, guys. Thanks, Nick. We will now take our next question from Charlie Higgs from Redburn. Please go ahead. Hi, Simon and Joanne. Hope you're well, and thanks for the question. My first one is just on Robinsons. I was wondering if you could talk about the performance in the half and then how you see that going forwards. Is it still an innovation-led brand, do you think? Has anything changed during the pandemic that makes you think the brand volumes might accelerate further or perhaps promotional intensity goes down? Just any comments around Robinsons would be useful, please. Okay. Thanks, Charlie. Yes. Our Robinsons performance is from a volume perspective slightly down year-on-year. It's one of the very few brands actually, and I think that's as a result of primarily the heightened consumption during COVID, where you had significant numbers of people spending more time at home, which is where 90% of Robinsons consumption takes place, as you know. But having said that, you know, sorry, the second thing is that we've very much been ensuring that we are looking after the value share in the brand and the margins within the brand. Our price positioning versus own label and a couple of our other competitors is probably at a slightly higher differentiation than it has been in the past. We feel that's been appropriate. Secondly, you know, as we come into, you know, the spring and into the summer months, which is obviously a key selling period for liquid concentrates, we've got a very strong program behind the brand. We're really confident that we will build volume growth and share in the second half. You know, more broadly, you know, we remain really excited about the opportunity for brands like Robinsons or MiWadi, which is doing really well in Ireland and has grown year on year. Maguary in Brazil or Teisseire in France. You know, all these brands are at higher levels than they were pre-COVID. We are seeing the growth and the opportunity to flavor more water, you know, both with taste and now with benefits, is a real opportunity. We think we're really well-placed to take share and build growth for the business behind those. Perfect. Thank you. If I could just follow up on London Essence in GB. I mean, +216% is very strong, and you talk about new flavors and listings. I was just wondering if you could comment a bit more on the contribution of new listings to that growth and where that's coming from, if it's mainly in the out of home channel? It's actually across both. We continue to you know to build our listings in premium outlets and in some of our bigger customers, both with packaged as well as with London Essence infused on tap, if you like. Examples are Marston's where we have 94 outlets trying London Essence on tap. At the same time, we're building distribution with places like the Maybourne Hotel Group, Claridge's, the Connaught, The Berkeley. You know, it's really building our premium credentials as well. It is both. In the off-trade, you know, we are in all the big grocers, and our performance continues to accelerate in there, with very good response to feature and display, that we've had both over Christmas and in the last four weeks. We've had a big Tesco promotion, for example, which has really started to work well. I've got no doubt the brand has momentum in both channels, and we'll continue to invest behind and grow as you see in the balance of this year and the years ahead. Great. Thank you very much. We will now take our next question from Richard Withagen from Kepler. Please go ahead. Yeah, good morning, Simon and Joanne. Thanks for taking the question. I've got two questions. First of all, on the promotional environment, has that contributed to the gross margin improvements that you reported in the first half? And maybe some words on the, you know, how promotional the environment is now compared to the past. And the second question is coming back on the commercial transformation program, just wanted to, you know, assess how it affects competitive position. And Joanne, you just mentioned margins earlier on, but, you know, does it also help to grow the business? You know, how unique is this system, and is it all based on third-party data or some proprietary data as well? Thanks. Right. Do you want to pick that up, Joanne? Yeah. Okay. Just in terms of the promotional environment, we did have a little bit of de-escalation of promotions in the first half. Some of it was brand-specific, where we had some supply issues. As well, it was really managing, you know, margins ahead of some of the price increases landing in the market. That has helped support margin. In terms of the promotional environment that we're seeing, you know, the promotions, we have more EDLP just given the retail environment that we're in, and that works across some of our customers. Overall, the promotional participation is broadly where it has been. I think what we will see is probably a de-escalation of promotions, so perhaps not as deep as they were in the past. As Simon said previously, that is a lever that we will use as we go through the balance of the year. In terms of the commercial transformation program, I wouldn't say the system is unique. It's used by other FMCG companies. Kantar, it's very well regarded. Certainly, as I said, it will support our promo optimization. How we look at it is really, you know, the biggest benefit we'll see is in our margin. In terms of being competitive, it will definitely help us with customers as we plan our JBPs with them and also as we activate in-year promotions. Making sure that those are as effective as they can be and that we are both getting the highest return from those promotions. In terms of the data, some of the data will be proprietary to us, but it also will be. We'll be also using some of our customer data as well to drive that decision making. Clear. Thanks. Thanks, Joanne. Maybe just one follow-up question then. Simon, you mentioned price position. So how do you feel about price position of your brands compared to, yeah, the competition, over the last couple of months? Yeah, look, I mean, that does very much vary by brand and by pack. You know, we have seen the competition take price. In some respects, in some areas, they've taken what we would have expected. Some areas they've taken a bit more, some areas they've taken a bit less. It's really hard to go into specifics. What I would say is we monitor it very closely. It does have an impact on volumes. But we have the agility and ability to manage it as well. That's one to see over the coming months, and we will adapt our strategy as we see fit. Yeah. Thanks. Thanks, Simon. We will now take our next question. Yeah. I think we have just time for one or two more, yeah. We will now take our next question from Doriana Russo from HSBC. Please go ahead. Yes. Good morning, Joanne. Good morning, Simon. Most of my questions have been asked. I just have a follow-up on Brazil. Obviously margins have gone down, and you've explained why they have gone down. You also have given some sort of an outlook for the future, which will lead to higher margin. What is happening right now in Brazil? What can we expect for the second half? Is what we have seen in the first half pretty much what we could expect for the full year? If you can give us a sense, please. Also, in terms of pricing, what are the pricing actions that you plan to take in the second half for pricing and margins? Thank you. Let me have a go at that one, Doriana, and Simon can build it if he's anything else to add. In terms of the environment in Brazil, you know, as we've shared, we've seen the highest inflation there of all of our business units. Yeah, I'm really pleased with how the team have responded there. We have taken multiple price increases, some through the second half of last year, and in the first half of this year, we're taking another price increase this month. It's not impacting volumes significantly. You've seen the strong growth. I think we've got a really good hold on the elasticity and understanding that. You know, it's a much more agile market there where you can take multiple price increases. The team have also been very focused on their cost management. We have taken cost out of the business there, and we'll continue to do so where it makes sense. We also have looked at areas like recipe reformulation, where that's enabled us to reduce costs. Inflation is the big headwind that we're seeing. There's a little bit of mix drag in the first half as well, as some of those innovation categories or newer categories, I should say, like grape and kids have grown at a faster pace than concentrates, which tend to be higher margin. We've seen that come back a little bit in April, and as Simon touched on, we also have our premium brands. You know, it would be a brave person to call the top of inflation in Brazil, but we're hoping we're almost there. Certainly, you know, for the second half, we are expecting to see an improvement on margins versus what we've seen in the first half. Okay. Thank you. If I may, is the improvement expected to come from top line improving the mix or you adjusting prices? Or do you think it's just the overall impact of some sort of a mix effect that might benefit the margin? It'll be a little bit of everything. Obviously in the second half we'll see the full benefit from the actions that we've taken in the first half. That's multiple price increases, some of the cost side or the recipe reformulations. We haven't really seen much benefit from those in the first half, just given the timing of when we did those. Those will come through in the second half as well. Then as I touched on, we are seeing an improving mix in the last month or so that should also support margins. Okay, thank you very much. Just a quick one, if I may. Just in terms of the outlook for concentrate for the UK. I think Simon said a little bit about what you expect for Robinsons. In terms of the category, is it very much weather-related, or do you think that you might be able to hold on some of the consumption increase that you know post-COVID? Yeah. Look, I mean, I think you know soft drinks is weather impacted. You know that we know that but and concentrates too. You know we see growing water consumption. The health and wellness trend is there. The penetration of flavoring water is still relatively low. We remain very excited by the long-term opportunity for brands like Robinsons, MiWadi, Teisseire, Maguary. Indeed, I think we've got a very strong program both from a marketing perspective and a brand perspective that gives us great confidence about H2 irrespective of the weather. You know examples of that are Robinsons Ready to Drink which is doing really well. Great customer reception. It's a really great tasting product. We've reformulated our initial Robinsons Ready to Drink liquids, having had some consumer feedback, and we've got really strong taste profile now and great consumer acceptance of that brand. We're excited about our Hundred sponsorship with Robinsons Ready to Drink. We've launched added benefits with vitamins in Ballygowan, in MiWadi in Ireland, which is growing really strongly. We've launched Benefit Drops in the UK and Ireland, which is quite exciting. We're also launching Teisseire for soda machines in Belgium, which has actually become quite an interesting market. Lots of activity in Maguary in Brazil, which is sort of a Robinsons equivalent for the Brazilian market. There's an awful lot of activity happening in concentrates from Britvic, and I think we're gonna have an exciting second half. We will now take our last question from Yubo Hao from Morgan Stanley. Please go ahead. Hi, Simon. Hi, Joanne. Thanks for the questions. Firstly, very quickly on shareholder returns, but more on dividend payout. I think the payout we've maintained at 40% for the interim, and I appreciate you have a progressive dividend policy of 50% payout. Now, in the context of the GBP 75 million p.a. buyback you've also announced today, should we expect you to bring that 40% payout back to 50% over time, or should we interpret this as a preference for buybacks over dividends at this point? Secondly, very quickly on pricing, can you talk about the magnitude of price increases you put through across the key market, please? Thank you very much. Yeah, look, I mean, on pricing, you know, we don't wanna talk about the magnitude on that we've taken, and it does vary very much by brand, by SKU, by market. I'm not gonna give a, you know, an overall percentage. I mean, on the dividend policy and payout, do you want to pick that up, Joanne? Yeah. Yeah. Yubo Hao, our payout policy on a dividend is 50%, and we're very much committed to that. That's based on a full year dividend. On interim, you always see it a little bit of a lower level of a payout. Certainly for the full year, the intention would be that that would be 50%. Understood. Thank you very much. Great. Thanks very much. All right, everybody, thank you very much for the questions, and thanks so much for your interest and look forward to seeing you all soon.