Good morning. For coming along to our interim results presentation today. I should say it's really lovely for me today as Timothy Lawlor has joined us relatively recently. You haven't met him before in this guise anyway as the new CFO. Now into week number seven, I think, Tim. Great to have you on board. It's good to know you're counting. I can still count, that's the thing. We've a non-exec director and Amanda Burton, who is also in her second year as non-exec director. It's really great this year to have done some strengthening of the board. I'm really pleased that these are people who've chosen to join Countryside. I wanna talk a bit more about that. Over to Tim to go through the financials. I would like to just pick out a few highlights by way of introduction. Let me just start with three things. Firstly, I think the financials are in line with what we talked about in early April, and the only real news here is that we've made a provision for our commitments under the fire safety pledge, which Tim will talk to you about shortly. Partnerships South has continued to perform very well and in line with our expectations. In the Home Counties, the realization of legacy assets is ahead of where we planned, and the conversion of the rest of the Home Counties into the new, we're pleased with that. We're also making good progress with addressing some of the opportunities for improvements that we identified during the site-by-site review in the North and the Midlands. Thirdly, we'll cover this in more detail later, but I am really pleased. It is the conversion of those opportunities, investing in bringing those through planning to start on site, and you'll see we have over 80% of the year. Before we get into the nitty-gritty of the financials today, let me just start with what I think is a reminder of why so many talented associates get out of bed in the morning and are proud, has a real clear purpose. We are great at placemaking. We're building mixed and cohesive communities in a world where this type of inclusive development is desperately needed. We're trying to reuse land wherever possible, and in the most environmentally friendly way, using MMC wherever we can. On this chart here, just over on the right, I put these on this chart. I went through my in tray, this recognition, the Countryside and our associates. Safety, social value are right at the heart of what Countryside is about, and our associates are rightly proud of keeping their focus on our purpose, bringing as many quality homes, great places to the market as possible in the most sustainable way. It was very clear in targeting 300,000 new homes per year by the mid-2020s. Household formation, aging housing stock, and population growth have all contributed to a chronic undersupply of new homes than ever. The housing crisis is not going away any time soon. One thing is for sure, U.K., Countryside is a key part of that solution. Now meeting with our partners, with our registered providers, with housing, I can assure you, has been the very best part of the job. Countryside's respect for our partners, the collaborative way that we engage with our partners and the communities that we make, that really differentiates us from other operators. Our approach to partnerships and joint ventures and the fair and even-handed way that we go about our business, those things are very highly valued. They do make us a partner of choice. That's where we're doing business. There is a huge amount of respect and goodwill for Countryside and for our teams. Our associates are seen as trustworthy. They're seen as reliable and likable. Have asked of me. The only thing that they want us to do differently is to do more of what we're already doing. Now, since last July, our business has been focused 100% on our differentiated partnerships model. We develop mixed tenure communities using brownfield and regeneration land wherever possible and MMC wherever possible. We build quality homes, excuse me, with a real focus on placemaking, and we always do this. We have an excellent opportunity here for significant value creation. We're well on the way to being focused 100% on and can deliver excellent returns on capital. We've realized GBP 150 million so far from legacy assets. We are creating a new and market-leading partnerships business across the Home Counties, but we have significant growth opportunities. The new regions in the Southwest and South London will contribute strongly as the sites that they have invested capacity in the Home Counties way beyond the targets that we set out last year, and we have the potential and the capacity to expand in other. Tim is gonna give you some color on what we're doing to reduce our cost base, but there's plenty more opportunity as well to improve our profitability. As you'll see later on, we have a really enviable land bank of opportunities, look, thank you. That's all I wanted to say about that. Back to the operations review. Thanks, John. Morning, everybody. I'm delighted to be here this morning. It's been a few months since I signed up to join Countryside in this business. I've been lucky in the first few weeks to get around a number of sites around the country, and there's nothing I've seen that puts in any doubt that we should be proud of, and the upside potential for this business is significant. Of course, with the share price movements since I signed up back in November last year, there's even more upside potential as a result. Let's get straight into the numbers. What a tremendous performance. There have been a lot of significant distortionary items in the H1 of the year, and I think to get a true picture of performance in the H1 of the year, it's necessary just to look at these individual items. Adjusted operating profit. Adjusted operating profit, obviously, the headline measure that you'll see on the front of the RNS, shows GBP 47 million as the half year number against GBP 79 million last year. Clearly, this was a lower profit than we targeted and explained in prior updates. The underlying position is better than this, particularly the last year comparative. Last year's 2,591 reported completions included a number of deferred completions from the previous year, so delayed as a result of what was going on in COVID from H2 2020 into H1. Is that around 1,000 homes, or 1,119 to be precise, of last year's H1 completions were deferrals from the prior period. Normalizing for that, the normalized completions were up over 30% year-on-year. We estimate to be around GBP 30 million of profit. Last year's normalized number was about GBP 30 million lower than the. We had about GBP 10 million of site review charges. Charges coming out of the site review process where it was decisions made about proceeding with particular projects and writing off some bid costs. In total, GBP 10 million. That gives us a normalized adjusted operating profit of more like for-like GBP 57 million versus the GBP 49 million last year. Within the fifty. It's part reported as part of our partnerships business. In the H1 of the year, as you can see on the chart, we lost GBP 6.5 million in manufacturing. John will come back to this in a bit more detail movements. If we adjust that out and we say the to get to a more of the core partnerships business, year on year, we've gone from in the H1 of this year, an increase of 27%. The second thing we're showing on this chart, on the right-hand side in that significant positive momentum between Q2 and Q1. There's always seasonality. Q2 is always better than Q1, March. But that increase between Q1 and Q2 is way above normal levels. I've looked back over the last five years to see the sort of normal Q1 to Q2 trend, and what it says is on average, up 119%. That shows positive momentum, which is encouraging going into the H2 of the year, where we expect a significant increase in profit in the H2 of the year. A couple of other things to mention in terms of highlights in H1 from a finance perspective. First of all, this is an adjusted measure. There are two principal components, both of which I'll come back to later. The first is the fire safety provision, where we have this additional GBP 109 million of charge in the H1 of the year. We've also reassessed our Westleigh acquisition, where we had intangible assets on the balance sheet and concluded that it's necessary to write off the goodwill. There's GBP 77 million of intangible write-off within that GBP 219 million. Again, there's a chart later which we'll come back to on that. A couple of other things is progressing well. We're slightly ahead of where we expected to be at this point of the year and on track to deliver GBP 450 million of legacy. There has been a cash outflow in the H1 of the year, which again, I'll come to in a bit more detail later. It shows that we are investing significantly in work in progress, lands and developments in the H1 of the year. It's enabled also a GBP 42 million of share buyback up to the end of March. Getting to a bit more detail, communicate and share with you is where our revenue comes from. Our business model is to offer a blended product with models, evaluate the schemes on the basis of a blend of these items, which is why the margins on the individual line items within this sheet are consistent. Let me just talk you through those briefly. The first stage is the recognition of PRS and affordable housing partners. Prior to that, we'll have done work. We'll have got, in the main, we'll have got planning consents in order to recognize the sale of land and the transfer of assets of our revenue in the H1 of the year. The second part is the ongoing revenue recognition as we construct along the way until the final completion, and we recognize in terms of our completion numbers, a proportion of the completion numbers as we go. The third chunk is traditional sale of private homes, which is more back-end loaded, of course, and we recognize on the transfer of those completions. In addition to that, we've always had what is often referred to as bare land sales. We have excess packages of land which don't really meet our partnership criteria, and we'll sell those excess areas of land, particularly on the larger sites. About 10% of our revenue came in the H1 of the year, slightly higher than probably the full year share will be, though it's a third party, is to continue into the future. There's also small amounts of revenues derived from project management activities. That's the broad split, and I think, you know, that sort of split of revenue will be similar as we go forward. We're gonna concentrate more on Partnerships than Legacy. That is the ongoing business, and that is where the focus of the attention of the business is. This is a similar table to the one. You can see here that a big chunk of those completions that were deferred into H1 last year were in the Partnerships business. Adjusting for that shows that actually the normalized completions were up 16% million pounds on the Partnerships numbers. Of the site-by-site review charges of GBP 10 million, about GBP 6.5 million came from or came in the Partnerships business. All of the manufacturing losses sits in Partnerships as well. You can see there excluding manufacturing, which again shows a 16% year-on-year growth. Let's put a couple of the regions around. I thought it'd just be helpful to clarify where the regions sit now. Within Home Counties, we now have four regions. That business as a whole is performing well. It's integrated the former house building assets that meet the criteria to be Partnerships, have been on track in the H1 of the year. The regional shift there is that the Chilterns region has been integrated into the northern Home Counties region. In the South, where we have a lot of our flagship contracts and several developments proceeding well, we've had a strong H1 delivery in line with our expectations. The Midlands region has consolidated South Midlands into West Midlands. We've now got three regions in Midlands. We had a difficult start to the year, but things have improved, and they had a strong March in Midlands and encouraging signs for the H2 of the year. North also had a weaker start to the year. Its overall H1 performance was down. Regions within the North in the H2 of the year. Finally, in terms of the cost savings, we said before we could target GBP 15 million of annualized cost savings. Progress is good on that. We'll see those start to come in the H2 of the year as we migrate those businesses. Phase two is to look at some of the broader group costs. Group overheads, looking at our property footprint, looking at some of our discretionary. I know it's important to have these stats verbally. You can see the split between private, affordable and POS. That split is a consistent split with last year. I would expect that a similar split will be seen in the H2 of the year. Yeah, private may push up a bit, but we're broadly in those. Average sale prices increased across the board, which includes some element of house price inflation. The reality for us, the sales happen has more impacts than actually the inflationary impact. For example, in private, that's gone up, as you can see, GBP 6,000 year- on- year. Within that is an increased blend of northern and Midlands house prices are lower in the north of England. That brings down the ASP. Conversely, in affordable and POS. That geographic mix has driven up the average sale price in affordable and POS. Moving to Legacy. We've just lost our slides, but I'll look up here. In terms of a reduction in the adjusted operating profit for the Legacy business in the H1 of the year. Again, the Legacy business has a normalization impact. Some of those site review charges apply. On a normalized basis, actually, we were up GBP 5 million in profit year-over-year in terms of AOP. The realization schedule remains on track for GBP 450 million. We previously had a slightly higher number in the H2 number, but it shifted forward into H1. Our full year number for realization remains the same for this year. We mentioned in the last announcement that there were a couple of sites that we're working through the details on those sites as promptly as possible. It may be that they might go beyond the September 2023 date. There's GBP 49 million roughly in that category that we're looking to accelerate, but it may slip beyond the September 2023 date. Provision. The first thing to say is we are absolutely committed to ensure that all of the homes that we construct everything we need to do to ensure that we remediate any buildings that we find don't meet the standards that we'd expect. We took a provision coming into this year of GBP 41 million. It's really the first thing we've made a commitment to refund the Building Safety Fund, which is worth GBP 29.5 million, and we expect that a chunk of that will need to go out this year. Somewhere around half of that will need to go out this year. The second chunk is the extension of the scope of the pledge. Now we need to go back 30 years for buildings over 11 meters. Calculation of the provision, we need to make some estimates. We've got good information, but not perfect information. We've had to come up with the best estimate based on the information that we come up with. I think one thing that we know is that the GBP 60 million number won't be precisely right. What we've done is use consistent assumptions to calculate that GBP 60 million with the assumptions that we used for the GBP 41 million before, and it's based on building sizes. The final elements that we've added in is that we have established a dedicated management team to deal with this project. What we don't want to do is have this project distract from our business as usual activity, distract us from getting this done. We've got a dedicated management team. We've appointed the key personnel into that team. We're also gonna need to set up a number of project management teams to support that. Currently, we are saying that we expect the work to be completed over 10 years. The precise profile of that is unclear. The first things that the team is gonna be looking at is to try and get a sense on the priority areas, so we can come up with a more meaningful profile and really understand what the cash implications will be over the next 6-18 months, as a starter. That's the first of the big adjusting items. One that has cash associated with it. We mentioned in the April announcement that we have taken a provision of GBP 5 million where it's become clear that there are further remedial costs that need to be put in place. That will have a cash component to it over the course of the next six-12 months. In terms of the other pieces, they were non-cash. It became increasingly clear during the site-by-site review that the Westleigh acquisition underperformed expectations. We've gone back. The result is that we need to fully impair our goodwill, which is around GBP 72 million, and take a partial impairment on the customer relationships and tangibles that sit related to Westleigh. The second chunky item of non-cash is GBP 22 million where the board has concluded that it's not viable to continue through to full development of that site, and we're going to exit that site, which means writing off GBP 22 million on the balance sheet. GBP 219 million in total of adjusting items. Let's look at cash, simplify it into three chunks. First of all, the cash going out of our legacy. We touched on the GBP 108 million that have come in from legacy asset realization in the first six months of the year. We've also made GBP 32 million of adjusted operating profit in partnerships generating. First six months of the year we've invested significant amounts in land, paying off land creditors, and also investing in further development. About GBP 84 million of the GBP 132 million is from settling, GBP 8 million being about construction and development expense. This will lead to, you know, future profit as we bring those sites to completion. Net outflow in partnerships. In group, we paid GBP 5 million. As a result of the adjusting items, we've got a significant tax credit. As a result of that significant tax credit, we won't be paying any cash. We've got the introduction of the RPDT, which is an additional 4% tax for developers, which comes in from April here. Of course, we've got the corporation tax rate going up in April 2023, which will add 6% to the ongoing tax rate, but we'll get half of that in next year's numbers. Finally, leaving us with a GBP 10 million closing half-year cash balance. It's also worth being clear that the end-of-year balance is not representative of our average debt. During the course of the six months, our weekly average net cash comes in in that last period of the last few days. The six months we carry around GBP 100 million of net debt, which comes from, you know, all of that steady build up, the steady land and WIP investments. As we make our cash flow decisions, we look at our financing needs. It's important for us to focus within the business on that average weekly debt position and our peak debt position. Today, we've commenced discussions for an extension of our GBP 300 million RCF. It currently expires in May 2023, and we're confident we'll be agreeing an extension during the course of the summer. Probably be relieved to hear. What I will just do is point out that the principal movements on net assets, intangibles, and the second is the fire safety provision. We have seen legacy assets come down, but they've been broadly offset. Our ROCE for the half- year is 15.6%. That is up significantly from last year. Two things there. One is in last year's numbers, we lose that deferred because it smooths out what we have lost in H1, they gained in H2. Like for like, the ROCE has really gone up through an increase in returns. Our last twelve months number is broadly GBP 60 million ROCE increase. Also somewhat fire safety provision, because provision forms part of our net asset value. The more you provide, the more your ROCE goes up. The principal driver, of course, is that return. I'm conscious that ROCE is some way short of the targets that have been talked about externally. One of my priorities in the H2 of the year is to get under the skin of that, as I can to ensure that we're assessing and managing ROCE in the appropriate way, so that we're not using accounting methods to maximize ROCE. A couple of concluding slides. H2, as I mentioned earlier, brings out in partnerships just the extent of that growth and the positive momentum of 5% year-on-year growth from last year's H2 to this year's H2 to deliver on a normalized basis GBP 80 million of profit in the H2 of the year. This forecast is based on a site-by-site detailed review, which John led earlier in the year. We have clear visibility. There won't be timing risks, but as we stand today, management is confident of the delivery of that and that there is sufficient contingency within the numbers to deal with some timing delays. Finally, for me, the outlook. Putting it all together for the outlook for the group as a whole for the year. You can see in the bottom right-hand corner of this chart, that's an operating profit with GBP 103 to be delivered in the H2. The 80 that you see on the first two lines, Home Counties division. The Home Counties division is one that you may recall we talked about delivering GBP 60 million of operating profit at previous presentations, and we remain on track for delivering that. In terms of Legacy, we'll see wind down over time is GBP 170 million for the year. That GBP 170 million doesn't include the annualized cost saving of GBP 50 million that we're expecting to get from the current initiatives. I think I'll leave you with that. Thanks, Tim. I nearly got to go over the financial slides there again. Big flood. Let me talk to you now about operations a little bit, particularly what we're doing to improve the business. First thing to say, just in terms of progress in operations, the challenges that we identified in the site-by-site reviews, those things are unambiguous. All of them are actionable by the current team in the business, right? Many of them are well underway. The regional consolidation Tim touched on, that's complete. That will improve the focus resources and also our financial capacity. We are not withdrawing from servicing any part of the country. I want to make that very clear. Any part of the country that we currently service, we're gonna carry on servicing. We do not expect that can. The clarification of the group roles, Tim, touched on that. That's quite normal. It is absolutely appropriate in a group on a more centralized basis. We're going through now that analysis. With regard to controls, I'll just touch on two. The performance review process, I should say, Tom, me, Tim, in future it'll be Phil and Mike with Tom and Tim, that now is becoming embedded. We are bringing a you know, an even more diligent approach. As we resolve the legacy issues now, you know, the whole mindset is making sure that we don't distract our teams from focusing our energy, our resources, our capital on the development of our core partnership. I'll just touch briefly on manufacturing. We said on seventh of April, our manufacturing operations, they lost money in the H1 of the year, and with the opening of here now, way beyond what we're gonna need for the foreseeable future. We are looking now how to use that capacity best and how we can get the operations back to profitability as quickly as possible. We're gonna complete that review now within the coming weeks of the challenge and of the range of operations that are available. Priorities. What are our priorities gonna be now for the foreseeable future? Firstly, we're gonna drive the operational performance to make sure that we meet our financial objectives. In the Home Counties, that is delivering absolutely according to plan. Building our capabilities in the North and the Midlands and some of that step up that you saw in Tim's charts. The single biggest element of that step up is actually gonna be in the North. We are investing in quality opportunities where we've got the capability to deliver. You know we've got the new regions in the South and new operations. We are pressing on and reducing the cost base, making sure that we don't leak value lower down the P&L. Another priority is to strengthen our controls. We are realizing low return asset and investing in higher return. More focus on the investment process. That is the moment of truth for developers. Priorities is to leverage our assets, most notably leveraging our great associates, making sure that we align them to maximize the use of our fantastic land opportunities. That just brings me on to leadership. Let me just step back now into my Chair role. Mike Woolliscroft and Phil Chapman are gonna lead as co-CEOs in the interim period between now and when the new CEO starts. Phil's gonna take a more operational role and particularly support the regions in the North, responsible for the group functions, and will be more of an external face as well for the company. Some of you already know him because he does a lot of site visits and those types of things. Phil, they work well together. That's very important for the board. I'm absolutely delighted that they are both stepping up to the plate. They will do a fantastic two-thirds the P&L of this company. Of course, they're gonna be well supported by Tim. Now seven weeks in. I'm sure you'll get the view today, you know, Tim is absolutely getting traction in this business very quickly. On the CEO search, look, we've got some really good candidates. We'll let you know as soon as. Let me just touch on business development. Look, business development isn't always in the headlines or the headlights of the business, but it should be. Right? On this chart here, this is some of the business development that we've been doing this. Two things. One, where we're chosen as preferred bidder, and the other is where we've moved through planning and start on site. Those are two big sort of milestones in our pipeline. In joint venture with our partners, I mentioned before, we are very proud both of our desire and our ability to work collaboratively, and to achieve win-win outcomes with our partners. There aren't a lot of businesses that can do that. These are not all of the projects that we have brought to fruition over the last six months. If you add up all the plots on this, five of them are JVs. This comes to over 8,000 Countryside plots. Just to give you a sense, you know, we used about 2,000 plots in the H1 of the year. That's just an indicator of the investment line. This is a pipeline to be proud of. You know, this is a very enviable list of opportunities. Let me just touch on a couple of them in a little bit more detail. Right in the center of Warrington, close to Bank Quay station, so great transport links. It's completely wood panel, like all of our houses in the North and the Midlands. Those wood panels have not got far to travel from our Warrington facility. We're developing 500 as landlord in the North West of England and Sigma, who are taking the PRS units. Good returns on capital as well. Maghull. This is Eastbrook Village, Maghull. We're actually very pleased to have invested in this site. Maghull's in Sefton, in Merseyside. We've had the site under option for a long time. We're developing 408 homes here, and we're also investing a further GBP 3.2 million in the local community and work. Again, good ROCE site. Really pleased to be breaking ground now in Maghull. Great Haddon, this is a new community in Peterborough that we're developing. There is a real need in Peterborough for good quality, affordable homes. Cross Keys Homes is a community benefit society. It's also our first scheme with Legal & General, suburban build to rent. We're very pleased to be working with those partners on our project in Great Haddon. Again, very good returns here expected. This one here, Colindale, this is the site, for those of you who know it, you shouldn't know it, of the former Metropolitan Police Center in Barnet. Here we are preferred bidder to develop 870 homes in a partnership with Optivo. Over 60 retail on site, community space, cycling, nursery facilities, all about. We're also gonna be working here with local advocacy groups, including Black Professionals in Construction Network and Women into Construction. That's really to support and help drive to drive the support for London's diverse communities at this site. Look, I hope those case studies provide a quick reminder here of what we're trying to do. We're trying to build sustainable mixed tenure communities with great placemaking in partnership with local communities, with local public and private sector. The contract wins and investments that we've been making, and if you look at this chart here over on the left-hand side of the chart, this is the forward order book. You can see that's up by 2/3 compared to a year ago. Now, part of this growth reflects the conversion of the former housebuilding business this year on the way to at least GBP 60 million of profit last year, which is exactly what we told you and other shareholders last July. On the right-hand side of the chart here, you can see the very significant investments that's gone into the operations. The step-up in 2020 regarding the relevant Home Counties assets spoken about over this year. Just a reminder, quite a few of these assets have not yet been brought into production, okay? They are not yet generating the sales and profit that they will generate over their lives. These are assets that we're in partnerships in future. This is the pipeline, right? We've got a great pipeline here of new opportunities. We went through this in very clear, well and truly scrubbed. The plots that we own and control here have got a gross development value of 14.78%, okay? That will generate GBP 2.6 billion worth of gross profit. Let me just touch on capital allocation. Just a reminder of what we said last year on capital allocation. These were our priorities that we set out at range of ±1x operating profit at any point in time, okay? Zero ±one is fine. Then, as we generate cash going forward, the first priority is to use that cash to settle legacy. Gonna be very focused on returns, and we're only gonna invest where the risk-return profile is attractive. I hope today you'll take away winning those 8,000 plots in the H1. We have no end of fantastic opportunities, so we should be really selective about where we're putting the money. As we generate surplus cash in an appropriate way for the foreseeable future, as you know, that's gonna be via share buybacks. Let me just move on to the outlook. Look, our guidance for this year, as Tim said, that's unchanged. Our private home sales are substantially forward sold. There are a small number of PRS and affordable transactions still to compute. We do expect to make further progress next year. Some of the investments that we've been talking about are gonna be brought into production. Partnerships Home Counties, of course, is gonna step up from GBP 35 million- GBP 60 million, partly offset by slightly lower legacy initiatives that are underway. Of course, we don't expect to be generating one-off charges like the GBP 10 million. That's a drag on the numbers next year. We will also address the manufacturing issue we talked about earlier. Look, just to reiterate the interim highlights. No news since April the seventh on operational progress has been good. I am very pleased with the team for getting on with improving our operations. Our proposition to our partners has absolutely been maintained, and our ability to convert the pipeline into profitable projects is really impressive. Finally, we absolutely expect that share value for our shareholders going forward. That is all from Tim and I in the formalities of today, but we're very happy to take all of your questions. You're very quick there, Glynis. Quick off the mark. If you could get the microphone, that would be great. If I may. I'm sorry, a baptism of fire for you, Tim. First of all, page 20, you very kindly give us the H2 forecast, and clearly there's lumpiness in your business. You've got growth coming through Home Counties, you've got Legacy, which will be variable, that you've given us as to what we should be doing. Second of all, you've raised GBP 150 million from your legacy assets in that last statement that it's been subject to fire safety obligations. How should we think about this going forward? Will you not do any more share buybacks until the remainder of that provision is covered? You know, what can we anticipate in terms of deployment going forward? Thirdly, big game thinking, the housing association potential Right to Buy, how that might affect your customer base in terms of their ability to raise money and to therefore be a partner. Also I'm thinking about Section 106 changes if that comes through. Lastly, you very kindly that you've given on those sites, the mid-40s. There's one obviously you haven't given us, and there's one above 100%. What should we anticipate, the%, or is there some sort of reset there? Lastly, one to Peter. Very interesting to see you sitting up there. Peter, over there. Very interested to see you here. I would like to hear. I'm gonna leave it at that and see what you can or will tell us. Very cheeky there at the end. Let's take those in order. Go on. Shall I do the first? You definitely do. You definitely do the first one. Yes. Without going to a specific number, let's start with the GBP 150 million from this year. Clearly, pounds of manufacturing losses that we've had this year, we're gonna take steps to reduce that. Whether we can completely eliminate it or not is to be determined by, you know, precisely what those actions are, but we'd expect some improvements on manufacturing losses. The third thing is the annualized cost savings, GBP 15 million, which we've said explicitly is not in the GBP 150 million this year, and we're gonna be driving to deliver all of that this year to get out of Legacy and what goes into Partnerships. On the Legacy side, we're targeting GBP 30 million, roughly for next year. That's the sort of step down that we'd expect. What we're expecting on for Partnerships is to just slightly more than offset that, particularly with the growth in Home Counties should exceed the net of the Partnerships growth and the Legacy decline should be slightly positive. Second one, do you wanna take the provisional stroke? Well, I think your second question was about what to expect in terms of share buybacks. Yeah. Look, we said last year, we've got the GBP 450 million. I think the one sort of new piece of new news on that, in the H2 last year, I think, Tom, 109. Yeah. There's GBP 130 million. See how those play into the cash flow overall. We are gonna carry on with that program. Okay. Even deducting that GBP 130 million from GBP 40 million. We will continue with the program. Now, look, does that extend the program? Yeah, fine, possibly. We'll see. That's our expectation at the moment. Look, changing government policy, we're working through because one of the things that I have noticed when you get to my age, actually is not necessarily quite the same as what goes before. You know, I think net, when we worked through it last week, there were some positives, there were some negatives, but net, you know, net, we remain optimistic. Look, today, if you take away from government policy and just strip it all the way back to the sheer need for affordable homes, the sheer quality, reutilization of brownfield sites in the region, regenerations in London and the city center, that's, those processes are going to continue. Also, if you look at our major sites in London and the regions, some of these sites are already going to. They take years and years and years. I mean, Clapham Park Estate, which is Clapham Park Estate, the regeneration is only just done Park and St. James's Park, broadly speaking, combined. It's within a couple of miles of central London, a couple of miles of where we sit. It's gonna take a decade. We're doing that in partnership with Metropolitan Thames Valley. It's gonna go on for a long time. There is a fantastic theme park, Beaulieu, Greenwich Millennium Village, all of these sites that you know well, these are absolutely business here. There are some positives in the government policy as well. I think the need and the desire of housing associations, local new houses are built, and particularly at the affordable level, which is absolutely where we are focused. That's not going away. ROCE. Tim, do you want to cover ROCE? Sure. First of all, in terms of the 40%-50%, it's too in terms of where we're just gonna be. Sorry about that. Well, what I would say, first of all, is the 15.6% we're currently reporting is clearly not in its too, but exactly where we can get to is up for debate. I wanna fix the measurement piece. It would be the easiest thing to do for ROCE, would be all we do is to stop investing further cash and suddenly our ROCE will go up hugely. We need to be mindful as well. It's about finding the right balance of growth, margin, and ROCE to deliver the best returns going forward. That's about all I can say, and what the potential is to ensure that we're not setting a target that is driving the wrong sort of commercial behavior in the business. Ahead of you. Go on. What's the John Martin version? No, no. That was much better than the John Martin version. Look, you asked Peter a question. Let me just dip in before Peter sort of gives his response to that question. Let me tell you what I think Peter has brought to the board. What he's brought to the board is actually exactly what we wanted and exactly what we expected, which is a candor focused. He brings a candor and an independence of spirit to the board that is hugely welcome on our board. Peter, I think one of the questions you addressed to me was, you know, is this an elephant in the room? I said, "There are no elephants in the room." You know, this is, you know, the independence of spirit, that is why Peter's on the board. Amanda also brings some very similar, they're both on board as new NEDs. Go on, Peter. Give me your... Sure. The only things I'll add there, I'll just say, you know, I'm here as a shareholder as well, and hopefully it's clear today from the presentation, very optimistic about the growth potential. Hopefully you can see some of the specific levers to get there now. Also very encouraged by the positive momentum that the business is seeing currently. To answer your question specifically, I'll echo what John said. I think there's really three things. The second is bringing a shareholder perspective and owner's perspective to this board, doing the right thing for the owners of this business, and then the permanent CEO for the company. I think these are consistent with what John mentioned when he invited me on board. We need some more questions, please. Yeah. Morning, everyone. Yeah, Chris Millington at Numis. There's been a lot of talk about future growth, and you can see it within the land bank, but obviously we're just rationalizing post the changes and, you know, is that something which is likely to evolve over the next year or two? Next one is really just an update on build. You know, build generally, how you're progressing, but also, do you expect to be off all the Westleigh sites this year as you pursue more? One is just really, you talked about trading in March kind of improving and getting back to a, you know, a good run rate relatively. You know, is that a continuation through those months? Perhaps just a quick comment on peak debt. You've very helpfully given us the average. Yeah, thanks, Chris. Look, I mean, on the capacity, I'm not sure, I'm not sure I've got a lot more to say on capacity than was talked about historically. If you look at the regional, you know, I think previously there was this sort of this indication. I'm not quite sure I knew whether that was to build 600 or 700 homes net of the joint ventures or not, 'cause obviously, if you did it all in joint ventures, well, that'd be 1,200 homes, down to 600 homes when you look. Clearly there is a, there's a capacity of sort of how many teams you can manage. What I would say, you know, more importantly is the quality of the operations. One of the things that I noticed in the site-by-site problem, it just, you know, problems consume. I know from my career, you know, my executive career, problems consume most of managers' time. You know, the real issue here from the investment side, if you can really understand the risk you're taking on the investment side, fewer problems, and you will have more capacity. Part of this is to really focus on quality, you know, to add to the sort of number of regions and sort of 600 or 700 houses per region. That needs to be sort of our net homes, if you want. You know, we clearly do that. Now, you know, what does that mean? 600 or 700 homes would be sort of 50 homes a year or eight operating at sort of 70 or 80 homes a year. Well, that feels like it's more than one show. That feels, you know, for our current structure, that feels about sort of sensible capacity. About six, seven. Net of the JVs. Net. Yes. You know, we should still within that. Remember, we do get, you know, the one thing that project management fees. There are really sort of two fundamental building blocks of the joint venture arrangements. Association with registered provider. They are getting either first bid at the affordable, or they're going to take the affordable at some sort of commercial level, and we're going to build the site out, you know, absolutely as you'd expect, and for that, we get a project management fee. Those are the two partnerships, and pretty much all of our joint ventures are structured like that. You know, we need to be building more homes to afford our fee, as it were, and that also probably gives more of the capacity to build more homes because in a year with one showroom, if you want, you know, whereas we might be able to do more than that because we've got the PRS and the affordable. That was a long answer, but I hope that gave you a little bit of color. Look, on the Westleigh site, yes, they will all be complete this year. We will be pleased to have completed all of those sites. Frankly, you know, we still have the, you know, we are still encouraged that we will get to this year's number. Yeah. You had a fourth, Chris, what was it? The specific fourth one, Peter, I think, you know, from the profile of cash I've seen, you could probably model sort of 30-40. What we tend to see is not that significant of volatility in the interim period. One thing I would say, though, is that since year-end, since half- year end, so since the end of March, we have seen debt returning to that, towards the average debt level. That same profile seems to continue. Morning, guys. Emily Biddle from Credit Suisse. I've got two questions, please. Sorry to come on this because I realize that we've got quite far through this presentation without talking about cost inflation for once. I sort of felt like someone should address it. Could you just give us a sense of mechanisms in the various parts of your order book for passing that on, sort of how does it impact various parts of your business if you're not seeing price inflation and sort of cost inflation increases from here? Secondly, I realize it's sort of too early to talk about sort of long-term return on capital estimates. If we look at the way that for next year, should we think about sort of a similar level of incremental work in progress and land investment? Thanks very much. I'll take the first one. You take the second one, Tim, yeah. Okay. Look, on passing on inflation, we're seeing build price inflation at the moment of 6% or 7%, and clearly it's sort of more runaway with certain commodities, timber, steel, in particular. How do we pass it on? I think if you split our business into two, sort of private and then affordable and PRS, time we go to the market with affordable and PRS packages, we are asking for a package which is a fixed price package and a package which has inflation protection measures in them. Now, the good news is, of course, the whole idea of building out this multi-year packages, they should be built reasonably promptly. But that's what we're doing. We're operators. We're asking for two, you know, for two bids, if you want, off each operator. One with an inflation clause, which will be the BCIS clause, by the way, and the other is an identical contract, but without that clause. Because then at least we can still operate and price it in. Then with regard to passing it on in the private market. Now today, what are we seeing in the private market? Actually, inflation in the regions, the North and the Midlands, is running quite. I was looking through some of the sites in the North the other day, and it's in London, it's much more muted, and in fact, there's a couple of regions where we've got slightly negative. We've got deflation on some apartments in London. There's quite a high range. I think if you look at the sort of inflation that we're seeing at the moment, the BCIS forecasts are for that to moderate quite significantly into the end of this year, into next year. I think, Tom, the BCIS number for March is 4%, which will be back to more normal levels. I don't know whether that's optimum. Does that give you a sense? Affordable and PRS, we will be well covered on all sides because we can take the decision. Do we take private? Clearly, we've got the market there to help. What I would say at the moment, we have very few units in stock today. I think last week, Tom, again, we had 19 at the end of last week. There is no market problem for Countryside, you know, for the sale of Countryside homes. This is my point about there being massive demand. We haven't got how we're going to sell them, but we haven't. We've got 20. So we don't have to take price reductions. There's no significant discounting happening in the market or the business at the moment. Does that answer that question, Emily? Obviously, it's tied up with the WIP piece, and we need to ensure we've got the right sort of capital investment process going into the next year's budgeting that matches with our WIP needs. Being slightly less vague, I think for the moment, the right assumption is to assume that WIP will be largely at the same level next year. In other words, that while we may still be investing the same amount, we should be getting more back in terms of completion on that as we go through. Okay. Yep. Yeah. Morning, John Bell, Deutsche Bank. I've just got two actually mainly points of clarification. Just on the manufacturing excess capacity site, you can try to sell the site. Could you actually operate the site for third parties? Is there anything else we're missing there in terms of range of options? One of the component parts, I think, was GBP 19 million, which looks like it's relating to kind of resourcing the problem. It struck me as a reasonably high number. Is that simply because you think that discharging your responsibilities might take a decade, and that's 10 years worth of- Well, should I take the second one? You take the second one first. Well, I'm answering the question the same years, but the amount of actual cash burn will drop slightly towards the end. At the moment, the working assumption is we're going to need that team for 10 years, and the reason for bringing that out separately is because they are discrete costs separate from the rest of the business. I think just to add to Tim, that's an important principle for us. It's important practically as well. If you wanna bring focus into a business, you know, so fine, let's give it its own team. This is a good team. I mean, these are really good quality resource, because it's important. It's a big number, and it's important that it's done well and done properly, but it's gonna be a separate team to the rest of the business, so we know exactly what the cost is and exactly how it's. Also some of the aspects are a little bit different. You know, the first thing when somebody. Uh. Person approaching this is gonna have to prove that Countryside built the building. 'Cause, we haven't got perfect records going back for 25, 30 years ago. There are some activities that will be slightly unusual and new for us. Separate team is all off. I mean, all of those. Certainly, we would really have to go to one of those. We either should be operating this as an open facility and selling panels to our to other operators. Or we close it. Something like that. The whole range of possibilities is there. Okay. Thank you. Technical clarifications. Going back to Chris's question in terms of capacity. Can you remind us how many regions we should be thinking about 'cause you have much greater capacity? Just give us what number we should multiply that potential GBP 600 million, whatever that number is by to get capacity. Then you talked about house price inflation being in the North, in some cases double-digit. We're hearing a lot about planning being slow, and actually that's tightening the land market quite substantially. Those legacy assets, is the scope for that GBP 450 million to be higher? Has that higher The capacity is definitely 14 regions. They will be different sizes. They should be, Glynis, for one very specific reason. If you sit where Tim sits, Tim is gonna be allocating resources to the best opportunities around the country. We shouldn't just be saying, "Oh, in this region here, you know." There are some regions which ought to be. You know, actually if we just haven't got the right project this year or that's fine because across the country, it'll average out. Yes, some of the regions will be, you know, as they are today. I mean, we've invested a lot of money there. You know, that will obviously sort of come through. Go on, your question was, is the GBP 450 million gonna be higher because of house price inflation? House price inflation is tightening the land market because it's saying land is costing more. I think, is the net overall, is it gonna impact the GBP 450 million? No, I mean, there'll be ups and downs in the GBP 450 million. What I would say about the sort of tightening land market, I was sort of quite nervous probably sort of six or eight months ago on sort of getting stuff through planning. As you saw from that today, now we have got a lot of stuff started on site. So we have internally less logjam than we had before. We have a lot of, you know, really great opportunities with planning. If you look in the pipeline, we've got 15,000 plots with planning today. So we have plenty of stuff to build out. We need to get on and build it. You know, I think the tightening of that market today is Other questions? I'm sure you've got a few more, Glynis, for us. Look, thank you all very much indeed for coming today and thank you for your time and your questions. If you look, you know, please always come back to that purpose of Countryside. What are places people love and to bring them to the market at affordable prices, reusing land wherever we can, and we wanna do more of it. Okay. Thank you very much indeed.