Good morning, everyone. Welcome to the De La Rue results presentation for the year ended 25th of March, 2023. Thank you for joining us today, whether in the room with us or via the webcast. The results were announced this morning and are available on our website, www.delarue.com. I'm Louise Rich, Head of Investor Relations, and our CEO, Clive Vacher, and CFO, Rob Harding, will present on the results of the first half to you shortly. Also in the room with us is Charles Andrews, Interim CFO, and Jon Messent, our Company Secretary and General Counsel. After the presentation, there will be an opportunity to ask questions. For those in the room, please wait until you have a microphone before asking the question. For those on the line, if you wish to ask a question, please submit these through the message system via the website. Importantly, before we start, I would like to draw your attention to the cautionary wording on forward-looking statements within the results announcement and on slide 2 of the presentation. Now, I would like to pass over to Clive. Good morning. Thanks, Louise, and welcome to De La Rue's full year results for the 2022, 2023 financial year. I'm Clive Vacher, the CEO. Today, I will be giving an overview of the performance of the company in the financial year to March 2023. Importantly, we'll be also providing some more detail on the progress and agreements made to provide a stable platform for the development of De La Rue going forward, as well as an update on trading and related outlook for FY 2024. I will then hand over to Rob Harding, our CFO, to give you more detail on the financial performance. Before I start, I will touch on the recent board changes. I am delighted that Clive Whiley has taken the role of Chairman of De La Rue, He and I have wasted no time in working together to provide the basis for further development of the company in the coming months. Last Monday, we also welcomed Dean Moore to the board in a Non-Executive Director capacity, I'm equally excited to work with Dean going forward. Over the past few weeks, our former Chairman, Kevin Loosemore, and our Non-Executive Director, Baroness Catherine Ashton, have stepped down, Our Senior Independent Director, Margaret Rice-Jones, has decided not to seek re-election at the AGM. I wanted to express my appreciation to Kevin, Catherine, and Margaret for their support and to wish them well for the future. Turning now to an overview of progress. There are some encouraging signs of recovery in the currency market, following the significant downturn in demand over the past 18 months. We are seeing increased bid activity and more opportunities in the market. Our banknote print capacity is filling up. The significant majority of our planned FY 2024 banknote print volume is already under confirmed orders. The authentication division continues its steady growth trajectory and is on track to exceed GBP 100 million in revenue in FY 2024. Today, we are reiterating our guidance for adjusted operating profit for FY 2024 to be in the low GBP 20 millions, albeit with the first half of the year being broadly break even at group level, with the profitability coming in the second half. This is largely due to the timing of currency orders. The pickup in orders from the severe downturn has generally happened after the end of FY 23. This takes about 6 months to start to turn to revenue. The currency division's profitability will recover in H2, while authentication will show a more usual H1, H2 profitability pattern. Therefore, we are comfortable in reiterating the full year guidance. Due to the actions taken over the previous months, we have removed the going concern material uncertainty in our accounts. This is a very important step towards stabilizing the business and providing reassurance for our customers, employees and stakeholders. The removal of the material uncertainty marks the successful completion of discussions with our lending syndicate and with the trustee of the De La Rue Pension Scheme. Today, we can announce that we have renegotiated the company's facilities with our lending banks, who have relaxed both the gearing and interest covenants. We have also reached agreement with the trustee of the De La Rue Pension Scheme to defer GBP 18.75 million worth of deficit repair contributions, the vast majority of which is now payable between FY 2026 and FY 2029. This improves the cash outlook over the next two years. Our FY 2023 adjusted operating performance of GBP 27.8 million, a reduction from the GBP 36.5 million delivered in FY 2022, was in line with the guidance given in April. The FY 2023 end of year net debt was favorable to our guidance of GBP 88 million-GBP 92 million, coming in at GBP 83.1 million. This did not include the final payment for the exit of the Portals Paper Agreement, which was paid in early April. Taking this into account, our end of year net debt was in line with expectations. Our net operating cash flow improved by 44% over FY 2022, coming in at GBP 23.8 million versus GBP 16.5 million the prior year. I will now provide some detail on the progress of the company at group level, followed by each of the divisions. Starting with group, FY 2023 was a challenging year in which we continued further progress in driving operational efficiency and competitiveness across the group. We also dealt with some substantial legacy issues. When we started the year, we were very concerned about the inflationary pressures on our supply chain. There were substantial headwinds emerging, with a broad range of suppliers calling for significant price increases. Over the course of the year, our teams were able to mitigate the substantial majority of the potential cost headwinds through a combination of supplier negotiations, tendering, dual sourcing, and contracting, for example, energy, where we locked in long-term pricing at considerably lower costs than market. The termination of the Portals paper contract in July 2022 was a major success that allowed us to eliminate forward 6-year liabilities totaling GBP 119 million, at an exceptional cost of just GBP 16.7 million. This solved one of the company's biggest legacy issues. The agreement with Portals essentially eliminated our ability to manage paper supply competitively and committed the company to volumes that it was unlikely ever to need, thereby exposing it to millions of GBP of penalties annually. Having exited the agreement, we have been sourcing banknote paper globally, and continue to see lower aggregate costs versus what we would have paid with Portals. This, of course, is on top of the fact that we have no volume commitments with any supplier, and therefore only contract for the volumes we need. The resourcing of our paper requirements has been, and continues to be, a significant amount of work, and I'm very grateful to my colleagues who have successfully executed this change. FY 2023 also saw us further consolidate our banknote footprint, and we now operate only 3 banknote printing facilities in Malta, Sri Lanka, and the UK. This is down from 5 sites that we were operating in 2020. Driven by a lengthy cessation of banknote orders by the Central Bank of Kenya, along with a facility that would require substantial investment to be competitive with modern banknote features, we made the decision to mothball our Kenya site, starting with the currency business, and then the very much smaller authentication business there. We still see opportunity in the country in both currency and authentication, and we retain our 60/40 joint venture with the government of Kenya. If the right opportunities are realized in the future, we will be in a position to restart operations there. The further consolidation of manufacturing footprint not only allowed us to size our capacity commensurate with the downturn in demand, but also provides us with greater efficiency and flexibility across our remaining sites. We are well into our multi-year project to expand our currency and authentication operations in Malta, doubling the footprint. We are already fully operational on our second passport polycarbonate line. Our authentication expansion is targeted to be complete by the end of this financial year. The currency expansion will be complete in FY 25, will provide us with additional capacity that is similar to what we have mothballed in Kenya. We will be building the ability in this factory to flex capacity based on market conditions. We continue our excellent partnership with Malta Enterprise and the government of Malta in the realization of this important investment. We also continue good progress with our ESG initiatives. De La Rue was ranked in the top quartile of the Financial Times Statista European Climate Leaders for the third successive year. This is validation of the focus in our group on minimizing the environmental impact of our operations and products. Turning now to the Authentication division. Authentication saw a slight overall increase in revenue. The sales line benefited from GRS contracts coming on stream in Bahrain, Qatar, and Oman during the year, and from a full year of production of the polycarbonate data pages for the new Australian passport. The Australian data pages have proved a real success, and just 7 months after we started producing them, we were successfully awarded a contract extension from 5-10 years, taking us out to 2032. This, in turn, provided the catalyst for us to invest in a second polycarbonate line in Malta. Offsetting these increases was the previously announced ending of the HMRC digital tax contract, and lower than budgeted sales to Microsoft as PC sales were soft in the year. Adjusted operating profit in the division fell 12.3%, largely driven by a less favorable mix of revenue and a greater allocation of central overheads due to authentication's greater proportion of group revenue than in previous years. Dave Sharratt's arrival in the autumn of 2022 has re-energized the authentication division, as I had expected. We have renewed key GRS contracts, launched the new polycarbonate data pages, and have recently won new contracts within brand in the pharmaceutical and car parts industries. The digital part of our authentication business forms a core and increasingly important part of our offering. Our DLR Certify and Traceology software systems, servicing GRS and brand customer needs respectively, have been reviewed to ensure that continued investment is refocused on the areas of greatest return. Our software development activities are now much more streamlined and delivering more for our customers at a reduced annual cost to the business. Implementation of new GRS schemes remains significantly slower than predicted, due to governments taking longer than their own commitments to the World Health Organization. We have focused recently on extending the product ranges covered by our digital tax schemes with existing customers. A good example of this is the commitment to expand from tobacco into soft drinks in a number of countries in the Gulf region. We are seeing more activity from some of the 48 countries that have committed to, but are yet to implement a scheme. This, together with our competitive digital and physical offerings, gives the GRS business substantial runway for the future. Turning now to the currency division. Due to the downturn in currency demand, which I have previously indicated as being the worst for 20 years, but which is now showing signs of recovery, currency revenues saw a fall of 9.4% in FY 2023, and adjusted operating profit fell just over 30% to GBP 13.6 million. It is important to explain that the downturn in the currency industry, felt by us and our competitors over the past year and 18 months, has been both deeper and longer than expected. The initial reason for a cyclical downturn was that central banks stocked up on banknotes during COVID, and as the pandemic receded, started to use up these stocks. This was expected. However, on top of that, many countries in our core customer areas have been struggling with the devaluation of their own currencies, lower foreign currency reserves, and cost of living and inflation challenges. This has slowed the normal reordering patterns, with reordering often now occurring when stocks have become critically low. As previously noted, we have been seeing encouraging signs that this is correcting itself with considerable tender and bid activity in the first months of the new financial year. Global inflation traditionally also fuels demand for banknotes, but a cautionary note is that the market has not fully recovered. We do believe recovery is on its way, but the timing and speed of that recovery is still uncertain. We responded to the slump in demand by focusing even more on raw material cost control, with our termination of the Portals agreement in July, allowing us to tender for paper competitively. These efforts paid off, with margins holding up well, and gross margin actually increasing slightly compared to last year. On top of this, we continued our reorganization and rationalization of our manufacturing base to increase our operational efficiency and to flex our capacity down temporarily in line with current demand. One point of note, back in 2020, I made a commitment to stop the cycle of the currency division making losses during cyclical downturns. While we clearly have not met the financial expectations that we set at that time, we have delivered on that promise. In financial year 2020, the currency division made an adjusted operating loss of GBP 9.5 million. In the three years since, the division has delivered operating profits of GBP 16.5 million, GBP 19.5 million, and in the worst downturn for 20 years, GBP 13.6 million in FY 2023. Although it may feel counterintuitive, cash in circulation worldwide actually grew 4.9% in 2022. While the rise of digital transactions is clear, there are many factors supporting the long-term robustness of banknote demand, including vastly varying access to the internet, global population growth, the use of cash as a store of value and a symbol of national identity, inflationary pressures. Within the currency market, we remain highly competitive. Since we addressed our very significant cost problem back in FY 2020 and 2021, our win rates have remained high and consistent, including in the past year. We know how to win in the currency marketplace, and we are determined to emerge stronger from the downturn in demand. I will now pass over to Rob. Thank you, Clive, good morning, everyone. Firstly, I'll take you through the key highlights from our income statement. Revenue for the full year came in at GBP 349.7 million. That's down GBP 25.4 million, or 6.8% from the prior year of GBP 375.1 million. This lower revenue flows through to gross profit, with GBP 92.1 million for FY23 versus GBP 97.6 million for FY22. Adjusted operating profits of GBP 27.8 million is down GBP 8.6 million, or 23.6%, versus prior year of GBP 36.4 million. I'll cover the key drivers for these year-on-year movements, both for revenue and profit, in the following slides. The IFRS operating loss of GBP 20.3 million is after a number of one-off or pre-tax exceptional items amounting to GBP 47.1 million versus GBP 5.7 million we had for FY 2022. Again, I've got a slide that breaks this charge down further in the deck. If I move on to the revenue walk slide. This essentially shows the drivers for the year-on-year fall in revenue. You can see from this, the principal driver is our currency division, with revenues falling GBP 26.3 million year-on-year. This reflects the downturn in the currency markets in the wake of the COVID pandemic, where central banks stocked up with currency and subsequently has been followed by a global economic slowdown. This fall is marginally dampened by a GBP 1.4 million increase in Authentication revenues. Authentication has seen revenue upsides from its supply of the ID pages for our Australian passport contract, plus the onboarding of new GRS schemes in Bahrain, Oman, and Qatar. Dampening this, we've seen the impact of global fall in PC sales, with a 16.5% fall across FY 2022, and a 29% fall for the first calendar quarter of FY 2023. The next slide covers adjusted operating profit, this sets out the drivers for the GBP 8.6 million fall in year-on-year profits from GBP 36.4 million to GBP 27.8 million. Our currency division accounts for the majority of this with a GBP 5.9 million fall, that's primarily lower revenue falling through into profits. Despite increased revenues in Authentication, overall adjusted profits have dropped GBP 2 million. This is a combination of sales mix, i.e., lower volumes from higher margin customers in FY 2023, and a greater proportion of central overhead allocated to this division. That's based on divisional revenues, and with a drop in currency revenues, Authentication is essentially getting a greater share of that central overhead. If I move on to exceptionals, as I highlighted earlier, we had GBP 47.1 million of pre-tax exceptional items versus the GBP 5.7 for FY 2022. On this slide, we break down this amount and compare it to the costs that we set out at the half year. Of the GBP 47.1 million, GBP 17.4 million is cash that we've paid out in the year, followed by GBP 9.4 million of cash that went out just after the year end, most notably the Portals payment of GBP 7.5 million. If I break down that GBP 47.1 million, GBP 17 million of this relates to the termination of the Portals agreement, which we explained at the half year. GBP 21.1 million relates to site relocation, restructuring, and impairments. Most significantly, GBP 12.6 million for the wind down of our Kenya facility in H2. We've also had costs in relation to restructuring across other areas of the group, site and footprint costs, such as in Malta, and other impairments. All of this aggregates up to the GBP 21.1 million. The GBP 8.5 million relates to the credit loss provision we've made on the Portals loan notes. You'll recall at the half year, we took a GBP 2.5 million provision. Now we have opted to impair the full amount of these notes. That's really based on the latest information we've had on Portals. We are still pursuing the recovery of these amounts in full. All of that GBP 8.5 million is non-cash. Finally, we have a GBP 0.5 million of pension underpin costs, which have also gone to exceptional. That's consistent with prior year treatment. Moving on to cash flow. On this slide, we show the various cash flows from operating activities, financing activities, investing activities, and how this has influenced the overall cash flow for the year. If I start at the left-hand side of this page, you can see a GBP 23.8 million inflow from operating activities. That's despite the IFRS operating loss of GBP 20.3 million. The key drivers of this inflow come from GBP 20 million of depreciation amortization and GBP 18.3 million working capital inflow. That's driven by a GBP 6 million reduction in receivables as a result of improvements to our DSO days over the year, an GBP 11.8 million increase in payables. That's largely the final payment of the GBP 7.5 million to Portals. We've also seen a GBP 0.5 million reduction to inventory. We also see a movement of GBP 23.2 million of other non-cash items, including a GBP 9.7 million impairments to property, plant, and equipment, and the GBP 8.5 million of Portals credit loan note impairment. These positive swings to operating cash flows are partly dampened by the GBP 16.5 million you can see of pension payments, including advisor fees and GBP 1 million of tax. Next, we see GBP 12.6 million inflow from financing activities, which includes a GBP 27 million drawdown in our facility over the year. Coming off this, we have financial outflows of GBP 2.4 million of lease liability payments, GBP 10.3 million of interest, GBP 0.9 million of debt issue costs, and non-controlling interest dividends of GBP 0.8 million. Lastly, to the right of this chart, you see GBP 20.8 million outflow from investing activities, and that's driven by gross CapEx of GBP 25.6 million, with just over half of this spend in authentication and the remainder through currency, plus a small amount from the Centre as well. Dampening this outflow is GBP 4.2 million of grant income and GBP 0.6 million from the sales proceeds of assets and other interest income. This gives an overall inflow for the year of GBP 15.6 million. Moving on to net debt and covenants. The gross net debt increased from GBP 71.4 million last year to GBP 81.3 million. That's versus the consensus of GBP 88 million-GBP 92 million. We came in GBP 5 million-GBP 9 million below consensus due to the final Portals settlement payment of GBP 7.5 million going through just after the year end. That was in accordance with our contractual terms. In terms of covenants, on the interest covenant, we landed at 3.03 times versus a covenant of greater than 3, and on gearing, we landed at 2.1 times versus a covenant level of less than 3. If I give it a little bit more details on our banking facilities on the next slide? You'll recall at the half year that we extended the facility out to January 1, 2025, and the company has operated within its covenants at each of their quarterly test points, but recognized covenant relaxation was necessary in order to remove any material uncertainty. Today, we are announcing with a new agreement with our lenders, which gives sufficient relaxation to the covenants over FY 2024 to the end of the facility, with the interest covenant relaxed to 1 times for the remainder of the facility, and the gearing covenant relaxed to 4 times for FY 2024, and then to 3.6 times for the remainder of the facility. A new liquidity test has been introduced that requires no less than GBP 25 million liquidity, and that drops pound for pound for any external bonding cash, up to a limit of GBP 15 million, but still requires a minimum of GBP 20 million liquidity. This will be tested monthly on a 13-week look back and look forward basis, and to be in default, liquidity has to be below the required level on a 2-week consecutive basis. The RCF remains at GBP 175 million. The bonding line under these terms is reduced from GBP 100 million to GBP 75 million. We believe that's adequate to support the group's financial plans over FY 2024 and FY 2025. The arrangement fee of GBP 2.5 million will be reduced to GBP 1.25 million if our facilities are refinanced prior to December 2023. There's also margin changes from this agreement, with margins of 3.95% to 4.35%, depending on where the company lands for gearing levels over 2.5 times. Lastly, there are also non-financial conditions attached to the agreement with the lenders, which management is absolutely committed to deliver against and confident achieving. As Clive highlighted earlier, in addition to the agreement with the lenders, we've also negotiated a deferral of the pension contributions with the trustee, which defers five quarterly payments of GBP 3.75 million, totaling GBP 18.75 million. The next payment, should we refinance before the end of December 2023, will be a payment of GBP 1.25 million, and that's due on or before the fifth of April, 2024. GBP 15 million is then due for the year ending fifth of April 2025, before catch-up payments of GBP 20 million for the next four years following this to April 2029. That ensures that we stick to the timeframe of being fully funded by this point. Lastly, the slide for me on the pension deficit, which stood at GBP 119.5 million as at April 2021. You'll recall at the half year that I said that this had fallen by GBP 27.5 million to GBP 92 million as of October 2022. Earlier this year, we also moved to a sole trustee model. This will support greater efficiency and dialogue with our trustee, who we continue to work well with. On this slide, we've also information on the partial buy-in that we highlighted at the half year, which was the transaction that we did with Scottish Widows. At the foot of this slide, we show the position of the UK scheme on an IAS 19 basis, and that shows a deficit of GBP 53.1 million versus the surplus for the prior year of GBP 31.6 million. We have seen this swing back and forth from surplus to deficit over the last few years, importantly, as I've reiterated previously, it is the actuarial valuation or deficit that drives our contributions into the pension scheme, not the IAS 19 basis. Finally, before I pass back to Clive, you'll be aware that I'm leaving De La Rue in July to take up a new role. I'm incredibly proud of the exceptional efforts of the De La Rue team, finance in particular, helping to derive the outcomes that we are announcing today. I would also like to thank the lenders and the trustee for their continued support of the business, to all of our advisors and EY, our auditors. Their collaboration and commitment over the last few months has been exceptional. I'll now pass back to Clive for his summary remarks. Great. Thank you, Rob. Before I sum up, I wanted to express my appreciation to Rob, who unfortunately is leaving us shortly for a CEO position at another listed company. Rob and I have worked together for over three years, we've led considerable transformation together in the company. I'm very sorry to see him go, he leaves with my sincere gratitude and appreciation, as well as that of the whole company, we wish him well for the future. In summary, the new agreements with our lenders and pension scheme that we've announced today have put the group on firmer footing. We continue to tackle legacy issues during FY 2023, including the termination of the paper supply agreement with Portals. We also continue to restructure and refine the business to make it more resilient and efficient, as well as compensating for the lower activity levels that we found across the currency division. This year, authentication will see a full year revenue contribution from the 3 Gulf states where GRS contracts came on stream last year, namely Bahrain, Qatar, and Oman. This, together with a substantial rise in activity on our polycarbonate passport data page program, should bring the division over the 100 million GBP mark for the full year. The team are looking in the short term to extend products covered by tax stamp schemes in the territories in which we are already operating, and further out, there's the potential to win contracts in other territories, as well as other opportunities in brand. While we're not yet in full recovery, we do believe that in currency, we are beginning to move up from the bottom of the cycle. This is witnessed by several key tenders won since the year end, providing us with sight to the significant majority of banknote print volume planned for this year that is already in our order book. For these reasons, we are reiterating our guidance for FY 2024, the guidance that we gave in April, that we expect adjusted operating profit to be in the low GBP 20 million range. However, we expect that profit largely to be accrued in the second half, with the outcome for the first half at operating profit level to be broadly break even. We expect net debt to be around GBP 100 million, both at the half year and full year point in FY 2024. Finally, we now have no material uncertainty on our accounts, allowing a positive platform for the company going forward. I'll now hand back to Louise for the Q&A. Thank you, Clive. If we could move to questions, we'll start by taking questions from the room and then cover the questions that have been submitted via the website. For those in the room, could you, could I remind you to wait until you're handed the roving, this roving microphone, allowing those on the webcast to hear you? Thanks. Morning, James Beard at Numis. I've got 3 questions, please. Let's start on currency. You flagged that you're seeing slightly improved order book trends over the first sort of 2 or 3 months of FY 2024. Can you given the sort of the overall, the overarching sort of market weakness, can you talk to what you're seeing in terms of pricing on those bids and wins that you have sort of achieved over that period of time? I would assume that given, you know, other industry participants have talked about, you know, a lack of market activity, then there might be some implications in terms of pricing to drive sort of volumes and activity in FY 2024. Yeah. Thanks, James. On the pricing, the currency market is traditionally a broad range of pricing in relation to specification, volumes, et cetera. We have very good intelligence as to. Good judgment in terms of where the pricing is going. I think it's fair to say that there have been instances over the past 12-15 months, where some competitors have priced incredibly low on certain contracts to win it, as part of just the desire to have volume. I think where we're at now is that we have got ourselves, from a cost perspective, in such a competitive position that we are not going out and doing anything particularly dramatic in terms of reducing price to win contracts. As the market has started to show signs of recovery in the last three months, the contracts that we have won have been relative to the past, actually at a reasonable pricing level. I think there are times where pricing becomes irrational in the market, but actually, increasingly, as the market's recovery is starting to show, we're seeing pricing to be fairly normal and compared to previous experiences. Okay, cool. Thank you. On authentication, can you talk to some of your sort of expectations in terms of longer term growth drivers for that business? There appears to now be greater emphasis on driving incremental revenues with existing customers through you mentioned things like soft drinks. How big is the market opportunity in those spaces relative to cigarettes, tax stamps? I think, the way I look at it is the overall, if we're talking about GRS, which has obviously been one of our major focus areas of growth, the overall opportunity is still very much there, with 48 countries, as I've mentioned, committed to implementing tax stamp schemes. Now, the challenge we have is that although tax stamp schemes are positive in every way, they fight illicit trade, they make sure that the products that are sold in country are legitimate, and we know what's in them. And also from a government point of view, it substantially increases tax revenues at often 0 cost to the country itself. All of the dynamics to say this should grow are there. The challenge that we faced is that, in order to implement tax stamp schemes, there's quite a significant program management required from governments, and that seems to have fallen down the priority list during the times of COVID and other economic challenges. The way I see that at the moment is that there is, again, small signs of countries starting to put more emphasis on new schemes. The first thing is that over time, and we don't exactly know, but we do know it's going to be a lot slower than we had originally anticipated and indeed, than the commitments of the countries themselves. We do believe long term, that that is still a very significant growth driver. In relation to expansion of existing schemes, in the shorter term. We're seeing that to be actually quite a significant driver, because once a country has seen the benefits of a scheme, both through its tax revenues and to the security of the product sold in country, then it realizes that to expand it to other products is going to be positive all around. Actually, if I look at what I think the major drivers will be in the next, let's say, 2 years, I imagine it will be expansion of existing schemes above implementation of new schemes. Over time, a slightly longer time period, we should see the new schemes starting to kick in, and we remain highly competitive in that arena. We believe we have the best digital and physical offerings, and our win rate has been consistently high. Just sort of extending the point, a little bit. Is the size of the opportunity in something like soft drinks, comparable to with your existing customers, the size of the opportunity in an area such as soft drinks comparable to the existing revenue opportunity that you have with those customers in cigarettes, or is it? Yeah, I think it depends, 'cause we're not just talking soft drinks. There are lots of other excisable products, taxable products that we can cover. I think it's fair to say when we look at different countries, there's anything from the opportunity of essentially 0, because they're not going to do any more, up to probably a doubling of that, of revenue in that country from additional products that we see in the sort of coming time frame. It does vary, and I certainly wouldn't want to put any prediction on timing or magnitude at this point. The sort of range that we see when additional products are added is anywhere from 0 to 100% of the current scheme. Thanks. The final question is on P&L tax, unfortunately. Effective tax rate in FY 2023 was about 125%. You've guided to an effective tax rate of 70%-80% in FY 2024. Can you talk to when you expect effective P&L tax rates to, I guess, normalize? You want to take that one, Rob? Yeah, I mean, it is kind of distorted, as we've said, with some of the kind of, you know, changes, you know, what's allowable interest, et cetera. I think, you know, the key thing I would say on this, when you look at it from a cash perspective on tax, we're still anticipating paying out, you know, GBP 2 billion or so in terms of tax outflows as we go forwards. Obviously, we saw the big hit to tax over the course of this year. We have actually made some, you know, one-offs in terms of deferred tax rings and others as well. There has been a significant tax charge this year. You'd like to believe this would normalize through. We have seen some interest, sorry, tax rates going up for both the U.K. and Sri Lanka as well. That's kind of having an impact, but looking at this from an overall cash perspective, you are kind of looking at low single digits in terms of tax charge. We do think that will normalize out, but ultimately, you know, from a cash perspective, we're comfortable that's the kind of the range that we're looking at. I guess, does it normalize in FY 25, then? I'll take that away, James, and see when we've got a specialist view on that. Thanks. Thank you. Good morning, Clive, Rob, Louise. Tom Rands from Davy Capital Markets. Two questions, if I may. Just first one on the supply of banknote paper. Can you give us a little bit more color, and I appreciate you can't name names as such who your suppliers are, but how you manage the location, the type of suppliers that are coming in. Is it, you mentioned kind of back to back with certain contracts, but obviously, there may be certain deals that can be done, and also how you manage the security features, both that the banknote paper provider can put in there, the ones that you supply, and how that kind of whole supply chain kind of dynamic works, if you can, just given Portals was a very more integrated, given the history, to now not being so. Thank you. Sure. Good to see you, Tom. Just let's sort of step back. When we exited the Portals agreement, we looked at a landscape that really was about 16 viable suppliers worldwide of banknote paper, of which we've already worked with, contracted with, somewhere in the 6 to 7 range. Importantly, we're actually trying to develop certain low-cost suppliers to become more capable to meet our requirements. The way that it's working now is that with every contract for banknote print that we win, we already have a pretty good idea at the bid stage as to who we would use and who would be able to make the specification that is required. We have a pretty good forward view of that, indeed, we get quotes before we bid in terms of the paper. What we're actually doing strategically with the supply chain is that when you look at higher specification paper, and this is to your point on security features, whether it's our security features or a competitor's security features, then as you go further up the technology of security features, there are fewer banknote paper manufacturers that can actually deliver that. Our strategy is to continue now actively to work with broader ranges of paper suppliers to increase their technical capability so that we have more choice as we move up the technology space. In terms of... In terms of the banknote security features themselves, we would supply the features into the relevant paper manufacturer as we used to into Portals. There's really no change in the way that works at the moment. That's how it looks. What it does is it allows us to drive competition, it allows us to work long-term with key suppliers, and to take, as you mentioned, a geographical look as well. Because, obviously, it reduces transport costs and environmental impact by having paper manufactured closer to our printing factories. We certainly take that into account as well. Overall, we are building a very positive global picture on banknote paper supply, which you can imagine, as I mentioned earlier, is a significant piece of work, and the team has done exceptionally well so far in making that a reality. Great. Thank you. Very, very detailed answer. The 2nd question was just on the polycarbonate passport pages. Obviously, you've added capacity to take the Australia volume. What's the pipeline looking like? Are you actively looking for other customers for that product, given the maybe little bit of spare capacity, maybe, or? With that pipeline, when would you, if you needed to, add extra capacity to that existing production? First of all, the 1st use of the 2nd polycarbonate line will be to build up and respond to the demand for the Australian passport, as you've mentioned. That will help drive a significant increase in revenue from that program this financial year. Once Australia has the stocks that they need, the buffer stocks that they need, that will somewhat normalize. The team is, to your point, actively marketing our polycarbonate capability right across the globe. The intention is to secure other customers for it. In that to that end, even as recently as this week, we have announced further technologies in the polycarbonate space and polycarbonate data pages that are now relevant to a broad range of countries. It is very actively being worked at the moment, although we do not have any other customer, anything like the size of Australia as we speak today. Great. Thank you. Okay, we've got some questions from the webcast. First question is from Bobby. You stated that the currency market appears to tentatively be seeing signs of improvement. Can you please provide an indication on the current 12-month currency forward order book versus the stated year-end level of GBP 136 million? The bond and guarantee lines have been reduced by GBP 25 million to GBP 75 million. Will this potentially impact your ability to fully tender, given your available manufacturing capability, if the current market activity exceeds your expectations in the upcoming FY 2024 bid activity? Great. Thanks for the question, Rob Harding. In relation to the forward order book, we don't publish that as frequently. I won't make any comment on that, except to say that the direction of travel is positive. Very interesting question on the bonding. We have had the bonding lines reduced from GBP 100 million to GBP 75 million, as Rob Harding outlined. Of course, bonding is a very, very important part of our overall operation because it does enable, as you mentioned, the onboarding of significant contracts worldwide. I think what is important to note is, first of all, that the GBP 75 million should be sufficient for us in terms of the expected contract win rate. In addition, we do have the ability to bond with external bonding suppliers, providers, as necessary up to a certain level, and that provides us with a little bit of flex as well. Overall, we believe the bonding available to us will support us being able to participate in the recovery of the currency markets. Wonderful. Thank you for that, Clive. Our next question is from Mark Henderson. I would have expected some reduction in debt during the second half of the year when profitability rises. What causes this lag? Yeah, do you want to take that one? Yeah, I think you will see the impact of increases to receivables towards the end of the year, typically the cyclicality of the business. You know, whilst the kind of profitability in half two or even Q4 for currency, we see that picking up based on historical trends. You will also see a working capital build over that period as well. That's really the kind of primary driver. Yes, the profitability in the second half will be good, but the impact of that tends to flow through once you've got those receivables in post year-end. Wonderful. Thanks, Rob. Next question is from Mark Payne. The remeasurement loss on retirement benefit obligations of GBP 100.3 million is a point of concern. When was the new qualifying insurance policy referred to in note 10 taken out? I referred to that, I think, towards the end of my script. That was the Scottish Widows transaction that the pension trustee-. partial buy-in that we signed up to, I think it was May of 2022, that we did that transaction. That was announced at the half year. Again, driven by the trustee, supported by the company as a part of our negotiations, it's a significant de-risking to the pension scheme. Thank you. Final question is from David Wood. There's no mention of polymer in your currency figures. Is this because you have found that paper is now delivering higher margins than polymer? No, that's not the reason. The polymer market has been, along with the rest of the currency market, quite challenging over recent months. We have our new facility up in Westhoughton, which is ready to go but is not full at the moment. We still very much believe in the polymer strategy. We are seeing a continued trend of significant countries moving from paper to polymer. Alongside all of the other factors in relation to delaying reordering and delaying decisions at central banks due to other priorities, we have seen a, what we believe is a temporary lull in demand for polymer. In terms of, we are using this particular time actually to redouble our efforts on innovation and cost reduction in the polymer arena, and we are very well-placed for when that demand does come back. We still very much believe in the strategy. We still see the trend continuing, we have experienced over the last few months, delays in terms of ordering patterns, which is fairly similar to paper. We do believe polymer is the future, and alongside the polymer substrate itself, we are making good progress with further development of industry-leading polymer security features as we go forward. Superb. No further questions at the moment from the webcast, Clive, I hand back to you for closing remarks. Great. Well, thank you very much, and very much appreciate your time this morning. I think the major message I'd like to leave you with is that after a period of quite severe turbulence, generally driven by market events rather than our position within the market, I think today's announcements provide a really good degree of stability and a good platform from which De La Rue can start rebuilding. Our reiteration of our guidance today gives me good comfort that we will start to make that transition back to better times. Finally, I am very pleased with the way that Clive Whiley and myself are working together, along with the board, and I think we have a great opportunity now for significant development of De La Rue going forward. Thank you very much.