Welcome to the delivering results presentation for the six months ended the thirtieth of September 2023. Thank you for joining us today, whether in the room with us or online via the webcast. The results were announced this morning and are available on our website at www.delarue.com. I'm Louise Rich, Head of Investor Relations, and our CEO, Clive Vacher, and Interim CFO, Dean Moore, will present on the results for the first half to you shortly. 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 statements on forward-looking statements within the results announcement and on slide 2 of the presentation. Now, I would like to pass over to Clive. Thank you, Louise, and welcome to De La Rue's interim results for the first half of the 2023-24 financial year. I'm Clive Vacher, CEO. Today, I will be giving an overview of the performance of the company to the period to September 2023. I will also be providing some more detail on the progress made to provide a stable platform for the future development of De La Rue, as well as an update on trading and related outlook for the rest of FY 2024. I will then hand over to Dean Moore, our Interim CFO, to give you more detail on the financial performance. Turning now to an overview of recent progress. In the first half, we achieved an adjusted operating profit for the group of GBP 7.9 million. This was slightly lower than in HY FY 2023, H1 FY 2023, but ahead of our expectations and guidance of breakeven. Our teams have worked hard to remain ahead of plan, and the improvement is largely a result of timing on some key deliveries. This performance will underpin our guidance for the full year. As previously reported, we have been seeing encouraging signs of recovery in the currency market. This trend has continued, and we have recently signed several substantial multi-year contracts. These will especially help next financial year, given the usual lead times between order intake and deliveries, but they also underpin this year's targets for the division. We carefully monitor our win rate for the currency tenders that we pursue. This win rate has remained consistently high throughout the industry downturn of the last 18 months and continues to build as the market has recovered. The management team has always aimed to position the currency division strongly, so it is best placed to capitalize on a recovering market. The actions that we have taken since 2020 to make the business more efficient and agile, including, most recently, the restructuring of our UK operations, have allowed us to do just that. Our authentication business saw stronger first half sales, particularly driven by the ID business, with sales of the state-of-the-art biodata page for the Australian passport being a particular highlight. Overall revenue performance was moderated somewhat by the performance in brand, which includes the Microsoft-related sales and by GRS. The authentication team have recently secured the renewal of a significant multi-year contract on improved terms. We are also in late stage negotiations for a renewal of an important multi-year GRS program and to secure the expansion of another two existing schemes to include new products. I'll talk more about these later. Repeating what we said at the full year, the authentication division continues its steady growth trajectory and is on track to exceed GBP 100 million in revenue in FY 2024. Today, we have announced that the actuarial deficit on the De La Rue Defined Benefit Pension Scheme has improved to GBP 78 million. This has allowed the company and the trustee to agree a new schedule of contributions that will save the company GBP 28 million of cash contributions between April 2024 and March 2027, yet still protect the scheme members, with deficit clearance now scheduled for December 2030. This is a number of years ahead of scheme maturity. We have also agreed with our lending syndicate an extension to our banking facilities out to July 2025. With our positive net debt performance of GBP 82 million at the end of the half versus guidance of GBP 100 million, coupled with our forecasted cash performance going forward, we have been comfortable to reduce the size of our banking facility by GBP 15 million. We've achieved an operating cash inflow of over GBP 15 million for the half, despite paying out GBP 7.5 million to Portals just after the year end, as the final payment in settlement of the termination of our historic paper supply agreement. Some of the improvement in operating cash flow has come from the moratorium of pension deficit repair contributions during the half... and this will continue throughout FY 2024. But on top of that, a strong emphasis on CapEx spend, cash collection, and inventory control has had a positive impact on our debt levels. We continue to focus on these and other initiatives, with a view to reducing our indebtedness further. Our progress so far has enabled us to upgrade our net debt guidance for the full year to the mid-GBP 90 million range, consistent with our October pre-close trading update. Today, we reiterate our previous guidance that our adjusted operating profit will be in the low GBP 20 million range for the full year. Turning now to the currency division. The currency market continues to show signs of recovery, giving rise to cautious optimism in the medium term. Importantly, the strategy that has been executed to make currency consistently profitable, to match capacity with demand, to have more flexible manufacturing, to drive cost leadership in the commercial banknote industry, and to have the most innovative products matched with the best design capability, has positioned De La Rue very well for market recovery. Early evidence of this is strong. In under three months since the end of the half year in September 2023, De La Rue's currency order book has more than doubled to GBP 219 million from GBP 105.1 million. Most of this increase will be for FY 2025 deliveries and beyond, due to lead times, but this provides further confidence in the medium-term outlook for our currency business. This success is a combination of a recovering market and further increased competitiveness of De La Rue. Pricing remains good on this order book. Underlying trends in the banknote world remain positive, with cash in circulation increasing by up to 5% per annum globally, and increasing more rapidly in some of De La Rue's core markets. Returning to the first six months of FY 2024, revenues fell modestly from prior year by 2.5% to GBP 113.5 million. This was expected, as the lower banknote demand in the second half of FY 2023 flowed to deliveries in H1 FY 2024. Adjusted operating profit also fell, again expected, to GBP 1.4 million, down 67% on the comparative period as a result of the volume challenges. De La Rue management continued to execute its proactive strategy for dealing with the industry-wide downturn, even as things were improving. This included further right-sizing of its U.K. facilities to match capacity with demand, as well as completing the wind down of our Kenya factory. The company has also made substantial progress with its paper supply strategy. Since exiting the Portals paper contract almost 18 months ago, we have built up a broad range of banknote paper suppliers globally, from which we now competitively source based on factors such as price, location, capability, and environmental sustainability. This competitive and flexible strategy is not only saving millions annually in volume shortfall penalties, but is also providing us with significant aggregate purchase price savings versus remaining with Portals. As we, as a company, remain committed to industry leadership with both paper as well as polymer banknotes, this strategic realignment is providing significant benefits. Turning now to look at the authentication division in more detail. Authentication again saw an overall increase in revenue in H1, up 5.7% to GBP 48.1 million, driven by strong sales within ID. The planned buildup of stocks of new passports by the Australian Passport Authority lifted sales of De La Rue's biodata pages. We also saw new brand protection sales to a new pharmaceutical customer and to a large wholesale parts distributor during the period. Microsoft-related sales, which fell in FY 2023, now appear to have stabilized, but the PC market, which is the key driver for most of the Microsoft revenue, remains subdued. Industry forecasts are predicting a single-digit increase in PC demand starting in the 2024 calendar year, which may lead to a modest recovery next financial year. The increase in revenue for the division, coupled with a favorable sales mix, strong cost control, and good manufacturing yields, combined to improve adjusted operating profit by 33% compared with the same period last year, to GBP 6.5 million. As I have already mentioned, the authentication management team have recently concluded the renewal of an existing contract with a significant customer for three years on improved terms. The team are also in the latter stages of settling a further significant GRS renewal, as well as extensions to the range of products covered by our tax stamp schemes. For example, adding sugared beverages to the range. These extensions leverage our established relationships with existing customers to expand sales volumes. Adding to this, we continue to look to expand GRS schemes to additional territories outside our established GCC and African core customers. Although slow to come to market, we are seeing increased interest for schemes, both with new territories and with parts of the world retendering existing schemes. We are also looking to build on the success of our biodata page for the Australian passport, and to offer a similar product to other territories. You can see on our website the recent launch of our Explorer polycarbonate data page, complete with sales brochure and marketing webinar. This has been very well received by passport and other ID issuing authorities in several areas of the world. We have also invested in sales and marketing capabilities within our brand business. This is the only part of De La Rue that principally markets to businesses rather than governments and government agencies. The work we are doing here is allowing us to identify potential new customers for our holograph-based track and trace system. The above activities, coupled with further refinement to our industry-leading software systems, show that we continue to build a strong authentication business for the future. Moving now to the actions we've taken at group level. In this financial year, we have continued to shape and refine the business to drive operational efficiency and competitiveness. As I've already mentioned, we have extended our principal banking facilities until July 2025, building on the amended covenant package that we announced at the full year. We recognize that a longer duration extension would be more suitable for the long-term needs of the business, and so we are working with our advisors to explore longer-term debt funding solutions. Dean will go through the financial details of the extension later in the presentation. This morning, we also announced further progress on minimizing the future cash drain of our legacy defined benefit pension scheme. We have commissioned a fresh actuarial valuation and used that to negotiate a material reduction in the deficit repair contributions, saving De La Rue GBP 28 million in cash payments over the next three financial years. The next triennial valuation is due in September 2026, giving strong predictability to the cash outflows to the scheme in the medium term. On aggregate, the actions we have taken since 2020 will have reduced the cash outflows to the pension scheme over the period to the end of FY 2027 by over GBP 90 million. At the same time, the pensioners have an improved position, with guarantees from the group and a pari passu treatment with the holders of banking facilities. These agreements with our banks and pension fund trustee build on the focus we have on generating and conserving cash to reduce overall debt levels. At the beginning of FY 2024, we rightsized the UK sites for the demands of our future operations, focusing on the ability to flex capacity to fluctuating demand within currency. Having completed the wind down of Kenya, we have 3 banknote print sites: a low-cost site in Sri Lanka, the Maltese facility, which we are transforming into a state-of-the-art super site, and a UK base in Debden, where we can efficiently flex up and down, depending on demand. Together, these provide a simpler, more compact, and more competitive manufacturing base than the 5 banknote print sites that were operational in 2020. In Malta, our expansion, in partnership with Malta Enterprise, continues to progress. Our expanded polycarbonate capacity is already fully operational, our authentication facility is now built, and the remaining expansion activities for authentication should be complete by the end of the financial year. The currency building is showing substantive progress, and the second line for currency is expected to be completed in FY 25. Now, I will pass over to Dean, who will take you through the financials in more detail. Thank you, Clive. Good morning, everyone. Firstly, I'll take you through the key highlights of our income statement. Revenue for the first half came in at GBP 161.5 million, down GBP 2.8 million, or 1.7% on the prior period. This lower revenue obviously flowed through to the gross profit and generated GBP 40.2 million of gross profit, that's down 3.8% compared with the same period last year. Adjusted operating profit of GBP 7.9 million is down GBP 1.4 million, or 15.1% versus the comparative period. I'll cover the key drivers for these year-on-year movements for both revenue and profit in the following slides. Moving on to the revenue port slide. This slide shows the divisional drivers for the period-on-period movement in revenue. As you can see, overall revenue in the ongoing business was pretty flat compared with the comparative period, with a rise in authentication balanced by a slight fall in currency. Overall revenue also fell, as we expected, as activity in the legacy ID business, shown as Other on this slide, has dropped to zero. We will not be reporting this segment separately going forward. Authentication saw strong sales within the ID business, offset by a more modest performance in brand, which includes our Microsoft-related sales and in GRS. Currency saw a marginal fall in sales when compared with the same period last year, as the industry-wide slowdown continued to impact. The next slide covers adjusted operating profit, setting out the drivers for the GBP 1.4 million drop in profits from GBP 9.3 million to GBP 7.9 million. Our authentication division contributed to an additional GBP 1.6 million to group adjusted operating profit in the period, with the additional sales, a favorable mix, strong cost control, and good manufacturing yields. However, this is more than offset by currency, where profits were down GBP 2.9 million, given the lower revenue and an adverse mix of work compared with that in the same period last year. Moving to exceptionals, a pre-tax net exceptional charge of GBP 10.8 million was considerably lower than GBP 21.4 million recognized this time last year. As the table shows, the comparative contains GBP 16.8 million of payments for the termination of the agreement with Portals. GBP 7.9 million of the charge in this first half is for site relocation and restructuring, associated with the wind down of our operations in Kenya, and the restructuring of our UK sites to meet lower expected volumes and currency. GBP 4.4 million of this relates to asset write-downs, and is therefore non-cash. Most of the remainder is redundancy costs. The GBP 3 million of fees relate to legal and other professional fees incurred during the arrangement for the deferral to our pension contributions and our banking covenant relaxation announced in June. The loan notes held in Portals are fully provided for. However, we unexpectedly received around GBP 300,000 of interest income from the notes in the first half, and therefore, we wrote back this portion of the provision. The GBP 0.2 million charge for pension underpin costs comes from legal fees incurred in sorting out discrepancies in the rules of our legacy pension scheme. Moving briefly to the tax line, last year, we recognized the charge relating to the derecognition of certain deferred assets. This year, we have an exceptional tax credit of GBP 2.1 million. Of this, is a release of a provision made at the time of the disposal of the cash processing business in 2016, which we no longer need. The remainder is the net tax impact of the exceptional operating items that I've already described. Turning to the cash flow, this is quite a busy slide, so I'll focus on the key movements. The net cash inflow from operating activities amounted to GBP 15.4 million, and the key driver in that was an 11.5 million improvement in working capital. Primarily, that was lower in inventory, and also more prompt payments from receivables. Moving forward to the rest of the chart, the key issues beyond operating cash flow is the 8.3 million movement in interest payments. Last year, that was 4.4 million, so that indicates the impact of base rates on the results of the company. If we look at net cash from investing activities of 2.2 million, that's broadly made up of 8.1 million of capital expenditure, offset by 5.2 million of grants, leaving overall a net cash outflow for the year of 6.4 million. Moving to net debt and covenants, all the focus on cash flow resulted in a slight decrease in net debt to GBP 82 million at the end of September. It has also allowed us to offer to our banking syndicate the cancellation of GBP 15 million of our RCF, which is now surplus to our requirements. As you can see from the slide, the group remained well within inside the revised covenant package we set out in June, with a net interest covenant at the period end of 2.16 times, and a gearing covenant of 2.38 times. Our liquidity test, which is considered on a rolling basis throughout the year, was met throughout. Moving on to the banking facilities, which support that net debt balance. By way of recap, in June, we announced a new package of covenant tests, which relaxed the interest in gearing tests and introduced a new liquidity headroom test. As I've already said, De La Rue has operated within its covenants during the first half, but despite all the good work we have done, we would have broken our covenants in the past six months had we not renegotiated them in the summer. Today, we have announced a further extension, which builds on that revised package, with the facilities now running until July 2025. As part of that extension, we've canceled GBP 15 million of the RCF, which is surplus to our requirements. The headroom limit for the liquidity covenant has been adjusted down by GBP 15 million to GBP 10 million, accordingly, to take this smaller facility into account. Otherwise, margins over SONIA and covenants remain as agreed back in June of this year. In addition, there's a further 1% arrangement fee payable, which will reduce to 0.5% if the facility is refinanced before the end of June 2024. Looking further ahead, we are evaluating options for replacing our current facilities with a package with a longer term lifespan. As Clive has highlighted, we've already announced today additional progress on mitigating the cash burden of the legacy defined benefit pension scheme. In June, we announced a deferral of GBP 18.75 million of contributions starting in April this year. We will not make any pension deficit contributions until July 2024. What we have announced today does not change that. The fresh actuarial valuation, September 2023, that we have just undertaken, using updated assumptions, has provided a net deficit of GBP 78 million, lower than the total of the deficit repair schedule of GBP 84.5 million that we agreed in June. Consequently, we've agreed with the pension trustee a reprofiling of our deficit repair contributions, bringing down our cash contributions to GBP 8 million per annum from full year 2025 to full year 2027. The remaining deficit will be repaid, spread over the period to full year 2031, which is after the next actual valuation, due to be agreed before January 2027, based on a valuation as at the thirtieth of September 2026. This reprofiling saves us GBP 28 million of cash outflows over the next 3 years, while continuing to provide enhanced safeguards for the scheme and its members. The IAS 19 liability in the balance sheet for the pension scheme has increased slightly since the year end to GBP 60.5 million, given lower than expected asset returns and inflation being higher than had been assumed. I'll now pass you back to Clive for his summary remarks and guidance on our outlook. Thanks, Dean. So in summary, now that we have our FY 2024 orders in place, the focus is on efficient delivery within currency to achieve our full year expectations, together with continuing to fill the hopper for FY 2025 production. We are off to a good start here, with doubling of the value of the order book since the end of September, and there is a broad range of potential orders that we are working to secure. Our improved operational efficiency and significant cost removal over the last 3.5 years have positioned the company well as the market continues to show recovery. The restructuring of our U.K. facilities to match capacity with currency market demand and the wind down of our Kenyan operations have led to more efficient operations in the currency division. Authentication remains on track for revenue of GBP 100 million this financial year, and we are working on concluding renewals and extensions that will help build a platform for growth within this business for the next few years. On top of that, the new agreements with the pension scheme trustee and with our lenders build on the progress we announced in June to put the group on a more secure financial footing. Overall, our current trading is in line with expectations, so we are reiterating our operating profit guidance for this financial year in the low GBP 20 million range. As we set out in our trading statement in October, the improvement in our net debt position at the half year will at least partially continue until the year end, and so we are guiding to a net debt position at the year end in the mid-90 million. Notwithstanding this guidance, we remain focused on actions to improve our future profitability, together with maximizing cash generation and preservation within the business. I'll now hand back to Louise for the Q&A. Thank you, Clive. Now, if you can move to questions. We'll start by taking questions from the room and then, questions that have been submitted via the website. For those in the room, could I remind you to wait until you're handed the roving microphone, so that those on the webcast can hear you? Thanks. Morning, it's James Beard at Numis. Three questions, please. Starting off, with the currency order book growth that you've seen over the course of the last three months, to what extent does that give you- or how much confidence does that give you in the ability of that division to deliver year-on-year revenue growth as we sort of look into FY 2025 and 2026? Can you talk through some of the moving parts for those outer years from a revenue perspective, please? Secondly, on cost inflation, can you give us sort of an updated picture of where we are in terms of raw material pricing, wage inflation, those sort of factors? Third question, noticed that overheads as a percentage of sales kicked up to 11% in H1. Where could you get that to over time? Okay. Thanks, James. So starting with the question on the currency order book, I think what I would say is that we do see a very positive recovery in the market, coupled with, as I said, a very strong win rate that is really, I think, at certainly a multi-year high in terms of where we positioned ourselves. So I think, but at the same time, we have reduced our capacity in the last couple of years, from about 6 billion banknotes down to somewhere in the sort of 4-4.5 billion range. So that will limit to some degree the revenue growth that we see. Our focus is less actually on that. Our focus is on winning the right contracts at the right price. I want to make it very clear that the business that we have won recently, that we've talked so positively about, has been won at good pricing. This is not a case of, of in any way, racing to the bottom on price just to fill capacity. The reason that we have been able to, win this at good pricing is because we have driven our cost base down significantly, and we are that much more competitive in the market. I think, what we will probably see in the currency, to answer your question, is some modest revenue growth off the, the bottom... of the cycle that we are now coming out of. You can't, you won't expect, very significant revenue growth. It's much more a focus on, we've right-sized the capacity so we can pick what we go for, and of the jobs that we go for, we have a very, very high success rate. Your second question on cost inflation. This was obviously a major concern over the last sort of 18 months, but I have to say, the team has done an incredible job in managing that. So I think two parts to that. One is paper supply. So the fact that we've got out of the Portals supply, and paper is our largest single cost in the, in the currency business. The fact that we've got out of the paper supply agreement with Portals has meant that we have eliminated volume shortfall payments. We are finding, using seven or eight different paper suppliers worldwide, we're able to get significant unit price improvements on paper. So that has been a very significant reduction in overall cost of inputs into our process. Obviously, the remainder of the procured materials have been subject to inflation over the last sort of couple of years, but the team, again, has done significant work in focusing on that, finding alternative competing sources, and being able to keep a lid on that inflation. So all of that is actually aggregated to assist us in our margin ambitions, rather than be a significant drag. So we have seen some cost inflation, but it is at a very manageable level. And then finally, overhead as a percentage of sales. I mean, I think there is, there's clearly a focus on, trying to increase the revenue line in both divisions, but we are also realistic about that, and we continue to take costs out of the business. We are talking, you know, orders of magnitude in the sort of GBP 60-65 million range of annualized cost out of the business since 2020. And so we will continue to drive that number down. We are sort of bumping up at this point against, you know, smaller gains, as we sort of, hit the sort of limits of what we can take out. But we do expect that number to improve slightly over time. Good morning, Clive and team. It's Tom Rance from Davy UK. Two questions, if I may. First one on currency. Could you just give us a little bit more on the mix of the wins in recent months? Is it one or two larger orders, or is it a collection of smaller orders? Is it a mix between paper and polymer? Is it just print and design, or is it the full kind of combination? Anything you can give on that would be super helpful. I'll come on to the second question, maybe in a moment. Thanks, Tom. So, I think the recent wins are right across the board. But we have won competitively some very substantial large tenders, and we have more to come. So that has been very pleasing because they were hard-fought contests, and we've won them at prices that we are comfortable with. As I've mentioned, the pricing is good. But that is also backed up by a number of relationship customers, higher margin customers, smaller customers. So really, it's right across the board, and it is both paper and polymer. We are seeing a slight recovery in the polymer demand that followed the banknote downturn. But as we're coming out of that, we are starting to get our presses running again. We remain very strongly committed to our polymer strategy. Factually, and as I said earlier, we are committed to both paper and polymer, and we will support our customers with both. In terms of print and design, interestingly, not only have we won some good design work as part of what I've just described, but we've actually also won some straight design work recently, and that is very pleasing. Our position as, by quite a distance, the number one designer of commercial designer of banknotes remains unchallenged. Second question was on authentication and the recent contract extensions and the one in negotiation. Are these the original GRS kind of contracts? And also, are they extensions of the original products, or do the new contracts include additional products? So they like kind of tobacco, now include alcohol or sugar, etc. Are they extended kind of contract potential? So, I think I have to sort of be a little guarded in terms of exactly naming any particular contracts. But I will say that the contract extensions that we're working on stroke have secured cover not just GRS, but other areas of the business as well. And in terms of products, we have some straight extensions that we're working on or have secured that are a rollover with existing products. And there are some running contracts that we are looking to expand to other products, and those two are not necessarily in the same part of the Venn diagram. So, but essentially, we have got contract extension activity going on, and we have contract expansion activity going on. Okay, if there's no further questions in the room, we'll take some questions from the webcast. The first question, the first person to ask a question is a private investor, and they had three questions, so I'll ask them separately. First is: profit for H1 is better than previous guidance of breakdown, yet you have reiterated full year guidance. Please, could you elaborate on this, or is it just a timing issue on revenue recognition between the two periods? So to answer that question, it's largely timing. We have always set out this year to try to stay ahead of plan. And we clearly have done that in the first half of the year. What I will say is that performance underpins our full year expectations rather than increases them at this point in time. The second question is: It's good news that the currency order book has doubled since H1, and with a high bid win rate. Please, could you comment on the trajectory of margins for this new business and also the current market environment for the polymer? So, I think the currency business, I think there's two, two sort of parts of that question in relation to margins. So in the currency business, it was very clear to me back, when I started, that our cost base was out of sync with the market, and we had to make significant improvements to our cost base, which we have, as I've described, gone ahead and made. So in terms of margin and currency, we're looking at our overall cost base, which is also material pricing, as I've described, as well as, operational efficiency within our own control, and that has helped the, helped us to be able to bid at market pricing and therefore securing good margins. We continue that effort very, very strongly, and we also continue our strategic approach to the market. So we choose what we bid on, we understand where the market is, we understand whether we want to take the business at certain prices, and then we work very, very hard on the cost side of the equation. All of that has meant that, I'm very comfortable with the work that we've taken on. So we will continue to drive margins in currency. It is a cyclical business, and margins will be better in up cycles rather than down cycles. But as I always said, way back in December 2019, that we would make this currency business profitable, even in the toughest of times. We have done that and demonstrated it in a 20- or 30-year low of the market that we've experienced. Now that the market is recovering, the actions that we have taken have positioned us extremely well to take advantage of the margins that are now available to us in this recovering market. The final question is, from this person, is: Please, could we get an update on the investigation in India and also the tax investigation in Kenya that was announced in January? There is no change in the India investigation. That is something that we have clearly stated that we do not have any responsibility linked to. We don't believe that position has changed at all. In Kenya, we continue to work collaboratively with the Kenya Revenue Authority to solve the tax dispute that we are in. I am not yet in a position to give you the result of those conversations, except to say that I personally am very much involved, and I do believe they are heading towards a decent conclusion, in relatively short order, but we still have work to do, to find that collaborative solution. We've two more questions from another shareholder. The brand protection market is a huge opportunity, but highly fragmented and competitive. What is De La Rue's strategy to win more business in this sector? I think it's a very good assessment of the market to say that it is fragmented and competitive. Having said that, I think De La Rue has some unique offerings, both digital and physical. We have essentially a unique type of holography that is really unmatched in the world, and coupled with a track-and-trace system that is similar in terms of, in terms of capability to what we have demonstrated with billions of products worldwide in our GRS business. So we are looking to continue to back that business. In fact, we have strengthened over the last sort of nine months the sales team in that division, and as you can see from our announcements today... we've won two substantial orders in that business in the last sort of nine months. It is a tough business. It is one that is highly volume dependent, and so it is going to be somewhat of a hard slog. But we are committed to success in that region, and I think there is more and more interest in combining the physical and digital to fight illicit products. Then the final question from the webcast: There is a new polymer supplier now with the acquisition of Cartor by Spectra. How will this impact De La Rue? So I, I've consistently said for some time that we do not believe that our duopoly in the polymer business will last forever. Having said that, we still believe very strongly in our polymer strategy. We are still pleased that we are we have made the investment into that part of the business, and we still see the conversions happening in the world that we expect. My comments previously have been always that of course, there will be another entrant because the market is going to be very, very attractive. Now, what I will say is that De La Rue started the polymer journey back in 2009, had its first products in 2013, and as of today, we are still refining the product. It is currently, in our view, the best product in the market, in terms of polymer substrate, but it has taken us a decade or so to get there. So I am not in any way downplaying that there will be a competitive tension in the marketplace going forward. But I will say that I think the investments that we have made over the past decade and more has positioned us as essentially the product leader, and heading towards the market leader in polymer, and that will continue, as will our commitment to the space. Sorry, two follow-up questions. Tom Rance again. Just on the innovation investment that you, you're talking about in polymer, the security features are a key drive part of the design and production in that. How can you give us a bit of an update on how the features you already launched to market are going and the pipeline of any future key features within polymer, please? Yes. So, you're absolutely right, Tom, that security features on polymer are an essential part of our future strategy. I will say sort of two things. One is that the development teams in De La Rue have developed and released unique products in the marketplace, and they're already taking hold on polymer. And there are further world-beating products in the pipeline, so I feel pretty good about the future of security features. And that will not only help the overall business going forward, but also provide our customers with even greater security and confidence in the polymer space. So I think the development is progressing very well, and we have released new products to market recently, and that we will continue to do so. So I think, the future in security features, combining with our polymer substrate, is a positive one. Great, thank you. And then final follow-up. Within the polycarbonate offering, you talked about expanding that beyond Australia. Do you now, with the Malta expansion, has the supply chain kind of normalized from a chips point of view, which was an issue a while back, to be able to grow that business? And what sort of growth rate do you think that could do, obviously, depending on as and when new contracts are won? Yeah. So to answer your question on the chips, they are no longer an issue. So we have good supply of chips, that was hurting us at one time. And then in relation to this business, I think it's really important to understand that this year is a sort of inventory build year for our customer. So the customer has certainly given us the business case to double the capacity. But that increase will, once the inventories are built, will likely decrease, and that's why it's important for us to find other customers. So that is not an overnight thing to find other customers. It is something we're working quite hard. So, although we are looking very strong this year on the polycarbonates, and we will continue at a run rate next year with Australia, we are being realistic that we're not gonna see growth from this year's numbers in polycarbonate for quite some time. But we do have a unique offering in the market. We believe it's the most technologically advanced data page there is out there, and we are attracting a lot of interest that we are continuing to work from potential customers.