Welcome to the De La Rue plc results presentation for the period ended 30th of March, 2024. 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 Interim CFO, Dean Moore, will present on the results for the year 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 wording on forward-looking statements within the results announcement and on slide two of the presentation. And now I would like to pass over to Clive. Thank you, Louise, and welcome to De La Rue's full-year results for the 2023-2024 financial year. I'm Clive Vacher, the CEO. Today, I will be giving an overview of the performance of the company in the year to March 2024. I will also be providing an update on progress made with our strategic options. I will then hand over to Dean Moore to give you more detail on the financial performance. Before I talk about our performance in FY 2024, I would like to remind you how far the business has been transformed over the last four years. De La Rue stands today as a streamlined, efficient business, ready to take full advantage of the markets it serves. As these markets begin to normalize, there are demonstrable opportunities for growth in both divisions, as evidenced by the significant increase in order backlog and the expansion of gross margins in quarter one of FY 2025. I would also like to take the opportunity to thank all De La Rue staff, many of whom I know will be on the call this morning, for all their hard work to deliver this transformation. We have more to do, but the diligence and resilience shown by our employees in this fundamental company transformation through some challenging times, has created two strong divisions that are well-placed for the future. For FY 2024, we set ourselves challenging but realistic targets at the start of the year. We knew that we had to navigate a difficult external environment, largely driven by the lengthy downcycle in Currency, and we have kept the promise I made back in 2019 that Currency would remain profitable on an adjusted basis, even in the deepest of downturns. I am pleased to say that despite this background, we have met the targets by staying true to our strategic and operational plans that have returned us to leadership in our sectors. The group as a whole achieved adjusted operating profit of GBP 21 million, in line with our market guidance. Authentication exceeded annual revenue of GBP 100 million for the first time. In addition, the division successfully renewed all four of the significant contracts that were due for renewal this year for terms of between 3 and 5 years. These contracts have an incremental expected contract value of over GBP 150 million, bringing the expected value of revenue under all contracts in this division to over GBP 350 million. This represents around 3.5 years of sales at current run rates. We are seeing a number of additional opportunities coming to market with the potential to build further upon this strong base. While the performance in the Currency division in the year was undeniably impacted by the downcycle, the division remained profitable, testament to the work we have done to increase the resilience and efficiency of this business. Since the latter part of calendar 2023, we have seen a significant improvement in the trading environment, and our Currency division is emerging strongly to take advantage of the numerous opportunities coming to market, and its order book is growing. We carefully monitor our win rate for the currency tenders that we pursue. This win rate has remained consistently high throughout the industry downturn and as conditions have improved into calendar 2024. Taken together, De La Rue now has an order backlog between both divisions that is expected to deliver over GBP 600 million in future revenue. While our debt remains higher than we would want, we significantly outperformed our original net debt guidance set in April 2023, and also outperformed our more demanding revised net debt target set at the half year. Our operating cash flow improved over last year to GBP 26.2 million, despite the fall in adjusted operating profit. This was partly because we had a better quality of earnings with lower exceptional charges, and also because of significant effort on careful working capital management. On the 30th of May, we issued an update on our strategic review, explaining how the board has been undertaking a review of the core strategic strengths of the group and how best to optimize the underlying intrinsic value of the business for the benefit of all stakeholders. In addition, we said then that the board was in discussions with a number of parties who had made proposals in relation to or expressed interest in either of the group's divisions. Since then, we have made demonstrable progress, with more parties now interested in both currency and authentication, and due diligence being undertaken on both divisions. The board is confident that given the range of strategic options that we have underway, one or more of these will complete, allowing the repayment of the RCF in full before its expiry date on the 1st of July, 2025. The expiry date of the RCF is before the end of the going concern assessment period. This difference in timing leads to a material uncertainty in today's results. However, I would like to stress that there is no issue from a going concern perspective in the ongoing BAU businesses. All our modeling indicates that we will continue to comply with our covenant and liquidity requirements throughout the going concern assessment period. We will give a further update on the strategic options ahead of the AGM, which is on the 25th of September, 2024. Turning now to the Authentication division in more detail. Authentication again saw an overall increase in revenue, and as I've already mentioned, broke the GBP 100 million annual revenue barrier for the first time. The standout performance during the year was sales of data pages for the new Australian passport. This product has been well-received by the market, has won several awards, and has attracted interest from other potential customers. Brand was driven by Microsoft-related sales. These stabilized, having fallen in FY 2023, but the PC market, which is the key driver for most of these sales, remains subdued throughout the year. Government Revenue Solutions, or GRS, put in a stable year-on-year performance. The increase in revenue, together with continued strong cost control, improved adjusted controllable operating profit by 10.4% to GBP 25.4 million, compared with the same period last year. However, the division was hit by a higher proportion of enabling function costs, given its higher contribution to group revenue in both absolute and percentage terms, leading to only a modest increase in fully loaded, adjusted operating profit. As I've already mentioned, the Authentication management team successfully renewed all four significant existing contracts, which were due for renewal in FY 2024 and early FY 2025. These covered areas across the business, one in brand, namely Microsoft, one in ID, and two within the government revenue solutions business. The new contracts run for between 3 and 5 years. The total expected revenue from these contracts is over GBP 150 million, and they bring the total of expected revenue from already signed contracts in this division to over GBP 350 million. This revenue stream from signed agreements provide a strong base from which the authentication key team can go out and seek additional opportunities. Current opportunities under assessment include a potential customer in the ID business, additional revenue streams within territories where we hold existing GRS contracts, as well as continuing to look to expand GRS schemes to additional territories, where we can do so on favorable terms. Turning now to the Currency division. The lower orders and selling volumes last year inevitably led to a reduction in revenue from the division, down 18.7% to GBP 207.1 million. However, the work that we have done to streamline this business came into its own during this period. Operational margins before allocation of central enabling costs held up well, and the division continued to trade profitably. The adjusted operating profit of GBP 6.4 million pounds, though significantly down on the prior year, is a testament to the resilience that we have built into the business over the last four years. In addition, on a statutory basis, operating loss narrowed materially to just GBP 1 million, benefiting from the substantially smaller exceptional costs incurred in FY 2024. We highlighted at the interim results that we were seeing the first signs of a normalization in order patterns in this division. I'm pleased to say that this trend has continued into this calendar year. The divisional order book stood at GBP 239 million pounds at the end of March 2024, over GBP 100 million pounds higher than in March 2023. At the end of last month, it stood at GBP 241 million, and since then, early this month, we have secured a further substantial contract. Given the nature of the currency business, with a lead time of several quarters to allow for design, development, and approval, this deepening of the order book takes time to be translated into operating results. However, this is now showing. The divisional trading in the first quarter of FY 2025 has been well ahead of the same quarter in FY 2024. One of the statistics that we monitor carefully is our tender win rate within Currency, as a check of how we're maintaining our market share of attractive contracts. This remained consistently high throughout the post-pandemic industry downcycle, and now continues at the same high level. De La Rue wins a significant majority of the currency contracts that it bids on, showing once again how the management team has enhanced the competitiveness of this division. The actions that we've taken in recent years to improve the efficiency of this business, means that we are now well-positioned to profit in the shorter- term from the current recovery in the industry. In the longer- term, there is further upside potential from products such as Safeguard polymer substrate, that provides benefits to issuers with a longer-lasting, more environmentally friendly product. Underpinning all of this is the resilience of cash. A recent survey of 55 central banks showed that cash in circulation was growing at 5.8% per annum. Events such as last week's failure of many payment systems around the world in the wake of the CrowdStrike crash, only goes to show the continued relevance of cash in the 21st century. I will now pass over to Dean, who will take you through the financials in more detail. Thank you, Clive. Good morning, everyone. My name is Dean Moore. I'm the Interim CFO. Firstly, I'll take you through the key highlights of our income statement. Revenue for the period came in at GBP 310.3 million, down GBP 39.4 million or 11.3% on last year. Gross profit fell in absolute terms, down 6.7% or GBP 6.2 million, but gross margin rose slightly given the move in relative contribution from currency to authentication. Adjusted operating profit of GBP 221 million is down GBP 6.8 million or 24.5% versus the comparative period. I'll cover the key drivers of these year-on-year movements for both revenue and profit in the following slides. On an IFRS basis, the group moved from an operating loss to a profit of GBP 5.8 million. Exceptional items totaling GBP 14.2 million before tax were significantly lower than the GBP 47.1 million posted last year. Again, I have a slide that breaks this exceptional charge down further on. Moving to the revenue walk 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 fell with a GBP 47.5 million year-on-year fall in Currency revenue, only partially upset by the GBP 11.5 million rise in Authentication. The legacy ID business has dropped to zero. We will not be reporting this segment separately going forward. Authentication saw strong sales within the ID business, with the data pages for the Australian passport the standout performer of the year. Microsoft sales were lower, given the subdued state of the PC market during the period, and GRS turned in a stable performance year- on- year. Currency saw a substantial fall in sales when compared to last year, hit by the impact of the industry-wide slowdown, though this percentage fall in sales was less than the fall in volumes. The next slide covers adjusted operating profits, setting out the drivers for the GBP 6.8 million drop in profits from GBP 27.8 million- GBP 21 million. Before the allocation of central costs, which are apportioned on revenue, our authentication division contributed an additional GBP 2.4 million of profit to the group. However, it received a higher allocation of central costs this year because of both higher revenue in absolute terms and as a proportion of the whole. Once this was taken into account, the year-on-year increase was GBP 0.3 million. Careful cost control and production scheduling minimized the fall in currency margins of both gross margin and adjustable controllable margin level. However, operating profits fell by GBP 7.2 million, given the lower contribution in pound terms to cover costs. Moving on to exceptionals. A pre-tax net exceptional charge at GBP 14.2 million was considerably lower than the GBP 47.1 million recognized this time last year. As the table shows, the comparative contains GBP 17 million of payments for the termination of the agreement with Portals Paper. GBP 9 million of this year's charges for site relocation and reconstruction associated with the wind down of our operations in Kenya, and the restructuring of our U.K. sites to meet lower expected volumes in currency. 4.5 million of this relates to asset impairments and is therefore non-cash. Most of the remainder is redundancy costs. The 5.4 million of fees relate to legal and other professional fees incurred during the various amendments agreement to our pension contributions and variations in our banking facilities. Namely, an amend and extend arranged in 2022, the covenant relaxation and further six months extension announced last December. The loan notes held in Portals are fully provided for. However, we unexpectedly received around GBP 300,000 of interest income and principal from the notes during the year, and another GBP 200,000 after the year-end. Therefore, we wrote back this proportion of the provision. The GBP 0.33 million charge for pension underpin costs comes from legal fees incurred in sorting out discrepancies in the rule of our legacy pension scheme. Moving briefly to the tax line, last year, we recognized a charge relating to the derecognition of certain deferred assets. This year, we have an exceptional tax credit, GBP 2.5 million of this is a release of provisions no longer necessary, including one made at the time of the disposal of the cash processing business in 2016. The remainder is the net tax impact of exceptional operating items that I've already described. Moving now to the cash flow. I won't go through this rather busy slide item by item, but will point out a few key movements. First of all, and importantly, as Clive has already mentioned, the business has generated a net operating cash inflow of GBP 26.2 million. Working capital flows were broadly neutral over the period, but do not forget that this includes a GBP 7.5 million final installment payment to Portals just at the start of the year. Net interest payment for the half was GBP 14.4 million, substantially higher than the GBP 10 million paid last year, thanks to the increase in base rates. Though net debt increased, we did achieve a net GBP 4 million reduction in gross borrowings over the year through a number of initiatives to monetize assets and to apply them to the RCF balance. One of these initiatives was the repatriation of cash held in Sri Lanka through the declaration of a dividend there. The net cash outflow from investing activities, though its run rate increased from the first half, was kept to GBP 7.8 million by careful cost control and continuing to match CapEx to grant income receipts in Malta. Moving on to net debt and covenants. While net debt has risen, came in marginally better than our most recent guidance and substantially less than the GBP 100 million that we guided to this time last year. Careful management of costs and working capital has allowed us to offer our banking significantly 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 its revised covenant package we set out a year ago with a net interest covenant at the period end of 1.55x and a gearing covenant of 2.78x. Our liquidity test, which is considered on a rolling basis throughout the year, was met throughout. The group also remained inside covenant and liquidity limits during the first quarter of 2025. By way of reminder of the various amendments to the pension scheme, deficit repair contributions, in June 2023, we announced a deferral of GBP 18.75 million of contributions. We did not make any pension deficit contributions from April 2023 until this month. The fresh actuarial valuation at September 2023 provided a net deficit of GBP 78 million, lower than the total of the previous deficit repair schedule. Consequently, we agreed with the pension trustees a reprofiling of our deficit repair contributions, bringing down our cash contributions to GBP 8 million per annum from financial year 2025 to financial year 2027. We have just paid the first of the GBP 2 million quarterly contributions under that schedule. This reprofiling saves us GBP 28 million of cash outflows over the next three financial years. The IAS 19 liability in the balance sheet for the pension scheme has decreased slightly since the year end to 51.4 million, due to a revision in mortality rates to latest models and a rise in long-dated corporate bond yields. I'll now pass back to Clive for his summary remarks and guidance on our outlook. Thank you, Dean. So in summary, De La Rue achieved a robust performance in FY 2024, meeting its targets and navigating a challenging trading environment. With the renewal of the key contracts in Authentication and the filling of the order book within Currency, both divisions are well-placed to benefit from the normalization in business that we have seen in recent months. This was evident in the first quarter of FY 2025, where both divisions traded in line with our expectations, with Currency substantially ahead in terms of revenue, gross profit and operating profit compared with the same period last year, as the improvement in order book began to feed through into trading results. Currency profitability has been further improved by the performance of our Paper Purchasing Strategy since the termination of the agreement with Portals. At the time of signature of the termination agreement, we communicated that the termination payments would take four years to recoup. We now estimate that the payback period is just half of that, at two years, driven by a combination of significantly lower purchase prices and the avoidance of the penalties that would have been due under the Portals agreement. As the precise outturn for the group in FY 2025 will depend on the exact nature and timing of any business disposal, we will provide more detailed guidance once these become clearer. From a strategic perspective, we have seen substantive progress with interested parties with regards to both divisions since our strategy update announcement on the thirtieth of May. The range of strategic options currently being considered gives us confidence that the RCF will be paid in full ahead of its expiry on the first of July next year. There is still lots to achieve in the coming months, but the transformation we have undertaken over the last four years has produced two attractive and efficient businesses, well-equipped to profit from future opportunities. As evidence of this, let me finish with where we stand today. We have an aggregate order backlog of GBP 600 million. We are set to show significantly improved operating profit in FY 2025. We have two divisions, both of which are leaders in their fields, and both of which have strong barriers to entry. We have completed the substantial majority of the transformation activities, with future capital spend correspondingly expected to be significantly reduced. And finally, as a result of this, we now have substantial interest in both divisions from a number of external entities that we are progressing diligently. And I'll now hand back to Louise to manage the Q&A. Thank you, Clive. Now, if we could move to questions, I'll start by taking questions from the room and then cover questions that have been submitted via the website. For those in the room, could I remind you to wait until you are handed the roving microphone, allowing those listening via the webcast to hear you? Good morning, Thomas Rands from Davy. Well done on a good set of results. Two questions from me, both around Authentication. The first one is just, what, well, on the contract renewals, but how should we think about the margins going forward for the Authentication division, given recent history and maybe from the sorts of margins it was doing, two or three years ago? And then the second question is how the pipeline Authentication, kind of potential, contract wins or tendering, has that mix changed at all in the type of product and service you're offering to those potential customers, over the last kind of 12 months? Thanks, Tom. So in relation to the Authentication division, the contract new renewals were essential to continue the progress in terms of the revenue and margin progression that we have seen over the last few years. And it provides a base. We have a business in Authentication that is beautifully scalable, and the more scale that we get, generally, we can expect margins to improve. So as we've gone from the GBP 60 million to over GBP 100 million, I think you've seen that demonstrated. And then sort of onto your sort of second question, which is related, is that the pipeline that we have now established is very substantial in size, and it covers right across the activities that Authentication does. So we have opportunities in ID, we have opportunities in Brand, and we, in particular, have further opportunities in the GRS arena, both from expansion of existing schemes, and especially so now that we've renewed some key schemes in the GRS space, as well as, a number of other schemes that we are in the process of examining, for new territories. So I think, I've always believed that this business, as it expands its revenue line, will show an even healthier bottom line over time. Great. Thank you. If there are no more questions in the room, there are questions coming in over the web. The first question is from Mark Deeks, a private investor: The high security document and authentication sector is a competitive market with numerous new product launches from competitors over the last three years. Apart from the launch of ID Explorer data page, De La Rue seems not to have launched any other new products or new features. Does De La Rue have an innovation strategy to rectify this situation, or is this an unfair assessment? Well, thank you for the question, Mark, and I would say, in fact, it is a little bit of an unfair assessment. But I think perhaps the visibility of what we are innovating is probably not as obvious as some of our competitors. It is generally a much easier external thing to understand when people are innovating on physical product, and you see quite a lot of our competitors coming out with flashy new labels and things like that. We also are continuing to innovate in that space, but much more importantly, in the Authentication division, we are innovating from a software perspective, from a digital perspective, and we are bringing to market really exciting new digital features that we are implementing on our existing schemes and puts us in even better position for the schemes of the future in new territories. Those are probably not things that we are going to shout loudly about, because the value of those is taking those to individual customers around the world where that technology is really relevant. So I think the message here is that we are innovating. We have a very detailed and comprehensive physical and digital innovation strategy in Authentication, but it's in particular the software and digital side that I find most exciting in terms of new products to market. Just a reminder, if you would like to submit a question over the web, you can do so via the facility at the bottom of the page. The second question is also from Mark Deeks: Great news on Authentication revenues, but for currency, whilst it has improved, there are now more competitors in the Polymer market, Spectra Systems and Keqiao, and a different substrate has also entered the sector. How will De La Rue defend against these new entrants? So, you're right in saying that there are some new upstarts in the Polymer business. That is something that I've been messaging, that we've been expecting, ever since really I've taken this position at De La Rue. I think I'd like to answer that question by going back and explaining the journey we have been on in polymer. Where we started this process back in 2009, our first product was in the 2012 period, and we have since been innovating for the following 12 years on our product, and in addition, building the relationships and the credibility and growing the market alongside one other competitor. This is a business where the product is incredibly complicated and, as I say, has taken us more than a decade to get to a point where I would say it's still not perfect, but it's a fabulous product, and we will still innovate on it. And then secondly, I think in terms of the credibility and references in the marketplace, we have over a hundred polymer denominations out there now. And so I think when I talk about barriers to entry, there's a technology barrier to entry, and there's also a credibility and relationship barrier to entry. So we do believe that these do constitute a threat, but they are, are going to take some time to get a significant foothold in the market. Our belief is, by that time, the market demand for Polymer will be substantially larger than it is today, and probably able to accommodate those additional competitors. There are no more questions over the web, so I'll hand back to you, Clive. Well, thank you very much for your time this morning. I'm very excited about how we're positioned going forward. And the order book, I think, is probably the clearest evidence of exactly the progress that we have made over the last four years, and I'm very much excited both to go forward with the business as usual and also to progress further the strategic discussions that we're having across both businesses. Thank you for your time this morning.