For those of you that I've not met before, I'm Mark Pain, and I chair Empiric. I'll shortly hand over to Duncan and Lynn to take us through what we think of our very strong set of interim results. You'll be aware that in late May, Lynn announced her intention to step back from Empiric after a very intense five-year period. Last week, we announced that Donald Grant will be joining us on the twelfth of September to take over from Lynn. Many of you will know Donald. He has worked for over 20 years in real estate companies. He was CFO at RDI REIT, Group Financial Controller at Capital & Counties, and Head of Finance at Liberty International. Prior to that, he held various senior finance roles in large, complex financial services groups. Lynn will stay on to ensure a smooth handover, but it's likely that this will be her final results presentation for the company. I therefore wanted to take a moment to pay tribute to Lynn. When I joined the company in September 2018, Lynn had stabilized the business and was well advanced in transforming the business model by bringing all the operations in-house and building an in-house operating platform. The fruits of that transformation were delayed by the global pandemic. Today, as the business recovers from that pandemic, you will see many of the benefits coming through from the transformation started by Lynn. She has done a fantastic job for the company shareholders, customers, and employees, and the fact that today we are presenting a strong set of results and can look forward with confidence to the future is due in no small part to Lynn's tireless efforts over the last five years. Lynn goes with our very best wishes for the future in recognition of a job exceptionally well done. Lynn, thank you very much for what you've done. You'll be missed, and good luck with whatever you choose to do next. Thank you. I'll now hand over to Duncan to take us through the interim results. Thank you, Mark. Good morning, and thank you for joining us today. As Mark just mentioned, I'm here with our Chief Financial and Sustainability Officer, Lynn, and our agenda today, shown on slide three, is as follows. I'll give a short introduction. Lynn will take you through the financial performance and our progress on ESG. After that, I'll talk in more detail about the business, and then we'll open up for questions. Let me start with the headlines on slide four. We're pleased that the trends this year suggest a strong recovery after the pandemic. In March, we announced revenue occupancy of 84% for academic year 2021-2022, which has risen to 86%, slightly above the top end of our guidance. For academic year 2022-2023 to date, we have achieved revenue occupancy of 92%, which is 10 percentage points ahead of our last pre-COVID annual year of 2019-2020 at this stage in the year. We're also driving strong like-for-like rental growth, which we expect to be between 5% and 6% for academic year 2022-2023. This is partly the result of dynamic pricing, though it's also due to the recovery from COVID, and is likely to moderate a little in the future. During the H1, the valuation of our portfolio increased GBP 58.6 million, driven by strong yield compression and increased rents. We continue to actively manage our portfolio. Early in 2022, we made a total of five non-core asset disposals for about GBP 26 million, above book value in aggregate. Further disposals with a value of GBP 40 million are now under offer, which we hope to complete in the coming months. Disposals allow us to recycle capital, and in March, we announced our first acquisition since 2018 in Bristol. We have a strong pipeline of further acquisition opportunities under consideration, and we're under offer on an asset valued at GBP 15 million, which we also hope to complete in the coming months. In addition, we're on track to complete two developments for September, adding over 200 new beds. All launched rooms for September are fully let with a waiting list. We continue to undertake refurbishments to help drive high rents. We've also agreed clear metrics on one of the four planks in our ESG program, sustainability, which includes bringing forward our plan to become net zero in our own operations to 2033. Lynn will elaborate on this shortly. Finally, as you know, we have resumed dividend payments with a minimum of two and a half pence for 2022, paid in equal installments on a quarterly basis. The board will review the dividend in quarter four once occupancy levels for academic year 2022-2023 are confirmed, in line with our policy of being fully covered and progressive. With that, I'd like to hand over to Lynne. Thank you, Duncan, and good morning, everyone. As Duncan said, we're seeing a strong recovery after COVID, although the full impact of this will only be evident next year once we have a full academic year with normal occupancy levels. Let's start with the headlines. We're reporting revenue of GBP 35.6 million, up from GBP 25.9 million in the H1 last year, with a growth margin of 70%, up from 58%. Administration costs of GBP 6.3 million were in line with guidance. Adjusted earnings increased to GBP 11.9 million, which translates into adjusted basic earnings per share of 2 pence. EPRA net tangible asset value per share was up 9.7% to 117.8 pence. In total accounting return, the sum of income and capital growth has increased to 10.9% due to a strong improvement in valuation, increased rents, a reduced impact of COVID on the academic year 2021-2022, and our ongoing improvements to operations. Turning now to the income statement. We grew revenue 37% to GBP 35.6 million, as occupancy for the H1 was 86%, compared to 65% for the same period last year. Like-for-like rental growth for the academic year 2021-2022 was 1.5%, up from 1.3% reported in March, as we continue to prioritize occupancy levels over rental growth. As definitions of occupancy and rental growth may vary across the sector, I've included the way we calculated these as a footnote. Property expenses were 3% lower than the same period last year. Gross margin increased from 58% to 70% as a result of a GBP 9.7 million improvement in revenue and slightly lower property expenses. During the H1, we sold five non-core assets above book value and reported a net loss on disposal of GBP 149 thousand due to sales and refinancing costs. The net profit from a change in the fair value of investment properties was GBP 58.6 million, compared to GBP 1.8 million in the previous year. Net finance expense was GBP 6.9 million, up 11% due to higher interest rates. Taking all of this together, we're reporting a profit of GBP 70.3 million, compared to GBP 7 million last year, with basic earnings per share 11.7 pence, up from 1.2 pence. Slide 8 shows a breakdown of the movement in our portfolio valuation since the end of 2021. As I just mentioned, since the year-end, we have sold five assets for GBP 26.7 million, slightly above book value shown here of GBP 25.9 million. After these disposals and one new acquisition, the portfolio is valued at GBP 1,015.3 million. During the period, we spent GBP 13.8 million, comprising capital expenditure of GBP 6.1 million and GBP 7.7 million on developments, mainly on St Mary's in Bristol. The following movements collectively result in the net valuation uplift of GBP 58.6 million. We told you last year that we will spend GBP 37 million in the five years up to 2025 on external wall systems and fire stopping. CBRE assumed that GBP 17.2 million of this cost was reflected in the year-end valuation reported in March, and they've assumed a further GBP 10.8 million for the H1 this year. In addition, CBRE have assumed a GBP 2.5 million deduction to reflect income risk from this work. The value of developments has increased GBP 14 million, which is up 47%. At the year-end, we reported a COVID-related reduction of GBP 6.2 million, mainly due to CBRE's assumption of lower income for the academic year 2021-2022. At the end of June, CBRE removed this reduction entirely, resulting in a favorable movement of GBP 6.2 million. The valuation of our operational assets increased GBP 51.3 million, which is up 5%, driven by strong yield compression of 15 basis points and like-for-like rental growth. We are unlikely to experience the same level of yield compression in the H2, and while this valuation uplift has driven a strong total return in the H1, we expect this to moderate in 2023. Our commercial portfolio, which is made up of convenience stores and restaurants within our properties, went up GBP 300 thousand to GBP 18.5 million, and overall net initial yield has improved from 5.3% to 5.2%. Collectively, these movements resulted in a valuation at the end of June of GBP 1,087.7 million. Turning now to look at the balance sheet. You've just seen the portfolio valuation of GBP 1,087.7 million. The cash holding was GBP 51.1 million compared to GBP 37.1 million at the year-end. Debt now stands at GBP 402 million after deducting loan arrangement fees. This is up from GBP 371 million, as we've used GBP 20 million of our RCF with Lloyds to bridge the funding of our recent acquisition in advance of releasing the proceeds of disposals from secured lending debt pools. In addition, we have drawn GBP 7 million of development debt to fund St. Mary's in Bristol. The net asset value of the group was GBP 711 million compared to GBP 648 million, mainly due to the improved valuation. Looking now at our debt position in more detail on slide 10. At the end of June, before deduction of loan arrangement fees, the group had committed investment debt facilities of GBP 420 million, of which GBP 400 million were drawn down. GBP 277 million of this debt is fixed, and GBP 123 million is floating. The aggregate cost of debt was 3.3% with a weighted average term of five years. The improvement in our LTV, which was 32.8%, is as a result of the valuation uplift. As of July 31, we had GBP 72.5 million of undrawn facilities and cash, and we currently have around GBP 38 million of unencumbered assets. In an environment with rising interest rates, it is important that 2/3 of our drawn debt is fixed. We have GBP 142.8 million of floating debt in total, and if it was fully drawn down, every one percentage point increase in interest rates would add GBP 1.4 million to our financing costs. Turning now to capital expenditure. This time last year, we outlined our plan from 2021 to 2025. I'll start with the refurbishment spend, where we expect to invest GBP 44 million in total. We plan to spend GBP 4.4 million in 2022, but we revised this down to GBP 2.8 million, as we chose to delay some refurbishments until next year when we can deliver them more cost-effectively. We've spent GBP 600,000 to date and are planning more significant program for 2023. Managing our assets in a sustainable way is another key focus with an estimated total spend of GBP 4 million on green initiatives. We expect to invest GBP half a million this year on smart panel heat network systems and solar panels with GBP 50,000 spent so far. The total estimated 5-year spend on fire safety works is GBP 37 million. This year, we are planning a total spend of GBP 15.6 million, but have revised this down to GBP 10.5 million due to a three-month delay in the program commencing. We're now planning GBP 4 million of fire stopping work with GBP 2.4 million incurred to date. A further GBP 6.5 million on external wall rectification with GBP 1.3 million pounds spent to date. We still expect to complete this work within the five-year timeframe. We also expect to maintain our ongoing maintenance capital expenditure of around GBP 4 million pounds a year. As a reminder, a lot of our capital expenditure is weighted to the H2 as work takes place during the summer holidays when our buildings are less likely to be occupied. We are maintaining our five-year guidance despite the lower spend than expected in 2022. Turning now to look at the outlook for the full year. We're encouraged by our occupancy for academic year 2022/2023 is currently at 92%, which is ahead by 10 percentage points compared to the same time pre-pandemic. We have revised our previous guidance of 85%-95% to 90%-95%. With greater confidence that market conditions are normalizing and as we use our data to target customers more effectively, we expect occupancy to be at the upper end of this guidance. We anticipate gross margin for the full year of 65%-70% as a result of normal seasonality. On the back of the confidence and occupancy levels for the next academic year, we're revising our administration cost forecast for the full year from GBP 12 million-GBP 13 million. This reflects our decision to accelerate investment in the future growth of the business, including the addition of more people in our operations, marketing, and HR teams. Just as a reminder, our cost forecast includes an inflationary uplift in salaries for those in more junior positions and a small uplift for more senior roles. We are benefiting from having hedged our energy costs up to the end of the Q3 in 2024. Of course, 2/3 of our debt is fixed, which gives us significant protection from rising interest rates. Our expectation for total capital expenditure in 2022 is revised down from GBP 24.5 million to GBP 17.8 million, as I detailed earlier, with a further GBP 13 million for development. On the dividend, we're committed to paying a minimum of two and a half pence in 2022, and we will review this in Q4 once occupancy levels are confirmed for the new academic year. Before I hand back to Duncan, I would like to update you on ESG. The delivery of our ESG program is clearly a means of managing risk in our portfolio, but is also an opportunity to create real long-term value for all of our stakeholders. In March, I outlined four key themes that we intend to focus on becoming a sustainable business, health and safety, mental health and wellbeing, and providing opportunities for all. We continue to make good progress across all four areas and will provide an update at the year-end. Today, though, I would like to focus solely on becoming a sustainable business. At the year-end, we announced our plan to be net zero by 2035, and I'm pleased to report that we are reducing this timeframe to 2033. We have established and started to mobilize our net zero pathway and intend to review progress and update the pathway continuously as we move forward. There is still more work to do on our Paris-aligned Scope 3 target of 2050, which we hope to accelerate once we have more data to provide an accurate picture. We have identified 7 KPIs on Slide 14 that will enable us to track our progress. I will talk through each one in order of their date of delivery, and you can see intermediate and end target dates set out on the slide. First, we're developing an ongoing ESG training and development program for employees by 2023, and then establishing an ongoing program to engage our customers on climate objectives by 2024. Third, we will focus on procuring 100% renewable electricity with RE100 definitions by 2025. Fourth, we plan to establish means of measuring whole life carbon in our developments by 2025. Fifth, we plan to deliver on government requirements for all buildings to be EPC B or better by 2030. The sixth KPI tracks our progress in removing fossil fuels from our buildings with the aim of removing natural gas in all of our assets by 2033. Finally, we're reducing energy use per bed across our portfolio from 4,813 kWh in 2019 to 2,000 by 2033. We have published our full net zero strategy and current EPC ratings on the sustainability section of our corporate website today, and our EPC ratings are also in the appendix to this presentation. Thank you very much. I'll now hand back to Duncan. Thank you, Lynn. Slide 16 shows year-to-date UCAS application data for academic year 2022-2023, along with full year projections up until 2026. UCAS are predicting that by 2026, there will be over 1 million applicants for U.K. universities, and at least a fifth of those will be international students. This means overall applications are projected to grow nearly 30% over the next five years. For academic year 2022-2023, UCAS have received 684,000 applications so far, a slight increase on last year. Within this, applications from international students have grown 9% to 112,000. The largest international cohorts are from China, where applications grew 10% to 31,000, and India, where applications were up 20% to 12,000. There's also a long-term trend of growing numbers in postgraduate students. The data for this is not as recent as UCAS, which only records undergraduate applications, but the latest figures from the Higher Education Statistics Agency reported 743,000 U.K. postgraduate students in attendance for 2021, which was up 16% on the previous year. This gives us confidence that our postgrad product, which pilots in Edinburgh, will enjoy significant traction. We're encouraged to see the year-on-year trend of growth in students, fueled by the desire of international students to study in the U.K. and in top-quality U.K. universities in particular. As you can see on slide 17, current bookings for academic year 2022-2023 show that half our students are coming from the U.K., up from pre-pandemic levels of a third. Targeted marketing combined with good customer service has significantly increased the participation of domestic students in our business, showing how we can successfully flex our customer base depending on the market environment. Asian markets are again at the forefront of international inquiries, and we have done considerable work to tap into these markets directly using specific social media platforms. 1/3 of our current bookings are from China, and the remainder are from other international students, though this balance may change slightly by September as some markets, including India, tend to book very late. Let me turn now to slide 18, which shows the five key priorities for the business that I set out last year. We've continued to make good progress on these, which I'll talk about in turn, starting with our portfolio. Slide 19 shows our portfolio segmentation and the current percentage by value of each segment. Clearly, the size and value of these segments will fluctuate as we continue to optimize the portfolio. As a quick reminder, Segment A comprises properties yielding our best results. We've grown this segment by 9 percentage points since March 2021 through valuation uplifts, acquisition, and upgrading assets from Segment B. Segment B consists of sites which fundamentally meet our Hello Student criteria but need investment to command an improved rental yield. We'll upgrade these to Segment A as part of the refurbishment program. Segment C originally included two sub-segments. The first consisted of sites suitable for first years bound by nomination agreements, which we decided to dispose of and have moved them to Segment D. Segment C now consists solely of sites ideal for postgraduates. We aim to refurbish and grow this category and launch a pilot with a sub-brand, Postgrad by Hello Student, in Edinburgh this autumn. Segment D comprises assets that no longer remain core and are on a disposal program. Let me give you some more detail on Slide 20. Since March last year, we've sold 9 assets in Segment D for GBP 44.6 million above book value. We currently have further assets worth GBP 40 million under offer. Most are apartments with shared facilities, which are not in line with our core brand, and we are working to eliminate Segment D. In March this year, we announced our first acquisition since 2018, Market Quarter Studios in Bristol, for a cost of GBP 19 million with an expected unlevered IRR of 8%-9%. It's fully let for academic year 2022-2023 with an average uplift in rent of 18%. This site is close to our other assets in Bristol and creates a cluster of four buildings run by the same management team. This enables us to maintain our small boutique proposition while reducing costs and improving our margin. Future acquisitions will focus on continuing this cluster strategy. We have a strong pipeline of potential acquisitions and development opportunities and are now under offer on a further acquisition valued at GBP 50 million in another key growth city and another clustered location. We updated you about our two developments in March, St Mary's in Bristol and Edinburgh Southbridge, which will both be complete with all launch rooms for September, fully let and with a waiting list. As you know, we're also investing in a five-year refurbishment program to upgrade the portfolio, including converting Segment B assets to Segment A and aligning Segment C to our postgrad requirement with an unlevered target IRR of 9%-11%. Following two successful pilots, we're continuing with our program, though we will delay some refurbishments until next year when we can contract them at better prices as part of a larger program. This year, we will refurbish two communal areas and 47 rooms, whilst next year we have a more expansive program with several communal areas and 300 rooms. Slide 21 shows our portfolio for academic year 2022-2023. We had 8,775 operating beds in the portfolio last August, and we will have 8,603 beds in September, following disposals from Segment D, reducing beds by 476, our acquisition in Bristol adding 92 beds, and the opening of the two developments in Bristol with 153 beds and Edinburgh with 59 postgraduate beds. 76% of our portfolio currently serves our target Russell Group and other top quality universities. Once Segment D is eliminated, we expect this to rise well above 80%. In other cities where we have a strong commercial performance, for example, Falmouth and Portsmouth, we'll maintain our position. I'll move on now to branding on Slide 22. As we told you in March, we've carried out work to refresh our brand proposition and have now launched visual changes on our websites and social media pages. You can see here that we have replaced the previous rather outmoded flower adorned motif with a more modern logo. The website also has a modernized color palette. Our research with students has been extremely positive, and they find this an attractive and relatable brand. Our next steps are a thorough overhaul of our customers' digital journey with Hello Student, providing a simpler, more compelling and comprehensive selling proposition. This will give us strong differentiation in the market and will also increase conversion rates, which in turn drive occupancy. With in-house revenue management now fully operational, Slide 23 shows how we've been able to grow our revenues through dynamic pricing. I'm taking Glasgow as an example. For academic year 2022-2023, gross annual rent across the city included a base uplift in rent of 3.8% on the prior year. As bookings grew and certain room categories across the city started to fill up, our algorithms recommended further targeted increases. As a result, we increased rent by an additional 3.3%. We're now fully let, and our ability to price dynamically has resulted in a total uplifted rent of 7.1% for academic year 2022-2023. We're also working on a new room categorization, which significantly simplifies our current offer by reducing the range of categories. This will make it much easier for our customers to choose. For example, we'll be able to suggest a classic room with potential upgrades, such as a larger room or one with a view. We will start selling on this basis in the autumn for academic year 2023/2024. Slide 24 shows that the current academic year 2022/2023 bookings are at 92% and are well ahead of the prior year, and ahead of our previous best ever year in academic year 2019/2020 by 10% points. As you heard from Lynne, we're guiding towards the top end of our revised occupancy range of 90%-95% for academic year 2022/2023, assuming no disruption. Let's turn now to customer service on slide 25. We told you in March we would launch an app enabling students to communicate easily and quickly with us. This allows customers to contact us about maintenance issues, parcel deliveries, visitors or social plans at a time and place of their choosing. In turn, we can monitor our response times and customer satisfaction levels. This app has been successfully piloted in seven properties, and you can see here some reactions from students. In those seven sites, we've been able to halve the amount of time it takes to deal with almost three-quarters of service and maintenance requests. We now plan to roll out the app across all our sites for academic year 2022-2023. Concurrent with this, we've continued to invest in our people as a successful service organization must do. For example, we're paying the real living wage, which will always be above the national living wage minimum, to retain and motivate our key customer service teams. We are investing in increased training and development across the organization. We're pleased that since joining the Best Companies scheme, the previous Sunday Times Best Employers group, we've progressed into the star employer category and have grown our already positive team engagement scores. At a time when hiring is very competitive, there's a strong rationale for driving employee retention and development. In summary, on slide 26, we continue to focus on driving sustainable shareholder returns. The number of students in academic year 2022-2023 is set for continued growth. Based on current bookings, we expect to achieve revenue occupancy towards the top end of our revised guidance of 90%-95%. We're driving strong rental growth as the business bounces back after the pandemic and expect a like-for-like uplift between 5% and 6% for academic year 2022-2023. We're well-positioned for an environment of rising interest rates and inflation. As you heard from Lynn, 2/3 of our debt is fixed and our energy costs are hedged until the Q3 of 2024. We continue to actively manage our portfolio and recycle capital with good progress on disposals, acquisitions, developments and refurbishments. We've defined our sustainability metrics and now plan to achieve net zero on our own operations by 2033 rather than 2035. We're pleased to have reinstated dividend payments and have committed to paying a minimum of 2.5 pence this year, which we will review once occupancy levels are confirmed in quarter four in line with our fully covered and progressive policy. While we returned a delivery of 11% in the H1, this was on the basis of strong yield compression, which we do not expect to be fully repeated in the H2 of the year. In 2023, we are targeting gross margin of more than 70% and sustainable total returns in the region of 7%-9%. Thank you very much, and we'll now be happy to take your questions. Thanks. Morning, it's Matthew Saperia from Peel Hunt, congratulations on a very strong set of numbers. Two questions from me. One, the first one's about the dynamic pricing model. Can you just confirm that all assets are on the dynamic pricing model for the forthcoming academic year? Following on from that, I think you talked through the example in Glasgow, where it looked like about half the rental uplift was as a result of dynamic pricing. Going forwards, have you any idea on sort of how we could think about what the potential uplift is on, I'd say, a normal year in terms of the additional rental growth you might get from dynamic pricing? Then my second question is on the post-grad offer. Could you just talk us through how those assets are differentiated from the normal Hello Student offer, what it is that post-grads are looking for that the normal product doesn't necessarily offer? Also, are you creating a niche in the market there, or is that something that other operators and landlords are already offering? Matt, thanks very much for all of those. Firstly, yes, I can confirm that all of our assets are on dynamic pricing across the entire business. In terms of the uplift this year, as you've seen from the example in Glasgow, as you rightly say, it's roughly 50/50 in terms of our assumed base rent uplift and dynamic pricing. I guess the truth is, there isn't an exact what our base uplift will be for the soon to start selling season for 2023/2024. However, what I think we can say is, I'd said a couple of years ago that it would take us probably two-three years to fully learn how to get the maximum out of our dynamic pricing model. The model needs to be driven by experienced people. We've now had nearly one year of experience. We are very pleased with the level of uplift we've got, but I think there is more yet to be done. For example, we still had some buildings selling out a little quicker. That in peak times, we need to review our pricing probably twice or maybe even three times a week. I do think there's more horsepower in the engine of dynamic pricing, but exactly what proportion it will be next year, we'll have to show. It will be certainly, I think, a significant asset to us. In terms of the post-grad product, fundamentally driven by consumer insight that we've done through extensive research with postgraduates regard themselves more as young professionals in their approach to their residential accommodation, perhaps more than they do. For example, larger kitchen areas, and they want, for example, a washing machine, so they can do their own laundry rather than sharing a common one. What they don't need is a common lounge, and they don't need study rooms. The rooms for postgraduates in our new product are larger than our undergraduate rooms by some margin. The specification for fit-out inside is much more on a young professional residential level. It's a high-quality spec. It has more facilities in it, but the building does not have a common lounge and common study rooms. What we're very pleased with is we now have a product that is uniquely positioned in the market. There is nobody else that we're aware of specifically focusing on the market. There's currently 740,000 postgraduates in the U.K. This is the first specifically designed and marketed Postgrad product, and we think it has tremendous opportunity, but we have yet to realize the results of a pilot. The final thing is, are we creating a niche? 740,000 postgraduate students is quite a decent size niche. Kieran Lee from Berenberg. First one is actually just a follow-up on the post-grad offer. If we look at what you've got in the pipeline, what you're planning, what sort of proportion of the business do you see post-grad being on a five- or perhaps even a 10-year view? How do the returns differ versus your undergraduate offer? The second question is actually on energy cost hedging. Do those hedges step up through the years? How should we think about energy costs even though they are hedged? Kieran, thank you for that. I'll take the returns on paper look slightly better than the undergraduate product, but I will add the caution that we have yet to run the pilot, so we have our first students taking occupation in September. The yields on costs, I think we included in the presentation, are also strong for that product. But again, we haven't delivered that, so we'll have the caution that we will only be able to truly evaluate it once we've delivered. It's quite moderate. In terms of overall consumption moving forward, obviously you'll see that from our KPIs on sustainability, we're going to significantly use less moving forward. That's the best thing to do, both from a climate perspective and a cost perspective. That nicely aligns with the business strategy. Good morning. Andrew Gill from Jefferies. In terms of capital recycling, is acquiring standing assets looking more attractive at the moment, or is this really a case-by-case? Just on energy, I mean, what percentage of revenue are your energy costs? 'Cause that kind of 50%+ reduction in energy costs over obviously a long-ish time period looks like it'll have a quite an attractive improvement on margins. Maybe just a bit of color around there, please. Thanks, Andrew. I'll take the development one, and I'll let Lynn answer on energy. We will evaluate every opportunity in terms of potential acquisitions on strategy, and we are, of course, a little at the hands of what's available in the market in terms of what comes up. As much as we might target one thing or another, it will depend on what's available in the marketplace. What we are seeing at the moment though on, if you like, the balance of probability, that standing assets look, at this moment, more attractive than developments for a couple of reasons. Firstly, we get the immediate revenue return. We're in a world where we're seeing very good uplifts in rent, and therefore, we can get that early revenue burst in through step uplift with no capital spent on it since acquisition. On the other hand, developments, of course, over the long term, typically have given good yields. However, of course, the risk profile varies in an inflationary environment. Levels of uncertainty need to be taken into account as well. It will be very much on a case-by-case basis. I'm pleased to say at the moment, the two things are well-balanced for us to be able to take opportunities, probably quite broadly. Lynn, do you want to comment on? Andrew, yes, good point. With a GBP 3.5 million-4 million energy bill each year, with that less usage, quite significantly so by 2033. That's a real benefit to the bottom line. I can't quite make out on page seven. You seem to have all these unique definitions of revenue occupancy and the way you look at the sort of cash generation of the business. Yeah. They're not unique, Mike. They're actually hotel metrics, actually. I've found, since I've been in the sector this last five years, that there's a whole array of different metrics, and it's not possible to compare to other people. I think if you use hotel metrics, it, which does allow you in that space to compare various metrics, so it's quite useful. It's a shame the whole sector wouldn't possibly adopt them and provide that transparency. I think it would be incredibly good step forward. Obviously, it's still quite a new-ish asset class. It hasn't got the tenure that kind of hotels has for hundreds of years, so hopefully it will come. Thanks very much. Clicking the Ask a Question button. If you are dialed into the call and would like to ask a question, please signal by pressing star one on your telephone keypad. We will pause for a moment to assemble the queue. There are no further questions on the conference call lines. I will now hand back to the room for written questions submitted via the webcasting page. In fact, there are no written questions submitted at this time, so I'll hand back to Duncan Garrood for closing remarks. Thank you very much. Thank you very much for attending today. We really appreciate it, particularly in this very hot weather.