Good morning, everybody, and thank you for joining Donald and myself. Our agenda today is as follows: I'll give a short introduction, Donald will talk through the financial performance, I'll then talk in more detail about the business, and then we'll take any questions. Let me start with a summary. Over three years ago, we presented our transformation plan, designed to deliver results that benchmark well. Over the last year, we've demonstrated that across a suite of KPIs, the transformation plan is delivering, with more to come. Let me give you the headlines. We have strong, enduring market demand and declining supply. We have effectively full occupancy for the previous and current academic years, and we also expect it for next year. Our Hello Student operating platform has delivered rents at record levels. Academic year 2024-25, like-for-like rental growth will exceed 6%, four percentage points above inflation. Our H1 gross margin is 72%, as we promised. Our H1 property valuation is up 3.8% before Multiple Dwellings Relief abolition is taken into account. We've completed GBP 115 million of disposals following further completions this year, achieving above book value in aggregate. We've redeployed capital into strong locations, including upgrading more sites through refurbishment, which delivers excellent rental growth. We've made two great acquisitions, and there are more opportunities in the pipeline. We submitted a planning application for over 200 new beds in Manchester. We've reached a pivotal point on forming our postgrad joint venture and are currently in exclusive negotiations. Our customers raised our Net Promoter Score further, up 5 points, at +37, the highest ever. More than twice the sector average of +14, and we recorded customer satisfaction at a very high level of 87%. More than half of the eligible rebookers have booked with us again, another all-time high. Our H1 dividend is 7.7% up of this time last year. The business is delivering great metrics as a result of the transformation and is now poised for growth. So now I'll hand over to Donald to take us through the financial performance. Thank you, Duncan, and a very good morning to you all. I'll now talk you through the financial performance of the group for what has been a very active first half of 2024. We messaged earlier this year that the business was seeking to become more acquisitive and shift its focus to a growth strategy, with the ambition of growing the number of beds under our management. I'm pleased to say we start to see the shift in focus within the financials reported today. Turning first to the usual income statement highlights, revenue for the first half has increased 3% to GBP 42.4 million. This masks underlying growth and like-for-like revenue of 10.5%, which we will look into a little further shortly. Gross margin has continued to improve, with a 0.5 percentage point improvement on the first half of 2023. We expect this to moderate to 70% across the full year, with the second half of each financial year typically weaker due to the cost-heavy summer turnaround of academic years and its associated period of vacancy. Administrative costs have increased 9%, primarily in support of the group's growth agenda, together with the inflationary environment experienced during 2023, which is now fully impacting the period of account. This is in line with guidance given in March, with the increase best considered across two financial years, given the relatively modest increase we reported last year. Finance costs have increased 10% to GBP 9.9 million. This does include a non-recurring charge of GBP 0.9 million related to the recent refinancing, which, when removed, results in an underlying cost which is comparable with the prior period, with a higher weighted average cost of debt being offset by lower average drawn debt. EPRA earnings have been pared back by 4%, remaining at 2.3 pence on a per-share basis. For comparability, we have presented a company-adjusted earnings metric within these summary financials that removes the impact of non-recurring items, which, when doing so, results in an adjusted EPS of 2.4p for the first half, 3% ahead of 2023 on a steady state basis. We set out a minimum dividend target of 3.5 pence in March, with dividends paid and declared for the year to date in line with this target, 8% higher than for the same six-month period last year. We will continue to target this minimum payment and will, as usual, revisit in the fourth quarter following the start of the new 2024-2025 academic year. This chart breaks down the key components of revenue and its evolution from the first half of 2023.... With strong occupancy in both the current and prior years, the 3% increase in revenue to GBP 42.4 million includes: firstly, like-for-like growth of GBP 4.4 million, or 10.5%. This follows the strength of last year's sales program and the benefit of dynamic pricing. This was offset by the disposal of 8 non-core properties that had contributed GBP 2 million in aggregate to income in the first half of 2023, together with the impact of capital refurbishment works, which further reduced revenue by GBP 1.3 million. The largest of 4 refurbishment projects which impacted this first half was the closure of our 173-bed property in Southampton, which has undergone a full room refurbishment, incorporating expanded amenity, alongside fire, safety, and decarbonization work. As the income returns from September, we have secured a rental uplift of over 50% when compared to the property's pre-refurbishment year of operation. Notwithstanding market rental growth, which has been captured, this performance has surpassed our expectations. On an annualized basis, we expect these 4 refurbishment projects to deliver incremental income growth in excess of GBP 1 million. Now, on to the balance sheet. EPRA NTA per share has increased 1.7% to 122.8 pence, the increase being valuation-led following a net 1.3% like-for-like increase. This is inclusive of increased purchaser's cost adjustments of GBP 26.5 million, which reflects the removal of Multiple Dwellings Relief in England and its anticipated removal in Wales. On the assumption this legislative change had been in effect at the start of the year, the portfolio's underlying like-for-like growth would have been 3.8%. We continue to hold comfortable levels of liquidity with over GBP 40 million available. With this point in the year typically being our tightest, given our cash flows are disproportionately weighted towards the start of each academic year. Borrowings have increased a little over GBP 40 million to GBP 398 million. The increase resulting from refinancing, acquisition-related activity, and the good progress made on our CapEx plans. Higher overall drawn debt, combined with lower cash reserves held at this point in the year, has increased loan to value by 3 percentage points to 33.8%, still remaining comfortably within our target range of 30%-35%. Finally, NAV growth and dividends paid has delivered a total accounting return of 3.2% for the period. This compares to 3.1% in the first half of 2023. This next slide bridges the evolution of net asset value, highlighting its key value drivers. EPRA NTA grew 1.7% to 122.8 pence per share. EPRA earnings of GBP 13.6 million have added 2.3 pence per share, with valuation gains adding a further 2.3 pence. The payment of quarterly dividends has returned 1.8p to shareholders so far this year. Although underlying yields have remained stable in the first half, with academic year 2024/2025 income growth captured, the portfolio's overall net initial yield has tightened 10 basis points to 5.4%, with reversion back to 5.5% in September. Next, on to debt. During the first half of the year, we completed a GBP 125 million, 7-year refinancing, which consolidated 4 small near-term facilities and removed material refinancing risk until 2028. These facilities were held at floating rates, so we haven't seen a significant increase in the average cost of borrowing as a result. The facility provides for a significantly lower ICR covenant, allowing greater flexibility with respect to the facility's security pool. We now have over GBP 100 million in ungeared assets available. Weighted average maturity has been extended to five years, with 95% of drawn debt now either fixed or subject to an interest rate cap, providing some benefit should interest rates continue to decline. This slide provides the usual snapshot of our CapEx plans. Here we set out the three key buckets where CapEx was planned for investment over a five-year period through to the end of 2025. Good progress has been made during this first half, with over GBP 18 million invested across these three key CapEx projects. Firstly, refurbishments. Over GBP 8 million has been invested in the first half, primarily in respect to our Southampton property, discussed earlier. In total, our 2024 works program anticipates the refurbishment of 350 rooms, all of which are expected to comfortably achieve our target IRR threshold of 9%-11%. GBP 8.5 million has been invested in our fire safety works program, with 70% of the portfolio now EWS1 certified. We remain comfortable with the overall cost of this program, with a pound-for-pound deduction for the residual cost of these works, fully reflected within valuations, and therefore, net asset values. GBP 2 million has been invested in green initiatives so far this year, with good progress made on our two key objectives of improving energy efficiency and decarbonizing the portfolio. EPC-B or better ratings now exceed 60% of the portfolio, with 25% by area having been decarbonized on-site. Now, on to the outlook for the remainder of this year. Having sold over 90% of our rooms, confidence exists that we will secure occupancy rates in excess of 97%, in line with our target for the forthcoming academic year. Guidance on like-for-like growth above 6% is anticipated to be met. Costs remain in line with earlier guidance. As reported in March, our historic energy hedge rolls off from September, and we have been selectively securing energy price fixing beyond 2024, and expect revised pricing to result in an annualized GBP 2 million increase in operating expense. This will temper the rate of improvement in gross margin across the next 18 months, until this cost is fully reflected. Finance costs remain in line with guidance at 4.6%, with downside risk now largely protected. Finally, the board remains comfortable with earlier guidance in respect to the dividend and continues to target a minimum dividend of 3.5 pence per share for 2024, and this will be revisited in the fourth quarter. That brings to a close my part of this morning's presentation. Thank you for joining us, and I'll hand you back to Duncan. Thank you, Donald. Academic year 2025 applications data from UCAS shows continuing solid demand for U.K. higher education. Whilst total undergraduate applications reduced slightly by 1.6%, they remain 3% above pre-COVID 2020 levels. Within this, applications from domestic mature students, often doing teaching or vocational study, which are not our target customer, have reduced by nearly 5%, whilst applications from domestic 18-year-olds have increased 0.6%. It's these who go on to become our future customer base. Importantly, our portfolio focus on top-tier higher tariff universities is validated as applications to these have grown by 0.4%. Lower tariff universities, however, where we have focused our disposals, have declined by 3.7%. Within the international group, as reported in the media, there have been some significant reductions in student visa applications in quarter 1 2024, with India down nearly 14%, mostly as a result of the withdrawal of dependent visas. However, there's still huge growth compared to pre-COVID numbers. Even more striking is the 30% drop in Nigerian applications for the same reason, mostly to lower tariff universities. While this has affected the overall student visa application numbers, it's had negligible impact on our business, as we focus on single occupancy customers, not those with dependents, and on top tariff universities. Overall, undergraduate applications from China are up 0.5%, and the number of Chinese customers within our business has grown. Despite the overall U.K. drop in Indian student applications, we have a record number of them booking with Hello Student. We're also encouraged by the support for international students announced by the new government. The Secretary of State for Education said in a recent speech, "Be in no doubt, international students are welcome in the U.K. This new government values their contribution." With demand for our product rising yet again, and with accommodation in short supply, we expect to be effectively fully booked again. Let me remind you of the key strategies for the business that have remained consistent for the last three years. We've made great progress on each of these, but today I'll focus on some in particular to explain the advances made. In March 2021, we told investors we had a three-year disposal program to get the properties in line with our strategic focus on customer experience, high quality, clustering for operational efficiency, and a location focus on prime and super prime strategic top-tier university cities. With a further GBP 14 million secured from disposals, more city exits achieved, and with just 3 remaining sites under offer, the disposal program is now considered complete. However, as part of continuous prudent portfolio management, we'll continue with a modest level of disposals, leading to further city consolidation. Today, our portfolio is 95% located in prime or super prime real estate locations, and 87% are aligned to our target top-tier universities.... This will grow higher as we continue to invest in our successful clusters. We're now at the stage of looking at our portfolio from a growth perspective to increase scale, grow our EBITDA margin, and further enhance returns. We have three key strategies for growing the returns from our portfolio and its current scale. Firstly, delivering IRRs of 10% or more by acquiring operating assets, which enhance the margins of existing city clusters. We've recently bought such a site in Glasgow. We've more than 300 beds like this under offer. Secondly, transforming our existing assets through refurbishments with a 9%-11% IRR investment threshold. We have more than 500 beds planned for refurbishment in 2025. And thirdly, delivering strong IRRs of 12% or more through developments or planning enhancements. We've recently submitted development planning applications for more than 300 beds across the portfolio. We see many market opportunities for these growth strategies, which we will pursue to bring excellent returns. I'll go through a couple of examples to illustrate them. We've presented case studies previously showing how increased clustering in cities such as Bristol and Edinburgh has enhanced the entire city margins through operational and customer acquisition synergies. To date, cities such as these have our highest NOI margins in the group, typically 10 percentage points above the average. This example shows our latest acquisition, Claremont House in Glasgow, where we expect beneficial performance across all the other 440 beds in the city. A 94-bed building, acquired recently, sits comfortably within a 10-minute walk of our existing cluster. And whilst as a standalone acquisition, we expect 10% IRR, it also has refurbishment potential, and its wider impact will drive up margins across the whole cluster. Brunswick House in Southampton was closed for academic year 2023-2024, and a full program of fire safety EWS work, green investments, increased amenities, and upgrades, including reconfiguration of rooms, has been delivered. The result is a very high-quality site in a successful university city that's delivering a greater than 50% rental uplift. It's expected to be full at its reopening in September and to comfortably achieve our IRR threshold. Since we started the refurbishment program in 2021, we've delivered over 800 upgraded rooms, all within our threshold, 9%-11% IRR, and a spend to date of nearly GBP 30 million. We're increasing the pace, and in 2025, plan more than 500 beds, while continuing to incorporate our green investments at the same time. We believe the significant opportunity for our tailor-made proposition for postgraduates that make up 29% of all U.K. university students. It enables us to extend our relationship with existing customers and leverages communal facilities and services provided in our existing Hello Student Hubs. Our pilot Postgrad by Hello Student sites have been successful, and we have a further 16 sites comprising nearly 1,200 beds that we aim to convert, making up 17% of our portfolio. We have around GBP 190 million of existing sites that already are, or we believe could be, converted to postgrad at a conversion cost of approximately GBP 40 million. In addition, we see many acquisition and development opportunities, mostly for the type of real estate few other businesses want. Office space, retail stores, dilapidated residential flats are examples that suit us well, with only modest competition for acquisition. In order to exploit these growth opportunities, especially the accelerated rollout of postgrad, we're currently in exclusive negotiations to agree the terms of a joint venture where we would take a 20% share. Both parties are at pivotal decision points and will keep investors informed of progress. With in-house revenue management, marketing, and dynamic pricing, our operating platform has consistently delivered improvements in revenue occupancy and like-for-like rental growth over the last 4 years. We're very pleased that revenue occupancy for academic year 2022-2023 and 2023-2024 reached 99%, ESP records. We delivered a like-for-like rent increase of 5.2% and 10.5% respectively, also records for ESP. Academic year 2024-2025 bookings have passed 92%, boosted by another record rebooker performance of nearly 24%, with more than half of the eligible students rebooking with us. Affordability means we must always remain competitive and offer good value. That record number of rebookers, at nearly 24%, despite rental growth, gives confidence that our customers value the premium Hello Student proposition. We expect to be effectively full again for academic year 2024-25, 3 years in a row. We're very aware that with rising rents, our customers expect an increasingly high quality experience and good value for money. Therefore, our drive for consistent high standards of service and delivering excellent, memorable customer experiences has never been more in focus. Better customer experiences drive higher customer satisfaction, measured as Net Promoter Score, and this in turn allows rents to rise sustainably. The greater number of rebookers shows our offer is attractive and good value. We're pleased that our Net Promoter Score has risen to +37, which is more than double the sector average for private halls, which are at +14. Our customer satisfaction score, rating us as good or very good, reached a record 87%, a full 8 percentage points above the average for private halls. We've improved check-in with a market-leading app, enabling us to settle in students in a fast and friendly way. Our customer app is making a significant impact on customers' ability to communicate with us and in driving up our service responsiveness. We've developed a new events and CRM program to further engage customers in our community, recognizing the cultural mix in our buildings and creating a homely, engaging, and fulfilling stay with us. These initiatives have been recognized by our customers, and we're delighted to be finalists for 5 different industry awards and have 20 of our team members recognized for outstanding service, all nominated by our customers. Great service is only delivered through capable, well-motivated people, and we continue to invest in them as a successful service organization must do. At a time when hiring is very competitive, there's a strong rationale for focusing on employee retention and development. We significantly improved these during challenging times, with internal promotions now providing nearly 60% of all non-entry-level vacancies. Having invested in communications, paid time off for charitable work and wellbeing programs, our colleague engagement is at more than 78%, putting us well above the average of all comparable size U.K. companies for team engagement. This has helped to keep retention at a very high 82% level, which in turn improves our customer satisfaction. In summary, our plans are focused on delivering continually improving, sustainable shareholder returns. Our operating platform is driving ever-improving performance with more opportunities ahead. Using it, we've delivered record revenue occupancies above inflation, like-for-like rental growth and good margins. Our Net Promoter Scores have reached +37, and this recognition allows us to drive further rental increases. We've completed the disposal program, and our LTV is prudent, protecting shareholder interests. Our proven cluster operational strategy and the successful launch of our postgrad product bring attractive growth opportunities. We have a strong pipeline of acquisitions and strong yielding refurbishments. We actively pursue growth, having acquired two new sites in H1, and are at a pivotal point in forming a new joint venture. Our commitment is to drive EBITDA through growth and leveraging our service and successful operating platform. We expect to pay a minimum dividend of GBP 0.035 this year, fully covered, with a view to increasing the dividend progressively. In conclusion, our transformation has substantially delivered and is generating the performance metrics that we promised. The opportunity ahead is to drive home the advantages gained and for us to grow. Thank you very much, and we're now happy to take your questions. Thanks. Thanks. Morning, John Cahill from Stifel. Thanks for a really thorough presentation and, really strong set of results, yet again. Just want to, you know, visit this question of the sustainability of rental growth. Obviously, the supply and demand factors are just baked in, and for investors and analysts, that's great. But the sort of problem is that, you know, the universities have no money, really, and they're providing you with students, and the students have got no money by definition. You know, if their parents start getting angry, you've got this possible toxic mix really where, you know, the government knows that by restricting rents, investment goes down. But that might not be enough to shield you from rent controls. And is this keeping you up at night? Thank you, John. It's a really important question, and I think one not just for this year, but into the future as well. You will see this year that we have been more constrained in our rental increases than we had in the previous year. Despite the fact that in the marketplace, CBRE predicts that by 2025, there will be a 650,000-bed shortage of PBSA compared to demand, which is an enormous shortage in a market of about 3 million students. So normal economics would tell you that there is plenty of room for rents to keep increasing because of that supply/demand in imbalance. However, we certainly believe that you have to be very cognizant of your customer base and affordability. Now, in our particular case, we are a premium product. We, as I've explained in the presentation, firmly believe that you cannot keep increasing rents unless you're providing an ever-increasing level of quality, both of service, but also in the type of facility. Hence, we are spending so much money on rents. What we've seen in places like Brunswick House, that I mentioned in Southampton, is when you spend appropriately and produce a very high quality product, rents, in that particular case, will increase 50% over the last two years. Because we're now offering a very different product than we were before, and providing you're offering good value for money, there are plenty of people in the premium category who still will pay an appropriate level for a very high-quality product, but it must be good value for money. We absolutely subscribe to the view, which I think you're suggesting there, that affordability must be linked to the quality of what's provided, and if those two things don't match, there will be an issue. Thus far, in terms of are we concerned about the a shortage of premium customers? No, we're not. I would also remind everybody that Empiric enjoys an enormous market share in the student market of approximately 0.3% market share, which means we are but a minnow in a very large market, and we believe there are enough premium customers for us to go around. Sounds great, thanks. I'll ask the other company the same question. Okay, just to be a bit more glass half full about this. Sorry, it's Robbie, Aberdeen. Sorry, you're approaching the autumn, and I was wondering, your marketing for the next academic year, do you have an idea as to sort of what sort of percentage increase you might start at, please? In terms of rental increases? Yes, please. Yeah, I think, we have opined on this before. So, we haven't made a decision yet, so that launch takes place in November, so we're still working the numbers. And of course, we haven't completed yet filling up for the 2024-25 academic year. So that decision will be taken towards the end of October, when we know where we're at for 2024-25, and where we look for 2025-26. But the guidance we've given before is that we would expect to be around about a couple of points above inflation, as a general benchmark. I can't say that will be the exact calculation, but of that order. And the reason for that is the level of increase that we are continue to invest in our estate. So by 2025, 2026, the 500 beds that I described for refurbishment will be completed. We expect to get rental uplifts for those. So we'd still expect to see rental increases in our business above the level of inflation, but not at the enormous levels of 10.5% last year, which I'll remind people was, in a background of very much higher inflation. So I think you will see those overall numbers temper, but we would still expect to outperform inflation. Thank you. Morning, it's Matt Saperia from Peel Hunt. Two questions, if I may. The first one, I think, Duncan, you mentioned record bookings from international students this year. Obviously, that's contrary to lots of press articles and data from various sources. Can you just sort of perhaps talk about particular geographies that are making up that record demand? And thinking about your platform, have you proactively gone out and done anything different this sales cycle to actually attract relatively more overseas students? Yeah, great question, Matt, and I think the reality is there's a lot of confusion in some of the statistics that have been bandied around of late. Let me just try and talk about one in particular. A lot of discussion, I referred to it in the presentation, has been made about visa applications. Now, I should say those are applications for visas, they are not applications for university places. And the confusion comes that the Home Office includes, in that statistic, all the dependents of students that are applied for to come in, as well as the students themselves. The very large numbers that were reported in the media a few months ago purporting to show something like a 40,000 drop in the number of international student visa applications, of which we understand 35,000 were dependents of students and not students themselves. Now, in a business such as ours, we have no dependents staying with us. We are a single occupancy business, as are most PBSA, to be fair. And those people who, in the past, brought dependents would probably stay either in domestic accommodation or in HMOs, for example, not in our area. However, the overall number of actual students in those visa applications, therefore, by arithmetic calculation, is only 5,000, which is a small drop. Those have come primarily from two markets, as I mentioned, India and Nigeria, where we've seen some fairly significant drops, and we think those are because the government, the previous government, removed the ability for students to bring in economic dependents, and they now can't do that, and that caused that level of drop, which was about 5,000 in total. Neither of those things have affected us one bit at all. Now, our experience so far is that whilst the U.K. market has seen a drop in Indian students, we've seen a surge in Indian students, implying that the kind of students who perhaps have not decided to come this year were not targeted at our kind of university cities and the type of accommodation that we provide. So for us, we've seen very strong growth in the Indian market. We've seen really good growth in demand from China, America, Canada, the Middle East, and from various Asian countries such as Malaysia and Thailand. So international demand has literally hit an all-time high in our business this year, and I understand it's confusing for people where they see reported in the media, those drops, but the two things don't necessarily correlate. Number of students and number of visa applications, not necessarily the same thing. Hopefully, that gives you a feel for it, Matt. Great. Thanks, Duncan. And another full-on question. The non-core asset sales are largely completed now. You've exited another two cities. Are there still cities within the portfolio where you feel like you are overexposed, or that you might want to exit? Yeah, great question. So as I've mentioned, we've got three remaining locations under offer at the moment, and those locations, we hope, will be completed in the not-too-distant future. And that will include some further city exits in that process as well. And then, as I mentioned, you know, we would regard that as being the completion of our disposal program. However, it won't be the end of disposals from the business. We will always, as any multi-site business should always do, will be completely under review of our portfolio on a regular basis, so that we are looking at how we can recycle capital from the least performing assets into the best performing assets. And that is a prudent, ongoing portfolio management exercise that we'll carry on in perpetuity. Super. Thanks. Okay, we have one question online from Elliot, CCLA. Good morning, Elliot. Your question is, "What are the non-recurring items in the EPS figure? Also, the GBP 900,000 of one-off finance costs, can you explain?" They're related, so the non-recurring item is the one-off finance cost of GBP 900,000. That relates to the refinancing. So, typically, when you take out historic debt, any residual arrangement fees need to be written off immediately. That this, of course, has created this GBP 900,000 pound charge in the income statement, and on a sort of steady-state basis, you shouldn't expect to see that happening going forward. Second question here has come in from Charles at Singer Capital Markets: "The results highlight higher construction costs, reducing supply growth. Your commentary, opportunities for growth, I think, highlighted a good supply of attractively priced buildings, and lack of competition for them to expand into. Can you reconcile these two thoughts? Yes, indeed. So we're talking actually about two different markets here. So typically, Charles, what we are acquiring are buildings that we repurpose from a previous use into PBSA. So a very good example is the building that we have bought in Bristol earlier this year, which is immediately next door, literally immediately next door to our College Green site, and its life to date has been partly a retail unit and partly city center offices. Those offices are now not in use. There are very few competitors to buy such development sites. In fact, the only competitor that we were up against to buy that development site was looking to convert it into PBSA, and rumor has it, as a result of that conversion, wanted to sell it to Empiric. And as a result of which, we made that acquisition, and we will convert that into PBSA, given planning permission that's currently in process. So we're trying to buy in markets that are not in current use for PBSA and convert them, and I'm sure you know, we've converted buildings such as hospitals, some churches, dilapidated residential units, a variety of previous lives, and repurposed them into PBSA. You're quite correct in saying construction costs are a constraint, also finance costs. Clearly, the cost of debt is a constraint on the market, and those are the major reasons why overall PBSA development growth has slowed over the last couple of years, and we are not immune from that. But I hope what you've seen is that as we convert these buildings into a different use, despite the cost headwinds, the rentals that we're able to attract mean that we can make extremely good returns on those. And I think our site at St. Mary's Hospital in Bristol, where we've made IRRs over 20%, has been a very good example of an excellent investment, despite all those cost pressures that you quite rightly refer to. If we have. I think that is the last question online. Yep. No further questions. And we have no further... Oh, yes, Matthew. Matt Norris from Gravis. On Slide 18, you map out the growth potential, so three pillars there. Can you just put some numbers to that? How much capital would you deploy, and where would you get that capital from, please? You want me to pick that up? Sure. Yeah. So Matt, in the CapEx summary I gave there, we've set out a plan to refurbish all of our rooms or sites that we don't believe are currently at the Hello Student brand standard. We've allocated GBP 36 million. You can see there that we've invested to date roughly GBP 30 million. We've got just over 500 beds left to refurbish, so that CapEx has been very much allocated for refurbishment. In terms of development and planning enhancements, here we're largely talking about two sites, one in Manchester, a large site that we have in Manchester, in fact, our largest site, which we're taking through planning at the moment, and we're seeking to refurbish the site and add a little over 200 beds to it. And also a property in Bristol that we acquired in the early part of this year, which is a former office building, and we're looking to convert that into student. That is gonna be relatively modest conversion cost. The site in Manchester is something very different. At the moment, it's just all about the planning play here, so the application is in, and we hope to hear before the end of the year. If you're successful, how much cash? On Manchester, it's a significant number. This will be upwards of GBP 100 million, so funding that will be something that we'll look at at the time, depending on the consent that we eventually achieve. That's not earmarked in our CapEx program at this point in time. With that, I think there are no-