Good morning, good morning to everybody, welcome to the Franchise Brands Interim Presentation 2026. Before I go any further, I will introduce myself. My name is Peter Molloy, I am the CEO of the business. I have been with Franchise Brands, in the group, for about nine years and CEO for the last two. I would also like to introduce Neil Miller, our new CFO, who joined the business about two months ago, I am delighted to welcome to the group, it significantly strengthens the executive team. Welcome, Neil. Thank you. In terms of an overview as the first half of the year, what we saw was a return to growth, driven primarily by things that we can control and some self-help initiatives. What we did not see was any particular improvement in the macros in any of our geographies, probably with the exception of the States where it remains strong. Across the group, record system sales in our three B2B divisions. In some businesses that was a modest record, but nonetheless a record. Exceptionally strong performance in Filta International in the States, helped by the increased price on the used cooking oil and expansion of the range of services. We are making good progress with our strategic plan of becoming a B2B franchise business and focusing on those core markets. The One Franchise Brands initiative that we have been working on for about 18 months is progressing well, we are starting to see some initial benefits coming through from that investment and that work that we have been doing. As I have already touched upon, strengthening the management team with Neil joining the group and Andrew, our former CFO, reverting back to his more commercial role. In terms of the business and just reminding people of the strategy, as I have said, we want to be a B2B franchise business, a more simple, connected group. Underneath that then there are key elements to our strategy, which is clearly growing sales, we have a well-established playbook for that, which is centered around the expanding of the range of services, working in new sectors, developing the CRM to help us drive that. Spending smartly is a key element of that, you'll see a little bit of evidence where we can demonstrate that in the first half of the year. Collecting cash and remaining a very strong cash generation business is key to our strategy. Allocating the capital, whether that's reinvesting in our organic growth, or paying down debt, or helping our franchisees develop their businesses. As a very high-level look at the first half performance, as you can see, system sales increasing by 6.7% and adjusted EBITDA at almost the same level, resulting in an almost 9% increase in EPS. Debt coming down GBP 9.2 million over the last 12-month period leading to a 1.5 leverage, which is down from 1.8 at the same time last year. A strong cash conversion and continuing cash conversion at 81%. Neil will go through in more detail, the finances later in the slide deck. When we look at our businesses, one of the things that we look at is what drives it, we're a resilient business for many reasons. All of our customers have similar characteristics. They all have assets that need to be used and utilized. As they get more used, they're susceptible to failure or need maintenance. We make the operational response through our 218 B2B franchisees, which generate system sales. That resilience is really underpinned by the 1.3 million jobs that we do per annum at a very modest average order value of GBP 340. An inbuilt resilience within our market, in some cases where we can outperform GDP in geographies and certainly outperform that in territories run by our franchisees, we'll demonstrate some of that in a moment. One of the things that we talk about in Franchise Brands is as they grow, we grow, our job is to try and help the franchisees build their businesses. What you can see is in the first half of the year, a 9% increase on year-on-year average value for a franchise business, average tenure of 11 years within our franchise group and our franchise partners, that's a blessing and a curse. The blessing being that it is a really good business to be part of, we've got longevity of franchise partners. Equally, sometimes our partners are here too long, they need to move on at the end of that tenure, we're acutely aware of that's why we look at the churn within our franchise groups to make sure we've got the right level of commitment and enthusiasm from our franchise partners. The B2B franchisees in growth, 73% in growth, 50% of them growing by more than 20%, I'm sorry, more than 10%. What that tells us a number of things, if you look at their growth compared to the overall year-on-year average at 9%, what it demonstrates is that franchisees are much better at running operational businesses than we are, that really allies with our strategy of ensuring that we are entirely a B2B franchise business. Helping our partners acquire and retain customers and spend. In the first half of this year, 7,000 new customers traded with the group, 56,000 customers overall. More importantly, I think, is the retention rate within our franchise businesses. Pirtek had a plus 90% retention rate of customers, Metro Rod and Filta are 80%. Why is that important? It's really important because although in some of our businesses, the sectors in which we operate are depressed, what we need to be is the supplier of choice when those sectors grow and start to come back. Being retained by those customers and ensuring we're their first choice is really critical to our strategy. One Franchise Brands is the initiative that we launched just under two years ago, and it isn't simply a technology strategy, although some of that underpins it. It is much more about becoming a connected group and sharing best practice. In terms of integration, where are we at today? The works management system is currently being tested in the Benelux. If that passes test, that will be rolled out in the Benelux in August. We will roll that out in Germany, in Pirtek, and in Pirtek UK in H2, and that will roll into 2027, when we complete the rollout. In terms of the finance system, NetSuite, that's fully deployed across our B2B businesses, and what we're seeing there is some benefits coming through, but I think it's early days. We've virtually completed the implementation phase, and the second half of the year, we'll be looking at process improvements and efficiencies. In terms of the CRM system, HubSpot, again, fully deployed across the businesses. Again, what we're seeing there is some better quality information to inform our decision making, and in particular, to be able to track customer trends and also to see when we pilot an initiative, what that looks like and what information we can garner from that to decide whether we continue with an initiative or pause it. What you're seeing is a couple of things in the early part of the One Franchise Brands strategy. The admin costs reducing by 0.6%, which is clearly a positive indicator for us. What we're also seeing is an improvement in vehicle utilization, and in part that comes from the systems, but that also comes from a real focus on helping our franchisees improve the productivity of their engineers. As I touched on earlier, really strong cash conversion at 81%. Talking on Pirtek particularly to begin with, as I said right at the start of the presentation, what we haven't seen is any improvement in the macros. Really, the 2% system sales growth at just under now GBP 100 million has been derived from an expansion of range of services, a modest price increase with some customers, but also entering new sectors as well, where the average order value is slightly better for us. Expanding those sectors, particularly in marine, quarrying, and rail, have helped offset some of the decline or the continued decline in plant hire and construction. 2% increase in system sales and an equivalent increase in adjusted EBITDA. What you can see there is that 5% increase in the average order value. One of the things that we wanted to try and do was reduce the cyclicality of the Pirtek business, and one of the important areas of focus is now to try and increase the percentage of the planned work that we undertake, so it is less volatile and it's much easier for us to forecast. As we go forward into H2 and beyond, we will have a focus in particular on our total hose management service, where that is essentially, it is inspecting and ensuring we fully maintain the hoses on machinery or in manufacturing plants, giving us better lifetime value and certainty from those customers. Overall, against, as I say, an unchanged macro environment, a fairly satisfactory performance in Pirtek in the first half of the year. In terms of Water and Waste, our input into Water and Waste is much more mature than it is in Pirtek, and that starts to come through in some of the stories on this slide. A 6% increase in system sales overall in the division. Underlying that was a 10% increase in system sales in Metro Rod, which is really encouraging. As you can see, the average order value has increased substantially to 18%, and that range of extended services has also increased from 40% to 44%. Why I say the strategy is much more mature, Metro Rod was a rodding business to begin with. We then built out tankers, we then built out pumps, and now we're building out lining. That playbook is the same playbook that we are utilizing both in Pirtek and in Filta in the U.S., and you will see some of the benefits of that in the U.S. shortly. Equally here, in terms of shared customers, one of the things that we've discovered is it's more challenging to share customers across brand, say from Pirtek to Metro Rod, but it is slightly easier to share customers within a common division. From Willow to Metro Rod, for example. What we're seeing now is that 27% of system sales are from customers who buy from one or more of those brands, and that's an 18% improvement since 2023. Wrapping up in terms of Water and Waste for the half year, higher average order value, broader range of services, and better productivity. Filta International, the standout performer in the first half of the year. System sales up by 20%, adjusted EBITDA up by 40%, and there are a combination of reasons for that. We've clearly benefited from a very buoyant used cooking oil price. The used cooking oil advantage that we had wasn't just based on price. We also improved the volume of collection by 16% as well. We also benefited from the introduction of a new service, and that introduction is being reflected at the moment in the licenses that our franchisees bought from us as we rolled out the FiltaClean Pro service. That is franchisees fueled investment, and 53% of those franchisees have now signed up to deliver that service. What we need to do with that now, and our real focus for the second half of the year, is take those license fee sales into system sales. What gives me real encouragement is that level of franchisees that have bought the licenses, but also the opportunity to enter into new sectors. On the quick service restaurants, it is not really been a sector that Filta have serviced over the years because they simply take away the oil and then refill it with virgin oil as opposed to filtering it. There is a high demand for commercial kitchen cleaning, particularly with the ceiling clean that we have introduced as well. A very strong performance in the first half of the year from Filta International and optimistic that that will continue. We look at our business and we talk often about resilience and one of our ambitions is to grow our profitability, or have our profitability equally shared in North America, in Europe, and in the U.K. What you can see here for the first time, certainly in my time in the business, that the U.S. is now greater than Europe in terms of profit generation. That international diversification also gives us inbuilt resilience, where we operate in different economic cycles. We have essential demand from our customers. All of our customers have got really similar characteristics. We have got that local execution, 218 franchisees operating across the divisions. The largest franchisee in the group represents less than 3% of system sales, and the largest customer is less than 1% of system sales. Not dependent on a single franchisee or single contracts or usually exposed to a particular customer. Then clearly the opportunity for growth as we start to expand our business, maybe through acquisition. We get asked why multi-brand and why not a single brand. I think the answer is fairly straightforward from our point of view. We can leverage the group's resources and infrastructure and ways of working right the way across the business without having to do it multiple times. If you look at the support of a shared group infrastructure in terms of CRM, one finance, one works, one procurement, whatever it might be, we need to develop that once and then be able to share it because, as I say, we have got similar characteristics in a lot of the businesses. One of the benefits today, cross-selling, reduced costs, increased sales. Benefits for the future, a more simplistic acquisition in terms of absorbing that business into the existing platforms and then monetizing that much quicker than we have experienced in the past. That multi-brand strategy really works for us, as I say, where we have got the same types of characteristics in our franchisees, which is man-in-van management franchise with an element of a reactive service. That is an overview from my perspective in terms of the operational performance of the business in the first half. I want to hand you over to Neil, who will take you through the financial elements. Thanks, Peter. Let me welcome everyone. It's great to have you with us and wish you a very good morning or good afternoon, depending where you're dialing in from. As Peter said, I joined the business a couple of months ago and been really excited to join and spent the last two months getting to know the business, getting to know the people and the teams, meeting some of our franchise partners, and really going up the learning curve. Just sharing a couple of insights from my first sort of two months in the business. I think there's a really strong culture in the business and a culture that's entrepreneurial, and really wants to drive growth and deliver the expectations for everyone, whether it be internal to Franchise Brands or most importantly with our franchise partners. Secondly, the financial health of the business is very strong. We've got good organic growth, high levels of profitability, good cash generation, and lowly geared and continuing to deleverage as we go forward. I think that the financial health of the business is very strong. Thirdly, I've not worked in franchising before. My experience has mostly been in manufacturing business. Understanding that franchise model and the upside potential of having, for our B2B franchise business, 218 franchise partners who are all entrepreneurs who all want to grow their businesses. As Peter's slides say, we've got 70% of franchise partners in growth. We've got 50% of them growing above 10%. I think my insight from that, when I've met some of them, is they will out-compete a corporate in their same market, in their patch, and our job is to support them, and how do we get them to grow quicker. I think there's real strength in that model. Opportunities from the early insight that I've had, I think in areas that I'll be focusing on as we go forward, I think there's more cash that we can squeeze out from working capital and getting that working capital management working a bit better, and that will always go towards our capital allocation strategy and putting deleverage at the top of the list of that. Secondly, building on what Peter said around the One Franchise Brands initiatives within NetSuite, which we finished a rollout in finance, and looking to use that to firstly improve our transactional processing efficiency within finance, but also how do we get better data and insight to support the decision making within the business. Those are some of the areas that I'll be focusing on. Moving forward to talk about the results for the first half of 2026. On the top line, growing really nicely at 6.7%. I'd say Pirtek really driven by Pirtek UK and Benelux, and looking to accelerate that growth as we come into the second half. Water & Waste Services with Metro Rod growing at 10%, being the big driver within that. Willow Pumps is declining at 5%. A lot of that is around phasing of big projects. Where we've won a contract, and actually it's the partner, our customer that is not ready to really commission that work and put that through. We hope that's going to come through in the second half, but that's been some delays, but that's very much sort of from the customer side rather than anything to competitors. As Peter's already talked about, Filta International, the standout performer, growing at 20% in GBP, 24% in dollars. Really importantly, underlying system sales growth at 14% or 16% in USD, and supported by the used cooking oil growing on top of that. Again, about 25% of that growth is coming from volume and collecting more, and that's through investments we've had with our franchise partners, supported by the higher used cooking oil price. Our B2C business is declining at 8%, and really that's the continuing trend of attracting and retaining the franchise partners. Moving on to the adjusted EBITDA, and I think there's already a question come through on this, but we'll be explaining this anyway. That's not all dropping through in the first half, all that growth in the top line, not all dropping through. They're for various reasons, which I'll explain. When you compare six months on six months, you've got some sort of one-off or things that will phase out over a 12-month period that are not repeating in the first half of this year versus the first half of last year. One of those being franchise territory sales in Pirtek, which we had in the first half of last year. We would expect those to come through in the second half, but that didn't happen. That's why that's a sort of a depression in the profit, six months on six months. That's why it's not all flowing through to the bottom line in this six-month period. I'd expect that to unwind in the full year. On the other side, we have got really good cost control and the businesses that are not performing as well, that's not dropping through to the bottom line. You see that in Willow and in Filta UK in Water & Waste Services, that they're very much not letting that top line go fall through into an EBITDA decline. They're using cost control to offset that. The big one is Metro Rod, where we have seen profitability not in line with the previous year, despite a 10% growth. The main reason for that is the way we've allocated some fixed costs, that in 2025, that allocation was all in December. Whereas in 2026, that allocation of cost, which is roughly like for like, but that's spread in every month. That's the main reason why the top line growth isn't dropping through to the bottom line. Currently, that'll completely unwind by the end of the year. The second effect there is, as Peter talked about, the growing of additional services. This is around tanker work and around pump work, which to support our franchise partners in these more capital-intensive services, we give them a lower MSF, lower franchise fee for those services. As they grow, it slightly dilutes our profitability, but we definitely get the return on that through top-line growth. Filta International, again, moving forward very strongly. Underlying profitability is there, supported by the used cooking oil, both volume and value, and by the sale of those licenses for the Filta Clean Pro. There are some sort of non-repeating things there where we had franchise sales in the first half of last year, which haven't happened yet in the first half of this year. They will come in in the second half. Similarly on equipment sales. There where we did a big push on equipment sales pre-tariffs in 2025, that hasn't really repeated yet in 2026, but we'd expect to see that pick up. Despite the really strong performance, there are other areas that we expect to come in that would offset any one-offs in the first half. Really, when you look at fixed costs, what we're focusing on is our total fixed costs. Total fixed costs for the first half are GBP 25.4 million. That was up GBP 0.3, so only up 1%. Really, when we look at our operational gearing, we want to bring that down as a percentage of system sales. We made a good step forward on that in the first half of the year, and now it's at 11.1% of system sales versus 11.7% in the first half of last year. That's where I'd expect to see our overheads grow, but at a lower rate of growth compared to system sales growth, and see the benefits of operational gearing coming through. Talking about cash flow for the first half, very positive cash flow and cash conversion 81%. We do have some outflows from working capital, which is mostly around phasing. We have some big one-off payments for group costs, for things like insurance and for some of the IT license spend, which goes out in the first quarter. That will unwind as we go through the second half, and that's what you've seen in previous years. On top of that, there has been some support to our franchisees through some extended payment terms, for example, of the FiltaClean Pro licenses that Peter talked about, that are on slightly extended payment terms. The profit is sitting in the EBITDA, but that's sitting in working capital for now. That cash will flow in as we go forward. Low capitally intensive, only GBP 0.4 on net purchases of plant and equipment. We do see it's probably the sort of peak outflow from the One Franchise Brands IT project, GBP 1.7 million, as we've got the cost of implementing CRM, the cost of implementing NetSuite, as well as the build-out of the works management system, which is going to go into the rollout phase as we speak. That will unwind. That will get lower in the second half, and then further step down in 2027, and to completely stop there. Good progress on deleverage. We are at GBP 2.7 million versus opening balance, GBP 9.2 million versus this time last year on the leverage, and interest paid at GBP 2.1, that's a 16% reduction versus the same time last year. Continuing that capital allocation that we've said, and supporting a progressive dividend. Really this is confirming we are on track versus market expectations in terms of net debt and our leverage ratio, and we're continuing to see that coming down over the next couple of years. Then confirming our capital allocation priority. In areas of my focus in terms of how do we generate more cash, through the profitable growth that we're seeing in the top line, which is really where all of our focus is in supporting our franchise partners to grow. When they grow, we grow. Driving that operational gearing of how do we have a lower growth in our fixed costs compared to the top line growth. Working capital discipline, where I think there's some opportunities to improve. We don't have a big working capital position but I think an area where we can tighten up. Driving non-core disposals and using all of those proceeds to continue to deleverage, invest in the core business, and in our One Franchise Brands platform. That not only is the right thing to do for the short term, but creates the platform for future acquisitions as we move forward. Supporting a progressive dividend policy, and the dividend growing in line with EPS growth. Share purchases, which we'll use to offset the option dilution that we're seeing through share options granted. Really, as we look to the outlook for the second half of the year and beyond, we are seeing the benefits of the business model with the sort of resilience in the industries we serve and the services that we give. We see that there's significant growth opportunities through expanding that range of services and supporting our franchise partners to grow. Our strategic initiatives position us well to continue to drive system sales and control costs, whether that be on the top line or whether that be through the things like the One Franchise Brands programs to control our costs and drive operational gearing. As we've been very clear, we're not seeing any help from the macroeconomic environment in the first half, and we're not expecting that to change in the second half. We are not assuming there will be any tailwinds coming through, and we don't really see those coming through in the second half of next year. As and when they do, they'll be built into our forecast, but at the moment, we don't think that they will be helping us. Highly cash generative franchise models continues to build that capital allocation and continues to build the deleverage and the growth in our dividend. Really, the actions we're taking are underpinning the confidence in the market expectations that are out there, and that's where we're guiding for the rest of the year. The final slide is really just to reiterate the investment case and really building on all the words that Peter has said at the beginning, is we've got market leading franchise brands, seven across 10 countries, and that gives us diversity and robustness in our model. Resilient, essential services is the core of what we do in man and van services, that things need to be repaired. Although we're building out where we can in terms of planned services as well. Significant growth opportunities. We've talked in the past about the maximum potential model and how do we help all of our franchisee partners grow and maximize their opportunity. Highly cash generative, leading to de-gearing and paying down debt as we continue to allocate our cash towards that. Operational gearing gives us a great platform to be able to build and grow without having to put lots of overheads in, and a highly experienced team with deep franchising experience. At that point, that concludes the presentation, and I'll hand back to Lily for the Q&A session. Peter, Neil, thank you very much for your presentation. Ladies and gentlemen, please do continue to submit your questions just by using the Q&A tab situated on the right-hand corner of your screen. Just while the company take a few moments to review those questions submitted today, I'd like to remind you that a recording of this presentation, along with a copy of the slides and the published Q&A, can be accessed via Investor Dashboard. As you can see, we have received a number of questions throughout today's presentation. Peter, could I please ask you to read out the questions and give responses where appropriate to do so, and I'll pick up from you at the end. Thank you, Lily. The first question, it's from Marcus H. I think, Neil, you covered it off in your presentation, which was: Why was there a gap between the development of system sales and gross profit in Pirtek and Water and Waste? I think just to reiterate, Neil, some of that will normalize in H2, and it's a timing issue, particularly in Metro Rod. Is that fair to say? Yeah. Yeah. Okay, again from Marcus: What about the potential divestment of B2C and/or other businesses, and how far is that process along the way? I think it's fair to say that we are making progress. We've outlined our strategic ambition to be a franchise business and the non-core DLO businesses don't really fit within that strategy. I think the easiest way of answering, Marcus, is to say we are making progress. Then from Henry W.: Metro Rod, what do you mean by 44% of extended or expanded range of services? Henry, it's really about away from the non-core drainage work that we do, the normal drain unblocking. As Neil touched on, it's more capital investment from the franchisees or capital intensive. It is tankers, it is drain lining, it is pump work, which attracts a lower management fee. It's important that we understand what proportion of sales that is, and in part it talks to that gap between system sales and EBITDA in Metro Rod as well. It's a different measure away from the core business of straightforward drainage. Again, from Henry W.: FiltaClean Pro currently accounts for about 8% of system sales. What revenue contribution should we expect going forward? I think the easiest way of answering that is that we would expect to see an increase. What gives me confidence in that is the enthusiasm of the franchisees that have taken up that service, but also that expansion into other sectors where we've not been able to operate previously. I wouldn't mind us proportionally stay at 8% as long as we were growing the business much more rapidly. I think the short answer is that we expect it to increase, I think slowly in 2026 with an acceleration through 2027 as we start to establish ourselves in that market. From Marcus H.: Are there any more structural factors for the high cooking oil price, or will that likely normalize again when and if the Iran war is over and oil flows normalize? Neil, do you want to take that? There's a second question about what drove up the used cooking oil price. Okay. Half 1 and what is the assumptions for half 2. Yeah. I think there is a broad correlation between used cooking oil price and mineral oil, although there are many other factors that affect it on top of that. I think the first thing to do is, I think our sales are about GBP 16 million in the first half from used cooking oil. It only makes up 7% of the overall system sales of the business. Although it is a factor, it's not a material factor ongoing, and as we grow the rest of the business, it will become less of an impact. I think what we are seeing within that marketplace also, there are factors that influence that in the U.S. They've banned the import of used cooking oil from China, so that's putting more demand. As well as in terms of the supply side, on the demand side, that demand for biodiesel and using that into some animal feeds as that is affected by other things as well, it means that market is buoyant on its own without the mineral oil price change. We have seen it go up. I think on average for the first half, our internal price was GBP 0.53 a pound. It exited at a higher rate than that. We are not expecting it to continue at that high rate, but we think half year on half year, the price will be pretty much the same, as those macro factors within that market will continue in the second half. Also kind of repeating what we said before, I think some of the growth in that market has come from things that we have done to supporting investment with franchise partners into bigger collection tanks, and when you collect, when you put those tanks in, the oil volume will come in, and that has gone up half year on half year, and we will expect to see that continuing. There are a number of factors within that, and it is not simply just it will follow the oil price kind of up and down. I think for the second half, we think it will be roughly in line with the first half. Thanks, Neil. Another question in here from Steven R.: How much potential do you see in the U.S. market for growth? I think significant is the honest answer. We have touched on the FiltaClean Pro program that we have launched, but equally, we have about 30-35 territories which are vacant, which we would class as B and C type territories, where they are sustainable for a franchisee in maybe a three or four van operation, but possibly not in a 15 van operation. One of the advantages of FiltaClean Pro launch is that makes that much more attractive in those territories, as opposed to just focusing on filtration. I think the other area that we see as well, and I think when we acquired the business, two-thirds of the work in filtration came from hospitality. That is now about a third of the market share that we have. We see expansion opportunities in other sectors, in education, in healthcare, in stadia. I think the short answer is that we see significant opportunities in the States going forward. Just let me have a look. A question here, "How are the franchisees performing? What drives the top-performing franchisees, and how do you improve the overall performance of the network?" I think some of it is cyclical in terms of franchisees. In answer to the question of how do we monitor and improve that performance, one of the things that we use is the maximum potential model, which effectively identifies the best of the best within our franchise network. We understand what they are doing, and we try and educate our other franchisees, in terms of what needs to be done in their business to improve that performance. As I said earlier in the slide deck, 73% of the franchisees in growth, we've got to focus on 26% that need to look at their performance. It's a combination of things. As I say, it's a combination of us giving them help, them helping themselves, or indeed, deciding that the journey we're on is not for them. One of the other factors we need to do with that is look and make sure we've got the right pipeline of new franchisees coming in, not only in the U.K. and in the U.S., but also in Europe, where that's not quite as strong as the other two parts of the business. Another question, "How have you successfully expanded the range of services at Metro Rod and Filta?" I'll answer it in part, and then Neil can perhaps talk about the support that we give for franchisees in ensuring that they can expand quickly. I think in part it is proving of concept. If I go back to my early days in Metro Rod, it was about understanding what a tanker can bring, getting franchisees as advocates, and once the franchisees are listening to each other, that's like a snowball effect, and that starts to really drive the business going forward. Equally, on the other side of that is ensuring our sales and marketing is aligned to change the customer perception of our businesses, which is more than just a drainage service, or it's more than just a filtration service. It's a whole combination of things. Neil, do you just want to talk about maybe the below-market loans that we do in the U.S. as an example? Yeah. We will support our franchise partners to grow wherever we can, and one of the things we've been very successful at in the U.S. is looking at 0% loans. In the first half of last year, we bought a lot of equipment, pre-tariff, and then supported the franchisees with 0% loans in order to remove that as a barrier for them to invest in the business and grow the business. We've got a continuous record of getting that cash back and that being the right thing to do. We have done similar things in Metro Rod, and we'll always look to support our partners in anything that they're doing in the best way that we can to get a mutual beneficial output, and using the balance sheet in the right way. Just another example of that is something that's not direct, but we bank with HSBC, they are a big franchise lender, we can help connect them with financing as and when they need that. There are a number of ways we can do, but the bottom line being that we will support our franchise partners to offset any barriers they have to invest and grow the business. Just to build on that, Neil, I think it's a real advantage of the Franchise Brands Group. Not a lot of franchise businesses or franchisors adopt that policy. Using the power of the balance sheet to help expand our businesses, has certainly proved beneficial for us in the recent past. I think that's every question we've had submitted. Lily, if I can hand back to you. That's great. Thank you for answering those questions you had from investors, of course, the company can review all questions submitted today, we'll publish those responses on the Investor Meet Company platform. Just before redirecting investors to provide with their feedback, which I know is particularly important to the company, Peter, could I please just ask you for a few closing comments? First of all, I'd like to thank Neil for joining us here just two months in and giving such a comprehensive overview of the business. I think to reiterate really the message is that, what we've done in the first half of the year is a result of the strategy we've deployed over the past two to three years. It has been effectively controlling what we can control, helping ourselves where we need to do. I think against a backdrop of fairly weak sectors, a pretty strong performance. Going forward, we're being pragmatic with our numbers for the second half of the year against the backdrop that we don't see any improvement in those macros. If we do get some tailwinds, clearly those will be very welcome for us. Thank you everybody for joining today, and I wish you all a good day. That's great. Thank you for updating investors today. Could I please ask investors not to close this session, as you'll now be automatically redirected to provide your feedback in order that the management team can better understand your views and expectations. This may take a few moments to complete, and I'm sure will be greatly valued by the company. On behalf of the management team, we'd like to thank you for attending today's presentation, and good afternoon to you all