Okay, good morning. Thank you for being here. Welcome to G&H's full year results presentation for the financial year ended the 30th of September 2025. During the year, G&H made further positive progress with implementing the changes required across the business to deliver our strategic plan. I'm pleased to be able to report on the strong performance achieved in FY 2025 against the backdrop of a challenging macroeconomic environment. This is a testament to the progress the group is making, delivering sustainable margin improvement, and the resilience and depth of experience across our leadership team in navigating complex market dynamics. I would like to take this opportunity to thank our many valued customers and strategic suppliers for their continued and growing confidence in G&H. I would also like to extend my sincere thanks and recognition to all our employees around the world for their hard work and commitment during the last year. A year that was characterized by continual global challenges, many of which were unpredictable and require constant vigilance to address. The proactive way the G&H workforce has embraced the transformational improvement activity underway across the company has been excellent, and this will be a key driver for our future success. After a strong performance in the first half of the year, I'm pleased to report that the group made further significant progress in H2, despite severe supply chain constraints during the third quarter. Revenues for the full year increased by 10.7%, up to GBP 150.5 million, compared to GBP 136 million in the prior period. With aerospace and defense revenues growing more than 50%, industrial slightly down, and life sciences flat. I will take you through the performance by market sector in more detail later in the presentation. Full year adjusted profit before tax increased by 46.8% to GBP 11.9 million from the GBP 8.1 million in the prior year. During FY 2025, we acquired and have successfully integrated two strategic speed to value acquisitions, Phoenix Optical Technologies in North Wales and Global Photonics in Florida. Both strengthen our optical systems and thin film coating capabilities, and as part of G&H, offer sizable commercial synergies to the group. I will cover this in more detail later. The group's order book increased significantly during the year, particularly for aerospace and defense. All three segments saw year-on-year growth. At the end of September, it stood at GBP 142.3 million, up from GBP 104.5 million at the end of the prior year. It has continued to increase post year-end. G&H generated adjusted cash from operations of GBP 14 million compared to GBP 16.7 million in 2024, with net bank debt at GBP 29.9 million, following investments of GBP 10.1 million on acquisitions and GBP 7.5 million into strategic inventory during the year. The group's leverage ratio stands at 1.3 times. The board has declared a final dividend of GBP 0.083, giving a total dividend of GBP 0.132, reflecting the positive medium-term outlook for the business. Underpinned by our strategy, which is working to make G&H a better, more sustainable business, the board's expectations for 2026 are unchanged, and we are confident that the group will continue to deliver profitable growth in the coming years. Turning to slide 8. Industrial revenues at GBP 64.3 million declined by 3.3% on an organic constant currency basis from the GBP 67.9 million in the prior year. This was impacted by uncertainty from the fast-changing U.S. tariff regime that has delayed the recovery in the semiconductor and the industrial markets. Demand from our industrial laser customers was subdued, with revenues remaining broadly flat through FY 2025. While some early signs of a pickup in demand were evident towards the end of the year, we continue to watch developments closely and work with our key partners to assess demand-side changes. Offsetting these reductions to some extent, we saw further growth in revenue from the subsea data cable market, from next-generation advanced lithography platforms, and from other sensing systems. The ramp-up in build rates of our more complex fiber optic assemblies and modules has been enabled by the full transfer to our contract manufacturing partners of the build of our high-reliability fiber couplers, mainly for submarine applications, allowing our production facilities and skilled operators to transition to new higher value added work. Despite the reduction in revenue in this segment, adjusted operating profit grew by 18% compared to 2024, up to GBP 9.2 million, with margin up 280 basis points to 14.3%, driven by accretive new product launches and the continued benefits from our outsourcing manufacturing activities. Turning to A&D on slide nine. This segment now accounts for circa 35% of the group's revenues, up from 25% in the prior year, and it is expected to continue to grow in the coming years. Aerospace and defense revenues in 2025 were at GBP 52.4 million, up 52.1% compared to the GBP 34.5 million in 2024, and an increase of 27.2% on an organic constant currency basis. Through the focused deployment of our new strategy, I'm pleased to report that the turnaround of our A&D business is progressing well, and operating profit in FY 2025 was GBP 1.2 million compared to the loss of GBP 1.2 million in 2024, representing an operating profit margin of 2.3% and a 580 basis points movement on the prior year. This margin progression is expected to continue in the coming years through the continued execution of our strategy. The significant volume growth in aerospace and defense was underpinned by improved productivity and capacity at several of our facilities. A more focused go-to-market strategy from the business development teams in all regions and the introduction of a number of new projects moving into volume production. This was complemented by synergy benefits from the A&D-focused acquisitions of Artemis Optical, Phoenix Optical, and Global Photonics starting to gain positive traction, especially around advanced laser protection and our enhanced germanium fabrication capabilities that we can now offer alongside our superior optical systems. The performance in the segment could have been even stronger if it were not for the negative impact from the material availability challenge, challenges that we faced in the third quarter due to the restricted supply of germanium and other optical materials as a result of the retaliatory restrictions imposed by the Chinese government in response to the US tariffs. However, once our alternative non-Chinese supply chain came online in the fourth quarter, this was rectified. In the commercial aerospace market, demand for our ring laser gyro components remains particularly strong, and the group continued to benefit from the productivity improvements and the additional capacity we've added to meet this increased demand, primarily in our Moorpark facility. The A&D segment book-to-bill was 1.5, with a record order book of GBP 70.2 million, up 64% on the prior year, and this has continued to grow during the start of FY 2026 as we secure new orders for multiyear defense programs. Moving to life sciences on slide 10. Revenues in this segment were flat during 2025, impacted in H2 by the global tariff uncertainties and specifically by the disruption from government changes to the Food and Drug Administration in the U.S. Revenues from our medical diagnostics customers grew compared to 2024, thanks to strong end market demand for one of our healthcare instruments. We were also pleased to see the production launch of the first two medical devices during the year at our recently established life sciences facility in Rochester, New York. Due to the increasing competition that we are facing from low-cost Asian suppliers for Pockels cells for medical lasers, we implemented the decision to end of life the majority of our product lines in this market. These last-time buy orders have now been received, and will be delivered over the coming 18 months, at which point our Cleveland, Ohio, facility will transition to the further development of its capacity for the growth of crystals used both internally and externally by end customers for optical applications. Operating profit was slightly down at GBP 4 million compared to the GBP 4.6 million in the prior year, representing an operating profit margin of 11.9%. This was mainly due to the volume pricing on a specific medical device program, investment into the US, and ongoing competition on medical laser components. However, the medium-term outlook for this segment is positive and commercial activities over the last quarter have been encouraging. In June 2023, I announced our new strategy focused on delivering sustainable margin growth and explained the clear executable plan that we are following to deliver mid-teen returns over the medium term. G&H's strategy to become an innovative, customer-focused technology company delivered responsibly by making a better world with photonics continues to progress, and FY 2025 was a positive step forward on that journey. We remain laser-focused on ensuring G&H becomes and remains the first choice for all of our stakeholders, including our employees, customers, shareholders, our ecosystem partners, and the communities in which we operate. We will achieve this by offering differentiated performance through continuing to focus on the four key strategic priorities that are shown on the slide. Through our people, by creating a high-performance, purpose-led culture across the whole company, from self-help activities to improved customer experience and operational execution. Thirdly, through deploying our advanced photonics technology and technical know-how more effectively to accelerate our time to market for new products into commercially attractive applications. Finally, by applying greater discipline and rigor in the allocation of resources to deliver accretive growth, both organically and inorganically. We've refocused the business to invest in higher margin products and sectors at the same time as addressing non-performers, in combination with making several exciting speed to value acquisitions. On slide twelve, I would like to provide a progress update. I'm pleased to report positive momentum being made in all four of these strategic priorities. The turnaround of a company's performance starts with its people, and it is encouraging to see all the primary indicators in this category showing green for a second year in a row as further progress is made on recruitment, employee engagement, deployment of our new human resource information system, and best in class ESG business practices. Changing the culture of an international business with more than a thousand employees into a dynamic, safe, engaging, diverse, and inclusive place to work and thrive is a multi-year continuous activity. We continue to make significant progress in this area while ensuring we are not complacent about what still needs to be done. On self-help, we are seeing the performance metrics move in the right direction for operational output, efficiency, customer responsiveness, and lead times. However, external supply chain disruptions in the third quarter of 2025 significantly impacted on-time delivery, past due backlog, and customer satisfaction metrics. Around the key priority of technology, new product introductions into the highly regulated end markets that G&H serves takes multiple years, but we are starting to see the benefits from a more disciplined refocus of our technology roadmaps across the group. Revenue from new products have nearly doubled since our new strategy was launched, and our engineering teams are now working on a richer pipeline of customer focused design projects. For investment in portfolio, since launching our new strategy in the summer of 2023, we've been busy in this area, completing four strategic bolt-on acquisitions in the U.K. and U.S., one divestment of a non-performing business unit in Boston, as well as streamlining our operating footprint with the closure of two satellite manufacturing facilities, one in Shanghai and the other in Virginia. It is recognized that as we grow, the group must apply greater attention to cash management, as well as maintaining disciplined rigor to capital investment allocation, and this will be a major focus area for 2026. On slide 13, let me provide some more detail on our outsourcing activities. On outsourcing, we're proactively implementing a previously announced plan to use low-cost region manufacturing partners for certain stable product lines at an earlier stage in their product life cycle, where technological sovereignty is a differentiator. During 2025, we continued to make good progress with implementing this plan. The proportion of the group's revenues derived from our sub-contract partners increased by GBP 1.1 million, but remained flat at 8.4% of the group's revenues compared to the 8.5% in the prior year. On a like-for-like basis, excluding acquisitions, this would have been 9.1%. At the same time, significant progress was made with qualifying additional products with our contract manufacturing partners in Thailand, the Czech Republic, and India that will enable the group to respond with agility when the industrial and semiconductor markets do recover. We expect the outsourced element of the group's outturn to continue to increase. However, due to the accelerated growth expected in our A&D revenues, the total amount that can be outsourced in the medium term will be less than was originally planned. On Slide 14, value creation from our technology focus. Photonics is at the heart of global innovation and a critical enabler for many new frontiers of technology. Over the last few years, we've redeployed our considerable Photonics design engineering capability know-how with much greater discipline and focus into areas where G&H has technological differentiation with strong growth fundamentals underpinned by the world's mega trends. We are now starting to see this approach deliver the expected results. Total spend on R&D in the year totaled GBP 7.3 million compared to the GBP 7.8 million in the prior year, with revenue from 79 new products up to GBP 31.7 million compared to GBP 25.3 million from 48 in the prior year. We've made positive progress with the critical engineering work streams that now receive priority focus given their potential to deliver material accretion to the group's profitability. This has been reduced from 7 areas of focus down to the 6 vital few value creation work streams, as shown in the top right-hand corner of the screen. Over the medium term, we still expect these R&D work streams to deliver more than GBP 50 million of margin accretive new business from next generation product introductions. Following the successful integration of GS Optics and Artemis Optical in the summer of 2023, we made further good progress in 2025 with 2 more strategic acquisitions. Phoenix Optical joined the group at the end of October, followed by Global Photonics, formerly known as Meopta U.S., in June 2025. The integration of both businesses into G&H is proceeding to plan. The utilization of operational and commercial synergies between Phoenix and the rest of the group is already well underway, and the main focus here is on germanium fabrication for our dual-use customers, as well as a number of newly combined optical substrate and coating offerings that are now available to G&H's customers. Global Photonics is a strong strategic and operational fit for the group, bringing deep application expertise, strong relationships with US defense primes, and complementary manufacturing capabilities to our growing Optical Systems division. This includes expertise in clean room lithography, reticle fabrication, advanced thin film coating, and complex optical systems assemblies. The new Tampa facility, as you see in the right-hand corner, will become a hub for scaling G&H's optical systems offering in North America to meet the growing demand from US defense primes. Particularly for laser protection filtering, periscopes, and complex imaging, countermeasure, and fire control systems. Both transactions represent speed to value acquisitions for G&H, focused on addressing the growing opportunities in the aerospace and defense sector over the next decade. These additions to G&H have been well-received by our customers, and this is reflected in their growing order books and an exciting new business opportunity pipeline. Now, turning to slide 16 to cover outlook for the group. The FY 2025 closing order book grew to GBP 142.3 million, up 36.2%. Order intake at GBP 178.6 million during the year was at record levels, with all areas of the business up on the prior year. Group book-to-bill was greater than 1.2. Demand remained strong in our aerospace and defense sector, with the outlook for the next few years looking particularly encouraging, with a growing pipeline of large multi-year opportunities. Whilst the recovery in our industrial, semiconductor, and life sciences markets is now expected to take longer than was originally expected due to global macroeconomic uncertainties, we are well positioned for the recovery in these markets when it does come. The supply of germanium, though secured, is variable and lumpy and expected to be H2 weighted. Since our financial year end, we've seen the group's order book continue to grow, and it currently stands at GBP 150 million, providing 80% cover for expected full year revenues. Overall, FY 2026 outlook for the group remains in line with the board's expectations. Finally, to summarize. The group has a record order book and a strong opportunity pipeline, despite the delayed recovery of the semiconductor market. Value creation synergies from the Phoenix Optical Technologies and the Global Photonics acquisitions are being realized as planned, and the new, more collaborative and strategic approach to the integrations of acquired businesses is working. Increased operational capacity, both in-house and from our contract manufacturing partners, positions G&H to respond dynamically to end market demand changes. G&H's technologies and capabilities are now better aligned to harness the growth potential from global mega trends, providing a positive outlook for the group. While mindful of persistent macroeconomic and growing geopolitical uncertainties, we expect further improvement in the financial performance for FY 2026 and the years beyond.