Should we. It is just ticked over past nine. Let's kick off. Well, listen, good morning, everyone. Welcome to Bank of America. This is International Distributions Services 2022, 2023 results presentation. I am John Crosse, Director of Investor Relations. Just before we start, I wanted to draw your attention to the usual disclaimer in our release this morning on forward-looking statements. This sets out examples of the factors that can cause actual results to differ from any forward-looking statements that we make. A summary of the principal risks and uncertainties which could affect the group was set out in today's release. They will also be included in the annual report, which will be published next month. All of these risks and uncertainties have the potential to impact the group's business results of operations, financial condition, and prospects adversely. Now without further ado, I'll hand you over to our Chair, Keith Williams. Keith, over to you. Good morning, everyone, and a warm welcome to those in the room for our first in-person results presentation since COVID. Before we kick off, just some housekeeping rules. There are no planned fire alarm tests. In the event of an alarm, please exit via the doors to the side at the back. We'll have the usual Q&A session at the end of the presentations, and for those watching the webcast or on the phone, they will also be able to participate. I'll start, followed by Mick, who will cover off the Royal Mail performance, and then Martin, who will cover GLS. We've been at a crossroads for a considerable period, but things are now starting to move forward. GLS's performance has progressed well, offsetting almost all of its cost inflation through increasing revenues and delivering flat profits, albeit seeing a resulting short-term temporary dip in operating margin. Royal Mail, it's been a difficult year for everyone, our customers, our people, and our shareholders. The CWU dispute has impacted on both our operational and financial performance, and we've fallen short on the high standards of service our customers expect from Royal Mail, for which I apologize. Improving quality of service is a top priority, and our agreement with the CWU includes a number of initiatives designed to help us to improve, including reducing sick absence and method change. In the last six months, it is important to acknowledge that we've made progress at Royal Mail, and we now have more option to deliver change. In the second half of last year, we were able to move ahead with elements of our change program, driving greater efficiency and better matching resource to workload. Last month, we reached an agreement with the CWU, which is due to go to ballot in the coming weeks with a recommendation for approval. We've continued to grow Sunday deliveries, parcels collect, and online sales, and our second Super Hub will open next month. Despite the industrial disruption, we maintained our number one position on Net Promoter Score for customers sending parcels. That is in no small part to the thousands of people who chose not to strike, and to those managers across the company from operations to legal, HR, and IT, who put aside their day jobs to get out and deliver for our customers on strike days. On behalf of the board, I'd like to thank them for keeping the mail moving for our customers. I'd also like to extend my personal thanks to Simon Thompson for his dedication and what he has achieved at the company. I really wish him well for the future. As we announced last week, we're in the advanced stages of appointing a new CEO, and a further announcement of that will be made in due course. Looking ahead, the negotiation agreement reached with the CWU offers a real opportunity to live a positive change for all stakeholders. It is good for customers, increasing our ability to improve our services and quality. It is good for employees, retaining their job security and reward. It is good for the environment, allowing us to reduce our reliance on air and reduce our carbon emissions. Looking out over the next two years, the successful delivery of that agreement is essential. With it, we can grow the business and return the group to profitability next year and see both companies in profit the year after. However, until we see delivery of that plan, group separation remains an option. We already have financial separation with both companies requiring free cash flow to sustain their individual plans. As we've always said, we believe that Royal Mail and the group is stronger with GLS, but we will always represent the interests of shareholders. As I've also said, that is why successful delivery of the CWU agreement is so important, so that we can turn around Royal Mail and get back to profitability quickly. Now, I said that things have moved forward. GLS continued to make progress as Eurozone inflation, though still high, reduced in the latter part of the year. Pricing has been maintained, we've seen progress in fixing underperforming parts of the business. At Royal Mail, taking out the impact of strikes, we made some progress between half one and half two. The reason for that improvement comes from much better operational grip of the business. Our record of delivery in recent years has been mixed. In 2021-2022, we delivered just over half of the planned benefits of the Pathway to Change agreement signed in January 2021. We completed revisions in processing and line haul, which delivered productivity of 8%, but in delivery, we delivered no improvement. Following the industrial action in September 2022, we gave notice on a number of CWU historic agreements and policies to move to a much more modern industrial relations framework. This has allowed us to move ahead with elements of our change program much more quickly during the second half of the year. We completed revisions in every delivery office and processing unit, which means starting this year with around 10,000 fewer FTE, full-time equivalent employees, than last year, with an anticipated benefit of GBP 150 million going into this financial year. This year and next, we will see the benefits of the CWU agreement. It provides a pathway tow ards making Royal Mail more competitive in three ways. One, by improving services to our customers to grow revenues. Two, offsetting pay rises with productivity. Three, as I've said, further strengthening our environmental performance. On pay, the two years to March 2025 comes at a cost of around GBP 600 million. This will be offset over the same period by greater efficiency, which will come from three sources: greater flexibility in work patterns, changes in terms and conditions, and a better network to improve both the services we can provide and our quality. Our goal is then to see positive operating leverage with growth in the top line, again, driving operating profit growth. The investments we've made in our network, which I'll come to in a moment, should support this growth. These changes will also provide greater working flexibility, which is expected to improve quality. The deployment of seasonal variation in hours, for example, where postmen and women will work 35 hours a week in the summer when volumes are lower, but 39 hours in the winter and busy peak period, means we will be better placed to serve customers when they need us most. Royal Mail already has the lowest reported carbon footprint per parcel among U.K. parcels companies, but we will continue to improve that position. These changes will further help us reduce our reliance on air and reduce our carbon emissions, improving our industry-leading environmental position. By moving delivery start times backwards, we can remove 18 flights a day and move more rail by road and rail. This is better for the environment, more reliable, and gives us greater capacity to deliver more larger parcels. Finally, looking further out, the agreement also provides for joint working on an approach to the regulator and government regarding the changes needed to ensure the universal service is sustainable. Over the last two years, 2/3 of our investment has been directed in modernizing Royal Mail, and over five years, this has totaled around GBP 1.4 billion. This is more than at any time, both pre- and post-privatization. That investment supports the commercial opportunities we have in growing markets, particularly in next-day delivery and medium and larger-sized parcels. Our operational network changes are also geared to enable us to compete better in those areas. We're already executing on our revenue recovery plan as we rebuild customer growth and trust. The investment phase is now complete for Royal Mail, we need now focus on maximizing the returns from those investments, including the two new Super Hubs. Our North West Super Hub opened in June last year, and next month, we are opening our Midland Super Hub. As a result, Royal Mail CapEx will be scaled back to around GBP 200 million-GBP 250 million a year as we look forwards. At the same time, there's gonna be a switch in focus to GLS. Looking forward, GLS is expected to increase its capital expenditures to around 5% of revenues in the short term as it upgrades its last-mile proposition and invests in new markets and services. Martin will cover this later. Turning to GLS has a proven track record of achieving top-line growth, solid margins, and cash generation. It delivered a good performance in the year given the economic backdrop that it had. It continues to have a strong platform for the future. We will continue to invest to support GLS becoming more global, digital, and diverse, investing in new markets, its final mile proposition, including lockers and new services. GLS is also growing its footprint further across Europe. We will continue to look at good strategic investments and opportunities elsewhere. We've gone a long way to fixing underperforming countries, particularly France and Spain, where we now have a new hub open, and we're taking further measures to improve our performance in the U.S. Longer term, GLS is targeting EUR 500 million of operating profit in 2026, 2027. As I say, Martin will cover GLS performance in more detail in a moment. The group will continue to operate a conservative capital structure with modest level of net debt and substantial liquidity. The benefit of this approach can clearly be seen from the performance in the last year. Whilst we had a negative cash flow of 240 million because of the impacts of strikes and economic slowdown, net debt was contained at under GBP 200 million. At the balance sheet date, the group had access to liquidity of GBP 1.7 billion. If we look at the net debt position of the individual companies pre-IFRS, GLS is in net cash, while Royal Mail net debt is modest. Despite the impairment of assets at Royal Mail, the group balance sheets remain strong. Royal Mail continues to have access to cash from surplus asset sales, some of which is in the process of being realized at the moment, which will supplement expected cash outflows from its trading operations this year. Reasons to be optimistic with a plan that shows a return to group profitability this year, 2023-2024, and both companies in profit the year after. Obviously there is much to do and execution will be a key. The trajectory of Royal Mail in the second half of this year will be critical in demonstrating progress, giving confidence in execution and underpinning the delivery of the full benefits of the CW deal for everyone. With that, I'll hand over to Mick. Thanks, Keith. Good morning, everyone. It's certainly nice to be back doing today's results face to face. I'm gonna step through the financial headlines as per usual. Today I'll also be covering some of the key points on Royal Mail. Starting with the group financial summary. Revenues were down 5.3%, driven by an extremely challenging year in Royal Mail, more of which later. Parcel revenues remained at 71% of total revenue. The group made an adjusted operating loss of GBP 71 million, consisting of a loss of GBP 419 million in Royal Mail, only partly offset by profits of GBP 348 million in GLS. We've highlighted for some time the risk of impairment to the carrying value of Royal Mail. This year-end, given the ongoing uncertainty in that business, we've taken the decision to write down the value of Royal Mail to GBP 900 million. This has resulted in a non-cash charge to profit of GBP 539 million in that business. As a result of this, together with a number of other spec items, the group reported operating loss was GBP 748 million. The near trading cash outflow on a pre-IFRS 16 basis was GBP 213 million, with net debt pre-IFRS 16 increasing to GBP 181 million. In spite of the difficult trading backdrop in Royal Mail, this remains a robust group position and demonstrates the merit of the conservative policy we take in this regard. As Keith mentioned, given the current level of ongoing uncertainty in Royal Mail, the board does not propose to pay a dividend for FY 2023. In terms of group outlook, we're projecting a return to group-adjusted operating profit in the coming year, and we'll say more on the outlook in each business later. I'll just cover the high-level segmental results, then I'll provide a little bit more detail about Royal Mail. As I said, in Royal Mail, revenues were down GBP 1.1 billion. Parcel volumes were down 21% year-on-year, with letter volumes down 9%. In such a high fixed cost business, over GBP 800 million of this revenue shortfall has dropped through to the bottom line, resulting in an adjusted operating loss for the year of GBP 419 million. Excluding redundancy charges of GBP 33 million, this was a loss of GBP 386 million, in line with our guidance for a loss of around GBP 400 million. Quarter full trading in Royal Mail was broadly in line in the period with where we were thinking in January, though the position was flattered slightly by some one-off credits in the cost line. The revenue trajectory into 2023, 2024 is actually slightly weaker than we were thinking back in January. I'll say more on the good progress we've made with the stabilization plan in a few minutes, but a greater focus on quality is a key part of the next phase if we're to start to grow the top line in the coming period. As expected, Ofcom's opened an investigation into our quality performance and will engage fully in that review. On cash flow, CapEx investment was reduced to GBP 269 million, in line with our stabilization plan. Trading cash outflows of GBP 410 million suffered materially from the weak trading backdrop. Moving to GLS, briefly, because Martin will cover more on this. I'll talk to the financial results in EUR. Revenue was up almost 9% against volumes that were down 1%. This excellent performance was a function of agile pricing, fuel surcharges, and also assisted by a part-year impact of the acquisition of Rosenau in Canada partway through the prior year. Excluding acquisitions, revenue was still up 6.1%. B2C volume share was stable at 55%. As expected, margins compressed slightly to 7.5% given the high level of inflation. This showed real resilience and represents a great outcome in very challenging circumstances. GLS trading cash flow remains strong. Martin, as I said, will say more on outlook and GLS performance in a short while. A few words on our thinking on capital allocation. The pre-IFRS 16 net debt position at GBP 181 million remains strong, as both Keith and I mentioned. We remain committed to targeting to remain investment grade. For the first time in the RNS and in the pack, I've included the detail separating out the net debt position between the trading businesses and the corporate center. I hope this provides some transparency on the consolidated funding positions of our two businesses. For the coming period, our focus will now be quite different from the last few years. In Royal Mail, where investments peaked, investment will now remain lower for the foreseeable future as we look to both control cash, but also as we seek now to leverage the benefits of the material investments already made in the two parcel hubs. We'll also take action to generate cash in Royal Mail that will help to preserve liquidity through the turnaround, for example, through real estate disposals. We've reiterated our commitment not to cross-subsidize, but we'll support Royal Mail in the delivery of its business plan and its turnaround. In GLS, we want to step up investment in support of maintaining our growth momentum in that business and to further enhance its market position. I'm now gonna cover off a few more details on Royal Mail, starting with a bit more detail on revenue. Year on year, the decline is really quite material at GBP 1.1 billion. Clearly, it's been a challenging year for Royal Mail. Some of the reduction that we saw was foreseen at the start of the year, including, for example, the reduction in test kit volumes and the return of letter volume decline. Other issues have emerged or worsened, resulting in further deteriorating performance as we move through the year. The economic downturn and the cost of living crisis has hit online retail. We believe the domestic parcel market was down around 11% last year. Clearly for us, the issue's been exacerbated by the impacts of industrial action. Additionally then, we had the cyber incident in our international business during quarter four. In our highly operationally geared business, we now need to restore top-line growth as soon as possible, this is a critical part of the planned recovery. That's why improving service performance is now a key focus. I know people will be keen to understand more about the impact of the industrial dispute. Now, in some respects this is relatively simple to quantify. For example, we know fairly accurately how much revenue we lose on a strike day and how much we save from pay abatements or invest in other supporting resources. What's more difficult to quantify is the ongoing commercial impact of the dispute since the strike ceased, where customers have taken their business elsewhere. It's clear from our Q4 trading, where there have been no strike days, that there continues to be a drag on parcel volumes. We've estimated the longer term loss of revenue at around GBP 25 million in quarter four, so annualized around GBP 100 million. There's an opportunity too. There's also a further and larger amount where we see a material opportunity to win business back in the relatively near term. This will only happen at the scale targeted with a resolution to the industrial dispute and the restoration of the reliable services rightly expected by our customers. Back in November, we communicated a five-point stabilization plan for Royal Mail. In this respect, in many areas, we've made good progress during the second half of the year. On rightsizing the business, for example, we said that we'd target a reduction of 5,000 FTEs by the end of March, and in fact, we delivered around a 10,000 reduction on exit from the year. Revisions have now been completed in all units. Clearly, this is positive news in the context of the cost run rate into the coming year. Of course, change on this scale isn't without complications too. Our focus must now be to restore quality of service. We need to continue to run at the lower cost, but with improved quality of service at the same time. This is now a priority. We need to give the recent revisions introduced into our units some time to stabilize. I'm sure we'll require some ongoing refinements to our operation. Indeed, many of the changes proposed as part of the CWU agreement are targeted at further improving quality. We also need improvements in our attendance levels, with sick absence still running much higher than in pre-COVID times. In relation to creating headroom to invest, we prioritized and focused investment onto key items, managing tightly all expenditure while preserving our investment in transformation, successfully reducing CapEx down by around GBP 100 million from our original plans. At the same time, we're now making progress on asset disposals. Some plan to generate proceeds in the coming year, including our site at Royal College Street in Camden, which has been recently marketed. On efficient use of our assets, it's worth highlighting that even ahead of the opening of the new Midlands Hub, our parcel automation rate has already reached around 80%. We've made some good progress, but we're far from there yet. We've started to move the mountain, we now need to align everyone in the organization behind the next phase of the journey. That's the best way for us to maintain and build the required momentum to turn around Royal Mail. Few observations on the CWU deal. There are some really important aspects of the deal which, of course, remains subject to ratification by the membership in a ballot. It's sometimes tempting to focus just on the costs of the deal and the efficiency benefits of the change programs we plan to deploy. Of course, this is an important part of our planned financial recovery. The truth is, Royal Mail is a much better business when it's growing. That's why there's a significant focus on working together for growth in the agreement, and that's why much of the change we need is about improving service, providing the services that both sending and receiving customers want. Only by doing that part of the transformation can we compete and succeed in winning in the market. The negotiators' agreement represents the best way forward for all stakeholders. Moving on to outlook. I've looked to describe the key building blocks that will drive the financial turnaround of Royal Mail over the next two years, targeting a return to adjusted operating profit in 2024/2025. The outlook outlined here clearly anticipates ratification of the negotiators' agreement, and we very much hope that will be the case, but it isn't a foregone conclusion. On the left are some items we already know about. The 8% cost of the pay deal over two years. The annualized benefit of the 10,000 FTE reduction, which was achieved on exit from last year. Offset by some pay abatements we saw last year during the strike days. We then have the main items of the recovery plan. Winning back the revenue we lost during the dispute. Capitalizing on our new capabilities, including the new parcel hubs, to deliver better services and products to grow. Of course, achieving some of the service and efficiency benefits from the next phase of the change plan. Collectively, we plan for these items to restore profitability in 2024/2025. At the same time, of course, we'll continue to press government and Ofcom to modernize the USO. This will assist us in achieving sustainable margins, but if approached in the right way, can also allow significant service benefits to customers. For the next year, 2023/2024, it will be something of a tale of two halves. In half one, we'll see year-on-year revenue decline as the ongoing impacts of the dispute run into the year. Additionally, we'll see a step-up in costs as the 6% pay deal comes in from April. In half two, though, we'll be lapping most of the direct impacts of the industrial dispute, we expect to see material revenue growth in that period, plus the benefits of some of the in-year growth and efficiency initiatives we have planned. We're committed to the agreement with CWU. The current trading losses in Royal Mail are not sustainable for much longer, we must now move forward and deliver the plan. Any counterfactual outlook where there is no CWU deal should be considered as very much a plan B. It's worse for all stakeholders in Royal Mail. The business needs to keep going in that circumstance, and we'll do all we can to continue to make progress should that situation arise. To summarize, a very difficult backdrop. Royal Mail continues to be loss-making into period one of the new financial year. Yet we believe strongly that it can again be a successful business. It has huge potential if it can gain the right momentum in the coming year. It now has a chance, but its future isn't yet secure. Alignment of stakeholders input is important in the next phase, and that includes management, unions, and the frontline workforce. I'll hand over to Martin to say more on the progress being made in GLS. Thank you, Mick. Good morning, everyone. Today, I would like to give you more details on our financial performance and inform you about our direction and outlook for 2023/2024 and beyond. As you've heard before, GLS again had a good year despite the strong macroeconomic headwinds which have impacted our markets. Operating profit was EUR 403 million. Representing a result which exceeded our latest guidance. We were able to preserve volumes despite the economic slowdown and lapping a strong prior period due to COVID tailwinds. Keeping our volumes in an environment where consumers face lower disposable income due to high inflation and increasing interest rates represents a good achievement. We delivered revenue growth of 8.6%. Pricing and dedicated cost containment measures, together with the full year contribution from our Canadian business, Rosenau, enabled us to preserve our reported operating profit. From a margin perspective, we saw some compression with a reduction of 60 basis points to 7.5%. Nevertheless, this is significantly above the margin achieved in the immediate pre-COVID period. In summary, a good result despite the challenging conditions. Diving deeper into our individual markets, I'm pleased to report an improved performance in France. We were able to grow revenue and control costs effectively, which enabled France to deliver a slight profit. This represents their best performance in over a decade and reinforces our confidence in the French business. A new central hub in Paris is in development and will open in the second half of 2024, which is another significant step forward. Our operations in our other core Western European countries, including Germany, Italy, and Spain, demonstrated good resilience. We were able to grow revenues and largely offset the impact of high inflation and labor costs through yield management and efficiency measures. In Eastern Europe, our business experienced both volume and revenue growth despite the impact from the war in Ukraine and the general economic downturn. However, inflation in these markets was higher, and we experienced increased competition. As a result, margins were down slightly more than in Western Europe. Nonetheless, we continue to be excited about the future opportunities in this region. Turning to our North American operations, I'm pleased with our performance in Canada during the past year. The acquisition of Rosenau was an important step to build a comprehensive logistics offering nationwide in Canada. The integration is on track and delivering good results. We believe there's potential to secure further synergies, including cross-border traffic with our U.S. operations. However, our performance in the U.S. was disappointing. As you will have seen with our peers, market conditions are challenging. Volumes are stepping back from the COVID peak. At the same time, inflation remains high, with overcapacity in the market limiting our ability to raise prices in order to offset cost increases. We are taking strong actions to address the situation. The restructuring measures we have put in place to streamline the cost base further were successfully executed during the second half of 2022, 2023 and are starting to bear fruit. For example, a 15% headcount reduction has already been implemented. Additionally, we are capturing new customers and growing volumes with intensified sales activities. In recent weeks, we have seen a good volume development in the U.S. which is encouraging. Furthermore, we are reviewing our service offering in some regions to ensure these activities provide the necessary returns. All these actions are expected to contribute to a turnaround in performance. We will also take advantage of the expertise in our Canadian operations to support the U.S. business, including taking opportunities to expand freight shipments to and from Western Canada and Western U.S. states, where we have our own network coverage. I believe the actions we've already taken and are continuing to deliver provide a good platform to turn around the U.S. business. Overall, GLS again had a strong year, which demonstrated the resilience of our business. There are various factors which drive the resilience of our business. Firstly, our business model positions us to adapt well to changes through the economic cycle. For example, we have a subcontractor model which provides flexibility by allowing us to quickly scale up or down our operations as demand fluctuates. Our extensive reach across Europe and North America and our balanced customer base, serving both B2B and B2C segments, also limits the exposure to risks, in particular geographies or industry sectors. Another factor is our local entrepreneurial model, which drives a relentless focus on quality, efficiency, and costs. When the market shifts, our teams immediately react. For example, adapting services or containing cost, but it's never compromising on quality. Finally, we are taking strategic initiatives to drive our business and financial performance forwards, including upgrading our network, growing our portfolio, and transforming the last mile. Since these are important initiatives, I would now like to give you more details. Let me start with investments we are making to upgrade our network. This is a continuous process to ensure our infrastructure allows us to deliver high-quality services. With high inflation, people shortages, and increased wages in all markets, we see new opportunities by investing more into automation and new facilities. An upgrade of our hub network is underway. For example, at the end of last year, we opened our new Madrid hub, which represents a total investment of around EUR 80 million. This involved consolidating several smaller sites into one more automated and purpose-built facility and will deliver significant operational and financial benefits for our network. For example, the new setup will eliminate nearly one million line haul miles per year, and it will significantly improve sorting productivity. More facilities will follow, for example, a new hub in Dublin, which will open in the next few months. These network investments are important for GLS as they represent high impact projects delivering good returns and payback. They are also relatively low risk, as we have an excellent track record delivering upgrades on time and on budget. By investing now and driving productivity improvements through the network, we better shield the business from future cost increases and maintain our competitive edge. What about our portfolio diversification? This is a key pillar of our growth strategy. Over the past year, we have been exploring new opportunities for synergies and extending the reach and capabilities of GLS. Our focus is on value creation, and we are continuing to invest in strategic growth areas. For example, with the market entry into Serbia, we continue to build on our solid track record of greenfield entry into many Eastern European markets. This step will help us to further strengthen our presence in the Europe East region and unlock new growth opportunities. We've also launched two-person handling services in Hungary, as well as same-day delivery services in Slovenia. These additions to our portfolio will allow us to provide a more comprehensive service offering to our customers and strengthen our e-commerce proposition. Finally, we acquired a small fulfillment company in Germany. The fulfillment market is fast-growing, and these services represent a good extension of our logistics services given our large e-commerce customer base. We're also strengthening our footprint outside of Europe. We've developed strong relationships with Chinese e-commerce partners through our local customer support activities. As a result of these efforts, we've seen a substantial increase in volume from China flowing into our network. We're committed to diversifying to grow our portfolio around our parcels core, and we believe that these investments will help us to do just that. Finally, our last-mile transformation. Enhancing our out-of-home service is a critical element of our B2C strategy. We believe that to win in this market, carriers need to provide customers with a range of delivery options to maximize convenience. Parcel shops have long been a key part of our network. In recent years, parcel lockers have emerged as an important addition to the out-of-home offering. 24/7 access for deliveries and returns becomes more and more important to certain customer groups. By consolidating deliveries at one single location, we can generate significant productivity improvements in the delivery process. Last year, we invested over EUR 25 million in parcel lockers, largely in Eastern Europe, where we have a strong position in e-commerce. In the coming months, we will accelerate our investments and aim to deploy around EUR 40 million capital to scale up our parcel locker network even further. Most installations involve a period of startup losses until awareness and utilization rates increase and fixed costs are covered. This will have a short-term negative financial impact over the next two to three years. However, the long-term financial benefits are compelling with attractive returns and payback. Transforming the last mile is not only about developing our out-of-home solutions, though. Another important element is building digital solutions to enhance customer experience and improve our efficiency. This involves solutions such as real-time tracking, flexible delivery options, and clear customer communication throughout the whole delivery process. Making our last mile more sustainable is also something we strive for. Supporting our ambition to reduce our emissions to zero by the year 2045, we're increasingly focusing on lowering emissions rather than solely offsetting CO2 emissions. In addition, we are implementing various initiatives beyond the last mile, such as green line haul trucks and new line haul rail solutions. These last-mile initiatives illustrate that we are taking action and prepare GLS for the opportunities and challenges that are in front of us. Moving on to our guidance for 2023, 2024 and beyond. In the immediate term, it is unclear what the shape and pace of the global economic recovery will take, as economic conditions currently remain fragile. Inflation rates are declining but will remain high, as well above recent historic levels. The impact on the cost of doing business for GLS will continue to be amplified by wage inflation and other cost increases. Last year, we were successful in the pricing measures we implemented to offset cost pressure. The scope to do so again this year is lower as secondary effects of inflation continue to filter through to the wider economy. We also see the impact of increased competition in our markets as additional capacity and services come on stream. In response, we have a clear set of priorities to steer the business forward. Price and cost discipline will remain our primary focus. We also remain committed to securing the U.S. turnaround and continue to show positive momentum in France. This should deliver margin improvements in the coming years, alongside the benefits from the strategic initiatives I outlined earlier. We will maintain a strong focus to ensure that these goals are well executed. Finally, we remain open to pursuing attractive acquisition opportunities if they arise. However, these will be largely opportunistic in nature and need to demonstrate clear synergy and value creation to benefit the wider business. How will this translate into our financial performance in the year 2023/2024? We expect a return to volume growth, albeit below historic levels as macroeconomic challenges remain. As outlined earlier, price increases are expected to be limited and partly offset, for example, by the impact from lower fuel surcharges. Overall, we foresee flat operating profit this year on an underlying basis, with an expected range of around EUR 380 million-EUR 400 million as considerable efficiency and cost-saving measures should largely mitigate the impact of unavoidable cost increases. On a reported basis, we expect to deliver operating profit in the range of EUR 350 million-EUR 370 million, which reflects the temporary impact of our strategic initiatives and investments, as well as other effects such as lower number of working days this financial year. We also anticipate a temporary increase of the CapEx guidance range to circa 5% of revenue as we look to exploit opportunities from the accelerated rollout of parcel lockers and other transformational initiatives. Moving on to the medium term. In common with most businesses, GLS was heavily disrupted in recent years. Firstly, by the outbreak of COVID that delivered a huge surge in parcel volumes, and then by the macro crisis, which resulted in softer demand and significant pressure on our cost base. Our business responded exceptionally well. With the results announced today, we remain around 70% larger in profit terms compared to just three years ago, despite that unprecedented change. Towards the second half of this year, we expect to emerge into calmer waters as macro conditions normalize. I'm confident that we will achieve an operating profit of EUR 500 million in 2026/2027. This represents growth of around 9% per annum and is supported by the delivery of our strategic projects, turnaround in U.S., margin uplift in France, and hub and depot upgrades. Capital expenditures should converge back to historic levels by the end of this period. In summary, despite the headwinds, we were able to deliver good results in 2022/2023. Through it all, we focused on quality, pricing, and cost management. At the same time, we remain focused on our long-term goals and continue to invest into our strategic plan. Looking ahead, I expect that markets will remain challenging. I am convinced that GLS is well positioned to grow and deliver solid profits in the coming years. Thank you very much, and I would now like to hand over to John. Great. Thanks very much, Martin. We'll move to the Q&A now. We've got about 150 people, I think, on the webcast. Do ask a question there if you're listening online. Similarly, on the phones, I think the operator's given you instructions on how to log a question on the phones. We'll start here in the room. Cristian, you were first clearly first off the mark. If you just wait for the microphone. Can you just again, for people listening, just introduce yourself and then fire away? Thank you. Cristian Nedelcu from UBS. The first one, if I can ask on the U.K. division on the EBIT bridge in this year. Slide 26 is very helpful, but can you zoom in a bit more on this year? Excuse me. It seems that your operating loss is decreasing year-over-year. I'm trying to understand in your assumptions how much of that is due to growing revenues or how much of that is due to OpEx reductions in this financial year. The second one, I'm just trying to get a better feel on the market share losses in U.K. domestic parcels in Q4. I mean, some data out there, like ONS data, suggests online sales down 3% in this Q4. I think you talked about the test headwinds 12%, 13%. Is the rest of the volume decline driven by the market share losses? Any other moving parts there? If you could provide a bit more color. The last question maybe on GLS, on the EBIT this year. Could you talk a bit about the phasing between the first half and the second half, and a bit about the volumes, how you see volumes, as well as how you see the strategic investments, if they are more front or back and loaded? Thank you. Yeah, hi, Cristian. Maybe I'll start on the outlook. I think you were asking about the one-year shape of that, yeah? The way to think about the one-year outlook, and the different moving parts there is in terms of the items on the left, we've said the kind of known items. Clearly the entry rate of FTEs, the 10,000 lower is from the start of the year. That's a kind of, across the full part of this year. In terms of the pay abatements, predominantly they were in the second half. I think we had, I think three days of industrial action in half one, another 15 in half two. That's kind of weighted, like that. Then in terms of the initiatives, now, clearly we will target to deliver savings and other savings initiatives as quickly as we can in the year, but clearly they're weighted towards the second half as we go through the year. On the revenue side, again, you know, as soon as we can get clarity around the dispute, and ideally with a ratification, through ballot, that's really the key platform for us to reapproach maybe customers who've moved away, to gain their business back. So that's a really kind of key focus for us. I think like, I think I said when I was presenting. It's really tempting, I know, for analysts, for CFOs to kind of focus on the cost of the deal and the benefits of the deal on efficiency. When we think about the turnaround of Royal Mail, actually because of our high operational gearing, it's that recovery in the top line that's key. That do not underestimate the focus that we now need to put onto restoring quality of service to win back customers, to win new customers, and to leverage the investments we've made. We've got the second parcel hub opening in the Midlands in June. We'll have two, both located in the middle of where all the retailers are based. That will enhance our capability to offer more of the growing segment of that market. Next-day parcel delivery when we're all ordering online late in the evening, they pick and pack in their warehouses and hand it over to a delivery partner early in the morning for delivery later the same day. That's something we struggle with at scale today with our network, and it's something that we have much enhanced capability to do once we have these parcel hubs opened and running effectively. That new ability to offer that proposition at scale is a really key part of the service offer and also improving quality. There's a real focus now on everything that we're doing on quality, and it's all about driving the revenue line and to take advantage in a growing business of our high fixed cost base. It's incredibly difficult, as we've seen in the last year, to manage this business effectively when revenues are declining. Maybe that's to the first question. In terms of market share, we believe we lost around 4% revenue share during the course of last year. That's by our own calculations. We've kind of tried to replicate an Ofcom methodology, but without them having reported till later this year. We've kind of mocked it up from our own data. We think we've lost about 4% share on a revenue basis from 41 down to 37%. Clearly, you know, some of that is, some of that's test kits, some of that's the impacts of industrial action. We think the market overall was down around 11%. Our parcel volumes are down more like 19% across the year. You know, clearly really difficult last year. I think, you know, what we now see is by stabilizing quality with working together with our people, with new service offerings, you know, there's actually a real opportunity for us to win back some of that lost ground, and that's the focus. Chris, you asked about the one year. If you look at the two years, in simple terms, I describe it over the two years is that you should expect the cost of the pay deal, which is GBP 600 million, 6% and then 2% the following year, to offset by efficiency savings, yeah. The agreement that we signed is if you look at, look at the words in it's about business recovery, transformation and growth, yeah. That agreement is as much aimed at those second two elements, yeah. It's all about not just efficiency, and there's specific dates in for achieving the efficiencies, but it's much more about improving service and quality and getting growth, yeah. I think that's sometimes lost when people look at that agreement. On GLS, on the EBIT phasing you asked. Traditionally, we have a stronger second half in our business, and that was also the case last year, because that's where we have our peak seasons, which is Christmas and then the run-up to Easter. That was the same, also the same last year for us, but no deviations to previous years. In terms of strategic investments, I think these are investments as outlined now, which are really important to, A, because the markets are changing and they are changing in some geographies faster than others. I believe for GLS it is important to play an important part into those changes that we see also with customer expectations. We have some good experience already in some of our countries. That's what we are scaling up now. These are traditionally now investments that help us to, A, to also diversify our portfolio and then also where we get our earnings from. Also, traditional will be investments where we expect a high margin that will then also contribute to our, let's say, our margin outlook going forward. The downside of it is that you have some start-up costs with those investments, the markets are clearly moving into that direction and we need to keep the pace in doing that. In terms of volume outlook, I think, as much as we also heard about the U.K., we're also foreseeing a kind of a year of two halves. Whereas the first half will be still more like dealing with stagnation or even in recessionary trends. It will be rather unstable and quite a challenge otherwise, but we still see cost increases flowing through from wage increases from last year, for example, that then hit this year into our books as well. The second year, I am a bit more, slightly more optimistic in terms of seeing a recovery of the economies that will then also help us to then see a stronger volume growth in the second half. Okay, I have here Andy. Good morning. It's Andy Chu from Deutsche Bank. Three questions, if I may. Maybe the first two are for Keith. Obviously looking at these sort of draft Labour manifestos, unsurprising to see that they would like to keep the group together. Given that you have a deal with the unions, in principle, could I just ask whether you're still exploring a potential separation of the Royal Mail and GLS? Secondly, around the sort of appointment of a new CEO, and you mentioned that you were close to an appointment, are you able to say anything about whether this person will be external, internal, and maybe sort of talk about some of the qualities and skill sets that are important for a CEO of the Royal Mail? On dividends, maybe one for Mick. You know, what are some of the financials and financial sort of targets required for restarting the dividend? Thank you. Thanks, Andy. I'll take the first two and leave the dividends to Mick. If I look at the group, and I look at separation, you know, we've consistently said that we would not discount the separation option, yeah? And that's still the case today because the way I describe it, and I describe it in the presentation, I said, I think there's great grounds for optimism at Royal Mail. I think we've got an agreement which does what we've been describing it. It gives Royal Mail a better opportunity for growth. It gives a better opportunity for efficiency, and it gives a better option for improving quality. Those are all yet to be delivered. We need to work with the CWU to deliver those. That's in the interest of said of all stakeholders. Our track record on delivery is not great. This is a much better opportunity. I'd say in part because there are specific timelines in this agreement, which that there hasn't been in previous agreements. The other change that's been made is that previous agreements meant that frequently it took three years to negotiate any change. One of the developments of the last six months has been because that period has been truncated to 30 days. There's much quicker prospect of delivery. Add that all together, it gives Royal Mail a great opportunity. As I say, it's yet to be delivered, and we will keep the option of separation on the table. We're already financially separated in the sense that, you know, we're requiring both companies to deliver their own cash flow. As Mick outlined, in Royal Mail, that means in the first year it will be dependent on asset disposals. That sort of leads on to your second question of appointment and the next CEO. I describe it that what Simon Thompson has laid out is a pathway to the way forward, yeah? And that's very clear from the agreement. What needs to happen, what the real quality of that individual is twofold really. Is one, to continue the growth pattern for GLS. And Martin's outlined, you know, it's got a great track record. And as the focus moves on investment into GLS, that's a great opportunity. What I would add to that is that GLS has not been starved of capital over the last couple of years, is that every opportunity that we've seen for GLS, we've recognized and funded, yeah. GLS has not been held back by Royal Mail. That's even less true of the future of course, because we've finished the investment largely in Royal Mail. The investment now moves to GLS. I think to that degree, there's a real positive momentum for GLS. Royal Mail is all about turnaround, yeah. It's all about turnaround. That's the quality that's needed for Royal Mail, is that ability to deliver what this agreement sets out to do. Okay. Look, on dividends, we'll continue to review the situation, each half year, in truth. Clearly, we need to get on with the stabilization and turnaround that's planned for Royal Mail. I would say that the trajectory that we're on out of the current year is vitally important before we can think about dividends again. You know, I wouldn't hold your breath for half year. You know, I would like to think during the following 12 months, if we are on plan, then there'll be some opportunity to think about reintroducing a dividend. That's how I'm thinking about it at the moment. shall we go for Actually, yeah, Sam, why not just next to Andy. Then, I think Achal's on the phone. If we do Sam in the room first, go to Achal on the phone next, then we'll come back in the room after that. Sam, do you wanna go ahead? Thanks. It's Sam Bland from JP Morgan. I have two questions, please. The first one is actually on slide 11 of the presentation. You've got the sort of profitability for each part beyond 2025. U.K. or Royal Mail profitability is positive but quite low. Is there any sort of message contained in there on what you think the long run profitability or margin for the U.K. business might be? The second question is on GLS. You're making investments in lockers. We've seen those be quite successful in Poland. Many investors will be aware of that. What's the traction that they're getting in other regions as you can see it? Particularly, is there any difference between Eastern versus Western Europe? Do they work better in some places than others? Thanks. Okay. Look, I mean, I think, there's a number of people in this room who've tried over the years to put a valuation on Royal Mail, and I've probably done it more than most. I think we all know you can get to a very wide range of advances on that valuation. now, of course, we took the decision in these results to partially impair the carrying value of Royal Mail based on the current risk environment, and how we see the outlook, and obviously, of course, linked to the rules around IFRS and how we look at that valuation. what I would say is, you know, we... You know, if we fail to deliver on the change that we've outlined in the plan and we fail to, you know, restore service and get traction on restoring the top line growth, you know, if we fail, then you get to a value of zero, right? If you succeed, you get to a value, you know, above GBP 2 billion and keep going. You, you shouldn't read too much into the scale of the bar. What we were trying not to do was raise expectations, too high and to basically calibrate the trajectory we showed on the slide around the current risk environment and the uncertainty in the backdrop. You know, with the high operational gearing that we have, you know, a bit of success in the top line, a bit of a tailwind from the economy, who knows, at some point we might get that, then, of course, things can be a little bit better. So it's sensitive, Sam, in truth to where many different moving parts get to in the coming year or two. As I said, in answer to the dividend question, I think the trajectory out of this year is really important. You know, this year is a real year of two halves. You know, we're gonna be, you know, the year-on-year loss in half 1's gonna be worse than prior year. The recovery in the second half is absolutely critical, therefore. I think we have made. The regulator stipulates what? 5%-10% return. Yeah. We've made that return from memory three years in 10, and two of those have been COVID. Yeah. That tells you a lot. You know, what the regulator has also pointed out is we need to be much more efficient in Royal Mail, particularly on the front line, and that's been a consistent theme since 2015. The way I describe it is that we're doing our bit, you know. Ultimately, I think the regulator and the government need to do their bit with a change in the USO. You know, given the volume decline in letters, we still believe that the USO is not sustainable in its current form. Yeah. The union recognized that in the agreement. They want to work with us in putting forward what changes need to happen to the USO. Ultimately, I still think we need a change in the USO. Yeah. On your question, Sam, on the lockers, do we see regional differences? Yes, we do. That's why also one of the reasons why we have channeled most of our investments so far into our Eastern European countries. Those are the countries where a lot of competitors have also picked up on providing parcel locker services, but also there is, let's say, a level of openness to those services and digitalization in the community that seems to be more advanced than in other countries. That doesn't mean that we don't necessarily see also an openness in other countries, just the maturity level of maturity is different. Just to remind you of one example, for example, we are delivering already for years in Denmark, most of our parcels into our parcel locker, parcel shop network. That is their standard way of delivering parcels, so to say. It doesn't mean that in other countries there's no willingness, just the maturity isn't there yet. Looking forward, it will come. The question is at which pace and what is the uptake per country, and that will differ by country and also by, let's say, by the development of the country and what currently the standard way of delivering parcels is. Yes, we see a movement into it. Eastern Europe, definitely. That's a tick in the box. This is a kind of almost a known way of delivering parcels and an accepted way. In the other countries, we see the movement towards it, but to what extent and in which country at which pace is still open, and we'll have to see. We'll have to closely monitor and go with it. Thanks, Martin. As I said, next one, Achal has been waiting on the phone. Achal, do you wanna go ahead? The first audio question is from a line of Achal Kumar with HSBC. Please go ahead. Yeah, hi. Sorry, I hope I'm audible. Good morning, everyone. This is Achal from HSBC. I have three questions, if I may. First of all, in terms of parcel volumes, basically if we break it down into three parts, first of all, of course, the loss of good volume, secondly, some natural weakness, thirdly, if you lost. Some consumer confidence, some business permanently. Just wanna understand while the volume, while the kit volumes are gone now, on the other two things, how do you see parcel volumes? I mean, in terms of natural improvement, do you still think that macro environment will continue to hurt the parcel volumes? For you, secondly, how big challenge it would be to regain the consumer confidence and to regain the business which you lost maybe because of strikes and all. If you could talk a bit about that. Secondly, on the way CWU agreements. I'm so sorry, my line was pretty bad, so I might have missed. If, in case you have discussed, if you could please, again discuss, again, talk a little bit about, you know, where are we in terms of what is the where are we in terms of agreement on the change? Secondly, are we talking, are we still talking about a year-long agreement, which means next year again, we could struggle? Are you giving it thought to have an agreement which is longer than one year, maybe two years or three years long agreement so that you don't face, you don't stuck in the vicious cycle again in the next year, on this thing, on CWU? Finally, my third question is around your USO? Basically, you are planning to cut down your letter delivery by one day. Whatever happens during these strikes and all, do you think the plan has gone backwards? Do you think the government might sort of delay your plans to allow you to cut down your letter delivery by one day? Where are we on that part? Thank you. Okay. Shall I go? Thanks, Achal. Yeah. I was gonna say, so I think that, Mick, that was basically how difficult it's gonna be to regain the kind of lost parcel market share, kind of where are we on the CWU agreement and execution and then three, USO. Do you wanna start with USO, Keith? Yes, I do three and two, and then Mick to one. On the USO, I think your question was, has the letter volumes changed anything there? Look, letter volumes have been coming down on trend. Yeah. Clearly COVID letter volumes changed. If you look at it from 2020 through to today, letter volumes have been in decline 6%-8%, and that's a continuing trend. It's not changed. You know, the need for change in the USO, in our opinion, is ever more demonstrated. I don't think anything developments with the CW have changed that. Say for me is, you know, our part of the bargain is to deliver efficiency and the governance is to change the USO. Can I just add to that, Keith- Yeah ...before you move on? I think the other thing I would say is I think from our perspective, this is about delivering a modern USO. It's not just. I know we've asked before to reduce number of days we deliver letters. I think when the CWU agreement contemplates is working together on what needs to happen to the USO, and that will be a broader set of thinking about modernizing the USO. For example, you know, we asked in the recent regulatory review whether we might introduce tracking on parcel services that consumers buy in the post office. That wasn't permitted as part of the review. That is for us, you know, being able to track parcels through the USO just makes complete sense. It allows us to use our automation. It allows us to give sending and receiving customers information about what they've sent. This is a service that's actively prevented by the USO. We want to look in more broadly about how to modernize the USO, because if it is going to be sustainable and durable for the long term, we can't just have a set of products and services within it that are all in decline. You know, we need to have products and services that people actually want to buy. At the moment, I think that's in need of something of a shake-up. I think there'll be a broader set of thinking in our work with CWU, not just about how many days do we deliver letters. Sorry, Keith. No, that's quite all right. On the CW agreement, it's a two-year agreement, which takes us to the 31st of March, 2025. That covers pay, which is 6% from the 1st of April and 2% the following year. The changes that are outlined in that agreement, again, run through to over that two-year period. If you look at the agreement, what you'll see is there's a series of dates by which things should happen. I'll pick one important one, which affects quality. There are changes in the rules for absence, for example, which are due to come in on the 1st of August. At the moment, our absence runs at between 8% and 9%, which is 3x the national average. Those changes are there to increase efficiency, but they're also there to increase quality. It's a good example of something within the agreement which is actually further than just an efficiency measure. Okay. Parcel volume. Parcel volume. Do you wanna cover parcels volume for GLS as well? Because I think it's probably covered both. Look, we clearly did lose significant volume last year, 19%, 20%. The kind of categories really are laid out on slide 21, where, you know, the vast majority of the industrial action impact is in the parcels space. The economic downturn is also very largely in the parcel space. We've captured most of the letters move in the structural decline bar, and of course the test kits were parcels as well. A significant proportion of that year-on-year decline, almost, you know, all of it in many ways is in the parcel space. I guess when you think about, the economic decline part, now clearly, you know, until the economy starts to come back, then that's going to be difficult for us to attack. The way we see our recovery for volumes and revenues, one is restoring service and winning back the vast majority of the business we lost during the industrial action. That's, you know, absolutely in focus, now today. We then have, you know, a range of new services and kind of scale of new services that we're gonna be able to offer, as I said earlier, as we open our new hub in the Midlands. What we'll be looking to do is to, you know, attract customers with better service, maybe in the space that we don't currently win a lot of the traffic. That, you know, in our opinion, offers a significant opportunity to grow in the coming year or two. You'll also read in the agreement with the CWU that we plan to do a review around a single parcel network, and that's about integrating the capabilities on small and large parcels. At the moment, most of our larger parcels in the U.K. are handled by Parcelforce Worldwide through their express network. There are a number of, you know, a high, fairly high number of large parcels in Royal Mail, but not necessarily as efficiently handled. What we want to take a look at with the CWU is our joint capabilities and are we most effectively using our capabilities, our asset base and our new capabilities as a new hub comes on board to most efficiently handle and offer the best service we possibly can to customers who want to send those parcels. In the large parcel space, we're not, you know, we're not the biggest player, right? This is an area where if we can get our service and our spec and our offer correct, where we stand again, another chance to win significant new business. Yeah, in terms of volumes from GLS side, as I mentioned earlier, we are seeing also a year of two halves. The first half will be rather difficult, whereas the second half we will see a recovery of the economies. We drive in GLS always in quality and that is always a good way of also attracting volumes, even if there's economic challenges in the markets, and that's what we intend to continue to do. We've seen that this works also last year. As also during the near new services come on stream, as I said, alluded to earlier, in terms of parcel lockers as a additional service proposition or same-day deliveries. That of course then has the potential for us to grow volumes further. Overall a year and two halves, it will be a challenging year, but we foresee in GLS a volume growth. Great. Thanks, Martin. Yeah, Alexia. Thank you. It's Alexia Dogani. Thank you. It's Alexia Dogani from Barclays. I have three questions as well, mainly on Royal Mail, actually. Just in terms of obviously there's high operating leverage and, you know, the U.K. market could be, kind of a helping hand. Is this something you are hearing from your customers that have stuck with you, that trends are improving? I don't know if you can give some color around monthly evolution of demand for existing customers. A bit of a clarification on the restoring quality. Are we therefore now waiting for the ratification of the deal to put some of these improvements in place? Can you actually restore quality now without increasing cost? Finally, in terms of the disposals that you've talked about for Royal Mail to be cash flow neutral, can you give us an indication of the magnitude of what you're thinking here? Thanks. Yeah, yeah, that's fine. On quality, it's already started. It's in progress already. For instance, we met the chief operating officer, met the CW yesterday to talk about quality because we need to make that ongoing. Your question is we need to do both. We need to get quality. We need to keep costs down. The agreement helps us do that. What we've invested helps us do that. What we need is cooperation with the CW to make it happen on the ground. We need to do both is the answer. Look, we've put a lot of change into the operation in the final quarter of the year. When you put that level of change into a network business, it does take time to bed in. So we need to give that chance to stabilize as well. So to, you know, we can't, you know, we can't sit here and say, "We'll wait for the union deal to improve quality." Like, that's not, that's really not how we can think about it at all. We need to restore quality because, you know, we sell services to customers, and we need to grow the top line. That's, we need to do that anyway. On disposals, I think, look, we are marketing Royal College Street in Camden. It's a large site. We currently have an operation there. We found a reprovision facility in Tottenham that will take a year or two to stand up, so we'll probably sell it on a short-term leaseback. You know, we hope it's quite valuable. We've got it in the market, and we'll have bids shortly. We've got, you know, another site or two that we're currently in the process of evaluating and, you know, I'm sure you'll hear more about that if either of them progress. You know, I used to work in property, and you've got our former property director sat right in front of you, Alex, so you might wanna ask him afterwards. You know, it's a volatile space. We know that that works both ways, you know. We do know we've got a couple of sites in what is a currently a very attractive part of London for developers so. That's the answer on that. In terms of, look, what we're seeing from customers, you know, it's a bit mixed and it's, you know, it's not anything that says, yeah, you know, everyone suddenly, you know, sees blue skies and daylight and everything's fabulous, but it's not doom and gloom either. I think people have generally, you know, my view is and what I hear is people feel like, you know, we've hopefully seen the worst. I think everyone is desperately wanting to believe that as we go through the next 12 months, things are gonna stabilize. You know, inflation might come down a bit and the economy might start to turn. So I think everyone's thinking the same way, and I think, you know, if we all think it might happen. You know, I look, I'm not an economic forecaster. I mean, we look at the range and look, in our outlook, we tend to take a fairly, you know, low-end view of expectations. So if things do end up turning out better, that tends to be upside for us. Okay. Thanks, Alex. Yeah. Last couple of minutes. There and then, and then Gerald, and that'll probably be it, I think, unfortunately. Hiya. Hi. Good morning. Paul Kirjanovs in place of Muneeba Kayani, Bank of America. Two from me, please. On Royal Mail, I think in the release you're flagging a bit weaker Q4 revenues than what you anticipated. Is that GBP 25 million you're flagging on slide 22? Can you give a bit more color around that? On U.K. domestic parcels, can you talk about your expectations for pricing for this fiscal year 2024? Thank you. Look, I think what we were conscious of coming out of the industrial dispute and you know, even in spite of having no strike days, was that we were aware, right, that a number of customers had taken traffic elsewhere, and it, you know, it probably wasn't gonna be there to win back in the short term. What we've sought to do is to quantify in the GBP 25 million number that kind of element of the decline that we've seen, the drag we've seen that we don't think there's much prospect in the near term. Of course, I'm not gonna go into details of who and how, but that's our view. There's then in quarter four also a drag of customers that we think are still there to win back, whether that's be, you know, entirely or whether that's by us winning back a bigger share of wallet, that we might have seen decline through the dispute, and or by, you know, offering new services at scale that we think they'll find attractive. There's a bigger number than the 25 that's impacted Q4 that we think is there to play for. We've not tried to. It's not necessarily about the industrial dispute, you know. Look, you know, quality hasn't been great. The economy's not great. We've not tried to say, you know. I think we need to move on from blaming the industrial dispute, frankly. We've, you know, we've collectively made our bed. We now need to kind of find our way to restore profits to the company. Stop looking backwards at what's been a really, really difficult year. I mean, to Keith's point, we've turned a corner. We need to start thinking more positively, get our heads up and restore service and take the business forward. Your other question, sorry, was on- Price. Pricing for us, you'll have seen in letters that we put prices up quite significantly back in November. Business mail, double-digit price rises. We've actually saw revenue growth from that kind of strategy on business mail last year and we're having another go this year. Advertising mail, we put price up 5%. Obviously, peak advertisers, it's fairly expensive media to advertise in the mail. It's very effective media, but it, but you know, with costs of printing and paper going up, we were conscious that we wanted to contain the total price of advertising for customers, and so we moderated our rises there. On parcels, you know, we've, you know, we're not anticipating big price rises at all. I think last year the average was about 4%. We had a small fuel surcharge as fuel prices were high as well. You know, for the coming year, it'll be lower than that. You know, we have, we've lost business. We want to attract customers with service, our product offer, and with price as well, right? You know, we, it's far more important in our highly operationally geared business that we get the revenue through the door at a sensible price, rather than try and leverage the price lever in the coming 12 months. Don't expect much price, I think in the main part of the parcels business in the year to come. Thanks, Paul. Yeah, I think we're just, we're coming towards the end. Then we'll take Gerald as the last one. Thanks very much. Gerald Khoo from Liberum. three if I can, two on Royal Mail, one on GLS. Starting with Royal Mail. In the CWU deal, what do you see as the biggest wins, the biggest opportunities, and where are the biggest areas of execution risk? Secondly on Royal Mail, in terms of Ofcom, assuming that they find against you, can you just clarify what the maximum fine is? I think there's, it's 10%, but 10% of what revenue figure? I'm assuming it's not the entire Royal Mail figure. Finally, on GLS, you talked about some areas of underperformance. What's the size of the opportunity? Because I think you've done a fantastic job getting France back to breakeven after a long time. If you were to get everything, all the underperforming areas or loss-making areas back to breakeven, what's the size of the opportunity there in the long term? Yeah. I mean, look, on the CWU deal, frankly, from where we start today, the biggest opportunity for us is to resolve the deal, restore service, and start to work together to transform the business and turning it around. That's the biggest opportunity. you know, clearly, you know, we see quality and efficiency benefits in a number of the changes. you know, whether that's moving the network window slightly backwards in order to accommodate more next day parcels and to take flights off in the U.K. you know, there's an efficiency there's a service quality benefit. some of those things are quite important and, you know, they maybe don't get to fruition till next year rather than in the coming year. They're kind of quite material both for the top line and for efficiency. I'd say that on the change side, they're quite important. Things like, you know, working with the union on a single parcel network, you know, these are quite strategic moves potentially that go to our whole market positioning and what we're able to offer customers. If we can reach a strategy in integrating our networks to have a better offer for customers that helps the top line, then I think, you know, maybe not this year, but I think if you look four or five years forward, these are the things that we might look back on if we do it well as being the things that made a real difference. That's how I think about it. I think on Ofcom fines, you know, clearly, look, we are making a submission, we've been, you know, in June, that will look to, you know, explain the situation as we experienced it last year. We meet Ofcom very regularly on quality and have done for a number of years. I don't think there's gonna be any huge surprises for Ofcom in what they uncover in our service quality because we're fairly transparent with them. Look, they'll do their review, and they'll reach a conclusion. I actually don't know the answer in terms of what the theoretical highest fine could be. I'd be very... I'd think it'd be very unlikely that they'd be thinking in that, in that context, though. I think they want to see us restoring quality more than anything. I think that will be an important backdrop when they get to their decision, actually. Where is quality at the time? I think just to U.S., I don't know the answer either. USO revenue is about, what, 30% of the total today? It's about 30% of the total revenue, just to give you a guide. Well, I'll have the answer for you tomorrow or later today. On your GLS question, size of the opportunity for the turnaround. Well, I would say. Indeed, I think what the team in France has achieved is tremendous. It is an important part of achieving our future results, but it's not the most decisive one. Our future, let's say, progress on EBIT that I portrayed earlier in my presentation is really made out of a couple of building blocks, which is the strategic investments and which is the turnaround. Equally so important is the margin enhancement, for example, in France. Now that we have the positive result, we need to move forward from that. Also the investments that we're making in automation, because given the increases in wages and the scarcity of labor, it's also very important. It's a mix of it. That's the, let's say, the good news about it. Because it is a mix of measures, one can somehow make up for the other one depending on at which pace we are delivering on those individual targets. Okay. Great. Well, listen, on the phones, on the web, people here in the room, thanks very much for joining us. It was nice to see everybody here in person again. As Keith said at the start, this is the first one we've done since November 2019. Thanks very much for coming. Come again? Yeah. The IR team will be available if you've got any other follow-up questions. Other than that, thanks very much again, and have a good day, and we'll see you soon. Thanks. Thank you. Thank you. Thank you.