Good morning, welcome to IG Design Group's full- year 2026 results presentation. I'm Stewart Gilliland, Interim Exec Chair, and I'm joined today by our Group CFO, Rohan Cummings. Today's agenda will cover a review of the year's performance, followed by a more detailed look at the financials. We'll provide a strategic update before concluding with an outlook, including reaffirming our guidance and our capital allocation policy. Moving on to the full year summary for 2026. It's been a transformational year for the Group, following the sale of DG Americas to Hilco on the 30th of May 2025. We're now a more focused and less complex business, with the quality of our earnings materially improved. All of the results we are presenting today relate to the continuing Group in GBP. We have delivered strong results against the backdrop of still challenging market conditions. Revenue, profit, and cash were ahead of expectations, demonstrating the resilience of the more focused Group. We've delivered revenue of GBP 217.9 million on operating margins of 4.4%. We're pleased with our strong net cash position of GBP 54.6 million, where the continuing Group generated GBP 16.2 million of cash in the year. This provides a robust platform for future growth, and Rohan will take you through the financials shortly. Strategically, we've made significant progress. The disposal of DG Americas marks an important milestone in the simplifying of the Group. We've continued to build momentum across our strategic growth pillars, including the bolt-on acquisition of Glenart. Looking ahead, the outlook remains positive. We've strengthened our leadership with the appointment of a new CEO, Gerald Kuehr, who joined as CEO Designate on the 1st of May 2026, and will assume the role of CEO on the 1st of July 2026, at which point I'll return to my role as Non-Exec Chair. Gerald has been working with the Group since January, so he already has a strong understanding of the strategy, operations, and our customers. Our guidance remains unchanged, reinforced by an order book with levels of 78% of budgeted revenues, and we continue to see a supportive order book underpinning confidence in the period ahead. We're very pleased to announce both a dividend and a share buyback, reflecting our clear commitment to long-term shareholder value creation. I will cover our new disciplined capital allocation policy in more detail later. IG Design Group is now a smaller, simpler, more focused business, one that is profitable, cash generative, and supported by a strong balance sheet, positioned as well for the future. This slide reflects the Group as it stands today, following the transformation over the last year. While we continue to have broad reach with over 550 million products sold annually across more than 50 countries, the real strength of the business is in the quality and durability of our customer relationships. We have longstanding partnerships with the winning retailers, including Aldi, Tesco, Action, and Costco. These relationships are central to our model, with our customer base increasingly weighted towards the resilient value and mass channel, which now represents 76% of Group revenue. Our model is supported by our core capabilities, product design and innovation, responsible sustainable sourcing, and a well-established distribution network, alongside the market insight that enables us to anticipate trends and stay relevant in a fast-moving and often seasonal category. Overall, this is a more disciplined and focused group than before, one that has a strong heritage and long-established and stable relationships with our customers. We had four clear priorities for the business: addressing the challenges in the U.S. business that were impacting the wider group, simplifying the business model, sharpening and focusing on our core markets in the U.K., Europe, and Australia, and improving financial stability. I'm pleased to say that we delivered against each of these. Most significantly, we completed the sale of DG Americas at the right point in time, exiting a structurally challenged and loss-making business. The timing and nature of the transaction mitigated further financial and operational drag that the group would otherwise have experienced and protected the profitable cash generative part of the group. That has allowed us to materially reduce complexity and establish a much clearer strategy with more focus on our core geographies. At the same time, we've improved financial stability, strengthened the balance sheet, and have the required banking facilities in place for the year ahead. This is a business that's been fundamentally reshaped over the last 12 months, smaller and simpler, but also more stable, more focused, and better positioned to generate sustainable profits and cash. I'll now hand over to Rohan to take us through a more detailed financial review. Thanks, Stewart. Before we dive into the financials, let me step back and look at what we promised at the beginning of the year and how we've delivered against that. As a reminder, at the start of FY 2026, we were reporting in U.S. dollars, and at the end of the year, we transitioned into sterling. On this slide, we're showing both our delivery in dollars directly against our original guidance, and equally in pounds to bridge that commitment to our current reporting currency. As Stewart has already said, all of the results we are presenting today relate to the continuing group. Looking first at revenue, we guided to $270 million-$280 million and delivered $291.8 million, which translates to GBP 217.9 million. For adjusted operating margin, we guided to 3%-4% and delivered 4.4%, slightly above the top end of the range, reflecting strong operational discipline. Finally, on cash, we guided to $40 million-$45 million and delivered a very strong $72.2 million or GBP 54.6 million, driven by improved profitability and significant working capital release as inventory levels normalized. Building on that, this slide tracks in more detail how we've delivered against the commitments we set out a year ago. On the left, we said we would improve profitability, strengthen cash generation and balance sheet discipline, reduce central costs, and simplify the business. Starting with profitability, we delivered an adjusted operating profit margin of 4.4%, ahead of market expectations, reflecting both revenue outperformance and continued cost discipline. On cash generation and balance sheet, we've made particularly strong progress. We generated GBP 26.4 million of adjusted operating cash, up from GBP 15.7 million last year, driven primarily by a significant working capital release as inventory normalized. We also refinanced the group, entering into a new receivables finance facility with HSBC and NatWest in July, which lowered our financing cost and provides flexible funding. Importantly, the stronger cash performance, coupled with capital reduction project, has enabled us to return capital to shareholders through dividends and share buybacks. In terms of central costs, we delivered on targeted cost reduction actions, generating GBP 1.3 million of savings. On simplification, we've taken tangible steps, including a change in reporting currency and segmentation. Turning to group revenue. For the full year, revenue declined 3% to GBP 217.9 million, reflecting the market headwinds we outlined previously. Looking at the drivers in more detail, performance has been shaped by a combination of volume, tariffs, pricing, and FX. Starting with volume, we saw good progress from our strategic initiatives, delivering GBP 7.9 million of growth across the group, particularly through expansion into adjacent and higher price point categories such as decor and license ranges, leveraging the strong customer relationships we have in place. This largely offsets softer underlying demand of roughly GBP 7 million, particularly in the U.K., where the retail environment and the independence channel remains challenging. As communicated previously, the impact of U.S. tariffs reduced revenue by GBP 5.9 million. As well as the tariff itself, one of our largest customers also reduced ordering in anticipation of the weaker consumer demand as a result of the uncertainty created in the U.S. market. In addition, we saw pricing pressure across Europe, resulting in a GBP 4.7 million headwind, reflecting the competitive environment in which we invested in price to maintain our market position with key retail partners. Offsetting some of these factors, foreign exchange provided a modest tailwind of GBP 2.2 million. From a divisional perspective, Europe and Australia delivered growth of 2% and 6% respectively, while the U.K. was down 12%, reflecting the more challenging trading conditions in that market. Moving on to adjusted operating profit. For the full- year, adjusted operating profit was GBP 9.6 million compared to GBP 16 million in FY 2025, with margins of 4.4%. The largest driver remains the revenue-related headwinds we have discussed, which reduced operating profit by GBP 11 million. This includes the combined impact of lower volumes, tariffs, and pricing pressure across the group. Breaking that down, softer sales volumes and mix account for GBP 3.7 million, tariffs for GBP 2.6 million, and pricing pressure a further GBP 4.7 million, reflecting the competitive environment, particularly in Europe. Offsetting some of this, freight costs reduced by GBP 4.8 million as rates normalized following the elevated levels seen in the prior year. Restructuring initiatives contributed GBP 0.8 million, which reflect the benefits from the closure of the China site in the prior year, offset by an impairment of machinery in DG Europe. Overheads increased by GBP 0.5 million, with reductions across the cost base offset by reinstatement of performance-related initiatives. Overall, while margins remain under pressure, the group is demonstrating increasing cost discipline, the actions we have taken are now clearly offsetting a significant portion of the external headwinds. Turning to DG Europe, which accounts for 47% of revenue, DG Europe delivered revenue of GBP 102.9 million, up 2% year-over-year. This reflects good underlying progress in the business, with volume in adjacent and higher value categories offsetting the pricing pressure we have previously highlighted and demonstrates the benefit of product diversification within our established value and mass market customer base. As flagged at the half year, the European market has remained competitive, with pricing investment required to maintain our position with key retail partners. Adjusted operating profit was GBP 11.5 million versus GBP 14.4 million last year, with margins at 11.2%, down from 14.3%. This reduction is primarily driven by pricing investment and lower gift wrap manufacturing volumes, which reduce production efficiency and operational leverage. It also includes a non-cash impairment charge of GBP 1.5 million against certain manufacturing assets, following a reassessment of demand of European produced, but higher cost product in that market. It is important to highlight that lower margins were partially offset by a tailwind from freight cost normalization. Strategically, we continue to make good progress. On premiumization, we are seeing increased traction through licensed and higher value ranges. Product diversification remains a key driver, particularly in categories such as FSDUs and homeware, where early progress is encouraging. We have also strengthened commercial capability with key hires during the year, while continuing to expand with the leading value and mass market retailers who are performing well. Looking ahead, we will remain focused on premiumization and product diversification while also focusing on customer expansion now that we have strengthened our commercial capability. Europe has a strong market position and clear strategic levers to support both growth and margin recovery over time. Now turning to DG UK, which accounts for 38% of revenue. For the full year, revenue declined by 12% to GBP 82 million. While this remains a challenging performance, it does reflect a significant improvement from the first half, as we flagged at the time, where we saw much deeper declines. As we highlighted previously, the key driver was the impact of U.S. tariffs on our largest customer, who reduced volumes as they adjusted ordering in anticipation of weaker consumer demand. We also provided pricing support to help mitigate the tariff impact, which further weighed on revenue. Working closely with that customer, we leveraged the strong commercial relationship to take on a wider range of new products, which partially offset the decline in core volumes. Beyond this, performance was also affected by softer U.K. consumer environment, particularly within the independence channel. Adjusted operating profit was GBP 3.1 million versus GBP 5.6 million last year, with margins of 3.8%. This reflects the operational impact of lower volumes and unfavorable mix, particularly in our core gift packaging category, partially mitigated by actions taken last year, including the closure of the China manufacturing facility alongside continued overhead discipline. Strategically, we continue to focus on product differentiation and premiumization, expanding into higher margin categories such as decor and craft products to reduce reliance on core gift packaging. We are strengthening commercial capability through insight and execution, including our commercial academy and the new B2B ordering platform, and progressing channel diversification to reduce concentration risk. Increasing the proportion of manufactured product also remains a key lever, giving the operational leverage it brings. While profitability remains under pressure, looking ahead, DG UK is committed to building a leaner, more commercially effective operating model, simplifying core processes, sharpening the cost base, and enabling reinvestment to accelerate sustainable, profitable growth. DG Australia delivered a strong performance in the year, with revenue increasing by 6% to GBP 33.5 million, reflecting good momentum across all channels and product categories, with particular strength in party wear, gift packaging, and craft. Adjusted operating profit increased to GBP 1.8 million from GBP 1.6 million, with margins holding at 5.2%. The increase reflects the benefit of higher sales volumes and improved mix, which more than offset the increase in cost base associated with the warehouse relocation. As flagged at the half year, the warehouse relocation prompted by the expiry of the previous lease has now been successfully completed. It has resulted in higher fixed cost reflecting current market rents, but it is also largely absorbed through strong trading. I would like to recognize the team for the effective execution of the warehouse transition. Importantly, this now provides a much stronger platform for future growth with additional capacity, improving distribution capability, and operational efficiency. We also secured a new distribution agreement with Hinkler Books during the year, a complementary category that broadens our offering across the independents and national channels. The contribution in FY 2026 was limited, but as volume scale, Hinkler is expected to be a meaningful contributor to growth and help us utilize the increased warehouse capacity. From a strategic standpoint, the focus now shifts to leveraging that platform, driving revenue growth through existing and new channels, optimizing the cost base as we annualize the warehouse benefits, and continuing to premiumize the mix and support margin progression over time. Whilst DG Australia is a smaller part of the group, it is an important one and continues to demonstrate growth, good market position, and clear opportunities to enhance returns. Let's now move to the detailed financial review, focusing on areas we haven't already covered. Gross profit decreased by 15% to GBP 41.9 million, with adjusted gross margin reducing by 280 basis points to 19.2%. Encouragingly, adjusted overheads reduced to GBP 32.3 million, down from GBP 33.5 million year-on-year, reflecting prior year restructuring benefits and continued cost discipline, partially offset by higher people related costs, including performance related remuneration. As a percentage of sales, overheads were broadly stable at 14.8%. Below the operating line, net finance costs reduced slightly to GBP 1 million, reflecting lower finance costs following the refinancing and the group's strong cash position, partially offset by higher lease interest of GBP 1.3 million following the Australian warehouse relocation. The adjusted tax charge for the year was GBP 1.3 million, an effective tax rate of 15.1%, which is lower than the prior year, primarily due to a GBP 1.6 million tax credit following the release of uncertain tax provisions no longer applicable after the closure of the China site. This results in adjusted profit after tax of GBP 7.3 million and diluted adjusted earnings per share of GBP 0.072. Turning briefly to reported numbers, reported operating profit was GBP 7.5 million. The difference to adjusted profit is a net adjusting item charge of GBP 2.1 million, made up of GBP 1.3 million of restructuring and integration cost, largely the Far East reorganization and Australian relocation. Provision for guarantees following the sale of DG Americas of GBP 3.8 million, partially offset by a GBP 3 million profit on disposal of the surplus U.K. property. Finally, the reported results include the final impact of discontinued operations following the sale of DG Americas, comprising both trading losses prior to disposal and loss on the sale. As before, any potential future proceeds remain uncertain and are currently expected to be null. Turning now to cash flow. For the full- year, the group delivered a strong improvement in cash generation with a net cash inflow from continuing operations of GBP 16.2 million compared to an outflow last year. This improvement has been driven primarily by working capital, which contributed GBP 7.2 million inflow against GBP 8.3 million outflow last year. This reflects a significant unwind in the elevated inventory levels we carried in the prior year, particularly in Europe. As a reminder, that inventory had built up following supply chain disruption at a key retail partner, and it reversed during FY 2026 as stock levels normalized, releasing cash. Adjusted EBITDA at GBP 18.4 million, down from GBP 23.4 million last year, reflected lower profitability we have discussed. Importantly, this converted more effectively into cash with adjusted cash generated from operations of GBP 26.4 million, up from GBP 15.7 million. Capital expenditure was GBP 2.9 million, broadly in line, albeit lower than the prior year. Predominantly maintenance CapEx alongside investment in electric forklifts following the DG Australia warehouse relocation. Tax paid reduced to GBP 3.8 million, around GBP 3 million lower than the prior year, reflecting prior year overpayments and lower profits in taxpaying territories, and lease payments reduced as we normalized the cost base. We also benefited from GBP 3 million of proceeds from the disposal of the surplus U.K. warehouse and interest remained well controlled, reflecting the benefit of a receivables financing facility. Finally, as expected, there was a cash outflow relating to DG Americas of GBP 25.8 million, alongside GBP 1.4 million of disposal cost, reflecting the final phase of separation with no change in our assumption that the future proceeds remain uncertain and currently valued at null. Bringing this together, the group ended the year with a strong net cash position of GBP 54.6 million. The group has delivered a significant improvement in cash generation driven by disciplined working capital management and a simplified business model, leaving us with a strong balance sheet to support future growth and capital returns. I'll now pass back to Stewart, who will talk through the strategic progress we have made. Thanks, Rohan. As presented to you last time, we have four drivers of long-term growth that underpin both revenue expansion and margin improvement. First, premiumization. We're upgrading and offering through improved design, higher quality materials, and more disciplined pricing. We're already seeing the benefits of this through the increase in sales of licensed products, which now represent 8% of group sales versus 5% last year. Second, product diversification, which is to expand into higher margin categories to reduce concentration risk and improve resilience of earnings. Third, customer and channel expansion, increasing our reach across existing and new channels, including investigation into online platforms to drive volumes and enhance operating leverage over time. Finally, commercial capability. Investing through training, commercial excellence programs, and better use of market insights. We've included some case studies of product ranges that deliver on our strategy initiatives in the appendix. Importantly, all of these are underpinned by our continued focus on low cost, efficient manufacturing and sourcing, which remains a core competitive advantage. Turning to capital allocation. First, our priority is growth. We will continue to invest organically across product, commercial capability, and channel expansion. As well as pursuing selective, strategically aligned bolt-on M&A, where it strengthens our portfolio or accelerates entry into higher margin categories. The bar for returns remains high. Second is the progressive dividend policy targeting 3x earnings cover over time. We're committed to this policy being sustainable dividend policy, so will not be impacted by any selective strategic bolt-on M&A. Against that backdrop, we're pleased to announce today a GBP 0.01 per share dividend for 2026, an important step in returning cash to shareholders whilst maintaining flexibility to invest for growth. Third, where we have surplus capital beyond the needs of the business, we will return this through share buybacks, subject to maintaining a prudent balance sheet. In line with this, we're also announcing a 10% share buyback program for full- year 2026, an efficient use of capital at current valuation levels that also enhances earnings per share and overall shareholder returns. Stepping back, this framework is deliberately balanced, prioritizing investment in growth, delivering a sustainable and growing dividend, and returning excess capital in a disciplined way, all underpinned by a strong balance sheet and robust cash generation that gives us confidence in executing all of these pillars in parallel. Post year-end, we completed a bolt-on acquisition with the purchase of Glenart in South Africa in April 2026. Glenart is the design-led manufacturer and distributor within the celebrations category with a strong position in crackers and a well-established local presence. The business is highly complementary to our existing operations in both product offering and sales channel. Strategically, this acquisition is compelling across the three dimensions. First, it's earnings accretive, and we expect it to be immediately earnings enhancing in line with our disciplined approach to capital allocation. Second, it strengthens our cost competitiveness, providing access to a lower cost manufacturing base that supports group margins and adds flexibility and resilience to our supply chain. Third, it represents an important step in geographical expansion, giving us a direct entry point into the South African market whilst leveraging Glenart's established customer relationships and distribution channels with the key market players. The consideration is based on multiple of Glenart's EBITDA, with an initial cash payment of around GBP 3.4 million on completion. Deferred fixed consideration over the following three years and the performance related element linked to EBITDA, which keeps our interests well aligned. This is a clear example of the selective bolt-on M&A strategy we've outlined earlier, where we can add capability, improve margins, and expand geographically while maintaining a disciplined return profile. We see this as the first step in building a broader international platform and will continue to evaluate similar opportunities that align with our strategic and financial criteria. The business today is more streamlined, focused, and cash generative following the strategic progress we've made over the last 12 months. We're better positioned to benefit from our long-standing, strong customer relationships, have a resilient operating model and a robust balance sheet, which gives us flexibility to invest and return capital. That said, remain cognizant of the macro environment. With ongoing cost pressures, inflation, and softer consumer confidence across a number of our markets. In terms of current trading, we remain encouraged by the order book, which is 78% of budgeted revenues, compared to 75% secured at this time last year. Looking ahead, our guidance remains unchanged. For 2027-20 28, we're guiding to revenue growth of 0%-5%, reflects our ongoing demand uncertainty and a disciplined approach to pricing and mix. Adjusted operating margins of 4%-5%, supported by premiumization, operating leverage, and continued cost control, and free cash generation of at least GBP 5 million per annum, underpinned by improved profitability and tight working capital management. We have a business well positioned to deliver steady, high quality growth with improving margins and a strong cash conversion, while maintaining flexibility to navigate the external environment. In the short term, our strategy will be focused on evolution rather than revolution with continued emphasis on the four long-term growth pillars and accelerated momentum of future value creation where possible. With that in mind, I'd now like to pass over to Gerald, who'll briefly talk you through why he joined the group. Following this, Rohan and I will take any questions that you may have. Thank you, Stewart. Hi, I'm Gerald. I'm the new Chief Executive Officer Designate of IG Design Group. As I prepare to take up the role as the CEO as of July 1st, I'm delighted to be joining the business at a very exciting time. What brought me here was really three things: people, the end market, and the opportunity. The people I met during my time working with Design Group as an advisor and since joining full time have been really exceptional. They're passionate, committed, and deeply knowledgeable. It is clear to me that great companies are built by great people, and that's always been the most important factor in any role I have taken. I was also drawn to the markets we serve. Design Group creates products that bring joy to people's life, and being part of a business that has such a positive connection with consumers is something I find incredibly rewarding. Finally, there's the opportunity. This is a company with strong foundations, talented teams, long-standing customer relationships, and genuine expertise. I can see significant potential in the business, and that's what makes this role so exciting. Throughout my career from P&G, Bain, Unilever, through to leading Partner in Pet Food as a CEO in the last five years, one lesson has remained constant. Success starts with people. As a leader, I believe strongly in trust, transparency, and continuous learning. My role is to help create an environment where talented people can do their best work and where we are honest with one another about the opportunities and the challenges we face. Looking ahead, we have an amazing opportunity to build on these strong foundations. We have a talented team, strong customer relationships, and a market that matters to millions of people. I believe there is a great future ahead of us. I'm looking forward to getting to know more of our colleagues, customers, and also shareholders over the coming months, and to an exciting journey together as we continue to grow this wonderful business. Thank you. Okay. I'll now open up to questions from the audience. If you would like to ask a question, please use the Q&A button at the base of your screen, type in the question, and I'll ask it on your behalf. We have already had a number of questions submitted, both by email and in the Q&A. The first question is: what are the fundamental differences between the U.S. business and the remaining businesses? Thank you for that. I think the thing is that the U.S. business was extremely complex. I don't think we ever really fully established how many SKUs we had, but it was something in the order of 106,000. Yeah. Multiple sites, lots of different acquired businesses that we struggled to actually integrate fully. Six ERP systems. It was a really challenging situation. I think what really took it over the edge was the fact that we had a plan that we felt could turn the business around over a period of time. Then when the tariffs came in, it was quite clear that it was impossible to do that. The only outcome from that was actually disposal. Actually we had to do that pretty quickly, otherwise it would put the rest of the business at risk. What we've got for the rest of the group is now much simpler, far more focused, profitable, and cash generative business where we have very long-established relationships with the customers. It's much easier for us to get our hands around. As a Board previously, we spent all our time dealing with all the problems from the U.S. Now we've actually got control of the business, and we can actually see ways of how we can simplify further and grow the business further as well. Okay. Thank you. Next up, it's one with three questions. They say, congratulations on the turnaround. I have two questions on working capital and one on owned real estate. First, how much of the GBP 54.6 million net cash position do you regard as tied up in seasonal working capital? I think that three should be sterling. Sorry, GBP 54.6 million net cash do you regard as tied up in seasonal working capital? Second, do you see further potential for a structural working capital release over the longer term? Thirdly, on the owned facility in the Netherlands, could a sale and lease back unlock cash for additional shareholder returns? Is that something that the Board would consider? Over to you, Rohan. Okay. If we take working capital, in this particular year, we basically said we had a release of GBP 7.2 million working capital. Last year, we had GBP 8.3 million working capital coming in, and that was all with regard to the European business. When it comes to seasonality, we have again put the chart in the appendix of the working capital cycle that we have. We normally start the year with a lot of cash. We then build up a lot of working capital during the year, which is mainly seasonal working capital that we'll build up. The peak of our working capital requirement is normally by the time we report half year. While we're reporting March, our inventory figure sits at about GBP 44 million of inventory. That is sort of normalized inventory a lot around the group. I wouldn't say a lot of that is seasonal inventory. The seasonal inventory will start building from now, until we go through to half year. The guidance we sort of given for inventory going forward is that we're sort of at an optimal level at the moment. Going into the next financial year, you will see there'll be on some of the analyst notes, there's a little bit of an inventory build. That's because of us taking on the Hinkler contract, as we said in Australia. That will have a little bit of a working capital build, and then from there, we're just saying an optimal level of inventory required for the business would be growing at 1% or 2% as we grow our revenue. To answer the questions, we're at the lowest level of inventory when we report at the moment, inventory builds during the year, but I don't think there's a big structural element of cash to be taken out from inventory or any working capital for the remainder of the group. Sale and leaseback question. Sale and leaseback. We own our sites. We always look at our property and our property values that we've got. I don't think at this stage, given the strength of the business and where we are right now, and the excess cash that we've done within the capital allocation policy and everything like that, we're looking at sale and leaseback within those. I think there's no need to do that within anything, given the strength of our balance sheet. Okay, thank you. Next question is, what are the estimated central costs going forward? Are you still expecting around GBP 5 million per year? Within the central cost, we again have put a slide on with some of the costs that we've taken out. Annually, we've taken out about GBP 1.3 million run- rate costs. In this particular year, you've seen the cost go up slightly. That's because of transition costs that we've had coming in and reinstatement of some of the remuneration incentives. Going forward, we are looking at an annualized level on just over the GBP 5 million mark, which is what we've previously guided to. On the big change, though, with the audit cost, which again, quite complex this year because of DGEA being included, next year will be- Yeah Significantly simpler to audit. Within the central cost, we have taken out exactly as we said. We've got a simpler banking structure. We've taken out a lot of costs around insurance, audit fees, we've also reduced the headcount within the team. Okay, thank you. Can shareholders expect any additional excess property sales? No, we don't have any excess property at the moment. We have sold all of the property that we had deemed excess or anything like that. There are no further properties or assets held for sale that we have on the balance sheet. Okay, thank you. Next question is, in the medium term, what are the projects that IGR is envisioning to increase profitability or free cash flow or shareholder returns? What's that one? I think the primary focus now, as I said, it's been a hugely transformational year. What we're now looking at is a much simpler, more focused, profitable, cash-generative business. What myself and Brian have been able to do with the various business units over the last 12 months is start to look at how do we start to grow the business? How do we start to look at new revenue growth, either in premiumization, in product diversification, in terms of new customers, new channels, and also in terms of our commercial capability. We're building in plans with most of our major customers about how we grow going forward, and I think that's the platform we've built. Gerald will pick that up when he starts in fall as the new CEO on the 1st of July to really generate a very clear growth plan. I think that's the main thing we need to do, and it's about recovering our margins, both in the U.K. and also in Australia. Shareholder returns. I think with regards to shareholder returns, we've clearly outlaid, I think with regards to the capital allocation policy, which is sort of our view of enhancing shareholder value over the medium to longer term. We've clearly said, as Stewart's just spoken about investing in organic growth, selective M&A, going back to paying a dividend, which we started today, and we'll increase that progressively over time. And then excess cash beyond that, which we would see and sort of have. We've announced a 10% share buyback today. I think we'll continue sort of along those journeys, and that's why we laid out the capital allocation policy today. Okay, thank you. Next question is kind of related. What would you say is the minimum level of cash that IGR expects to keep on its balance sheet? When we look at cash, we look at it on various ways. Obviously, we look at that cash flow cycle that we've got, and that one's in the appendix that we normally put on the balance sheet slide. With our current level of cash that we've got, you can see that we haven't had to go into any of our borrowing facilities in the year. Even with the 10% buyback we are forecasting, we're not forecasting to go into that facility. We haven't actually said what the minimum level of cash is, but we've obviously got a GBP 40 million facility over and above that. We've got ample facilities and ample headroom on the balance sheet. When you obviously look at our opening cash position, our net cash position, and our average cash position during the year, and the average cash position has remained strong at well over GBP 20 million. Those are the ones we look at, and obviously we're very confident that we can return GBP 10 million in shareholder returns, as we've just announced today, and still be comfortable within our financing facilities and cash facilities. Okay, thank you. A question on M&A. I'm impressed by the bolt-on deal of Glenart. You talked a bit about this during the presentation. Could you talk a bit more broadly about what it brings to the group and where you see Glenart adding to the long-term future of the business? I think for a long time, driven a little bit by the retailers, we've been looking at alternative sourcing solutions, as opposed to from the Far East. I think we came across Glenart a couple of years ago. It was interesting because it actually would allow us to source crackers, Christmas crackers, which they predominantly produce at a lower cost, as we'd exited from our Chinese facility, and we were reliant on outsourcing all the crackers. The initial interest was all around getting a lower-sourced cracker production capability outside of China. The other benefit of this, of course, is actually the lead time is about two-thirds of what it is from China, so it gives us greater flexibility. That was the primary reason for engaging with them and the team. Brian was part of this through the Baker job in working with Miles and the team there and came up with a plan. What became apparent to us beyond that is a couple of other opportunities. Secondly, the fact that they've got excellent route to market with three major retailers in South Africa. We've already explored the rest of our portfolio with them has some genuine interest about sourcing other products from the Design Group portfolio out of the U.K. That's something we're exploring, and we're hoping we may even get a trial up and running for this Christmas. The third element, it actually gives the opportunity to maybe produce other products actually at lower costs within the South African facility as well. We're very excited about the opportunity of, and it is accretive, about what this brings to the group and what the opportunities may well be. I think by the time we get to the half year, we'll have a clearer plan of how we can fully leverage that. I don't know if there's anything else you want to add, Rohan? No. We always said it was earnings enhancing from the beginning, a really profitable business, 25% EBITDA margin, a really profitable business. One, as Stewart said, that we can really utilize within the group. This is clearly one of the ones we spoke about in the capital allocation policy that is very selective and strategically aligned. Okay. That's great. Thank you. Just as a reminder to the audience, we're running on our last couple of questions now. If you do have any more questions, please use the Q&A tab at the bottom of your screen. Next question is, is IG Design broadening its supplier base from China to improve supply chain resilience? I think it's not so much broadening. I think really it's actually we've been trying to bring, a lot of it was done individually, we've now tried to centralize that across the group in a more coordinated fashion than we had previously. I think there's an opportunity for us to leverage the existing supply base we have. One of the challenges, of course, that always coming out of Asia is actually ensuring you've got an ethical supply chain, it meets the requirements from a technical and quality standard. We've got some very good suppliers. I think the bigger opportunity is for us to consolidate more of what we're doing through those suppliers that we have, those strategic relationships with, that's what we're currently exploring. Okay. Thank you. Next question is, what is the status of the Americas unit? Is a sale or are any further funds expected from this? The Americas unit, Hilco disposed of a number of the entities. That unit, the remaining bit was then put into a Chapter 11. That Chapter 11 process continues. We are not expecting any further outcome or we've basically said we don't see anything coming from that process. I think it will be concluded sometime during next year, but we can't really say. At the moment, I think most of what Hilco have done has been concluded, and we're quite confident, I think, that there won't be an outcome. Okay. Thank you. Understood. The last question that we currently have, I think you may have already covered this earlier talking about working capital, I'll ask the question anyway. Given that the working capital cycle is now fully financed, where do you see the current levels of excess or surplus cash? I think pretty much what we said earlier on with regard to working capital. The company's got a working capital cycle. We're very happy with the facilities we got in place. I think we've got a really good facility that we can utilize. I think we've got a clear plan of how to return the excess cash we've spoken about to shareholders. We have got a very strong balance sheet to go forward. I think given the capital allocation policy we've announced, we've got an opportunity to invest in everything that we've basically laid out within there. We'll continue the journey that we basically set with the excess cash. Like I said, even given the 10% share buyback today and the dividends, we're still in a very strong position going forward. We won't need to go into our facility, we don't think, for the next year. Okay. That's all very clear. Thank you. There are no further questions at this time, I'll just hand back to Stewart for any final closing remarks, please. Okay. Well, thank you very much for joining us this morning and the interest in the business. I think what I'd say is that last year we set out to say that we wanted to underpromise and overdeliver, and I think we have achieved that over the last 12 months in all the key metrics. I'd also say, having been in the business for five years now, this is the best shape the business has ever been in. I say that for two reasons. One is it has been a truly transformational year. We're now a much simpler, more focused, more profitable, cash-generative business, which gives the opportunity with a new CEO to build those great plans going forward. That's very, very important for future generation of value. More importantly, the fact that we've been able to return capital and dividend return to our shareholders. Again, we gave that commitment. We're delighted to be able to announce the share buyback and also the dividend. I think we're in great shape for the future. We remain somewhat cautious because of the macro effects out there, but we're very, very clear that we're in charge of our own destiny. We've got a very, very clear plan, and we've got a great platform to build upon. Thank you for your help and support, and we look forward to the future. Fantastic. Thank you very much indeed. Thank you. All for attending. This is the end of the webinar. Thank you.