Good morning, everyone, here in person and online. Thank you very much for joining us. Yvonne and I will now take you through the operational and financial highlights following our presentation. We are happy to take whatever questions you may have. Starting with some of the operational highlights, organic revenue in HoReCa increased 5.6%, with a stable revenue in workwear, both of which we will discuss in a lot more detail as we work our way through the presentation. HoReCa volumes continue to improve with new hotel openings and new hotel room add-ons. I am very pleased to say our brand new HoReCa processing site in Crawley is now processing and in production. We are in the process of moving work from our Dorset sites into Crawley. Workwear retention, pleasingly, continues to improve. That is 93%, up from 91% last year, and working its way back to historic averages. We did implement price increases and other actions over the course of 2024. To help offset cost inflation, we'll continue into 2025. We're also very pleased with the integration of Empire, offering four and five-star service to the luxury hotels. That complements Regency, which also offers that service. I'll talk more in detail about those two acquisitions in a moment. We continue, as always, on our sustainability journey. We have published our third sustainability report. We continue to set targets, aiming for our 2030 targets. We have set our carbon, water, and plastic reduction targets for 2025, following the success of 2024. Finally, we're on track for our target of at least 14% on adjusted operating profit by 2026. That's slide four, operational highlights. If I hand over to Yvonne to take us through some of the financial highlights. Good morning, everybody. We turn on page six of the presentation and just a brief summary. Revenue, as Peter said, continued to increase, reflecting both volume in HoReCa and price increases across the group, together with the benefit of acquisitions. Organic growth overall was 3.8% for the two divisions combined. Adjusted EBITDA increased to GBP 152 million, giving an improved margin of 29.7% compared to 28.3% in the first half. Last year, for the full year, it was 28.3% again. Adjusted operating profit rose to GBP 62.3 million. After an interest cost of GBP 7.5 million, adjusted PVT was GBP 54.8 million. Operating margin was increased to 12.1%. Adjusted EPS, pleasing, at GBX 10.1, an increase of 29.5%. The final dividend declared this morning of GBX 2.7, making it full year GBX 4 per share, which fulfills our commitment to reduce dividend cover to 2.5x. The next slide is just a reminder of where we've come from over the last five years, with improved margin following, obviously, the COVID impact, returning to dividend growth, as we've said. Our slide on cost pressures, cost management. The focus everybody asked me about is energy costs and labor. Hitting those two costs, energy costs remained elevated, although slightly lower than in recent years. As a percentage of revenue in 2024, reduced to 8.8%. As a reminder, last year was 10%. Back in 2019, it was 6.2%. Still elevated, but on the way back. We've continued to fix gas and electricity prices such that at the end of February, we had 73% of our anticipated core gas and electricity usage fixed for the first half of 2025, slightly lower in the second half, around 60%. We will continue to move into the market as we see opportunities. Energy costs have been a bit volatile, you've probably noticed, over the last few weeks. We are just keeping our eye on that. We have 77% of our anticipated diesel usage fixed for 2025. We do have some fixes into 2026 and beyond, but at lower levels. That is our stated policy. The nearer we are to a date, the more fixed we would be. In terms of 2025, I think energy costs should continue to reduce as a percentage of revenue. I would hope we would be around 8% or slightly lower for 2025 as a whole. Labour costs, I suppose the other or the biggest cost we have for the year, were 44.6%. We note that further improvements in this cost as a percentage of revenue are challenged by the increases coming on minimum wage. Of course, the National Insurance increase, which is due in April. Our estimate is that the National Insurance will cost us about GBP 6 million in a full year. For this year, nine months of that, so GBP 4.5 million in 2025. Overall, cost management, production efficiencies, and price increases have resulted in the improved margin for 2024. Still, as Peter said earlier, on target for 14% in 2026. The next slide is on cash on page nine. Net debt, excluding IFRS 16, so that is leases, was GBP 68.6 million, just slightly higher than 12 months ago, December 2023. That is despite significant investment in CapEx and the acquisitions that we have made during 2024. Working capital remained at normal levels, debtor days at fairly constant 44 days. As we expected, rental stock depreciation increased, GBP 60 million for the year compared to GBP 53 million last year. That is just a factor of a larger group. CapEx spend, GBP 44.6 million. I would expect that to be a similar level in 2025. Some spend was delayed from 2024 into 2025 just through timing. Tax payments, again, still quite low, so GBP 2.7 million in 2024. I I think we will spend or pay more in tax in 2025, probably around GBP 7 million is our current estimate for 2025, and then increasing thereafter. That is a factor of the capital allowance system in the U.K. and also tax losses that we were still carrying forward from the COVID years. Acquisition spend, GBP 28 million. That is on Empire and the contracts that we mentioned we bought in July 2024. is about GBP 28 million in total cash out there. We expect debt to increase as we move through the first half and probably peaking around GBP 90 million or so mid-year. That is excluding the impact of the share buyback that we have announced this morning. That would be on top of that. Debt falls during the second half. If you look at our cash generation profile, it is always stronger in the second half. That goes with the trading in HoReCa. Just picking up some other things on finances. Interest cost, as we said, GBP 7.5 million. Notional pension interest was nil in 2024 because we were roughly even at the end of last year. In fact, we should get a credit in 2025 on notional interest, just a couple of hundred thousand probably, because the pension scheme is in surplus. Bank facility, GBP 120 million. We've got potential accordion of another GBP 15 million should we need it in terms of acquisition, if anything comes to fruition during 2025. Leverage was still 0.7x, so well below one. We'd still maintain our target of somewhere between GBP 1 million and GBP 1.5 million would be where we would be comfortable on gearing. Taxation, effective tax rate was 23.2%. Lower than the standard 25%. We had some prior year adjustments, so credits on that. Obviously, the Irish tax rate is 12.5%. There's a blended rate there as well. Pension scheme, as I mentioned, in surplus, so GBP 2.9 million net of tax surplus, which is positive to see. No deficit recovery payments being made at present. Lastly, our return on capital increased again to 15.5%, up from 13.9% last year. Moving to slide 12, more detail on Crawley. As a reminder, Crawley is a GBP 16 million CapEx investment now complete. As I said earlier, we started processing work on that site and moving work from our Dorset sites up into Crawley. It is about 30 mi from London, so it helps us service the London area and the South West. As a reminder, when the plant is up to capacity, it is capable of producing 600,000 pieces per week. We have also designed it in a way that we have allowed for a phase II development in time that we can easily install more machinery to bring that capacity up even further by another 300,000. With a phase two development in the future, we can bring that total capacity for that plant up to 900,000 pieces. Being able to design a plant from the ground up is unusual. It allows us to ensure that the plant will be one of the most efficient and sustainable plants within the U.K. It's not going to be a step change because we invest heavily with regards to pieces per operator. Our production efficiency is not going to be a step change to what we currently have within the estate. Because of that reason, we invest heavily within our estate over the number of years, but you'd expect it to be improved and one of our highest efficiently, most efficient plants. We have also been heavily marketing, clearly, for some time off the back of that opening coming online. We are pleased with the pipeline of new sales coming into the plant. As I said, it gives us further scope to penetrate further into London and particularly into the South West. Moving to slide 13, acquisition of Empire Linen Services. Again, as a reminder, we acquired Empire. The transaction completed on the 2nd of September 2024 for a GBP 20.6 million consideration, debt-free, cash-free basis. It provides linen services to the luxury linen hotels in the South and in the London area. As a reminder, I guess, again, the equipment in this plant is exactly the same as the equipment you'd see in any other of our HoReCa sites and, in fact, any flatwork laundry. The difference is the specification of linen. It's a higher specification of linen because it's servicing the four and five-star element. We are very pleased with this integration. It's the management of Regency, our managing Regency and Empire. We have RFID technology in Empire that we're looking to actually move into our Regency plant as well. It's a 26,000 sq ft facility, about 170 employees in the Tottenham area. Clearly, as you know, generally, our business model is the plants understand what they are. The plants of Regency and Empire are servicing the luxury hotels. We will not be moving any volume linen in there, restaurant and catering. They will purely be focused on the luxury hotel area. Also well invested, that plant, so there is no need for any immediate CapEx. Moving to slide 14, speaking of CapEx and investment, GBP 44.6 million, as Yvonne said, last year on capital expenditure. We consistently do this, as you know. We consistently invest back into our estate. I guess I will pick out a few here. We have increased our capacity in our Bourne plant in the East Midlands, invested just over GBP 3 million. That site, in essence, is our biggest plant. In essence, it is two plants back to back. When we're operating that site, we've actually taken on a depot just outside of London to help us further penetrate London and the South with regards to hotel linen. That investment has completed, and we're very pleased with the outcome. Following the acquisition of Regency last year in Corsham, we also invested just over GBP 1.3-GBP 1.4 million into Corsham to increase its capacity, and that's completed as well. In workwear, we invested GBP 4 million in our workwear plant in Manchester. The Manchester plant is a high-volume food plant, engineering and volume food plant. As you know, over the last number of years, we've been investing more and more in workwear and automation, particularly in sort systems. As this automation becomes available and, of course, with the cost of labor, the return on investment and on CapEx are significantly improved. We've also carried out several installations across the estate, notably in Celtic Linen in Ireland. We've just started, at the back end of last year, a major refurb of our Naas Road site, which is a HoReCa site, just six, seven miles outside of Dublin. We've also started refurbishment of our Wexford site, which is a HoReCa and healthcare site. Both of those are progressing well on time and on budget, I'm pleased to say. Finally, there's a major chunk of CapEx, just over GBP 7 million, with regards to commercial vehicles. Moving to slide 16, sustainability. We continue on the journey. We're making great strides in sustainability. As I said earlier, we recently published our third sustainability report. We have set our targets on carbon, water, and waste reduction. We're meeting those targets. We've also got an overall target to 2030. We have 8% of our fleet running on HVO at the moment. Of course, there is a trade-off versus commercially sensible of how much of your fleet you want on HVO versus the carbon reduction. We have a small number of electric vehicles running out of our London linen plant. We have recently implemented a new internal assurances process with the plans to obtain independent assurance on our numbers produced. Our sustainability journey continues at pace. We are also marketing heavily off the back of our sustainability journey, particularly for our larger customers. That said, large and small customers all now have part sustainability in one way or another within their tender profiles as we go for renewals and new business. Very pleased with our sustainability journey. Continuing on with the operational performance, hand back to Yvonne just for the overall financials on HoReCa on slide 18. On page 18, yes. In terms of HoReCa, revenue for the division increased by 15% to GBP 371 million, reflecting acquisitions in 2023 and 2024 and volume and price increases. Organic growth was 5.6%, benefiting from strong customer retention. Approximately 2/3 of that increase was attributed to pricing and the remainder one-third to volume. Effective margin improved to 29.8% and operating margin to 13.3%, both higher than the first half of the year. Production efficiencies continued, and energy costs as a percentage of revenue continued to reduce, and were 9.8% for the HoReCa division compared to 11.4% in 2023. Back in 2019, that percentage was 7.1%. For 2025, we are focusing on building throughput through Crawley, now that that plant is processing and introducing further efficiencies as we look at all the operational processes in the plants. That should improve margin again in 2025. Moving to operational highlights on HoReCa, some I have touched on already on slide 19. As Yvonne said, organic growth was 5.6%. Sales pipeline is strong, both for good independent and group sales. We also acquired a customer portfolio of about GBP 4.5 million annualized from a family business that was exited in the market last year, and that has been installed into a number of our HoReCa sites. Touched on the depot earlier, we opened a depot just north of London for our hotel linen Bourne site. Volumes throughout the summer of last year were good. We are strong. Had the summer been a little bit better weather-wise, they would have been stronger. I mean, it was quite miserable weather, both in the U.K. and Ireland. Had the summer been a little bit better, numbers would have been stronger. Yet, we were still pleased with the volumes that we saw coming through our plants. All new investments with regards to CapEx always look through a prism of sustainability. We know they can wash. We know they can dry. What we're looking for is what we can save on energy, water, and so forth. We did a little bit of analysis on the HoReCa addressable market in the U.K., and we estimate that to be about GBP 1.3 billion. We also looked at the healthcare addressable market in Ireland at about just GBP 0.4 billion. Overall, pleased with the HoReCa performance and so far this year, although it's very, very early, also in line this year. We turn to workwear on page 20. Revenue was in line with 2023, with an improvement in EBITDA to GBP 49.4 million and a margin of 34.7%. Operating profit fell slightly to GBP 20.3 million, with the first half margin of 14.3% maintained. Rental stock depreciation was GBP 2 million higher than in 2023, reflecting existing customer renewals and new installations. Customer retention, though, improved to 93%. Energy cost as a percentage of revenue reduced to 6.3% compared to 6.9% in 2023. We have started 2025 with some positive momentum, although we acknowledge that some of this new business that we are assigning will take some time to impact on inter-revenue in 2025. Moving to slide 21, again, workwear, operational performance. 25% of all new sales sold in the period came from new to rental. As a reminder, we have our own internal telecall center. We buy in data. We make appointments. This is for prospects that either have workwear but not a workwear provider or simply do not have workwear at all. 25% of new sales sold. As Yvonne said and I mentioned earlier, we're pleased with the retention improvement levels to 93%. That directly correlates with our satisfaction at 86% for existing customers and 88.7% for new customers that we take on board. Those numbers are really high and directly correlate back to our retention levels as well. We also are pleased with the employee engagement survey, not just for workwear, but across HoReCa and across all of the divisions. Going back to the CapEx investment that I mentioned earlier in Manchester, that GBP 4 million CapEx investment in Manchester allowed us to increase the capacity over 40% in Manchester. In turn, we're in consultation with our site in Lancaster, which is one of our smaller sites, with the view of folding that site into Manchester. That consultation has started. That investment in automation allows us to move that work and volume into Manchester. Also, we had leases coming to an end in Lancaster, so it made sense to do and to move that work. Overall, as we said, workwear follows the employment market. As the employment market continues to improve, our workwear business will accordingly. Outlook, slide 23. We're encouraged with the trading momentum. As always, I think you can see in the numbers that we proactively manage costs. We constantly look at ways from an investment perspective of how we can drive efficiencies. Once you balance resource and investment, then you can drive your efficiency and you get your volumes in line with your resource and you drive on. Integration of recent acquisitions, Ireland, Empire, and Corsham, we're very, very pleased with that. We are expanding in the absence of acquisition. We have taken on a new site in Crawley. We've just opened. We did the same a number of years ago when we opened up our hotel linen site in Leeds. We've got a strong balance sheet to support organic investment, M&A, and obviously returns to shareholders. The board remains confident about delivering another year of progress and improving margin in 2025. It's our intention to return GBP 30 million to shareholders, as we mentioned earlier, through buybacks. The board has been considering a move to main market. We started that consultation and announced that this morning as well. Investment case, moving to slide. Actually, before I do that, slide 25. Slide 25 really is to show where our revenue has and what has moved from 2012 to current date. Back in 2012, we had textile services, dry cleaning, and facilities, whereas in 2024, we are 100% textile. On the slide on the right, HoReCa versus workwear. You can see that workwear has 78% and 22% HoReCa in 2012. That is rebalanced to 72% HoReCa and 28% workwear in 2024. That reflects the number of acquisitions and the growth that we have seen in HoReCa, particularly over the last 10 years. Also, on the bottom of that slide, you can see the number of acquisitions we have done in that period. Slide 26 just points to why we're an essential service provider. One of the key things that we do within our business, within workwear, hotel linen, and healthcare, is on time and in full delivery. Our trucks will turn up. They'll turn up on time to our customers with the correct volume. We're very proud of that, and we've got very high stats for that. That, in turn, leads to good quality service and good retention. Generally, we offer local service nationally, particularly in our workwear plants within a 50-70 mi radius of our workwear customers. We are there should our customers have any issues to ensure that we get the service and get them the service that they've signed up for. We're on a sustainable journey, as I mentioned earlier, with regards to sustainability. Overall, our service, there's limited alternatives out there. Hotels need our linen. Restaurants need our linen. Chessware needs our linen. Engineering companies need our workwear. Food companies need our garments for them to do their job. For them to do their job, they need to ensure we do our job, and we do it very, very well, and something that we're very proud of. That comes through good investment in our plant and machinery, but also in our people. We're very proud of our people and proud of what they deliver. Each and every person that works with Johnson Service Group is highly valued. Slide 27. It's really a consistent improvement strategy. We do what we say we're going to do. We said last year we put out our numbers. We've delivered on them this morning. We consistently deliver. We consistently deliver on what we say from a market perspective and from an operational perspective. We've got a good track record of growth with quality and reliable service. We've got good M&A pipeline. Our average tenure of customer is high, and our margins continue to recover just over 12%, 12.1% now. We're still on track to achieve our 14% or at least 14% by 2026. That, in turn, with a very strong balance sheet itself. Overall, we're very pleased with 2024. Of course, all the focus now is on 2025 and moving forward. That's where we'll pause and invite any questions. Yes, Tom Callan from Investec. Just one thing that I picked up in the statement actually this morning. I think there was mention to a five-year renewal of a key customer on the HoReCa side. I think we all know which customer that is. Could you just give us a bit more color where possible, obviously, notwithstanding commercial sensitivities and stuff, just in terms of how that process went, what the feedback was from that particular customer and stuff? Yeah, sure. We went through a tender process. We have a very good relationship with that customer, and that's built on exactly what I said just a few moments ago, on time and in full delivery of the service to that customer. That relationship built up over the last five years. We consistently work with that customer in partnership. We've both got sustainability targets that we are working towards, but ultimately it came down to the quality of service and our relationship with that customer. We're very pleased to have re-signed it for a further five years. Thanks. Chris Bamberry, Peel Hunt, three questions, if I may. Just do them one at a time if that's easier. I guess looking at the extra GBP 6 million of costs from NIC, that's on top of the kind of now it seems customer increase in the minimum wage. I think somewhere in the statement you talk about kind of challenging for last year for price increases and renewals. Just really a little bit more on how you're delivering that. Are you potentially bringing things forward just to get a better understanding? Thank you. Yeah, sure. I mean, the budget was not really very helpful for businesses overall in the whole industry. It is quite challenging. It is quite a big increase, not just for ourselves, but also for the customer base as well. You mentioned it yourself that, unfortunately, I guess we have been used to significant increases over the last number of years, particularly with minimum wage and now with national insurance. We will continue to do what we always do. We will try and offset where we can with investment and with efficiency. We have proven that we can do that over the last number of years. We will also have to have, in turn, some price increases to our customers as well. Those conversations are always challenging. Regardless of the level and quantum of the price increase, they are always challenging. You come from a very good foundation of we deliver the service. We deliver it on time and in full. We say what we're going to do. We invest heavily in our business. You can see we invest heavily in our business. We have cost challenges that we must have some support with as well. That goes back to the relationships I said earlier with customers that you can have those discussions so that we actually find a reasonable way forward that suits the customer and suits ourselves. Thank you. Just looking at the Crawley plant, I remember it was meant to maybe lose about GBP 3.5 million or something this year. And then if there is a trajectory to hit break even at some point in 2026, just how you see that shape last year into next year and the following year now? I think the costs in 2024 are a bit lower because we were not actually processing. So some of the depreciation was delayed, etc. We expect the costs to reduce in 2025 as the throughput builds. It just depends how quickly we can get new business through and what capacity we reach. I think the break even, we still anticipate sometime in 2026. Finally, workwear, I think in the first half, volumes were down about 3% and prices were up about 3% roughly to offset. Is that similar for the year as a whole? Similar. Similar for the whole year, yeah. Okay. Thank you very much. Thanks, Chris. Thanks, James Beard at Deutsche Bank. Two questions from me, please. Firstly, on HoReCa, can you talk through your expectations from a volume perspective looking into 2025? It's difficult to give an expectation this year, but we'd expect it to be in line with what we've set clearly in our numbers. We're only in, we're just going into March. The real test in HoReCa comes as you build into Easter and post-Easter. So far, they're in line with what we'd expect. It's too early to say yet how the year is going to play out. We will have more of a feel on that when we get to the half year. I think it's kind of strange for me to ask this at every meeting, but competition, what are you seeing from your competitors on the ground at the moment? I guess we always monitor our competitors. We treat every competitor the same. We follow our strategy. Our strategy is to follow our delivery of service, invest in our people, invest in our plants. There has been some price unsilliness in the market at times, but that's not unusual. It's something that we can actually monitor and address as we go through different tenders. Generally, the market is quite reasonable, generally. Hi, James Fletcher from Berenberg. First one, I was just going to ask you about the cost headwinds in the U.K. Does that make you think about Ireland and overseas a bit more, perhaps over the U.K. than previous thoughts? More than normal. We've consistently said we always look for opportunity. It could be within the textile rental service or industry, our model across the U.K. and Ireland. There's still opportunity across the U.K. and Ireland in various sectors. We would look to execute on those before we think about going any further. Okay, thank you. Just a couple more if I may. Just on the aim to main market move, can I just clarify? Has there been discussions already with shareholders or to be had? No, to be had. We announced this morning that we'll start a dialogue with our main investors and start a consultation period. Yeah, cool. Great. Just on NI, can you just kind of give a bit more color as to your confidence in your pricing power with your customers and how are they feeling? They're wearing the same cost headwinds. Can you just give a bit of a feeling for those discussions? Kind of they must be complicit in it. Yeah, the discussions are always difficult because no one likes a price increase full stop, regardless of the quantum. As I said earlier, the first thing we do is look at how can we mitigate? What can we do? Make sure that you point to, well, actually, we invest heavily and consistently in our business to help drive efficiencies. As I said earlier, I expect a washing machine to wash and a tumbler to dry. What I'm looking for is what they can give us in marginal gains and marginal improvements. If you get a balance of resource with a balance of volume, you can drive efficiency. Ultimately, clearly, we need to talk to customers as well with areas that we can't continue to we can't absorb everything. There's going to have to be some that we move on. You do it from a platform of ensuring that you deliver a very good service. It is challenging for our customers as well. We appreciate that. As I said earlier, the announcement in the budget was not particularly helpful to the economy and particularly to the hospitality industry. Brilliant. Thank you, Peter. You're welcome. Hi, James Wood from Canaccord. Two from me, please. The first one on the workwear retention levels. You said that they trended up from 91%- 93%, and they're continuing to go up. I'd just kind of like to understand really what's changed, I guess, from a couple of years ago to kind of drive that improvement. Yeah, a few years ago, I guess we had price increase, back to the previous question, saturation with some of our workwear customers. Where we had customers that did not need to have it industrially laundered from a food perspective to protect the product or did not need to have it industrially laundered to protect the person engineering, they may have taken it in-house. We saw some customers drop away on that level. That has slowed down significantly. That combined with the very, very good service and very good customer satisfaction, our retention has continued to improve. Historic levels are 94% or 95%, generally. To be back at 93% is very, very pleasing. We will look to continue that journey back to the 94% or 95% historic level. Okay. Just on the margin bridge to at least 14% from, I think it was just over 12%, is there any kind of key drivers of that? One or two kind of moving parts or a number of things? I guess one of the key ones is energy. As energy costs as a percentage of revenue continue to reduce, we should get the benefits of that. I think it's just making sure we're the most efficient we can be. It's tweaks on everything. It might be labor, although labor is going to be challenging for the reasons we've just said. It's making sure that we get peak pieces per operator per hour through the plants. Water usage, all those good things that we're doing anyway will all help. Okay. Thank you. Anyone else? Chris, go up. Absolutely. Just looking for a little bit more detail now, how Ireland's performed in the last 12 months, the two separate parts of the business, margin, revenue, and what you're seeing in the competitive dynamic as well there. Yeah, good. The integration continues with Ireland, north and south. Clearly, Ireland are in healthcare as well as HoReCa in the Republic. Integration is going really, really well. It is in line with what we expected and what we had set out. As I said earlier, we have now just started a big tranche of investment both in the Naas Road, just the plant outside of Dublin, in HoReCa, and in Wexford. Of course, we would look for efficiencies that would drive from those investments as and when they complete. We are very pleased with Ireland, pleased with the management team. The competitive landscape over there is similar to the U.K., similar competition. There can be similar silliness in the market over there as well, unfortunately. That is the competitive environment overall. Is Ireland growing a little bit faster because the economy's going a bit faster in the market overall? We're not seeing that significantly. I guess slightly different model because we service the healthcare, private and public hospitals over there. Their demand is quite stable throughout the year. It's not very seasonal. Certainly, you'll have pinch points going into the Christmas period, which they handled really well. Ireland economy, generally good, as you say. They've also got challenges on labor and labor rates as the U.K. as well that we have to deal with in Ireland. Thank you. Anyone else? Anyone from online? No. No. No. Okay. All right. I think that wraps it up. Thank you very much for everyone attending in person and online. Appreciate it. Thank you.