Ladies and gentlemen, welcome to the Lords Group Trading PLC annual general meeting. Questions are encouraged. They can be submitted at any time via the Q&A tab that's just situated on the right-hand corner of your screen. Please just simply type in your questions and press send. I would now like to hand you over to the board from Lords Group Trading. Gary, good afternoon, sir. Good afternoon, thank you for that introduction. Good afternoon, ladies and gentlemen, and welcome to 2026 annual general meeting of Lords Group Trading. I'm Gary O'Brien, as you've just been introduced, and I'm the Chairman of the company, and I'll be chairing the meeting this afternoon. Thank you everybody who's joined us in the offices of Burson's today and everybody who's joined us on Investor Meet. I'd like to start by, first of all, introducing you to everybody in the room. I've got on my left-hand side, Shanker Patel, Group CEO, who I think we're all aware of. Stuart Kilpatrick to my immediate right, who is Chief Financial Officer. Followed by Sheena Mackay, who's an Independent Non-Executive Director for the group. Last but not least is Andrew Harrison at the very end. Independent Non-Executive Director. Just a bit of housekeeping for people who are in the offices here today, which is if the alarm goes off, panic. Listen to what the fire instructors tell you to do and follow the instructions accordingly. Before turning to the formal business of the meeting, there was a release yesterday, a trading update that we released yesterday at 11:00 A.M. What I'd like to do is actually read through that. If I can find it, I will probably actually do it. Have you got it to hand, Stuart? I should have. I should have it. There you go. Well done, Paul. Thank you very much. Well prepared there. As I say, it was released yesterday at 11:00 A.M. It reads as follows. Against this backdrop, trading conditions across the group's market remain challenging, with ongoing macroeconomic uncertainty and geopolitical tensions continuing to wear on market confidence and activity levels. The latest Builders Merchant Index reported that the builders merchants like-for-like volumes in quarter one 2026 were 8.1% below prior year comparators, while higher selling prices result in the like-for-like revenue being 3.2% lower. The Heating and Hotwater Industry Council reported boiler volumes of 4.2% below the prior year levels of quarter one in 2026. Against this backdrop, group revenue in the first five months of the year was GBP 195 million. In 2025, it was GBP 196.3 million. That's, however, with the addition of four new branches since the beginning of 2025 and the acquisition of CMO in June, helping to offset the impact of the subdued [judge markets]. Merchanting experienced a slow start to the year with prolonged wet weather in January and early February, affecting trading activity. Conditions improved in subsequent months, resulting in revenue being 4% lower at the end of May 2026. The division sought where appropriate to recover higher fuel and product costs from supply chain pressures and geopolitical developments in the Middle East while maintaining a disciplined approach to operating expenses. Plumbing and heating did not benefit from the exceptional levels of demand experienced in the prior year to March 2025, when customers brought forward purchases ahead of an industry-wide price increase. As a result, revenue at the end of May was 14% below prior year comparators. Although broadly in line with May 2024, the division also experienced softer market demand, reflecting subdued levels of consumer spending on discretionary heating upgrades, only partly offset by increased demand for spares. The strategic review to reduce the distribution network from seven locations to four was implemented at the end of March. That is expected to realize annualized cost savings in the region of GBP 1.4 million. CMO continued to progress well, with revenue at the end of May being 7% ahead of the prior year comparator. Following the acquisitions of a loss-making business from pre-pack administration, supplier productivity has been restored. Customer refunds reduced to industry norms and operating expenses lowered, resulting in positive EBITDA during the first five months of 2026 by CMO. Looking forward, the board's expectations for the year remain unchanged. It is closely monitoring the potential impact of the ongoing softness in trading as expressed, I should say, earlier in this statement. To counter this backdrop, the group continued to prioritize customer service excellence, gross margin, tight control of operating expenses, and effective working capital management. When market conditions improve, we expect a disproportionate improvement in profitability, driven by the operating leverage across both of our branch network and digital platforms. That ends the release that was sent out yesterday. A copy of that is actually available on the company's website or on the London Stock Exchange page for Lords Group Trading. Stuart Kilpatrick and Shanker Patel did do a trading performance review on the 20th of May of this year, which was open to all shareholders. It was done on the Investor Meet Company platform. I don't propose, therefore, to go through a general presentation as opposed to deal with the formal events for the AGM. If anybody wants to, they can actually view that presentation on the Investor Meet Company platform. Once we've conducted the formal business of the AGM, we will have a Q&A session, which will allow anybody who wants to ask any questions to submit them, either in person or through the Investor Meet Company platform. You can see there should be a section there for you to submit your questions on the screen. Before we proceed to the formal business of the meeting, the notice convening the annual general meeting, setting out the resolutions, was posted to all shareholders on the 26th of May, 2026. Accordingly, the requisite notice of the meeting has been given. Therefore, I'm going to take that as read, assuming everybody agrees. Right. In which case, voting. For this meeting, in accordance with best practice, all resolutions will be voted on a poll. I am directing that the votes be conducted in a poll in accordance with article 19.8 of the company's articles of association. Poll cards were provided on arrival to those eligible to vote, and I will cast the proxy votes held by me in the poll. If shareholders are present today and want to change their vote, they can then fill out a poll card and give it to the adjudicator, the scrutineer, I should say. We've appointed, as the company's registrar, MUFG Corporate Markets as scrutineers for the day. Ordinary resolutions require a simple majority, and special resolutions require 75% or more to pass. Saying all of that, I will now go through the formal resolutions. I should point out that we currently hold proxy votes, or I currently hold proxy votes of 91% or in excess of 91% in each case. Starting with Resolution Number 1. The annual report and accounts for the year ended 31st of December 2025 have been circulated to shareholders, together with the auditor's report thereon. I would now like to propose the passing of the first resolution, which is proposed as an ordinary resolution. The resolution reads: to receive the annual report and accounts for the company for the financial year ended 31st of December 2025, together with the directors' report and the auditor's report on those accounts. I'll just read through all the resolutions. We'll come back to the voting at the end. Resolution 2, I now propose the passing of Resolution 2, which is being proposed as an ordinary resolution. It reads: to declare a final dividend of GBP 0.002 per ordinary share for the financial year ended 31st of December 2025. This will be paid on the 6th of July 2026 to all shareholders who are on the company's register of members at the close of business on the 29th of May 2026. Resolution 3, I now propose the passing of resolution, again, an ordinary resolution, which reads as: to accept the directors' remuneration report for the financial year ended 31st of December 2025, as set out in pages 57-63 of the company's annual report and accounts. Resolution 4, I propose the passing of Resolution 4, which is an ordinary resolution, to re-elect Andrew Harrison as a director of the company, the gentleman to my far left, far right, I should say. Resolution 5, I now propose the passing of Resolution 5 as an ordinary resolution to re-select Stuart Kilpatrick as a director of the company. Resolution 6 is to select Sheena Mackay as a director of the company. Resolution 7, which I'm going to ask Shanker very kindly if he would do so. I propose the passing of Resolution 7, which is being proposed as an ordinary resolution to re-elect Gary O'Brien as director of the company. Thank you, Shanker. I'll hand back to Gary. Resolution 8, which is again, an ordinary resolution to re-elect Shanker Patel as a director of the company. Resolution 9, which is again an ordinary resolution, is to reappoint Grant Thornton U.K. LLP as auditors of the company to hold office until the conclusion of the next general meeting at which accounts are laid before the company. Resolution 9. Resolution 10, again, another ordinary resolution, is to authorize the directors to determine the fees payable to the auditors. Resolution 11, again, an ordinary resolution that the directors be authorized to allot equity securities with the limit set out in Resolution 11. Resolution 12 is a special resolution, that subject to Resolution 11 the directors be authorized to allocate equity securities for cash as if Section 561 of the Companies Act 2006 did not apply within the limit set out in Resolution 12. Resolution 13, again, another special resolution. That subject to Resolution 11, in addition to 12, the directors be authorized to allocate equity securities for cash as if Section 561 of the Companies Act 2006 did not apply within the limit set out in Resolution 13. Final resolution, Resolution 14, again, another special resolution, is to empower the directors to make market purchases of the company shares. Right. I've now proposed all of the resolutions as set out in the notice, I now declare the poll open. If there are any cards, please pass them to the scrutineer, who's sitting on my right-hand side. On saying that, all of those votes will be now registered. They'll be available to actually pick up votes on the company's website at the conclusion of the meeting. Okay. That concludes. I don't need to declare the votes as you've got them, do I? Okay. I'll listen to him, he will actually end up doing out on his announcement afterwards. Okay. That's fine. This concludes the formal business of the meeting, I'm now going to hand back to Investor Meet, the company host, to assist us with the Q&A session. Thank you very much, guys. Ladies and gentlemen online, please do continue to submit your questions just by using the Q&A tab that's situated on the right-hand corner of your screen. Please just simply type in your question and press send, that will come through to the board. Thank you. Stuart, can I pass to you and ask you, is there anything that came up in the presentation? Thank you, Gary. We have one question so far, which is as follows. "You did a statement regarding trading to date. Has there been an upturn?" As Gary set out at the beginning of the meeting, there was an AGM statement, which he read out at the start of the meeting, and that is available on our website, and from the stock exchange. I can refer you to that trading update, if I may. Okay. Any other questions? Okay, quite a simple AGM from the questioning point of view. Thank you all. Thank you for your participation. If there is no further business, I will declare the meeting closed and thank you for your attendance. Thank you very much. Thank you very much, guys. On behalf of the Board of Lords Group Trading PLC, we would like to thank you for attending today's annual general meeting. That now concludes the meeting, good afternoon to you all.