Good afternoon, and welcome to McBride's Capital Markets Day. Whether you're an existing shareholder or new to the McBride story, we are excited for you to join us and learn more about Program Compass, the journey we've been on. Before I highlight the work that has been done, a quick personal introduction. My name is Jeff Nodland. I've been on the board since July 2019, and appointed Board Chair in October 2019. I've been asked, why was I interested in McBride? In February of 2019, I retired as the Chief Executive of KIK Custom Products. KIK was a consumer products company with four divisions. Our largest division, and frankly our most profitable division, was our private label household cleaning business, and we were the undisputed leader of private label household cleaning to North American retailers. We built a very successful and profitable company in a private label business. I understand and have experienced the full potential and the value creation opportunities that can be achieved when you execute effectively on the right strategy with the absolute best organization. Of course, I recognize that the U.K. and the EU markets are different, but I see great value creation opportunities in McBride. I'm honored to be part of this strategy reset and to be part of this journey going forward. Program Compass has been the most rigorous strategic review that McBride has ever undertaken. The board and management recognize that we have underperformed and disappointed, first of all, ourselves, and also our shareholders. We have not always had the right cost structure to be competitive, have not had the right sense of urgency and responsiveness to meet or exceed our customer needs or expectations. We need to build more accountability, ownership, and delegated decision-making into the organization. We started by engaging with an external consulting group to get a deep knowledge of our markets, our customer expectations, and to ensure our business was aligned to meet those needs. We use this data to help shape, inform, and influence our strategic options. As Chris will explain, we are introducing a new approach and a new organization with different strategies for our different businesses. The board has been deeply engaged in this work, and we are excited about the outcomes of the work. It is clearly a pivotal moment for McBride as we move to implementation and execution of this strategy. Just speaking for the board, we are very excited about the prospects under the new strategy. We appointed Chris Smith as CEO in June of 2020, and he's done an excellent job of leading the organization through the strategic review and ensuring we have the right people in the right positions to effectively execute on this strategy. You will have the opportunity to meet some of these key leaders in today's presentation. In summary, our ambition is to deliver long-term, sustainable, profitable growth and shareholder value creation. Welcome to the Program Compass journey, and I'm pleased to turn the presentation over to Chris Smith. Many thanks, Jeff, and let me add my welcome and my thanks for joining us today for this capital markets presentation. For those of you new to the McBride story, I've now been with the group for six years, the first five as CFO, and latterly as CEO since last year. By training, I'm a chartered accountant, having spent the last 30 years in international multi-site manufacturing businesses in a variety of industries such as coatings, filmics, textiles, and now consumer products. I am based in the north west of the U.K., have been here for the last 20 years following overseas appointments in Germany and Hong Kong. Let me outline what you will see and hear today. Given our need to host this virtually, you will see a series of both live and recorded presentations that will outline our Compass strategy at a more granular level of detail than was presented last September. Importantly, you'll hear only a little bit from me, but mostly from my new leadership team, the divisional managing directors and our new CFO, who each will outline their contribution to Compass in their own words. The structure of the event will be that I will open to set the scene on our strategy outline, following which you'll hear from each of the divisions about their opportunity and their strategy. Mark, our CFO, will outline the financial impact of Compass before I summarize at the end. We will have two Q&A sessions, one after the divisional section focused on the divisions, and one at the end to pick up Compass-wide topics. We expect that the session will last for about two hours in total. Besides Jeff and myself, you'll hear live today from Mark Strickland, CFO, Tim Perman, Managing Director of Liquids, Lennard Markestein, MD of Unit Dosing, and Henrik Aagaard, Managing Director of Powders. On video feeds, you'll see presentations from Marc Marot, MD of Aerosols, and Adrian Gurney, MD of our Asia Pacific business. By way of a reminder, this was our Compass timeline. The process commenced actually just under a year ago. Supported with external experts, we concluded on market outlook and considered the optimum internal structures to maximize our opportunity. In spite of all the additional distractions encountered from COVID and from Brexit in the last six to nine months, my team has delivered the new strategies and the new organization to schedule and as of January 1st this year, our new business structure is operational. The real work, though, starts now. Our vision is now backed by a solid and exciting range of opportunities. We will extend McBride's leading position in our sector with targets in the next five years to take revenues to €1 billion, improving our operating margins by 2-4 percentage points from the 10-year historic average of approximately 4%, and see our ROCE grow by 5-10 percentage points. We will deliver this through establishing new product technology divisions with focused individual strategies and accountable end-to-end leadership teams to execute. At this point, before we progress with the main presentation, we will show a brief introductory video about McBride to set the scene on our business. Established in 1927, McBride is the leading European manufacturer and supplier of private label and contract manufactured products for the domestic, household, and professional cleaning and hygiene markets. Through our strong heritage in the cleaning and hygiene sector, we serve many of the largest retailers and brands in Europe and the Asia- Pacific region, developing, manufacturing, and distributing products for both private label clients in the retail segment and contract manufacturing for established brands. In our core European markets, we supply over one-third of all private label products. That means over one billion consumer units a year. Our leading position is supported by significant scale, with 12 factories across Europe and two in our Asia- Pacific region, serving clients through the full end-to-end value chain, from sourcing and purchasing, to processing and manufacturing, and specialist packing to targeted distribution. Our market insights help to inform ongoing product development. Our product development teams work closely with customers to create innovative new products and are focused on improving the sustainability of all of our products through responsible sourcing, reducing the use of plastics, and increasing product concentration. We've recently reorganized our operations to enable our dedicated teams to focus their unrivaled expertise across five distinct divisions: Liquids, Unit Dosing, Powders, Aerosols, and the Asia- Pacific region. With a strong focus on cost optimization, combined with the agility to adapt and invest in innovation to exploit market opportunities, McBride has never been better prepared to deliver everyday cleaning products that are expertly made. What has been our approach? The beginning of this journey was to update our market knowledge. The competitor and market review have clearly demonstrated the latest view on the range of opportunities in front of us. This includes cost benchmarks on what we need to improve, which of our markets will grow and by how much, as well as updating our market share by segment, region, and channel to demonstrate where we under-index. Our latest view of competitors provides us with an updated outlook on our value proposition to customers on what we need to change. We've also taken soundings from retail and branded customers to update views on their latest needs and what really matters. All this has informed our strategy formation with a clear conclusion that to deliver on these opportunities more effectively going forwards, we need to amend our operating model. We have decentralized our current operating model that we've operated now for over 10 years. We are leaving behind the group functional structures, all of whom reported through to the CEO, in favor of separate divisional operating models aligned to product technologies. These divisions, with their own strategies, will be managed by accountable, agile, and focused teams embedded in their sector and closer to the market. The outcome, as you will see from our new leaders shortly, will be a model that promotes cost leadership in our mature businesses and promotes innovation and pace in our growth businesses. I fully recognize that this business has in recent years disappointed in many aspects of its performance. While the business has demonstrated resilience through difficult raw material cycles and pandemic challenges, we have not seen the sustained improvements expected and the rewards for the efforts of our teams. During my six years with the company, I've been at the center of all of these challenges and listened, observed, and considered the inevitable criticisms. Learning and improving from this experience is the best response. We need to do better in a number of internal and external areas. First, we have to fully deliver on our strategy choices and our change objectives, such as actually growing our top line, completing simplification initiatives without creep back, or making improved choices on capital allocation. Secondly, our performance in many key areas of the business have not been good enough. Examples could include better management of our commercial margins, driving cost reductions, and consistent service levels. We need to better manage expectations about possible short-term impacts on performance against the backdrop of sticking to our medium-term ambitions and delivery of our ultimate targets. The third area is, I believe, the root cause of some of these challenges. Our centralized organizational setup has fostered a generalist and functional silo environment where many crucial business decisions take too long and involve too many people. We are not getting the best from the passionate and competent team here at McBride. In summary, we know the watch outs, and our new approach needs to address these challenges. As we embark on the new journey under Program Compass, it's important for us all to understand that despite the observations on history, the quality of the foundations that exist in the group are in good shape. In virtually all of our markets, whether that is the geographic or product view, private label is expected to demonstrate share growth. On average, in Europe's top five markets, which represents 70% of the total European market, private label is expected to gain 1%-2% market share, with the total market growing 2% per annum in the next five years. McBride is number one overall in European household private label, and in our key regions and our core categories, we are either number one or number two in each. This positions McBride very strongly to exploit the opportunities that present themselves. Our operating platform is strong. We have plants across Europe to serve our customers, a unique position in our sector. These plants are well invested and will not require exceptional additional capital expenditure to meet our growth ambitions. We have the scale advantage already to compete through raw materials and logistics buying and from our high-quality central service teams. Our scale of operations makes McBride the ideal partner for co-manufacturing opportunities. Building on the growth we have seen in the last few years, where in our contracts business we now sell to all the top household brands in Europe. Our technical team is well established and experienced in most of our core categories. Our commercial teams are present in all the key markets that we serve. Financially, the group is well positioned, with a strong track record of free cash flow generation throughout recent years, with gearing and our balance sheet in good shape. Last but not least, we have a passionate and energetic team here at McBride. Our recent changes mean we've now a good balance in our senior group between new recruits with new experience and ideas and insight, complementing the existing stable and established senior team. There are clear reasons and justifications for changing the way we operate this business. Our new model is moving away from its previous centralized platform and will see most operating functions of the group now installed in each division. The group strategy will be the combination of five different strategies designed around the opportunities and the market position of that business. This structure will permit most items of day-to-day management to be defined and implemented speedily at the right level in the company and in line with the focus strategy of each division. Hence, topics such as portfolio choices, innovation priorities, management of our cost structures, and how we interact with customers will be controlled by these new divisional teams. Our smaller central service team will continue to provide scale benefits under constant challenge from the new divisions to ensure they really do provide that service and benefit. Why are we changing these? Well, I'm convinced these new structures will provide improved focus and execution quality in all aspects of how this business performs. The new divisions ensure we have dedicated and empowered teams with end-to-end accountability and ownership for both current and future performance, delivering against their strategies and their ambitions. With these delegated management responsibilities covering the majority of business functions, our business will learn again how to be fast and agile in the way we innovate, respond to opportunities, or fix problems. A clear target is to improve the specialist capability and reputation of McBride, moving on from too many years of generalist impact in the market. With more intense, focused competitor and market intelligence in each division, coupled with the business being more dependable for service and innovation, we will deliver an improved proposition for our customers. This customer experience improvement will permit McBride to take customer interaction beyond routine and bring more capable support for our customers and their objectives, whilst helping us deliver our growth ambitions and to better control variability in our top line and margins. The results of the group will now become the sum of five divisions, all managed by separate teams, rather than the sum of more than 10 functional areas that were either managing a cost center or a revenue center, which I am absolutely certain will drive improved financial and non-financial performance management. All of this will, of course, be done by building on the learnings from the past and ensuring we lead on the highest standards required for customers, suppliers, colleagues, and investors. Embedded in our new strategy will be our approach to ESG going forward. Today, the group has a decent platform under our CSR processes, especially on societal and governance topics. In September last year, we published our 2025 product sustainability targets, focused initially on the most impactful area of our business, plastic packaging and material sourcing. Under this new strategy, we will now extend our current platform in a more joined-up way under an overall ESG banner. A compelling joined-up approach to ESG affirms our commitment to a broad range of stakeholders. It's increasingly important for our customers and suppliers, more and more also for employees who wish to work for businesses with credible ESG agendas, and of course, from the investment community, where the drive and push to ensure responsible investing is increasing. It's important that we recognize this agenda both creates but can also protect value in this business. The ESG agenda can be extensive, and McBride first needs to focus on a limited number of critical areas to ensure the delivery of our priority ambitions and have a cost-conscious approach to those priorities. We will develop our systems and processes to better measure our carbon footprint and develop commitments on waste, pollution, and utilities consumption. You will hear from each of the MDs shortly, and each of their presentations, you will see reference to focus on sustainability improvements in their plans. Across the various elements of the ESG agenda, we will ensure the responsibility thinking, objectives, and challenge that comes from this topic is contained within our everyday thinking. Using our scale and divisional focus will not only provide competitive advantage, but it is of course the right thing to do. Our cost-aware ESG program is underway, sponsored at the highest level, and I look forward to sharing more over the coming months and years as we bring this important initiative to a more mature and joined-up position. Whilst each of the divisions will drive its own agenda in delivering its objectives, we will operate as one group with common values and three core operating principles. These will frame the way we approach the new business model and the delivery of our ambition. We will see McBride operating with far greater focus, whether that is through our distinct operating models, the choices on varying product portfolios, or the way we approach customer and channels, we will make targeted choices. This focus on targeting will be supported from a platform that enables more effective execution of projects and tasks and a strong pride in our identity. Our new model will facilitate, through more localization, improved execution in everything we do, including first-class service levels, innovation competence, or our ability to respond with more speed and agility. All this, though, cannot be achieved without the mobilization and engagement of our people. Our refreshed culture, a revitalized ESG ambition, and being a more trusted partner for all our stakeholders will reset the sense of pride in what McBride is about, ensuring we provide a more rewarding place for our colleagues to work. Same approach, five divisions, One McBride. As mentioned earlier, each division has its own direction and impact on the group's overall targets. Before we move on to the individual divisional stories, to set the scene for what you're about to hear, this chart shows each division's role in the portfolio. With the circle size representing the relative sizes of each division in revenue terms, you can see the growth businesses of Asia- Pacific and Unit Dosing, where we see strong growth with some margin improvements in the upper slice of this chart. The more mature businesses of Liquids and Powders, where our growth ambition is more limited, but margin improvement is the key driver. As you'll see in each of the presentations shortly, our timeline to deliver these ambitions will be an initial two-year period of specific actions and outcomes before each business leverages its initial period to deliver more strongly in the later three years. For two of our divisions, this new approach is not new news. Our Asia- Pacific team have been standalone for many years. The past four to five years have seen the business grow revenues each year by 14% on average, and the business is delivering double-digit margins. Aerosols is a more recent carve-out from the centralized European business, and over the past two years, the new team has formed locally, developed their own strategy, and turned revenues to growth from a loss-making business into profit. These local joined-up, separately accountable teams have worked and give confidence to the three new divisions that this new model will make a difference. Now we'll hear from the divisions. First, you will see a video presentation from the Aerosols business, and straight afterwards, the Asia- Pacific presentation also in video format. McBride's Aerosols division produces a range of innovative household, personal care, and professional cleaning products discharged from a pressurized can. Aerosol operations have recently been consolidated to a single site in northern France, with the formation of a standalone business unit completely focused on aerosol growth. We support our clients across the entire supply chain, from sourcing and formulating to production and packing before delivering to the end customer. Manufacturing in Aerosols is undertaken within strict Seveso safety standards around explosion risk prevention. As well as being Ecocert accredited, we now offer a growing range of propellant options as part of our customer offer. The aerosol market in household and personal care categories is well established. However, the COVID-19 pandemic has created a range of new opportunities, and McBride has utilized its newfound agility and focus to respond quickly with the development of a number of aerosol-based sanitizing products with high dispersion rates that enable consumers to effectively sanitize large areas quickly. McBride intends to capitalize on its specialist insights and newly leveraged agility to extend its relationship with customers and develop new niche products targeted at new markets, categories, and channels. Good afternoon. My name is Marc Marot, and I am the Managing Director of McBride Aerosols division, based here in Rosporden, Brittany. I have been in this role for three years, and I have led the change in operating model for aerosols. Our vision for product leadership is to build on our recent success and drive a focus on innovation, expanding our revenues by targeting niches and assuring our portfolio moves to higher margin opportunities. Over the last two years, the aerosol business in McBride has undergone a significant transformation. Originally operating as two quite disconnected manufacturing sites in Europe, which were lacking in commercial focus, we have since been on a journey to establish a standalone division in what is very much a test case for the organizational design now being rolled out across the group. Since the closure of our old facility in 2018, and against the backdrop of a steady market environment, we have consolidated our production in Rosporden and built a local team dedicated to aerosol with an end-to-end accountability for our overall performance. We have been resetting our relationship with existing customers, many of whom were not aware of our full capabilities due to the previous lack of focus on aerosols. We have also been developing new and exciting customers, channels, and products such as hydroalcoholic-based sanitizers. This progress has, in the large part, been driven by a fresh approach to product development and innovation, where our new structure promotes improved agility and speed to the way we respond to opportunities and challenges. The results has exceeded our expectations and turn a loss-making business into one making a positive contribution to McBride overall performance. That is the past, but what of our future? Over the next five years, we will build on these foundations and expand into new product area and geographies, replicating our recent success. We will look beyond our core market in France to take our offer further in a select number of regions in Europe with both private label and branded partners. We will build on our established Ecocert credentials and become an expert in this area. We will also seek to take advantage of our specialist manufacturing capabilities, which achieve the recent success in hydroalcoholic-based sanitizer products. During the first week of the COVID outbreak, I was proud of my team who developed and delivered new innovative product formats in less than eight weeks to meet consumer and government needs, something unheard of in previous years. We will develop further our manufacturing platform through investment and performance improvement to deliver additional volume growth as a plan to develop new markets and product progresses. Our plan can be split into a phase I of development and then progress to deliver against that prepared platform. We estimate growth of 5%-10% per annum is possible from this business with the right focus and execution of our project initiatives. Why should you believe in McBride Aerosols? Over the last two years, the local management team, supported by the group, have put a tremendous amount of energy into turning around this business and delivered material improvements to performance. We will continue to develop our specialist insight to market opportunities and are confident about growth options for this business. In addition, we'll continue to focus on our cost base. We will build on the solid foundations from our completely changed commercial and technical approach, creating a team that is fast, agile, and reliable within a culture where our colleagues truly buy in to what we call our three Bs: belonging in Rosporden, believing in aerosols, behaving like an entrepreneur. Thank you very much for your time. McBride's Asia Pacific division produces a range of cleaning products, primarily in the personal care segments. With two factories in Malaysia and Vietnam and a sales office in Australia, McBride serves selected high-growth markets in the Asia- Pacific region. As with other McBride divisions, we apply our expertise across the whole supply chain, from sourcing to formulating and production to packing, before delivering to the customer. Both of our manufacturing sites in Asia meet local GMP and group quality standards, with our Malaysian site also being halal certified. The market in this region is growing rapidly with population and income growth combining with rapid urbanization and maturing retail infrastructure, supporting the growth of both the private label and branded product sectors. McBride is capitalizing on this opportunity by investing in additional production capacity, which will also enable us to expand into the household cleaning segment as we increase our presence in this exciting region. Hello, my name is Adrian Gurney, and I head up the Asia- Pacific division of McBride's. I've led our Asia Pacific business for 15 years following a commercial career with McBride U.K. for five years. Other private label and branded companies before I joined McBride. You will have heard that McBride is moving to a more focused divisional structure. Asia- Pacific has been benefiting from this approach for a number of years. That focus has enabled us to deliver double-digit revenue and EBITDA growth in the past few years. Our vision for the next five years is to establish cost leadership by exploiting new capacity and scale for our core personal care market in order to continue our track record of growth, together with aggressively leveraging group expertise to become a solid household player in the region. McBride has been present in Asia- Pacific for over 15 years, and from small beginnings over the last four years, we've delivered sales growth with a CAGR of 14% as the overall market and our market share have both grown. The markets have grown by about 3% across personal care and household. We're selling products manufactured in our own factories in Kuala Lumpur in Malaysia and Ho Chi Minh City, together with a number of McBride factories in Europe. We have achieved our success by using a regional and customer focus, which has been refined over the years, and through dedicated local teams ensuring high levels of quality and service. We've also developed strong positions and relationships with many of the region's biggest customers. The business has gone from strength to strength, and we are currently in the process of adding significant capacity to our total capability. In Malaysia, we're currently transitioning from our existing facility, which has been operating at full capacity, to a new optimized site a few kilometers away, which will bring all operations under a single roof. We expect to be fully operational at the new location from April. Together with investing in a faster and more efficient equipment, this will bring with it much needed additional capacity, initially providing over 150% more volume capability, with the potential to increase further by a factor of three with additional equipment investment. Key to our future success will be razor-sharp focus on maintaining our position of cost leadership as our infrastructure develops. Our management team is well established and experienced, with a strong mix of local and international talent, and we are super excited and committed to this new platform for McBride's. Our clear ambition is to maintain and accelerate the track record of growth for this business. We will remain focused on ASEAN and Australasia, where we continue to see significant growth potential. Together with our Malaysia expansion, we will further invest in capacity in our Vietnam facility, where although relatively smaller in size, we have seen significant volume growth over recent years. Developing a household platform by fast-tracking new concepts using our European expertise will open up opportunities for both private label and contract manufacturing. This new capacity and careful cost management as we grow will help us form a highly competitive offer for international and local retailers, as well as brand owners, especially with international MNCs who are looking for blue chip integrity and technical capability for their regional supplies. We will complete our diligence on the potential to accelerate our household ambitions from acquisition opportunities of existing household producers in the region. Our early focus will be on developing and growing our household manufacturing presence in the region and achieving quick breakthrough wins for household sales to establish market visibility. At the same time, we will exploit our personal care capacity increase and ensure we manage costs in our growing platform, both in Malaysia and Vietnam. From year three, we accelerate by adding significant MNC contract manufacturing revenues in both personal care and household. We will consider further expansion via M&A in household and look to exploit our low-cost platform for possible supply to Europe. In Asia- Pacific, the reason to believe is clear. We are a fast-growing, established business with a track record of growth in a fast-growing market. Our compelling value proposition in a region where a developing consumer sophistication in our categories means that McBride, with our new best-in-class facilities, is well positioned to take advantage and continue its growth in the region. We'll now move on to our other three divisions. First, you'll hear from the Liquids business with a short introduction video. You'll hear from Tim. McBride's Liquids division produces an extensive range of household cleaning products sold in a bottle or pouch, including laundry detergent, dishwashing liquids, and surface cleaners. With seven manufacturing facilities across Europe, Liquids is McBride's largest division, supporting over 150 customers across Europe across the full end-to-end supply chain, including sourcing, formulating, mixing, filling, and packing, with the additional benefits of in-house blow molding at all of our locations, producing over 95% of our needs. The European liquids market is worth over GBP 10 billion, and McBride is a market leader with sales concentrated in the largest economies. With well-invested plants in strategic locations and a team with unrivaled experience and expertise, our cost leadership focus presents an opportunity for us to really utilize our scale to target growth in this significant market. Good afternoon, everyone. My name is Tim Perman, and I'm the Interim Managing Director of the Liquids Division. I've got a background in fast-moving consumer products, and I've held a variety of senior general management roles across a wide array of companies, categories, and geographies. I joined McBride six months ago, and together with the Liquids leadership team, we've been completing this exciting strategy, and it's my real pleasure to share it with you today. Our vision for Liquids is cost leadership. It's predicating on aggressively simplifying our portfolio, freeing up production capacity, and driving future growth. Liquids is very much the volume engine of the McBride Group, and we intend to use that scale platform to expand our presence in Europe. In summary, we will simplify to grow. Now, let's turn to where we are today, and let's take an external view, first of all. Household liquids is a large, stable market worth over GBP 10 billion with only low-level, single-digit growth predicted. The main product categories are commoditized with little consumer differentiation. Although quality and service are very important, cost competitiveness is paramount. Within the McBride group, Liquids is the largest division, generating sales in excess of GBP 380 million and GBP 15.5 million in profit. This scale has driven significant material sourcing benefits and provides a platform to extend market share. There are specific product categories and geographies where we have market share upside, and this is a real growth opportunity. However, we've been hindered by the division's complex product portfolio. Liquids has over 3,000 SKUs, over 250 different packaging formats, and over 750 unique fragrances, and this drives inherent cost in the enterprise structure and impacts the bottom line. It's worth adding that this complexity has also restricted McBride's ability to be as agile and responsive as it needs to be. Overall, Liquids is part of the group that has lacked strategic focus, and this is the first time for many years that the business has been reviewed in such an extensive manner. The creation of a Liquids strategy and a set of detailed plans is a major step forward. Turning to the Liquids strategy, as I said, we will simplify to grow. In essence, this is all about building a cost-effective platform and then using that to drive profitable growth for the division. The plan will see a simplified portfolio, lower operating costs, and enhance more competitive customer proposition that will generate new business. We will maintain our focus on Europe and exploit the opportunities that exist for market share growth in key category and geography combinations. The new Liquids strategy will see better execution, better customer focus, and improved levels of service. How will we make this happen? There are five key strategic initiatives with cost leadership as our North Star. Firstly, we've segmented our products and customers and will manage them in a newly prioritized product portfolio with clear operating rules. We've identified which products and which customers will win. This is a plan with discipline and focus. This will enable the unnecessary complexity in our current business to be removed and the right product offering to be delivered to our customer partners. Secondly, this simplification will enable the transformation of our cost base in factory operations. We've done extensive work to validate our savings and are confident that efficiencies will increase and cost will come out. At the same time, the necessary capacity for growth will be generated, creating higher performing operations with longer production runs. Thirdly, we will establish the most cost-efficient overhead structure to service our more simplified business, managing our division in a much more effective way. The structure will also allow us to bring our specialist category knowledge to bear across a broad range of functional touch points. As we move forward with our strategy, we will take our customer partnerships to the next level, acting as a fast follower to brands and driving up service and customer satisfaction with a more responsive and agile approach. This will be done in conjunction with the fifth strategic initiative, which sees us reinvesting some of the cost savings into a more competitive commercial offer. This will be guided by our prioritized portfolio and particularly target those categories and geographies where there is a clear opportunity to increase market share and deliver higher sales. These strategic initiatives will deliver a number of important outcomes. Sales will grow at a compound rate of between 1% and 3%, with the cost focus delivering an increase in profit margin of between 1 and 3 percentage points. The focus on simplification will see a reduction in SKU count between 20% and 30%, which will in turn help deliver cost savings of between GBP 25 million and GBP 30 million. The result will be a much more productive and profitable operating division. Look, this is a plan with very clearly defined strategic focus areas. From a product point of view, private label cleaners and laundry liquids. From a geographic perspective, Germany, the U.K., and Southern Europe. It builds on our progress to date with contract manufacturing, partnering with both multinational and regional branders. Finally, it will see us selectively expand our value brands portfolio, all the while retaining our discipline and focus under our cost leadership vision. We are really confident in our ability to deliver this exciting new strategy, the plan has two critical phases to it. In the first two years, our focus will be on simplification. We will refine our portfolio based on extensive category and customer segmentation, reducing our SKU count. We will take out complexity, targeting those elements that generate the highest cost savings, with a clear design in mind for improving and optimizing our overhead position. We will also build on the product sustainability initiatives already announced to provide commercial value to our customers. As we move into the second growth phase, our customer plans really kick in with full force. We will execute a more competitive pricing proposition for our key customers, accompanied by excellent quality and service. We will expand the depth of our regional presence with a new focused product offer, targeting market share expansion. This will broaden our customer base and will be combined with a continued sustainability focus. Sustainability will play an important role in our agenda, delivering, in particular, commitments around plastic packaging. We are confident that our scale and presence will allow us to do this in a cost-conscious way, entirely in keeping with our divisional strategy. That's the plan. It really is a winning formula. It's a strategy developed and designed with a single-minded focus on the customer and the market, a revitalized competitive proposition for Liquids and McBride. It leverages the most important assets of the Liquids division: our scale, our market presence, and our cost-effective local asset base. The strategy also utilizes our renowned specialist expertise in household cleaning products, and it's focused, specific, and disciplined. By harnessing the benefits of cost leadership with speed and excellence in execution, it will lead to much better outcomes for the division and see Liquids play a critical role in the group. That's the Liquid strategy. It's a really exciting plan for taking the business forward, and we've already started the journey, and the team are very excited at the progress we've already made. Guided by a focus on cost leadership with profitable delivery at its heart, this is a plan we are really confident that we can deliver successfully. Thank you for your time. Now we'll take a look at the Unit Dosing division. McBride's Unit Dosing division produces cleaning products in individually packaged single dose measures, including dishwasher tablets and laundry capsules. With three European factories, McBride has established a market leading position through well invested facilities and unrivaled technical skill. Utilizing highly automated specialist assets to manufacture capsules and tablets to exacting specifications. The European Unit Dosing market is worth over GBP 2 billion a year, and McBride leads the sector in many of its key markets. The sector is growing rapidly across both laundry capsules and dishwasher tablets, and is characterized by rapid innovation, a drive to sustainability, and an increasing influence of e-commerce. McBride has established a solid platform from which we will extend our market leading position through accelerated product leadership, underpinned by a competitive cost base. Good afternoon. My name is Lennard Markestein, and I'm the Managing Director for McBride's Unit Dosing division. I'm based out of Foetz, Luxembourg. The first half of my career was in the plastics and chemical industry, with emphasis on specialty materials. My early roles were in technology, marketing, and sales, followed by general management assignments out of Europe and Asia. I joined McBride because I was inspired about the group's ambition, the team I would join, and I felt I could make a good contribution. The Unit Dosing team has already started to run the division as we speak today, and I'm happy to share our strategy for this fast moving segment with you today. Our vision for the Unit Dosing division is a strategy based on product leadership. The Unit Dosing division is a growth business for McBride in Europe, with clear potential to expand beyond as well. We will accelerate to grow. Where are we? Let's start with an external perspective. Our market is fast-paced and growing. Laundry capsules grow at a relatively high pace, driven by consumers' needs for convenience, while the auto dishwasher market is more mature, though with regular format changes as well. Large brands set the pace for innovation, with private label producers adjusting their portfolio and following closely to answer evolving retailer needs. Maintaining a current portfolio requires manufacturers to be adaptive and to have early visibility of the changes to come. They need to do so in a cost competitive way. Sustainability requirements are a key driver of product changes in the active product itself, but also in primary and in secondary packaging. Unit dosing products are very well suited for e-commerce, with direct delivery to customers due to their size and ease of transportation. It will be an important part of category growth going forward. McBride has a strong business in Unit Dosing products. We have a good market position in both laundry capsules as well as auto dishwasher, with over GBP 180 million of revenue. McBride has been at the forefront of creating scale in capsule production for both private label and contract manufacturing customers. Relatively recently, our dishwasher portfolio was strengthened by the acquisition of Danlind, very well known for its sustainable product offering. Our asset base is very well invested and has the capability to flex outputs. The last few years, our revenues have been steady, clearly not yet reflecting our ambition and our potential. We have a strong portfolio. However, our speed of innovation has been too slow. We were, though, early movers in e-commerce, and we will continue to grow here, both in laundry and auto dishwasher, but as well in newer products such as bottle refill capsules. Our strategy. Our ambition is to be the supplier of choice to our customers based on innovation, responsiveness, service, and cost. Our strategy to realize this is called Accelerate to Grow. I will describe what this entails. First, we must fully transform into a specialty supplier with deep knowledge on both product and markets. Our team must be truly embedded in the industry, closely linked to both customers and suppliers. We must be an efficient innovator with urgency and ability to convert an idea into revenue. Our assets must be configured to match market needs. We need to do all of the above by maintaining cost competitiveness to effectively leveraging our scale. The question is how. A number of initiatives will deliver our strategy. Product leadership is the cornerstone. Our new product pipeline is healthy and sustainable. We will translate this into value by accelerating execution and by closer relationships with our customers during the development process. We plan to launch multiple new products in the first half of fiscal year 2022. Our current portfolio brings opportunities to grow, supported by investments decided in prior years, which we are implementing as we speak. We will also invest in the capability and flexibility of our production assets to support delivery of new products and new packaging formats. We will actively engage with external partners to enhance our capabilities, and we will look to gain technical advantage to selective M&A. Our strategy is made long-term viable by a competitive cost position. We will realize this by eliminating ineffective portfolio complexity, by investing into the right automation projects, and by controlling our fixed costs as we grow our division. We will invest in selected adjacent product spaces where we can leverage our core competencies and where we can create new value, such as short cycle dishwasher products and refill products. Europe is our core market, and we aim to expand our customer base both in private label as well as contract manufacturing. As our products are efficient to transport, this does provide a realistic opportunity to expand outside Europe. Lastly, but very important, only our team can drive the difference. We will tailor our ways of working to our market and competitive environment. We need to operate with confidence, able to accept and manage risk in our quest for returns. Our plan should deliver sales growth between 4% to 8% per annum, strongly driven by new products. As we grow our business, this will increase the impact on both our bottom line as well as on our return on capital. I mentioned earlier that we have a strong portfolio, but that also our speed of innovation has been too slow. We will address this in multiple areas. First, new formats. The development of our new soft format dishwasher product is progressing well. In capsules, we will optimize our offering with new designs. Across our categories, sustainable packaging is a consistent theme. This concerns recycled content, it concerns recyclability, the overall CO2 footprint of our offering, and more. To grow, we must ensure we work from a strong core. We will actively adapt and ensure that our core portfolio maintains a good fit. This concerns the product itself, but as well the cost to produce. Often, these are moderate-sized projects, but with a high impact to the competitiveness of our business. For example, introducing a different packing size or tailoring the product performance. Let's now turn to actual implementation. I believe we are making a fast start, and we need to accelerate further. This to realize growth already in the early years of our plan. The phase I of our strategy is all about this. We have developed a detailed plan to do so. We know at which customers we can and should make a difference, and we are encouraged about the growth opportunities that we see. There's clarity on which new products we will develop first. Investments in new manufacturing capabilities have been selected, and we have defined projects to take the next step in improving our cost base. The team is ready to execute. Phase II builds on the strengthened platform. We will invest in new capacity, revenue from adjacencies and new customers outside Europe will further drive our growth. We recognize that we're not alone in the industry. We will need to adapt along the way, make sure we don't overstretch, and keep our focus. To conclude, I'm excited to lead the Unit Dosing Division, and I believe we have the right plan. We will succeed in this dynamic sector through renewed strategic focus, building on a strong basis. We have staffed a specialist team that wants to make the difference. Our product plan is defined and has near-term impact, and importantly, we have support from the group for the investments that we want to make. To close, we feel good about our product leadership strategy, and implementation is underway. The Unit Dosing division will make a key contribution to the success of the McBride Group. Our team is filled with a sense of urgency to deliver. Thank you very much. I will now look into the Powders division. McBride's Powders division produces powdered cleaning products primarily for laundry, but also dishwashers. From two European factories, we're able to leverage our scale and expertise to supply the majority of Europe's largest players across both private label and contract manufacturing, and in both consumer and industrial channels. Using two different powder mixing technologies, spray tower and hydro fluid bed, McBride is the only private label operator to be able to offer this dual capability. The European powders market is worth GBP 1 billion, and McBride is a leading player in Northern and Central Europe. However, it is a sector which has experienced decline over recent years as consumers have steadily switched to other, more convenient formats, resulting in fragmented supply in an increasingly price-competitive marketplace. The fundamentals of the powders market remain strong. It is an efficient and effective cleaning format, satisfying the needs of a core body of consumers and commercial customers seeking high efficacy of performance. McBride has already undertaken a restructuring program to simplify its powder operations and will continue to pursue its low-cost strategy while also leveraging its expertise to develop cost-competitive products to grow market share. Good afternoon. My name is Henrik Aagaard, and I'm the Managing Director of our Powders division. I also have responsibility at Executive Committee for our Asian and Aerosols businesses that you have just been introduced to by Mark and Adrian. I joined McBride 3.5 years ago when McBride acquired Danlind. At that time, I'd been the CEO for Danlind for more than 10 years, and Danlind was a leading Scandinavian producer of laundry powder and dishwasher tablets who specialized in eco-friendly products. Half the turnover of around GBP 60 million actually was also in contract manufacturing. I thought it would be a great experience for me to join McBride. McBride being the biggest and most profitable producer here in Europe, but also that I thought I could contribute with my experience leading a small, agile, innovative company. Today, I'm really excited that I have the opportunity to share our vision for the Powders. That is to build a sustainable, profitable business based on a cost leadership model through a revitalized to grow strategy. First, we'll take a look at the powder situation as we see it today. The laundry powder market has been declining over many years. We know that from our strategy work, and we anticipate a decline also in the coming years of around 1% in private label, 4% in brands, and a trend that has been declining in recent years. The decline is driven by a change in consumer behavior, moving to formats like laundry capsules, laundry liquids, and also a change in dosage. Years ago, a standard dosage in powder was 110 grams, then it was more around 65 grams, and just recently we have seen that it's now more down to 50 grams. This means that we are creating additional free capacities in factories across Europe, adding to the excess capacity challenge. Despite all of this, I have still great belief in the powder as a concept. For consumers who want efficient and performant, the format is still the most effective way to do your laundry. We know that we're operating in a very tough marketplace with fierce competition, hence price pressure, which has resulted in factory closures in recent years in the market. The opportunity for McBride, who's not tied to a brand or a specific market, is that this consolidation will see more branders outsource, smaller competitors will exit, and private label supply concentrate to fewer suppliers. With the right cost and quality performance, McBride can operate a profitable division in this sector. When we look internally, we have two factories, they provide a unique combination of powder production technology. The combination of fluid- bed and spray tower granulation allows us to produce powders across a whole spectrum of densities and qualities, therefore, we can be competitive in every sector of the market. Our equipment in both plants are well-maintained, we don't need any major investments in our five-year plan. We are today already well-positioned with regional branders and some retailers with our eco ranges, which are an increasingly more important part of the offer to consumers, alongside the more traditional products. Very important, we are known for our high customer service level. In fairness, we can say in recent years, Powders were seen as a minimized impact category, and therefore, we have limited focus on developing this category. Our new structure will address this. Our recent financial performance has seen Powders losing money on a turnover of GBP 80 million. The closure of Barrow last year will reduce this loss level in the current year before the impact of our strategic actions aims to return the business to profitability. We have established a clear strategy for a sustainable and profitable Powders division, and we will be focusing on taking cost out. We formulate for lower cost, but without compromising quality and performance, and hunt in a targeted way for additional businesses. Our approach will use the concept of revitalize to grow. We will continue to pursue cost elimination across our platform, building on the good work of the last two years. In such a price-competitive space, we know that cost leadership is paramount. We have to level up our technical capability after a number of years of lack of focus ensuring market quality development skills. Effective utilization of our production capacity will improve cost recovery of our lower cost base. We have already segmented our markets and customers, and we have a clear focus on where to target in the right regions and with the right products. We are clear on what's need to be doing to actually be delivering on our strategy. We need to drive operational efficiencies and cost savings in our plants, as well as lower overheads levels. Simplifying our product portfolio will be a key part of this plan, such as we can drive efficiencies from a narrower product range. We are targeting a reduction of our average conversion cost per ton of 10%-15% over the next two years, adding up to 2% to our EBITA margins. We are moving fast to upgrade our technical expertise to ensure not just development of products, such as more compacted powders and further eco ranges, but a strong focus on formulation cost optimization, bringing new materials and packaging solutions forward while maintaining or improving our quality performance. We will reinvigorate our market positions, building further on our position in the private label market with our fluid- bed technology is key to cost-effective production of higher density powders. We consider it likely that volumes for branders and professional cleaning may move to a more outsourced model in the future, and our spray technology gives us the right to be their supply partner. We will also move from a reactive to a proactive promotion of our eco credentials across our core markets, ensuring as part of our new specialist approach to this sector, that these ranges are part of our core proposition. Our planned outcome is to see some sales growth with the impact from our cost and efficiency actions, moving our trading margins up by 2%-4%. Our plans for the next five years are split into a revitalize phase in the first two years, followed by a growth phase. Finding a simpler portfolio and segmented customers by the commercial and technical team will drive opportunity for cost efficiency in operations and overheads, adding to the momentum we have started already, adding to the benefits from the Barrow exit. Mobilizing and developing a dedicated technical group in Powders is a critical success factor. We have started that journey already. During this initial phase, we will develop and market our dedicated platform, build expertise, and embed our teams in this industry more fully. In particular, this will aim to develop our specialist reputation, ensuring more eco visibility, and to promotion of our credentials with branders and retailers. From our research so far, we will aggressively target early wins ahead of our longer-term targets. The growth outcome relates both to top line, where our ambition is for limited overall growth, but also to bottom line, where we aim to grow our profitability ratio. Our cost initiatives in the Revitalise years will continue going forward as part of our cost leadership model. Driving our conversion cost down will allow us to be more competitive with effective asset utilization, winning contracts at aggressive prices, but still be profitable due to our lower overhead requirements. With our rejuvenated focus on product development, we will be able more speedily and successfully to offer new and innovative formulations with the right performance, modern fragrances, and the right packaging in our core markets. We aim to grow the contract manufacturing share of the total business to over 40% from its current 30 by capitalizing on our specialism and focus as a high-quality supply option for branders and others. Let me now explain why this strategy is credible and one that is deliverable. My dedicated team can deliver the cost platform needed to improve margins and permit competitive pricing. Just like with Aerosols, this product category has been low priority in our old model, and we have the team now in place to turn this back into a specialist-focused business. Our up-to-date market knowledge and position in key markets will permit the focus we need to optimize the use of our plans. Our unique skill of mastering both spray drying and fluid- bed technology allows us to play cost effectively in both private label and contract manufacturing. I have to say, we know that it will be a lot of hard work, Powders, as part of the overall portfolio of the Group, and our first target is to reverse the loss-making position in this business and then contribute positively to the overall Group performance. For me and for the team, the strategy is crystal clear, but most importantly, I have a top motivated team behind me, and they just can't wait to get started on delivering this strategy. Thanks for listening, and I will pass back to Chris. Thanks, Henrik, Lennard, and Tim, for those insights on each of your divisions. Before we move to answer questions on these divisional strategies, I'd like first to summarize what you've heard from each managing director and an overview outcome timeline. As you have hopefully seen, each division has different opportunities and initiatives, challenges, and improvements to deliver, all reinforcing the need for varying strategies for the different parts of this group. Hence, we will now be managed as a series of portfolio businesses, each with its own identity, its own strategy, its own operating model, and its own role in the group. In terms of strategy focus, Unit Dosing and Aerosols will run with a product leadership concept, where they will generate unrivaled product expertise to deliver differentiated customer propositions at a competitive cost. Our Powders and Liquids divisions will operate to a cost leadership concept, whereby they will deliver products to acceptable quality thresholds at the lowest possible cost. Our Asia business is a hybrid, where we will deliver growth through a value and cost leadership position, ensuring it delivers on its growth potential from a mix of pure cost focus, but recognizing that some growth will also come from operating a broader value positioning in the region. Each of the divisions has its own role in our portfolio, from cash generation to value optimization, growth engine, or strategic upside. This will permit a targeted approach on our capital and resourcing decisions as we progress in the coming years. Shortly, Mark will outline financially how each of these divisions contributes to our overall financial ambitions of EUR 1 billion of sales, and sustained EBITA margins of 6%-8%. As you have seen in each of the divisional presentations, the progress of Compass over the next five years is broadly split into a two, three-year phasing. For the first two years, it is very much about cost reduction and range simplification in the mature Liquids and Powders businesses. For our growth businesses, these two years are needed to make the growth platforms more effective and capable, whether that's from the new facility in Asia or developing our Unit Dosing ranges still further. In addition, we have an overall ambition across the group to correct overhead levels and drive early margin improvements to support those divisional activities. The second part period of three years is about leveraging these new platforms, whether that be growth in our growth businesses or limited growth and profit enhancement from our mature businesses. Good afternoon. My name is Mark Strickland, and I'm the group's Chief Financial Officer based in Central Park, Manchester. I've been a CFO for over 25 years with a varied background, ranging from chemicals through own label and contract manufacturing in the food industry to logistics and consumer services. Working both in PLC and private equity, the teams that I have worked with have always delivered positive change, including in such areas as buy and build, cost optimization, and product and process simplification. I joined McBride seven weeks ago, and I'm absolutely delighted to be joining the business at such an exciting and pivotal moment. Now moving on and looking at the business performance. As you've heard from my colleagues, McBride is now running as five divisions. For the year ending 30 June 2021, we will mirror this and also report five segments. What you see here on the slide are the financial year 2020 results represented into the five segments. As you can see, this presents a very different view of the business from that historically presented. Additionally, the definition of return on capital employed, ROCE, that the group will use as a KPI will also change. It is worth pointing out that as you can see on the new basis, the ROCE to 30 June 2020 would've been 13.6%. This is versus 16.1% as stated in the annual report and accounts. Under the new definition, all elements are measurable and controllable by the respective divisions. On the slide, you can see the relative returns for each of the divisions. This change will contribute to both drive optimal divisional performance and also inform future resource allocation decisions. For completeness, the divisional splits of the financial half-year results to 30 December 2020, and each of the ROCE definitions will be enclosed in the appendix to this presentation pack. The reason we haven't included exact figures for ROCE on this slide is that obviously we haven't run the business this way historically. We do not have the trailing 12 months to be able to calculate it exactly. Moving on to cost optimization. Cost optimization is the backbone of the first two years of our five-year plan. We are committing to deliver annualized cost savings of GBP 20 million by the end of financial year 2023. This will be delivered across a number of well-defined initiatives, including but not limited to reduced product complexity, which in turn delivers operating material cost benefits, transport and distribution optimization, process standardization and simplification, overhead reduction, and IT transformation. The new divisional structure means that over 85% of the cost is directly under the control of the divisions. We have absolute clarity on cost and profit and loss ownership and accountability. In short, there is absolutely nowhere to hide. We have an experienced delivery team in place, and tracking is already in place with regular progress reviews. Moving on to raw materials. This chart illustrates the cycle since 2007. Historically, our profitability has closely tracked raw material input prices. Taking a positive view, as you can see, through these cycles, the business always recovers. That said, we are alert to our challenges and have developed a strategy that we believe over time will deliver improved margins through these cycles. While we will never be able to control the cycles, looking forward, we will increasingly seek to mitigate the worst consequences of them. Mitigations include, but again, are not limited to, a combination of the granular business performance management, which enables timely and agile interventions. We have retained procurement and transport management as central functions. Hedging, changing the mix of contracts, a move to more contract processing, which allows price push-through, development of new contracts, and pass-through contracts, as I've said. As I said at the beginning of this section, we believe that our strategy will enable to grow margin through these cycles. Looking now at exceptional costs and pensions. Our focus here is upon payback and cost reduction respectively. In respect of exceptional costs, over the last few years, the company has completed a very significant footprint reset. We have closed six manufacturing sites over the last five years. Therefore, the significant historic cash costs are not expected to repeat themselves. Forwards, cost will be directly associated with incremental operational and administrative cost savings and payback. In respect of pensions, the cashflow-driven investment CDI strategy was implemented in the summer of 2019, and has more closely aligned asset and liability movement to reduce funding volatility. There is a forthcoming triannual valuation process kicking off as at March 2021. During that process, our focus will be to work together with the trustees to, number one, optimize the pension fund administration costs. Secondly, look at and implement, where beneficial, further liability management and de-risk options. With regard to capital expenditure and depreciation, as you can see from the slide, the Compass strategy does not demand excessive capital expenditure. Through the plan, our capital requirements average around GBP 24 million per annum. Over the five years, growth CapEx roughly equals maintenance CapEx. Key strategic projects include Unit Dosing innovation, Asia expansion, and IT digitization. Additionally, CapEx and depreciation are broadly matched through the plan, indicating how well invested the current estate already is. It is also worth noting that one complementary benefit of our base in Asia is that it has allowed us the access and ability to source equipment very efficiently, which results in more bang for our buck. Or in other words, we are able to buy more for less in terms of machinery and production equipment sourced from Asia. Moving on to cash. The business has generated strong free cash flows historically. Further, we have and continue to demonstrate just how resilient and flexible a business McBride plc is, as we have in COVID-19, experienced arguably the worst macroeconomic crisis in the last 100 years, yet the business has continued to generate cash. We believe that through the course of this plan, the business will continue to generate significant free cash. This confidence is helped by the fact that the business is quite lean when it comes to trade working capital requirements, which are around 12% of sales. If we now consider capital allocation. We can see from this slide that our first priority is to invest in the business to drive profitable growth, which in turn will drive shareholder value. We also believe that in these times of global uncertainty, it is sensible to target a net debt to EBITDA leverage ratio of 2x or less on an accounting basis and including IFRS 16. Below 2x, as you will see in a moment, we also believe that we should adopt a progressive distribution policy. On occasions, it may be in our best interest to deviate from this policy. A good example might be where exceptional shareholder value enhancing opportunities opportunistically present themselves through, say, a significant internal investment or external acquisition of assets. Now, let's look at the group's revised dividend policy. As we stated this morning, we will move to an annual distribution, the magnitude of which will be communicated to shareholders at the end of each financial year. At the end of each year, the current and forecast one-year forward debt to EBITDA ratio will be considered. If the gearing ratio is more than 2x, then there will be no distribution. Between 1.5x-2x, a base dividend of one-sixth of earnings per share will be paid as a cash dividend. Between 1x-1.49x, the same base dividend will be paid as a cash dividend, plus an additional distribution of one-sixth of earnings per share. This additional distribution could be as a cash dividend in the form of a share buyback, or even on occasions retained within the business. Below 1x, the company may elect to make a special distribution at the board's discretion. It is also worth saying that the above does not preclude us from undertaking future share buyback programs should the board feel it to be appropriate. What does the plan actually look like? The first thing to note is that delivery of the plan is not linear. As each of the managing directors and Chris has outlined, it has a definite initial two years remaining three years split. Additionally, as you've seen from the earlier presentations, there are very different dynamics across the divisions, and as a result, we have tailored very specific strategies for each. On the left-hand side of this slide, we can see that all divisions see revenue growth, but to very different degrees. I have to stress, at very different times through their strategic development over this five years. On the right-hand side of the slide, we can also see that this revenue growth also flows through to margin growth. It must be noted that this is not the key contributor in the first couple of years. In the early years of the plan, the main margin growth driver is cost optimization. You will also see that, to a certain extent, the benefits of cost optimization and revenue growth are partially offset by reinvestment into the business as we look to strengthen our overall market and customer proposition for the long-term benefit of the company, be that through technical, operational, or commercial investment. Moving on to the next slide. Before I go through this slide, I need to stress that the following are not formal forecasts. These are our ambitions for the company, and I reiterate that, at its simplest, the plan is split two-three, with the first two years being about solid platform building and the latter three years are about growing the business from that solid platform. Using the two-three split, this slide illustrates what we might expect from the plan to deliver in terms of sales growth, and that is a CAGR%. So 2%-4% in years 1-2, 4%-6% in year 3-5. In terms of EBITDA%, high single in years 1-2 and low double in years 3-5. Adjusted PBT growth, 25%-35% in years 1-2 and 40%-50% for years 3-5. ROCE growth, 2%-3% for years 1-2, and 3%-5% for years 3-5. Obviously, when setting out upon such an ambitious strategy, it is important that we are able to track our progress. In terms of outlook and measuring the progress, we intend to do this in terms of revenue growth. As you have heard, we have set a target of GBP 1 billion. As you can see and also all divisions contribute to that revenue growth. Contract manufacture, Germany, and the rest of the world private label markets are key to this growth. Cost savings. We have set ourselves a target of GBP 20 million annualized savings by the end of FY 2023. This should also result in favorable trends in cost ratios. For example, overheads per pound of turnover, cost per unit of product, et cetera. Margin advances. We will drive to deliver above-sector-average margins. We believe that EBITDA margins of 6%-8% are achievable. Free cash flow. We are targeting sustained strong cash flow over the long term. We are keeping a focus on maintaining balance sheet flexibility, and we have spoken about delivering a net debt to underlying EBITDA leverage of sub 2x. Improvements in our return on capital employed. We wish to maximize the use of, and return on, the capital available. To ensure divisional focus, we have implemented a new definition, and the ROCE we now measure is absolutely controllable by, and measured within, each individual division. We are targeting the high teens in percentage terms. Thank you for your time, and I'll now pass you across to Chris, who will summarize the key events of the afternoon. Thanks, Mark. To finish off, and in summary, this Compass strategy will create the platform to exploit the opportunities in front of us and delivering enduring, sustainable profitability for the future, driving shareholder value. There are five words that I hope you have heard throughout this presentation that are pivotal in explaining why this strategy will make a difference. First word is focus. Our strategy is the sum of five focus strategies. Our teams in our new divisional structures will focus on upsides from opportunity priorities and will drive their own strategies and portfolio roles. Secondly, execution. These new teams operating across Europe will ensure we improve our execution success on our critical tasks and priorities in division, in central, and for the group as a whole. Thirdly, specialism. These new structures will rekindle our specialisms through the decentralization of the operating model, allowing resource to target our opportunities and enhance our specialist reputation still further in the market. Fourth, speed. Our local teams in each of those divisions will drive critical factors that make a difference in the eyes of the customer. More rapid responses to new ideas, options for change, and responsiveness to opportunities and threats. Finally, scale. As the number one player in this segment, our scale matters. We will ensure we leverage this still further. All this, of course, is part of our ambition to drive and improve the financial outcome for this group and to sustain its future. For the first time in many years, we will grow this business. We will drive cost optimization, improving margins. Our new approach to performance management through accountable divisions will drive improved margin stability. You will see better capital returns because we'll have clear choices on how we allocate our capital. With these fundamentals addressed, we can improve both our financial performance and drive improved shareholder value. Why will it be different this time? What are the reasons to believe? Our strategy process has been the most robust in many years. Our assessments and quantification of opportunities, cost or revenue-related, are backed by extensive market studies and benchmarks. We know these up front as we launch. We have a deeper understanding of our competitive position, allowing us to be targeted and focused in our growth and cost ambitions. The new organizations will mean we get the best from our teams. We have addressed the organizational structure that has hindered our progress so much in the past, and reset it aligned to the growth opportunities. We have proven examples from our Asia and Aerosols businesses that autonomous divisional structures perform. Our teams will have clarity on their ambitions and targets and the autonomy to act to drive their profit and loss account and improve capital efficiency under this model. We've introduced a much broader senior management structure and recruited new talent to complement the existing experienced team to deliver this strategy. This new approach will improve our customer proposition. Our new teams will improve the crucial hygiene factors of dependability around service, quality, and reliability. The structure will rekindle a specialism so necessary to provide improved performance to all our customer base. We will have a clear segmented value proposition for our customers, allowing us to provide value-for-money quality products to every segment. Most importantly, customers will retain all the range options they have today, but from a stronger, more resilient One McBride. Over the past five years, we have performed well compared to most of our competition, and we definitely have the opportunity to outperform and outlast the main tier 1 and tier 2 competitors. Compared to five years ago, the group is decluttered. We have sold or closed six factories following the exit of personal care and skincare and capacity reduction in our Powders and Aerosols businesses. Today, our overall platform is well set. We have no major operational restructuring or major reset needed to get this strategy going. This management team and myself will make sure we learn from the challenges of the past and have checks and balances to ensure we continuously improve. Our ambition from this reset of strategy and organization is, of course, to create sustained and enduring value creation for our shareholders, colleagues, and customers. As a reminder of our investment proposition, we are the number one player in European private label household with a diverse customer and geographic reach. Our markets are set to grow overall, with private label expected to see share growth. We will pursue significant cost optimization opportunities. Our strategy research provides clear targets and understanding of where revenue growth is possible. We have clear plans in certain divisions of how we can diversify our revenue growth in regions and in channels. This strategy will have a cost-aware ESG ambition, active through the divisions and the whole group, and where our scale can provide competitive advantage. We have a strong and highly effective technical team that can drive innovation in a focused and targeted way to drive differentiation. As we look forward, we do not see this business having the need for significant additional capital or exceptional charges. Our financials are solid and will allow this plan to deliver, and we compare very favorably financially to most of our competition. This new approach, building on our solid platform, ensures we are in a prime position to exploit the opportunities in front of us and deliver on our value upside.