Brilliant! Look, we've had a good year, and a better year than we expected this time last year. Actually, we've had 10 good years. We've had 10 years where we've had record profits every year, except for the COVID year. In that 10-year period, we've had a PBTA CAGR of 18% and a dividend CAGR of 16%. I think the other thing that's been good in the year, that our secured order book and preferred bidder work is up to about GBP 19.1 billion. That's not the whole story. If we take into account the work that we have on frameworks where we've been allocated all the work on that particular framework, all the work that we expect to come from future phases of our development programs, that would actually take the sort of line of sight, if you like, up to about GBP 30 billion. Clearly, that is a huge amount of work. We need a very strong balance sheet to do that. We need a strong balance sheet with a lot of cash. We need that so we can win the work, so we can really execute that work perfectly in good times and bad. We also need the cash to drive our future organic growth at pace. We're increasing today on the back of the site that we have at work, the medium-term targets of two of our divisions, Muse and Infrastructure. I'll now hand you over to Kelly. Good morning, everybody, following strong and robust earnings growth over the last decade, this is a great segue into the group's significant trading performance for 2025. Here are just a couple of our key financial highlights. More detailed income statement you'll find at the back of the presentation pack in the indices. Revenues increased by 10% to just over GBP 5 billion in the year, and that's been followed by operating profits increasing by 39%, delivering an operating margin of four and a half percent. Following the lowering of interest rates during last year on our strong cash balances, our adjusted profit for tax and amortization increased by 35%, delivering a PBTA margin of 4.6%. That's increased this point upon this time last year. Adjusted EPS increased by 33% to 370 pence per share. Our effective tax rate continued to track in line with the UK statutory tax rate. Our net cash improved by GBP 39 million in the year, closing at GBP 531 million. Profit cash conversion rate to 87%. That's 4 points higher than last year. Our order book at the end of last year increased by 5% to GBP 12 billion, and that's been followed by GBP 1 billion of work, GBP 19.1 billion of future work, 17% up on this time last year, placing the group in a fantastic position to deliver its revenues over the medium term. Underpinning this all, underpinning the significant trading performance, the group has announced a 20% increase to its 4-year dividend, rising to GBP 1.58 per share. I'm gonna just give you a few headlines on the performance. We'll go through each of the divisions in a short while. Once again, following a strong work running year, together with excellent contract execution, Fit Out delivered a significant contribution to the group's results, its profits increasing by 40% in the year. That's been followed by equally strong contributions from Construction, Infrastructure, and Partnership Housing, despite the latter being impacted by a weaker housing market. In Mixed Use Partnerships, the division reported an expected loss impacted by costs, which we've invested in schemes yet to start on site and planned for 2026. In Property Services, it reported a modest profit in line with our expectations. Overall, totaling an operating profit of GBP 260 million, delivering a margin of 4.5%, 90 percentage points up on this time last year. High quality earnings supporting that delivery. You heard me say a few moments ago, during the year, our net cash improved by GBP 39 million, closing at GBP 531 million. There's a couple of noteworthy points I really do want to draw to your attention, some of them a bit obvious. Firstly, a strong operating cash flow in the year, GBP 196 million. That's GBP 60 million up on this time last year. That's after the net investment in our partnership activities of GBP 125 million. It's also facilitated and supported the delivery of that profit to cash conversion rate of 87%. Secondly, when it comes to our capital allocation framework, we continue to apply the principles, the key one being investing in our partnership businesses. For us, that's predominantly Partnership Housing, here we've continued to invest and support the development of not only our existing schemes, but the expansion of our sales outlets. At the end of 2025, Partnership Housing had increased its active open sites to 70. Thirdly, during the year, there have been strong returns to our shareholders, amounting to GBP 66 million, comprising of not only the 2024 final dividend payment, the 2025 interim dividend. Finally, when you look at the closing net cash as a proportion of our revenues, that's about 10%. That's massively key in supporting the delivery of our future workload of about GBP 19 billion+. Let's just touch briefly on the capital allocation framework, the hierarchy remains unchanged, as does the principle of holding significant cash at all times. Not only does that give us that competitive advantage in terms of work winning across all of our divisions, but it allows us to make the right choices and the right decisions around our regeneration activities. Let's put a little bit of color and context behind that. If we just look at last year alone, the future workload for those two businesses, and by that, what I mean is the secure and preferred bidder work, that increased by 29% to eleven and a half billion pounds. That growth in that year alone is supported by the returns that we set out in the medium-term targets for those two businesses. A much more familiar chart. The blue line sets out our daily cash profile all throughout 2025, and the gray line does exactly the same for the previous year, being 2024. Another rather obvious statement or observation here is how closely those lines tracks each other all throughout the year. I wouldn't want you to think that's what 2026 is going to look like, because receipts and payments will ebb and flow, and investment decisions will take place at different times of the year. Overall, the average daily net cash landed at GBP 368 million, slightly lower than this time last year, but the second half was at GBP 381 million, and actually slightly higher than the second half of 2024. I think that just reinforces this point about the timing of the receipts and payments and when investments are made. When we look at the high during the year, the lowest, once again, was in May at GBP 270 million. The highest was almost just a day or two before the end of the financial year close, at GBP 564 million. For those of you who really see it, there's a little dip right at the end of the year, and that's a payment run that happens pretty much every year. A few thoughts here. Even at the lowest point, there's good headroom because of the underutilized facilities. I think what's more interesting is just in that period between the highest and the lowest, how significant the cash flow can be, particularly now for business of our size, where we're delivering around GBP 5 billion of revenues. I think it's important to look at our cash not only at the end of the year, not only during the year, but at the lowest point of the year. As we look forward to 2026, we expect our average capital, our average cash to be in excess of GBP 400 million, and that's really because we want to continue to take advantage of those opportunities within our partnership businesses, where the returns will be in line with the targets we have set out. A responsible business. While the legislative environment has continued to change and continues to change in the forthcoming period, we expect that that's going to start to settle in the second half of this year. We've thought ahead with our commitments in this space. Here are just a couple of the highlights to chart the progress that we've made. When it comes to leadership in climate, for the fifth year running, we've been awarded the triple A rating by MSCI and A minus rating by CDP. We'll track medium-term targets set out for Scope 1 and 2 emissions. As a reminder, what we said was by 2030, we would achieve a 60% reduction in those emissions. By the end of 2025, 55%. When it comes to protecting our people and safety, once again, over 90% of our projects remain injury-free. Finally, in 2025, we created GBP 2 billion of social value, bringing the cumulative to-date position to six and a half billion GBP, and that can range. Anything from helping generate local employment, to supporting local regional businesses, to helping communities develop their infrastructure to becoming healthier and safer. Let's now take a slightly more deeper dive into each of the divisional performances, and much of my narrative will be looking back. Looking forward element, I will leave John to provide that. In Partnership Housing, the division has continued to expand and build ahead with delivering long-term partnerships with the public sector. During the year, it had notable sizable awards with the public sector, including partnerships with Cardiff Council. Cardiff Council was a big partnership. We expect around 3,000 homes over the next decade. More recently, the division has been appointed during key three generation scheme, where it's expected to deliver around 3,500 homes over the next two decades. Over the last year, its revenues increased by 5%, GBP 903 million. It once again, has been supported by strong growth in its contracting activities, with those revenues increased by 13% to GBP 638 million, at a time when the housing market has remained subdued. Overall, the division delivered a strong and resilient performance of the year, with its operating profit increasing by 16% to GBP 42 million, delivering a margin of 4.7%, 50 basis points up from this time last year. Its average capital employed increased this year by about GBP 108 million, up to GBP 446 million. It's been influenced by a couple of factors here. We've got a couple of schemes in the London region, where the capital has been higher for longer, largely impacted by the weaker demand in the London area, particularly around apartments. Despite that, the division has progressed with its sales expansion of opening new trade outlets, and that requires investment. With a secured order book of GBP 2.3 billion, preferred bidder work of GBP 2.8 billion, a strong pipeline of future development phases, we remain confident in the division's ability to deliver against its targets and ambitions, recognizing the need for a recovery, not only in market conditions, but also returning consumer sentiment and demand. As we look forward, though, to 2026, we expect the average capital employed to be in a range somewhere between GBP 420 million and GBP 0.50 billion, recognizing the growth and scale of this business and the state of where these people are for the year. Moving on to Mixed Use. Now, as I said earlier, this division reported a loss of GBP 5.3 million. It's expected more large impacted by costs invested. It seems yet to what on site were planned for this year, as well as supporting those future opportunities for this in years to come. To put a little bit of context around that, at the end of last year, we had seven schemes on site. By the end of this year, we expect that to more than double to around 19. During the year, the average capital employed for this division increased by about GBP 38 million to GBP 125 million. Slightly similar themes to Partnership Housing. We've invested capital in one London residential scheme. The capital is out higher for a little bit longer, but it will turn. Again, driven by the weaker demands within the London region. 2025 has been a significant work-winning year for this division. It's continued to build upon its prior year's successes, converting 8 schemes from preferred bidder stage through to signed development agreements, and that's been followed by the appointment of the preferred bidder on 8 sizable schemes during the year. At the end of the year, it had a secured development order book of GBP 4.6 billion. That's 13% up on this time last year, and a further GBP 1.7 billion of work at preferred bidder stage. As we look forward to the end of 10 or during 2026, we expect the average capital employed for this division to be in a range of GBP 125 million-GBP 140 million. As I said earlier, Fit Out has delivered a significant result for the year, contributing to the group's overall results. Its revenues are up 37% to GBP 1.8 billion. Its profits rose by 41% to a record-breaking GBP 140 million, delivering a high-quality margin of 7.8%. This outcome hasn't been solely driven by the exceptional volume growth. We've had excellent operational contract execution with real precision and the ongoing continued benefit of operating leverage. All the while, the division has placed increased focus on delivering the very best high-quality outcomes for its customers and ultimately, the end user. That represents everything that this brand has been known for the last number of decades. It closed the year strong with a secured order book of GBP 1.3 billion, and a further half a billion of work at preferred bidder stage, highlighting the short-term visibility we always see in this business, so totaling GBP 1.8 billion of future work. In Construction, this division has continued with the strong discipline it exercises around risk management, right from the selection stage through to project management and delivery, right through to handover. It's this consistent approach it applies to the large volume of projects it's delivered all throughout 2025, that has led to the revenue growth of 11% to GBP 1.2 billion. The significant growth in profits by 20% to GBP 37 million, delivering a margin of 3.2%, right in the middle of those medium-term target ranges for margin. The public sector continues to represent a significant proportion of the revenues delivered in the year, around 85%, education continues to be the largest sector we serve, around 40%, 46%. Pleasingly, the division was reappointed on the Department for Education's framework late last year. All throughout last year, this division experienced strong work-winning momentum. It finished the year strong, with a secured order book of GBP 1.1 billion, with a further one and a half billion GBP of work at preferred bidder stage, totaling GBP 2.6 billion of work for the future, that's a 20% year-on-year improvement. Property Services, following the successful remediation program that we concluded on in late 2024, delivered an expected modest profit of GBP 2 million in the year. More importantly, on the 1st of January 2026, this division has now successfully integrated into our Construction division. That's where the work is so much more aligned, and that's what we shared at the half year. This is the last time that we will report on Property Services as a standalone division. Finally, turning to Infrastructure. Very similar to Construction in terms of its approach to risk management, particularly in respect of those long-term framework contracts. This is where it carefully balances the profile of risk and reward, right from the selection stage through to delivery. Most of you will remember, 2024 was a fairly significant work-winning year for this division. It won around over 2 and a half billion pounds of work. That theme, that trend has continued in 2025. It's won over GBP 2 billion in new work, largely in the energy and the nuclear space. The long-term framework contracts it's been awarded will include examples like Sellafield IDP, where that framework will last anywhere between 9-13 years, and National Grid's Electricity Transmission Partnership Framework. As a result of these frameworks, these large frameworks that it's won over the last two years, the division planned to commence a high volume of early planning and design activities during 2025. As a result, there was an expected decline in revenues, which we also highlighted at the half year, where revenues have now declined 11% to GBP 935 million. The operating profits, however, marginally declined by 3%, GBP 37.2 million, with its margin at 4%. That's 30 basis points up on this time last year, and again, right in the middle of its medium-term target range. Finally, this division finished the year strong, with a secured order book of GBP 1.9 billion, a further GBP 700 million at preferred bidder stage, and only including the visible work from those long-term frameworks, which I've just talked about. John, over to you. Thank you, Kelly. I think the big message on Partnership Housing is we've been winning enough work to give us confidence about our medium-term targets. If we look at the visibility on the left, over the two-year period from the end of 23 to the end of 25, we've doubled the visibility of what we can see. Obviously, the dark blue are secured orders, which actually haven't changed a great deal. We have the light blue, which is the preferred bidder, the gray is what we'd expect to get from further schemes in the same development agreements. They wouldn't be a preferred bidder yet, because perhaps they've got to get planning permission or some funding, or something like that. You know, we have now a line of sight of GBP 7.1 billion, and to give you some idea, that's about 33,000 homes. I think the other big message in Partnership Housing is that contracting is broadly 50% of the turnover at the moment, but as we go forward and these partnership schemes come on site, the contracting turnover, which is the dark blue on the right, is not really going to increase. What does increase is the mixed tenure, and that's what we need to get to our medium-term targets. If we talk about Muse, now here again, significant wins in the year gives us confidence to increase the medium-term target ROCE towards 30%. We'd expect that to be at the end of the medium term because it's gonna take us time to get there. The order book here is an interesting one because the GBP 6.3 billion is our equity share of the partnerships. Because we run the whole thing, a big part of our income comes from the development fees that we charge. The development fees would be on the figure in excess of twice that. That's actually quite a significant thing that I think people can miss quite easily. To give you some idea of scale, again, that's about 6 million sq ft of non-residential mixed-use and about 22,000 homes. If you add the number of homes with Muse to mixed-use and partnerships, that's about 55,000 homes in the pipeline, which is quite an increase on where we would have been this time last year. This is a business that we've been in for about 20 years. We've learned a lot. We now know a lot more about what makes a scheme successful. That gives us confidence that the ROCEs are gonna be higher going forward. As indeed with turnover, because we have 7 projects on site at the end of 2025, and by the end of 2030, with what we can see, there's gonna be 31 projects on site. Quite a change in this business over the medium term. The graph on the right shows what the turnover of our share of the equity is likely to be over the next few years, up to 2030. Fit Out is very interesting because Fit Out, in many ways, is similar to Muse. Both businesses are the market leaders in a very specific market. We have spent 20 years in Muse and nearly 50 years in Fit Out, 1, building up a track record, and 2, the knowledge that we need to be market leaders. There is a fundamental difference between the two, though, in as much as, Mixed Use has more work in the second half of this century than Fit Out has for next year. That is a very different, a different thing completely. The landscape has changed significantly in Fit Out because I'm sure most of you are aware, ISG went out of business a year or 2 back, and we certainly picked up quite a lot of work on the back of that, particularly with the strength of our balance sheet, which is obviously fundamental for people having Fit Out work, having done to them. We're still keeping the medium-term target between GBP 80 million-GBP 100 million because we do expect it to come back shortly. The other thing we've got to remember about this business is, compared to perhaps a contracting business, it has a higher gross margin, but also a much higher overhead, so it's much more operationally geared. When the turnover goes up in a bit of a rush, we do very well, but of course, the reverse could happen when the turnover comes down. Having said that, it's a really good business and the markets that we're in are still strong and supporting it, but we do have sort of competitors, you know, looking to get some market share. It's still a great business. If we move on to Construction, this is a business that we've been growing carefully and very successfully, particularly over the last 10 years, looking at how do we reduce risk? Our orders come from two-stage tender. Our order book is up very dramatically at the moment, which is great, and it's all about high-quality delivery. Our average contracts are smaller than most. You know, here we are talking over a GBP 1 billion turnover, but the average job is still only GBP 15 million-GBP 20 million. We can see from the order book profile on the right-hand side, we're pretty well set up for this year, and we got a good start for next year, and indeed, a good base for the year after. We feel really confident about this business going forward. Now, Infrastructure is a very interesting situation where we've actually tripled our line of sight of work over the last 2 years. Again, the order book on firm orders hasn't really changed. Our preferred bid has gone up a bit, but the work that we would expect to get from the frameworks, where we're the only people allocated on that frameworks, has gone up dramatically. Our line of sight is 3 times what we could see 2 years ago. Quite a significant change and bodes really well for the future. We look at the medium-term targets. We put them here really for record, but the only 2 we're changing this time are Mixed Use Partnerships and Infrastructure, and I think I've gone through the reasons why we've upped both of those both because of extra work coming in. If we look at the outlook for 2026, Partnerships, we see solid profit growth expected with a ROCE similar to 2025. Of course, the final outcome will depend to quite a large extent on what happens to the housing market for the rest of this year. At Mixed Use Partnerships, we see a lot of projects getting on site, a lot of work that we're winning, so we're probably only gonna make a very modest profit and a low ROCE. At Fit Out, we've already said that profits are gonna be significantly ahead of our medium-term target range for 2026. With Construction, we see the margin being right in the middle of the range, with revenues towards GBP 1.3 billion. Infrastructure, again, margins to be in the middle of the range, with revenue towards GBP 1 billion. If I sort of summarize, look, our long-term organic growth strategy remains unchanged. We're in the markets we want to be in, and we see real growth in those markets, so there's still a huge amount for us to go for. The biggest differentiator for our group is our decentralized and empowered operating model. This really allows great people in the businesses to run it well, and to really drive those businesses hard at pace, and to be really flexible and get there before the competition. That really is our differentiator. I've talked about our strong balance sheet, obviously, Fit Out profits being higher than expected, and the medium-term increase in targets in Muse and Infrastructure. I would summarize by saying we're on track to deliver an outcome for 2026 in line with our revised expectations set out in the trading update released on the 12th of February this year. Thank you. Hi, it's Rob Chantry at Berenberg. Thanks for the presentation, guys. Three questions from me. Firstly, on Muse, you've obviously increased the return on capital profile from 20% to 25%, now 25% to 30%. Could you just give some more color around the kind of confidence so early in the kind of build-out to give those return on capital increases? Also comment, I guess, on the EBIT contribution relative to the timing of the third bit chart that you had. Secondly, on Fit Out, again, obviously exceptional performance. Is there much color you can provide on the shape and concentration of the EBIT profile in the year versus history? Waiting to large projects of note. thirdly, Infrastructure, interesting to see an increase in target to one and a half billion. Could you just talk about the even longer-term ambition in that space, given the real strong structural drivers in areas like energy, nuclear, water? I mean, do you believe Morgan Sindall could be an even larger player in that infrastructure dynamic on a 10, 20 view? Thank you. I think when we talk about our medium-term targets, they're never the limit of our ambition, but they're what we think we can do in the medium term. If we look at Muse, well, the reason we've upped the target is because we can see that the ROCE that we're likely to be winning on the schemes that we have won, that's significantly better than we've had in the past. You might like to add on the Fit Out. Yes. I think, look, on Fit Out, what we have already signaled is we've been. We're more concerned about quality of earnings than we are about volume. Having said that, the spaces where there is growth around energy and nuclear, and even to some degree, water, are all spaces that we are very active and present in. Thank you. Thanks. Aynsley Lammin from Investec. Just two from me, please. On partnerships, obviously, last year, site numbers going up, margins going up, which is in contrast to kind of what we're hearing from, you know, others in the sector. There's margin pressures and planning is difficult to get. Just interested to maybe hear a bit more explanation and color, how you've been so successful opening sites and increasing the margin, and your view on 26 for that area. Secondly, just, I guess, following on from previous questions, just on the Muse outlook. You're going to be active on more sites this year, clearly, and you had the loss of GBP 5 million. Maybe if you could give us some help on what turnover- Yeah ... and operating profit would be this year. Yeah on a more short-term basis. Sure. Maybe I'll take those. I think perhaps just on the Partnership Housing, you're absolutely right, Aynsley. We have expanded the number of active sites that are open to 70. Look, we're a national business, and yes, there's, you know, overall, the market is somewhat subdued, but there are regions and pockets of the U.K. which we operate in, which have very good sales rates. We've been pivoting towards forging ahead in those areas, and fundamentally, we believe that the market will return. We are still forging ahead with our plans, but being smart and cute about the areas which are softer than others. We shouldn't forget that housing for sale probably represents less than 25% of the turnover of that division. Yeah. We will do better than a normal house builder in a bad time, but perhaps a normal house builder will probably do better than us in a good time. Yeah. Just following on, even with the kind of issues around social, you know, the funding for affordable social homes, you're navigating that quite well, I guess? Look, I mean, the reality is when we go into partnership, we're working closely and understanding the financial health and wellbeing of those associations or partners, as do they with us, by the way, because it's a long-term partnership. They need to be sure we're going to be there for the end of that partnership, whether it's 10 years or 20 years. Our balance sheet and track record is enabling us to win more than our fair share of the big partnerships. Just returning, I think, finally, to a question on Muse. Yes, there's a, you know, we had seven schemes on site end of last year. That's more than doubling by the end of this year. We shouldn't get too carried away, though, with the size of the revenue profile, and indeed, the profit, because the spend will gradually build up, and the profile, therefore, of revenue and profit will become more meaningful towards the middle of the medium term, and certainly, the returns will be yielded, as John has signaled, you know, towards 2030. This is a ramp-up. It's also important to understand that when we win a scheme in Mixed-use, it's likely to take three years before we get on site and probably another year before we start to make any money. It's very long-term business. As I said, we've got work going into the second half of the century, which is. ... I think you mentioned GBP 125 million-GBP 140 million expected. How should this evolve from 2006 and onwards? How about the Partnership Housing CapEx expectation as well? Sure, sure. If we start with Muse, we've guided that it's going to be in a range between GBP 125 million-GBP 140 million for this forthcoming year. I think as you look over the medium term, it will ebb and flow a little bit. I think one of the charts in the presentation showed the range. You know, in the middle of the medium term, it will come down a little bit because there's an expectation some of the capital invested will start to turn and be realized, and then incrementally it will grow. We have highlighted previously, this is one partnership business where it will be modest, incremental growth in the capital invested. It won't be significant. That is in the short term? Yeah. Yeah, we're talking about this medium term, are we? we? Absolutely right. With Partnership Housing, we've guided between GBP 490 million and GBP 550 million, just because of where we are with the stage of development and the market in general. I think over the medium term, again, one of the charts does show that that starts to normalize very much in line with what we've always said over the medium term, sort of around GBP 450 million-GBP 500 million. Very much in line with the medium-term targets. Alastair Stewart, Progressive. A couple of questions, please. London Housing featured London Housing and Apartments in particular, featured in the Partnership Housing and mixed-use divisions. Presumably, it can't get much worse than it is London Housing can't get much worse than it is just now. Are you seeing any signs of improvement, perhaps through the emergency measures announced recently in that division? In Fit Out, the total order book went down slightly, but if I understand it right, the 12 months ahead, orders went up. Is there any strange difference in the dynamics between previous years, and are your gross margin expectations for that division in the 12 months ahead, any different to usual? I think we would expect the turnover and the gross margin in the Fit Out division to be lower this year. I think the reality is it's just a mix of projects we're delivering, Alastair. I think just going back to your initial question, though, on the London market, I think we're no different in terms of the trends we're seeing to anybody else. It does ebb and flow. It is moving, but we're no different to anybody else in that space. Business numbers are marginally up. Yeah. Good morning, Andrew D'Arcy from Peel Hunt. Again, a couple of questions, I might ask each in turn. First of all, on Infra, where the revenue target is being increased as a GBP 1.5 billion. Is that really driven by the nuclear and energy sectors, or are there other elements with that? Arguably, given that level of mix, it might have been an opportunity to review the margin target as well. We reviewed the margin targets not that long ago, and we can't sort of increase them every 6 months, as you probably appreciate. You're right, a big chunk of that growth has come from particularly the energy sector. secondly, Property Services are now part of Construction. Given that focus on planned maintenance and decarbonization, should we expect that to help or drive an element of underlying margin improvement there, or shall it continue to be a drag on that divisional margin for some time? I think the way you should look at it is, it's going to be a very, very small part of construction. It'll be careful growth, which construction will lead upon. I think you should look at the guidance we've given on construction and assume that's the guidance that remains. Okay, last question on the cash balances. I think you alluded to feeling comfortable with 10% of revenues as spot cash at the end of the year. Can we read into that as 5% of revenues as being the minimum point that you feel comfortable with? I think I actually said it's key to the delivery of the GBP 19.1 billion workload, as opposed to comfortable. I think that's probably the important statement here. It's key. Okay, thank you. You can imagine it's something that the board review on a regular basis, but it's not. I think to just say a percentage of turnover is too crude a way to look at it. It's what, you know, what do we think the partnership needs are gonna be over the next four or five years, and a load of other things. Thank you. Thanks. Jonny Huber from Deutsche Numis. Can I ask, firstly, on the Fit Out market, you mentioned some competitors are trying to get market share. Do you think the overall market has the capacity to deliver the amount of work they've taken on over the past year? The Fit-Out market has been strong, and it's still good, but I doubt if it's going to grow significantly over the next two or three years. You know, this is why we are sort of flagging up that we would expect our turnover and our profit to reduce in Fit Out. It's probably not reduced as quickly as we might have expected. Thank you. Going back to Muse, in the presentation, it pulled out, I think, GBP 14 million of overheads. Mm-hmm. relating to upcoming schemes. Is that a run rate where some of those one-offs and will that amount of overheads be covered by revenues this year? There will be an element of that starts to get covered because there will be some profit contributions, redevelopment, management fees. I think we, you know, the guidance on the overall profitability is still quite modest because of the level of spend that is going to be quite gradual in terms of the stage of those schemes on site. You can imagine, we spend a lot of our overhead getting a job on site before we actually start earning any money. A lot of that overhead would actually transfer from working on the schemes before they're on site to being on site. Let's not forget that that isn't entirely down to getting a scheme on site. It's also about keeping the machine running on winning new work, which, you know, is quite important. Thanks. The last one would be on the GDV. You gave in the slide what the GDV should be going forward, and John, you pointed out that the development fees are on double that amount. Are you able to tell us roughly what a typical development fee as a percentage of GDV is across the portfolio? Probably be unhelpful because what we do on each one is slightly different. Yeah. Finally, is development risk changing much in the schemes you're taking on across sales risk, for example? We're doing much more forward selling. Thanks very much. Hi, it's Stephen Rawlinson. Just a quick one. On the working capital lockup on housing in London, could you just give us an idea of whether that's in completed units? Is it sort of... Are we ready to roll should the market pick up? Do you have an amount of flexibility over pricing on that, which enable you to reduce that capital employed? You probably won't be able to tell... Won't be willing to tell me what it is that you've got locked up in London, but it'd be interesting to know what proportion it is of the total or some figure that helps us understand better what's going on in London and how quickly you might be able to reduce that capital employed. Furthermore, what, you've mentioned, your plans to look at the other geographies. Would it be the case also that longer term you'll be looking outside London as well? Maybe if I start on that one. I think, look, the reality is it's a combination of in progress and completed stock. They are selling. We are getting a lot of inquiries. It's just taking longer. It's just, it's higher for longer. We're not worried. The capital will turn in the near medium term. Range of how much we've got invested is somewhere between about GBP 100 million-GBP 150 million. I think one of the advantages of having a good balance sheet is we can make the right long-term decision, and we're not forced into doing a fire sale or anything like that. The profit we're making on them is the profit that we would expect. It's just selling less of them per month than we would like. I think you mentioned short term that you're looking, you're looking away from London. Is that a longer-term position that you would hold as well, that you'll be seeking to move out on with some sort of level of concern around about London's commitment to house? No, we're not against London. I think probably, we've probably recognized that building large residential schemes with sales risk, particularly flatted apartments is probably not for us. Any more questions from anyone? Well, thank you very much indeed for your time today. Thank you. Thank you.