Everybody, welcome to our Q1 2021 results call. If I can take you to the presentation that we've posted on our website to slide two, please. I'm going to start with a brief update on the group strategy that we've been pursuing and are already starting to deliver on the strategic initiatives that are parcel of this strategy. We have now completed a full review of the group and prepared the group now for the next stage of growth, with a detailed plan taking us through the period 2021 to 2025. Following the launch of the McLaren Artura that we launched to the world in February, we're now in a position where we're starting to realize the benefits of the investment in that new platform, with lower CapEx requirements through the coming years of the business plan. We've also completed and agreed the new GBP 185 million strategic investment in McLaren Racing, which fully funds the racing business through to 2023, beyond which it's expected to be cash flow positive. Racing, as a consequence, now sits outside the restricted group, and there is no obligation to fund racing from the automotive group. We have successfully finalized the sale and leaseback of the McLaren headquarters in Woking. There's an GBP 85 million modified Dutch auction ongoing at this time, in line with the existing bond indenture. We are delivering on the group's proactive strategy to create a strategic focus that is based on the automotive business as the core profit driver for the group. The McLaren Group continues to evaluate various capital structure alternatives with respect to its RCF and senior secured notes, including an equity or holdco debt capital raise and a debt refinancing in the coming months. If I could just move on to slide three, and then we'll start to look at the results for Q1. Talking specifically here about the automotive group, excluding racing, Q1 2021 revenues of over GBP 184 million, up 118% on the same quarter in 2020. With Q1 2021, there being an EBITDA of GBP 18.9 million, a significant improvement over Q1 2020 that showed a loss of nearly GBP 65 million at that time. Material improvements in the last 12 months EBITDA at Q1 2021, reflecting both the strong Q4 we have reported from 2020 and a strong Q1 2021, both signaling the increased volumes and really the progressive return to normal business now post some of the COVID-19 restrictions easing in the global markets. The successful completion of the sale and leaseback of the headquarters, as mentioned earlier. The tender offer is now open for the GBP 85 million of outstanding notes that expire in May 2021. Our corporate revenue in this document in the pie chart on the right relates to the costs recharged to racing from the central business. If you look at the pie chart, you can see automotive reflecting 93% of the revenue, the Applied division 5%, and the 2%, as I say, is the cost recharged to racing, which sits outside of this group now. Specifically within automotive, we announced the new McLaren Artura. It was a digital launch due to circumstances in February. It's been one of the most successful launches we've ever done. Very broad mainstream and social media coverage globally, we're receiving extremely positive reviews and demand for this new car, this new entrance to the market. Our 2021 first quarter wholesales of 520 cars were up 69% compared with the same quarter in 2020. Our retail sales in Q1 2021 were also up, also significantly exceeded the wholesales for the same period, which continues to demonstrate the fact that we've moved very strongly towards a demand-led strategy for the business and continue to reduce the inventory of cars in the market. Our wholesale order book at March 2021 was 1,117 vehicles. Moving through to April, it had grown to 1,177 as we see the demand for cars progressively coming back, reflecting that opening of the market post the lifting of restrictions. For McLaren Applied, we are continuing to review strategic options for the future of that business. As I've said, McLaren Racing now, as an unrestricted entity, sits outside of the restricted group that we're reporting on this afternoon. Moving to slide four, I'm going to hand over to Kate. This is Kate Ferry, the Group CFO. Yes. Good afternoon, everyone. Thank you, Mike. Here on this slide, we're now on slide four summarizing key metrics. As Mike's now said a couple of times, just a reminder that all of these metrics now exclude racing. Q1 in the prior year obviously had some COVID-19 impact, but even taking that insight into account, I think it's fair to say we've seen very strong growth year-on-year in both revenue and EBITDA. Typically, as you know, Q1 is the quietest quarter, but we still delivered positive EBITDA. You can see wholesales really returning to more normalized levels. I think that the business plan Mike just alluded to, our post-COVID-19 plan, is already starting to deliver. On the right-hand side of the page, looking at liquidity and net debt, just worth flagging that, of course, both show a material improvement just post the period end due to the [Spent] leaseback proceeds, which came in early April. If you take that into account, in fact, liquidity in April was GBP 241 million and net debt GBP 488 million. On CapEx, again, you can see CapEx significantly down year-over-year. Again, another reminder, Q1 is, of course, one of our highest quarters of spend, so we do remain confident in our guidance of GBP 150 million-GBP 200 million for the year. If I just hand back to Mike, who will take you through the automotive business in a bit more detail. Thanks, Kate. Yes, move on to slide six, please. An update on operations. The automotive revenues in Q1 2021 were GBP 117 million up, which is 145% compared to Q1 2020. A real step up in production and wholesales strengthened as the COVID-19 restrictions have started to lift across the global markets. We're seeing very strong demand in Asia and particularly strong demand out of China. We've seen the market responding very, very positively in North America, most recently with restrictions in Canada lifting and our retailers opening in Canada as well as the balance of the U.S. In Europe and Middle East, it's a slower return. The U.K. has now opened up, and we're seeing positive movement in the U.K. market. Some of mainland Europe is still restricted, and we're looking for that to open up through the latter part of Q2 and into Q3. Following the launch of the Artura, the marketing launch of the Artura in February, we've been building the awareness and demand for the vehicle across the markets. We will deliver the first cars around mid-year, and customer deliveries will start at the beginning of the third quarter. There have been a limited number of our suppliers have experienced some disruption from COVID, particularly suppliers in mainland Europe. Impacted us a little bit through Q1, but nothing that hasn't been recovered since. At this stage, we have no impact at all on supply. The much-publicized concerns around the microchip shortage that is impacting the automotive market, we are remaining in a very positive position in respect to this. We have a 15-week outlook in terms of our supply position. We have seven of our suppliers who incorporate these chips in the components they supply us, but we have real clear view of supply through that period. I think, at this stage, we're in quite a positive position from a supply performance perspective. The MPC, the McLaren Production Centre, and our new factory in Sheffield, the McLaren Composites Technology Centre, are now very much focused on the delivery of planned growth through 2021. Both factories are now running in a normalized fashion with full shift performance. We're moving through the period now progressively of the Artura launch integration into the balance of our production. The retail network continues to open. Retail continue to outperform wholesales, albeit as we move through this year, they will stabilize and fall into balance. The balance really now of retailers to open pivots around the German market, to a limited extent, the Swiss market, and then some individual countries. Fundamentally, we're now seeing the vast majority of our retail network open, and it's building a return now to normal behavior by our customer base. We've had a number of excellent examples of partnership collaborations over the recent months. We have celebrated the launch of the new Richard Mille exclusive RM 40-01 Speedtail watch to the market. A watch that's exclusively, or no, not exclusively, initially offered to McLaren Speedtail customers, and the balance of the limited run then being offered through Richard Mille's boutiques. Celebrated the partnership we have with Gulf Oil, a partnership that both automotive and racing enjoy together. A very special one-off activation of that at the Monaco Grand Prix this last weekend, but also on the 720S production car. There's a range of merchandise that's selling to support that collaboration. Moving to slide seven, just sharing some information here around the McLaren Composites Technology Center. It is a new addition to our business. Designed very much as a strategic part of the company, taking this core technology and expertise that we have in lightweight structures, in carbon fiber design and manufacturing, forms the heart of the new Artura and will form the heart of all subsequent launches. It's brought operational advantage to us in terms of being able to manage the security of our supply chain and also a reduction in the component cost, but also a strategic advantage in enabling us to produce lightweight components and continue to have a competitive advantage in that field. Moving on to slide eight, share some information here around McLaren Special Operations. This is the bespoking division that enables our customers to personalize the products that they buy. It is a significant contributor to revenue and profitability, also in terms of driving loyalty amongst our customer base. Three major areas MSO defines, which is a range of MSO designed and manufactured options that are available across the cars. MSO Bespoke, which enables customers to individually design and tailor the vehicle to their specification. Taking the Bespoke into the Ultimate, there is the opportunity to build small runs of cars or even one-off cars to a customer's design based on our own in-house engineering. Onto slide nine, just reflecting the automotive motorsport division. We compete in GT4 and GT3 racing on a global basis. We had a very strong 2020 once the season opened up in the second half of the year, and we started 2021 very positively with wins and podiums in Europe, North America, and Asia. The global volumes. You can see a strengthening of the volumes comparing Q1 2021 to Q1 2020 across the globe. As I said, the majority of our retail network is open now, with the exception of the German market. Our production facilities are now running. We're not running at capacity, but we are running in line with the demand and wholesale plans that we have in our business plan. We're particularly positive about the very strong demand that we have in Asia and even some of the recent occurrences of the virus impacting local regions. We've seen a state of emergency in Japan, we've seen some restrictions in Taiwan. It does appear that market has come to terms with operating through some of these concerns, and we've seen no impact at all on the demand that we have. We're running slightly ahead in the Asian market. North America has been positive, started the year a little slower than Asia, has really picked up in recent months. Again, for the North American market as a whole, we're in a very positive position, and fully allocated against plan through to the end of the third quarter of this year. Europe and the Middle East are the other two regions that are slightly behind plan, balanced through with the overperformance we're seeing in Asia and the strengthening in North America. Very much remaining on plan, in line with our business plan for 2021. Moving on to slide 11 and slide 12, I am going to hand back to Kate. Thank you, Mike. Summary of key metrics. I think we've talked through most of these. Certainly, they're all trending in the right direction. Strong wholesale volumes, up 69%. EBITDA in Q1 materially stronger as well. The volumes pick up versus last year. Net working capital, we're actually seeing an inflow in Q1 2021, and this is obviously due to the increase in wholesales through Q4 2020 and of course, this quarter, Q1 2021, and that compares with the significant reduction in volumes in Automotive this time last year. In Q1 2020, which you'll remember, resulted in significant working capital outflow. Liquidity, as I mentioned, we closed Q1 at GBP 82 million, and then, of course, that materially improved in April following the sale from leaseback. Moving on to page 13. You can see here the usual EBITDA bridge, showing a return to positive EBITDA generation in Q1 2021. Obviously, this is all from the significant increase in revenue from Automotive, up 124%, given that the recovery, obviously, in the economy and the increased wholesale volumes that I've just talked about. Worth mentioning also that the model mix was richer in Q1 2021, with an increase in the Super and Ultimate Series wholesales and a reduction in the lower margin Sports Series. We then move on to slide 14, we shared the adjusted LTM back in December. As you'll remember, stripping out exceptionals and of course, the gain on racing. We've now rolled this forward for Q1 2021, with rating now stripped out, and the Q1 LTM is showing a positive GBP 97 million. With the adjustments, I think they're all very much the same as we've seen before. Finally, on slide 15, as we move on to the cash flow. I think the key point to really note here is, of course, the working capital inflow that I just talked you through on the previous slide, driven by the increased volumes, as well as I should mention, more efficient debt collection, given the strong retail demand in the market. Of course, the reduced CapEx that I mentioned earlier on in the presentation versus Q1 2020, all very much in line with management's expectations. Actually, sorry, there is one more slide 16, covering net debt and liquidity. Most of it, again, we've covered. I think just worth saying, a significant improvement since the end of last year. You'll remember when we reported out at December, the net leverage to EBITDA was 32x at that point. This slide is showing 7x at the end of Q1. Of course, if you actually include the sale and leaseback transaction just after the quarter end, that would in fact be 4.2x. Certainly, our medium-term target of 3x remains. I think just a small housekeeping point before we move on to questions. We'd just like to remind holders of the existing notes that we are currently running the modified Dutch auction that Mike spoke about earlier, and that is going to close at the end of this week. Do contact Maurice or Bailey if you need any more information, or indeed, do contact Steve or myself. I think we will now take any questions that you might have. Please kindly keep your questions to a maximum of two at a time. Our first question comes from Stephanie Vincent of JP Morgan. Stephanie, your line is now open. Please go ahead. Hi. I just have a couple of questions for you. Thank you for taking my questions. The first is just on this Automotive News article that came out a couple of days ago or a few days ago about deliveries of the Artura potentially being delayed due to software supplier issues. If you could comment on that. The second question is just on further supply chain. We've obviously seen semiconductors be an issue. Can you just comment on both raw materials and semiconductor issues in your own supply chains? Yes. In terms of the Artura development, we're broadly on track with where we are, with where we plan to be with Artura. We had planned to bring the car to market mid-year. We will have cars going into market, but for our own marketing and dealer purposes, through July into August. The first customer deliveries will be August come September. Software is the last part of the development of any product. One needs to complete the hardware first before moving into the software development and calibration. It is the latter part of it. We're working very positively with all our partners on the program and don't have any major concern that we'd be flagging as a risk to the program at this point. In terms of supply chain, I really did touch on this. There have been some disruption, but relatively mild. We've had a couple of suppliers that have got into financial difficulty. Across a supply base of about 300 suppliers in total, any disturbance was very limited, and it impacted us in Q1 is now behind us. You've seen that our Q1 performance was pretty strong here. In terms of semiconductor supply, we're benefiting from the fact that we are a low volume consumer. For our suppliers, I think it works very positively for them that they can sort of strike us off their worry list. We have spent a little bit of money securing capacity and supply, but when I say a little bit, I'm talking literally a few tens of thousands of GBP to do that. You can only look so far down the supply chain, but we can see 15 weeks into our supply chain and across the seven suppliers that incorporate this microchip, we are in a positive position for all of them. As it stands today, I'm not anticipating any production or delivery disruption for supply concerns. Okay. Thank you very much. Our next question comes from Evan Mitchell of BCI. Evan, your line is now open. Please go ahead. Hey, thanks for taking the call. I just want to clarify something. I think LTM run rate EBITDA looks like it's about between GBP 90 million and GBP 100 million, and I believe that your forecast for the fiscal year 2021 is around that same area. Obviously that's quite a bit lower than we had seen in past years, even just from McLaren Automotive and McLaren Applied. When can we expect you guys to return to maybe call it a more normal run rate EBITDA? What do you think that that looks like, say, maybe 24 months from now? Yeah, thank you for the question. I think as you can see on one of the pages in the slides, we've certainly given some guidance for this year for 2021. We've said that we expect EBITDA to be in line with the LTM EBITDA that we've given today. In line with the GBP 97 million. I think we're not obviously going to give specific guidance for the outer years, but you can imagine the shape of the P&L, which will be obviously as the wholesales return to more normalized levels. Of course, we get some mix improvement in the outer years as we introduce some of the new more high-end series cars. In the end, the gross profit will start to more than compensate for the investment that we're making, and you will then start to see strong growth and indeed start to generate cash. I think in terms of giving guidance at this stage, we're just guiding for the current year. Okay, that's fair. Last one for me, just on the sale leaseback transaction. Obviously with IFRS accounting now, the lease will appear as a debt on your balance sheet. Do we have any idea right now as to what sort of debt you're going to be carrying on your balance sheet as a result of the lease? Actually, just to remind you, we actually report under U.K. GAAP. We don't report under IFRS. Okay. My mistake. Okay. Thanks very much. Our next question comes from Konstantin Chinarov of Aptior Capital. Konstantin, your line is now open. Please go ahead. Hi. Thanks very much for taking my question. I actually have a very quick question on the liquidity. Sort of pro forma for the sale and leaseback, you have GBP 241 million of liquidity, and then I guess GBP 85 million of that will be spent for the reverse Dutch auction. Let's say pro forma for that is like, you have around GBP 150 million of liquidity, then if we look at the guidance that you gave for 2021, EBITDA is GBP 92 million and CapEx is between GBP 150 million-GBP 200 million. On that guidance, you're going to burn GBP 60 million-GBP 110 million on EBITDA minus CapEx level, and obviously there is cash interest and cash tax. We are yet to see sort of EBITDA improve, so that we could see operational cash generation. I guess my question is, for the next 12 months, if you could sort of clarify how you guys think about liquidity and sources. Thank you. Thank you. I think the first thing to mention, which I probably should have alluded to in the presentation, is obviously we are right in the middle of, I would say, towards the tail end of quite a significant capital restructure, as we talked about previously. We are in the middle of a refinancing, and I would hope to update you on that in the very near term. I think where we get to is that clearly in terms of cash burn, yeah, 2021, you are right, investing cash flow will still be significantly greater than operating cash flow. Of course, we will have the benefit of the refinancing. As you move into 2022 and 2023, as I have just outlined, you will start to see operating cash flows build. We will be very controlled in terms of our CapEx, as we've outlined, keeping it more in line with the GBP 150 to the GBP 200 that we've guided. You will see that remain reasonably stable for the next few years. Therefore, we are confident that, as I say, once we're through this period of rebuild that you're seeing in 2021, 2022, that we do start to generate cash. I think the combination of a stronger business plan combined with the refinancing is how you should look at it. Got it. My second question is on the sort of holdco debt. I think on the previous call, I guess I was under the impression that the maturity there is June 2021, and I was actually quite surprised that in the end of May, we haven't seen refinancing headline of that facility. I guess the question is, can you shed some light on that? Should we expect it to happen at some point? Any color you could give on that would be helpful. Yeah, I would love to give you some guidance on that, but you know how it is. Until we're actually signed and sealed, as it were, I'm afraid I'm really not able to update you. As you might imagine, we're well aware of the timetable and the various commitments that we've got, and I would hope that we are able to update you in the very near future. We really are in the final throes of it, but as you know, these things are always reasonably complex. Got it. Well, thanks so much, and all the best. Thanks. Our next question comes from John Sykes of Nomura. John, your line is now open. Please go ahead. Yeah. A lot of my questions were answered when the last caller was on, but he makes a very good point. You are doing this reverse Dutch auction, GBP 85 million of liquidity will be used to repay or presumably take out those bonds. We don't know for sure, I mean, we're reasonably confident, I would assume, that a refinancing is going to take place. I guess the question is, what's the plan if that doesn't happen? That GBP 85 million just goes away at that point. Do you see what I'm driving at? Absolutely. As I say, unfortunately, I can't really elaborate more than what I've just said to the previous caller. I mean, as you'd expect me to say, we are confident in the refinancing and very close to being able to say something which will then provide the reassurance I think you all need. I feel very confident that we will enter certainly the second half of this year on a much firmer financial platform. Then we are really, all of the management team, able to focus on the business plan, the five-year plan that Mike has alluded to with a stronger financial platform and just really be able to focus on the day-to-day operations really good. Yeah. Okay. I think we can probably read into that pretty well without you being too specific. That's actually good. Let me ask you this, it's more of a longer-term question. Do they view this business as, we'll take it public like Ferrari and get a good great multiple on that? Do they view this more as something that they're going to hold forever? 24 months from now I'm going to assume you've refinanced the debt. You're on a much better financial footing. You can fund the CapEx. You'll run a free cash flow deficit this year for sure. Maybe next year, break even. The year after that, probably generating free cash flow. What is the ultimate game plan here with respect to the shareholder? Look, I think you wouldn't expect me to probably speak for the shareholder. However, I think you considered a lot of the points in your question there, which is, in the short term, there's a lot to do. Obviously, in the long term, I'm sure we will be considering all potential options, liquidity events. I think in the short term, yes, we've really got another couple of years, I think, of what I would call recovery. I think we want to firmly get back in the camp of generating cash and really getting back to the pre-COVID-19 levels, if you like, of volumes and obviously revenue and profit generation. I would probably say, moving forward, a really kind of rigorous focus on cost and investment and get ourselves firmly back on our feet. I'm sure we will be talking to you about some of our longer term aspirations. From an operational perspective, what can you do? Like 4,000 units of production? Is that sort of the max? No. We've a proven capacity of a run rate of 5,000 a year. We've got a sort of installed capacity of six, though it's not proven, we've only run at a 5,000 rate to date. The current business plan has us running at around 4,500 units from 2022 through to 2025. Okay. Great. Okay. The game, it's less about production and more about mix, right? Yeah. It's about mix. It's about the contribution margin, which is driven partially by a lot of the work we've done on taking cost out of the business. Partly through driving the upside that comes with better revenues through pricing, through content in the car, and through contributions with areas MSO and so forth to our business. Yeah. Okay. All right. Great. Thank you. I appreciate that. Thank you. As a reminder, ladies and gentlemen, if you'd like to ask a question, please press star followed by one on your telephone keypad now, or click the flag icon on your web browser. We currently have no further questions at this stage. Well, thank you all for dialing in. If you have any further questions, you know where we are. Thank you.