Hi, everybody, welcome to the M&S annual results for 2021. Before I come onto the presentation, I just wanted to say a massive thank you to all our colleagues who worked so incredibly hard in a very challenging year. Getting up every single morning to commute to work, to keep the business going, and with that, dealing with, we should remember, store closures, space closures, redundancies, dealing with a bow wave of surplus stock. Honestly, it's just been a humbling experience to be a part of. I just want to say a massive thank you to all of the people who worked so hard to get M&S to the place it is now. With that, running through the theme of the presentation that you're going to see today is our Never the Same Again strategy. What do we mean by that? It boils down to the fact that we decided at the outset of the pandemic that the risk of change was far less than the risk of no change. The time has come when the decisions we were hovering over, or thinking about, or nettles that need to be grasped that had got put off, or something we were thinking of doing in two years' time, we just said, "Now is the time. Now is the moment, and we have to move faster and make it happen." MS2, the management rationalization, the brands project launch, the Ocado switchover, the Sparks project, and relaunching Sparks and making it the amazing outcome it is today. That all adds up to the fact that we are emerging as a reshaped business from the pandemic. Somewhere in the media, somebody said, I think in a slightly cynical way, that Marks & Spencer is a never-ending transformation. I think a bit of that's true. Businesses today constantly have to go through a process of self-disruption. It doesn't end, and at M&S, that's even more so. Yes, we did need to change, and yes, it has been said before. The acid test, is it really happening this time? I think that you will see from this presentation that we are now in a new phase, that the business is emerging from the chrysalis of COVID as a reshaped business. I think for the first time for three and a half years, we can say there is a lot to feel confident about, and there's enough green shoots and points of light in this presentation to believe that M&S is on the verge of becoming a growing business again. Steve's going to introduce the presentation. Eoin's going to go through the gory financial detail, and some of it is quite gory, but we're coming out in a good place, and then Steve's going to talk about the future and the strategy. Thank you. Good morning, welcome to the M&S full-year results presentation. Firstly, I hope you and your families are well. If you're watching the presentation on Wednesday the 26th of May, there'll be a conference call for analysts and investors at 9:30 A.M., details of this are on the results release. This presentation is split into two parts. First, Eoin Tonge, our CFO, will take you through the results for the year. I will then talk about how we've used this period of disruption as a catalyst to accelerate the transformation to ensure a reshaped M&S emerges from the crisis. In a year of disruption, our performance was resilient. Despite the heavy impact from COVID restrictions, we delivered an adjusted profit before tax of over GBP 40 million. In addition, a strong focus on cash preservation resulted in a healthy reduction in net debt. Underlying growth in food was strong. Ocado Retail made a substantial contribution. Clothing & Home and International were impacted by store closures, the collapse in footfall, and shifts in product mix. However, we managed stock effectively. Online growth of over 50% resulted in strong profitability in that channel. Importantly, from the outset of the crisis, we recognized the pandemic would increase the market trends that we were already facing into. As a result, we went faster and further in our transformation through the Never the Same Again program to forge a reshaped M&S. Our Food business is strong. It's positioned to deliver underlying growth and progressively recover in hospitality and convenience. In Clothing & Home, a reshaped product engine and improved online capability is gaining traction with customers. As you will have seen in our results this morning, there are some encouraging early signs with group sales in growth compared to the same period two years ago. Three years ago, I spoke to you about where the business was. I was clear that M&S needed to face facts about the deep-seated issues it failed to address over many years. A complex corporate culture and structure behind the curve in digital, lacking style and value in Clothing & Home, underperforming in Food with a high cost to serve, and a store estate not fit for the future. I set out a three-phase strategy that began with fixing the basics. While there'll always be a list of things to sort out in any trading business, through our Never the Same Again program, we've gone further and faster in our transformation. You can see this where I am today at our London Stratford store. I spoke to shareholders from here last year at the AGM. Since then, it's changed significantly. It's buzzing again with more shoppers, of course. Our food hall has been renewed, showcasing more of our range in an inspiring way. Our new Clothing & Home ranges are looking more contemporary and stylish with a much stronger value message. While our focus on complementary brands is definitely online first, we're trialing some of them here, and as you can see, they look great. Before Eoin talks about last year's result, this short clip highlights some of the ways we've fundamentally changed the business over the past three years. We're moving to our next phase of our transformation, and now is the right time to get us set up for the future growth and reinvest in the brand. I'm pleased today to be joined by Eoin, who's taken on strategy and transformation planning as part of his remit as Chief Financial Officer. Also joining are Katie Bickerstaffe and Stuart Machin, our new Joint Chief Operating Officers. With their support, I'll be better able to concentrate on building the M&S of the future and our path to growth. In addition, Melanie Smith, who is the CEO of Ocado Retail and former strategy director at M&S, will be joining us. Thanks, Steve, good morning to everyone. It goes without saying that this has been an unprecedented year, with these results spanning the beginning of the first national lockdown in the U.K. through towards the end of the third national lockdown, the associated impacts are evident in our results. Group sales were down nearly 12%, yet in the face of material headwinds, the group delivered an adjusted profit before tax of GBP 41.6 million. This is compared to the loss we predicted when we set out our original scenario a year ago. There is a lot to unpick in the performance, and as you will see in the results release, there were a number of significant movements relating to COVID within the adjusted results, including government support of GBP 306 million. The performance of cash was good, and critically, we reduced debt over the period. Of course, if we remember, we at one stage had worried debt might materially increase. I will now take you through the results in a little more detail. Starting with food. Like-for-like sales were slightly up on the year, but the underlying performance was strong. Our hospitality business was closed for a large part of the year, and our food business is also exposed to travel and office locations with a high dependence on convenience and food on the move, and these were, of course, impacted significantly. Excluding hospitality and franchise, you'll see we delivered strong underlying growth. In summary, the repurposing of space towards core categories, together with the ongoing transformation of our ranges, helped to offset the loss of convenience trade. It's worth noting that these sales do not benefit from a direct online grocery presence, which for us are reported through Ocado Retail. You can see the performance excluding hospitality and franchise was largely consistent across the year, including through the lockdowns at over 5% ahead of total like-for-like performance. Operating profit decreased 10% and margin was therefore down on the year. There's a lot to unpick here. Firstly, we saw an adverse gross margin mix impact driven by the lower hospitality and convenience sales. This was partially offset by the benefit of business rates relief. In costs, we had the benefit of more efficient staffing and furlough support, although this was less than the related wages of furloughed colleagues. We did also see increased COVID costs, such as door hosts and social distancing measures in our supply chain. Finally, we absorbed a number of Brexit headwinds in the fourth quarter. Turning now to the contribution from Ocado Retail. This has been an exceptional period for grocery online, and Ocado Retail performed strongly. As already reported by Ocado Group, the business benefited from higher than normal basket size and a consistent trading profile across the week. The exceptional item relates to business interruption insurance receipts due to the Andover fire. Overall, Ocado Retail generated a substantial contribution to group results driven by this top-line growth as well as excellent CFC and delivery efficiencies and reduced marketing costs. Moving on to Clothing & Home. The overall result for the year was heavily impacted by lockdown and restrictions as you can see from the numbers in the graphic opposite. The business also saw a steep decline in formal and occasion wear, which is partly offset by outperformance in casual clothing, kids, and home. Similar to food, stores in high streets, shopping centers, and city centers created an extra drag on the sales performance. As you can see, the online business-built momentum through the year as we implemented MS2 and were able to capitalize on the change in customer shopping patterns. This was a result of strong traffic, active customer growth, improving frequency, and lower returns, as well as a good service and fulfillment performance. Overall, Clothing & Home had an operating loss of GBP 129 million. At a headline view, while online profitability increased to 14%, this was insufficient to offset the decline in store sales. Going into more detail, you will of course see that gross profit was down significantly as a result of the reduced store sales, with the margin rate reflecting an increased mix of clearance sales as we manage stock flow. As I will outline later, better than expected sell-through of seasonal stock has resulted in a reduced COVID inventory provision at year-end. Operating costs reduced overall with effective management of staff costs supported by the furlough scheme, which partly covered the cost of furloughed colleagues, good cost control elsewhere, and indeed, the benefits of business rates relief. Higher fulfillment costs online to service growth were partly offset by lower distribution costs to store. Some of these additional costs were also recovered in higher delivery income reported in revenue. Moving on to international. Performance reflected the pandemic impact and lockdowns across markets, partly offset by a strong shift to online sales. Clothing & Home reflected slower store sales in the Republic of Ireland and a robust performance with partners to manage the effects of the pandemic, partly offset by online sales, which more than doubled as you'll see in the graphic here. Food sales were more resilient, particularly in the Middle East and Asia, as COVID refocused customer demand to favor eating in. This helped to offset a weaker performance in travel franchise sales in Europe and disruption from Brexit in quarter four. Overall, operating profit was sharply down. Gross profit declined due to lower store sales, only partially mitigated by online growth. Store staffing and other store costs declined as we benefited from government support and rent relief. Distribution costs increased as a result of the growth of online sales and costs incurred as a result of Brexit, offset by lower distribution costs to stores. Turning to the group profit outturn. As discussed, headwinds in the food business and the decline in the Clothing & Home and international businesses were only partially offset by the strong contribution from Ocado Retail. M&S Bank contribution declined due to a significant decrease in income from credit card and travel money sales as a result of the pandemic. Lower net interest was driven by an increased pension credit. Overall, the group delivered a GBP 41.6 million adjusted profit before tax. Adjusting item charges in the period were GBP 243 million, which I will cover next. That left a total loss before tax of GBP 201.2 million. Within adjusting items, we have booked a charge for the organizational restructuring announced in August as part of the agenda to reduce costs and change our ways of working. Store estate charges reflect the accelerated rotation program with a new self-funding principle, which Steve will talk more about. Adjusting items also include the release of the COVID stock provision following better than anticipated sell-through of Clothing & Home stock, as mentioned earlier. Turning to cash flow. You may recall at the start of the year, we had anticipated drawings against our credit facilities of around GBP 300 million-GBP 350 million by the end of the year. In fact, we generated cash in the period and net debt fell. This firstly was a result of better-than-expected EBITDA, the drivers of which I have already discussed. There are a number of other important points to note. Firstly, we had a strong working capital performance in the period due to an extension in supplier terms in Clothing & Home, strong Easter trading, a reduction in food franchise receivables, and other initiatives. CapEx levels were much lower in the year as a result of careful management of discretionary spending due to the pandemic. It is worth noting that the cash flow contains both CapEx booked in the year and prior year accruals. Adjusting items largely relate to the organizational restructuring. There are, of course, other ups and downs, but overall, a financial net debt reduction of around GBP 300 million in the period is robust in the context of the trading backdrop. It is worth noting that our lease obligations also reduced. We continue to do a lot of work on our leases, and further color is included as an appendix slide in the pack. As a result of cash generation and preservation, we have more than GBP 1.5 billion of headroom against our facilities at year-end, which puts us in a robust position for the coming year. Our balance of maturities on our debt is also well-spread, and we have already refinanced our December 2021 maturity during the year. Now, turning to the outlook. Since year-end, overall trading has been ahead of the comparable period in 19/20 and our central case for the year ahead, with even stronger results in the five weeks since most of our U.K. stores reopened. Whilst we are encouraged by this performance, it is unclear how the recovery will develop, whether consumer activity will sustain in Clothing & Home, and what the eventual pace and shape of recovery in hospitality and convenience in food will be. Therefore, our central case for the current year assumes a gradual return to more normal customer behavior. In this central case, U.K. costs normalize to levels broadly consistent with 19/20, underpinned by the benefit of the restructuring. This will largely offset an increase in base pay rates, costs related to transformation, and higher variable costs such as online fulfillment. We have a strong program of capacity growth at Ocado Retail, but expect some normalization with respect to its economics. International continues to face headwinds with ongoing disruption in various markets. The business is also exposed to additional costs following Brexit, largely due to the administrative burden on exports of food, particularly to the island of Ireland. Capital investment for the group will increase to similar levels to 19/20. As we invest in the transformation, we start a program of store maintenance and accelerate rotation. Our central case is therefore that we will generate adjusted profit before tax of between GBP 300 million-GBP 350 million, and our ambition is to further reduce debt. As I touched on before, our capital allocation model remains unchanged. The priority is to invest in the transformation. As we recover balance sheet metrics consistent with investment grade, we will of course assess the reintroduction of dividends, although as we focus on restoring profitability, this is unlikely in the current year. Overall, we believe the business is set up well for the medium term. With that, I will now hand you back to Steve, who's going to talk more about the progress on the transformation and our plans looking ahead. Thank you, Eoin. In this section, I'll be joined by Stuart, Katie, and Mel, who will give you more detail on how we forge the reshaped M&S through our Never the Same Again program. A strong food business positioned for growth with broader appeal and greater reach, a successful transition to M&S products on Ocado Retail, and growing capacity. An omnichannel Clothing & Home business powered by a strengthened and reshaped product engine is beginning to emerge and grasping the opportunities seeded by the pandemic to accelerate the rotation of the store estate. There are ambitious plans for our international business focused on partnerships and online growth. M&S Food. The objective for Food is to protect the magic of the M&S brand by investing in our unique focus on own brand innovation, modernizing the end-to-end supply chain and cost base, and growing through larger, more relevant stores. Stuart is now going to talk about how M&S Food has been reshaped, and he's over at our Clapham store today, one of the first renewal stores from 2019, which has delivered positive sales growth since then. Thanks, Steve, hello, everyone. As you know, the M&S Food strategy is about protecting the magic and modernizing the rest. Protecting the magic means developing innovative products of outstanding quality, offering customers something truly unique. We do this at consistent, trusted, great everyday prices that represent exceptional value. Over the past year, we've developed more than 1,900 new lines, of which over 700 were for the launch of our partnership with Ocado. We're broadening our appeal with families by developing areas such as organic and core grocery products, as well as repurposing our popular programs such as Dine In for a family of four. At the same time, we have invested strongly in value with the launch of our Remarksable program, a range of store cupboard staples at everyday low prices. That's M&S great quality at trusted everyday value. They have helped us drive our value perception to its highest level in almost three years and now represent around 10% of our total sales volume. Whilst we protect the magic of our unique products, we need to modernize how we bring them to customers. We do this through m&s.com, through Ocado, and of course, through our wonderful stores. At the heart of our store strategy is our store renewal program, like this store in Clapham. Renewal is not just about store design. Customers love these new formatted stores because they carry a fuller range, more innovative concepts, and a real focus around produce, bakery, and core grocery. By the end of June, we aim to have 23 stores in this new renewal format, but also 40 by the end of the financial year. To reach new customers, we've also shifted our marketing spend towards more brand building and towards social and social media. In fact, we've increased our social media spend by over 35% in the past 12 months. As we begin to come out of this pandemic, we're also building on our traditional strengths in food on the move, hospitality, and convenience. We recognize we can only do this if we modernize the rest, modernize our systems, our processes, and our operations to give us the flexibility and efficiency that we need. That's why we've removed over GBP 180 million from the cost of goods over the past two years, which we've reinvested in value or offset against inflation. We've also delivered more than GBP 20 million of Ocado synergies. Having restructured our store operations last year, we are now focused on driving further efficiency. Through Project Vangarde, we have modernized our replenishment processes in store and added 3% to sales against our control stores in just the first phase of this rollout. This rollout of Vangarde will be completed by this year. The next stage of efficiencies will be supported by upgrading our systems to drive down waste through much improved forecasting and ordering technology. We've made some great progress in our food business over the past two and a half years, but there is so much more opportunity. We are determined to accelerate our transformation at pace and deliver a bigger, better, and fresher food business, Steve, back to you. Thanks, Stuart. While an expanded opportunity through our store channel is a core part of the growth story for M&S Food, the acquisition of 50% of Ocado Retail was a transformational step, and through successfully executing the switchover from Waitrose in September of last year, we've brought M&S Food online for the first time. Ocado Retail opens up huge new opportunities for M&S by giving us access to the fastest-growing channel of the market, which I believe will see a permanent increase in share of the market as a result of the pandemic. Importantly, this is through a sustainably profitable model supported by the best technology and online distribution. This is evidenced by the resilient operational performance and profitability delivered by the Ocado Retail team over the past year. M&S regularly represents about half of all fresh sales on Ocado, reflecting the popularity of M&S products and the work led by Stuart and the Food team on innovation and development of core categories. Melanie Smith is up at Ocado Retail in Hatfield, and she's going to talk about our future plans for growth. In my previous role as strategy director at M&S, I led the creation of the Ocado Retail joint venture. I absolutely knew that bringing together M&S's incredible food together with Ocado's innovative technology would deliver an unbeatable customer proposition. Ocado Retail has the widest range in the market at almost 40,000 products, double our nearest competitors, and we have the freshest food with the shortest chain from our suppliers to our customers. Our partnership with M&S and our relationships with unique small suppliers and all the brands our customers love means we have the most differentiated range in the market. Our service is unrivaled. We have a track record of 95% of orders delivered on time, come rain or shine, and 99% of items delivered exactly as ordered pre-pandemic. That's why our customers love us and we have the best Net Promoter Score in the market. Our revenue growth of 44% to a market share of 1.7% in the past year is absolutely proof that our partnership was the right decision. Switching to M&S was an incredible undertaking, especially in the midst of a global pandemic, but the switchover was a huge success. M&S sales penetration is over 25%, significantly above pre-switchover levels. The traditional M&S heartland products like ready meals and desserts, as well as outstanding fresh produce, meat, and poultry, have become an absolute mainstay in our customers' baskets. We are rapidly expanding our capacity to reach more customers than ever before. In February, we opened a new automated mini customer fulfillment center at Bristol, the first to go live since our formation. Mini CFCs bring the efficiency benefits of our automated fulfillment model to areas of lower population density. Our sites at Andover and Purfleet will open later this year. Next year we will open our seventh CFC at Bicester. This means we'll be able to serve many more customers. At peak capacity, these four sites will collectively add over 200,000 orders per week, increasing our capacity by around 50%. We also plan to rapidly expand our Zoom immediacy proposition with a minimum of 12 new sites being sought across London and major U.K. cities. These will fulfill more missions and give customers new ways to shop with us. This is just the start of what our incredible partnership will deliver for both our customers and shareholders. We have begun to explore opportunities for further collaboration across new product development, data, and joint sourcing. We will continue to work closely together to deliver growth for both M&S and Ocado. Our partnership has brought together the best of food and technology. I'm looking forward to continuing on our journey to serve more customers and create even more value for our shareholders. I'd like to finish by saying an enormous thank you to all of our colleagues for their dedication and support over the last year feeding the nation. We could not have done it without you. Thank you. Thanks, Mel. It's been a year of huge upheaval in the Clothing & Home market. However, we've ended the year with a much stronger team led by Richard Price and a reshaped product engine powering an improved online trading platform. We've learned the lessons from operating as a pure play and an omnichannel business is starting to emerge. The Clothing & Home product engine has been reshaped around new trading principles, and by autumn, we expect option count to be down by around 25% on three years ago. The ranges are more contemporary, and we believe there's been a marked improvement in style and value perception. In addition, we're beginning to partner with a curated range of guest brands. This helps us build strength in hero categories and relevance where we're weaker. For the brands, we offer an effective and efficient route to over 20 million customers, and we're already trading with over 20 partners, and the customer response has been positive. In addition, we acquired the Jaeger brand in January. Its British heritage and reputation for tailoring and style makes it a good fit for M&S. Having a product engine is, of course, only one part of the story. As you have seen, one of my priorities as part of fixing the basics has been investing in our data and digital capability. We've built out a comprehensive customer data engine, transitioned our web platform to the cloud, and relaunched Sparks as a fully digital proposition through the M&S app. To capitalize on this, at the half year, we created MS2, bringing together our online, digital, and data teams to prioritize online growth and capitalize on our omnichannel advantage. Katie is down in our Cribbs Causeway store to explain our plan for MS2 Thank you, Steve. I'm here today in my local store to talk to you about how we're going to use our omni-channel advantage to transform and grow online at Marks & Spencer. Over the past year, m&s.com delivered 53% revenue growth in UK Clothing & Home and had over 9 million active customers at year-end, a bigger active customer base in the UK Clothing & Home business than any other omni-channel retailer. Despite large customer numbers, we're not yet number one in the market, giving us a huge opportunity for growth. Through MS2, we now have the ambition and real opportunity to push our online sales participation to well over 40% of the total Clothing & Home business over the next three years. Our plan for this is made up of three parts. First and foremost, delivering the best online offer and supporting this with brilliant digital selling and maximizing our omni-channel advantage through our great service. Having the best online offer is all about sourcing the best own label products and complementary brands which offer brilliant value for money and have strong sustainability credentials and thinking online first rather than aligning with the way the stores have historically traded. This means more focused ranges in our stores with online options and sizes in some categories. Working with the right third-party brands, creating a halo effect, getting the sourcing model right in scale categories Marks & Spencer is famous for, such as knitwear and lingerie, with test and repeat for seasonal fashion. The relaunch of the Sparks loyalty program and the Marks & Spencer app are at the heart of first-class digital selling. We have relaunched Sparks, which is free to join, as a digital membership scheme. It now has over 10 million members and has helped us to drive 3.5 million app downloads, putting the Marks & Spencer ecosystem onto your phone. For marksandspencer.com, this creates better traffic efficiency. We know that our app customers are the lowest cost to acquire and have higher annual spend than any other. For our customers, Sparks enables us to personalize the whole Marks & Spencer offer when browsing online or in store based on our knowledge of their shopping habits over time. We have built new services into the app, such as Book & Shop in Food, allowing customers to skip potential queues during the pandemic, and Scan & Shop, enabling quick and easy contactless checkout. In-store services such as video-powered retailing allows customers directly to contact colleagues in store, creating a contactless but full-service customer journey. As an illustration, in this store during lockdown, we were doing around 70 digital bra fits a week with a higher average order value than our in-store bra fit. We're already planning more innovation on the app. In the summer, we'll launch Sparks Pay, bringing the ability to pay directly at the checkout using a credit product developed with our partner HSBC. What about service? The last year has taught us that we can do so much more when we harness the power of our stores to drive online fulfillment. We shipped over 10% of orders from store, and this helped us to drive 100% growth in online sales in quarter four alone. We think there is a great opportunity to permanently increase the proportion of orders fulfilled from store stock. Many of our stores can act as micro-fulfillment centers, enabling rapid click and collect for our customers. Back to you, Steve. One of the biggest challenges we have had to face into is our legacy estate of full-line stores. While we've already closed or relocated around 60 of these in recent years, the effect of the pandemic means we now need to move faster. The good news is that there has rarely been a better time to acquire new space. We have 17 new or extended full-line stores in planning, including a number of former Debenhams sites over the next two years. Our strategy for rotating the estate has been developed on the basis of stress tests, regional modeling, and efficiency requirements. As a result, we plan to reduce our full-line store base from 255 to around 180 in a selection of prime and core markets. This will be achieved by relocating around 35 full-line stores to new premises and relocating 45 to a food store and closing in 30 markets. The economic case for rotation is strong. As an illustration, we consolidated two stores in Northampton and Kettering into a modern, spacious store with parking at Rushden Lakes. These were aging stores with heavily declining like-for-like sales and no business case for investment. Not only did the disposal proceeds of one store largely fund the closure cost of the other, but the cash contribution of the new unit generates a very healthy payback on the net capital invested. Even more importantly, the new store was in its second year of like-for-like growth before COVID. As many of you know, our lease structures have historically made us less flexible than we would've ideally liked to be. However, we believe we can fund the future cash closure costs linked to the rotation program through the disposal of some of our freehold and long leasehold stores for redevelopment. These opportunities arise where the development value of the land is higher than for its use for pure retail. This includes the Marble Arch proposal that we've already announced. We are in active discussions on multiple store and retail warehouse opportunities. This gives us confidence of a strong path to funding the costs of rotation of the estate. Overall, we expect to release at least GBP 200 million of funds in this way. Turning now to international. The objective of the international business is to deliver market-relevant products to our partners, great digital service, and to drive online growth through MS2. It's been a challenging year in our international markets. India is still heavily impacted by the pandemic. Brexit has added cost and complexity to our EU operations, which we're working hard to mitigate. However, as in the U.K., the crisis has in many ways accelerated changes we're already making. We have an ambition to more than double international online retail sales and build on the strong performance of last year. This will be delivered by up-weighting digital marketing, expanding categories further with major marketplaces, and entering to new markets such as the 46 countries announced in March. As the business scales, we expect to build local warehouse and fulfillment capacity to drive more rapid customer service at lower costs. For our partners, we've implemented a fully digital showroom, transforming their ability to create curated ranges relevant to their markets. We've also begun to roll out digital stores with innovations similar to the U.K. We're increasing flexibility, efficiency, and speed to market through an export hub at Hemel Hempstead warehouse. This has been a year like no other for M&S in our 137-year history. The fact we delivered a resilient trading performance is due in no small part to the extraordinary efforts of my colleagues. I want to thank all of them for the contribution they've made. It's also been the year where our transformation accelerated through the Never the Same Again program, has moved into the next phase, from fixing the basics to forging a reshaped business. We have the right team in place, and I'm optimistic for the future. Food is strong and is well-positioned to deliver underlying growth and progressively recover in hospitality and convenience. Customers are responding well to M&S Food online and Ocado Retail has exciting growth plans which will benefit the whole group. The reshaped Clothing & Home products engine is gaining traction with customers. For MS2, our online capability is growing in the U.K. and in our international markets, so we can begin to see an omni-channel Clothing & Home business emerging. Our Sparks loyalty program offers huge potential to develop our relationship with our customers and grow our data engine. We have a clear plan and real opportunity to accelerate the rotation of the store estate. The cost base has been reshaped with an even greater focus on cash, working capital, and returns. It's early days, but the trading in the first six weeks of the financial year has been encouraging and ahead of our central case. I'm optimistic for the year ahead as we move on from fixing the basics, accelerate change in the trading businesses, and build a trajectory for future growth. Thank you.