Good morning, everyone, and thank you for joining us. This is my first full year results presentation as CEO of Moonpig Group, and we've deliberately chosen to host today's event differently. We wanted to create the opportunity for more direct engagement and conversation with our investors and analysts. Members of my executive leadership team are here today. We operate as one team, and I wanted you to have the opportunity to meet the people responsible for delivering our strategy, serving our customers, and building the future of our group. Before we get into the results themselves, I'd like to share some reflections on my first few months in the role, what attracted me to Moonpig Group, and where I see the opportunity ahead. Before I talk about the group, I thought it would be helpful to say a few words about my own background and what attracted me to Moonpig Group. I spent most of my career leading consumer-focused digital businesses. Most recently, I spent eight years at Auto Trader, where I served as chief operating officer. Prior to that, I held senior leadership roles at Trainline and Addison Lee. Across those businesses, I've worked at the intersection of data, technology, and operations, helping to build stronger customer relationships and to drive sustainable growth. When I was considering my next role, I was looking for a business with strong foundations, a meaningful purpose, and significant long-term potential, and I found it at Moonpig Group. Moonpig Group has strong foundations. It combines trusted brands, deep customer relationships, and differentiated capabilities with attractive economics and strong cash generation. Moonpig Group has a meaningful purpose. At its heart, this is a business that helps people connect with the people they care about. Every day, millions of customers trust us with some of life's most important moments, from birthdays and anniversaries to celebrations, milestones, and moments of support. In a world of artificial intelligence and algorithms, the human connection that we create here feels more important than ever. That emotional connection is powerful. Crucially, Moonpig Group has significant long-term potential. I've spent time across the group meeting over 500 colleagues, many of our customers, partners, and shareholders. My conviction in that potential has only grown. One of the most consistent questions I've been asked since joining is whether people should expect a material change in strategy. The answer is no. This is a business with strong foundations, a disciplined growth framework, and a clear financial model. We remain committed to delivering sustainable revenue growth, strong cash generation, and attractive returns for shareholders. That said, I do believe to deliver the next phase of growth, we need to sharpen our focus and to think differently about how we create value. It has become increasingly clear to me over the last few months that Moonpig has a unique combination of strengths, trusted brands, deep customer relationships, rich proprietary data, and differentiated operational capabilities. These assets provide us with a powerful foundation for future growth. The question is not whether we have the right foundations. We do. The question is whether we are fully realizing the potential of those assets and those capabilities. My view is that we are not. Over the last few years, the business has invested significantly in technology, data, and customer relationships, building capabilities that are difficult to replicate. The opportunity now is not simply to do more of what we have done before. It is to be deliberate about where we focus, how we create sustainable competitive advantage, and what will drive the next phase of growth. The three priorities I'm about to outline are the areas where I believe we can create the greatest long-term value. Firstly, our differentiated model, which is built on customer relationships and operational excellence. Historically, Moonpig Group has often been described as a technology business. Technology remains fundamental to our success and will continue to play an important role in our future. Much of the discussion around Moonpig has focused specifically on the product features that we have delivered, like AI Stickers or Face Swap functionality. Increasingly, I believe these capabilities are the price of entry rather than the source of competitive differentiation. At our core, we help people build and maintain meaningful relationships. We serve deeply human needs, celebrating, supporting, thanking, and staying connected with the people who matter the most. Product features enable us to do this through convenience, personalization, and increasingly through AI, where it enhances creativity, relevance, and the customer experience. These features alone are not our only competitive advantage. Our ability to deliver these experiences comes from the combination of trusted customer relationships, proprietary data, operational excellence, and the unique capabilities we have built over many years. Together, these assets allow us to understand customers more deeply, personalize experiences more effectively, and deliver products both reliably and at scale. As technology becomes increasingly accessible, individual product features will inevitably become easier to replicate. What is much harder to replicate is the integrated model that sits behind them. Our model gives us the agility and economics of a digital business while retaining control of the customer experience and the ability to innovate our tangible products and services in ways that many pure technology businesses cannot. We can fulfill and deliver over 750,000 cards a day of any design and almost 100,000 gifts. Customers can order up until nine o'clock the night before for delivery before 1:00 P.M. the next day. Put simply, the moat is not the feature. The moat is our model. As we look ahead, we believe that model will become an increasingly important source of sustainable competitive advantage and long-term growth. The second focus area is driving frequency and lifetime value through a deeper understanding of our customers and building more personalized customer relationships. The more time I spend with our customers, the more convinced I become that our greatest opportunities start with understanding them in a more human way. Understanding the occasions they celebrate, the people they buy for, the moments that matter most, and the barriers that prevent them from engaging with us more often. While we've traditionally focused on customer cohorts and taken a relatively functional approach to customer understanding, I believe we've under-invested in understanding individual customer needs, motivations, and behaviors. We've become very good at understanding what customers do. The opportunity now is to better understand why they do it, complementing our cohort-based view with a much richer understanding of individual customers and the relationships that matter most to them. For example, our recent research shows there are customers looking for highly personalized cards to give in person who we do not serve as well as we could today. Equally, there are customers who prioritize speed and convenience above all else. The better we understand these different needs, the more opportunities we can create to serve them. Over many years, we have built what we believe is the richest customer data set in our category through trusted customer relationships and millions of meaningful interactions. Yet, I believe we are still only scratching the surface of what it can enable. Historically, we've used data to optimize channels, improve experiences, and drive conversion through recommendations based on aggregated customer behavior. Increasingly, the bigger opportunity is to use it to build more personalized and more valuable customer relationships. The opportunity is not simply to understand customers better. It is to help them celebrate more occasions, strengthen the relationships that matter most to them, and make gifting more relevant and meaningful through personalization. Whether through improved reminder journeys, more relevant recommendations, a Moonpig Plus proposition, or the intelligent application of AI, we are still at the beginning of what this opportunity can unlock. The third area of focus is leveraging our group advantage. Our opportunity is not simply to strengthen the assets of the group individually, but to leverage them more effectively across the group. Historically, we have operated as a collection of businesses. Increasingly, I believe the opportunity is to think and operate as one group so that we can move faster, share capabilities more effectively, and unlock more value from the assets we already have. We can apply insights across markets. We can leverage technology, data, and operational capabilities across the group. We can ensure that the strength that exists in one part of the business creates value for all parts of the business. We're already beginning to see this in practice through our Experiences business, which we have brought much closer to the group. I also believe there is an opportunity for us to become more externally connected, to spend more time with our customers, to build deeper relationships with suppliers, creators, and strategic partners, and to strengthen the ecosystem around our brands. Ultimately, this is about pace, faster learning, faster execution, and unlocking more value from the assets we already have. Taken together, these focus areas give me confidence that the group's opportunity remains significant. It is significant because we operate in large and resilient markets. Online penetration remains relatively low compared with many retail categories. Our market shares remain modest relative to the size of the overall opportunity. Customer frequency remains below what we believe is achievable. Advances in technology, data, and personalization are creating new ways all the time to serve customers and deepen engagement. As a group, we are committed to building a track record of consistent delivery over the longer term. Our objective is to deliver sustainable, high-quality growth supported by strong returns and disciplined capital allocation. We have a consistent financial framework and are targeting mid- to high single-digit annual revenue growth and an adjusted EBITDA margin of 25%-27%. We aim to deliver double-digit growth in adjusted earnings per share alongside continued returns of excess capital to shareholders. Today's results demonstrate the resilience of the business that this team has built. What excites me most is the opportunity ahead of us. An opportunity to build on strong foundations, an opportunity to unlock more value from the assets we already have, and an opportunity to continue delivering returns for shareholders over the very long term. With that, let us turn to the results for the year. Over to Andy. Thanks, Catherine, and good morning, everyone. We delivered another year of strong financial performance with revenue growth, strong margins, and excellent cash generation. Revenue increased by 6.5% to GBP 373 million, driven by continued growth at Moonpig and a return to growth at Greetz. Our business model continues to deliver high margins, with adjusted EBITDA increasing by 8.1% to GBP 104.6 million, and adjusted EBITDA margin remaining strong at 28%. Profit growth, together with the benefit of our share buyback programs, drove adjusted basic EPS up by 19.5% to GBP 0.18. We also continued to generate significant cash, with free cash flow increasing by 11.2% to GBP 73.5 million. These results demonstrate the strength of our model and provide the foundation for continued investment in growth alongside attractive shareholder returns. Let's look at each in turn, starting with revenue growth. Both of our card first brands delivered revenue growth in FY 2026. Revenue at Moonpig increased by 8.6%, building on the strong growth delivered in FY 2025. Performance was supported by new customer acquisition, customers trading up to higher price gifts and larger card formats, and increased adoption of tracked next day delivery. We also delivered revenue growth of 33% across Ireland, Australia, and the U.S. Greetz returned to growth, with revenue increasing by 4.5% in sterling and 1.5% in local currency. This reflects the progress in strengthening the local proposition, improving online customer experience, and deepening customer engagement through initiatives such as occasion reminders. We also continue to invest in marketing commercial partnerships at Greetz, driving strong new customer acquisition and contributing to a gradual strengthening in revenue growth through the year. Together, Moonpig and Greetz delivered revenue growth of 7.9% in FY 2026. Let's look at the customer and order trends behind that growth. Order growth in FY 2026 was driven by new customer acquisition. Orders increased by 2.1% to 36 million, driven by continued growth in active customers. Our active customer base increased by 300,000 to 12.3 million, with growth at both Moonpig and Greetz reflecting the strength of our customer acquisition platform. Purchase frequency was broadly stable, reducing from 2.94 to 2.92 orders per active customer. This reduction was specific to Greetz and reflects increased use of commercial partnerships with nationally recognized Dutch consumer brands as a customer acquisition channel. These partnerships are an effective source of new customers, but they temporarily dilute average order frequency while we build engagement with them. Importantly, frequency at Moonpig remained unchanged year on year, despite significant migration to tracked next day delivery at a higher price point. Turning to average order value. Alongside growth in orders, we also delivered strong growth in average order value, which increased by 5.7% to GBP 9.32 per order, excluding VAT. This growth reflects continued improvement in the customer proposition. Customers traded up to higher price gifting products, including categories such as homeware, where we've added trusted brands. We also saw higher uptake of our large and giant greeting card formats. Gift attach rate increased by 0.2 percentage points to 17.9%, supported by the continued development of our gifting proposition and the addition of new trusted brand partners. Average order value also benefited from increased uptake of tracked next day delivery and the impact of stamp price changes. Importantly, there were no significant changes to card pricing during the year, with the U.K. standard card price remaining at GBP 3.99 throughout both FY 2025 and FY 2026. Looking ahead, we remain confident in the long-term opportunity to increase gift attach rates. We're focused on making gifting more visible throughout the customer journey while moving towards truly personalized gifting recommendations for individual customers. Turning to cards and attached gifting. Moonpig and Greetz both operate a card first strategy with more than 95% of orders including a card. Card revenue increased by 9.4% during FY 2026. Growth was driven by higher order volumes, increased customer uptake of tracked next day delivery, stamp price increases, and continued success in upselling customers into larger card formats. Attached gifting revenue increased by 6.5%. This was supported by higher card order volumes, a modest increase in gift attach rates, and customers trading up to higher price gifting products. We look next at Experiences where we've strengthened the commercial offering and improved performance. We've continued to make progress in strengthening the Experiences proposition during FY 2026. Revenue decreased by 4.5% for the full year. Within this, trading improved throughout the year, with revenue down 8.9% in the first half and down 1.9% in the second half. This improvement reflects the work undertaken to strengthen and broaden the product range. During the year, we expanded our range across key categories, including casual dining, days out, immersive experiences, and subscriptions. This all helped to restore growth in gross transaction value. However, the impact on revenue was partially offset by lower average commission rates, reflecting changes in supplier and product mix. Our focus has also broadened beyond the commercial proposition to the recipient experiences. We've made organizational changes to bring the Experiences business closer to the rest of Moonpig Group and expect alignment to strengthen over time. With this in mind, we're focused on ensuring that product quality and the recipient journey consistently meet the standards expected across the group. While the progress made during the year is encouraging, further work remains, and as a result, we expect the trading pattern seen in the second half of FY 2026 to continue in the near term. Growth in gross transaction value is likely to remain offset by lower average commission rates as we continue to prioritize proposition quality and recipient outcomes. Moving now to gross margin performance across the group. We delivered gross profit growth of 4.5% to GBP 218 million and continued to invest in our delivery proposition. Gross margin at Moonpig decreased by 1.1 percentage points to 55.9%. That reflects strategic investments to expand delivery choice through tracked and premium options. We also saw a mixed impact from revenue growth in new markets, where gross margin rates are lower due to outsourced fulfillment. Gross margin at Greetz increased by 0.6 percentage points, reflecting the transition of Dutch Flowers fulfillment to the group's long-term strategic category partner. Looking ahead to FY 2027, we expect gross margin rates to reduce modestly. This reflects continued investment in strengthening our delivery proposition and expanding customer delivery choice, alongside the mixed impact of continued growth in new markets. Despite the impact of these investments on gross margin, we increased adjusted EBITDA margin to 28% and delivered adjusted EBITDA growth of 8.1% to GBP 104.6 million. At Moonpig, we maintained a strong adjusted EBITDA margin of 30.5%. The lower gross margin rate was partially offset by positive operating leverage and a lower level of share-based payment expense. At Greetz, the organizational restructuring, which we completed in late FY 2025, reduced the indirect cost base and helped drive a 4.4 percentage point increase in adjusted EBITDA margin. The restructuring also allowed us to strengthen and refresh the team, supporting the return to revenue growth in FY 2026. As Experiences continue cost efficiency initiatives drove a 2.3 percentage point improvement in adjusted EBITDA margin. Looking ahead to FY 2027, we expect adjusted EBITDA margin to ease towards the top of our target range of 25%-27%, reflecting continued investment in our delivery proposition and a higher rate of share-based payment expense. Strong growth in adjusted EBITDA translated into even stronger growth further down the P&L, with adjusted PBT increasing by 13.4% to GBP 76.5 million. Depreciation and amortization reduced slightly to GBP 17.4 million, reflecting the relatively low level of capital expenditure over the last three years. Net finance costs increased by GBP 0.3 million year-on-year, with the benefit of lower interest rates more than offset by higher average borrowings. Adjusted basic EPS increased by 19.5% to GBP 0.18, which reflects both the growth in profit and the positive impact of our share buyback programs. Over the last 12 months, we repurchased and canceled approximately 28 million shares, reducing issued share capital by over 8%. Let's look at how those profits have translated into cash. We consistently generate strong free cash flow. This reflects our high margin business model, disciplined capital expenditure, and the benefits of negative working capital. Free cash flow increased by 11.2% to GBP 73.5 million in FY 2026, representing 70% conversion of adjusted EBITDA. Capital expenditure increased by GBP 2.6 million to GBP 15.9 million. Around GBP 0.8 million of this increase related to software development, with the balance reflecting planned investment in automation and insourcing at our Tamworth fulfillment center. Working capital was a modest outflow of GBP 0.5 million, whilst taxation increased by GBP 2.2 million, reflecting higher profitability. The group's strong and consistent cash generation supports continued investment in technology, in customer acquisition, and in operational automation, while also providing substantial capacity for shareholder returns. FY 2026 highlights how we have deployed that capacity to return capital to shareholders. Our approach to capital allocation remains unchanged. With our organic growth priorities fully funded and significant M&A not currently part of our strategy, our focus remains on returning excess capital to shareholders. Importantly, we've delivered these returns while maintaining balance sheet discipline. Net debts to adjusted EBITDA was 1.03x at year-end, in line with our target leverage of around 1x on an IFRS 16 basis. Turning to dividends, we operate a progressive dividend policy targeting dividend cover of 3x- 4x over the medium term. The board has proposed a total dividend of GBP 0.0375 per share, which is up 25% year-on-year. Alongside dividends, we're returning significant capital through share buybacks. We repurchased 60 million shares in FY 2026, equivalent to over 8% of opening share capital. Looking forward, we intend to repurchase up to 65 million in FY 2027. As always, we approach buybacks with discipline. We undertake them only where they are EPS accretive, funded from excess capital, and offer an attractive rate of return. Finally, let me update you on current trading and the group's outlook for FY 2027. As highlighted in this morning's results announcement, trading across the group since the start of the year has been in line with expectations, and our outlook for FY 2027 remains unchanged. We continue to operate with a consistent financial framework, and our goal is to deliver sustainable, high quality growth supported by strong returns and consistent capital allocation. We are targeting mid to high single digit percentage annual revenue growth and an adjusted EBITDA margin of 25%-27%. We aim to deliver double digit percentage growth in adjusted earnings per share alongside continued returns of excess capital to shareholders. With that, I'll hand over to Catherine to cover the strategic progress we've made during the year. Thanks, Andy. At the heart of Moonpig Group is a simple but powerful idea. We use data and technology to turn transactions into long-term customer relationships. Most retailers start each year having to reacquire a large proportion of their customer base. Our model is fundamentally different. Through our capabilities, including over 100 million occasion reminders and over 1 million plus subscription members, we help customers remember, celebrate, and connect through the moments that matter the most. The result is a business where around 90% of our revenue comes from existing customers. That level of loyalty is unusual. It is one of our greatest competitive advantages and the foundation on which we continue to build. It means we can acquire customers profitably, deepen our relationships over time, and create highly relevant opportunities to grow gifting alongside cards. It gives us a more efficient growth model, stronger economics, and a richer understanding of the relationships, occasions, and motivations that matter to our customers. As we look ahead, our opportunity is not simply to acquire more customers. It is to strengthen the relationships we already have, to increase frequency, improve relevance, and play a bigger role in helping customers celebrate, connect, and show they care. Our business is built on transactions, but more importantly, it is built on relationships. The stronger those relationships become, the stronger Moonpig becomes. These are the fundamental drivers of our business, and they will remain our focus for years to come. Growing our customer base, deepening engagement, increasing frequency, and strengthening the loyalty that underpins our long-term growth. We see a significant runway for growth ahead, and that opportunity is reflected in the three compounding levers that underpin our business model. The first is customer growth. Across our core U.K. and Dutch markets, there are around 51 million card buyers, today we serve 12.3 million active customers, having added 300,000 new customers in 2026. That gives us a substantial opportunity to continue to grow our customer base over time. The second is frequency. Customers in our markets purchase, on average, around 19 cards a year. Today, our active customers send an average of 3.5 cards annually through Moonpig and Greetz. Whilst we already benefit from high levels of loyalty, there remains a significant opportunity to help customers celebrate more of the occasions that matter. The third is average order value. More than 60% of occasions involve both a card and a gift. Yet today, our gift attach rate is 17.9%. As we continue to improve our gifting proposition, increase relevance, and strengthen the customer experience, there is significant headroom to grow our share of those occasions. What makes our model particularly powerful is that these levers reinforce one another. As we acquire more customers, deepen engagement, and increase frequency, we create more opportunities to grow gifting and increase value per order. Together, these three levers create a powerful compounding effect that drives sustainable growth over time. These will remain our most important growth metrics, but our approach to driving them is changing. Historically, much of our focus has been on product features like handwriting and customer-facing innovation like AI Stickers. Those things remain important, but increasingly, we believe the biggest opportunities lie in understanding our customers in a more human way, understanding not just what they do, but why they do it, and using the unique data, operational capabilities, and customer relationships we have built over many years to serve them better. The metrics themselves do not change. What is changing is our focus on the underlying drivers of those metrics and our belief that there remains a significant opportunity to unlock more value from the foundations that we have already built. The opportunity to grow frequency starts with helping customers remember and celebrate more occasions. One of the things that makes Moonpig unique is that we're not simply present at the point of purchase. We have the opportunity to support customers throughout the entire relationship life cycle. Over the years, we have built a significant set of customer engagement assets, including more than 100 million stored occasions and a growing subscription base of over 1 million Moonpig Plus members. These assets are valuable because they help us stay connected to customers in between transactions. They allow us to engage customers in relevant and helpful ways rather than simply marketing to them when we want them to buy something. Our reminder service is a great example of this. Today, around 40% of orders are placed within seven days of an occasion reminder. That demonstrates the important role we can play in helping customers manage important moments in their lives. Looking ahead, we believe there is significant opportunity to make these engagement tools even more valuable. We want to create a more personalized, intelligent, and helpful experience that understands customers, their relationships, and the occasions that matter the most to them. Similarly, we continue to see momentum in Plus. Our subscription base has grown by almost 30% year-on-year and now represents around a quarter of Moonpig orders. Beyond the commercial benefits, Plus strengthens customer loyalty, increases engagement, and creates a deeper relationship with our most valuable customers. Taken together, these capabilities are not just marketing tools, they are relationship-building tools. They help customers celebrate more occasions, increase engagement over time, and ultimately drive greater frequency and lifetime value. Having discussed how we build and maintain customer relationships, the next question is how we continue to improve the customer experience itself. Every customer journey starts with finding the right card. With more than 40,000 card designs across Moonpig and Greetz, helping customers discover the most relevant product quickly and easily is becoming increasingly important. This is where personalization can play a critical role. We can use data and technology to make the discovery experience more relevant over time, helping customers find the right card for the right person and the right occasion with less effort. At the same time, we continue to invest in creativity and personalization. Features such as Face Swap give customers more ways to create something unique, while improvements to our local proposition at Greetz ensure we remain relevant to customers in each market. While these innovations may appear small individually, together they help to create a better customer experience, improve conversion, and to strengthen engagement. Ultimately, our objective is simple, to make it easier for customers to create thoughtful, meaningful products that help them celebrate and connect with the people who matter the most. Once a customer's found the right card, the next opportunity is helping them create an even more meaningful experience through gifting. This is an attractive growth opportunity within our model, and our approach is not simply to offer more products. Instead, our focus is on building a more relevant, curated, and trusted gifting proposition that complements the card journey and helps customers find the right gift for the right recipient. Importantly, we're already seeing evidence that customers are responding positively to a stronger gifting proposition. Attached gifting revenue grew by 6.5% during the year, driven not only by higher order volumes, but also by customers increasingly choosing higher value gifts. This reinforces our belief that the opportunity in gifting is not only about increasing attachment rates, it is also about helping customers find more meaningful gifts and creating greater value from each occasion. When we improve relevance and recipient outcomes, customers are willing to spend more with us. Over time, we believe gifting will be an important contributor to growth, allowing us to deepen customer relationships while increasing the value we create from each interaction. Once a customer has selected the right card or gift, the experience moves into an area of the business that we believe is an increasingly important source of both customer value and competitive advantage. Over many years, we've built highly specialized fulfillment and operational capabilities that enable us to manufacture, personalize, and deliver hundreds of thousands of unique products every day with high levels of quality, speed, and reliability. These capabilities are fundamental to the customer experience. Customers trust us not only because we help them choose the right product, but because they trust us to deliver it accurately, reliably, and on time for some of life's most important moments. While individual features can often be replicated, building an operational platform capable of delivering highly personalized products at scale requires years of investment, expertise, and continuous improvement. Importantly, these capabilities do not just improve customer outcomes, they also create meaningful economic advantages. They enable us to improve efficiency, support attractive unit economics, scale profitably as the business grows, and continue investing in the customer proposition. As we look ahead, we see opportunities to continue strengthening these capabilities through automation, fulfillment innovation, and operational improvements. Our fulfillment operation is not simply an operational capability, it is an important part of our competitive advantage. Our fulfillment capabilities do more than enable efficient operations. They allow us to continually improve the customer proposition and better support the occasions that matter most. One of the clearest examples of this is the evolution of our delivery offering. Increasingly, customers want greater flexibility, more certainty, and more control over how and when their products arrive. This is particularly important in a category where purchases are often linked to specific dates and meaningful occasions. Over the last few years, we've expanded the range of delivery options available to customers, including faster delivery services and tracked delivery propositions. The response from customers has been encouraging. Where faster and higher value delivery options are available, customers consistently choose them. This reflects the nature of the occasions we serve and the importance customers place on ensuring cards and gifts arrive on time. Importantly, tracked delivery does more than create a better customer experience. It provides greater visibility throughout the delivery journey and has contributed to a reduction in customer service contacts relating to delivery issues. Our goal here is to remove friction, provide customers with more choice, and increase confidence that they will successfully mark the moments that matter. Looking ahead, we see further opportunities to strengthen our proposition through additional delivery innovation Greater flexibility and a better recipient experience. Because ultimately, the value we create is not when a customer places an order. It is when a card or gift arrives at exactly the right moment. Before I close, I want to acknowledge the progress the team delivered during FY 2026. The performance we're reporting today reflects the hard work and commitment of our people and the strength of the business that has been built over many years. As I've settled into the role, what has become clear to me is both the scale of the opportunity ahead and how much potential remains to be unlocked. The foundations are strong, the strategy remains clear, but I believe the next phase of growth will come from sharpening our focus, a deeper understanding of our customers, stronger relationships, better recipient outcomes, and greater leverage of the scale, capabilities, and assets we have across the group. Our priority remains sustainable, high-quality growth, supported by strong customer outcomes, disciplined execution, and long-term value creation. That is why I am excited about the future of Moonpig Group. We're building from a position of strength with strong foundations, clear areas of focus, and a significant opportunity ahead of us. Thank you. We'll now move to questions. For those of you in the room, please use the microphones in front of you and unmute yourself using, I think there is a button next to the microphone. Press the button again after your question, or we will hear your scribblings and natterings to yourselves. Right, we start from there. Well, gosh, wow. Let me go back a bit. Hi, Ross Broadfoot from RBC. I have got a few questions disguised as three. Could you give me some color on how you expect those three revenue KPIs to play out into the midterm? If all goes to plan, re-leveraging the Y, when do you think we can expect to see a bit of a pickup in frequency? Sorry, the three revenue KPIs? Yes. You mean the new customer numbers frequently- Yeah AOV? Yeah. Yep. Then, number two, could you give any detail on how much of the AOV growth of the 5.7% was driven by stamp price increase and tracked delivery? Then part two of that, just on those Moonpig delivery options, where do you see that tracked order percentage now at 44% maturing? Just thinking about that in the context of it as an organic growth driver. Then finally, you mentioned in the statement Australia, the focal international region. Will we see much of a step up in marketing there? If not, what's holding you back? Thank you. I don't know how many questions there were there. Probably five. Five? Yeah, let's go five. We will take each one in turn and jump or come back to us at the end if we haven't captured them all. Shall I do the first one, and then I'll hand over to you for the second? Yeah. In terms of the three revenue growth levers, I think we've said pretty consistently that our strategy is clearly to grow all three. In any half or year period, you should expect us to be growing at least one or two of them, and that you shouldn't expect to see consistent, stable growth in all three compounding every half year and every year. I think we've seen good momentum in new customer numbers over the last year or so in particular, continuing an incredible track record that the business has of very consistently driving new customers into the group. I hope very much that will continue and certainly will remain a very important focus for us. In terms of AOV has been one of the bigger stories of this last year or so. We have seen, despite some wider concerns about U.K. consumer, we've seen through the occasions and the moments that people are selecting Moonpig for, we've seen really strong and consistent growth there, and we don't see any signs at the moment that that growth is slowing dramatically. Clearly, we have a job to do to keep making sure the delivery proposition's right, the gifting proposition's right to keep driving that, but it's certainly been one of our more positive levers and will continue to be a positive lever in the future. Frequency, I think, has forever been the big opportunity for the group and remains the big opportunity for the group. I think we will be trying some different levers and some different ways of thinking about and addressing frequency, as we talked about in the presentation, and we're hopeful that by segmenting and thinking about our customers differently and the missions that they're on, that we will find ways to unlock different segments of the market that historically haven't either even had us top of mind or haven't thought about us for particular missions that they're on. On the question around AOV, obviously, it was a strong period for AOV growth, up 5.7%. Within that, broadly half of the increase was down to changes in the postal proposition. Probably about a percentage point coming from stamp price increases, and very roughly sort of two percentage points coming through from the increase in tracked delivery. I mean, standing back, we are on a journey from a world several years ago where we had a relatively straightforward delivery proposition, which served all customers equally well with a single proposition for gifts and a single first class stamp price for cards. We are on a journey towards a world where there is a much broader range of delivery options available to our customers, and we build our delivery capability as a strategic asset for the business. In the last year, the growth in tracked delivery has been an important part of that, we actually expect that to continue in the year ahead. We will see, I expect, more than half of our card-only orders going through tracked delivery, including a sort of an increase in the proportion of large card dispatches that we have seen in recent months go through tracked delivery. There will be further innovation which will sort of build on top of that. I think one of the things that we referenced in the presentation was the launch of our next day premium by 1:00 P.M. delivery, which is seeing good uptake. That will be a driver of AOV growth as well. Again, I would encourage you not to think about the growth of tracked as being a sort of a one and done lever, which then means that we are sort of out of runway. It is a process of evolution, with lots of opportunities to drive basket size. I think across the board, what we are seeing is strong customer propensity in lots of different areas, card size, format, tracked delivery, gifting price points for upsell. On international, I think the overall approach to international, taking a very disciplined approach to organic growth in those markets is still very much the headline. I think Australia and the reference to Australia in the RNS was, we have decided to invest a little bit more in marketing in that market. I would see it as a continuation and a further incremental step up with still very much the focus being, how do we find the right formula to drive profitable growth that will contribute a gross margin level to the overall group? Through the work we have been doing in recent months on Greetz, which I guess is our first international market, I think we are getting clearer understanding of the right target operating model for our international businesses. Where should we be building group centers of excellence? Where should we be localizing, customizing, whether it's the proposition or the team or the capabilities that we have. I think some of the learnings there we'll very much be looking to take and then apply to Ireland, Australia, and some of those other markets. Should we work our way back, if that's okay? Go for it. Brilliant. Morning. John Stevenson at Peel Hunt. Just a couple of questions. First up, the sort of leveraging group advantage. I think you sort of mentioned there's an element of cost, I guess an element of revenue from that. How much more cost is there potentially to come out from that? Secondly, I guess on the revenue side, what is it that you think that you're going to get by kind of centralizing maybe some of this sort of proposition? Is it more about sort of centralized control in terms of how you think about the data and the opportunity? Second question is on the Plus membership. I guess historically this has always been the best performing customers. Are you now getting to the stage where you're getting new cohorts that you're able to sort of bring in and drive sort of frequency and performance? Or is it still basically your top tier? Sure. On group advantage, you are right. Some of the process of moving from businesses being run more separately in the group to more centralization has been through building centers of excellence, whether that's in finance or in our products and technology team. There has been some cost benefit to that journey. I think most of that in terms of people cost, certainly, I think we're now predominantly through. There are still some cost savings coming through in whether it's consolidating CRM platforms or sharing tooling and systems. I'd say they're not material in the context of the overall group. They're nice to have rather than big levers for future improvement. On the direct revenue outputs, I think most of the learnings and most of the capabilities that we're sharing across the group should be levers that help us drive speed and execute faster. Whether it's a marketing agency we're working with in one part of the group having some great learnings around demand-based bidding, or whether it's some social work with influencers we've been doing in one market that we can bring and transport over into the U.K. or in a different market. I think it is about we are getting a common, central, shared sense of purpose for the group and getting that right mix of doubling down on group centers of excellence and capabilities. Where a division has a particularly strong capability in a field or in a discipline, making sure that we're absolutely getting the best value for that for within other parts of the group as well. I hope it will drive speed, pace, and alignment that will, over time, drive performance and better revenue in the business units. Okay. Thank you. Um- Sorry, just on the Oh, yeah. sorry, there was a second question on Plus. Yeah Oh, second one. On Plus and membership, sorry. I think the cohort performance on Plus continues to be strong. If we take a baseline of people that are not on Plus and then look at Plus members, we're continuing to see strong signs of loyalty through those Plus cohorts. I don't think we're seeing anything hugely different in more recent cohorts from the early cohorts. We're clearly continuing to be able to drive the habit and drive performance of people migrating through to Plus through the growth that we've delivered in the last 12 months. It's definitely an area where, as we think about understanding some of the barriers to people using us and where there might be opportunities. Plus is an obvious area where, in the future, we might think about evolving the proposition. Are there other tiers or are there different components that should be built into Plus to really try and drive loyalty? We're right at the early stages of all of that thinking. Great. Thank you. Let's work our way back. Thank you. It's Hai from UBS. I have three questions, if you don't mind. The first one is just to understand the financial framework on the top line a little bit. You say mid to high single digit growth. In April, stamp increase was around 5%-6%, I believe, this year. Am I correct in thinking that within that range, you have a set expectations of how much you can drive on your own, and then the range varies from stamp increase also, whether it's helpful for you or not, right? That we know where you could land depending on stamp increases. That's the first question. The second one is on frequency. Frequency was down a little bit, and you said that's due to Greetz, partnerships building, and you say that's temporary reduction. When you say temporary, do you expect that to continue for FY 2027, or just the first half of 2027? Finally on Experiences. When you say second half of 2026 trading patterns will continue in the near term. Again, I'm trying to get what near term means. Is this throughout FY 2027 as well, or do you expect it to become kind of flat growth for the year? Do you want to take the first one? Yeah, absolutely. I'll take the first one. Our financial framework specifies revenue growth of mid to high single digits. I think the question was around whether or not we should expect that to flex based on stamp price changes. I think that the price of a stamp is just one of the inputs into revenue growth in a given period. Hopefully by now, we've got a very strong track record of showing that in different periods, we're able to drive revenue growth through pulling on different levers, depending upon what we think is most appropriate in the external environment, in the year that we operate. The way that we think about it internally is that, to the extent that there is an increase in the price of a stamp, that's a contribution to the overall basket size, which means that perhaps we're moving a little bit less in terms of other parts of the overall proposition where we're moving the price. As an example, in the context of two periods where we've been very focused on driving penetration of tracked delivery, because that's the right thing strategically to move away from first class into a different proposition, we haven't increased the price of a stamp during that period on our standard card size, despite the fact that that actually would be more accretive to margin because it's a higher margin element of the overall basket. In periods where stamp prices do rise, they will be a contribution to the overall growth in revenue. If there is a slowing in the rate of stamp price increases, that's not a limiter on our ability to deliver against the medium-term framework. On frequency, you asked about Greetz and whether the frequency movement was temporary. The explanation for the Greetz shift in frequency is driven by some partnership activity that we ran during the year. When we run partners with big local brands in the Netherlands, we typically see some of those consumers will come through and will be there for the promotion, we don't always get the same lifetime value from those customers as we would get if we'd acquired them through direct brand traffic or through our other marketing channels. I think our goal clearly within Greetz, and our mission, is absolutely to keep driving frequency and to get frequency trending more positively. It's not temporary in the sense that I don't think we're never going to do partnerships again. I think we just need to find the right balance and mix between running partnerships that we know pay back and deliver customer growth in the right way, but also driving underlying customer frequency at the same time. Yeah, then I think the third question was around Experiences. The first thing is we're very pleased with the trajectory of that business and the fact that it's moved much closer to being flat year-on-year in the second half of the year. Within that, as we call that in the presentation, the actual amount that customers are spending on the Buyagift website, the gross transaction value is in growth. That, from my perspective, is the lead indicator of the health of the business. The customers of that brand are willing to spend more on the website when they come to shop with us. We are looking to bring Experiences much closer to the rest of the organization. That's both in terms of organization design and ways of working, but also increasingly bringing it within the overall Moonpig brand architecture. If you're doing that, what you want to do is make sure that every Buyagift customer recipient has a fantastic experience, because it's obviously much more adjacent to the core Moonpig brand. We are choosing to invest to make sure that we've got a stronger range of partners, a broader range of brand names within the portfolio, where perhaps actually there is a little bit of margin difference versus the average. Where there are Experiences where it's high margin, but we don't think that the proposition is universally outstanding for the recipient, we'll sort of phase that out or change the proposition. That's something that we expect to continue throughout FY 2027. I think we've been clear with people that whilst we've seen a strong trajectory in Experiences, there'll be a slightly different focus. It will be revenue growth rather than revenue quality throughout the new financial year. Let's keep going. Good morning. Caroline Gulliver from Equity Development. I think you mentioned in the presentation that one area of growth is delivering personalized cards that people wanted to hand deliver themselves, which I believe you can already do, because you can obviously just have it delivered to yourself and then hand deliver it. My question is: Is this just an increase in marketing? Is this just an increase in awareness among existing customers or new customers? I think we're right at the beginning of doing the work and spending time with customers and really understanding the missions that really play to our strengths and the missions that perhaps customers were choosing to go somewhere else for. There are definitely pockets of customers where we have a product proposition, we have a service that should work really well from them, but yet we're not top of mind. We're not the first place they're going to fulfill or to secure that card or gift for them. We're right in the middle of understanding, what would it take? What are the barriers to that customer fulfilling that job with us, and what would they need to believe about our brand or our service or proposition for that to become compelling for them? We do know today that about 40% of our customers get the card sent back to them, that is a really big signal of actually the personal element. One of the biggest bits of feedback I've heard from customers when I've been sitting down with them is a load of people just really love writing still in the card and feel like that is a very personal element of the gesture experience that they want to do themselves. When you dig into those in-person, people that are more likely to give in person, often it's because they want to do their own personalization, as well as relying on the digital tools that we have available. Whether it's the delivery proposition that needs to evolve, whether it's how we show up in our range and how the products are curated, or whether it's just us understanding that mission in more detail to make sure that we're really talking to them in that moment. We're just at the beginning of understanding all of those things. The reassuring thing is, from both early research and from the time we're spending with customers, there are opportunities with the range and the product set that we already have. There are elements where, yes, we will need to change some things, but there's still a big core opportunity for us to run out with, broadly, the proposition that we've got today. Thank you. Hi, Georgina. Hi. Thanks. It's Georgina Johanan from JPMorgan. Just two quick questions, please. The first one, you've talked about understanding sort of why customers do things rather than how. I guess, just if you could provide some sort of tangible examples of actually how you'll go about that, particularly on a consistent and ongoing basis, rather than just sort of maybe sitting down sort of initially. My second question was just on marketing strategy and whether you think that the strategy and the spend is in the right place and at the right levels at the moment, or if you have plans to kind of evolve that further. Thank you. Sure. The why for me, one of the conversations, I think we talked about it in the presentation a bit. If we start with personalization, what we do today on site, how the product might evolve. Today, a lot of our recommendations and a lot of what we're servicing people through the journey are just that. They're recommendations based on you've picked a card, you've personalized that card, we're serving you other cards or other gifts based on what other people looking at that card have done. It's very logical. It's based on big data and technology, ultimately what everyone else has done, we're recommending based on what everyone's done. Arguably that's recommending for everyone, not actually personalized for anyone because it is just a representation of what the whole of Moonpig has done. Increasingly, with the first-party customer data that we know and with what we will know about what else you might have done on our platform or experience or what other orders you might have placed, part of the journey that we want to go on is moving beyond recommendations towards more personalization, personalized to you, not just personalized to everyone that we've seen on Moonpig. We think there's definitely an avenue there that we want to explore and we want to keep developing and evolving. In terms of the why as well, some of it comes back to the last question, to really understand the barriers to frequency, we really need to understand why people are not using us and why in those moments they're not choosing Moonpig, or why they're taking some other actions and steps. The data that we have on our side about conversion rates or about cohort performance just doesn't give us the answer to those questions. We've got great understanding of what people have done on our site, of what they've ordered, of what journeys they've been on. A lot of this learning is about taking it off Moonpig, off platform, and understanding, well, right, actually out in the real world, what are all the other choices that people are making, and how might we tap into them a bit more powerfully? Which won't just come down to our card range and product features on site. It will come down to the delivery proposition, how fulfillment works. It will come down to the full end-to-end customer experience and rethinking some of how that works. Just on marketing strategy. Marketing. Our CMO, Kristof's here, so you can ask him afterwards as well and see if he says the same thing. I think we have incredible awareness as a brand. It is one of the absolute foundational strengths of the business, and that awareness gives us all sorts of advantages. We've also got a brilliant app with very high download levels and with brilliant performance and conversion through the journey. We have brand assets as a result of our history and our heritage. That means that we are in a very strong organic position when it comes to how and where we show up for consumers. I think rightly, we prioritize our marketing spend and have done historically very rationally around new customer acquisition. I don't think we want to lose that focus because it is a core part of our economic engine and how the business model works. There are definitely opportunities to think more broadly about the brand and some of the more human aspects of the brand and the moments that people are using us for that I don't think we've really leant into as much as we could in the past. We are a very functional or have been a very functional business operating in a very emotional category, and I think there's opportunities to rethink some of that. That means we show up increasingly a bit differently for consumers. I don't think that's as much around marketing spend levels, just as much about how and where we choose to deploy some of that budget. Go around. Andy. Hi there. Andy Wade from Jefferies. Two quick ones and then a slightly potentially waffley one from me. The first one, obviously you're doing a few partnerships on the gifting side of things. Would that have had any impact on the revenue numbers? Might GMV growth have been a bit higher than revenue growth? Just interested on that one. Second one on gift attach. Obviously, a bit slower in the second half. You've done a lot on the gifting proposition, on the range, you add a lot of new names. Some really good work has been done there, and yet it's sort of backwards a bit, and I don't know. It doesn't seem to make sense to me. I'm interested as to why you think that's going backwards or went backwards in the second half, only marginally, but still, it's not moving forwards. A bit of color on that one would be really helpful. The third one. Some really interesting diagnoses of the business and thoughts on where Moonpig is, Catherine. On the strategic side, there's a lot of very familiar things in there, Moonpig Plus, Reminders, gifting range, delivery, so on and so on. I guess I'm trying to think in concrete terms about how we should be thinking about things that are going to change. The things I noted down here, personalization clearly seems like a key area. Expanding that delivery proposition seems like a key area, and making things easier to shop for the customer seems like a key area. Have I hit the right ones there? If that's not it, is there more stuff there? Just sort of concrete, what's going to be different, I guess, would be the third question. Sure. Do you want to take the GMV versus revenue on- Yeah, sure gifting? I mean, that's fairly straightforward. The partnerships that we've launched during the financial year just gone have all been on a sort of buying as principal. We've been purchasing the stock and reselling. No, there isn't a difference between GMV and reported revenue. On gift attach, you're right. Gift attach, in the second half in particular, has been stubbornly at about the same level, despite the work the team have done on range and despite the good growth that we've delivered in the value of the gifts that customers have bought. I think we're in the middle, and I'm still in the middle, three months in, of diagnosing why and how we should think about that, and what some of the answers to driving gift attach might be. I think a bit like the different revenue levers that we've got with gifting, it's probably a bit of a similar story. Yes, of course we want to drive attach, equally, there's revenue growth that we can keep driving through gifting, and also gifts per order. We've made some encouraging changes in the last few months around how we treat multi-gifting proposition to get the delivery proposition right for consumers, then that will be an opportunity for us as well. Gift attach absolutely has to stay as a priority. I think one of the challenges with gift attach is we're a card first and card-led proposition, and awareness of our card range is phenomenal. Awareness of our gifting range is okay. It's clearly not as strong as cards, what we're famous for. We are trying to drive gifting through the cross-sell, we need to get better at improving the curation of the range, the personalization of that range, so that we are really hitting the right notes with the gifts that we surface for customers in that moment. There's probably more work we need to do, given that that cross-sell range is always going to be in a moment, in a journey on Moonpig. There probably is more work we need to do as well to make gifting more broadly more associated with the brand, more visible in other parts of the consumer experience and journey as well. Could I just check on the earlier part of that answer? You were saying that multi gifts, so that would potentially not move the gift attach rate but would benefit the AOV. Exactly because obviously they're adding two. We've seen some of that. Okay, it's another layer on. We've seen some of that in the 6.5% odd gifting revenue growth that we've seen this year. Some of that is driven by more people adding two gifts rather than one. When we talk about gifting internally and when I've been spending time with the team, it's those three things that we're talking about that all contribute to gifting in a different way. Yeah, absolutely still work to do on attach and figuring out the formula that we now need to land to take attach that has been stubbornly around that 17%, 18% mark for quite a while now. We need to think about what some of the bigger levers that we can do to address that. Yeah, just going in a little bit more on that. I guess the thought had always been that it was because the range wasn't big enough or broad enough, but it sounds like that wasn't the whole answer, right? That there's No Yeah, it's It's more than that a bit more complex than that. Yeah. I think the interesting thing is if we put in the range there, the encouraging thing is that people will trade up. We've encouraged people to buy things from Moonpig that I think a few years ago, maybe people wouldn't have associated with us as a brand. We've proven that by growing range, we can drive value of gifting. We now need to figure out what are the moments, what are the occasions, what are the mindsets of those other customers that either have never attached or have attached once but haven't come back. What do we need to do to unlock that opportunity? Some of it might be more gifting value, some of it might be more than one gift, ultimately, we need to keep focusing on attach as well. Some of it might be intractable in the sense that for some people, getting and putting the effort into a Moonpig card is partly the gift in itself, right? I mean. Yeah, I'd say it's interesting. We were debating, a lot of people have upgraded, like large. A lot of people have upgraded to large and giant cards, in some of those moments, like some of the giant cards, if you spend time, in some are incredible, like the effort and the thought that people put into them. If you're spending more on the card, and then may, I don't know. Are people trading off? I don't think we understand that well enough. Definitely, we've seen people trading up, whether it's card size or gift type, has been a theme over the last few months. Your last question was, how much is going to be different versus how much is going to be the same. Well, more specifically, what are the things rather than how much. Yeah. Yeah. I think I would caveat it all with, and the reason I deliberately talked about areas of focus themes is because I'm still in month four. The exact like What are we going to go and do? What product should you expect to see in a month or in a couple of months' time? We are absolutely on all of those things, but I don't want to commit to things now that we might end up changing in the coming weeks. Your direction of thinking about delivery and fulfillment more as how do we increase, improve the choice that we're offering to consumers to make that. It's a huge part of our service proposition. The thing arriving on time, as I see in the customer complaints that I get, is as important as the thing, if not more important in many ways. Thinking about delivery as a core part of our service proposition and a core part of the product that we deliver to customers is definitely a theme. Personalization, yes, it's about our data asset and leveraging that differently. It's also about that customer understanding piece, which I think will mean that we evolve the proposition in different ways because we believe to unlock some of those missions or some of the frequency we're not seeing today, we will need to evolve it. That might come through product features, it might come through range expansion. Not range as in digital range, but it might come through with some other physical aspects of the proposition that we want to think about changing as well. Then, yes, your third theme of customer journeys, UX. How do we think about how we make the job of creating a card, booking a card, checking out, How do we make all of that easier? We do see for some customers, they're very much there on an efficiency mission. They're buying an eighth birthday card for their niece and they need it tomorrow, and they need it in under a minute, and they want the job done. Our journey is amazing if you want to add a load of stickers, add a load of photos, spend time creating a beautiful product. We need it also to be excellent if you've got a minute or two and you need to get the job done. All of those things are very much part of the work that we're doing and thinking about at the moment. No other specific ones that you would call out? Those three are broadly on the money. Yeah. I think those seem good themes. Okay, thanks. Go for it, Matthew. Great. Thanks very much. Yeah, Matthew McEachran from Singer Capital Markets. A couple of questions and one sort of tied in to what Andy was asking about. The market's obviously had a bit of a hunger for the pace of growth, not just the sustainability of growth. You've laid out some initiatives here which probably give you quite a nice roadmap in terms of broadening out and sustaining growth. I'm assuming that some of the initiatives don't necessarily result in a uniform uplift or, if you like, enhancement to the growth rate across the group. I was wondering if you could maybe give us a flavor as to where you feel the benefits land most effectively initially, i.e., this year into early next year. Is it Greetz or is it international? I think really aligns that is again tied into Andy. Do you think Moonpig's growth rate is a little bit resistant to some of these initiatives just initially, if the attach rate doesn't move? If I take it back a level, the reason for being really clear on the financial framework and financial model is to give clarity with the change of CEO that actually, back to Andy's question on what's going to change, what's going to stay the same. I think the financial framework for this business is one of its core strengths, the fact that we've got different business units in the group. They deliver different performance in different periods, but we are figuring out the formula for each of them that means that hopefully we can get them all to a point where they're delivering sustainable, consistent, good quality revenue streams over time. We are comfortable that within that portfolio of business units and within the capabilities we have in the group, we're comfortable that that financial framework is the right one, and is one that as a team we are all 100% behind and committed to. I think there will be pace of growth trade-offs within the different divisions. I think when I think about some of the themes of what's going to feel different, I hope that they clearly play in different segments, but there'll be benefits for all of the group, like with the Experiences, leveraging the group capabilities and advantage. I think we're already seeing benefits in customer service and customer experience from the group leaning into that business. For Greetz, the work we're doing on the target operating model, how should we really think about what needs to be customized versus what needs to be in a center of excellence within the group. I think all of that thinking will lay the foundations and the platforms that we need to keep growing the group. I'm very comfortable with the trade-off between delivering sustainable, consistent revenue growth and returning very strong margins, good cash generation, and returning surplus cash to shareholders. I think that's the right model for this group. Great. Thanks. One for Andy, just in terms of the capital allocation. You initially talked about very strong discipline in terms of the buybacks. Yeah. Which I think probably means that as the share price continues, well now starts to perform and hit some levels perhaps, there may be scope for a return to maybe some special dividends. If you get to the point where the buybacks no longer become enhancing and you start generating that free cash flow, not spending, would you look to use the leverage target of 1x through in year specials? To repeatedly do that or not? Yeah, I think that's a fair question. Obviously, as we set out in the presentation, we do have a clear internal framework. We're not disclosing share prices, we do require, to the extent that we're buying back shares, it's from surplus capital, so it's not money that could be deployed elsewhere within the business. It's EPS accretive. Then on top of that, when you do a sort of an ROI calculation, it makes sense and isn't just being used to nudge up earnings per share. I don't think we're near that point, even with the movement in share price that we've seen this morning. You're right, in principle, if it got to a point where it was no longer attractive to buy back shares, then we would look at other uses of capital. I think one of the nice things about the fact that we operate the business with 1x leverage is that gives us a bit more flexibility. We, in addition, have an opportunity to drive EPS accretion through deleveraging the business. We don't do that at the moment because we think it is comparatively more attractive to repurchase shares, there is a sort of suite of options that are available to us, which we will adopt depending on whichever we think is best for shareholders. Thanks. Thanks. Adam Tomlinson from Berenberg. You touched on it a little bit there, just a follow-up on Greetz. Back into growth now, still that delta in terms of Greetz growth versus Moonpig growth. I was just wondering, a bit more color maybe on where you think Greetz is perhaps underperforming versus Moonpig, how you get that going, and just your confidence, I suppose, over time in when you give that mid-to-high single-digit revenue growth guidance. Can both brands be at that level? Thanks. Sure. I think with Greetz, we have seen good momentum over the last few months, and it's been really encouraging to see. What's been particularly encouraging is the growth that we've seen in some of the foundational loyalty levers that have been so important for the U.K. market. We've seen good growth in Reminders, good growth in Plus, and we've seen a continued, I guess, trend towards more stable, low single-digit revenue growth. Over the midterm, I think with Greetz, we're very comfortable with the overall group guidance. Of course, we would love to believe that we can keep laying those foundations, that we can keep driving the trajectory of that business to be closer to the U.K. I think we've still got to prove that we can do that, and that we can do that sustainably. That is our job for the next few months, to figure out there'll be a version of the products, the formula that we're deploying in the U.K. The great thing about having multiple markets is that we see where we launch features, where we launch products. We're getting a better understanding of what we can build at a group level and just deploy and launch into a local market versus what needs some more thought or some more customization and tailoring. We are, I think what I get real encouragement from, is I feel like we're really figuring out those formulas, and we've got a good team driving Greetz, a good team on the ground that have got momentum. I'm hopeful that we'll be able to prove out a track record for Greetz as well as the very strong track record we've got in the U.K. business. Thanks. Great. We will wrap it up there then. Thank you ever so much for joining us today. The team are here, any more questions, by all means, hunt them down. Thank you all.