Okay, good morning, everybody, and welcome to the Marshalls 2026 half-year results presentation. First of all, thank you to everybody in the room for joining us and, of course, to those online too. As usual, I'm joined this morning for the presentation by Justin Lockwood, our Chief Financial Officer. Now, just a quick rundown of the agenda. I'm going to give a brief overview of the group highlights before handing over to Justin, who will take us through the group's half-year financial results in more detail. I'm then going to return to share an update on the progress that we are making by way of an operational review, highlighting the tangible metrics to demonstrate the progress that we are making. I'll then wrap up with a summary and a view on the outlook before opening the floor to questions. Just a quick reminder for our online participants, you can submit your questions at any time via the chat, and we'll read them out in the room before responding. Before I hand over to Justin to take us through the half-year results in detail, just a quick reminder of the priorities that we set out in March. You'll recall we talked about sharper execution and a tangible delivery that will be evidenced through visible KPIs and profit growth. Well, the message at the half-year is simple. We are doing just that and delivering on exactly what we said we would do. Our refreshed operating focus for improved outcomes is enabling us to lead the market. We've strengthened our customer engagement, supported by new product development across all of our business units. We're more disciplined with cost and pricing, and alongside our great service and product propositions, we are converting our market position into better financial outcomes. In Landscaping, we're seeing a recovery as the performance improvement plan starts to flow through into profitability. In this business unit alone, we have launched six new ranges to address gaps in the product ladder. Customer confidence is improving, market share is growing, and our cost reduction program remains on track. Beyond Landscaping, the balance of our diversified portfolio continues to provide resilience. Roofing remains a strong profit contributor and Water Management being well positioned strategically. The result of this is growth opportunities across different demand trends and multiple end markets. Finally, financial discipline remains a priority for us. Cash conversion continues to exceed target. Net debt is lower than June last year, and leverage is reducing in line with our expectations. The strategy remains unchanged and our focus continues to be on sharper execution. The first half shows that this is beginning to deliver. With that, I'll hand over to Justin to take you through the financial detail. Thank you, Simon, and good morning, everybody. I'm going to take you through the key financial highlights for the period. I'll then talk through the detail of the financial performance at both group level, in each of our reporting segments and from a cash flow perspective. I'll then give you an update on the strength of the balance sheet before closing with a recap on the capital allocation policy. This slide sets out the key financial highlights for the period. You can see that revenue was broadly flat year-on-year at GBP 380 million. That's in the context of weak activity levels in our end markets. However, operating profit increased by 8% to GBP 30.7 million. That reflects an improved performance in Landscaping Products. Those growth rates are amplified as you go down the profit and loss account, such that profit before tax increased by 13% to GBP 24.9 million, with the benefit of a lower finance charge. Earnings per share increased by a slightly faster rate of 14% to GBP 0.076 per share in benefiting from a lower effective tax rate. We've increased our interim dividend by 14% as well, reflecting the application of our dividend policy. Pre-IFRS 16 net debt is reduced year-on-year by about GBP 15 million. That's driven by our continued disciplined approach to cash and capital management. I'll now move on to the performance for the half year at group level. The chart on the left of this slide sets out a year-on-year revenue bridge that illustrates that revenues were broadly flat across each of our reporting segments, arriving at that total of GBP 380 million. That's against a context of weak activity levels across the key end markets of new housing and private housing RMI. With that backdrop, volumes were lower year-on-year, and there was a slightly softer product mix. However, that was largely offset by the benefit of pricing actions that we implemented during the period. The chart on the right of the slide sets out a similar bridge, but this time for operating profit. It sets out the component parts of the GBP 2.3 million increase in operating profit to GBP 30.7 million. You can see from the bridge visually that profitability and landscaping improved by a little over GBP 5 million. That was partially offset by slightly lower profits in both Roofing Products and Building Products and slightly higher central costs. The profitability numbers included in this presentation are all stated after adding back adjusting items. For the first half of this year, it's quite simple. It's a GBP 5.2 million adjusting item relating to the recurring non-cash amortization of intangible assets that arise on acquisitions. I'll now move on to each of our reporting segments, starting with Landscaping Products. Revenue held steady in Landscaping Products despite weakened markets. We focused on building market share. We've done that through a focus on our customer proposition and our service levels, and we're pleased to see improving customer net promoter scores as a result of that. However, volumes in this segment were lower year-on-year, despite the positive share momentum. That was offset by pricing actions that drove some P&L benefit. Operating profit increased by GBP 5.2 million in the first half of the year, and that was driven by the landscaping improvement plan, which showed itself in the P&L account through improved gross margins, lower manufacturing costs, and reduced overheads. It was partially offset during the period by surcharges that we started to see flowing through the P&L account, arising from higher oil prices and the war in Ukraine. As Simon mentioned earlier, we remain on track to deliver the GBP 11 million of annualized cost savings by the end of 2026. In simple terms, the landscaping improvement plan is delivering better financial outcomes. Moving on to Building Products, where revenues were down just less than 1% during the period. That reflects a mixed performance across the business units, with continued growth from Mortars & Screeds, offset by lower revenues in Water Management and Bricks & Masonry. Mortars & Screeds continued to benefit from its strong service proposition and demand for its ready-to-use product, and that's in the context of relatively low build rates on housing developments. Water Management revenues were down year-on-year, reflecting the soft core new housing market. That was partially offset by growing infrastructure-related revenues. Similarly, in our Bricks & Masonry business, soft activity levels in new build housing and the competitive supply position impacted revenues in that business unit. Operating profit was GBP 700,000 lower year-on-year at GBP 6.2 million. That reflects the impact of lower business volumes, oil price-related surcharges flowing to the P&L account, and a slightly less efficient manufacturing performance. That latter driver arose from an extended site shutdown that is not expected to recur in the second half of the year. Those challenges were partially offset through commercial or targeted commercial actions that are set to recover some of that surcharge cost inflation and ongoing overhead discipline across the reporting segment. Moving on to Roofing Products, where revenues, again, were down a touch year-on-year. That reflects continued growth from Viridian Solar, offset by weaker revenue performance from Marley. Viridian Solar has guided the rate of revenue growth moderated slightly during the first half of the year to around 7% as the adoption of roof-integrated solar, driven by part of the 2021 building regulations, became increasingly embedded. In Marley, revenues are lower due to increased competitive intensity in concrete roof tiles. You may recall from our presentation in March that we highlighted that we expected a 12% increase in supply capacity during the 12 months to June, and that's pretty much what's happened. Alongside that, we've seen softness in demand from new build housing. However, against that context, we're pleased that we increased our share of the concrete roof tile market, and that's supported by our focus on the more resilient RMI market rather than new build. The challenges around the concrete roof tile market were partially offset by growth in clay roof tiles and improved attachment rates for roofing accessories. As guided, operating profit reduced by GBP 1.7 million- GBP 23.1 million, and that reflected continued growth from Viridian Solar, offset by lower profitability in Marley. Viridian Solar's profitability growth was driven by higher volumes and continued commercial discipline. In Marley Roofing, the lower volumes of concrete roof tiles and weaker manufacturing efficiency reduced profitability in line with our expectations. I'll now move on to the lower half of the profit and loss account from operating profit through to earnings. As mentioned earlier, group operating profit increased by 8% to GBP 30.7 million. Finance costs were lower year-on-year by GBP 600,000, reflecting the de-leveraging from our focus on reducing net debt. As a consequence, PBT increased by 13% to GBP 24.9 million. The effective tax rate was 23% in the period. That's 1 percentage point lower than this time last year, and it reflects the benefit of the patent box arrangement that we have in place. Take all that lot together, we get an EPS growth of 14%, driven by improved operating performance, lower finance costs, and the reduced effective tax rate. I'll now turn on to our cash flow performance and the resultant net debt. The chart on this slide sets out the component parts of the reduction in net debt during the period, starting with EBITDA of GBP 44 million on the left-hand side. We've continued to focus on working capital efficiency during the period, and as a result, our cash conversion performance has been very good at 98%. That has restricted the seasonal cash outflow of working capital during the period to about GBP 20 million, which is an improvement year-on-year. Finance and tax cash flows has consumed about GBP 11 million during the period, which is pretty similar to this time last year. Net CapEx was GBP 7 million, and that reflects gross CapEx of GBP 8.5 million, partially offset by the proceeds from site disposals of GBP 1.5 million. We continue to take a targeted approach to capital expenditure, and the key areas of spend in the period were on more efficient secondary processing capacity in Landscaping Products and increased maintenance capital spend in Marley, which is focused on improving the manufacturing efficiency, which causes some degree of P&L hit during the first half of the year. We had GBP 2.9 million of adjusting items paid. They simply related to the restructuring actions that were implemented in 2025. Take all that lot together, and we close the half year with net debt of GBP 137 million. That's GBP 15 million lower than this time last year, and GBP 1 million lower than our year-end net debt position, despite the usual seasonal cash outflow from working capital. Now moving on to the balance sheet. This slide sets out a range of metrics that are focused on working capital management returns and balance sheet strength. You can see from the table on the right-hand side that debtor days, creditor days, and inventory turn are all broadly unchanged, reflecting that focus on working capital management that I touched on on the last slide. Return on capital employed was a touch over 7%, which is in line with last year, and we continue to target an improvement in return on capital employed in the medium term as we deliver the benefits from our Transform & Grow strategy and we see a normalization of market volumes. Simon will talk through what a pathway might look like for that in his operational review. The balance sheet remains resilient and robust and strengthened a touch during the period, with leverage reducing to 1.7x. We've got significant headroom against our syndicated bank facility of GBP 125 million. It's that source of capital, along with the cash-generative nature of the business model, that will provide the cash and the capital that we need to execute our growth plans going forward. Finally from me, moving on to a recap on our capital allocation policy. Our first priority remains to invest in organic growth opportunities. In our strategic plan, we envisage spending between GBP 20 million and GBP 30 million a year. In 2026, we expect gross CapEx to be around the bottom end of that range. However, we expect to generate between GBP 4 million and GBP 5 million in cash from site disposals, which will reduce the net CapEx to around GBP 15 million or GBP 16 million. We've increased the interim dividend by 14%. That reflects the application of our dividend policy of maintaining 2x cover of adjusted earnings and paying 1/3 of the anticipated full-year dividend at the interim stage. The balance sheet is de-leveraging. We talked about that on the last couple of slides. We've reduced net debt and leverage in the first half of the year. We expect continued reductions in net debt from the organic cash generation from the business as we go forward. We continue to target EBITDA to, sorry, leverage to be in the range of 0.5x- 1.5x EBITDA, and expect us to be around the top end of that range at the end of this financial year. With that, I'll hand back to Simon, who will talk you through the operational review. Thank you, Justin. Before we go into the operational review itself, I just want to share with you a short video that I think really neatly demonstrates where we sit in the market and indeed why we are winning. [Presentation] Okay, I'm sure you'll agree that video really does capture the diversity of the products and the systems that we deliver, demonstrates why we are winning in the market. I'm now going to take you through a more detailed operational review step by step. First of all, despite a tough market and a continued tough market backdrop, delivering on our commitments is the key thing that I want you to take away from our first half performance. The strength of our product portfolio and overall service proposition is certainly key to delivery. However, the greater focus is providing the confidence and the resilience that we need right now. The sharper execution approach that we set out in March is now embedded and beginning to deliver measurable results. The key point here, and as a reminder, this is not a redesign of the strategy. It is about sharper execution, putting resource, management attention, and accountability behind the areas that matter the most. This is showing itself in three ways. First of all, focus. We're making clearer choices about the leadership, where leadership time, and indeed capital is directed, which is helping us to prioritize the actions with the greatest positive impact. Secondly, the pace in which we are moving. Accountability for delivery is much clearer across the organization, with greater emphasis on outcomes rather than the activity itself. This change in approach is improving our confidence in delivery and helping to strengthen our resilience. With this more efficient approach, the business is better positioned to convert recovery into profit growth. As I walk through the business units later in the presentation, you will certainly see the evidence of this renewed approach flowing through to the results. Our diversified portfolio is a real strength for us. The fact is value creation for Marshalls is not dependent on one specific area of market recovery. Across the group, we have three distinct drivers that will create value. We have self-help actions, we have structural growth, and of course, when it comes, we have cyclical upside. In landscaping and roofing, the primary opportunity is self-help, and whether this is a recovery or maintenance play, it is all within our control. Improving commercial execution, cost and pricing discipline, and of course, operational performance will all enable us to optimize share and maintain market-leading positions. For Viridian Solar and Water Management, the primary driver is structural growth. These businesses are well positioned behind longer-term demand trends, including energy transition, water management, and infrastructure investment. For Bricks & Masonry, the largest driver is cyclical upside. The business is exposed to recovery in new build and RMI markets, but now has a stronger operating base to benefit when demand returns. The key message, again, this is a balanced portfolio. Some businesses are driven more by self-help execution, some by structural demand, and some by market recovery. However, together, they do provide multiple routes to margin improvement and value creation over the medium term. Let's bring this all together to demonstrate how operating profit could progress over time, and we've built this visual to help. If we think about the drivers that I've described as value buckets, you can see clearly how you may bridge back to double the operating profit that we achieved in 2025. In this model, self-help is worth around GBP 17 million, and this is driven by cost management, by management-led margin expansion, and share growth in our mature markets. Structural growth gives us some GBP 14 million, and this is driven from our exposure to markets that benefit from longer-term regulatory tailwinds. The third value bucket is cyclical upside, which is shown as around GBP 25 million. This is simply demand normalizing over time, providing benefit through operating leverage. The result of this is GBP 112 million worth of operating profit. Just as a reminder, that is less than what we achieved on a pro forma basis in 2021 and 2022. The key takeaway here is the balance of that delivery. Around 55% of the uplift comes from self-help and growth market exposure, both of which are within our control and not dependent on the market turning. That is giving us some real confidence in the plans that we have got. In this model, we do retain downside flexibility. If the recovery in our traditional markets is delayed, further cost reduction actions provide additional optionality. We are well-positioned in either scenario. I'm now going to take you through each of the business units in a little bit more detail. You will recall the primary opportunity in landscape is self-help, with commercial excellence and the reset of the cost base clearly building a positive momentum. If we then underpin this with renewed customer confidence, driven by our service and product propositions, you can see clearly why we are confident in our plan. I'm just going to work from left to right on the slide. Customer engagement has improved materially. Better service performance has helped rebuild customer confidence with net promoter scores up 11 percentage points since 2025. That is translating into stronger commercial commitment with growth in our share of wallet and overall market share growth of 2.6 percentage points. Commercial excellence focus is driving more value from our specification-led model. We are engaging earlier with decision makers, improving project support through our new digital tools, and strengthening the mid-range offer through new product development. The early indicators here are very encouraging with project quotation activity up by 15%. This is supported by the Marshalls design and engineering tools that were introduced in June. From a new product development perspective, Lunar Textured was successfully launched in May. Finally, the cost base reset is progressing to plan. Network optimization is improving efficiency, and projects that we delivered in 2025 are driving intra-site journeys down by 19%, and complexity is being reduced, including a 30% SKU reduction since 2025. The overall program is creating a more efficient operating base with GBP 11 million worth of annualized savings on track to be delivered this year. The key message here is very clear. These self-help actions are not theoretical. They are visible in customer metrics, operational efficiency and share momentum, and they provide a stronger platform for continued margin improvement and further recovery potential. On to Marley Roofing. Again, the primary opportunity here is self-help. In other words, things within our control. This business unit is being managed with real commercial and operational discipline. We have successfully defended our market share and therefore continue to deliver a resilient profit contribution. We also continue to push new product development in this business unit, including the launch of Edgemere 2.0 as part of our new low-carbon roofing tile offer. I'm just going to move around the graphic. In social housing, RMI, we're maintaining our market leading position in a much more competitive market, and we have grown share in social housing. This is a core resilient end market for Marley, and protecting share here underpins the earnings resilience of this business unit. We're also growing value from our full roof system offer, increasing the attachment rate across accessories, ventilation and solar, where we have seen an increase of 2 percentage points compared to half two in 2025. Again, this is a really important lever for maintaining margin and customer loyalty as we sell more of the complete system rather than the roof tile alone. Alongside social RMI, we're driving share in private RMI by deepening contractor engagement and making it easier to specify, buy from, and indeed install our products, we have grown our specification bank by around 20% on a last 12-month basis. Underpinning all of this is operational excellence. We're maintaining service, quality and cost discipline whilst progressing our capital expenditure plans. We've already deployed 20% more capital to maintain the quality of our products, and that investment program is on track. The key message again here is very simple. Marley is a resilient profit contributor. We are defending share in our traditional heartlands, growing attachment rates across the system, and we're investing with discipline to keep the business fit for the future. Now on to Viridian Solar. The primary driver in this business unit is structural growth, and this is evidenced by successfully scaling this business unit through the Part L transition where we've seen revenue increasing 300% between 2021 and 2025. As we see the Part L adoption becoming largely embedded, our focus is increasingly on optimizing market share and margin and maintaining customer relationships from the platform that we've already built. The next regulatory opportunity for this business unit is the Future Homes Standard, and our analysis indicates this has the potential to materially increase the addressable market. In preparation for this increase, our focus today is on being ready for our customers through specification support and capacity planning as the transition develops. Alongside the core market, the Artbox product provides a safety-led adjacent opportunity. Half one export sales increased significantly. We continue to develop this opportunity through international partnerships and disciplined validation of demand. Again, a very simple key message. Viridian Solar has already scaled successfully, holding share and margin in a dramatically expanded market. We also have a clear phase of regulatory growth ahead. We are building additional optionality through targeted innovation. Onto Water Management. Again, Water Management will benefit from structural growth drivers. We continue to pivot this business unit towards infrastructure-led growth. We're focused on demand visibility, specification influence, and operational readiness. This will enable greater conversion of sales and support future growth in this business unit. The objective here is very clear: to create a scalable and agile infrastructure-driven business. Looking at demand visibility, the AMP8 investment cycle is now underway, and that is showing up in our numbers. Unpaid sales are up more than double compared to the first half of 2025. Our quote activity is also increasing, and the pipeline is improving. This is supported by broader climate adaptation trends and the adjacent infrastructure opportunities that we see. Just to frame the scale of that, the U.K. physical adaptation market is estimated at between GBP 57 billion-GBP 64 billion out to 2035. We're also starting to influence specification by engaging earlier in project life cycles. We're working with consultants, water companies, and utility providers. We now have framework agreements in place with three water utility organizations. When we talk about operational readiness, we are very well-placed. Our national manufacturing and delivery footprint support scale, and our technical and engineering capability remains a key differentiator for us. Our investment plans are kept deliberately capital light within the existing network. The focus here for the second half of the year is firmly on the development of our infrastructure growth platform to ensure that we unlock those opportunities as they move from design into delivery. In the meantime, we will maintain a competitive position in our existing markets. Finally, turning to Bricks & Masonry. This is very much our cyclical upside story. In the current environment, we are protecting margins through disciplined execution. This is the most challenging market, where competitive supply conditions persist. New housing demand does remain subdued. Customer decision-making is slow. Against that reality, our first half focus has been squarely on what we can control and how we protect margin. That means execution excellence across service and delivery, and discipline management of our cost base, including supply chain, manufacturing, and logistics. Of course, staying close to our customers through site support, ease of use, and national partnerships. On capital allocation in this business unit, we are being deliberately selective. We have no plans to further convert landscaping lines to brick lines, but we do retain capital-light optionality should conditions warrant it. Again, a very simple key message. We're protecting our market position and strengthening our execution model now so that when demand recovers, the business delivers meaningful operational leverage. Now let's turn to the summary and the outlook before moving into Q&A. As a reminder, our strategy is unchanged. Our focus on execution is feeding through to delivery. Self-help actions have driven higher profit, earnings, and dividend despite marginally lower revenue. Market leadership is strengthening through new product development, more disciplined pricing, and overall reliability. Landscaping is recovering as the performance improvement plan converts to profit, with greater customer engagement, new product development, and disciplined cost management. Our product portfolio diversification is providing counter-cyclical defensiveness. We have more than one value bucket. Self-help and structured drivers are within our control. Finally, we have strong financial discipline that has seen de-leveraging track in line with our expectations. Yes, our end markets do remain subdued. However, we are not banking on any material market recovery in the second half. Our confidence in our ability to deliver on our full-year expectations comes instead from what is within our control. I said to you back in March that I was focused on commercial and financial discipline, and that absolutely remains the case. We are delivering against the plan. The GBP 11 million worth of annualized Landscaping savings remains on track. The operational improvements that we set out in March is translating into outcomes in line with our expectations. As a result of all of this, our expectations for full-year profitability are unchanged. Beyond this year, our Transform & Grow strategy will continue to underpin the medium-term improvement in margin, cash generation, and returns that this investment case is built on. Apologies. With, of course, the pathway to doubling our operating profit over the medium term. In summary, good progress, a resilient and diversified portfolio, and a business that is extremely disciplined on the things that it can control. Our strategy is unchanged, and we remain firmly focused on execution to drive better returns for shareholders. With that, I'd like to ask Justin to join me for question and answers. Thanks. Aynsley Lammin from Investec. Just two from me on the Landscaping side. Just wondered if you could split the kind of volume and price and component of the flat revenue for Landscaping, and then also just what you're seeing on price. Are you still implementing surcharges? What the kind of direction of travel is there? Secondly, just to clarify, on the GBP 11 million of annualized cost savings in Landscaping, is that a run rate you reach at the end of this year, so there's still some incremental benefit in 2027, or is it all delivered in 2026? Thanks. Mind if we both- Yeah. Okay. From a price volume mix perspective in landscaping, you've got volumes down by somewhere between 2% and 3%. There's a little bit of mix weakening within that as well, maybe about 1%, then the balance is price, in rough terms. In terms of the surcharge position, we took a measured approach to the implementation of Iran-related surcharges, let's call them, in the second quarter of the year. We worked with our customers to defer them as long as possible, we implemented surcharges which are just designed to recover those increases in costs. They were implemented in most of the businesses in May, and in one of the business units in June. At this stage, we have no plans to levy any increase in surcharges, we just need to monitor what's happening with our cost base and what our input costs are looking like. In the first half of the year, though, the net impact of, let's call it the Iran conflict in terms of the direct cost base, was about GBP 1 million. I think there was a second question. Yeah, just on the GBP 11 million. The GBP 11 million, that will be delivered in full this year, there is no incremental benefit after this year. Having said that, as Simon touched on in one of his slides, we've got optionality to look at the cost base if we don't start to see a recovery in activity levels. Indeed, we just see there's good discipline to keep the cost base under constant review, there's no major program underway. Hi. Rob Chantry, Berenberg. Thanks for the presentation, guys. Three questions. The first two are on Landscaping competitive dynamics. I think you mentioned 2.6% market share growth. Could you just give us a bit of an insight as to where that growth has been? Is it custom you've previously lost? Is it new areas? How exactly is that shaping out? Secondly, on the Water Management business, I think roughly it's a GBP 70 million type revenue business. Could you just give us a split on what the traditional end market percentage is versus infrastructure exposure? And thirdly, Water Management again. You mentioned framework agreements in place with three water companies, and you put some very large CapEx numbers on the screen. Could you just clarify exactly what a framework agreement is, when that starts kicking in, what's the duration, what's the economics of a framework agreement with a water company? Thank you. Okay. I'll take the Landscaping competitive dynamics. We were very transparent around losing some market share previously. There has been a rebuild there, Rob, as much as anything else. We've then gone beyond that. There was a rebuild in those numbers, and then we've taken a little bit more. That's been across the patch. That's been with smaller regional competitors and some of the larger competition. It's been across the patch. We took back share that we'd lost, and then we built a little bit more. That's been through predominantly the merchants, and indeed, some direct-to-site work. Okay. Water Management. Water Management last year, total revenues were about GBP 80 million, Rob. The split last year would have been about 2/3 of that would have come from new build housing, and the balance comes from commercial infrastructure and markets. We've actually seen that shift a touch during the period, with continued weakness in new build housing. Particularly reluctance of house builders to start opening new sites, which is where we really start to supply the big concrete pipes and manholes into them. Therefore, the mix of revenue has shifted somewhat. It's somewhere probably around about 6 percentage point or 7 percentage point shift from new house building into commercial and infrastructure and markets. I think there was another question about the framework agreements. The framework agreements are simply that. They are effectively a series of trading terms with water companies that you need to be pre-qualified to access their investment plans. They don't come with any specific pound note commitments attaching to them. It's just effectively, you need to have those in place in order to be involved in the design activity. There's no real pound notes that we can put around the value of those, but they are very important to accessing the market. Very similar to a preferred supplier agreement. Thank you. Okay. Thank you. Morning. Chris Millington, Deutsche. I've got a couple. First of all, just on the profit bridge slide. Firstly, on that GBP 17 million of self-help, one, does it include the GBP 11 million you've already taken out? What would be the timeframe for the delivery of the remainder? The second question on the side, this is getting a bit drawn out already. The second question is what volume recovery is assumed in the cyclical part? If you want- Yeah. If you think what we've done here is we've bridged from what we need to do to double operating profit from 2025. That GBP 11 million of cost savings GBP 3 million of that was delivered in the 2025 numbers. Yeah. You've got an GBP 8 million increment to come through in those numbers. Self-help isn't just cost-saving. Self-help is about how you grow your market share, and it's about how you improve the mix of the products that you're selling. There's a combination of different actions that will be taken in order to drive that, much of which is already underway. Just in response to one of Aynsley's questions earlier, we talked about the other optionality around continuing to look at the cost base and ensuring that we are going to market in as most efficient way as we possibly can. In terms of the timelines around that, we'd expect to be doing that in the next two to three years. The next part of the question was? Sorry- The volume recovery. Yeah. Just before you get to that, just to build on what is within that self-help, we need to be very clear. It isn't just about cost. It is about things like new product development and building out that good, better, best product ladder is a real key part of what we need to do to drive mix. Those will be the kind of impacts that are all underway. Everything that goes towards delivering that number is already in the plan. It's probably just worth putting some margin numbers around that. If you think about the good, better, best product ladder, the difference between the margins on a good product and on a best product can be 20 percentage points. As you shift the mix, that can have quite a dramatic impact on the P&L account. The product ranges are now in place to enable us to do that, and we're particularly filling in that gap in the middle, in the better range, alongside changes in incentive plans and frame freedoms for the sales guys in the marketplace. The ingredients are in place, but it will take time to drive that through. In terms of the cyclical recovery, probably around about 12%-15%. Would that be, what, roughly half of what you've lost, would you say, market volume wise? Well, it depends on market to market. Yeah, it certainly doesn't assume you back up at 2022 volumes. No. That's it. Just on roofing, do you think the capacity increase was fully manifested in H1? Do you think there's any danger that more competitive pricing kind of creeps into the RMI sector? In terms of competitive pricing, I guess market dynamics will play. It depends what demand is going to look like. If demand increases, then obviously discipline around pricing will persist. We're monitoring pricing regularly. We're very aware of our competitive position. As I said in my slides, we're winning. We're kind of defending our position and in fact gaining share in social housing RMI and indeed private RMI. I think it's just we need to watch it as the market develops, Chris. I don't think you can do anything else. That's great. I'll leave it there. Thank you. Thanks. Clyde Lewis at Peel Hunt. I suppose three, I think I've got. Domestic installers, you don't give us the numbers in terms of that pipeline, but I'm sure you're still collecting the stats. It'd be great to get an update as to what you're seeing from that side of the market in terms of RMI. In terms of the channels, the builders merchant's channels, where do you think they sit currently in terms of stock levels? Are they below average, above average? It'd be interesting to get a feeling there. I suppose on Artbox, you flagged the exports and the growth there. Are you seeing still a very healthy growth in domestic usage as well? Because that's obviously sort of a key part of that business offer at the moment. Okay. I'll take the first two, shall I? I think first of all, in terms of landscaping the installer scheme, we reinvigorated that at the end of last year. In terms of what the market dynamic is like in that space, it's still quite subdued. Consumer confidence is obviously key in that area, Clyde, but what we are seeing through our reinvigorated scheme is that we're picking up more business. It had been languishing a little bit alongside a subdued market, so we fully expect that to start to form part of the improvement plan moving forward. We're really encouraged in that space at the moment, and we're looking to grow that scheme previously referred to as the register. That is growing from a domestic perspective. Early signs are positive. Okay. Sorry, the second part on landscaping. Stock levels. Stock levels, I think they're kind of about average at the moment. Certainly what we are doing now is making sure that our merchant partners are not overstocked. I described previously that we're working very closely with merchant partners. In some cases, we've got implants to manage stock levels. It's all about understanding the end consumer dynamics, making sure we're not pushing too much stock into yard, and making sure that we're monitoring what mix we've got through those yards as well. I would suggest it's about average at the moment. On Artbox, the rate of sales growth in the U.K. was faster than the rate of panel sales. The penetration level is increasing, albeit relatively modestly faster than the panel growth. Yeah, doubling of revenues internationally and very excited about that opportunity. Thanks. Morning. Ben Pfannes-Varrow, RBC. I will do three as well, please. First is on Landscaping. Obviously, some benefits coming through during the first half. Do you expect then a stronger second half as more of those self-help actions come through? Second point is on Marley. Could you share the price-volume splits for the first half and a bit more color on the share gains that you have seen there? The last point on Viridian, just any change in terms of competitive dynamics and the pricing. Thanks. Okay. Thanks, Ben. I think in terms of Landscaping, more of the same. We have got a number of plays that are underway at the moment. We will continue with those. I think, we described driving mix. We have already talked about the cost base is bang on track in terms of where it should be at this moment in time, and that will continue to deliver up to GBP 11 million. I think, in terms of continuing to focus on what more we can do in that space, the first thing to say, we will not cut into muscle. We will make sure that that is supported, either by process changes or technology, to kind of unlock further benefits moving forward if indeed the market remains subdued. Everything that is underway will continue, more of the same in the second half from a Landscaping perspective. You are going to have to remind us. Shall I do Roofing? A question on market share and Roofing. Reduction in concrete. This is concrete roof tile volumes, I assume you are talking about, yeah. It was on both in terms of the- Okay. In terms of concrete, volumes of concrete tiles down quite significantly year-on-year in the market, driven by lower new build housing. As we said, our focus really is principally on public and private RMI activity, and that part of the market's been more robust. Naturally, as a result of holding our share in that part of the market, we've built share overall. I guess that's the key factor there. In clay roof tiles, our market share has increased quite markedly, and that's got two drivers behind it. One of which was a strategic decision about 18 months ago to reduce the pricing of our tiles to reflect reduced input costs. As we saw gas prices start to fall, we responded by reducing the price of the tiles. That reduced the premium for a clay tile over a concrete roof tile, that's enabled us to take back some share. The other thing that we benefited from in the first half of the year, though, is that one of our competitors' kiln has been in a period of extended maintenance. That's meant that we've had a freer run of that particular market. We think that market position will normalize in the final quarter of the year as that capacity comes back online. Do you want me to do Viridian as well? Yeah. The competitive dynamics in Viridian, there are a couple of new entrants in that market in the relatively recent past, we may well have spoken about these at the full year. There is a key competitor, a French company called GSE. There is a new company which is being launched by some former members of the management team of that business, which have introduced a product which, I guess is a similar product to GSE in the sense it's a plastic tray rather than aluminum flashings. There is another company that's recently got some capital that does a similar product to ours, albeit not a significant amount of volume. Finally, there's a company that manufactures small format tiles. All of which, I guess, is healthy in a marketplace, at this stage, not having too much of a significant impact on our business volumes. Thanks. Thanks. Morning. Toby from Equity Development. I've got one and two follow-ups. I think I'll give you them one at a time. Just based on AGM data, this is a revenue momentum question. Based on the AGM four month revenue compared to the six month revenue, the last two months of the path seem to be about the same, which I was slightly surprised at, given convention's been for a wet Q1 and some recovery in Q2. Is there any trend between May, June, and probably into July that you can highlight behind that, please? You're quite right. First couple of months were extremely wet, that did impact us. Then we saw a bit of a pick-up for a couple of months. I think, without wanting to create a world of the dog ate my homework, the World Cup was on. I think the fact that the extremely hot weather actually had an impact as well, and we saw that. I think there's almost like that kind of sweet spot between extreme wet weather, and indeed extremely hot weather. I think we saw a slowdown. I think that is the only thing that we could potentially point to in that regard. Yeah, look, I think trying to pick out any discernible trends amongst all that lot is something that probably will leave for cleverer people than us to try and work out. Yeah. Okay. Thank you. Just following up on Chris question about how much of the GBP 17 million self-help is coming from Landscaping Products. Did I hear it right? Just for clarification, that sort of you're going to get GBP 8 million of that GBP 11 million this year, and then therefore that's GBP 8 million of the GBP 17 million coming from the Landscaping Products self-help plan, is that right? From the cost element of it, from the restructuring actions. That's right, yeah. Right. Yeah. Okay. Thank you. Finally, following Rob's question on water frameworks, can you just clarify for us, are those frameworks at water utility level or are they at individual project level, and are they exclusive, do you know? They're at water utility level. Okay. In terms of, you talk about exclusivity, if you think about it as a preferred supplier agreement, there'll be others that have framework agreements in place. As Justin said, that is not a prerequisite to you've banked the project and you've got that going to flow through to revenue, that work is still to do. Sure. Okay. Are there either others, no pun intended, in the pipeline or others you've had a go at and not managed to get on the list for? No, look, we're working actively. This is all part of the pivot towards infrastructure-led growth, and whether that be Water Management, energy transition, or indeed broader infrastructure, that is the work that's underway. There's more of that to go at. Okay. Thank you. Hi, Charlie Campbell at Stifel. Just one really, this is a general question, just thinking about the commercial exposure of the group as a whole. I just wonder if there's any sort of color you can give us in terms of order books and how those have evolved over the half. Look, we're happy with the pipeline of activity we've got in terms of specification-led order books or order books in general. A lot of the activity we undertake, particularly in the commercial landscaping space or indeed infrastructure, is built on building a pipeline of specification. We're very happy with the activity that we've got flowing through into the pipeline, therefore that is your order book. Yeah, we're happy. Still, I guess the problem is confidence to start those projects still. Is that still an issue? Is that changing at all? There's a little bit of that. Yeah, absolutely. I think just in general, commercial infrastructure and infrastructure generally has been more robust for us just in general terms. You're right, rather than projects being pulled, it's more slight delay. We're still seeing a little bit of that. Okay. Thank you very much for your time. Good to see you all. Okay. Thank you. Do we have any online questions? No. No. Just all here. Thank you. Cheers.