Hello, and welcome to Pets at Home preliminary results call. If you'd like to ask a question during today's call, please press star one on your telephone keypad, or you can submit questions via the webcast. I'm going to hand the call over to James Bailey, CEO. Please go ahead. Good morning, everyone. James, CEO here. Thank you for joining us. We look forward to hearing your questions. I'm joined in the room by Sarah, CFO, and Andy and Aaron from our investor relations team. We should have all the bases covered. Very happy to hear the first question. Thank you very much, sir. Ladies and gentlemen, once again, if you wish to ask any questions, please press star one and just make sure your line is not muted until I submit your equipment. Our very first question today is coming from Tim Ramskill of Bank of America. Please go ahead. Morning, folks. Thanks for taking my questions. I've got a few, please. Maybe just to kick off with the price investment in food. There's a few different data points you've given. I'm just trying to sort of square the circle, I guess. You've got the 12% price investment and the observation about volumes improving close to 4%. That was obviously just those two numbers together would be a net decline of about 8%. You've obviously talked about getting the retail business back into mid-single digit revenue growth in the current period. If you could maybe just frame that. Alongside that, just some help around the timing of the price investment that went in. Obviously, you talked about it explicitly at the interim stage, is it fairly reasonable to assume that the 80 basis points of investment in gross margin in FY 2026 will also recur in FY 2027? It doesn't sound like it, that was question one. Then question two, I guess, is just moving to your guidance and observations around the vets business. Just some thoughts about how the next few years might play out, I appreciate both James, you guys are going to come back obviously with perhaps a bit more of a medium-term view later in the year. Consensus has the vets business growing at 6%-7% every year going forwards. Year just gone, your statutory revenues are up one, I guess your guidance is a little more cautious. Just some thoughts around when we might see an uptick driven by the market backdrop of the sort of COVID cohort maturing, et cetera. If I can, just one last one. On Pets Club, again, the stats you give, the actives are down 11%, the spend is up 12%. Is that really a growing constituency of the revenue base? Just some thoughts there as well would be helpful. Thank you. Thanks, Tim. We will gang up on these questions, if you don't mind. I'll go first on price investment. Before my time, but let me try and bring some of the math to it. There was a more than 12% investment in around 1,000 products, which we have seen a material response to from the customer. As you said, Q4 volume growth, Q4 transaction growth, and we've seen a strong start to this financial year as well. That's very encouraging. That 12%, though, on those 1,000 products is a subsection of the overall sales, and the 4% volume growth is overall sales. The - 8% math don't quite work out. What we're seeing is 4% volume growth across the whole of the retail business, which in context is very encouraging. You are right on the 80 basis points investment that was made midway through last year. That investment carries through into this year until we lap it. I think that's a good investment of gross margin. More broadly than that, our intention is to begin to recover gross margin in the medium long term. I think for now it's the right thing to do. You're right, it carries on into this financial year as well. I'm going to ask Sarah to talk to us about the vet business and how we feel about the next few years, if that's okay. Let me do that. Tim, good morning, thanks for your questions. I think firstly on guidance for FY 2027, you'll of course recognize that we're only eight weeks into the current financial year. That also happens to be the same eight weeks that James and I are into our Pets tenure, we're very excited to have joined the business. We've reconfirmed guidance for FY 2027 more broadly today. I think encouragingly, that assumes market share gains in a retail market back to growth and improvement in profitability. To your question on Vets, for Vets, it represents another year of profit growth, but off a little bit more subdued revenue outlook of around about low single digit for FY 2027. Let me try and unpack that a little bit. The vet market is one that will continue to see structural growth and a market in which Pets is well positioned to capitalize. We are the clear number two first opinion vets. Our satisfaction scores have improved and as we were confident would be the case, the culmination now the CMA investigation has confirmed the value that we bring to our customers and their pets. It's also a business as we know given our proven JV model that has very strong economics and the growth drivers are proven in terms of increase in average transaction values and our ability to continue to drive our practice footprints, if you like. We also, I would remind you, have 7 million active Pets Club customers, not all of whom are vets customers, and we see that as a real opportunity as we go forward in terms of our overall business ecosystem. The reason it is a little more subdued at the moment, of course, is the COVID cohort are in healthy midlife. Pets are typically between four and six years old, and although the trajectory is slightly different for dogs and cats, as those beloved pets age a little bit, they will be even more in need of our very skilled veterinary clinicians, and that should see an uptick in growth beyond FY 2027. Similarly, between FY 2019 and FY 2024, we were seeing a maturing of our vets estates. We were quick in FY 2026 to start rolling out more new practices and extensions. We will accelerate again on that in FY 2027. We see good future growth momentum. Let us come back later in the year and set out some medium-term targets. Let me not do that today. And so just really quickly, Just to follow you there. Oh, sorry. I was going to say, Last question. Yeah, go on then. Yeah, you go. Sorry. It's a quick one. You're right that in the KPIs, the number of active Pets Club members looks like it's down 10% and average consumer value is up nearly 12. There's been a methodology change in the way we model those customers, you should see those two numbers as equal and opposite. It's more about the math than the actual customers. That has in turn increased those customers' value to us. A methodology change, nothing else more interesting. Okay, great. Maybe just coming on what you were saying, Sarah, about the outlook in Vets. If this year is a little more subdued, you feel like almost that might be the low point and FY 2028 should be a little better from that starting point? Yes, I think that's probably right, Tim. I know if you look at our FY 2026 exit momentum, we had revenue growth in vets of only 1%. Please don't see that as a proxy for future years. We took the opportunity to clean up some legacy accounting, some investments on the balance sheet that ultimately we concluded weren't recoverable. You see a GBP 2 million-3 million impact on that Q4 revenue growth. It's closer to 3%, 3%-4% on an underlying basis. Okay, understood. Thank you very much, guys. Thank you. That's your question, sir. We'll now move to Andrew Wade calling from Jefferies. Please go ahead, Andrew. Your line is open. Morning. Hope all well, team. First one from me, looking at where you're comfortable with consensus. That's set against a positive retail like-for-like, GBP 20 million of cost saves, the tailwind from Petplan termination and another year of growth in vet. I guess the question mark is, that doesn't have any impact from Middle East in there as well. Just thinking why it's not a bit more than that, why you're not comfortable saying a bit of a higher number than that. That's the first one. The second one is, interested, James Bailey, as I know you haven't been in the business that long, but your initial take on the broader pet retail space. Do you think that the industry like-for-likes have been more impacted by the sort of COVID cohort effect than sort of previous management did? They sort of talked to that effect having worked its way through about 18 months ago. The industry's still been posting negative like-for-likes. I'd be interested as to your early take on whether that has been more of a sort of super cycle factor than perhaps previous management talked to. Thirdly, I appreciate this is probably for another day, but any thoughts on the long-term target for where we could get to on vet sides? Thanks very much. Andrew, if I take the first one, then I'll hand the baton to James on the second. You're right to characterize our guidance as being a GBP 5 million increase in PBT year-over-year. Another year of profit growth in Vet Group, critically, the start of the restoration of the profitability of our retail business with a plan that should see us gaining market share over a market that is back to low single-digit growth, not flat. As you rightly say, underpinned by our commitment to take GBP 20 million worth of costs out of our support office and with our ongoing productivity initiatives set to offset external cost wins and underlying inflation. What we've also got in FY 2027, though, is another year of investment, and that's both our startup costs in our insurance business, which we think will be a valuable adjacency for the pets business. Also you'll see James and I having a look at the strategy over the summer, and may choose to dial up some high ROI investments if they present themselves and underpin out a year growth. We're comfortable with the range of estimates out there. We're eight weeks in, that there is some external volatility for all U.K. retailers, you'll forgive us not making any big calls on the numbers at this stage, we're comfortable with the consensus range, if we can do better than the midpoint, we absolutely will. Maybe if I talk Middle East conflict a little bit, I guess that impact for us comes in three parts. The good news is none of those see us feeling the need to take consensus down at this stage. One is continuity of supply, where given what we know today in terms of alternative arrangements we might be able to put in place, we don't see any negative impacts on the business. Secondarily, it's cost, where in terms of Forex and energy, we are pretty much hedged for the year. I could hedge out a little bit further, but the market forward rates don't suggest we need to do that just yet, but we'll keep it under review. Of course, the other impact is consumer confidence, where the pet market has typically shown itself to be very resilient. We've talked a lot about the price investments we've made. We can see that coming through in volumes. We can see that coming through in customers, getting our value for money positioning, feeling better. That hopefully also positions us well. As things stand today, we're comfortable we'll be able to manage through that conflict, but we'll come back and update the market if things change. I'll pick up the baton, Andrew, on your question on the pet retail market and like-for-like and COVID, et cetera. Yeah, you're quite right. I've only been here about eight weeks. I'm not going to profess to being the market expert on the pet market. I do remember from previous roles that pet was always seen as a very attractive category. Maybe a bit more resilient to peaks and troughs in consumer confidence. People tend to protect their pet spend quite strongly. From that perspective, a positive market to be in. I'd also say, some of the long-term trends that tend to underpin optimism about the pet retail market, I think are still definitely in effect. Premiumization, humanization, demographics, you see a lot of younger cohorts owning pets, whether that's cats in shared spaces or other things like that, and being more interested in accessories and more premium products for them. I think some of the long-term trends are still there and will play a positive role in the future. It's hard to tell, certainly after eight weeks, I'm not going to opine particularly on whether COVID had a big or a small effect. I can't believe it wouldn't have had an effect. It had an effect on a lot of things. Can we see that in the pet market numbers? I think maybe a little bit, but I'm a bit more interested in how robust it is in terms of underlying trends, and everything I've seen says very robust. Yeah. Okay, thanks. Thank you very much, Andrew. Vet sites was the other one, sorry. Yeah, sure. We're going to play the we've only been here eight weeks card, if that's okay. Yeah. There's a history to the vets business with space and openings, and resetting the space and going again. What we're doing at the moment is last year we were in the foothills of beginning the process, building the muscle again to reopen good value added, high returning space. The plan this year is to accelerate that growth. I think we have. Sarah and I have been through those growth plans in quite a lot of detail with the teams, and on first pass, they look robust. It looks like there is plenty of headroom out there and white space, and it is the Vets4Pets brand, whether it's the CMA confirming it or what I've seen in our customer satisfaction or even the feedback I've heard firsthand when I go and visit our vet practices from happy customers. It's a very attractive brand in the market. I think the long-term targets on Vet space growth are very achievable, and that's a muscle, as I said, we've rebuilt, and you should see, I suspect, a growing impact from that space on our numbers in the future. Good stuff. Thanks very much. Thank you very much, sir. Our next question will be from Jonathan Pritchard, calling from Peel Hunt. Please go ahead. Jonathan, your line is open. Jonathan, I don't know if you're having problems unmuting your line, but could you just check your lines again? Jonathan is with Jonathan's question. Your next question will be coming from Manjari Dhar of RBC Capital Markets. Please go ahead. Good morning. Thank you for taking my questions. I had three as well, if I may. The first one was on discretionary accessories. I just wondered if you could give some color on how you see the competitive backdrop there and what you're setting up in terms of the steps and the timelines for improvement in that business. My second question, James, appreciate you've talked about you've spent some time in stores. I just wondered if you could give some color on your views on the size and the locations of the retail estate at the moment, and whether you think that there's any changes needed there. Then my final question just on margin. I just wondered if you could give some color on your expectations for where retail margin could get to for this year. Thank you. Okay. Let's do those one at a time, shall we? Accessories, I understand the question. Obviously, it's an important category, especially in terms of underpinning the gross margin, and it's been a dynamic market in the last few years. I'd make a couple of points. Again, having only been here a short while, I have been encouraged by a lot of the things I've seen in the business. One of the things that's encouraged me is the momentum that has been gained from the early execution of the retail turnaround plan. I call it early execution because executed on price in terms of retail operations and execution, it's been much stronger, so much more consistent delivery for customers and you can see that in customer satisfaction. On product, actually, we have only begun to land the new ranges so far. The momentum we've seen, the strong start we've made to the year, the good finish we made to last year, is actually about getting the basics right more often, rather than launching new ranges. We're beginning to see those ranges come through in the stores now and into the summer, and accessories will be towards the end of the year. I think accessories have been returned to growth, positive growth, in the way the rest of the retail categories have. That's encouraging because it means the customers are still in our stores and still visiting and still have discretionary spend mindset when they're there. I think when we get the chance to land those new products and ranges in front of them, I would be quietly optimistic that we can begin to grow that category in a really accretive way. I am encouraged, really encouraged by what I've seen in that space so far. Your second question on the number of stores, I think I made a couple of points. Things that have impressed me in my first couple of months in the business, one of them is the quality of the store assets we have. Sarah probably might look at that on a spreadsheet, and so would I a little bit about returns and marginal profits, and those are generally good across the estate. I'm looking at as much as anything from a consumer and a colleague point of view when I visit the shops, and I see reasonably well invested stores, well laid out, but with plenty of opportunities to grow within that footprint. I think no kind of dramatic change to our store footprint is definitely not one of our priorities. I think we might start thinking about white space because obviously a lot of our stores, the majority of our stores have a vets business within them as well, and that combination of the vets and the retail does exceptionally well. In terms of the overall priorities, any kind of dramatic change to the store estate is definitely not on the priority list at the moment. In terms of margin for this year, as it was mentioned earlier by Tim, we are still lapping our price investment, which was a very good thing in my opinion, and is playing a material part in our momentum at the moment. We'll lap that investment. That will continue through the year. I'm also, again, going back to things I'm encouraged by, we have a new commercial director, Amanda. We have some external support in the building with the commercial team. All of that early work points to a rebuild on margin. I've run big commercial teams in retailers. I know how it works. Some of those things we can pick up in the short term, and some of them take good constructive work with our suppliers and across our whole supply chain, our end to end costs. Some this year and then some into future years would be my very early impressions, but I'm going to play the I've only been here two months card one more time if that's okay. Sure. That's great. James, maybe if I build on the margin point because it's one very close to our hearts. Gross margin is a barometer for the quality of the volume and the revenue growth. Getting volume and sales moving in the right direction was our first key priority, and we're seeing some early signs of momentum. It's also, of course, the way in which a business can self-fund high returning investments. James and I, although we'd not met before our joining of Pets, we both, if you like, spent our careers in U.K. retail and consumer businesses where margins are always tight and the competitive landscape is always full. I think you should assume we are healthily dissatisfied with where the gross margin currently sits. We're not going to give any specific guidance on FY27, but the levers that James has quite rightly talked to are around having our pricing and promotional strategy be really complementary and additive for our customers, of course, first and foremost, but also in our P&L and for our shareholders. A business that is starting to recover has the opportunity to engage in rather more mutually beneficial relationships with our branded suppliers once we are back to being a winning business. Our product ranges are important in that we can play at different price tiers and different margin profiles. Of course, you'll see us really looking at productivity throughout the supply chain and distribution. We've got lots of ideas, lots of themes, and even more conviction. We'll come back and talk to you about our plans. That's great. Thank you very much. Thank you. We'll now go back to Mr. Jonathan Pritchard of Peel Hunt. Jonathan, your line is open. Thank you, and apologies if I kept dropping out. Three big topics, I'll get to them quite quickly. Data use. You've obviously got a lot of data sloshing around in the business. How are you going to use that better? Service levels. I know you've expressed a degree of satisfaction with execution and attitude, et cetera, within the business, but are service levels right in the retail business? Forgive a non-pet owner, but you talk a lot about product relevance. Could you just opine a little bit on what are the key areas that you've missed out on, and for everything that's relevant, there's some of it that's irrelevant. What is becoming less on the mind of a pet owner? Yeah, no problem, Jonathan. Let's do those one by one again. Data use, first of all, it's a business with a lot of good data, a unique competitive advantage compared to almost everyone else, certainly in the pet specialist world, with our Pets Club members and all the information we have from our vets business. One interesting takeout of that is the kind of data we'll be able to use when we launch our insurance business. Being able to join those different data sets on pet health, pet life cycles, behaviors, customer behaviors, that's undoubtedly a strategic asset that we're going to seek to exploit. At the moment, we have a decent level of personalization in our digital systems. I don't think there's any retailer in the world that thinks there's not more work and more opportunity in the use of data in the business, and we're definitely in that camp, as I say, especially because we have such a unique strategic asset in that database we already own. Service levels in the stores, are they right? I don't think any good retail business is ever resting on their laurels or complacent about service levels. If I can talk a little bit about what I've seen relative to my experience, I mentioned I think already, I've been encouraged by the level of commitment and I guess the lack of fatigue I found across the business. It's been a difficult period for everyone, but when I visit our shops, I see colleagues interacting and greeting customers at the door by name. I see them knowing the pets' names when they walk through the door and having a conversation about that pet's history and where they've been, whether they've been to the vets. That level of engagement in quite an emotional category is exceptional in my experience. That's very hard to replicate. Our colleagues are very well trained, and they're very passionate, and they care about their customers and their pets. I think that is an incredible foundation to build on. Like I say, you can't be complacent about service. You've got to be able to express that service level across all your interactions with your customers. You've got to be consistent. Customers' expectations of service change over time, and I think that's a good thing because it keeps pushing us to push the boundaries on what we're delivering and what our ambition is. Then, in terms of product relevance, again, only into the business for a couple of months, but some definite categories that we would flag as very relevant and growing and good for our business as an advantage. Clearly, Pets has an existing unique strength in our own brand offer. Brands like Wainwright's and AVA and the newly launched Ruff's Recipes are unique in the market. They are amongst the biggest pet brands in the country, and you can only buy them with the Pets business. Investing in those brands, driving them, it's good for value for money, it's good for our quality perception, it's good for brand trust, it's good for a lot of different reasons. Certainly in terms of those more advanced nutrition, own brand food ranges, that's a significant opportunity for us. I think you can definitely see growth and opportunity in the health and wellbeing categories, and maybe also in pet technology. There are distinctly areas that are relevant and will become more relevant for our customers, especially maybe as innovation comes onto the market, and we are an exceptional gateway to U.K. customers in the pet market for new, innovative brands. Then, as we launch our insurance business, I think with the backdrop of the CMA and the challenge around cost of living more generally in the market and consumer confidence, I can't claim any credit for it, but I think it's an excellent time to be launching an insurance business to go alongside our existing vets and pets businesses, because I think we can bring a unique take to that market. I also think that we can use the strengths of our existing customer base and position ourselves as the go-to partner for pet owners and pet lovers in the market. We can cover every element of that pet's life cycle and that pet owner's concerns in one brand and eventually in one app probably. Look, I think there are areas to be optimistic about. I think the way the business is set up and our unique competitive advantages give us extra unique rights to win in some of those areas. Great. Thanks. Great, James. Thank you very much. Thank you, sir. Next question will be coming from Andrew Whitney coming from Investec. Hi, James. Hi, Sarah. It's Andrew Whitney from Investec. Thanks for taking my question. Just one left from me on the Vet Group. It actually relates to a comment I think I heard on the prerecorded presentation. You flagged up the really strong average revenue per practice growth over the last three years. I know that was ostensibly while the CMA investigation was running. I guess there is a maturity factor in that because as some of your younger practices mature. I'm just interested to understand how, the cohort of mature practices over that time period and going forward, have you got a sense of how those practices can grow from here, the mature ones? Is there any limitation to how big those practices could ultimately get? Many thanks. Thanks, Andrew. Yes. It's been a feature of the vets market, it appears over the last few years that revenue growth per practice. Firstly first, I think that's a testament in some ways to the model, the unique model we run with our JV partners because a lot of that drive and that local knowledge and entrepreneurship comes from the practice owners themselves, and we're there to support that growth and that ambition. I think that is an accretive model, and it's proving its worth over that time period. I also think there are plenty of opportunities. I think there is a maturity curve to a vet business, which is why we have a very good pipeline of requests from our practice owners for extensions to their existing facilities, which have a high payback because they facilitate that extra demand. As a vet business matures and they continue to attract new local customers, I think those extensions for a start can provide a real lifeblood for growth. I also think, we mentioned it in the presentation, advanced capabilities is something I'm learning about in the vets business. On the practices I've visited, I've been slightly blown away by some of the capabilities our practices have behind the scenes. We can talk all day about the commitment and care of the colleagues, and that is amazing. I think it's a huge asset. The investment our practice owners are making in things like MRI scanners, endoscopy. My favorite example, I visited a practice down in Essex where I live, and they have a hydrotherapy pool for dogs. I think, the more of these propositions we bring to our customers, the more choices we give them about how we might care for their pets and look after them and improve their quality of life, the more we might be able to grow revenue through what we call advanced capabilities. We have a lot of those advanced capabilities in the group at the moment. I think there's an opportunity, we know there's an opportunity to link those up more effectively within the group rather than see that revenue escape to other practices. I think there are plenty of opportunities to continue that average revenue per practice growth into the medium and maybe the long term as well. Okay. Thank you very much. Thanks for that. Thank you very much, Andrew. Ladies and gentlemen, as a reminder, if you have any questions or follow-up questions, please press star one at this time. We'll now go to Richard Taylor of Barclays. Please go ahead, Richard. Yeah. Good morning, team. I've got three questions, please. Firstly, on the cost savings, can you just remind us exactly what's been removed here? Before your time, I realize, but the GBP 20 million or so is a large number, just understanding what the organization potentially loses from people departing. It's a big number in the bridge for this year. Secondly, can I just follow up again on accessories? Keen to hear early observations on the product set and why you may have lost share. Was it innovation? Was it convenience versus the likes of Amazon? Do you think you need to lower prices here? Finally, sorry to come back on this, but still keen to understand retail PBT margins that's embedded within your guidance for this year. It looks like there's quite modest growth from both retail and vets. You say vets are going to grow. We can see retail's growing top line quite strongly. Is it implicit within your assumptions for the consensus that retail margins go down this year? Are you baking in some conservatism? You're leaving some room to lower prices again if required? Thank you. Okay. Thank you, Richard. We will take those off for you and try and clear up any leftovers. The cost savings are clearly before Sarah and I's time. That GBP 20 million relates entirely to a restructure at the support office, near Manchester. That support office, my understanding, was had grown in line with the investment schedule and a lot of the work that needed to be done over the course of the last five years. When Ian and Anya looked at the cost structure and looked at the requirements for the business, it was felt that a one-off restructure was necessary to bring the cost back in line with the needs of the business. All of that GBP 20 million saving comes from the support office. My understanding is it's slightly less than a fifth of the number of colleagues. That brings us back to a position we would have been maybe five years ago. From what I've seen so far, I don't believe we've lost any crucial capabilities. Clearly, the teams are leaner. If we need to reshape a little after that, we will look at that. I haven't seen any missing capabilities from the restructure. At the moment, the support office is supporting the stores and the Vets and the grooming and the growing insurance business in the way we need it to. At the moment, I think that was a sensible move to make in the context of where the business was. On accessories, I can't talk too much about why we might have been losing share. There's a well-trailed channel mix story, and I think we've talked before about maybe losing focus on our commercial execution, maybe not bringing enough innovation to the market. Accessories is clearly a discretionary purchase, and I think you need a bit of excitement, a bit of engagement, and a degree of newness to keep customers interested in. Maybe we lost our way slightly in terms of engaging our customers at the fixture. As I said, the retail turnaround plan has product at the center of its priorities. It has been slower to get to market because you can't turn new product ranges around on a sixpence, but they are beginning to arrive now. Later in the year, we should start to see new accessory ranges, new space executions for accessories. I'm hopeful we'll also see some new exciting brands in accessories landing in the stores because it's a way to leverage our unique market position. If you're a new innovative accessories brand, who else should you be partnering with other than Pets at Home with our 7 million customers, 460 stores, 20% market share? It should be a no-brainer. That's just about building good commercial relationships and setting out an exciting proposition for the customers. That work is underway, and we'll start to see the fruits of that towards the end of this year, I believe. Sarah, do you mind picking up on the margin question? Yeah, let me do that, Richard. I think we've talked about some of the variables in the retail business and the guidance more broadly. Maybe if I just summarize that yes, absolutely, we see FY 2027 being a first positive step on our multi-year glide path to improve retail profitability. IE margin up embedded within the guidance. Yes. At the PBT level? Yes. Okay. Thank you. Thank you very much, sir. We have a follow-up question from Tim Ramskill of Bank of America. Please go ahead. Hey, thank you. Probably one for Sarah. Sarah, in answer to one of my earlier questions, you referenced the sort of tidy up of some historic items within vets impacting revenues. Does that explain why fee income grew slightly more slowly than vet practice consumer revenues? Yes. Just help us understand what was the cleanup that was necessary? To the best of my ability, without blowing our mind with too much technical detail, some of our previous practice arrangements were constructed in a way such that some of the investments that Pets Group had made into those practices were considered to be capital in nature and held on the balance sheet. As we looked last year and indeed this year, IE FY 2026, at the substance of some of those agreements, they're all legacy agreements. We couldn't fully justify the recoverability of those assets, so the prudent stance was to write them off and effectively have them as an offset to underlying fee income from those JV practices. It's one-off. It's past us now, and all new contractual arrangements support the accounting and the recognition of those benefits. Okay, understood. Thank you. Thank you very much, sir. As we have no further questions at this time, Mr. Bailey, I'd like to call back over to you for any additional or closing remarks. Thank you. Okay. Thanks, everyone. Really appreciate your time and your questions. We look forward to talking to you all a lot more over the coming period of time. In closing, as I said, Sarah and I are being careful to caveat here that we've only been in the business a couple of months. I think I've mentioned already, I've been really encouraged by what I've found. From committed and capable colleagues and well-invested infrastructure and a really strong underlying brand and customer metrics especially are very encouraging to me. It's far too soon to say, but I think I can probably say that I am quietly confident that it's a business with a bright future. We've got a lot of work to do, but Sarah and I are here to make sure that work gets done, and we can deliver for our customers, our colleagues, and of course, for our investors. Thank you very much for joining us, and look forward to seeing some of you soon.