Good morning, everybody, and thank you for joining today's interim results presentation. I would like to say how pleased I am to be speaking with you today. This is my `16th week in Ricardo since joining in October. I've been busy learning the business and working with the team to see how we can develop sustainable growth for the future, and I'm looking forward to sharing some initial observations after Ian's presentation of the financial review. However, I wanted to start by saying what a privilege it is to have joined Ricardo. There is such strong culture and purpose here, which is intrinsically linked to the deep heritage from Sir Harry Ricardo himself, who inspired an ethos of driving efficiency and eliminating waste, themes that are equally relevant today. Today's agenda will focus on presenting our interim results, and Ian will be going through the detail shortly. I will then provide an update on our strategic direction. This will share the overall direction of travel for the group, and also for A&I. A more detailed strategic plan will be presented at our capital markets event, later in May. We will conclude with a summary and outlook statement before we move to questions. Without further delay, let us begin with some opening remarks. Firstly, we have delivered a good set of results, and we are trading in line with our expectations. Particularly encouraging is the strong growth in order intake. As we will discuss later, the common theme that supports this growth is an acceleration in orders that support environmental change across our business units. This supports the improved revenue performance across all our business units at constant currency. Another highlight is our strong cash generation. This is delivered by improved profit and working capital and creates significant opportunity to support investment for future growth. Long-term sustainable growth is a key priority for me, and as we have started to see through our orders in the first half, there are some significant environmental mega trends that I believe can underpin this objective. I'll share a little more color on this later, but I'll now hand over to Ian to take you through the financial overview. Good morning, everyone. As Graham says, we delivered a good set of results in the first half and trading in line with our expectations. I've got here the usual sort of key indicators to cover the highlights. Starting with revenue. Revenue growth has been good, up 13% to GBP 186 million. That delivers a margin of 5.7% and underlying PBT of GBP 8.7 million, which is up 74% on the prior year. Regarding cash, as Graham has mentioned, we're pleased with the progress on cash conversion at 162%, and that's really driven by a really good working capital performance in the first half of the year. Working capital improved by GBP 13 million compared to the position at the end of June. As a result of the strong cash conversion, net debt is reduced to GBP 39 million at the end of December. That's a GBP 8 million reduction compared to the position at the end of June. That's even after settling GBP 7.2 million of sort of one-off, acquisition-related and restructuring costs. I'll talk a bit more about what those costs are when we get to the cash flow. Cash performance is gonna continue to be a key focus for us going forward, and that's in order to create headroom so we can invest for growth. Given the improvements in cash, we're increasing the interim dividend by 66%. That's up to 2.91 pence. You'll probably remember that in September at the full-year results, I talked about our aim to get back into our stated range of dividend cover. That's within a 2.5-3 times cover. We're doing that here. We're getting back into that range. Although it's at the more prudent end of the range, it does demonstrate our confidence in cash generation going forward and our desire to be paying progressive dividends, but also the intention to retain some cash in the business in order to invest for future growth. Before I come to the income statement, this slide is really to provide some context for the half year results. Given our seasonal mix, this chart shows the H1 comparisons for the group as a whole over the last five years. The key point really on this slide is that in the first half we see orders and revenue recovering to pre-COVID levels. With the improvement in PBT, we believe we've reached the inflection point to sustainable growth going forward. As you know from previous years, we have a seasonal business and about 38% of our operating profit on average pre-COVID was delivered in the first half of the year. What we're seeing here is that we're taking a step towards that pre-COVID seasonality. Just turning to the income statement. Here we show the growth between H1 this year and H1 last year, and that's both at actual rate and at constant currency. We're quite keen to start showing the movement at constant currency given the international growth that we'd like to develop going forward. Graham's gonna talk a bit more in a minute in his presentation about our plans to do that. I'm gonna talk here about the movements at constant currency. At the top line, revenue. Revenue's grown 14%, with a good flow through to gross profit, which is up 12%. With our administration costs rising more slowly at 7%, we see an improvement in operating profit at GBP 10.5 million, which is 44% growth. Going forward, we will look to continue this trend with admin costs growing more slower than gross profit. Graham will talk again in a minute about our more coordinated approach across the group to achieve greater efficiency. Just moving down the statement, net finance costs GBP 1.8 million in the first half. That's 25% lower than the prior period. That's really due to the lower borrowing costs as a result of the strong cash generation. Lastly here on tax charge of GBP 2.1 million. That's an underlying effective tax rate of 24.4%. Guidance on tax rate going forward is consistent with what I said in September. Just a reminder, for FY 2022, that's 25%; for FY 2023, 26%; and for FY 2024, 28%. That increasing rate is really a function of the U.K. corporation tax rate increasing. Okay, moving on to the operating segments. Here we're showing order intake and revenue, starting with Energy and Environment and Automotive and Industrial. Here we see strong growth in both orders and revenue. In E&E, the growth is real structural growth with a strong performance, really on the back of what was a very strong year last year. In A&I, Graham's gonna talk in a little while about the split of the core and emerging elements within the A&I business. For now, in summary, the emerging element is the focus on electrification and smart mobility solutions. That's relevant here because about 60% of the orders in A&I are in this emerging space. When you take that combined with the E&E orders, this demonstrates the growth theme related to environmental solutions and the drive for decarbonization. We are seeing demand accelerate for these services across the world, specifically sustainability, which has seen a large surge in demand as both governments and the private sector increase climate action in response to COP26. In terms of revenue, about 50% of our revenue in A&I is in the emerging solutions, and we expect this proportion to increase over time. Turning to rail and defense, as many of you know, historically, the orders in these segments can be quite lumpy, and we do see that again here. In both cases, for defense and rail in the prior period, they each had a large multi-year order in the sum of about GBP 9 million in both cases, and that's not repeated in the current year. The good thing is that both defense and rail enter the second half with a good order book. Regarding the ABS project in defense, we're still waiting to hear about the approval of U.S. defense budgets. This was due to happen on the eighteenth of February, and we now understand this is gonna happen in March. In terms of revenue, very strong growth in Defense, up 62% to GBP 21 million, and that's mostly driven by stronger ABS volumes as a result of orders received in the prior year. Outside of the ABS project, we've also grown in engineering services. This is within the Defense business, and we are seeing an increasing requirement for sustainable solutions in that part of the business. Lastly here, Performance Products. They've had a good first half. They've extended some of their contracts for further periods, giving good visibility of future revenue. Revenue's also increased in the period due to stronger volumes from McLaren in H1. Just moving on to profit and margin. It's good to see the improvement in underlying profit across all our segments with the improved revenue flowing through to profit. Energy and Environment continues to show solid growth, up 10% on the prior period. A&I continues its recovery back to sustainable profitability. You remember that A&I in H2 of the last financial year was in profit, and we are loss-making here in H1, but this is again due to our expected seasonality between H1 and H2, and we do expect A&I to be in profit in H2 of this financial year. Rail has seen profit increase by 12%, and a margin above 10%, which is good to see, and that's really driven by increased focus on utilization within the business. Defense has had really good growth, up 75%, and again, that's really driven by the ABS volumes in the first half. Performance Products, that's in line with the prior year, but you will remember that last year we did have the benefit from the higher engine price on the McLaren volumes, so therefore, PP is showing good progress on a like-for-like basis. Just to finish on that slide, the plc costs, they're up GBP 500,000- GBP 2.6 million, and that's really almost entirely driven by higher bonus and share-based costs. This year we have higher LTIP costs, higher bonus costs. Last year those costs were quite low with the lower performance due to COVID. We're now, you know, accruing as we get back to a normal level effectively. Just sticking with the segments for the moment, what we're showing here is the trend over the last five years. Again, this shows H1 in each case, but really showing the trend by business segment over the five-year period. This is at constant currency. Starting with E&E on the left. E&E has showed good growth over the period. Rail has sort of flattened over the last few years, and that's really due to the COVID impact and the delay in orders due to lower ridership on most rail networks globally. A&I, obviously we can see the decline for several years, but also we can see the green shoots of an inflection point as emergent electrification solutions start to build traction. Defense shows good growth overall, again driven by ABS volumes, but also the development of other systems integration solutions more widely. PP is showing some recovery with increased volumes from McLaren. That was a good increase in volumes in H1, but we are expecting reduced volumes in H2 from McLaren as they reduce their overall production volumes due primarily to the delayed launch of the Artura. The same chart really for profit. When looking at the operating profit, the trends here are very similar to what we saw in revenue. Energy & Environment, rail and defense all showing long-term improvement and resiliency despite the impact of COVID. A&I, again, has seen a decline for a few years, and as I mentioned in respect of revenue, we see the inflection point with the loss reducing on the way back to sustained profitability. Graham is gonna talk in a minute about the strategy to segment the A&I business in order to support the return to sustainable, profitable growth. Lastly here, PP has been fairly resilient over the last few years, delivering fairly stable profits. Just turning to the geographic split. Showing the geographic split of revenue. The outer circle here is H1 that we've just finished, and the inner circle is the prior year comparative H1 of the prior year. Overall, we continue to have a well-diversified geographic mix of revenue. We have seen good growth in the larger scale markets of the U.K., Europe and the U.S. We've seen growth of 24% in the U.K., 8% in Europe and 39% in the U.S. Graham is gonna talk about this some more in a minute and talk about our desire to continue to grow in the larger scale markets, but also to expand elsewhere where we have a geographic footprint in order to create scale. A quick look at the order book. The bottom bar here is December 2021, in the middle June 2021, and at the top December 2020. With a strong order intake in H1, our order book has increased from GBP 294 million at June to GBP 315 million at December. In addition to the increase, we are seeing improving visibility of the forward order book with GBP 227 million, that's 72% of the order book, is now deliverable within the next twelve months. Okay. My last chart on the numbers. As I mentioned earlier, underlying cash flow from operations GBP 31.9 million, and cash conversion 162%. This has been delivered by both the improved EBITDA at GBP 19.7 million, which is an increase of 17%, but also the GBP 13 million working capital improvement I mentioned. Some other items to note on the cash flow, pension funding. You can see here the cash payments were largely in line with the H1 of the prior year. We've now reached agreement with the trustees on the latest actuarial valuation. With effect from December 2021, our cash funding has reduced from GBP 385,000 a month to GBP 150,000 a month. That's gonna continue through to November 2023, and that's when we'll be discussing the next valuation, and we'll see what the deficit is at that point. I think for modeling purposes, I would suggest continue at that level at 150 a month for the foreseeable future, perhaps beyond November 2023. It could increase, it could decrease, but, you know, it'll depend on what the situation is at the time. But a good saving for the next few years in terms of cash flow. Capital expenditure broadly in line with the prior year and our guidance going forward continues to be around 4% of revenue. Dividends, GBP 3.2 million in the period. That's the final dividend for FY 2021, having suspended the dividend in FY 2020. Also here you can see the GBP 7.2 million of acquisition and restructuring costs I mentioned. This is primarily due to the settlement of the earn-out payments for the rail acquisition we did in Australia 2019. It was just over GBP 5 million pound was settled in earn-out payments in the period. The net of these cash flows is to reduce net debt by GBP 8.4 million to GBP 38.5 million. This improving EBITDA and net debt position does create further opportunity to invest for growth. Graham is gonna talk more about that in a minute and how we're building a structured approach focused on organic growth together with target acquisitions. Okay, last slide for me. In terms of full-year outlook, we've had a good first half, and we're cautiously optimistic for the full year. We expect to see continued momentum in orders, and our January order intake does demonstrate that. There's a seasonal uplift in the second half, but this is largely consistent with what we've seen in previous years. We expect our overall revenue underlying PBT to be in line with our expectations. Given the strong cash in the first half, we would expect net debt to be a small improvement on the December 2021 position, assuming no further acquisitions. I now hand over to Graham. Thanks, Ian. As mentioned earlier, I'll provide a high-level direction today rather than a detailed strategy. I look forward to sharing a little bit more detail with you on the markets day in May. What I'd like to do first is share some initial observations on Ricardo. In summary, we're starting from a very strong base. We have a deep heritage of teams motivated by purpose and delivering real value. They enjoy solving complex problems and have experts in their various fields using science and evidence-based solutions to create truly innovative solutions. As mentioned at the start of this presentation, it goes back to Harry Ricardo, and I believe this purpose-driven motivation and expertise is a key differentiator for us going forward in our target markets. We also have very good breadth of service capability and customer diversification, which means that we're not reliant on any one sector or market. There is good geographic coverage operating in 22 countries, and as Ian said, we have more scale and good revenue growth in the U.K., Europe, and U.S. We also have the opportunity to expand our scale where we already have smaller geographic coverage. Most importantly, I believe we are fortunate to have a number of environmental global megatrends that can support our sustainable growth, and I'll talk about these a little more in a minute. We have some fantastic core capability in growing markets. However, we also have quite a wide span of performance in terms of revenue growth, margin, and return on capital. By that I mean we have some high growth, high margin, high return on capital services, but we also have some declining lower margin and high capital intensity businesses and services. I believe we have a great opportunity to improve our overall portfolio by developing strategies and focused actions to turn around the lower performing services and accelerating the performance of the best performing services. Secondly, the business units have been managed as independent units in the past. This, no doubt, has the benefit of creating clear accountability for delivery. However, it misses the opportunity to leverage more joined-up sales propositions, sharing best practices, and efficient ways of working. I believe we can create more common ways of efficient execution and develop improved performance in each of the business units and across the group. This is a key slide, and I'm gonna take a little bit of time to explain the opportunities it creates. I believe we have the opportunity to play a key role in supporting the significant environmental megatrends and solving some of the most complex problems to a safe and sustainable world. This aligns perfectly to the purpose-led motivation of our teams and can therefore attract and retain talent to support our future growth. This slide shows the megatrends in the end markets our business' units operates in today, and therefore the significant tailwinds to support growth over the coming years. In the top right, we have environmental services. Governments around the world are needing support to measure their environmental impact and plan actions to achieve their net zero commitments. This was clearly visible in Glasgow at COP26. Examples of some of our policy work include the UK government's Net Zero Resilient World program, a number of projects for the European Commission to support their European Green Deal, and internationally, we have just secured a major air quality network contract with Royal Commission for Riyadh City. Our environmental services teams are directly supporting global governments in their plans, but also international finance and philanthropic institutions in delivering finance to developing countries. To achieve net zero, countries across the globe will need to transform energy and transportation, two markets we have strong capability in today. At the bottom of the diagram, we have sustainable, safe, and smart mobility. Within mobility, there is a clear transition to sustainable propulsion and smart connected mobility. We have a strong brand recognition within A&I, rail, defense, and PP in mobility already today. Traditional core propulsion and systems integration services will continue across all business units for many years to come. We also have the opportunity to lead in emerging solutions such as electrification, hydrogen, alternative fuels, digital connectivity, software integration, and autonomous driving in all our business units. As Ian mentioned, circa 60% of our A&I order intake was in emerging technologies. To give us some examples of these range from developing light mobility electric vehicles, an EV production gearbox design, and the design and development of an e-axle inverter. In the top left, we have clean energy and utility infrastructure. Again, there is a transformation in energy with the transition of fossil fuels to renewables and the infrastructure required to support this change. This creates opportunities for Ricardo to support energy and utility companies through the energy life cycle from production, storage, distribution, and utilization. Finally, there are also opportunities at the intersections of these key markets. Corporate decarbonization, we believe, is a significant opportunity for Ricardo. All corporations globally are looking at how they deliver their environmental objectives, and particularly net zero greenhouse gases. Ricardo have already had their science-based targets approved, demonstrating their leading capability to measure, and plan emission reductions. Examples of our private corporate work include ESG services that we are providing to Ferrexpo, numerous financial institutions, and we are currently working with a number of manufacturing and retail organizations as well. We think we can create real differentiation to other consultancies developing in this space. Not only do we have the measurement, life cycle assessment, and strategic planning capabilities, but we also have the technical design, engineering, and implementation solutions, given our expertise in energy and mobility. We also have extensive expertise in managing supply chains through our performance products teams, which again gives differentiated capability, particularly for the most complex Scope 3 emissions through the supply chain. Urbanization, we believe, also creates potential driver for growth. Creating sustainable cities and regions with rapid urbanization requires measurement of air quality and greenhouse gases, management of zero emission zones, integrated decarbonized mobility solutions, including rail, buses, electrified charging systems, and digital integration, to name just a few. Again, the combination of our EE business and our clear implementation solutions through rail, A&I, and PP give real differentiated end-to-end solutions. In summary, for both corporate decarbonization and urbanization, we can help our customers measure, plan, and implement their environmental agenda. As mentioned by Ian, these trends are already starting to develop in our order intake and give us great opportunity to underpin sustainable growth for Ricardo over the coming years. To be successful in our chosen markets, there is a need to take a structured approach to growth. It will be built on a strong base of proactive sales within each of our business units that delivers that organic growth. We are looking at creating clear sales plans that establish geographic focus. This will continue to build larger scale and efficiency in the U.K., Europe, and the U.S. However, we are also looking at leveraging our existing geographic footprint to develop greater scale in the smaller geographies we have today. We are also looking at how we create clear differentiation in each market and build strong partnering relationships with our customers. As discussed when describing the environmental megatrends, we have the opportunity to create aligned value propositions, leveraging capability from multiple business units. Again, we are approaching this in a structured way with focus on priority intersections where we see the most value, and also establishing efficient processes to enable successful delivery across business units. Finally, given the reduction in net debt and continued focus on optimizing cash, we will target acquisitions with the available funding created that deliver additional capability within the environmental megatrends or create greater scale and efficiency in our targeted geographies. I've talked so far about the focus on sustainable revenue growth underpinned by the environmental megatrends. We are establishing a systemic approach and a set of strategic objectives that combine to build momentum in the objective of sustainable growth. I've talked about how the teams are motivated by purpose and delivering meaningful work. This is critical to attract and retain the best talent in Ricardo in an increasingly competitive landscape. With this talent, we will focus on building the most trusted partner relationships with our customers. With these relationships and the focus on the growth trends, we want to achieve high growth in our chosen markets. We will be disciplined and focused on delivering operational excellence and efficiency with the intent of delivering higher margins and profitability. With the strong profitability and the continued focus to optimize cash conversion and return on capital employed, we believe that enables progressive dividends and further investment for future profitable growth. With this growth, our teams are further motivated by the bigger impact they make, which further enhances engagement in delivering meaningful and fulfilling work. All the strategic objectives therefore connect and support each other. Our focus on disciplined performance is motivated by purpose and therefore ultimately becomes self-perpetuating. As mentioned earlier, to date, the business units have been managed independently. We have the opportunity to better leverage best practice across the organization, creating common solutions to common challenges, and aligning to create more value for our customers. We are therefore establishing eight work streams that directly support our strategic objectives, as seen on the slide. These will coordinate and align priority actions to deliver efficient and consistent execution within each of the business units. An example to bring this to life would be within the proactive sales work stream. To align CRM across the business units, enabling effective account management and improve customer intimacy and value. As Ian mentioned earlier, we have benefited in H1 from growing revenue faster than admin costs and with stronger flow through to operating profit. With this focus on coordinated e-execution, we believe we can become more efficient in admin costs, and I would expect this to contribute to improving margin over time as revenue increases. I want to share some clear direction for A&I as well. I've described the strategic objectives that we have for the group, and it is in that context that we have reviewed our strategy for A&I. We will take a segmented market approach, attract and retain the best talent, partner with our customers to deliver their needs, focus on delivering high growth, high margin, and high return on capital to reinvest for future growth. The customers we serve in A&I are clearly in transition, and this creates clear market segmentation with differing customer needs. Internal combustion engine or ICE has been our core business in A&I for over a hundred years. The market is increasingly moving to electrification and software as described previously. However, this transition will take much longer and the end state is truly unknown depending on the end customer. Marine, rail, aerospace, heavy duty vehicles, and off-road vehicles will all use ICE for many years to come. Alternative fuels, and particularly hydrogen for ICE, are compelling solutions to create greener propulsion for longer life assets and heavy vehicles. Examples of this are development of hydrogen solutions for the marine and aerospace sectors, which include projects with Cranfield Aerospace Solutions and Project HIMET, a project funded by the Department for Transport as part of their Clean Maritime Demonstration Competition in partnership with Innovate UK. Overall, we had 164 projects in hydrogen in 2021. In addition, OEMs and tiered suppliers in smaller applications are increasingly looking to outsource their ICE developments so they can focus their own electrification developments. As a result of these trends, we believe there will be continued demand for our core ICE business for many years to come. I've already talked about the emerging trends towards electrification and digital transformation. There are alternative battery and hydrogen fuel cell solutions and increasingly complex software subsystems requiring system integration and digital capability. An example of hydrogen fuel cell is the work we have completed with Toyota and other fuel cell feasibility studies. The digital requirements extend to data-led transformation across the product's life cycle, including optimization of efficiency, charging, maintenance and servicing, but also potentially safety regulation and road charging mechanisms in the future. Automated systems and connectivity will therefore create next generation of new revenue streams. Given these different segments, we will manage them with clear focused actions for each. For the core ICE business, we will optimize performance to deliver cash to reinvest in new technologies. As Ian mentioned, about 50% of our revenue and 40% of our orders are in our core business. Given we see continued demand for the core business, retaining and developing our billable expertise is critical. We are reviewing options at the moment to deliver efficiency in both our services and geographic footprint to focus on the most profitable services with the most efficient capital requirements. With the improved profitability and cash focus from the core, we will look to scale our emerging mobility solutions. The emerging business already represents 60% of orders and has shown good growth compared to prior-year. We also see slightly higher margins in our emerging solutions compared to our core service. Our improving mix of emerging will support our overall A&I margin over time. Again, we will look to attract and develop expertise for this growing market, and we will be very focused with R&D and CapEx allocation to prioritize growth and return on capital employed. We are reviewing the specific capability that we will invest in at the moment, but we'll be focused on where we are already seeing order momentum, where we can truly differentiate to develop leadership, scale and strong return on capital. With these clear actions in each segment, we believe we can return to steady revenue growth and profitability from 2022-2023. We'll provide more detail of our plans in our markets day in May. Let me summarize the key messages before we open up for questions. To summarize, starting with our H1 trading results, overall trading is in line with the board's expectations. Strong order intake of GBP 211 million delivers a 16% increase on prior year, driven by accelerating environmental trends across all segments. Revenue is up 13% at GBP 186 million, with improved performance in all segments at constant currency. Good order intake and revenue growth in A&I signals an inflection point towards sustainable profitability. Our underlying profit before tax is up 74% at GBP 8.7 million. Strong operating cash conversion of 162% has delivered a net debt reduction to GBP 39 million, creating opportunities to invest for growth. An interim dividend of 2.91 pence is declared, which returns to our normal distribution range. The implications on full- year outlook following a good first half are that we are in line with our seasonal expectation and therefore cautiously optimistic for the full- year outlook. We therefore expect our revenue and profit before tax to be in line with expectations for the full year. For net debt, we expect a further small reduction from the already significantly reduced December balance of GBP 39 million. Finally, the key messages I'd like you to take away from the strategic update. We have a number of environmental mega trends that could underpin our profitable growth over the long term. We are developing a targeted organic and M&A activity to leverage these trends. Within A&I, we have a clear segmented approach to optimize profitability and cash from our core business, which will enable focused investment and scaling of our new emerging mobility solutions. All of the above will be delivered with a rigorous focus on performance management and ensure consistent and efficient execution, within our business units. That concludes the formal presentation. I think we can now open up to questions. Morning, Chris Bamberry, Peel Hunt. When you mentioned about the wide variation in revenue margin return on capital, what element might be down to things like structural factors, maybe in different markets or geographies, where those might be and where the greatest opportunity, I guess, on the other side lies internally, where, you know, by delivering, improving internal efficiencies and scale, et cetera, you can move margins? I think this is driven by both service within a business unit and also potentially geographically as well. If I take rail as an example, it is typically run geographically, and again, we have lower margins and higher margins by country. What we're looking at is, look, how do we optimize the margins in the lower margin countries and also, you know, how do we expand in the higher margin countries? Equally, within A&I, again, we've got, you know, some services that have lower margins, but also particularly the capital intensity of some of those services. That's gonna be the real key focus of, look, which are the ones that drive the strong return on capital and which are the ones that are perhaps, you know, more consuming of cash, and how do we prioritize to focus on the higher capital return businesses. It depends on the different business unit and the geography. A couple of questions on A&I, if I may. In the emerging area, where do you think perhaps you need to add capability, you know, given the current opportunities? The first question there, so. Look, I think the biggest growth is obviously gonna be in the emerging space. We see you know strong potential in the electrification and particularly the software and digital capabilities. That's where we're focused. You also mentioned A&I obviously, the customers perhaps outsourcing more in the core markets, conversely focusing more on emerging. Does that perhaps restrict some of your opportunities? I know it's a very large market, but if they're investing, your ability to get people, perhaps, you know, they'll start to recruit, try and recruit people off you, they've got expertise in EV, et cetera. Yeah. Look, we need to be very focused on which services we want to be developing in and where do we want to create our own IP. For example, we don't necessarily want to be in pure battery space because again, there's clearly a strong competition in that space. Where we can play is in battery management systems, you know, and the integration of all the different components. We see ourselves as an integrator increasingly rather than you know building the specific building blocks within the electrification space. We think there is enough in the niche integration space to create a differentiated play. Thank you. Thank you. Mark Davies Jones from Stifel. If I can stick on A&I to begin with. As you look to perhaps move away from some of the less efficient businesses in terms of the use of capital and the returns, does that mean that there are gonna be assets and parts of the cost base that are basically obsolete or off the books? What kind of asset base is tied up in Shoreham and elsewhere in those test facilities that are related to the old ICE business? Could we be looking at some write-downs to reassess that cost base? Look, the simple answer is that we're reviewing that at the moment. What I'm more focused on actually is the cash required to maintain and continue the services going forward. If there is a large requirement to maintain assets that is keeping them alive without the return on capital, those are the types of areas. Look, we'll come back in May with more detail of the implications of that. Look, we are looking at the portfolio and, you know, we'll think about, you know, the implications on write downs in May. Okay, thanks. Moving on, it sounds as though the outlook for PP is a bit softer because of some customer delays there and the whole supply chain issues that you mentioned. The overall outlook is unchanged for the year. Is that other parts of PP offsetting that, or is that stronger growth coming through in EE that offsets it? Yeah. No, what we are saying actually is that with the McLaren volumes being lower, so in the first half of the year, they were lower than we expected. In H1 we did offset that with what we call new product engineering, new product introduction. So that's where we're doing engineering projects for current customers or new customers. And also some of the transmission programs did better in H1. So we did offset that and delivered H1 in line with our expectations. In the second half, the volumes are gonna be lower, as I said, lower than H1. And we're not gonna. We don't expect that we'll fully offset that in the full year. We will to a degree, but not fully. There is on the PP segment, so our expectation is below the consensus for PP in the second half of the year. At the PBT level, we do expect to offset because we have reduced interest costs, so reduced financing costs. What that means is a slightly lower operating profit but lower financing costs and in line with our expectations at PBT. Can I ask one final clarification point? There's a comment in the A&I commentary in the statement says, "The pace required for client program delivery is also increasing opportunities to explore business models that realize value for IP," which sounded interesting, but I wasn't quite sure what it meant. Is there alternative business models in terms of how you charge for that IP? So, the example actually, you know, the battery management systems that I was referring to earlier is a particular piece of IP that we've created. There is a license model that's up front and then a recurring revenue stream off the back of that. That may be something that we can then create repeat licenses going forward, as we develop it. Again, it's early days, but we're looking at what our options around that. Yes. A couple of questions, please. You've said you expect to be in line with our expectations. Could you remind us what your expectations are for this year? Well, we're not gonna give a profit forecast for the full year. In terms of where we traded so far in the first half, that's in line with our internal plans and budgets. Currently, as I said in my presentation, you know, we do have the seasonality between H1 and H2. As you go into the second half, you know, there's still quite a lot to do to deliver the full year. The visibility that we have at the moment with our order book, and how the business units are performing, you know, we expect to deliver on our internal plans, for the full year effectively. Okay. You said that you expect a small improvement in net debt. Are there any specific factors why cash conversion will not be? Really, because the second half obviously is our strongest half and our final quarter is our strongest quarter of the year, we do expect to see some unwind of working capital in the second half. With receivables are likely to be higher in June than they were in December, again, with the high revenue in that quarter. With the ABS program, again, we're expecting to have quite high deliveries in that final quarter, so we'll be carrying some inventory and some receivables on ABS. Also in Performance Products, we're expecting some higher inventory in some of the other programs at the end of June. When you sort of take all that in the round, some of that working capital is likely to unwind in the second half of the year. Okay. Just on one of the slides where you give revenue by customer, I noticed that the top two customers are both from PP? Yes, this would be number one would be McLaren, number two would be AM General. Just one more question from me. Could you sort of talk about sort of wage inflation, attrition rates, how you're attracting people given what's going on? The wage inflation that we've got is, you know, by geography again, you know, broadly in line with inflation from a geographic perspective. We have seen some churn in specific areas. There's no question an increasing challenge in our environmental business and our growth areas in A&I as well. Actually, look, again, if we think about how do we protect and attract talent, again, as I mentioned, the focus on, you know, purpose and creating real value here, I think is a differentiator for us. Particularly within A&I think there is also a more holistic range of skills that we typically provide rather than perhaps a bigger OEM in those types of rounded capability. Look, there's no question that we also need to think about, look, do we need to create you know the right reward structures for retention as well. It you know has to be the right hygiene factor to be competitive. I would expect that you know we will need to probably increase reward in certain pockets for certain skills. Equally, the flip side of that is that the higher demand is driven by the higher customer demand, and therefore, we need to think about how do we create value pricing, you know, with differentiated services to offset, from a customer perspective as well. Yes, I expect that we will have some pockets of higher inflation, but equally, I would like to think that we can maintain the margin overall based on, again, the value that we provide to our customer. Given the sort of multi-decade challenges of decarbonization, do you see greater visibility in your environmental side of the business in terms of revenues beyond 12 months, that side of the business growing, so that in terms of workload? Yeah. I think there's no question we are getting bigger multi-year projects. Some of the government projects that we have within the U.K. and Europe particularly have been longer. Again, you know, the Riyadh projects that I've mentioned again is a multi-year project. I think increasingly we will see this measurement plan and implement cycle, and therefore we need to build the proof points. I think we'll get more recurring revenue as a result of the measurement as we go through you know multiple cycles. Look, we're seeing it already with much bigger projects. I also would like to think that we can increase the recurring revenue through the measurement activities. Just one more example. I think in the U.K., you know, our U.K. air quality measurement that we've done has been recurring for, you know, the last two-three decades. Once we get into that measurement, I think they can become recurring. With regard to M&A, how well is the pipeline developing? Are you just considering bolt-ons, or would it potentially be something larger if something came along? Finally, in terms of leverage, what kind of range would you like leverage to be in? We have spent a lot of time building the pipeline. I'm looking at Mike at the back of the room, who leads our M&A. We are looking at bolt-ons and, you know, slightly bigger opportunities. We will be targeted in materially the top half of the Venn diagram, in terms of where we're looking, and as I mentioned earlier, the geographic focus as well to create scale in certain countries. In terms of leverage, typically, we want to operate within around a level of two. Now we may consider going above two, you know, for short periods if we can see, you know, ways to bring it back to two relatively quickly. But even at two, that gives us a, you know, a material amount of immediate firepower to create some slightly more meaningful acquisitions. Do you have any exposure to CEE, Russia, or Ukraine, for example, with auto components from CEE? That's from Robin Byde at Zeus. Thanks, Robin, for the question. Look, we don't have, we believe, any direct supply as a result of obviously the challenge that you know have blown up this morning. You know, there is a risk, obviously, in the wider supply chains, particularly for chip supply, because I think some of the raw components that go into batteries are, you know, ultimately sourced in Russia and Ukraine. But we don't. You know, clearly we'll have to see, you know, what the wider impact is on the chips more broadly, but it we don't believe that we've got any direct impact. It'll be more, you know, what's the implications on our own customers. Graham, you've been with the company for a little bit now and obviously made a good start getting to grips with the various businesses. I think obviously the customer proposition and indeed, quality of the engineering and consulting capability well understood. You talked about the deep domain expertise across those different divisions. Just interested in your impressions on where you see the opportunities to drive further margin improvements, be that in pricing, efficiencies or perhaps a sort of sharpened focus on mix and given end markets. Then I'll come on to my second question. No, I mean, I think I probably, you know, covered it in terms of the portfolio point. You know, this span of performance that we have, and frankly this is in every business unit, depending on the portfolio that we have within each business unit and the geographic mix as I've already mentioned. Look, I think there is opportunity to improve. We're developing, you know, our planning cycle this year with greater focus on service mix and capability, and the implications therefore on our R&D and CapEx and making sure that we're investing in the higher growth, you know, higher margin services. Again, through that performance management and focus, I think there's opportunity there. I also talked about, and Ian mentioned it, you know, the flow through of higher revenue and gross profit through to operating profit and PBT. You know, if we can get more efficient in our admin costs, it doesn't mean that we reduce our admin costs, just to be clear, but it means that, as we grow, we don't necessarily need to invest in admin in the longer term. Therefore, the percentage of revenue I think will improve or contribute to margins going forward. I think also in terms of pricing, the point around again creating real differentiation and value propositions, both at the business unit level and across the business units, I think can create quite significant value. In the decarb space and the urbanization as the examples I gave, I genuinely believe that actually there are very few, if any, that can create the plan and the implementation solutions and therefore give an end-to-end capability. I think we can create, you know, very real customer value for our customers in that sense. Thank you. Maybe secondly, good momentum in the order book. Seen quite a lot of change in customer behavior across the industrial space, extended lead times and so forth. Just interested in the dynamics you're seeing across the different end markets. Are there any significant changes to customer buying patterns? Any color would be appreciated. Look, I mean, I think the buying patterns themselves, you know, I wouldn't necessarily say are changing. I think in the A&I space, clearly we've got a you know, a very strong momentum in the emerging. 60% of the orders are in the emerging solutions. So again, that acceleration that we're seeing in the electrification is clearly, you know, very significant. I think in rail, again, increasingly we're seeing interest in you know, urban type of delivery and the integration between the infrastructure and the rolling stock and how do we again create an integrator role in some of those solutions. I think, you know, as people emerge from COVID and the acceleration for decarbonization, look, I think that's creating opportunity for us. Look, it's, you know, the start. I don't wanna overplay it, but the, you know, with strong half one, you know, I'm reasonably confident that we can see a continuation in that. Okay, great. Well, thank you for coming and nice to see you. Thanks for now. Thank you.