Good morning, everybody, and welcome to the full year results for Ricardo. As always, before I start, could I ask you just to note the disclaimer on the screen, and in your packs? So for the agenda today, I'll start with a summary of the overall performance of the group. Delighted to then welcome Judith Cottrell to the team as CFO, who'll take you through the financial detail. I'll then spend a bit of time updating on the strategic progress we've made, in the year, and provide a look forward to some of the key things that we're focused on in 2023, 2024. And then I'll finish with a few closing remarks and open up for questions. So overall, 2023 has been a good year, delivering strong growth and continued transformation in line with our five year strategy, outlined in May 2022. Growth is at the heart of the strategy, taking advantage of the energy transition megatrends, and we've delivered in line with our expectation, with revenue growing at 17% year-on-year, and underlying operating profit growing at 21% year-on-year. Key to that growth is strong momentum in orders, and at GBP 522 million, it's our highest ever annual order intake. We've also made good progress in our portfolio transformation, both organically and inorganically, with one divestment and two successful acquisitions in the year. Key to the overall group financial performance and portfolio transformation is the recovery of A&I. As you will see, we've made good progress in our emerging portfolio, but as shared at the half-year results, the established A&I portfolio has had a challenging year, falling faster than we had anticipated. We've taken decisive action, as communicated at the half year, and therefore believe we have created a platform for improved operating profit performance in 2023, 2024 and beyond. We've also made good progress in aligning our go-to-market value proposition and adding value for our customers as one Ricardo. Let me now hand over to Judith, to introduce herself and take you through the financial results. Thanks, Graham. Good morning, everybody. It's great to see some familiar faces in the audience, but for those of you I haven't met, I'm Judith Cottrell, and I officially take over as Group CFO today. Before I take you through the results for the year, I just want to share with you some of my first impressions. I joined Ricardo at the end of the year, where we've continued to progress our portfolio transition, where we've put in place the enablers for success and positioned for growth. It's really important that we have the right leadership in place at this time, and I join a refreshed leadership team, where I see strong leaders in our business units and real talent and expertise in our functional leaders. One of the things that really excites me about Ricardo is what we do for our clients. We're at the forefront of that environmental, energy, and mobility sectors, and I truly believe that through our portfolio transition, we've got a real opportunity to create value for all of our stakeholders. I think we're operating with unconstrained growth potential from a market perspective, and you'll see that shortly coming through in our order book. This is our usual KPI slide, so it's for our continuing underlying business. It excludes the software business that we sold back in August last year, and also excludes some specific adjusting items. We've made really good progress on our portfolio transition, but also delivered a strong full year performance. You can see from just about all of our metrics here, they've compared very favorably to the prior year. We got a really strong order intake, up 23%, at GBP 522 million. Our revenue's up 17%, at GBP 445 million. But more importantly, we're seeing our order intake exceed that revenue, so our order books are growing. Our margins improved fractionally to 7.6%, but I do think as we continue with that portfolio transition, we'll continue to see improvements in our margin. That gives our underlying profit before tax of GBP 27.9 million, up 15% on last year, and growth in EPS of 7% to 33.4 pence. Turning to our cash performance, if you average our cash conversion over the last two years, we do exceed our target of 90%. It's a little bit lower in the year at 75%, and I kind of want to explain that in more detail in a minute, but it's really been driven by increased revenue, driving up working capital, and also some delayed customer receipts. We made some acquisitions in the year, and we've spent over GBP 26 million on acquisitions, so our net debt increased by GBP 27 million to GBP 62 million. That's put our leverage up a little at 1.41 times, so a little bit higher than our target of 1.25 times. But I expect to see that come back down to our target levels. Got a healthy return on capital employed, up five basis points to 24%. And that strong performance in the year has given us the confidence to declare a total dividend for the year of 11.96p per share. That's up 15% on last year, so in line with the increase in the interim dividend, and still within our dividend policy, where we aim to maintain cover of 2.5-3 times, and we've actually got that slightly at the more conservative end of that cover. Then finally, if you look at our voluntary attrition, really good progress here, down from 17% to 13%. This 5-year trend slide just shows our sustainable return to growth on our key performance metrics. Order intake and revenue at record levels now and exceed the level we were performing at pre-pandemic. We've made really good progress on increasing underlying operating profit and margin, not quite back to that pre-pandemic level, and that's really due to reduced volumes and profitability in the A&I business. As we continue with that portfolio transition, and as Graham said, with the actions we've taken in the A&I business, I expect to see further improvements in both underlying profit margin and also the overall figure. Revenue is materially ahead of last year, up 17% or 14% at constant currency to GBP 445.2 million. We have seen a slight reduction in our gross profit margin, and that's really a mix issue. We're seeing really strong growth in Defense and also in Performance Products. Both of those businesses have high material contents on their projects, so it drives a slightly lower gross profit margin. We've seen reduced volumes in our A&I business, where traditionally we have higher margins. Our indirect costs are absolutely under control, an increase of just 1%, and they now represent 20.7% of revenue, so getting very close to that target 20%. That gives operating profit of GBP 34 million, up 21% or 16% of constant currency. That's a GBP 6 million increase, which gives us the confidence that we're on track to deliver our ambition of doubling that operating profit in the five years to FY 2027. Turning to finance costs, we've seen those have increased. They're in line with expectations, but have increased by GBP 2.3 million on last year. That's really been driven by underlying macroeconomic factors, which have driven up interest rates. In FY 2022, our average interest cost was about 2.1%. That's now up to about 4.8% in FY 2023, and that's caused a GBP 2.2 million increase in that interest cost. As we flagged in our July trading update, I do think we'll see interest costs a little higher again in FY 2024, because a number of those interest rate increases came in in the second half of the year. And that gives profit before tax of GBP 27.9 million, up 15% or 10% constant currency. Underlying tax rate's just over 26%, in line with expectations, but as we see the U.K. tax rates increase, and also as we see increased profit from our Australian operations, I think we'll see that trend more towards 30%. I'm predicting somewhere around 29% for FY 2024. And overall, that gives profit after tax of GBP 20.6 million. We have made good progress on our portfolio transition this year, and before I take you through the different business units, I just want to remind you of those two portfolios. So we've got our Environmental and Energy Transition portfolio. These are our high growth, high margin, low capital-intensive businesses of Energy and Environment, Rail, and Emerging Automotive and Industrial. They currently represent about 68% of the business unit operating profit, but by the end of the five years, I expect that to be nearer 75%. Established Mobility portfolio, that's our Performance Products, Defense, and Established Automotive and Industrial. They tend to have lower growth, tend to have lower margin, but really give us that long-term visibility and resilience that enables us to continue with portfolio transition. So turning first to the Environmental and Energy Transition portfolio, good growth in orders, strong growth in revenue here, and that's really been underpinned by the Energy and Environment business, where orders are up 50% and revenue's up 31%. We're seeing strong market demand across all of our growth solutions there. Got a little bit of improvement in margin there, so our operating profit's up 45%. In Rail, we saw a number of projects come to an end in 2022, so as expected, we have seen our revenue reduce a little there, down 4%. But encouragingly, our order intake's up, up 1%, and order intake's exceeding that revenue, so our order books are growing, and we've got a strong pipeline, so I'm confident of our return to growth in that business in FY 2024. But that reduced revenue and also some investment in business development capability, plus the fact we're repaying a GBP 0.5 million government grant we received from the Dutch government through COVID, means our margins are down and our profit's down at GBP 8 million. In emerging automotive and industrial, as we've indicated before, we're operating in markets where we're seeing new entrants and where existing customer needs are evolving, so we expect to see some short-term fluctuation in order intake there. We saw that in FY 2023, with orders down 19%, and I think we'll see a bit of a drag still in the first half of FY 2024. However, we are seeing a long-term growth prospects there. Our revenue's up 16% from growth and demand in hydrogen and electric vehicle applications. That growth in revenue and strong cost control means our profit's up at GBP 10.6 million, and those margins have improved as well. So overall, this portfolio is delivering double-digit revenue growth of 14%, and with that margin improvement, very close to mid-teen margins now. Established mobility portfolio, really good order growth, 37%, revenue growth, 14%, but we've seen our profit and profit margins reduce because of reduced performance in the A&I business. In performance products, orders are up 54% and revenue's up 15%. We won a new multi-year transmission program. We've seen extension to existing transmission projects and an extension on that McLaren program. We did experience some supply chain issues earlier in the year, so our volumes were down a little then, which has given some inefficient labor costs, and we've also seen some increases in material and energy costs. So that meant our margins have reduced fractionally, and we've seen profit only up 2%. Just looking forward, many of you may have seen McLaren's announcement the other day that they are reducing volume production to focus on quality. That is going to have a knock-on impact on us in FY 2024 and on the level of production volumes for their engines. Turning to defense, really strong performance there. Orders up 40%, revenue up 78%. That's all on the back of the ramp-up of the ABS program, and that's flowing down to profit and margins. And then finally, in the established automotive and industrial business, at the second half of FY 2022, we saw reduced order intake there. That's meant revenue's down 48%, and we've seen our orders down a little bit this year. As Graham indicated earlier, we took decisive action at the end of the first half to restructure that business. We impaired a number of assets in the established business unit, and across the total automotive and industrial business, we've reduced heads by about 150. So I expect to see some improvement in profit performance in FY 2024. But overall, this portfolio is delivering good order growth 37%, revenue growth 14%, and that gives us that long-term visibility and resilience to underpin that portfolio transition. And that's important because that portfolio transition has been successful. Overall, our group operating profits increased GBP 6 million, but GBP 11.1 million of that increase came from the environmental and energy transition portfolio, while the Established Mobility portfolio reduced by GBP 4.5 million, pretty much due to that GBP 10.9 million reduction in the established A&I business. With the actions we've taken to restructure the business, reduce costs there, the profit performance will improve in that business, and I expect strong performance in our other business units. So we remain confident of our ability to deliver a GBP 6 million per annum increase in operating profit, which gets us to our ambition of doubling profit by FY 2027. We have incurred some specific adjusting items, GBP 28.5 million in total, mainly around M&A activity and the A&I restructuring. Most of those were non-cash items. We spent about GBP 10 million cash, but that's been funded by the GBP 11.9 million of net proceeds we received on the sale of software business, so broadly cash neutral in the year. Turning now to cash, as I said a few minutes ago, if you average our cash conversion over the last two years, it comes out at 94%, so over that target, 90%, but was lower in the year at 75%. Three factors really driving that. It's driving an increase in working capital of GBP 12.8 million. First of all, our revenues increased by GBP 65 million, naturally drives increases in working capital, and in particular, when a lot of that revenue growth came in our defense business, where we have high levels of inventory, we saw our inventory build up a bit there. We also had a strong performance, 112% conversion last year, and I think that caused a little bit of unwind in this year. Then finally, around GBP 5 million of client receipts were delayed from the back end of 2023 into the first quarter of 2024. If we'd actually received those on time in June 2023, our conversion would have been around 85%. This is an area I'm going to be particularly focused on to drive improvements in that working capital movement and get our conversion back to over 90%. As I said earlier, interest rates have gone up, so we've paid a bit more interest, but we've paid a little bit less on capital expenditure, down at GBP 10.6 million. That's just over 2% of revenue, and I'd usually expect to spend around 3%-4% of revenue. We have introduced a more rigorous capital allocation process in the year, which just brings in a little bit more discipline and structure to capital spend, and I think we're seeing a little bit more focus on digital rather than physical assets. And then finally, as I mentioned, we funded those restructuring costs from the sale proceeds of the software business, but incurred GBP 26.1 million on acquisition spend. So that's caused our debt to increase by 26.7 to GBP 62.1 million. And that increase in debt on the back of those acquisitions means our leverage has increased, up now to 1.41 times. So that's a bit above our target of 1.25 times, but still well within those bank covenant limits of 3 times. And I do expect to see that leverage limit come back down to our target of 1.25. At the end of June, we had an RCF facility of GBP 150 million, GBP 50 million of that was undrawn, and we had about GBP 37 million of net cash around the group. So we've got good headroom on our facilities, which additionally, low level of leverage means we're well placed to continue to invest for growth. And that's important because we're seeing our order books grow. We're at a record year-end level of just under GBP 400 million. The less than one-year order books increased by GBP 15 million to 250, and the over one-year order books increased from GBP 105 million to GBP 145 million. That gives us the confidence of our ability to deliver in FY 2024, but also that long-term visibility to progress further with the portfolio transition. Encouragingly, just about all of our business units have seen an increase in their order book. One exception is defense. However, we did announce earlier this week that we've received a $385 million extension to the ABS program. That gave us an order in the month of $92 million. It's confirmation of what we were expecting, and whilst future orders to take us to that $385 million are dependent on government funding coming through, we have high confidence of that happening. So this really underpins the future to around September 2027, when the delivery period will end, of around $90 million-$95 million of revenue on this program. So to summarize, we're well positioned to continue to deliver strong growth in the near and long term. We had a strong performance in FY 2023, order intake up 23% to GBP 522 million, and with that exceeding our revenue, our order books are growing and at a record level. That underlying operating profit increased by GBP 6 million, so absolutely on track to deliver our ambition of doubling profit by FY 2027. We took decisive action in our A&I business to restructure and reduce costs, so we'll see some profit improvement there in FY 2024. And with that spend on acquisitions, debt did go up, leverage went up to just over 1.4, but we expect to see that come back down to our target levels of 1.25. Good headroom on our facilities, so great position to continue to invest for growth. We expect our future performance is in line with market expectations, and we've got some volume challenges in McLaren, and we've got a more prudent view on our A&I business, but that's offset by a stronger performance in our defense business. And with that, I'm going to hand back to Graham to take us through the strategic performance. So I wanted to start with a reminder of the key pillar that underpins our 5-year strategy, being a portfolio transition to 75% of our profit being generated by our environmental and energy transition, or EET portfolio. Driven by the environmental mega trends that we've talked about before, we see higher growth and higher margin, with lower capital intensity over the longer term in our EET portfolio. This is clearly demonstrated in the financials that Judith has shared, with 14% year-on-year revenue growth and 14.2% margin in the EET portfolio, and an increase of 5 percentage points to 24% in the group return on capital employed. This won't necessarily be a straight line over the 5-year period, but as Judith mentioned, we are making good progress in our long-term ambition, with EET portfolio representing 68% of underlying profit in the year, and that compares with 53% in the year before. However, the long-term visibility and relatively consistent financial performance of Defense and Performance Products in the Established Mobility portfolio also plays a key role for the group as we go through the portfolio transition. The signing of the extension to the McLaren engine delivery contract through to 2030, and the exclusive new contract in defense for the delivery of ABS retrofit kits for the next 3-5 years, are great examples of the progress to create this longer term visibility. This visibility and consistency is helping to mitigate the fluctuations we have previously seen and talked about in A&I. I laid out the high level time plan in our five-year strategic plan in May 2022, and I'm pleased to say that we're delivering broadly in line with that plan. The two key focus areas for 2022-2023 were the A&I recovery and developing a proactive sales focus with clear differentiation. For 2023-2024, we want to continue to embed these themes with enhanced digital capabilities. In addition, we are further developing the functional alignment across the group. I'll give a little bit more color of the achievements in 2022-2023, and what we're planning for 2023-2024. So we made good progress in A&I across a number of areas, but there's no question we have more to do in 2023-2024 to underpin sustainable, profitable growth. We are investing in priority growth areas, in emerging solutions, and see significant opportunity in hydrogen, in both combustion engine and fuel cell solutions. We are also developing new solutions in electrification. We've also successfully diversified our markets with increased penetration into aerospace and marine, further reducing our historic dependency on passenger car customers. Operationally, we have implemented the restructuring activities communicated in H1, and increased our focus on defining project scope at the bid stage, quality of project delivery, and cost discipline with a more flexible resourcing model. Our A&I teams have undergone a material change over the last 18 months, with consolidation of three geographies, the definition of emerging and established solutions, and a significant restructuring. To support the embedding of the transformation, we are investing in a few key sales and operations roles to underpin our growth focus and develop engagement and confidence in the teams. I shared at the half year some of the market dynamics, and they still remain challenging. Given the multiple technical options for energy transition and the uncertain economic picture with higher interest rates, deals are typically taking longer to convert. This is also leading to some pricing pressure to support utilization. Taking all of these factors into account, we're confident that we're taking the right actions to underpin our long-term sustainable growth, and we expect to see improved operating profit in 2023, 2024. The other key focus for the group in full year 2022, 2023, was to establish clear differentiation and proactive sales approach to support our customers with the complexity of energy transition. We provide expertise in both mobility and environmental solutions, which help resolve the interrelated needs of our customers. We're building good momentum in our sales and marketing activities, as seen in our high order intake, and increasingly with combined mobility and environmental solutions. In just the last six months, we've had 22 project examples with leading brands and organizations where we are selling combined mobility and environmental solutions, and the pipeline is expanding quickly. To give just a few examples, we have supported the International Marine Organization in establishing their energy decarbonization policy. This looked at both energy infrastructure in key ports around the world, and also the shipping fleet globally, to forecast potential take-up of propulsion solutions to support a realistic decarbonization pathway. Having also worked with the EU to support standard lifecycle assessments for passenger cars in Europe, we have since worked with BMW to support them to adopt an industry-leading lifecycle footprint concept for their future product range. We've supported Winnebago in the U.S. to develop its first electric zero-emission recreation vehicle. And finally, we are supporting Australian Rail Public Transport in determining the most appropriate power technologies to support decarbonization. As you can see, these examples are across multiple industries and multiple geographies, giving confidence in the relevance of the strategy in our target markets. We're looking to introduce further digital solutions in 2022, 2023, to expand subscription-based revenue streams that will support resolving the interrelated complexity of energy transition. Central to this development will be to leverage our acquisition of E3-Modelling or E3M. E3M models provide a detailed future projection of energy demand, supply, and price, covering the entire energy system, including all forms of energy source, including renewables, hydrogen, and conventional fuels. The detailed models also forecast the impacts of greenhouse gas emissions and take account of current and future policy developments. As a result, the models can support governments, corporates, and financial institutions with major investment decisions to address the transition, opportunities, and risks of climate change. By creating a new web-based subscription solution, we believe we can scale the distribution of E3M's advanced models more widely. As an example of the international applicability, we recently secured a new project with the energy regulator in Bermuda, who are using these tool sets to support their wholesale energy modeling forecasting. This is just one of the exciting digital projects that we're currently working on that can support the long-term energy transition trends. In 2023, 2024, we'll continue to develop our growth levers with portfolio prioritization, market expansion, and M&A acceleration. To accelerate and support this growth focus, we are also aligning our back office functions under the leadership of a global lead for each functional area. To give a few examples, from a customer experience perspective, aligning our marketing capabilities under one function will enable us to present a single differentiated brand with mobility and environmental solutions, accelerating our growth. From a people perspective, we can gain greater scale and efficiency for the key enablers for our global growth ambition, such as attracting and retaining key talent globally and creating career-enhancing learning and development solutions. Under our optimized operations, we can remove duplication in inefficient systems and processes to deliver better financial efficiency as we scale. We also want to continue our progress on ESG. Given our portfolio focus on energy transition and climate change, we want to lead by example on ESG. In 2022-2023, we have developed our TCFD group strategy using our own consultants to demonstrate best practice. We've delivered on our science-based commitments for Scope 1, 2, and 3 in the year, and are proposing to incorporate environmental targets into the three-year performance awards this year, again, demonstrating our commitment for the longer term. We've also launched our charitable and volunteering program. This is split into three key elements: volunteering, where teams and colleagues are offered time for volunteering to support STEM activities. Sponsorship, where we are sponsoring STEM institutions in high employee geographies to support those volunteering activities. And finally, a charitable match, where Ricardo will offer to charity match donations to approved good causes raised by our colleagues across the group. From a governance perspective, we've also introduced greater oversight at the board level by establishing a responsible business committee. We have more to do, no question, but I'm very proud that Ricardo have been recognized as one of the climate leaders by the Financial Times. So to sum up, we've had a good year in 2022-2023, delivering on our strategy and our growth ambitions. As we look forward to 2023-2024, we expect to do the same. We enter the year with record order book, which gives confidence in the momentum and overall performance for 2023-2024. The actions we've taken in A&I in 2022-2023 will support improved operating performance in the full year for 2023-2024, and create a platform for growth in the longer term. However, market conditions do remain challenging, so we do expect some lumpiness in the mix of emerging and established period to period in the short term. We expect to launch a number of new digital tools in 2023, 2024, that will create additional portfolio differentiation and support profitable growth going forward. With our functional alignment across the group, we are also well placed to continue to build momentum in differentiating our mobility and environmental expertise. That concludes the presentation for today. Thank you for listening, and happy to open up for questions. Mark Davies Jones from Stifel. If I can start on one of the, the clear success stories of the year, the E&E business, the very strong order growth there. Could you give us some idea of what sort of forward visibility you have in that business, and equally, how the customer base is evolving? It used to be very much government-driven. Is some of that growth broadening that into more of the, commercial sector? We're no question seeing, you know, really strong growth in both the orders and revenue and also the margin, which is clearly very encouraging. In terms of the longer term visibility, we are typically getting longer term contracts as well. So particularly some of the air quality projects that we're doing and water and waste projects that we're doing are typically longer in duration, so that gives us a little bit more visibility as well. And what we're also seeing is an acceleration of the sustainability and energy decarbonization-type solutions in corporate customers as well. So that's another increasing focus for us in outside of the, you know, historically very strong, you know, government and public sector. So we're seeing that diversification as well. On the A&I side, the falloff in volumes in the second half is pretty brutal. I'm surprised to see it quite as weak as that. I know there are issues across that sector, but there's a lot of R&D being spent on that transition. Yeah. Why aren't you getting your fair share of it? And are those new hires an indication you might have cut your commercial end of that business a bit too hard? The key challenge is around quality rather than quantity. So we are investing in a few key areas. So we're hiring a new sales lead globally. We're also hiring some specific BD capability particularly in Asia and the US. So look, we are investing in some of the areas where we need to grow and drive that growth. Are we taking our fair share at the moment? I agree with you. I think probably not at the moment, but that, I think, is also partly to do with we have been perhaps slower historically in terms of the investment in the emerging solutions. The increased investments in hydrogen electrification, which we're now putting in place, will, I think, you know, bear fruit in the next 12 months or so. ... Sorry, Lydia Kenny from Investec. Just one quick question. Could you maybe give us more color on the bridge to doubling that operating profit, and how a bit more clarity on that GBP 6 million, perhaps? Yeah. So, just with GBP 6 million increase this year predominantly comes from that environmental and energy transition portfolio. Going forward, I expect to see a similar trend, that Energy and Environmental Energy Transition portfolios continue to grow strongly. You know, E&E is a great story there, and that will contribute to that. And I'm confident that we'll each year deliver about a GBP 6 million increase in operating profit, and that will get us to that doubling target. Joe Brent from Liberum. Three questions, if I may, but maybe do them one at a time. Firstly, you provided some useful statistics on voluntary churn. Could you just elaborate on, on what you see going on with churn? So, look, I mean, overall, the churn has reduced from about 17% to 13%, which again, is encouraging. We had a bit of a spike last year, driven partly in our A&I business. So with some of the, you know, significant changes that we've had, that has led to a spike there. That has stabilized quite significantly in the last 12 months as we try and focus much more on the key roles that are gonna really make a difference, improving the process to support the teams more effectively. So that is, it stabilized, as I say. The other, you know, key area, which is really, really encouraging, is our clean energy, and particularly our RE business, that actually, that's running at around 11%. So, you know, in our highest growth, highest margin business, where potentially there's the most challenge for talent globally, actually, we're, you know, being able to look after and retain our teams. And again, I keep coming back to, again, what's different about Ricardo and why people want to stay and come here is around our purpose. You know, the people who are, you know, incredibly capable and experts in their field, and driven by the desire to do a great job. This, you know, real focus on purpose and the cultural alignment of expertise and delivery is, I think, core to that churn. And secondly, very interesting what you're saying about the digital growth and the investment you're making. Is there any color you can give on subscriptions in terms of expected price and volumes? No, I think it's probably a little early, Joe, for that. Look, we've mentioned in the market that we want to increase our digital revenue mix over the longer term. We see higher margins coming from that as well. We have really good content in terms of some of the tools that we use internally for our customers. But we think there's much more opportunity to leverage that. So look, more on that in the new year. Then finally, from me, on McLaren, my sense is that current volumes are weak. Could you give us an indication of trajectory and when you might expect that to recover? So yeah, Joe, volumes are weak at the moment. As I said earlier, McLaren have reduced their production volumes. They're concentrated on quality. We get 12 weeks visibility, really, from McLaren on what their requirements over that period are, so they're definitely gonna be down for the next 12 weeks. I think they're gonna be down for most of the first half of this year and probably into quarter three of next year, and then we're expecting it to start to pick back up again. But it will fluctuate along the lines of McLaren's production volumes. Chris Bamberry, Peel Hunt. Similarly, three questions, one by one. Where are the greatest challenges in terms of recruitment? I presume probably E&E, but is there anything else where, and what are your expectations for wage inflation this year? Recruitment is clearly a very significant focus for us. If we think about the doubling of operating profit over the next three or four years, and delivering on that commitment, we've got to be hiring, and pretty much doubling the size of our business. So again, you know, it's very simple math in terms of what we need to achieve. That's also part of our functional alignment piece that says: Okay, how do we create an engine for hiring right the way through the different levels of the organization from, you know, interns and graduate intake, you know, and career pathing and learning and development? So, as part of our functional alignment, we've hired a couple of, you know, very senior leaders to support those two activities, attracting talent and then developing in the learning and development. So the purpose and focus. So we're not finding at the moment that the key challenge in E&E with our headcount numbers have gone up by about 180 in the year. Probably about 70 or 80 of that is through acquisition, so we're still continuing to do our extra 100, you know, which we've done for the last two or three years, in our E&E business. So we're continuing to find the ability to scale in that business. In terms of wage inflation, in 2022, 2023, we had an average across the board of about 5%. Forgive me, I'm not gonna give away numbers before, to share, but look, we're gonna be very cognizant of, you know, the inflationary pressures, and the challenges that our teams are facing. But again, we've built in what we think is, you know, very reasonable, you know, increases into our planning. The other side of this, obviously, is the pricing equation. And again, with the value pricing and the margin, you know, focus that we've got, we think that we can manage those increases as we go through the year. You've obviously put a lot more flexibility in the A&I cost base, but how confident are you that's sufficient to deal with the anticipated volatility in orders? So look, we think we've created effectively a fixed cost base, which is the base on which we will now move forward. So from a direct cost perspective, look, we have a clear view of where we are. We are building that flexible resource in terms of partners and consultants globally as we also scale. And look, we've got a very healthy pipeline, as I said earlier. Look, there's no question it's taking a little longer to convert some of these projects, but as we do convert those projects, much of that resource will be delivered through or that scaling of resource will be delivered through variable partners and also low-cost infrastructure. So we think that we can manage going forward if there are future fluctuations with that variable resource. So we're very clear that we wanna focus on or keep our current fixed resource as it is, but we're not expecting to have any further, you know, change there. Finally, you mentioned that you're looking to, you know, launch some digital tools this year. Could you give us a little bit more detail on those, please? So look, the example that I gave, you know, probably as good as any, in terms of this, bringing together the mobility capability and the environmental capability to answer the complex optimization for our customers. So the model with E3M, and this is just one of many that they've got, looks at cost, price, and the, you know, implications of regulatory change as well. So that could be either subsidies or carbon taxes, et cetera. So those are all building into the model to create that clarity of forecasting, you know, globally for our customers. So that optimization, if and if I use the IMO as the, another example, where we're doing the analysis to bring both the port infrastructure and the shipping vessels together, these types of tools help with, well, what is the cost and or the supply and demand of how they fit together? So those are the principles on how we're trying to drive it. So, thank you as always, and look, always, you know, very happy to answer questions as we go forward. Thank you.