Good morning, everybody. I hope you are all safe and well. My name, for those who don't know me, Matthew Pratt, Group Chief Executive. I'm joined today by Barbara Richmond, Group Finance Director, and of course, John Tutte, our Chairman. I'll start by summarizing the highlights of today's results, and then we'll move to questions. Clearly, we're delighted to announce a strong first half performance whilst continuing to operate under strict COVID secure measures. The pandemic and return to activity has absolutely confirmed that we have the right products in the right place at the right time. Completions were 20% ahead at 3,065 homes, and we delivered a 20% increase in group revenue to GBP 1,041 million due to our strong opening order book and resilient demand. We also achieved a pre-tax profit of GBP 174 million, an 11% increase on last year. The performance has been driven by focusing on what we do best, which is building highly desirable, high-quality homes across England and Wales. Redrow's larger, quality family homes located in great places with open spaces align perfectly with changing customers' priority that balance work, home, and the local community. At Redrow, our commitment is to create thriving communities where people want to live by building responsibly and valuing our people. During a period of intense activity to rebuild output, it's pleasing to report we have maintained high levels of customer satisfaction, and I'm grateful to our teams for their ongoing hard work and commitment during what are these challenging times. The industry has weathered a turbulent time and would benefit from greater regularity and fiscal certainty. This is essential if the industry is to deliver much needed homes for the U.K. Start/stop fiscal policy and regulatory uncertainty do not assist us in the medium-term planning. We want to work in partnership with government and other industry players to come up with thorough, sustainable plans for the future. Looking ahead, we've continued to maintain a very, very strong order book, an excellent cash position, a desirable product, and we have a resilient target market. These fundamentals mean we can look confidently to the future, fulfilling our ambition to rebuild and grow the business. Reflecting our confidence, the board is delighted to resume the dividend payment of an interim dividend of GBP 0.06. With that, I'll now take some questions. Thank you. Our first question today comes from Will Jones from Redburn. Please go ahead when you're ready, Will. Thank you. I've got three questions if I could, please. First, maybe just if we could explore your experience around Help to Buy and the transition. Obviously, you look like you sold pretty well this side of the new year. I guess any wider comments on how that's being taken regionally, I suppose. Perhaps if you could comment on what kind of portion of sales you expect it to be as you transition across to Part II. The second was perhaps just if you could help us with site numbers. There was guidance in the presentation, I think, for the rest of the year. Just how you're thinking about that evolution of numbers across 2022 and 2023 and as best you can help us, what degree of visibility and confidence you have on the prognosis there. The last one, maybe just if you could help us just understand exactly around the London exit, I think in the statement you talk about six sites, four of which have gone. Can you help us with whether they were sold or traded out, or how they went in the first half? The remaining two, again, how you expect to exit those? Is that a trade out or a sale? If possible within that, sorry, I think there's 2,500 plots left in London. How much of that is Colindale and how much is the remaining two? Thank you. Okay. Thank you, Will. To start with Help to Buy, I think I've already said we've got a very strong order book, of which GBP 750 million of that is beyond both the Help to Buy change and the stamp duty holiday, which is really showing the resilience of what our product is about. In terms of trading, we're not seeing any difference in trading across our businesses. North, clearly we've got a completely different cap in the North, which is a lot lower than that in the South. We're not seeing any impact with regards to the change of Help to Buy. Our product tends to be more focused on people with deposits and an element of equity. We're probably one of the least affected by the changes to Help to Buy, you would imagine. I'm not seeing any sort of changes from Help to Buy, and it's great to see really. We're very pleased by that. We've been planning for it for a very long time, and it wasn't a surprise to us that this was the case. Sorry. Yeah. Maybe it's too much detail, but of your sales, say this side of the new year, do you have a rough view of how much of that is Help to Buy at the moment? This side of the new year? Yeah. What do you mean by that? Well, the share of group reservations using the new Help to Buy. Probably too soon in the window to judge. Since this side of the new year, where we're down about 23%, something like that. It's low, Will. It's half of where it was. Right. Yeah. I think in reality is we expect it to probably be half of what it's been. Yeah. If not a little bit more. Correct. About half of historic levels is where we expect to land. If you look at the GBP 750 million order book at the end of last week, private, only 10% of that is Help to Buy. Okay. That's great. Thanks. Good color. Okay. outlet. Yeah, site numbers. We're currently running at 118. We don't expect to grow that very much over the next 12 months. Clearly, after that period, we expect to accelerate that forward as we hit into 2023, as we buy the land, and the land comes forward. That's where we are with site numbers. Clearly, we've got a huge order book, which we've got to start winding down. Yeah. Yeah. On London, one site was sold of the six. One site was the JV, which we've now finished. We've recovered the last of our investment in that, but clearly there's no turnover or anything. Two were not sales. They were sort of exiting sites where we were preferred developers. That's the four that's gone. The two that are yet to go, they will be in the second half. They will be sold. They're not in the plots because we're holding them for sale. What you're seeing in the plots are only the sites that we are building out, which is effectively West Drayton, Padcroft and Royal Docks plus Colindale. They're all stuff we're building. Got you. Thank you. That's great. Very helpful. Thank you. Thanks, Will. Thank you. Our next question today comes from Anastasia Solonitsyna from UBS. Please go ahead when you're ready. Hello. Thank you for your presentation. A few questions, if I may. Firstly, I wanted to ask about cladding safety, and if you can give us a rough estimate as to how many buildings you have which might have not used suitable cladding materials and which would be required to remove, and if there is any kind of estimate of potential exposure or provisions could be made to finance recladding and address any potential fire safety issues. The second question, if you could give us a little bit more color on your expectations about volume recovery direction from 2021 on, when you expect to return to baseline 2019 levels, considering a stronger recovery recently in demand and intention to kind of grow organically from there and open new sites. Would you think it is achievable, to return to the baseline like by 2023, 2024, or will it happen later? The same on margins, where do you think you can get to a normalized level and what this level should be for you? Thank you. Thank you, Anastasia. It's John Tutte. I'll deal with the cladding question. I think perhaps just to put it into perspective, we've been dealing with the cladding issue now for about three years. In summary, if you look at the schemes where there has been issues with the EWS1 form certification, there's around about half a dozen legacy schemes where that has been raised as a problem. I think all of the schemes that we're talking about are well over 10 years old. All of them were constructed under design and build contracts using external contractors. The issues aren't necessarily cladding and the combustibility of cladding. There's also the question as to whether the cladding complied at the time and whether it complies now. There's also the issue about fire stopping on some schemes as well. It's not straightforward, it's quite complex. As I said, we've been working on this for about three years with not just the contractors, but the leaseholders, the freeholders, the managing agents. In some of the schemes we have undertaken works already, we have funded those works despite the fact that we haven't got a legal liability to do so. We are working to make sure that we can progress and get to a point where we think EWS1 certificates can be issued. The one thing I will say in terms of the costs, we very much will look towards our contractors to pay, we have accumulated provisions of around about GBP 20 million to cover these schemes over the last three years. We're not in a position that suddenly this has come up and caused us an issue immediately ahead of Robert Jenrick hopefully making a sensible statement this afternoon. It's something that, as I say, we've worked at over the last three years. It's taken a lot of time. We worked at it behind the scenes just to make sure that we're doing the best we can for our leaseholders. Hopefully that answers your question, and perhaps I'll put it over to Barbara and Matthew for the other ones, Anastasia. Yeah. In terms of getting some idea as to when we get back to 2019 levels, I guess for us, it's a question of whether you take 2019 with the revised group structure, i.e., with just Colindale and London, or you take 2019 in the sense of the reported numbers. If you take 2019 in the former definition of excluding anything other than Colindale, then we expect to get back to that level of turnover, which is around about just over GBP 2 billion by 2023. If you take the absolute number, including the whole of London, so the actual reported 2019 turnover, then it'd be 2024 is our estimate. Which has not dramatically changed, to be honest, since we reported in September and again in November. I think what we've got now is a bit clearer picture on margin progression. I think it's fair to say, we think we will be up with a gross margin of over 23%, approaching 23.5% by 2023. In terms of operating margin, I think that our overheads at that point in time will still be closer to 5% than 4.5%. At the operating level, we won't get up to 19% until probably 2024. I think we hit normalized gross margins in 2023, and normalized operating margins in 2024. Okay. That's clear. Thank you very much. Thank you. Our next question comes from Gavin Jago from Barclays. Please go ahead when you're ready. Yeah. Good morning, everyone. Just a couple of questions from me, please. The first one's just on house price inflation. I know you said you've experienced it across all regions, but I don't know if you could put any numbers on this and any kind of differences amongst the regions, I guess. The second one was just around levels of incentives which have been used. Obviously, you've had a strong kind of wider housing market, particularly with stamp duty. Have you seen any increase in levels of incentives being used for those, I guess, reservations being taken beyond the stamp duty holiday? Thank you. Yeah. I think HPI is pretty consistent across all our patch with the exception of London, where we're not seeing, as expected, we're not seeing the price rises that we are seeing elsewhere. As we've said in the statement, we will cover the costs of the additional build costs with our HPI. What was the second question about? Incentive levels. Incentive levels. No. The incentive levels is staying very tight and flat. We're not having to do any additional incentive level beyond the stamp duty, certain stamp duty dates. We are maintaining a very strict level of incentives. Part exchange has not been a big part of, I guess, over the last couple of years, of usage anyway, has it? We never use the part exchange. No. Which shows you the strength in our products. We don't need to use part exchange. People will sell their own. We do support people in trying to sell their homes, but we certainly don't buy them in. We don't need to, which is because of our product range. It was just an identification of what people want from our homes, and they're prepared to do the work themselves to sell it and not go down that route. We don't use part exchange. Okay. Thanks. Can I get just a point of clarity on the claddings. Is it right, John, that it is GBP 20 million? Yeah I guess, provided to date across six schemes. Around that six schemes. Yeah. Yeah. Okay. Which has become a little bit ahead of where Persimmon are making below the line provision. Sure. Okay. Very useful. Thanks very much. Thank you. Our next question comes from Dan Grant from Bank of America. Please go ahead when you are ready. Hi. Good morning, congrats on the results. Just two from my side, one's just a clarification. The first one is just on the land market. Obviously, in the statement of expecting to accelerate land acquisitions in H2. Just want to understand the level of competition that you're seeing in the land market, and what sort of margins that you're purchasing the land at. Secondly, just in your private order book, post-March or post the end of March this year, with the 68%, was I correct in hearing that you now expect a normal run rate of Help to Buy to be around 50% of previous usage? Sorry, I just missed that. Thank you. Well, I'll start with land market. We will accelerate in the second half. We've already identified there's a number of key sites that are in the strategic land bank we've got to take note of, that we've got planning already. The next six months, we expect to accelerate considerably against the first half of the year. In terms of hurdle rates, we're very happy that we are achieving our hurdle rates. I think the market generally, and the land market is, I wouldn't exactly say land's always expensive, so you're not exactly sat there saying it's got a hell of a lot cheaper. It's certainly not doing that. We're confident that we are buying sites that suits our product. In the right location with the right planning permissions, and we're buying them at our normal hurdle rates. That includes margin and in terms of return on capital employed. We're happy that the land market is robust at the moment, that we can operate quite successfully within it. I think over to private order book. Barbara, do you want to handle that one? We said that private order book was 10% Help to Buy. I think your question was, what do we think the ongoing level of Help to Buy is going to be after the March 31st? We were averaging around about 30% of our legal completions were Help to Buy, and now we think that will probably drop to around 15% of our legal completions. Okay, great. Thank you very much. Thank you. Our next question comes from Jon Bell from Deutsche Bank. Please go ahead when you're ready. Thanks. Morning, Matthew, Barbara, and John. I think I've got three. First two are related, I guess. Just on the Future Homes Standard, looking ahead to 2025, what roadmap do you have from the government? What uncertainties remain in terms of what the new standards will entail? The second question is a related one, I guess. Have you built or piloted a zero carbon home? The third one is just a little extra color, if you could, around the cancellation rate in the first half. Thank you. Okay. Well, I'll pick up Future Homes and the zero carbon, and I think Barbara can pick up the cancellation rate. With regards to Future Homes Standard, the indication of what Part L has just been published, which will come introduced in June 2023, but clearly it's June 2023 from properties that aren't started. It probably won't really affect completions until very much in the back end of 2024. Now, in terms of reduction in carbon usage, I think it's 30% down as to where it is. We're confident that we can deal with that. There is a cost associated to that, and we clearly have been including that within our land appraisals going forward. In terms of 2025, which will be the big change. 2025, when no fossil fuels are required. We are still working our way through that. We are putting an allowance in which is, so to say, best educated guess in terms of how much we think that will cost us when we get to that point, as there's a few sites that really affect in 2026 that need to start affecting. We're working with it. We're expecting nowhere will go from that. In terms of zero carbon homes, what we're doing at the moment is we're doing a trial of a home in one of our regions up in Yorkshire, where we're trialing infrared heating. We've taken the gas out. We've got two houses next door to each other, identical homes. One will have the gas heating, one will have no fossil fuels in it. We've got PVs on the roof, and we've got battery storage. We're going to put people in those homes, and we're going to monitor mainly the bills as to what happens with the bills. We also want to understand the comfort level of those people, because infrared heating is very different to that of a normal heating. We want to make sure that customers who are going to be moving to these homes feel the same way in terms of moving around their homes. We are working towards them. That's one of many alternatives that we can use. Battery storage will become probably one of the stronger things that people use. There'll be various changes, I think, in how we heat the homes with using electric. Clearly, they're trying to minimize the bills with regards to battery storage. Using the batteries at peak times and storing the batteries at off-peak times, I think, will be something that we'll be probably more focusing on going forward. We are putting a lot of effort into that and trying to not just look at the cost associated by it, but look at the effect of our customers. I think Barbara on the cancellation rate. Yeah, you're right, Jon, the cancellation rate was particularly elevated in the first half of the financial year. Really, that wasn't our clients. It was generally down the chain. The problems were around the March 31st stamp duty holiday and whether or not deals could be completed in time for that. Also mortgage availability, which there was a period of time where mortgages of 90% or more, but particularly around 90% virtually went away. Those two problems have been resolved now in the sense that the orders we're taking now are for beyond the March 31st. The stamp duty holiday, it's gone. That's it. They're not going to get it, and nor is anybody down the chain. With the delays on searches and everything else, your chances of completing anything in under three or four months now are almost nil. Mortgage availability is now at 90%. There are now quite a few people offering that. Of course, rates are now starting to improve as well because they've partly restricted the market through mortgage rates. As a consequence of that, you'll see that the cancellation rate in the first six weeks actually dropped to 14%, which is only 1% above the same time last year. We're virtually at normal levels of cancellation rates now, and I would suspect by June we'll be back at normal levels. Yep, very clear. Thank you. Thank you. Our next question comes from Brijesh Siya from HSBC. Please go ahead when you are ready. Thank you. I have two questions. The first one is on the sales rate. In the new year, you talked about the sales rate being impacted by lower availability as well as a high comparable base. Would you be able to split that out and say how much was kind of depressed just because you didn't have stocks to sell? The second one is on the build cost. You guide 2%-3%. Is there any impact on the labor market just because of Brexit? I understand you did say there's not much, but have you seen any movement in labor especially? Yeah. Yeah. Brijesh, in terms of the sales rate, clearly, we don't actually have statistics on what sales we lose because we haven't got availability. We know that that's an issue, obviously, in our discussions with our sales teams every week. There isn't a specific amount we could attach to that. I think what I would say is that, whilst the sales rate at 0.67 is slightly down on last year when we had the Boris bounce, that 0.67 sales rate is identical to weeks one to six of the first half in the calendar year before that. It really is a normal sales rate. We are comfortable with that. You can see if we did have a bit more availability, we would have even better sales. While we can't quantify it, I think it's something to be very positive about. I think I'll let Matthew talk about build cost. Build cost, we're not seeing any major impacts. Clearly, you've got some in the reports with regards to the likes of timbers going up, and that's mainly because of the international market more than anything else. We're not seeing any particular issue with regards, certainly on materials. In labor, again, we're not really seeing any particular problems with regards to Brexit. We are seeing labor at the moment is impacted slightly on the back of the fact of people. Clearly you can't go to a building site if you have to self-isolate or you've got the kids at home and things like that. We're probably more impacted immediately on the back of COVID than anything else. As I said, it's not anything material. In terms of Brexit, no, we're not seeing any impact. Thank you. Can I come back on the cladding part, just for clarification. When you talk about six sites, is that all you have where you needed some kind of rectification? Does that include all the sites which you are currently building as well? No. In fact, if you talk about the certification, the EWS1 form, that's required on any building above 18 meters. Of course, more recently, we've constructed a lot of buildings in London over 18 meters. We have got the EWS1 forms in place on those. The issue stems back mainly to our legacy sites, which, as I say, we've got these half a dozen where we've had the EWS1 forms have not been issued. Further investigations were needed into the cladding and fire stopping and the likes. It's those schemes that we've now been dealing with over the past couple of years or so. Yeah, we're pretty content that it's a legacy matter principally relating to these half a dozen sites built by main contractors anywhere between 10 and 20 years ago. Thank you very much. Thank you. Our next question comes from Aynsley Lammin from Canaccord Genuity. Please go ahead when you're ready. Thanks. Not many left, actually. Just first of all, on the dividend, obviously reinstate that the interim level. Just if you could remind us of your policy going forward for the full year. I think was it progressive kind of 3 x cover, any reminding on that? On the previous question, I think your Brexit questions more related to the labor market. We've heard a few rumblings around port issues, container rates, et cetera, just impacting some of the materials or products coming in. Have you seen or expect to see anything in that context? Thanks. Well, I'll let Barbara answer the dividend issue, but just very quick on the Brexit one. No, we're not. We are seeing a little bit of I think you've got a few materials with a few spikes and then a few issues with COVID and the Italian appliance factories. Ultimately, no, we're not seeing any imports. It's the great thing about house building, it relies heavily on the U.K. manufacturing. It doesn't rely heavily on imports from abroad. I'll let Barbara answer the dividend question. Yeah, I mean- Just on that, though, Aynsley. I think we have covered this before. We carry a sensitivity sheet on this with all of our suppliers, where we constantly update with them where they sit with Brexit. Of course, a lot of them made alternative arrangements to get materials in from non-EU countries, and that's been unaffected. Yeah. Aynsley, I think in terms of dividend, our policy remains unchanged at 3x cover that was set a few years ago. I think as far as 2021 is concerned, based on the consensus, we could probably pay marginally more than GBP 0.06. Given market uncertainty and our spending in the land market, we paid the interim that we have, and we'll review that when we get to September. Yeah, we're happy with the dividend, but the cover policy hasn't changed. Brilliant. Thanks very much. Thank you. Our next question comes from Marcus Cole from Liberum. Marcus, please go ahead when you're ready. Yeah. Hi, morning, all. I hope you're well. Just a couple of sort of finer questions, if I may. The first is just, can you add any color to sort of the strength of the order book? How far forward are you selling, and are you able to push any prices? Just what size of land bank are you comfortable operating with in the future as you look to grow? Yeah, in terms of order book, the key thing here is we're selling well beyond that March date. It's not costing us to sell beyond that March date, but we are selling into next year as well now. We're 95% sold for this year. Clearly, anything else on top of that will be into next year, and we're continuing to sell well. We are selling well beyond those periods. In terms of land bank, I'd love to have a lot short of land bank, but planning is always going to be an issue with us. We try and keep our four years at least as our target. If we can get to a point where the planning becomes a lot more easier and a lot more reliable, where we can bring that down. At the moment, we'll maintain our level about four years. Okay, perfect. Thank you very much. Thank you. Thank you. Our next question comes from Clyde Lewis from Peel Hunt. Please go ahead when you're ready. Good morning, all. I think I've got a few, if I may. One was on delays, and you've covered some of the issues on delays, but can you say a little bit about where things are on the planning side and local councils in particular, I suppose, getting sites through planning and obviously not just outlined, but getting the detail done and whether that has got back to more normal levels. The other one on delays, I suppose, or build rates was, where do you think your current construction levels are relative to, say, a 2019 base? Are you back at 100% on that level? The other one I had really was around product differentiation, and you've obviously pushed more in terms of the family orientation, and the bigger units over the last 12, 18 months, I suppose. It's been coming for a while. Have you noticed a particular difference in terms of the sales rate between that product and the smaller units? Okay. Few there, Clyde, as usual. Thank you very much for all that. With regards to outlets and planning, fortunately, it's a lottery with regards to whether your planning application is going to go through smoothly and quickly or not. This is the problem we find. I got planning last week on a site, and it took 51 weeks in planning, and it was not a controversial scheme at all. Yet you get many of them through in the period in the 13 weeks. It's still down to local authorities and how good they are and what they're dealing with. There is no tangible reason as to why some are delayed and some aren't. It continues to be a huge frustration with it to get these through. They're asking for more and more from us. Every time we put a planning application, there seems to be more consultation, more issues. We've got other issues coming by the likes of nitrates and things like that, which come out of the woodwork. It's certainly not getting easier. It's certainly getting harder. I think unfortunately, I can never tell you exactly which one will be the quick one and which one will be the slow one. It's still tough to get planning through. It hasn't been helped by the fact of many people having to work from home and the likes. There's still issues around there. With regards to construction levels, we are down on construction levels, which we were hoping to get them back. When we first came back, we were at a reasonable level, and we expect that as people settled into this style of COVID, as working a bit more remotely, that we'd increase them. What we've noticed more probably in the third lockdown than anything else is the fact of our workforce has probably been more affected this time around with the likes of people who are shielding, people who are self-isolating, people who've got kids at home. That's the new one. If you're in a partnership with somebody who has to go to the office or works in a hospital or something like that, a nurse or anything, you know which one's going to end up staying at home. We are seeing a lot more of the workforce having to stay at home, which is having an effect. That is somewhat of a problem. We're hoping as the vaccine gets rolled out, we will get that better as we go forward. In terms of product differentiation, our homes I'd like to think that we've probably got the right home for exactly the right time at the moment. People want exactly what we've got. We tend to build a four-bedroom detached home with a bit of space around it, well designed. It's not just the home itself, it's what we put around it as well and how we do the environment around it. I think that's playing dividends for us realistically as people are shifting around the country as to what they've got. We are seeing people move further afield than they ever have done before, which probably is to be expected as people do less and less of the daily commute now. It's turning into, even if the pandemic was over tomorrow, it'd probably turn into a weekly commute rather than a daily commute. I'm confident that we can sell very well. If we had a lot more availability and we could drive things more, I think the sales rate would be up even further. Okay. Thank you. One last one from me. Just in terms of the land that you're looking at in terms of, I suppose, size of the sites and then geographical location, have you changed much, in terms of what you're currently looking for? Well, I think a Redrow site is always a Redrow site. We've got to be in a location. Our products, as you know, it's more, I'd say, desirable, more aesthetically pleasing, and therefore, there's a cost associated with that, and therefore, people need to pay towards that, and therefore, you've got to have some element of discerning. You can't be somebody who's absolutely stretching themselves to buy a home. They can't afford to be that more discerning on what they buy. We tend to always have to buy sites where we know there's an opportunity for people to pay more money. A good area in a reasonable town is always a good area. We are concentrating on the south of the U.K. That's a big area for us, because the average selling price is a lot higher there, and therefore, the sales price can easily change ups in comparison to some of the other areas. Our northern areas will probably try and move a little bit bigger in some of the houses because affordability is less of a problem compared to that in the south. We're quite happy at the moment that the land that we're buying is in areas where we can get our premium for our products and people are prepared to pay for it. We're happy with the land market at the moment that we can work effectively within it. Okay. Perfect. Thank you. Thanks, guys. As a reminder, ladies and gentlemen, if you wish to ask a question, please press star followed by one on your telephone keypads now. If you have joined us online, please use the flag icon. We have another question registered from Arnaud Lehmann from BAML. Please go ahead when you're ready. Thank you very much. Good morning. It's Arnaud Lehmann from Bank of America. Just one follow-up question from me. Could you please elaborate a little bit on your customer base? It's clear that the hospitality sector has been hurt by COVID-19, although that didn't seem to impact at all the demand environment for you guys. With Brexit coming, maybe having an impact on the manufacturing sector over time, and the end of furlough possibly in the next few months, would you expect, firstly at the macro level, a risk of rising unemployment? If it's more coming from the manufacturing side of the economy, would you expect more of a negative impact on your potential customer base? Yeah. Thanks. Thanks Thanks for the question. Our customer base, you've got to look at what's been affected in the economy, which is entertainment, tourism, areas of that. Many of our customers are second-time movers. They have an element of deposit, and they have an element of equity within their homes. Our customer base is pretty strong. These same people tend to have reasonable disposable incomes, and that disposable income at the moment is not being used because holidays are not available and restaurants aren't available and things like that. You've got a sector of the economy, which is people that we aim for, which is second-time movers who have an element of disposable income that's not being used at the moment. You can see why people want to head towards a better home and a better way to live. It's playing to Redrow's skill set and advantage as to what we do, that people are really upgrading into a Redrow home. I think with that, our customer base is really not being affected at this precise moment. In terms of Brexit, with rising unemployment, I think when we reopen the economy, we'll see from that. Again, the unemployment side tends to be more into a different customer set than our own. The other thing is there's a lot of young people, which is why I put in my statement the fact that we are very, very keen to ensure that young people have that opportunity, and therefore, we purposely went out and took 32 graduates on at a time when graduates aren't getting employment and employed 19 new people across our business, to do our degree course and gets our trainee levels at 330 trainees across the business. We find it very important as a business ourselves, but clearly, we feel sorry for those areas being affected. Brexit, my view is that I think Brexit has happened, and the business will continue to be very strong. Very clear. Thank you very much. Ladies and gentlemen, this concludes today's Q&A session. Matthew, I hand back to you. Thank you very much to everybody for all your questions. Clearly, you know where we sit. We've got some great advantages as a business. We've got a product that's absolutely spot on for this market, and clearly, you've got a U.K. that's changing its priorities, and we're clearly there to support that. Okay. Thanks very much.