Morning, everybody. I'm joined this morning by Barbara Richmond, Group Finance Director, and John Tutte, our Chairman, on his last day. I'll start by summarizing the highlights of today's results, and we'll then take questions. We are delighted to announce an excellent performance in 2021, with a strong recovery through the year, leaving Redrow well-positioned for future growth. Completions were 39% ahead of 2020, and group revenue was up 45% at GBP 1.94 billion, which is a pre-tax profit of GBP 340 million, an increase of 124% on last year. These positive numbers highlighted the strength of our strategy and demonstrate that we have the right product in the right place for the right price. We continue to focus on delivering our Heritage Collection homes, which are perfectly aligned to changing customer demands post-COVID, as people look for more space in thriving communities. Despite very difficult circumstances, I'm delighted to report we have maintained high level of customer satisfaction throughout the year, and I'm grateful for our teams for their ongoing hard work and commitment. While we have seen some build cost increases due to pressures on materials, this has been more than offset by house price inflation, and our trusted long-term supplier relationships are ensuring a constant build output. As a result of this year's strong performance, the board is proposing a final dividend of GBP 0.185, making a total of GBP 0.245 for the year, in line with the company's policy of 3x dividend cover. Along with today's results, we have also launched a comprehensive new ESG strategy with industry-leading commitments. Looking forward, we have seen encouraging trading from the start of the new financial year and have a record order book, which provides us with an excellent platform for the future. With the return to a more normal market, we have also resumed medium-term guidance and announced guidance for 2024 this morning. Our high-quality Heritage Homes products have never been more relevant and in demand, and this, together with a supportive mortgage market, means that we are confident in delivering another strong set of results in the coming year. With that, I'll now take questions. If you would like to ask a question, please press star followed by one on your telephone keypad. Our first question comes from Will Jones of Redburn. Will, your line is now open. Thank you. Good morning. Morning. Three questions if I could, please. The first is just, I guess, around outlet numbers. If you could just help us with how you see the shape of the outlet numbers evolving over the next couple of years. Really just exploring your degree of confidence in that. I appreciate with the London exit and high sales rates have been some fairly exceptional factors in the last while, but obviously it's been a challenging area overall for a few years. Just how confident I suppose you are that those can get up beyond December to where you need them to be. The second was just around land. Obviously, a big year of intake at over 8,000 plots. Just again, just exploring how you see that number, what you need to do on that number through FY 2022. Presumably given that you're maintaining the hurdle rates, there's nothing untoward you're seeing in the land market around the ability to buy that at the right price. The last is just around the balance sheet and net cash, which again, net cash is due to rise further this year. I just wondered at what point you potentially see that as moving into a surplus capital position and how you'd address that at that point. Thank you. Yeah. Thank you, Will. Should I do one, you do two? Yeah. Go for it. If I start off with one in terms of outlets. We're saying that we'll average around 112 outlets this year, and I think we're pretty confident that that will be the case. We expect to close on this financial year on 120 outlets. I think it's fair to say, with what's got planning and what's in planning, we're pretty confident on that. In 2023, we expect to get up to an average of 126. Again, with starting at 120, we are back-end loaded in terms of outlet opening. We think by the end of 2023, we'll have over 130 outlets open, and then we need a further step up, obviously north of 140 to get to 137 average in 2024. As you already will have read, that we added 36 sites into the current land bank in 2021. I think we're doing well so far in terms of the ability to deliver those numbers. We've got named sites for quite a lot of these. In terms of our ability to get the ones we haven't yet got, Matthew will come on to that now. Yeah. We had a very successful year last year, 8,300 plots roughly bought with a GBP 3 billion turnover. We also indicated in the statement that we've got them above average hurdle rates. We were very pleased with that, and as I said, that underpins where we need to go for growth in our outlets. I think if you're looking forward to understanding where the land market is going, I think it's probably got a little bit harder than it has in the previous year. I think we're probably seeing a return back to normal hurdle rates. However, we are confident that we can continue to grow the land bank going forward, and we're hoping to do that, so. In terms of cash, the situation is that we, first and foremost, we absolutely want to invest in land, particularly with the new Southern division opening. Our thoughts around cash are that we expect our cash balance to go up this year, but I'd still like to end the year as we did this year, with a number of sites contracted that aren't completed. I think we're managing the cash balance, and I think that in 2022, we're expecting to end the year with a cash balance of about GBP 220 million, which means our cash conversion is going to be about 55%. When you look at what that cash conversion means, it means basically that our WIP stays roughly the same, and therefore the increase in capital employed is revolving around the increase in land, and related land credit increases. The key for all this is to spend that money in 2022. If we're successful in doing that, clearly we'll want to do the same again in 2023. Again, I'm expecting the cash conversion rate around a similar level in 2023, which would mean our cash position would still be below GBP 300 million, even in June 2023. Now, where it changes is 2024, because I think even with the land purchases in line with the growth rate that we're looking at that point, you do start to see net cash generation getting towards GBP 100 million. At that point, you can see that there's an ability there to start to think about a cash return. I think if we're successful in what we want to do on land, we don't get into that sort of conversation until 2024. Understood. That's very clear. Thank you. Just to say to John as well, all the very best for retirement. Thank you very much, Will. Thank you John for your question. Our next question comes from Brijesh Siya of HSBC. Brijesh, please go ahead. Thank you. I just have two questions as well. The first one is on the 2024 target. The GBP 2.2 billion of revenue on that implies it is 10% increase from your guidance for this year of around GBP 2 billion. I assume that that 10% majority of that will come somewhere around second of 2023 and into 2024. If you could elaborate a bit on that. Related to that, what are your assumptions regarding Help to Buy with obviously it coming to an end in March 2023. If that GBP 2.2 billion includes any of continuation, any sort of continuation or any other scheme being replaced there. The second question is on the house price inflation. You talk about 5% in inflation in the region and with the Q4 rate, if you could elaborate a bit what was the Q4 inflation for this. If we just kind of think of for 2022, how it could be and how much it could be. Okay. All right. Okay. Brijesh. Matt, should I take this? It wasn't a very clear line, but I think we got the question. I think if you want to take the 2024 targets probably, and then I could pick up on Help to Buy and HPI if you wish. Yeah. I mean, we're saying in 2022, we expect to do between GBP 2 billion and GBP 2.1 billion. GBP 2.05 billion being in the middle seems about right. That's the year of really the biggest growth actually, in terms of the regional business, because the build-out sites turnover and the London turnover will drop significantly in 2022. To replace that, you need significant growth in the regional businesses. We're happy we can deliver that because we've got such a huge closing order book. If you look at the closing order book, the vast majority of that closing order book is London. Sorry, is the regions. In 2020, 32% of the private order book was London. In 2021, it's only 15%. The regional businesses have that in the order book and sales rate going forward to deliver that significant growth in 2022. Beyond 2022, then you're really looking at a steady state growth of 5% or 6% in revenue in order to deliver the 2024 number. We think that given the outlets that we're forecasting to open and the land that we already own, that that is eminently achievable, Brijesh. Okay. If I just pick up on Help to Buy then. We said in the report that in the second half, which is really when the caps really kicked in, we're talking about only 13% of our sales were Help to Buy. That has continued on, and actually we're now probably running in the new financial year below 10%, the majority of which of that is, or a large proportion of that is coming from our London division, from Colindale and the remaining sites there. Ultimately, we always been a differentiator in terms of our business and our products. We're more of an onward mover rather than in the first time buyer market. Help to Buy has been a fantastic thing for the industry, ultimately it's probably helped most of the other house builders a lot more than it's ever helped us, therefore, without it being there, we're pretty confident, and as we said in the statement that it will have negligible impact when it finally gets removed. I think the last point was on HPI. I think, in terms of, we said that we had circa increases of about 5%, of which a large portion of that came in the second half and the final quarter. We are at the moment continuing to see house price inflation. We are also seeing cost inflation, we're happy that one has continued to offset the other. Understood. Very clear. Thank you. Thanks. Thank you for your question. Our next question comes from Chris Millington of Numis. Chris, please proceed with your question. Thank you. Morning, John, Matthew, Barbara. A few from me. Can you just give us a little bit of a feel as to where you stand on product availability? I am aware you alluded to that, to holding back the sales rates. Yeah At the start of this year. perhaps you could apply in a build rate point around that. Yeah. Second one's just really about the profile of the new Southern region and kind of how long it's going to take to get up to full speed. The final one's just a bit of a technical one, I suspect for you, Barbara. I've noticed you've seen a GBP 26 million increase in provisions. Can you just tell me what that relates to? Okay. Well, I'll pick up on product availability, and I'll pick up on build output rates. I also have one second on Southern from my point of view, but I think you're probably more interested in the figures on Southern, so I'll let Barbara handle that, and then obviously your provision question. I think it's fair to say, our sales rate for the first 11 weeks is returned back to normal, and I think it's fair to say, if we have more availability, that would be higher. Ultimately, we have to match our build output rate to our sales output rate. When we came back, following the COVID, and we got 0.84, that is a very, very strong rate. We have bigger homes, so our build output is related to more square footage than most of the other house builders. Where we are at the moment is, ultimately, we don't really want to build that order book much bigger than it is. We really want to convert that into profit and into turnover. From our point of view, we are trying to, in some ways, hold back the regions in terms of availability to make sure that they are not selling too far down the field. There's an issue with regards to people coming on stream in terms of the only thing that you've got available at the moment is also a long way down the field. You're talking nine months to buy it, which changes customers' perception. They want something a bit more quicker than that. Clearly on top of that, we're also trying to hold it back ourselves by not allowing them to have availability too far ahead on properties that aren't at least started. That's where we are. In terms of build out rates, we are happy that we returned back to a normal build out rate. We were just looking at the figures today, and we're probably running about exactly where we are buying land at the moment. We are confident that we are matching our output rate, matching what we buy land at. Which is where in the last 12 months, that's what we've been striving for to get to, and that's what we continue to target. I'll hand over to Barbara. Yes, sorry, Chris. Sorry, I was going to ask Matthew, is the build rate currently running ahead of that sales rate you've done in the first 11 weeks? It probably is just, but you've got to remember that the sales output rate is private and the build output rate is private and social. It is running ahead of it, but clearly you've got a mix of product in there. Private and social is build, and sales is only private. It is running ahead on that sense, but it is just. It's not a long way. Okay. Yeah. In terms of the profile on Southern, clearly initially it's all cost because we're recruiting people, and we'll continue to do so in 2022, and then we've got the office opening in summer 2022, i.e., the beginning of our 2023 financial year. In terms of the actual revenue profile for that business, it will start to contribute to revenue in 2023, but that's from sites it's taken over from other parts of the group. In terms of its net exponential effect on group revenue, that really doesn't start till 2024, and that will come from the sites that we are buying now and bidding on now, which will obviously come through from that point in time. It'll have turnover in 2023, but it will really have an impact on the group turnover starting in 2024, and it should be a normal operating division by 2027, Chris. It will reach capacity after that, but it'll be delivering like any other division that you'd expect in 2027. In terms of the provisions, yes, very well spotted. You are not alone in that, but you are one of few, as ever. What's happened with the provisions is that we have, to make matters more transparent for people, we've taken our fire-stopping reserve, which was in creditors, in accrual in fact, and transferred it to provisions. There's a GBP 19 million transfer during the year from creditors to provisions, and then we added GBP 7 million to that provision during the year. The fire-stopping provision now stands at GBP 26 million. It's GBP 6 million higher than it was at the half year. Got you. Really clear. Thanks, Barbara. Thank you for your question. We have a question from Dean Grant of Bank of America. Dean, your line is now open. Great. Thank you very much. Good morning, team, and congratulations on the results, and to John on your retirement. Just two questions from me, coming back to the sales rates and your comments about availability of units for sale for the first six months. Does this imply a reduced volume outlook for H1 and then picking up in H2, just to sort of understand the dynamic there, and how should we be looking at volumes then on a full year basis? Secondly, on your volume guidance or operating volume guidance, sorry, margin guidance of 19%. Just looking to understand the moving parts here. It sounds like there's quite a bit of mix coming in, and maybe just your assumptions here on HPI into 2022, and build cost as well. Just how are you looking at that? Thank you. In terms of output, no, we won't get affected because the order book is so strong and so large, it's all about delivering that build output. That's what we're delivering. In terms of half one and half two, it's about converting that order book, and that's what we're driving towards. I think if Barbara wants to pick up the other issues on that. Yeah. In the case of 2022, I think it's fair to say that we would expect revenue growth to exceed volume growth. We've given you the revenue target, so you can work back from that. The reason for that is that because of the lower social in 2022, which I've already said in the presentation, if you've listened to it, drops from over 11% to just over 9%. Our social ASP reduces in 2022 as well because of the geographical spread of that social. What you're seeing is therefore lower volume growth. You're seeing the ASP blended up, and that's giving you the GBP 2.05 billion of revenue growth. Included in that GBP 2.05 billion is only GBP 15 million of other turnover, which we've already achieved that in the first two months of the year. The rest of it is growth in homes turnover. You can see that that grows a little bit more because the other revenue is dropping from GBP 37 million to GBP 15 million. Operating margin. Operating margin? Question on operating margin. For 2022? Yeah. What's driving that? Oh, in the next 12 months? Oh, yeah, getting to the time 2022. Well, it's nearly all house price inflation in excess of build cost inflation. What you got to understand here is that when you look at our 2021 revenue, close to 60% of our private revenue in 2021 came from the opening order book. Not much of it. Most of the balance came from reservations in the first half. The amount of turnover in 2021 that came from reservations taken since house price inflation increased is very, very little. Since house price inflation moved up, that's all in the closing order book, and that will all come through in 2022. There's a little bit of volume impact, and there's a little bit of mix. Obviously, I've just talked about the social. Because of the lower social and the lower mix, about 40 basis points of the improvements is mix. There's a bit that's volume, but nearly all of it is net HPI. Embedded in the order book. Embedded in the order book. Yeah. Obviously, we've made assumptions on where we go with build cost inflation, but we're fairly comfortable with those assumptions. That's really clear. Thank you very much. Thank you. We'll now move to Dudley Shanley of Goodbody. He's registered a question. Good morning, everyone, thanks for taking the question. I just have one last. It's to do with build cost inflation. Obviously, you mentioned that material inflation has been tough to deal with through FY 2021, but I'm more thinking about what you're seeing in terms of labor inflation coming through for FY 2022. Yeah. I think it's fair to say you split them into two in our build cost inflation. We said over the year we were circa 5%. I think it's fair to say that materials are probably coming to a peak now as our output will start matching demand going forward, and we're already seeing that with timber. I think it's fair to say that late labor, it's symptomatic of a very strong market. You have supply and demand, and from our point of view, we're happy that we'll get to a position where house price inflation will offset our build cost inflation. We are still seeing that. We don't have any concerns there. That's great. Thanks. Gavin Jago of Barclays registered a question. Gavin, please go ahead. Yeah. Thanks. Morning, everyone. Another one on build supply, I'm afraid. I was just thinking about the messaging from you today, and I guess your other listed peers has been pretty consistent, in that there are pressures in the supply chain, but they're being pretty well managed. Just thinking about the strong relationships that you've got with your supply partners, what insights have you got from them about who isn't getting the materials that they need? Is it too simplistic to think about it being the larger housebuilders getting preferential treatment, and the smaller builders and tradesmen are struggling? Are there any regional patterns we can talk about? Just a bit more info would be useful, please. I probably struggle to answer that one, Gavin, to be honest with you. You probably have to ask the suppliers more than anything else. From our point of view, we are seeing interruptions in supply, but having said that, we do stock on site. We do keep a stock on site. That's been evened out, and we are happy with our build output, which suggests that there is certainly no problem in terms of our onward build in terms of materials and labor. I couldn't tell you how our suppliers prioritize what they do, but clearly, some of our suppliers, we've had 30 years relationship with them. Even longer. I think you're probably even talking as much as 40 years with some of our suppliers. There's a very strong embedded position with our suppliers and our supply chain. It's invaluable at these times having that conversation. In the same times, we're very supportive of them when it's not so good times. They understand that. I'd say that we've got very strong relationships. I couldn't tell you what they're doing in terms of prioritizing who. We're clearly happy with the supply that we're getting, and we continue to get it. That's useful. Thanks, Matthew. Thank you. We'll now move to Clyde Lewis of Peel Hunt. Good morning, all. I think I've got four, if I may. Apologies. Come on, Clyde. Well, I've given everybody else a chance to ask the good ones, but, you know. I was putting this presentation. There can't be many left. No, I was going to say, I was putting this presentation together. Well, are you? We have four areas. Go on then, Clyde. Just go. Regionally, obviously London's been tough. Any noticeable patterns apart from London where you've noticed particularly strong or sort of slightly softer sort of markets? That was the first one. Second, in terms of land buying, I suppose, how is your focus shifting? Obviously, there's certainly a drive by the local councils to release bigger parcels of land. Is that where you're still shifting in terms of the overall sites that you're acquiring? The third one was on customer preferences. How has that evolved? Are you seeing customers traveling from further afield to come to your sites? Are they looking for bigger units on average? Are they looking to do more in terms of My Redrow, in terms of the extras that they can add? Just trying to understand that side of it. Then the last one I've got to ask around planning, again. What's happening in terms of the various different local authorities? Are they starting to staff up a little bit more and to try and clear the backlog that clearly crept in over 2020 with COVID? Yeah, okay. I've got to remember all those, Clyde. Is that 10 then, Clyde? The first question, you didn't tell me there was subcategories. Let's go. Right. We'll start with London and patterns across the country. We are happy with Colindale's performance. We're going to be there for a very long time. It's clearly performing as we expected it to do. We aren't seeing the same house price inflation that we are seeing across the rest of the country. I think if you talk about the rest of the country, we're not seeing any pattern of any area being different from anywhere else, really. With the North is performing as much as the South, which interestingly, if you talk about Help to Buy, the North really doesn't have Help to Buy and the South does. You are still seeing that the North being very strong even without Help to Buy. No, there's no real pattern outside of London. Everything seems to be very similar. I think if you look at our land buying, I think if you divide the number of sites we bought by the number of plots, because the average is about 200. There's clearly a couple of larger developments in there. Certainly, we've got Colindale across from that point of view. There is bigger parcels available. I think truth be known, it's easier in the South than it is in the North to buy. I think we probably, we've got a desire to buy more in the North to maintain our production outlets, whereas, we've got probably a lot more opportunities in the South, which is partly why we're opening our new office down in Croydon. We see opportunities down there. Our product suits very well in the South. It's a strong product and strong market for us, and we'll continue to look at maintaining our position where we are in the North and Central, but our growth will continue to be in the South. I think in customer preferences, I'll let Barbara talk about My Redrow. Customer preferences, you're exactly right, Clyde. The world has changed. People are wanting different things. They are going from the five-day commute to the two-day commute, which means that they can go further away because they're not doing that daily commute. They are also saving money on the commute, and they're working a lot more from home, which means that they need bigger houses. They want that extra office. We've moved into home offices, home pods. We're trying to adapt to a market that has completely changed. We think that strategy is going to be around for a long time, that people are going to be really reassessing what's important to them. I think I'll go to planning, then we can come back to My Redrow. Planning, land authorities, I think we probably see that they dipped below 300,000 planning permissions this year, which is probably unexpected. Sorry, not unexpected. I think we'll probably see a little bit less next year as the COVID effect that came forward. Clearly, from our point of view, the government's U-turn on what they were going to do with the white paper is very disappointing, but probably not unexpected, as usual. I think it's very difficult for us to say that the government sit there and talk about a broken planning system, but actually the answer to it, they've now scrapped the answer to it, they need to do something else. Ultimately, we still desire, from our point of view, we want local authorities and the government to give us clear guidance in terms of what's coming down the stream, when it's coming. We've got a business here, we've got a business and an industry that could do more and could deliver more if we had clear guidance. Ultimately, we don't have 20,000 bricklayers sat on the shelf. We've got to plan for our business for a very long term, and therefore planning is very important from that point of view. In terms of immediate side, in terms of delivery, it's reasonable, but it's always unpredictable, which is a very difficult position for us to be in as a business. I couldn't tell you which planning is going to take six months and which is going to take three months. That's still the nature of the system, which just proves it's not right. I think that answers everything. Do you want to pick up on My Redrow, Barbara? Yeah, of course I can. Our My Redrow position was that pre-pandemic, we got to just over GBP 20 million-ish of extras on our legal completions. That dropped back in 2021 because of the pandemic and the apartments as well that were in the turnover for 2021. We were down at around about GBP 18 million of extras on legal completions in 2021. If you look at the extras reserved, i.e., paid for, but on reservations as opposed to legal completions, that figure is in excess of GBP 25 million. If I look at the 2022 number that we're expecting, then it will be an absolute record of North of GBP 30 million. When you think about the fact that in 2022, we're selling some larger plots than 2021, where you've got more as standard, I think that just reflects how much people are very keen to personalize their home, how much they're thinking about being there for a longer period of time, and wanting something that's just right for them. Perfect. Thank you. Can I just have one more? I suppose, just can't let John disappear. It's obviously very sad not to be doing this personally, but I just wanted to add to Will's comment earlier about thanking him and wishing him all the best because I've known John, God, since, I think it was the late 1990s, when you became the CEO of Wilson Connolly, when that was still listed. You moved to Redrow in 2002 to head up that eastern business. You had a very interesting time through the Northeast, to say the least. When Steve came back, the fact that he made you Group MD, I think, was probably one of the biggest accolades you could get from a man who is demanding, to say the least, and also very successful. He spotted somebody who saw his vision coming through your thoughts and your plans and ideas. Obviously, the fact that he let you take over from him as chairman, again, another massive recognition of how you do things. I think you've obviously seen share price bounce around all over the place. The profits, though, have grown pretty steadily as a business, and standing back to be non-exec, but also delaying the retirement through COVID year, I think, again, just highlights the sort of person you are. I've enjoyed our engagement over the 20+ years that we've been talking, and I really do wish you all the best for the future. Clyde, well, thank you for making me feel so old. Yeah. Thank you very much for the kind words. Yeah. I think all careers over a spell, which mine has lasted well over 40 years and nearly 20 years with Redrow. It will always have its ups and downs. I come out of it at the end, it's been fantastic. I think what I'm really pleased about is the business has got through the pandemic very well. It's in good shape. I have the comfort of knowing that it's in safe hands with Matthew and Barbara. So, thanks for your words. All the best. Thanks. Cheers. Thank you. We'll now move on to Gregor Kuglitsch from UBS. Gregor, please go ahead. Hi. Good morning. A few questions if I may. They may be a little bit detailed, but I'll ask them anyway. Could you just remind us your hurdle rates? You mentioned you're a bit above and now perhaps it's pairing back a little bit, in terms of the gross margin hurdle rate that you tend to go for, and how you've baked in, I suppose, the increased expected costs around Part L, et cetera, as we think about a couple of years out. That would be the first question. The second question is, I think in your pre-recorded call, which I listened to this morning, you're guiding for a WIP turn, I believe, correct me if I'm wrong, of I think 40%-50% of sales. I think that's what you're saying. I know there's a little bit definitional changes year-over-year. If you could just elaborate a little bit what's going on there. Maybe relating to that, and maybe this is a question around the return profile. I think you're talking about 22% return by FY 2024. Overall, your target is 25%. I guess the question is what's missing, I guess, is the asset turn somewhere. If you could elaborate how we close that gap to reach your overall target of 25%. Maybe, thanks for the detail on the mix impact this year. I guess what I was interested in is, I appreciate it's a moving number with HPI, but the ASP in the land bank, and as things settle down, you're exiting London, the social mix is probably going to normalize. Can you just give us a sense how we should think about the ASP profile as we go a few years out, appreciating that obviously HPI can change that? Then maybe final small question is the new division, what's the associated OpEx with that? That I'm guessing you have to incur at some stage. Thank you. Thank you, Gregor. It's the longest two questions of all time. I think that one might try and put some subcategories into that. Yeah. I'll deal with Part L. I think the rest of it, unfortunately, goes to Barbara. I think if you look at Part L, we've got this stepping stone in 2023 and 2025 till we go to full. We still don't know the exact details of it. We have been working hard as to what the solution is. We put a cost allocation in which we think will give us the interim place in 2023, and we've got a position where we think, again, we've been putting interim figures in for 2025, and we're confident that what we can achieve in 2023, we feel that we know we might be able to bring air source heat pumps a bit earlier in 2023. There's a cost associated with that, and we're happy that the figures that we put in going forward for both those years are well within what we expect. It's going to be an interesting time. As we said, we're still waiting on details from government. We have covered it off going forward in our build costs, and we're confident as we learn more and more about it as to what we're expected to deliver. We're more confident that we can get within the figures that we expected. In terms of hurdle rate, obviously given that we're targeting in 2024 to get to 19.5% operating, clearly you're looking at around about 24.5%-25% gross. That's a normal hurdle rate, and I would imagine it's a very similar hurdle rate to other people, to be honest, in the industry. Matthew's covered the Part L. In terms of WIP turn, yeah, we are targeting to get the WIP turn out. It was high, obviously very high in June. It was relatively high in June 2021, we had a lot of completions. Our year end was the 27th of June, and of course, the stamp duty thing came to an end in the 30th of June. We did have quite a few legal completions dropping into those last few days, which obviously was sat in WIP at year end. Our target is to bring that WIP down, or for the WIP to be flat in the current year with the growth in turnover. That's, A, bringing WIP down per outlet. Also, the big thing is reducing the WIP tied up in London as we complete the build-out scheme. We've got two build-out schemes, in addition to Colindale, and as they disappear off the scene, that clearly will help our WIP turn. In terms of how we get the ROCE from 22% to 25%, I think the reason it's 22% in 2024 is this build-up of the Southern division on top of the ongoing growth of the business. As I said, even with that, we still generate a decent amount of cash. Once Southern division is operating at a normal level, so we've got steady state growth and Southern division operating at normal level, we should be getting to 25%. Looking at where we think things are going, that could be 25% or 26%. I don't think we're a long way, by 2024, we're not a long way off getting to 20%-25%, because it flips quite quickly once Southern is in a steady state of business. In terms of mix and what that means, as I said, the social dropped to about 9.5% of turnover from 11% in 2022. Now, once you get past 2022, it goes back to 11% of turnover, and it stays at 11% of turnover. Your ASP will flatten off going forward from that. Therefore, basically, when you look at the ASP and the land bank, that's exactly what we're assuming. You know we don't build any HPI in any of our numbers. We're assuming that from 2023 onwards, we're seeing a flat blended ASP. That's what's in the land bank, because the real ASP, you know till it happens. Yeah. Okay. That's really helpful. Thanks a lot for your time. Before we move on to our final two questions, I would just like to remind you to ask a question. That is star followed by one, star followed by two if you change your mind, and the flag icon if you've joined us online. We will now move to Ami Galla of Citigroup. Ami, please go ahead. Yes. Thank you. Just two questions from me. The first one was really on PRS. I was wondering if you could give us some color as to how do you see the outlook for PRS projects going forward. Can you remind us what is the level of PRS within the current order book? The second is on incentives. I appreciate that you have a very strong forward sold position. Even though the sales rates are quite normal, the build is the more challenging part of the picture. As you think about the next few years, can you remind us what is the normal level of incentives that your business operates with, and what's budgeted within the sort of assumptions of the land deals that you have taken forward? Thank you. Okay. On PRS, just to give you the feel. As we said in the presentation, PRS was 8% of private revenue in 2021, so that's GBP 140 million. Going forward from that, there's only one PRS deal in existence, which is in the order book. That's the GBP 120 million deal we did for Colindale, which was announced at the time it was done. 2/3 of that will legally complete in the current financial year, and 1/3 will be in the next financial year. There's nothing else in the order book, and that's how it will phase out. Okay. Incentives. Well, ordinarily, we probably have up to 2%. We don't really do very much. I think it's supply and demand at the moment, and we're trying to keep that a lot lower than that at the moment. Ultimately, 2% is probably our long-term target to what we tend to work to, and we're probably working to below that at the moment, as you can well imagine with what is a strong market. Just one follow-up. In terms of the overheads in the business, as the Southern division picks up scale, should we expect the overheads of the business to also move in line with the sort of growth in the divisional growth that you're seeing? Yeah. There's a new value on it, to this day. First of all, I didn't answer actually when Gregor asked, sorry, Gregor, the cost of a new division is around GBP 7 million-GBP 8 million in total, including its share of the insurance cost and things like that. The issue with overheads is that the 2021 overheads that we got are still below a normal level for that year because we have the additional lockdowns. Everything's been on Zoom, and we have not incurred the traveling expenses that we expected to incur, et cetera. Certain payroll elements have not happened. I think you need to start looking at 2022 and 2023 from a higher number than GBP 93 million. When I've spoken to people, you can't just have 2.5% to the GBP 93 million number or 3% to the GBP 93 million number. I think, we're going to see overheads in 2022 be, I think, north of GBP 100 million. Okay. How much north is difficult to say, but let's say between, less than between GBP 100 million and GBP 105 million. That's a combination of getting a normal rate plus inflation, plus Southern, plus our investment that's going on at the moment, our ongoing investment, which Matthew talked about in the presentation around about digitization. The continuing digitization of the business, the customer experience suite that we're doing. This investment is all to bring about improved productivity as we go forward. I think we will have a bit of a bump in the road in 2022 on overheads. Then I think you'll have a bit of a step up in 2023 as Southern is fully on board and we've got the office costs and everything else. Then I think from then on, you will just get inflation re-increases. That's very helpful. Thank you. We will now move on to our final question from Rajesh Patki of JPMorgan. Rajesh, please go ahead. Yes. Thank you. Good morning. I hope you can hear me well. I've got two, please. First one, just on the 2024 targets. You expect about 10% or so growth in the top line versus 2022 level, with around 20% increase in the outlet. Just wanted to confirm if there is a mix effect on ASPs there that you're looking at, or will the growth in the outlet numbers have a more sustained growth on the top line beyond 2024? Secondly, don't know if you want to say anything on this, but can you make any comment in relation to the takeover speculations in the media? Thank you. Well- I'll do the last one. No. You can do both if you want. No, we don't speculate on any takeover speculation in the media. Did you want to do 2024 targets? Yeah. The situation. A, is just the timescale from one to turning to the other. The fundamental thing is we're assuming a lower sales rate going forward than we obviously have had in the last financial year. We will need to rebuild the order book to a degree because our order book will come down significantly in 2022 and 2023. There will be an element of rebuilding the order book. It's fundamentally a lower sales rates. Yeah, back to a normal sales rate. That's great. Thank you. Thanks. There are no further questions. I'd like to hand back to the management team. Okay, thanks, everybody. As we said, now we got a great set of results. The company is in a great position, and we're looking forward to future trading in 2022. Finally, I'd like to thank John for his long service of nearly 20 years in the business and wish him well for the future, and also welcome on board Richard Akers, who will be joining us as our new Chairman. With that, I'd like to thank you all for attending today's Q&A presentation. Thank you very much.