Okay, good morning, everybody, and welcome to Redrow's full year results presentation. First half, everyone at Redrow would like to express their deep sadness at the passing of Queen Elizabeth II, who dedicated her life to the service of her country. Our thoughts and condolences are with the Royal Family as they grieve their immense loss. Moving on to today's presentation, I'm sure you don't need any introductions, but I'm Matthew Pratt, Group Chief Executive, and as you can see, Barbara Richmond, our Group Finance Director. I'm very pleased to say that 2022's Redrow's underlying profits have returned to record levels we achieved in 2019 prior to COVID-19. At the same time, we have grown the business while continuing to evolve our successful strategy based on our market-leading Heritage Collection and prime locations. Redrow's disciplined approach in delivering its proven strategy and effectively managing both house price and build cost inflation has underpinned these record results. We have improved customer experience, driven efficiency, and pushed forward on improvements to our product range, in part, to incorporate our climate change objectives. Starting today's presentation with a summary of our record results. Turnover has increased by 10% on 2021, to GBP 2.14 billion and was in excess of the pre-pandemic record set in 2019 of GBP 2.11 billion. Underlying profit before tax at GBP 410 million was up 31% year-on-year and just above the previous record set in 2019 of GBP 406 million. Underlying earnings per share has increased to GBP 0.96 in 2022 from GBP 0.923 in 2019. Our full year dividend per share has also increased to GBP 0.32 compared to GBP 0.305 in 2019. This is an addition to the previously announced GBP 100 million share buyback we began earlier in July. There we go. House price inflation was a major feature of the market, something we recognized very early. The average selling price of our private reservations increased by 12% during the year, reflecting house price inflation, geography, and product mix. Throughout the year, we effectively managed the balance between volume and price. Customers appreciate the value of our highly desirable products and places, which are perfect for the market. During the financial year, we focused our land buying mainly on land replacement and some moderate growth, all at our normal average hurdle rates. At the same time, we maintained our disciplined cost control. Once again, we secured a five-star NHBC customer recommendation rating with a score of 94.5%. We have made excellent progress on our climate objectives and kickstarted a number of projects to deliver our strategy. We signed the government's voluntary fire safety pledge and have set aside a GBP 200 million provision to remediate any building in scope, regardless of the role we played in its construction. Trading for the first 10 weeks of the current financial year has been positive, despite macroeconomic uncertainties. Although the market is moderating, our homes and developments remain desirable and enable us to target both the new home and second-hand market. The value of private reservations was GBP 360 million, compared with GBP 340 million for the first 10 weeks of 2022. The reservation value per outlet per week was GBP 296 thousand compared to GBP 294 thousand last year. In summary, over the last two years, the market has been incredibly strong with elevated demand, partly resulting from people's changed priorities around working from home. We are now seeing a return to a more normal market where demand is moderating to historic levels. We capitalized on last year's strong market with our focus on house price inflation. This was possible because of our strong differentiated product and these gains are now embedded in our forward order book. This provides the business with additional resilience to weather any potential deterioration in the macroeconomic picture. In this market environment, our Heritage Collection remains highly desirable. Our focus on innovative placemaking paired with our premium detached homes keeps us well positioned to meet the requirements of our potential customers. The fundamentals of the market remain good. Interest rates, despite recent increases, are at historically low levels. Mortgage availability is very good and employment levels are strong. We are well aware of the challenges of the increasing cost of living. It's clear our quality new homes will have a growing and additional point of differentiation from the second-hand market around energy efficiency. We had a strong start to the first 10 weeks trading of our new financial year. Our revenue per outlet continues to be market leading at levels of GBP 296,000 per outlet per week, demonstrating the desirability of our Heritage Collection. Our colleagues and partners strive every day to create quality homes and places for our customers, and I'd like to once again thank them for their dedication, hard work, and support, which is so crucial in Redrow's ongoing success. The advantage derived from our people combined with our approach to evolve our proven strategy places Redrow in an excellent position to continue its strong progress. With that, I will take some questions. Thank you. Yeah, I'm gonna.Ami Galla from Citi. Just a few questions from me. First one on your land strategy forward, do we continue with this sort of land replacement on a land replacement basis going forward? Have you tweaked your hurdle rates at all in the current market? Also, on planning, can you give us some update of how things stand and how much planning risk do we consider for the 2024 targets? The second one really is on 2023 and the current forward sold position that you hold, which is quite high. Is the sort of opening of new sites a bottleneck to further leads to that sort of volume assumption that stands now with FY 2023 today, given the sort of strength of your order book position? The last one really on the market. As we kind of think about the sort of stresses around affordability in this market, are you seeing any delays in completion of chains for home movers that could potentially delay them completing these purchases? Thank you. Right. It's a lot there to do. Well, it covers them all, doesn't it? Right. Let's start with uncertain. I don't know, do you wanna pick up? You probably wanna pick up. Yeah. Outlets for 2024, did you wanna pick up that one? Yeah. Which is planning. I'll just very briefly mention planning. If we start with land strategy, I think I said in the presentation, as far as we're concerned at the moment, you know, we bought a hell of a lot of land in 2021, you know, which is, you know, insulated us going forward in terms of our land bank. Now we expect to work on the basis of land replacement. With probably a moderate element of growth going forward. That's what our plan is going forward with regards to land. With regards to planning generally, we get planning, but it's incredibly slow. You know, incredibly slow. It's disappointing to see that, you know, many of these sites are slow despite the fact they're having little objections to. I mean, it's just overly bureaucratic, continues to be overly bureaucratic, and there is clearly a shortage of planning officers out there to deal with it. You know, from our point of view, we request the government would, you know, move to address this situation because it's not just, you know, the housing industry that relies on planning, it's everything else. You know, clearly, if we can get that moving, it'll help the economy. With regards to market, I think it's fair to say we've seen two years of an extremely strong market. I think that's the one thing to point out. You know, we have multiple buyers for every single one of our plots. I would stress that at the moment we are seeing what we would consider a normal market. You know, we're always gonna get back to this point where a normal market was gonna return. Ultimately, you've got to look at what we've got out there in terms of the underlying fundamentals of the business. You know, we've got great sites. We continue to have great sites because we require it to get those purchasers who want to be, you know, buy houses more aesthetically pleasing, you know. We've got to be in great areas where you've got more discerning customers. The mortgage market continues to be incredibly strong, you know, and incredibly competitive. You know, you can still get 95% mortgage on new builds now with Halifax and the likes. You got to remember that our products with regards to our customers are normally onward movers, so most of them come with deposits anyway or large deposits. That's pretty strong from those points of view. You know, ultimately, there's an underlying supply of homes across the UK still, and that continues. The one thing we've always got to remember with regards to the market, you know, the housing, new housing markets, we're tied to the employment market particularly. Ultimately, what you've seen in employment is very, very strong and continues to do so. The other thing I would point out in ours is we have a resilient cash buyer market. You know, 33% of our sales last year went to cash buyers, which I imagine outstrips the majority of them. Many of them are downsizers cash from sales. You know, that is very strong. The other thing I would say about the market generally is, you know, energy efficiency will start to come into its own because, you know, you've seen the costs that are coming out with regards to energy going forward. The savings you can make by buying a new home is significant, and therefore that will underpin the market for a long time. On top of that, we've got a massive order book. That was probably picked all the market. I mean, so affordability is probably less. Delays in completion of chains, we're not particularly seeing that. You know, there is some delays out there relating to, you know, conveyances, but it's all because everyone's busy. You know, it's just a slight slowing, but nothing very new, to be honest with you. I think the selling point. Do you wanna pick up on Yeah. Yeah, you do. Yeah. Basically, as I think people are aware, we forward sold more than we normally would be. I think that's fair to say, with the record order book and everything else. There is a sort of specific reason for that in that, the social element of our order book is significantly higher this year than it was last year. It's up from 35% in 2021 to 44% in 2022. That's really the main part of the reason in terms of the order book. In fact, the volume, the number of private units is actually down. We've said before that, you know, our aim with private units is not to sell too far forward because you've got HPI coming along, so you don't want to sell too far forward. Otherwise, you've got no HPI on what you've sold, and you've got build cost inflation on what you've sold. We've been specifically trying to control that, as have others. That's the reason for the forward sold position being quite so strong. I've talked to people, a lot of that comes through in the 2023 turnover. Our 2023 volumes, 22% of our volume in 2022, so sorry to use two 2022s, was social. In 2023, we expect that number to go up to 25% of our volume. Most of the volume growth that the group will see in 2023 will come from social. There'll be very little from the private. In terms of outlets, I think the situation on outlets is that we averaged in 2022 the sort of number of outlets that we expected at the start of the year. In 2023, we're targeting an average of 120. We actually opened 2023, the financial year, with 123 outlets, but we have got quite a lot of closures coming along, and we've got new openings, but those new openings really don't come through till towards the end of financial 2023 and into 2024. I think we'll end 2023 with just over 120 outlets, with an average of 120. In 2024, we clearly need to open a lot of outlets to get to the 134 average. We understand that, but although the planning process is slow, and it you know, it's very, very slow, because we've got the land, the planning is happening, and our anticipation is even with the slow process, that we'll open a lot more outlets in the first half of 2024 financial than we've done in the past. In the last few years, our outlet opening has been predominantly in the last quarter of the financial year, hence the averages being what they are. This year it's certainly in 2024, based on where we are with the land. We already own this land. A lot of it is already in the planning process. It's just taking an inordinate length of time to get it through. I'm not saying it's easy, but at least we have the land, and it's in the process now. We think even on current timescales, we can get there. I think the hurdle rates as well. We are continuing to buy land at our historic average hurdle rates as well. Yeah. Thank you. Thanks. Aynsley Lammin from Investec. Just two, actually. I think first of all, what was the pure HPI for FY 2022? And are you still seeing HPI come through over the kind of, you know, last couple of months? And then secondly, just maybe a bit more color on recent trading for the last couple of months. In terms of cancellation rates, are they still running around the 19%? Have you seen an increase in those? And is there anything kind of regionally or product-wise to talk of, you know, different trends across the country? Thanks. Yeah. Shall I say it? Yeah. You can go as well. I mean, it's very, very difficult to say what the pure HPI figure is for 2022. We know that, you know, the average selling price is up double digits. You'll have seen that, and this, the same is true of reservations. However, there are significant mix effects in that. In particular, for example, in terms of outlets, the reduction in outlets that we've had has been predominantly in the north. So our volume of reservations in the north is down year on year by, you know, a fair chunk. Whereas, you've got a small reduction in volume in the south. So that mix effect is having an impact. Secondly, as you know, we've been moving more and more towards better locations and a better mix of property, and that's also having an effect. So as I say, it's quite difficult to distinguish what's mix from what's pure HPI. But if I had to have a guess, you know, I would say it's, you know, high single digits is pure HPI, and then there's a whole chunk on top of that, which may be, I don't know, 3% or 4% due to mix. Okay. With regards to recent trading, I think you've seen the figures. We launched 0.61 in the first 10 weeks. I think it's fair to say that, you know, it still remains pretty strong out there. You know, with bearing in mind our average selling price, I think we're probably towards the top end of most of the developers that have reported. Ultimately, you know, we still do have minimal stock out there as well. So people tend to be buying at the early stage of our homes, you know, and committing to do that. So, you know, with regards to trading, you know, we're pretty happy that, you know, it's, as I said, it's back to a normalized market. Sales are out there. Visitors are still coming. It's. We're pretty confident. Cancellation rate? Cancellation rate hasn't changed. Remains the same as last year. Thanks. Will Jones from Redburn. Three, please. The first just on the movement in the Heritage ASP, which I think in the end was about £437 through the P&L last year. Just from here forward, mix effects that we need to think around against that base, please. Second one is on outlets and whether you'd be willing to share the number of new openings that, A, you achieved last year and the number you need for 2023 and 2024. And then lastly, just around build cost, that 10% comment. Was that June to June as opposed to averaging the P&L? And what's your best guess for June to June this year? Okay. Would you want me to do build cost, and you can do- Yeah Movement on Heritage and outlets? Yeah. It's probably a fair question. I mean, build cost, we said is 10%, and that's year June to June. I think going forward, we expect it to continue to go to increase. We don't expect it to level off. I think we've seen in the last, you know, couple of years. The year was an interesting year in terms of build cost. We didn't probably expect it to be as high as it was, and certainly in the half year. You know, there's two things that happened. The commodities in the first half of the year, prices increased, and the second half of the year was all about energy. Interestingly, the first half was very much about lack of supply as well. what we are seeing in the second half was actually we are getting an increased supply, and it's becoming less of an issue. So, you know, one tends to offset the other. you know, we'll depend on where we are with energy. you know, we are expecting to see some continuity in the house price inflation. clearly, you know, we've been working with many of our subcontractors and suppliers for a very long time. you know, that always helps us. ultimately, the other thing I would say is, you know, Redrow is an incredibly standardized business in terms of the fact that our Heritage Collection is welcome in for the planning authorities in most locations. Therefore, you know, the products that we tend to buy, we can buy in bulk as well. Yeah, in terms of heritage, I mean, you know, we got. Well, the Heritage ASP, if you look specifically at Heritage, it's GBP 433. If you look at private homes excluding apartments, it's GBP 437. So if you build a bespoke one, it's about that. In 2023, I would expect that to be slightly higher. The reason for that being that when you look at the outlets opened in 2022, the biggest element of outlet opening in 2022 was in the central region. The ASPs in the central region are higher than in the north. So I would expect to see the ASP move in terms of Heritage slightly higher over 2023. I think the blended ASP will also move up because that increase in ASP in the private will more than compensate for the higher social. I think the ASP will move up by perhaps a couple of% overall in terms of blended. In terms of outlets, I mean, the outlets in 2023, we're probably looking at about 20 new outlets in 2023. In 2024, we're clearly looking at something more like 30. It is a big step up, as I made the point earlier. In terms of build cost inflation, yes, the 10% is year-on-year as we speak. Our projection or our expectation for the current financial year is around about 7% for 2023, FY 2023. June to June. June to June. Yeah, June to June. June to June. Morning. Thanks. Charlie Campbell at Liberum. Just a couple of questions. Sorry to go back to the market, but just wondering if you're hearing or seeing, you know, any change on the ground, people getting maybe a bit more cautious. Also a related point, whether you would expect, I mean, people have talked about seasonality coming back, normal markets. We probably anticipate a pickup in sales rates through the autumn. Is that kind of a realistic expectation? Then the second question, on energy efficiency, just wondered if you've benchmarked a Redrow home against a kinda comparable second-hand home, existing home, just to see what the saving is. I guess that's become more material these days. Yeah. Okay. I mean, with the market, you know. As I said, we used to have multiple buyers. We probably now are back to a normalized market, and we are generally back to a normalized market. You know, so I'm not seeing anything different from that. You know, bearing in mind, we're still making people commit from the foot of the foundation. We've got no stock out there, and we're still selling. So, you know, with the 0.61 is, you know, pretty top end for the industry. So I can't. The market, I'm quite happy with. You know, it's normalized. It's where it's been. I think people have short memories from before COVID, I think is the issue. So we're quite happy with that. Energy efficiency, I mean, there's plenty of stats out there to work out. I think Jefferies even put a note out there suggesting, you know, talking about GBP 4,000-GBP 5,000 for a new property compared to an old property. The opportunity for people to move forward. I think it'll become a differentiator with the energy. If it continues to be the price as it is, you know, buying a new home will have a, you know, a specific advantage. We've always known it's an advantage, but now this is, you know, it's off the scale in terms of advantage of buying a new home, for the energy efficiency. You know, I think from our point of view, the cost of making an old home into a new one, you're talking GBP 12 thousand-GBP 15 thousand. We're on B grade. We're looking for the air-source heat pumps. You know, we're in this transitional period at the moment. We may well move to air-source heat pumps a bit earlier than many others, and we can factor that into our costs. Mainly because we like the aesthetics of our homes and by using those to our advantage. We have done some trials. We've trialed a couple of houses, exact same houses, one with a gas boiler, one with electric air-source heat pumps. The gas boiler effectively. Interestingly, the cost was the same in the end. What ended up happening is the air source heat pump being obviously 300% efficient, whereas our gas boiler's 83% efficient. It was drawing a third less energy required to run the air source heat pump, but the problem is, here is the moment that gas is a third of the cost per therm of an electric therm. But ultimately, we are seeing that data that we're capturing as we go forward. We're seeing that on like-for-like basis. But clearly, against second-hand markets, it can be, it's a completely different ballgame. Gas and electric sat side by side, they're costing about the same with an air source heat pump at the moment is what we're looking at. You know, it's the trials are looking pretty good at the moment, what we can use. I think the one thing we've got to be careful of is our industry is not just the fact of putting these energy efficiencies there. It's dealing with the customer and making sure that actually we are. Partly, we're doing these trials is to understand what the customer point of view is and how they work with them because, you know, we don't want people coming back to us. We want them to fully understand how they work. We're trialing them out for, you know, how they work with sound, how they come on. It is a different approach. You've got to use a different approach to these air source heat pumps. You can't turn them on instantly and expect it to be hot in your home. You've got to plan for it in advance. We're working on with what we're gonna do with customers, really, and making sure they're well aware of the new technology going forward. Sure. Thanks very much. Can I just push you on the autumn point? I mean, you would expect the sales rate to pick up in autumn. Yeah. That's your expectation? Yeah. I mean, everyone's been abroad, haven't they? I mean, we have seen incredible seasonality this year. You know, it has been a strong year for holidays. You know, we do expect to see an uplift in the autumn market. Yeah. Thanks very much. I think you'll. You know, other people will be reporting in October, and we'll be reporting with the AGM in November. I think that's when we'll have a really clear picture of what's happened in the autumn. Thanks very much. Thank you. Glynis Johnson, Jefferies. I've got a few, but hopefully they're very short, but get your pens ready. Yeah, of course. The land market, is there just any nuance in the most recent weeks? Are you seeing some land that's previously gone to a competitor come back on the market? Green mortgages, is the value of that energy saving? You know, is there any more talk from the banks about maybe factoring that in? Reasons for cancellations, I don't know if you track them, but are you seeing affordability come in at all in terms of people's reasonings? Extras, how big can they go? Cladding, how much of your cladding provision is to cover what's in the fund, and how much is for what you will third party remediate? How much are you gonna have to pay VAT on, and how much won't you have to pay VAT on? Do you wanna do extras and cladding, and I'll do the other three? Yeah. Is that all right? Yeah. Okay. Land market. I think it's. We are seeing sites come back to market. I think what we are putting bids. We are being selective as to what we're buying. We're putting bids on the basis of what we expect to do. In other words, if we sit as second, we sit as second. Being able to stand on it is the point that we're trying to get to, and we are seeing them come back. I think the issue with the land market is, you know, it's. In terms of what we've been buying over the last 12 months, you could see that there is you get better margins by larger sites. I mean, we are, by the way, buying everything on the average on our hurdle rates, so there's nothing to worry about from there. We are. The larger the site, the less competition, which is pretty obvious, isn't it, who can put the money out to do that. When you're against all the nationals, it's quite easy. The smaller sites, what we've probably historically seen, we've seen a hell of a lot of bids for the smaller sites. You know, SMEs coming into play on those. You know, we're expecting that will probably cool off a bit with the market normalizing. We expect to have an easier land market, shall we say, or more acceptable land market. We're happy that we're still buying and we're still buying our hurdle rates. We're still buying in the areas that we want. You know, we know what which is a Redrow site, which isn't. You know, we need sites that really fit our mix, which is four-bedroom detached house with somebody who's prepared to pay, you know, an additional extra for an aesthetically pleasing house and, you know, the advantages that comes with it. I think that's the land market for you. Green mortgages, you probably need to ask the banks more than anything else. I mean, historically, you know, there has been green mortgages out there. When the interest rates have been so low, the difference between the two has been negligible. If the interest rates did continue going up, you might well see a difference between the two, and green mortgages may well come into their own. You know, that is a question for the banks really now. They're lending from the Bank of England as well as, you know, as they understand as to how much they're lending on carbon advantaged products. Reasons for cancellations. We're not seeing any particular difference in cancellations. Not, not in- Not on affordability. No. I mean, the reasons are the same reasons as ever, you know. Affordability being one of them, chains collapsing being one. You know, I mean, it's all the usual stuff, but it hasn't been a change in the blend. Yeah. I think on green mortgages as well, I mean, it will depend on what the banks do about their own mortgage books, because obviously they're under pressure from the government to reduce their energy efficiency, and part of doing that is only lending on certain EPC ratings. You know, the pressure might come indirectly that way, which will be obviously helpful to the new build market. Yeah. In terms of extras, you know, we're now at 2% of turnover on extras, 2% of homes turnover on extras. Our assumptions going forward are that, you know, it will remain at that sort of level. Obviously, if things do get tight, it will. There's a likelihood that would come down because obviously people haven't got the money. They will have to wait till they've moved in and maybe a period after they've moved in. You know, if you have the money, then it's a win-win situation for them to do it before they move in and to buy those extras. But you just never know what would happen if belts are really tightened. I think in certainly over the medium to long term, there's no question that we can continue to deliver at 2% of turnover on extras. You know, we're always looking at ways to improve that and increase the offering to the customers without detracting from our ability to build the houses at the same time. In terms of cladding, yeah, absolutely. I think because of the fact that, as you well know, a lot of our buildings were not built by ourselves. They were built by other people, and they were built by other people a long time ago. Therefore, when the Building Safety Fund was set up, those people never told us and never told the people who did the D&B contract. They went straight to the BSF for the money. We probably have a higher level of money that we will be reimbursing the BSF with than other people, and the figure is just over GBP 60 million. Basically, we've got GBP 135 million that we will be either taking over contracts or contracts that's about to start or they're brand new that we're now working on with the management companies. We will have over GBP 60 million that we'll be reimbursing the BSF fund with. Those won't. Obviously, we won't be able to reclaim VAT on those. That VAT is included in your provision. Yeah, where we can't reclaim it. Yeah. It's included. Thanks. Clyde Lewis at Peel Hunt. Three if I may. One just following on from Glynis question there on cladding. Just, Barbara, your best guess, I suppose, in terms of sort of timing of the cash outflow or spend on that would be helpful. Second one on Colindale. Can you just sort of, I suppose, update us as to how that build-out is going and the timing or lumpiness of completions and revenue from the site. The third one was around, I suppose, the debate about land hurdle rates, you know, and I suppose your aspiration obviously to grow and develop the business, how do you suppose sort of juggle that if land prices do remain elevated, that sort of balance between HPI and build cost inflation, you know, does creep into sort of negative territory. I suppose the real question is where do you sit on, you know, not pushing hard for land versus sort of ultimately shrinking the business if you don't buy it, i.e., that sort of balance? If I start with the first part. In terms of cladding, because we have a big chunk that we're reimbursing the Building Safety Fund with, plus we're taking over contracts which are close to signing, with the BSF. You know, we've got works effectively underway where we've provided soft loans and things like that to the people to start work on those buildings. Our spend is unlike some others, I think, is weighted to the earlier part of the five-year cycle. We expect to spend not far off GBP 100 million in financial 2023, probably around 60-something in 2024, and then down to about 20 and then 15. That's how our spend is very much phased in years one and two due to the nature of what we're doing. In terms of London, the build out sites, we've got another GBP 45 million to go. In FY 2023, you'll have GBP 45 million from the build out sites, and then that will be it. The build out sites will be over. In terms of Colindale, I mean, we basically, if you assume an ongoing revenue from Colindale for the next few years of around about GBP 100 million a year, be about right. Yeah. I I mean, moving on to land, well, as you know, it's a residual value. The land value is a residual value based on the current sales prices and current build costs. So, you know, we still work on that basis. I mean, there's certainly been no plans not to continue to buy land at the moment. You know, we are expected to do replacement with some element of uplift. As I said, we know we bought a hell of a lot in, not last year, but the year before. We bought GBP 3 billion worth of GDV, which will insulate us for going forward. You know, it's the land market. You know, there's a little bit of a disconnect at the moment. It's still a lot of people out there buying. You know, we're probably looking selectively of every piece that we buy. We're not buying for buying's sake. We're not buying to go for massive growth. We're going for steady growth. You know, from our point of view, that land prices will have to come off because it'll have to reflect the current build cost and inflation from that point and the fact of where house price inflation will get to. They will come off. There is, you know, there's still good opportunities out there. I mean, we are still seeing good opportunities. There is still people out there who will only want to sell to Redrow. You know, they are. They see the value in the fact that certainly if they've got other holdings in the area or it's a big site, to get us up on the front of it and set the value with our aspirational product is important to them. You know, we have opportunities like that which not everybody else has. I think with the land market, you know, as I said, I think it's fair to say, you talk about the sales market normalizing. I think the land market is normalizing in the sense we will buy enough with a little bit of growth, and that's what we're aiming to do. Can I have one follow-up? Yeah. I suppose sort of just around product mix. I mean Yeah in terms of sort of as you're thinking about the market now, clearly you've had a very differentiated product over the last Yeah 18 months because a lot of the majors backed away from the bigger four bed, five beds. Do you want to shift the mix you've got either up or down in any way to sort of drive, you know, presumably ASP, you know, to maintain that differentiation? Do you go to bigger products on the sites you've got? It's an interesting one, Clyde. I mean, I think ultimately, we average about 1,300 sq ft. Interestingly, we've been 1,300 sq ft for years and years and years. It hasn't changed. Our average selling price is relative either to the house market or geography. You know, but the product ultimately never changes. I think with regards to our product, you've got opportunities probably to build a bit bigger in the north. Interesting, you know, where affordability is less of an issue in many of the northern sites. In the south, you've probably got to stick to where you are on the basis, you know, affordability comes into it a lot more, and therefore you can't build big houses. Ultimately, you know, we are seeing, if you looked at our range, you know, our bigger houses sell as quick as the small or the medium-sized houses. You know, there is a unique demand for that sort of level. You can see it by, you know, our 33% cash buyers is a really, you know, something that stands out with our product, bearing in mind our average selling price. That's because what you think you find is people who see our product as being something discerning, energy efficient. So, you know, that we've really well tapped into that market, to make sure that, you know, we can maximize what we do. Those people like spending on extras, you know, because they're the ones who really wanna personalize their home. Thanks. Good morning. It's John Fraser-Andrews, HSBC. Four, if I may, please. The first one, back on Colindale. Would you mind just fleshing out a bit more detail on where the whole development is in terms of completions, whole scheme, what's done, what's to go? That's the first. Second, on the margin in the guidance, can you say what's in your assumptions in that in terms of house price inflation and build cost? Third, admin expenses, where are they going and what's been done about cost of living for staff? Then finally on the land market, back to Clyde's point there, that sort of conundrum between house price and cost inflation. Has the land market already corrected in terms of prices that you suggested there might happen, Matthew? Thank you. Yeah. Okay. Well, Colindale's still got another eight years to go, so there's plenty to go. As you know, we got that increase in planning of 1,100 plots to take us to 4,100 plots. You can just assume, you know, for the next eight years, there'll be around GBP 100 million a year coming out of Colindale. In terms of the margin guidance, we've obviously got what's in the order book, plus what we've legally completed. Now, in terms of what we think is gonna come in to make up that last sort of 20%-25% of revenue in the current year, we've assumed effectively, limited HPI on that. I would say low single digit HPI on that versus we've assumed, as I've already said, around about 7% on build cost. All in all, you know, we think our gross margin will remain unchanged year-on-year. In terms of admin expenses, we were 4.76% for the current year. We think even though we've got volume growth and turnover growth, and in particular in our turnover growth, we've talked about the volume for Southern, but our other turnover this year will be higher than it was in 2022. We've already done GBP 20 million of other turnover so far this year. I think that number probably is likely to be higher, at something around GBP 40 million. That will obviously elevate the turnover number. Even with that, we think because of cost inflation, our admin expenses will either stay at 4.8% of total turnover, or they might be marginally higher towards 4.9%. So somewhere between those two numbers. That's a function of two things. One is cost inflation, another is investment in the business, and that investment in the business is a mixture of the Southern division being fully open for the whole year. If you remember, we opened the new Southern division in Crawley at the end of June. Ongoing investment, particularly into IT. Yeah, in terms of cost of living for staff, we're constantly benchmarking pay to make sure that they are where we should expect them to do. In terms of other things, you know, flexible working, not having to come into the office and the likes, you know, to save on travel. Electric fleet completely on our fleets of cars. You know, we're trying to support everything that we can do with regards to our staff. You know, we moved with pension with regards to some of the weekly paid people, we moved them into a pension scheme as well. We've done a lot this year to try and support staff through this difficult period. In terms of the land market coming off, I think you sometimes still get a bit surprised by some of the bids as, you know, there seems to be a little bit of disconnect from some people out there, what they're about bidding. You know, we're still buying what we need to buy in the right locations. I wouldn't quite say it's coming off, but, you know, we're confident that we're putting bids in that reflect the current house price and the current build costs. You know, we are just making sure that we're including what we should do at that time. Thank you. Okay. Is that it? Yeah. We're just gonna take calls from the phone line if there are any left. Thank you. If you would like to ask a question, please press star one on your telephone keypad now. If you change your mind, please press star two. When preparing to ask your question, please ensure your device is unmuted locally. Sounds like you guys. Reminder, that's star one on your telephone keypad now. Got no questions then. It's good. I'm just thinking these guys have asked them all. Yeah. All the good ones. Yeah, all the good ones are gone. We shouldn't say that, actually. I think- We have no questions on the audio side. Yeah. Oh, Oh, there we go. Glad we did that. It's a good time on that one. Right. Okay. Right. Thanks, everybody. Thanks very much.