Good morning, everyone. I appreciate you joining us virtually as we discuss our 2020 full-year operating results. With me today are Jonathan Davis, our Group Finance Director, and Andrew Carter, our Investor Relations Director. We'll follow our usual format today. I'll begin with a few highlights from our 2020, including a brief three-year review of our Growth Acceleration Programme. Jonathan will take us through our financials in a bit more detail. I'll return and discuss our market outlook and the factors which will drive our growth. I'll spend a few minutes describing the exciting acceleration of our ESG agenda, and we'll finish with a few words regarding our outlook for 2021. This year has simply been like no other. The COVID-19 pandemic has turned the world on its head and challenged resilience everywhere, whether it be of families, businesses, communities, or governments. I would like to express our deepest sympathy to anyone who has been personally impacted by the crisis and the family, friends, and colleagues of the Rotork employees who have passed away. They will be sorely missed. I would also like to thank my 3,400 Rotork colleagues for their extraordinary efforts over the past year. Whether they have been working in our factories, at our customers' sites, in our offices, or at home, where a large number are, they have embraced the changing circumstances with the utmost professionalism and dedication to our customers. Whilst this success clearly reflects individual efforts, it also reflects Rotork's strong culture. We have a strong sense of teamwork, a hardworking can-do mentality, and increasingly, a broad perspective and an entrepreneurial approach. All of these were very apparent throughout 2020. Our purpose, keeping the world flowing for future generations, links to our strategic objectives of accelerated growth and increased margins. In simple terms, the challenge the world faces is sustainably providing many more people with a high quality of life. Rotork can help here while striving higher sales and margins through providing innovative products and services that enable further electrification and automation, which together lift productivity and efficiency, minimize environmental impact, and assure safety. Let's take a look at our highlights for 2020. Despite the extremely difficult economic environment, our team continued to remain focused and to execute, as evidenced by continued progress in operating margins, rising 100 basis points on a decline in revenues to 23.6%. Demonstrating our commitment to improve our cyclical resilience through structural, cultural, and portfolio improvements, we contained the downside flow-through of profit on lower revenues to under 12%. Once again, we delivered strong cash conversion of 130%, yielding period-ending net cash of GBP 178 million. This level of cash generation continues to demonstrate our ability to easily self-fund our Growth Acceleration Programme. Return on capital employed improved 10 basis points to almost 32%, a level significantly above our cost of capital. Due to restricted access to sites globally in the height of the pandemic, our Rotork Site Services business declined at a rate greater than the group beginning in the Q2. Rotork Site Services ended the full year representing 19% of group revenues. Throughout the pandemic, our investments in our growth continued. We've expanded two operating facilities, increased our innovation and New Product Development efforts, added dedicated resources in emerging markets, and continued to focus on driving real value for our customers. Finally, we recognize that dividends are important to our shareholders. We were pleased in September to pay the 2019 final dividend, which was previously deferred, and are pleased today to announce an increased dividend for 2020. As we are now halfway through our Growth Acceleration Programme, let's take a brief look at the team's execution and results to date. In addition to the successful completion of the realignment of our business towards end market-facing segments, our Growth Acceleration Programme has now delivered GBP 23 million of profit improvement and GBP 48 million of working capital improvement. That's GBP 23 million net of higher raw material and logistics costs, and GBP 48 million net of increases in tactical inventory in preparation for Brexit and to offset global logistics challenges. These impressive results are a tribute to our team's continued ability to drive day-to-day execution whilst implementing the initiatives identified through our program. Within our Commercial Excellence pillar, our accelerated New Product Development efforts have now launched 31 new products. As our program continues, these have increasing commercial importance to Rotork. We have several particularly important products now slated to launch in 2021. To ensure we continue to sell on overall value rather than price, I'm pleased to note in the last 18 months, we have recorded over 42,000 hours of dedicated efforts in value selling training and in the creation of our value selling resources library. Within our Operational Excellence pillar, we have now closed 10 factories or 33% since the onset of our program. Our sourcing program effectively offset rapidly increasing logistics and commodity costs to drive another year of net savings. Our inventory program has now yielded a reduction in net inventory of 34%, and our productivity per employee, as measured by adjusted profit per full-time employee equivalent, has improved by 18% in our first three years. You'll also note our consolidation efforts have extended beyond our manufacturing sites to include our sales and back office locations as well. Moving on to our enabling pillars, I've already mentioned the implementation of our new market-facing structure, so I'll highlight a few of our other accomplishments within our people agenda. We created and launched our revised purpose, vision, mission, values, and our One Rotork programs. We have also made extensive efforts to align our performance management approach with our reward systems. We continue to conduct employee pulse surveys, which demonstrate our ability to bring the entire company along on our journey. Within our IT and core business process pillar, one of our most impressive accomplishments was in the rapid and almost seamless pivot to a work from home environment for a large portion of our workforce. We are far along in the design and programming of our new global IT platform. After a brief pause related to COVID-19 in 2020, we expect our first full site deployment later in 2021. We'll talk more about our Growth Acceleration Programme throughout our presentation. Let's have Jonathan walk us through our detailed full year financial results. Good morning, everybody. In the H2 of 2020, whilst the backdrop remained challenging, we saw improvements in underlying orders and revenue compared with Q2. Despite lower revenue, we continued to drive margin expansion and show strong cash generation. Order intake in the year was 12.4% lower than 2019 on an organic constant currency, or OCC basis. Orders in the H2 were 3.6% lower than the H1 and 8.9% lower than H2 2019 on an OCC basis. Orders in Q4, whilst down year-over-year, showed signs of recovery. Revenue was GBP 605 million, 7.4% down after a stronger H2. Adjusted operating profit of GBP 143 million was 3.8% lower than 2019, but margins on an OCC basis were 90 basis points higher. On a reported basis, adjusted operating margins were 23.6%, compared with 22.6% last year. Adjusted earnings per share were GBP 0.125, a 3.1% decrease. Organic constant currency results are adjusted to restate the 2020 results at 2019 exchange rates and for the disposal in December 2019. Currency was a more significant impact in the H2, reducing revenue by GBP 7.5 million for the full year and operating profit by GBP 1.9 million. At the end of 2019, we disposed of the Pittsburgh distribution business. It contributed GBP 8.2 million to revenue in 2019 and GBP 0.9 million to profit. Cash conversion was once again strong at 130%, reflecting a very good working capital performance. Return on capital employed increased 10 basis points over the last 12 months to 31.9%, building on the progress made over the last few years. In August, we declared the postponed 2019 final dividend and paid it as an interim dividend in September and said we would consider the dividend for 2020 as a whole with these full year results. Combining the 2019 interim dividend and the dividend paid in September, these represent a GBP 0.062 total dividend paid in respect to 2019. We're proposing a full year dividend in respect of 2020 of GBP 0.063, a 1.6% increase at a total cost of GBP 55 million. This represents 2.0 times cover, compared with 2.1 times in 2019. This adjusted operating profit bridge highlights the impact of lower revenue together with the compensating effect of price mix, direct costs, and overhead savings. Price mix reflects the 13% reduction in fluid power actuator sales. These are our highest material cost products and sales fell the most. Of the other product types, electric actuators and instruments were the most resilient, and these are the highest margin products. Price mix also picks up the benefits of our strategic sourcing initiatives, but was increasingly impacted by higher logistics and commodity costs as the year progressed. In both direct costs and overheads, the largest contributor to the savings were lower people costs. Total headcount reduced 9% over the year, with reductions from footprint optimization and sales back office consolidation within GAP, lower numbers of temporary workers and other reductions reflecting lower volumes, and natural attrition without replacement. Lower share scheme and bonus costs also reduced the overall people costs, which in total contributed the largest element of the net GBP 25 million reduction in costs. This is also the largest element of the reductions which might be considered temporary. In total, we would expect around a third of the GBP 25 million cost reductions to reverse in time. Temporary costs also included the additional cleaning, PPE, and other COVID-19 related costs. As we said at the half year, all receipts from furlough in the U.K. were repaid mid-year, but this is not possible in all countries. These savings included in 2020 are not material. In total, gross margin is now 47.0%, a 40 basis point improvement or 10 basis point improvement on an OCC basis. Flow through at gross profit was 46% on an OCC basis, reflecting the fact that all costs within cost of sales flexed very nearly in line with revenue. Adjusted operating margin is 100 basis points higher at 23.6%, a flow through at this level of just 12%. We started the year with net cash of GBP 106 million. This grew to GBP 178 million in the year, a cash conversion of 130%. Working capital and cash flow was a GBP 19 million inflow, with inventory and receivables the largest positives. Net working capital as a% of sales fell from 24.2%- 23.2% during the year. Inventory at balance sheet exchange rates fell GBP 12 million to 10.2% of revenue. This is despite stockholding increases to mitigate the risks of Brexit and disruption in the broader logistics market. Whilst Brexit risks have now diminished, global logistics flows are still disrupted. Trade receivables reduced down GBP 17 million in the year and reported as day sales outstanding improved by one day compared with last year end to 56 days. CapEx was GBP 25 million as we continued to invest in various IT and facility optimization programs, including the expansion of the Rochester factory in the U.S. The combination of these two factors mean 2020 is likely to be the peak CapEx investment year for GAP. The dividend payment of GBP 34 million was the delayed 2019 final dividend, with the normal interim dividend being rolled up into the GBP 0.063 to be paid in May. The GBP 6 million restructuring costs in the year are largely connected with headcount reductions. This includes changes to the sales organization as the new market-facing structure was rolled out in the Americas in Q1, and then later in the year, the changes to the sales back office. This also drove the largest benefit in the year of GBP 3 million. Footprint optimization savings in year were from the carryforward benefits from 2019, plus two smaller factories which closed during 2020, reducing the total number of factories from 30 at the start of the program to 20. Procurement focus this year was firstly on managing the supply chain through COVID-19. The GBP 2.3 million net saving was a creditable outcome in a challenging year. Similarly, the continuous improvement and lean team ran over 300 lean events, but some of the efficiencies were eroded by running factories at less than full output levels due to COVID-19. The new product development benefit captured here, which increased by 40% to GBP 2.1 million, represents the incremental profit from new products launched in the last three years. With total benefits of GBP 11.2 million in the year, cumulative benefits are now GBP 23 million in the first three years of the Growth Acceleration Programme, compared with the GBP 17 million of cumulative restructuring costs. Cash benefits are GBP 5 million in the year and total GBP 20 million over three years. Together with the GBP 48 million reduction in working capital since December 2017, this exceeds the GBP 24 million cash spent to date on investment in facilities and IT. Turning to 2021, let me comment on some key points. Currency was a GBP 1.9 million adverse impact to profit in 2020. With recent strengthening of sterling, currency may be a larger factor in 2021. If current rates of USD 140 and EUR 115 were to apply for the rest of the year, this would be a circa 4% headwind to revenue and profits. The various GAP initiatives will continue to drive benefit 2021. Organization change will deliver lower benefits after a very active 2020. Footprint optimization will also deliver lower benefits due in part to the timing of planned activities towards the end of 2021. For procurement, the logistics and commodity cost headwinds are continuing into 2021. There will be more focus on driving cost reductions than managing supply chain challenges. New Product Development continues to gain momentum with the teams now established and new processes embedded. Benefits will be higher in 2021. Continuous improvement in lean initiatives are expected to track at similar levels to the past year. In terms of restructuring costs, we anticipate these being lower at GBP 4 million-GBP 5 million in 2021, largely related to footprint optimization initiatives. Other factors affecting 2021 will include the reversal of the majority of the temporary savings in 2020, the impact of the pay increases which were brought forward to January in 2021 when no increases were rewarded in 2020, an increase in IT spend as we build up to the start of the new ERP rollout. Forecast CapEx at circa GBP 25 million is expected to be at a similar level overall to 2020. There will be a shift to ERP development costs in 2021 as we build up to the first implementation later in the year. Other investments include the equipping of the completed Rochester facility and expansion of the Bath factory. Tax rates continue to move lower, albeit only 10 basis points in 2020 on the adjusted basis. The geographic mix of profits has the largest influence on this. Corporate tax rates have generally reduced over recent years, this could reverse in response to the pandemic. Now turning to the operational review. Revenue was 9.7% lower, the three divisions fared quite differently. Water and power performed best with revenue up 1.9%. This was offset by an 11.5% decline in oil and gas and a 16.2% decline in CPI. Compared with the H1, growth in water and power slowed, both oil and gas and CPI improved. Within oil and gas, downstream was the most resilient, increasing slightly as a percentage of group revenue, while upstream and midstream both fell, as a percentage of group revenue, the changes were very small. From a regional perspective, and on an OCC basis, Asia Pacific was the most resilient after an improved H2, with revenue only 1% lower for the year as a whole. EMEA was next, 7% lower, with the largest decline in CPI and growth in water and power. The Americas was the hardest hit region, down 17%, with the sharpest decline in oil and gas followed closely by CPI. Across all regions and end markets, gaining access to customers' sites to carry out service activity was challenging and remains so now in some locations. Site service sales therefore fell slightly faster than the group average and represent 19% of revenue this year. Turning now to the divisions. Total oil and gas revenue was 10.1% lower than last year on an OCC basis, or 11.5% as reported. Revenue was lower in each region and in each of the three market segments of oil and gas. In EMEA, sales were modestly down. A decline in the Middle East was offset by growth in Eastern Europe, with all parts of oil and gas lower by similar values. Asia Pacific was lower by a similar percentage to EMEA in total, but here downstream grew whilst upstream and midstream declined. This was an improvement in Asia Pacific compared with the H1. H2 sales exceeding those in the H2 of 2019. In the Americas, we entered 2020 with slowing activity levels and COVID-19 exaggerated this, making it the hardest hit region. Midstream was the most resilient part of oil and gas in the Americas and downstream the weakest. Adjusted operating profit for the division as a whole was 10.1% lower than the prior year, but margin increased 40 basis points to 23.3%. Fluid power actuators are most commonly used in the oil and gas industry, so the positive product mix impact we saw at a group level also benefited oil and gas. Similarly, the benefit of reduced people costs and discretionary spend, together with the temporary cost savings, more than offset the impact of lower revenue leading to higher margins. The essential service nature of water and power customers helped the division report revenue growth of 1.9%, or 4.0% on an OCC basis, as disruption seen by these customers was less than in the other divisions. All three regions delivered growth. Asia Pacific saw strong growth in water, particularly in China. Activity in India, including that related to the National Rural Drinking Water Programme, was impacted by COVID-19 and sales were lower. Power sales declined fractionally in Asia Pacific. In the Americas, revenue from water was in line with 2019. Power was ahead benefiting from the power station refurbishment projects we won in the H1 of 2019. In EMEA, both water and power grew and the region had the strongest growth overall after a positive H2. Adjusted operating profit climbed 5.7%, benefiting from the higher revenue with margins 70 basis points higher at 29.8%. Despite a slightly adverse price mix impact in the year, this was, as we saw at a group level, more than offset by reductions in people costs and savings in many areas of discretionary spend, some of which are temporary. CPI suffered the largest overall decline in revenue, with a 16.2% reduction or 12.4% on an OCC basis. The drop-off in Q2 was felt most severely in CPI, with improvements in Q3 and Q4, meaning the H2 was stronger. This pattern was seen in all divisions. This division typically works on a shorter delay between order receipt and delivery than the other divisions. Asia Pacific saw revenue growth in the H2 compared with last year, and for the year as a whole, sales were the same as the prior year. This was despite a large petrochemical project in 2019 not repeating in 2020. EMEA sales declined, led by Western Europe, which included a large HVAC project in the prior year, not repeating this year. The Middle East saw modest growth. We entered the year with industrial production in the U.S. slowing and COVID-19 added to this, resulting in the Americas reporting the largest decline in revenue. This was in part due to mining activity in 2019, which was not repeated. Adjusted operating profit was 8.2% lower, but margins improved 210 basis points to 24.9%. Price mix was a significant positive, with the volume reductions largest in the lowest margin products and sales flat in the highest margin products. This, together with cost actions commented on already, resulted in the improved margin despite lower revenue. In summary, despite the reduction in revenue arising from the slowdown triggered by COVID-19, the incremental benefits of the Growth Acceleration Programme in the year, together with targeted actions to manage costs whilst navigating the practical challenges of the pandemic, have generated a 100 basis point margin expansion and a strong cash performance. Some of the savings are temporary and will reverse, but the 12% flow through demonstrates the improved resilience of the business. I'll now hand back to Kevin. Thank you, Jonathan. Before I dive into our market environment and drivers of our growth, let me say a few words about our current views regarding COVID-19. I'll first reiterate that the safety and wellbeing of our employees, our customers, and their families remains the highest priority for our leadership team as we continue to navigate through this period of concern and uncertainty. We remain diligent and focused on the wellbeing of our staff and of our visitors. We also remain 100% focused on providing our customers with the best possible service levels throughout this period. We are still experiencing some intermittent COVID-related disruptions to our operations. However, as we've reconfigured our factories to work in smaller cells, or bubbles, as we call them, to date, the overall impacts of these disruptions have been very well managed by our local operating teams. Turning to the environment for our three market-facing divisions. Within our oil and gas division, after a year of volatility throughout 2020, we've seen oil prices once again increasing to near or slightly above incentive levels, largely due to supply-side discipline, coupled with a steadily increasing demand. Current CapEx forecast for the oil and gas sector remains somewhat muted at low to mid-single-digit year-on-year increases. Having said this, I'll remind you our business is disproportionately driven by OpEx rather than CapEx. We believe the extended period of lower investment in the broader oil and gas infrastructure over recent years could result in an upside surprise, but it's too early to say. The midstream and downstream segments, which represent 75% of divisional sales, have, as expected, held up better than the upstream. Notable weakness remains in the North American upstream business, where Rotork has limited exposure. Oil and gas accounted for 48% of group revenue, down from the prior year's 49% of group revenue. This is a combined result of the decline in oil and gas and the growth experienced in our water and power platforms. While our site services business experienced site access-related disruptions beginning in the Q2 of 2020, we saw a sequential increase in our business in Q3 and again in Q4. Our site services business launched several critical programs in the year, emphasizing the total cost of ownership over the lifetime of acquired assets and our role in downtime prevention. Our customers have set themselves challenging environmental targets, which they will strive to achieve regardless of economic circumstances. We believe that electrification has an important role to play in the reduction of our customers' emissions across their processes, and that we are well-placed to assist them on this journey. Within our water and power business, in our developing markets, we continue to see positive momentum in the build-out of water and power infrastructure. We've already been successful in China, and there are real signs that India will play some catch-up in 2021. In our developed markets, our growth is coming from water network upgrades and digitization. We believe new environmental regulations, coupled with infrastructure stimulus programs, will drive increased spending in 2021 and beyond. We expect our power sector refurbishment work to continue throughout 2021. Within our chemical process and industrial segments, we are experiencing increasing demand in our chemical-related end markets as demand strengthens for autos and general industrial applications. We see good long-term demand patterns for our mining and cement applications, where companies are now moving forward with smaller to mid-size operational improvement projects. We also like what we are seeing in our specialty HVAC markets. We expect maintenance, repair, and overhaul spend to gradually improve throughout the year, beginning more earnestly in the Q2. The momentum for longer-term sustainability continues to drive demand for cleaner processes and reduced energy consumption. Our applications in cleaner energy are accelerating, such as our role in waste-to-energy applications, hydrogen systems, including electrolyzers, and battery production. I'll note we've added a slide to the appendix, which details the efforts in 2020 relative to our Growth Acceleration Programme. While the margin trajectory is clearly more visible at this stage in our program, I want to take a moment to discuss the items we've been working on and investing in that drive growth. Let me once again remind you of our ambitions within our program to deliver mid-20s operating margins and sustainable mid to high single-digit revenue growth over time. In addition to the general global macro trends, such as population growth of the middle class, infrastructure investment and modernization, and water scarcity, to name a few, Rotork, as the world's leading provider of electric actuation, benefits from the drive for automation and industry-wide electrification as companies migrate from fluid power actuation platforms to electric-powered controls with dramatically reduced energy consumption and emissions profiles. Further, our onboard smart diagnostics and network systems enable preventative and predictive maintenance, allowing our customers to avoid costly, unplanned downtime. As you can see from this slide, our starting point for driving growth is a focused effort on becoming easier to do business with through improving and localizing our supply chains, improving our on-time deliveries, reducing our quote turnaround times, and improving our customer communications. Looking next at our end market alignment, the reorientation of our sales effort towards end markets provides a far deeper understanding of these markets. This understanding means we can focus our efforts. This also fosters a deeper understanding of our customers' needs and how they create value. This, in turn, leads to improved value propositions and new product development efforts, which ensure our products have the features and benefits our customers most value and are willing to pay for. We've seen a great improvement in the sharing of opportunities and winning value propositions between geographies within the market-facing segments. Moving on to Rotork Site Services, our aftermarket platform. We continued to launch new programs in 2020, despite facing site access restrictions. We launched our Lifetime Management program, our Reliability Services program, and our Intelligent Asset Management platform, known as iAM. Our Lifetime Management program is a comprehensive lifecycle management program that covers a suite of services. It assists customers in understanding and managing the inherent risk that aging equipment brings to their plant and operational goals, and creates customized service solutions, allowing the maximum life from an asset until the client is ready for an upgrade to the next generation of Rotork actuator. In fact, despite the issues we face with site access, we had the highest year-on-year growth in actuators under maintenance contracts in the last five years. Our Intelligent Asset Management program, known as iAM, is a cloud-based industrial IoT asset management system for intelligent actuators and the flow control equipment they operate. It helps customers reduce unplanned downtime by using analytics based on data taken from intelligent actuators and near adjacent equipment to create a more comprehensive maintenance plan. Our system provides advanced condition monitoring for easy and accurate reporting of the condition of valves and flow control assets and anomaly detection, enabling proactive maintenance. iAM can improve long-term operational stability of all assets on a customer site. We continue to invest in our service infrastructure, establishing a new regional service center in the U.S., which, while only a few months old, is already at over 85% capacity. Once we've fully proven this model, we will expand this to several other already identified locations throughout the world. We've separated our aftermarket sales and delivery teams to ensure our aftermarket sales teams are more closely aligned to our market segment selling organization. This brings forward the lifetime total cost of ownership analytics into our front-end selling, specification, and bidding processes while ensuring a higher attachment rate for our aftermarket parts and field services. This also allows our service delivery organization to focus on service delivery excellence. Looking next at our highest growth regions. In the last two years, we've added additional resources in sales, customer service, business development, strategy, and Rotork Site Services, largely in Asia, Latin America, and the Middle East. We are actively localizing additional production in these regions to further reduce lead times, reduce our logistical and environmental impacts, and to take full advantage of indigenous preferences where required. Next is the acceleration of our innovation and New Product Development efforts. This is through revised and enhanced processes and adding of additional engineering and program management capabilities. This has led to an increase in the numbers of new products launched and in the size of the opportunities we are now pursuing. Many of our recent launches broaden our electric and digital offerings and by design, drive a greater amount of incremental revenues rather than replacement revenues. One example of an exciting new product is our patented battery backup electric actuator. Our patented design allows Rotork to be the first to the market with an explosion-proof battery technology to support customers in applications such as remote skids, blow-down valves, and wellhead choke valves. This development allows for the use of an electric actuator in applications previously reserved for traditional fluid power technologies. This also plays into one of the primary ESG themes we are seeing across the industry. Not only is our product competitive from an overall value perspective, it also reduces our customers' environmental footprint through the elimination of emissions and can also, if the customer chooses, be powered through remote solar panels. Lastly, as we evaluate a broader opportunity set now envisioned by dedicated geographic market segment teams, we are finding new and emerging adjacencies we are well positioned for. These include rapidly growing applications in biofuels, waste to energy, hydrogen production, transportation, storage, and utilization, and carbon capture usage and storage. While we recognize each of these markets are at various stages of development, these new markets and applications will feature electric networked actuation systems, and as the market leader, we are winning a high percentage of bids in these areas. We are confident these actions will aid Rotork in returning to the mid to high single-digit revenue growth we have enjoyed over the long term. Now let's shift gears and talk about our continued momentum on our ESG agenda. We'll start by reviewing our performance across some of our key metrics last year. In keeping with our purpose, we are fully committed to reducing our environmental impact. Our focus on driving lean and efficient operations continues to be an integral part of our Growth Acceleration Programme. We operate an assembly-only philosophy at most of our business units, meaning that most of our energy use is on lighting, heating, cooling, and IT systems. We made good progress during the year. Rotork's carbon emissions were 18% lower in 2020, gaining momentum from last year's double-digit reduction. We reduced our electricity consumption by 8% and our water usage by 5%. Over 50% of employees now own company stock, and I'm also pleased to say 23% of our senior roles are occupied by women. Our Q4 pulse surveys continue to show progress, with an overall global engagement score of 7.1 out of 10, representing a high level of engagement despite the backdrop of operating in a global pandemic. Our pace of change score came in at 6.6, a slight increase from prior year score of 6.3. Given the number of initiatives we are driving at Rotork, we feel this is right about where we would like to be. Turning to slide 20. In 2020, in alignment with our purpose and recognizing its potential to create superior and sustainable value for our stakeholders, we sharpened our focus on our ESG agenda. We formed an ESG subcommittee within our PLC board and hired our first head of ESG and sustainability to further accelerate our momentum. We undertook a materiality assessment involving our senior leadership team and a cross-section of our external stakeholders. This important work helped us confirm the key issues we should be focusing on, where we could really drive change and add value, including the Sustainable Development Goals we are best placed to support. The sustainability topics we found to be most important are, in many cases, those we are already focused on. We have a strong track record of driving efficiencies in the way we operate. We work hard to support our customers' environmental performance, and we look after our people and the communities we operate in. The latter was particularly evident throughout the COVID-19 pandemic. Let's take a brief look at our sustainability framework. You'll see that our purpose and our sustainability vision are one and the same, keeping the world flowing for future generations. Our framework will help structure our activity and guide our focus going forward. It is based on three pillars: operating responsibly, enabling a sustainable future, and making a positive social impact. We've set out our ambitions and key areas of focus within each of these pillars. We recognize our opportunity to help drive the transition to a cleaner, more sustainable future, and we will continue to seek out opportunities in energy, water, power, and industrial markets to support a green economy and, at the same time, our own business growth. Our entire ESG agenda is underpinned by our commitment to enhanced measurement, reporting, and disclosure, and, as I mentioned previously, aligned incentives and decision-making processes. You'll see that we've aligned our sustainability framework to the United Nations Sustainable Development Goals, the SDGs, which we believe are most important. We've identified five main SDGs where we have the greatest potential to support the transition to a better and more sustainable future. We will target SDG 6, clean water and sanitation, SDG 7, affordable and clean energy, SDG 9, industry, innovation and infrastructure, SDG 12, responsible consumption and production, and SDG 13, climate action. We have also decided to target two additional SDGs, SDG 5, gender equality, and SDG 8, decent work and economic growth to help drive progress on these issues. Rotork has long championed these, as shown by our initiatives and progress in recent years. What really became apparent over the last year is the incredible opportunity Rotork has to make a difference, particularly regarding facilitating a more sustainable future through enabling the shift to cleaner and more renewable energy and helping our customers improve their environmental footprint along the way. I'll close out by summarizing our upgrade and conversion programs. Our innovation and NPD efforts are accelerating, and we've made real progress on our ESG agenda. Turning to our outlook. The outlook for our end markets is improving, COVID-19 related uncertainty remains. Our production facilities are currently operating largely as normal. We have a solid order book and the considerable flexibility provided by our strong balance sheet. Our investments in IT systems, targeted geographies, innovation and new product development, and aftermarket activities are progressing well and yielding benefits. We continue to strengthen our business and are well-placed to benefit from recovering demand. We remain committed to delivering sustainable mid to high single-digit revenue growth and mid-20s adjusted operating margins over time. With this, Jonathan and I would be delighted to take any questions you may have. Thank you, ladies and gentlemen. If you would like to ask a question, please press star followed by one on your telephone keypad now. If you change your mind, please press star followed by two. When preparing to ask your question, please ensure you are unmuted locally and speaking as clearly as possible. Our first question is from Andrew Douglas of Jefferies. Your line is now open. Please go ahead. Good morning, gents. I hope you're both well. A few quick questions from me, please. Can you just give us a little bit of a feel for the H2 in water and power? It looks like organic growth there was kind of flattish after a strong H1. Just double-checking there's nothing untoward in that one. Secondly, we've had clearly a cold snap in Texas. I was just wondering if that's a threat or an opportunity for you guys. I'm working on the assumption it's an opportunity, but just wanted to double-check. Thirdly, there's not a huge amount on the outlook for M&A. You're going to be sat on GBP 200 million of cash plus at the end of the year. What's the outlook for M&A? If there's nothing coming, I appreciate you've got lots on in terms of your focuses elsewhere. Do you start to think about share buybacks, or would you prefer to keep the war chest for a future M&A? Thank you. Morning, Andy. Let me deal with your water and power question first. Are we talking orders or revenue, firstly? Revenue. I think it was +4% for the full year. It was +7% for the H1. In terms of revenue, H2 was slightly ahead of H2 last year on an OCC basis. I think on a reported basis it would be slightly down, the Pittsburgh disposal and a bit of currency gets in the way of seeing the real answer. It's low single digits, better than H2 2019. Okay. Thank you. Andy, let me address a couple of the other questions there. Sure Houston, Texas. I'll give you a couple of frames of reference on how we look at it. On the one hand, it further supports an impact on the supply side, which again helps elevate oil prices above those incentive levels. It effectively took off about 4 million barrels per day of production and about 7 million barrels per day of refining capacity came out of the system. That shock kind of did help elevate the price of a barrel of oil for a period of time. We think it net provides an opportunity for us as a lot of the equipment, both in the short term and the long term, a lot of the equipment needs to be repaired in that marketplace. We expect to see an uptick in terms of field services and going out and assessing and repairing some of that equipment that failed during that. I think on the longer-term aspect of it, I think one of the things it did bring into focus was Texas was the leading state in the U.S. in alternative energy, and I'm not sure many people appreciate that while it is the capital of the hydrocarbon infrastructure in the world, it also happens to lead the U.S. in terms of alternative energy. The recognition that a lot of those alternative energy sources failed during this time period, I think brought into focus that there is an appropriate mix that will be required as we go forward. I think that's all helpful for us long time. I think relative to M&A, obviously we have desires and ambitions to do M&A. Our pipeline is good and continues to grow. We continue to develop relationships with owners and managers on a proprietary basis as we feel that the current gap between kind of sellers and buyers expectations that we've talked about before is still there and hasn't dissipated like it has in previous cycles. In fact, valuations continue to climb, aided by rapidly increasing presence of SPACs. We think there's a lot of money on the sidelines, very few high-quality assets coming to market in the near term, which again creates pressure for us in terms of maintaining a level of discipline in our pursuit of M&A. That results in us focusing much more on proprietary deals, and we're going to continue our push there. We do recognize our obligations to return excess capital to our shareholders, and we'll continue to evaluate that as we go throughout the year. Super. One quick follow-up. On the new product side, you've got lots of new products coming through in 2021. Is that more of a focus on the new energy opportunities with hydrogen, or is that a kind of an evolution of the kind of current product set just to keep your kind of growth momentum going? It's both. It's a lot of our iterations of the existing product portfolio as well as some additional adjacent products that we've been launching. If you remember, we started accelerating our investment in NPD and the processes and the number as well. The quality, I would say, in the pipeline are bigger and more incrementally focused new product development initiatives. We've really ramped that up over the last two years, and what you'll start seeing now is the acceleration of new product launches over the coming years. More new products launched that are more meaningful in the overall revenue, but more importantly, more meaningful in the amount of incremental revenue versus replacement revenue that they drive. That's really kind. Thank you very much. Our next question is from Mark Davies Jones of Stifel. Your line is now open. Please go ahead. Thank you very much. Hi, Kevin. Hi, Jonathan. Hi. Can I come back to growth? It's another really strong year in terms of operational delivery on margins and cash and all that good stuff. As you say, there is still more to prove on the growth side. Yes. As you look at the structure of the business today, do you think all three business divisions are capable of similar levels of growth over the next few years, particularly within oil and gas? Do you think it's realistic to see longer term growth potential in, say, the upstream piece of that, given the challenges there? I guess as part of that, you've talked, a number of times about the opportunity for growth in the electrical actuation market as the transition there carries on. Obviously you still have quite significant exposure to the fluid power piece of it. I guess the converse of Andy's question, are there any business lines that you think you need to get out of in order to drive the overall revenue growth to the levels you need to achieve your targets? No, I don't think. I think we do a pretty robust portfolio review every year, and present that to our board mid-year as part of our long-term strategic planning exercise. I think at this point, we've exited the businesses that we feel we need to exit. Having a portfolio still in the fluid power is important for a couple of aspects. The first is many of the large programs that we participate in have a combination. That is, that they still desire use of fluid power actuation for emergency shutdown applications and electric for the process control side of their application. If you're building a new refinery, for example, you will have both present at the new refinery still. Us having both pieces of the portfolio allows us to compete and take over control of an entire site's actuation. That being said, we are helping assist the migration to much more use of electric over the fluid power. I think it's still quite important. I think we look at as many as 30% of our orders having a blend of electric and pneumatic and hydraulic on those large programs. It's still important for us to have, but continues to be important for us to improve the operations within that, which we've been doing for a couple of years now. We've had a focus improvement on our operations, primarily in our Lucca facility that drives our RFS business. Great, thanks. The relative growth potential of the three divisions as part of the report? Yeah, absolutely. We see the growth opportunities in all three. You mentioned upstream. Obviously, the biggest thing that will drive growth in upstream will be the need to control it by electrification there. In water, it's really about, again, as you're building new water infrastructure, you're building it with current technology actuation, meaning electric actuation and network systems. As you're refurbing kind of the established infrastructure in the U.S. and Europe, you are again refurbishing that with electric versus manual to have remote control of your water network. Right? Again, strong dynamics in both of those segments. Again, within the CPI, the fact is, on most manufacturing lines, you will not build a new manufacturing center today predicated on pneumatic actuation. If you're building a new assembly line today, it will largely be based on electric actuation. Right? Not only new, but we will continue to convert the existing pneumatic actuation systems that are out there. We feel that there's really growth to be had in all three of our segments going forward. Great. Thank you very much. Our next question is from Max Yates of Credit Suisse. Your line is now open. Please go ahead. Thank you. I've just got two questions. One may be a little bit shorter term. Could you give us a feel for the order book going into 2021? You mentioned that it's healthy. Should we assume that it's in line with levels of last year, or is it still below where we were 12 months ago? That was my first question. I think Obviously, the difference between orders and revenue in 2020 was a GBP 15 billion reduction to the order book. I think if you track back, that puts us at pretty similar levels to where we were at the end of 2018, if you do the math. Currency is a bit of noise in that sort of reconciliation, but it's not significant. Okay. If you then look at the revenue that we drove from that in 2019, you can really see that revenue in any given year is not about the opening order book, it is about the orders in that particular year. We still do not have a significant proportion of our revenue in the year that is determined by the order book at the start of the year. I think it goes along with what we've been communicating, is that those large programs that may overhang from one year to another, they really haven't been meaningfully present for the last 18 months. Right? This is much more of the operations spend, the OpEx rather than the CapEx that we've been seeing now for some period of time. Sure. Okay. Could you also, when you talk about the electric actuators opportunity, could you give a sense for how much of your sales today are electric actuators and how quickly perhaps that has increased as a proportion, just to understand how fast this has been growing and maybe any feel for where this could be in three to five years based on the quotations and rates of conversion that you're doing? Well, I guess that was the old divisional structure and is the one that we've stopped reporting in. I'm not sure I've actually got an electric actuator revenue number. I said through the presentation is that obviously Fluid Systems is the product line and the division, the fluid power actuator is the one that declined the most in the year. It's certainly fair to say, during 2020, the electric sales have not declined as fast as the group as a whole. I think, that move to electrification and our kind of launch of new products to support it is something that, for the reasons Kevin highlighted earlier, is only likely to continue and potentially accelerate. Okay. Maybe just a final question. When you think about your mid to high single digit growth target, have you built this up via what you think your end markets will grow at? Then how much Rotork can grow on top of that with new products, market share, et cetera? I'd just love to understand a bit more color around how you've built up to that mid to high single digit growth number? I think that is one of the ways which we come at it, that we've looked at supporting that mid to high single digit growth number in a variety of different ways. Certainly from markets up, electrification, digitalization, all of the trends that we're talking about in terms of how those play out for actuation, are part of the thought process in supporting that assertion for our business over the medium term. Okay. Thank you. Our next question is from Jonathan Hern of Barclays. Good morning, guys. Just a few questions from me, please. Just in terms of the mix in 2020, obviously you saw a favorable mix from electric versus pneumatic. How do we think about that going into 2021? Do you think that mix will still be positive or do you think it will unwind maybe more in H2 than H1? Just your thoughts there firstly would be helpful. Thanks. I think, as I said, the area where fluid system products, fluid power actuators have been utilized most significantly is in the oil and gas division. That is the division that in some ways saw the decline in Q2 slower and potentially, therefore, a slightly later cycle, and we'll see the return to growth slightly slower in 2021. Having said that, as that comes back, I am sure we will see a mixed headwind from fluid system sales picking up. That's quite likely. I think the other aspect of mix is probably around service. We highlighted the fact that the Rotork Site Services, through obvious site access issues really through 2020, declined slightly more than the group as a whole. Went from 20% of group revenue down to 19%. That has a degree of positive mix impact as that business returns, as site access improves, hopefully, through 2021. The pace of that return and that pickup, of course, is one of the uncertainties that we're facing as we look forward. Just to clarify, in terms of that sort of Fluid Systems bounce back, is that more of a sort of an H2 type phenomenon, would you think? Really hard to say, Jonathan. Yeah, potentially. Okay. I think it's a business that's much more related to large projects than rebound. To be clear. Sure. Second question was just on power. I just wonder if you could just give us a little bit more color on that, just in terms of where you are on the renewables within that power? Have you seen some quite decent growth coming through in that recently? I think, obviously the only item we're really calling out on power has been around refurbishment activity and refurbishment projects, which clearly is not renewables. I think we have seen interesting opportunities in a number of areas, and I think we've talked about the further opportunities through energy transition areas such as hydrogen, carbon capture and storage, and those sorts of areas. We've been very successful in a number of niches within that. Clearly in terms of scale of those relative to the power as a whole, they're relatively small at this point in time. Promising as we look forward. Obviously, some areas of power are more actuator intensive than others. solar PV is not particularly actuator intensive. Windmills, wind turbines, also less so. The focus on those bits where actuation is required is yielding positive momentum. Okay. Very helpful. Maybe just one final one. I don't know if this is that easy to clarify, but just if you look at your sales right now, how much of it is currently generated directly from automation and digitalization? Just a sort of rough percentage there would be helpful, please. Well, I could argue 100% is driven by automation, Jonathan, in some ways, on the basis that that's what an actuator is doing. Sure. I'm not sure I can really split it in any more meaningful way at all, I'm afraid. Okay. Fair enough. Okay. Thank you. Our next question is from Dominic Convey of Numis. Your line is now open. Please go ahead. Good morning, gents. Just a quick question on manufacturing footprint, if I may. You removed a third of your sites over the last three years. I think it was Jonathan hinted at actions planned for later this year. I wonder if you just might give us a little bit more color on those existing plans, and also what you see now as the ultimate end game over the next two or three years for the footprint itself. Jonathan, for obvious reasons, we really can't comment publicly on our plans to reduce facilities. I think we've always said externally that our goal would be to get down to somewhere into the mid to high teens as an endpoint. While there's some additional work to be done, it'll continue in this year and next, I guess, would be all I'd want to say publicly about our footprint plans. Perhaps just in another way, I think on the graphic, I can't see it right now, there was an arrow pointing down this year to signify that clearly it'll be later on in the year, you won't get a material benefit this year. Would we expect to see that arrow pointing up in 2022? Is that a fair way to look at it? In terms of the activities in 2020, certainly in 2021, certainly more of the benefit of that will fall in 2022. I think you also have to bear in mind that 2020 benefited from carry forward from the actions that we did in 2019. There's always a, as we parcel this up into artificial financial years, it doesn't reflect the sort of 12-month benefit that we see from each of the changes that we make. Just one quick follow-up, if I may? In terms of Site Services, you've talked about this notion of pent-up demand, which I think seems logical given how quickly these fell off last year. Is there any issue around capacity there to fulfill that if it bounces back quite strongly? Could there be bottleneck issues, or could you think you've got plenty of capacity to deal with that? No, I think when we think about our headcount changes over the last year, we've been very careful to protect those experienced site service engineers so that we maintain them. We accepted a lower level of productivity and utilization throughout last year, knowing that when this comes back, we need to have the capacity. I think we feel fairly good about our existing capacity. Throughout last year, we continued to add those resources in emerging markets that we think will have a natural level of growth in that. I think we feel pretty good about it. Great. Thank you. Our next question is from Edward Maravanayake of Citi. Your line is now open. Please go ahead. Thank you very much. Good morning, Kevin. Good morning, Jonathan. Hi. I just had two questions. First is, given the much better than expected margin performance, would you think of revising upward your longer-term margin target, or what would you still need to see before you consider doing that? Secondly, what% of sites can you access as of today in the context of RSS compared to, say, 2019? Let me answer the first one, margin performance. I think we've continued to say mid-20s operating margin because part of what we're recognizing in that is our ambition to bring forward M&A. We recognize that it will be difficult to find accretive M&A targets. By saying mid-20s, we have in mind that we will continue to acquire some companies that may not be at that margin level, that will have work to do to get them to that margin level, right? While if Rotork was to not do any acquisitions, would you be able to model the flow-through and say you'll be able to beat that mid-20s? Probably. We're very mindful of the ability to bring in acquisitions and take time to get them up to those margin levels as well. Hopefully that gives you a sense of that. Okay. Understood. Yeah. Relative to site access, I will say that while we hit the peak of limited access in Q2. This was when everyone locked down their sites and said we will have nobody come on site at all. We began to understand kind of midway Q3 how to come on a site. How to have our operators tested, what PPE we needed to wear, how to properly distance when we're at a customer site. We had a good double-digit increase in Q3 and then again a double-digit increase in Q4. I don't know that I have a percentage of sites. I just know that there is good momentum in us regaining access to sites coupled with momentum in, again, the release of these upgrades, conversion type of programs that we're seeing that our site service is really well known for. Okay. Clear. Thank you very much. Our next question is from Andrew Douglas of Jefferies. Your line is now open. Please go ahead. Hi there. Morning. I was just wondering if you can give us a feel, and this is a reasonably broad question, on the competitive landscape. It would appear from first glance that you're winning a lot of market share given the performance of your peers. I was just wondering if you could make any comment on that. Just how you see Rotork positioned, I guess, in the future relative to what peers are doing, be it the small ones or the larger ones, just how they're faring. secondly, just with regards to ESG, clearly lots of stuff in the slide with regards to kind of what you're doing. Is it fair to say that you're changing the way that you sell? Or is it fair to say that the customers, their requirements are changing? I'm working with a company that there's quite a few customers, old school oil and gas, who don't really care much for ESG, whereas it's maybe some who are a bit more forward-thinking who do care. I'm just wondering where we are in that kind of evolution. Thanks. Yeah. I think the one question answers the other, and let me do it this way. In that we've been changing the way we sell with that 42,000 hours that we've done value selling. We're selling very differently on overall lifetime cost of ownership and showing that, yes, while we are the highest priced, premium priced, and premium positioned product in the marketplace, that over that course of life, and we can measure in five years, we can measure in 10, we can measure in 15, we can demonstrate to our customers that you do have a lower total cost of ownership using Rotork over some of the competitors. We frankly chose not to participate in the, for lack of a better word, the pricing battles that were apparent, in a couple of our large publicly traded competitors that have noted that pricing has climbed tremendously in the market. We frankly chose not to participate in that, and in fact, have been able to feel really good about understanding the premium price position that we can command and still continue to win those orders. Right? We've done a lot of work around that, and we feel good about that. I think it's not ESG changing the way we sell. It's really about we're changing the way we sell, including ESG in that, in terms of the lower emissions and lower energy costs and all of the above, right? Again, the energy costs are quite significant when you're comparing, say, and not just an oil and gas application, but if you were comparing a pneumatic actuator on a biopharma line, for example. You're talking about some of the case studies we've done talk about energy usage that are in the GBP 600, GBP 700, GBP 800 a year range versus you replace that with a digital electric actuator, and you're taking that down to GBP 20 a year range. Right? You could imagine that those paybacks, now that we understand them really well, are really easy to sell on to, not only sell on the ESG, the reduction in emissions, but in the overall energy efficiency. We've got some really great case studies that help us in that. I think relative to the commentary about old school oil and gas, I view that as, look, the European oil majors have already been on the ESG bandwagon for some time, and one of the first legs, if you will, of their current conversion is about dramatically reducing the environmental impact of their existing extraction and production operations. You can't make a statement like that without immediately going to reduced emissions, therefore using electric actuators instead of pneumatic, right? That's exactly. Yep. What you have in North America, although slightly behind, if you think about the shale, as you have a lot of the independents that were not as well capitalized coming into the downturn, had a lot of debt being acquired by some of the majors. That is really, really good dynamic for us, right? Because what you have is those majors who have stated ESG and sustainability goals. They have operating efficiencies, they have processes, they have playbooks in terms of better ESG-related extraction and production methodologies. All that plays really, really well into our ESG themes that we're pushing to drive growth. We like those dynamics, and we do think that there is a positive trend with the consolidation in North American shale, as an example. Okay. Thank you. Our next question is from Andrew Wilson of J.P. Morgan. Your line is now open. Please go ahead. Hi. Good morning. A couple from me. Following up on some of the Rotork Site Services conversation. Trying to think how the sort of last 12 months has made you think about that as a franchise and the areas which you want to invest in and the feedback you've been getting from customers in terms of either the value of Rotork Site Services potentially accelerating some of the growth that you've seen there in terms of adoption rates. Given the restrictions around being able to get on-site, how's that sort of on the connectivity side of it as a remote access and all that kind of thing, how has it changed the way you've thought about where you want to invest in that business? Is it just been a case of kind of reconfirming the model that you have and you've been investing in? Yeah, I don't think it's changed. I think it's just reconfirming our investment thesis in Site Services. As we've noted in the presentation, despite access issues, the fact that we had the single largest growth in new actuators under contract in the last five years is just really telling. That goes with when we launched our Lifetime Management program, our Reliability Services, it's all about going on-site, helping our customers assess their actuation platforms, and talking about how we can, on one hand, maintain them to maximize their useful life, and on the other hand, show them definitive value propositions to upgrade them in the near term, right? We're able to do both, and I think that's, again, getting really sticky with that customer base. We're enjoying that. I think the other key element to that for us is that we have, again, done a good analysis of concentration of actuators around the world, if you will, and ensured that we have the right service centers close to those bigger concentration areas. We’ve added a new service center in the Americas this year, as I noted in the prepared remarks, and within three months, it was up to 85% capacity already. We expect that certainly in the very near term to hit over 100% capacity. It just gives you a sense of that pent-up demand for services that we’re seeing out there. Thanks. Same question, it's probably one for Jonathan, but thinking about the margin profile and Ed's question around sort of what's achievable versus, I guess, the question is probably what's desirable? Given the degree to which talking about some of the opportunities for growth and thinking about the returns profile the business has. Seems to me that there's probably a big opportunity for you almost to throw as much investment in these opportunities as possible, given the likely returns that you're going to see from that. Going forward, is one of the headwinds to these margins not being even higher than that kind of mid-20? Is it just that there is just an awful lot of investment opportunity which you want to take advantage of? Yeah. There certainly are. I guess we've talked about that over the first three years of the Growth Acceleration Programme, haven't we, in terms of the enablers, be that New Product Development, IT systems, common processes, all those sorts of elements. Those are certainly areas where we have been investing now for a number of years to line things up with those ultimately to drive additional growth. I think as we go into 2021, there's certainly some uptick in some of those investments as we mentioned earlier, in terms of new ERP systems coming first go-live towards the end of this year. We'll be opening up tech and resources and licenses and all the things that come with it. Yes, I think that's always been a conscious decision to take some short-term costs to benefit the medium-term performance. Yeah, I guess my thinking is almost a framework where after obviously seeing the margins improve pretty significantly in the last three years in a pretty mixed backdrop. It is almost, again, given the returns profile, that there seems to be a sort of a tilt towards almost a focus on absolute EBIT and not obsessing to the degree that maybe we do as analysts on the margins is actually going to be the greater value creation opportunity. Well, I think our mid-20s margin aspirations gives us some latitude to take those decisions, certainly. Whilst Kevin mentioned earlier in terms of the way in which we think about selling, we're not compromising on the sales price. I think we are looking to balance investment versus profit generation, and this isn't an effort to drive short-term gains only. This is about setting the business up to be much, much stronger in the medium term, and that remains the thought process. I think you'll see that even in a year of COVID, that our spending on engineering and new product development, frankly, was flat. We didn't cut. We continued to spend because we're not going to mortgage our future. We managed the P&L, yet maintain levels of investment in those key programs that we desire to. That's very clear. Thank you. Our final question today is from Julian Wellington of Peel Hunt. Your line is now open. Please go ahead. Hello, good morning. Just like to ask the first question, please, on the organic growth. Talking a lot about Site Services. Have you got a view on where you think that business might get to in FY 2021 relative to FY 2019 in revenue terms? I appreciate quite early in the year, but just wondering if there could be an element of catch-up pent-up demand where sales grow a bit faster than expected. I think at a point in time when we're not giving guidance on the top line as a whole, that's quite a tricky one, Julian. I guess you would have understood from the conversation that we think that half of the business was more affected through site access issues in 2020 than the business as a whole, but it's been improving sequentially through the H2. I guess we would anticipate it increasing to maybe more like 20% as it was in 2019 of total group sales or maybe even a little better. I think that's really as precise as we can probably be this early in the year. Okay. That's really helpful. Then just looking a little bit further out on the divisional splits and the sales splits of the group. How would you expect that sales split to evolve over time? The oil and gas number came down from 49% of sales to 48% of sales. How do you think that divisional split might look like over the next couple of years? Yeah. I guess we see a disproportionate level of opportunity in chemical processing industrial in some senses in that As part of the end market reorientation of the business, that was an area that probably had received less focus historically than oil and gas, water, and power. In terms of growth rates, we might expect that with the additional focus to grow perhaps a little faster. I think it's more a question of that growing faster than the opportunities in oil and gas diminishing. I think in the next sort of five to 10 years, there are still plenty of opportunities within oil and gas and the work we've done on energy transition and all those sorts of things certainly suggests it supports that view. I think that's possibly the way in which the relative size of the divisions might change over time. Within water and power, I think there's possibly a shift within that division from the type of spend in water, as we've talked earlier, in terms of investment in automating and analytics in the water industry, creating a sort of more of a smart water infrastructure in the developing world, whilst we're still building activity and power. The days of there being a large slug of power sales on new coal-fired power stations has sort of disappeared, I don't know, maybe 10 years ago now. It seems like a lifetime ago. Okay. No, that's very helpful. Then just final one for me, just on M&A. They would bring to the portfolio from a adjacency perspective and many other dimensions. I think that the challenge at this point in time is still around seller's pricing expectations. The discipline we instilled in the process is not going to change. It's really about continuing to focus on those. The proprietary conversations we are having are a far better way for us to be looking at deploying our M&A spend than participating in auctions. Auctions are always going to drive the price higher, aren't they? Okay. That's really useful. Thanks very much for that. Thank you. We have no questions remaining, so I'll hand back to our host. Well, thank you everyone for joining us today. I know that the prepared remarks were a bit longer than usual, but I think we really wanted to get out some of the exciting things happening to drive our growth and our ESG agenda. Thought that that was worthy of spending a few minutes more than we typically do. We'll remain available for any questions offline, but please thank you again for joining us and stay safe.