Good afternoon, everyone. My name's Kiet Huynh, CEO of Rotork, and welcome to our capital markets event. It's great to see so many of you here today, so thank you for taking the time to join us this afternoon. Before I present today's agenda, I just wanted to remind you of our important disclosure, which I'll leave for you to read a little later on. Moving on to the agenda, myself and my team will give you an overview of Rotork, introduce to you our Growth Plus program, our strategy to deliver on our financial ambitions, as well as then diving deeper into our end market divisions and site services. We'll then have a short break before going into our breakout sessions downstairs, where we've picked some exciting markets to take you through in a lot more detail. We'll then return back up here, where Jonathan will take us through our investment proposal before ending on Q&A. Also, I hope you have some time at the end of the day to join us for some refreshments, which will be served downstairs at the end of the session. To begin, I'm gonna summarize the key messages you'll hear throughout today's session. Our ambition remains to deliver mid- to high single-digit% revenue growth and mid-twenties% adjusted operating margins over time. To achieve this, today we launch the next phase of our strategy, which we've called Growth Plus. Growth Plus has been designed to deliver our ambitions by targeting key segments aided by macro trends, putting the value we deliver to our customers at the forefront of everything we do, and accelerating innovation in our products and services. Rotork is a fantastic business, and is extremely well-placed to benefit from industrial mega trends of automation, electrification, and digitalization, which are accelerating and which we look to leverage through our strategy. The global drive for sustainability is a great opportunity for us, which we'll also bring to life today. Our eco-transition portfolio of products and services represents over 30% of our sales currently, and this includes sales into water, wastewater, methane reduction, and new energy markets such as LNG, carbon capture, and hydrogen. Last but not least, Rotork Site Services will also help us deliver growth. RSS is a key differentiator within the industry with very attractive margins. It has grown faster than the group for many years, and we're confident it will continue to do so. In summary, we absolutely believe we have the right strategy aligned with key market trends to deliver our stated financial ambitions over time. Joining me today from my executive team will be Jonathan Davis, who many of you know well. We also have our three managing directors for oil and gas, CPI, and water and power. We have Neil for oil and gas, Lyndsey for CPI, and Metin Gerceker for water and power. Neil and Lyndsey have been with the company for over four years now, while Metin is the newest member of the group, having joined from Pfeiffer Vacuum just under six months ago. We also have with us Mike Pelezo, our Site Services Director. Mike joined us 18 months ago, and having previously worked for Cameron in their valve and actuator service space. You'll see today that we have a very strong bench with the right balance of Rotork knowledge, market experience, and external best practice. Not on this slide, we also have our divisional heads of strategy here today, and you'll be able to meet them in our breakout sessions a little later on. You'll see from all of the team today the level of energy, passion, and enthusiasm that will drive Rotork forward, and I'm really proud to have them as part of the team. To begin, I'd like to give you an overview of our company. Rotork is a market-leading global provider of mission-critical intelligent flow control solutions serving three end market-facing divisions. Oil and gas, water and power, and chemical process and industrial, CPI. We help our customers around the world to solve their flow control challenges by ensuring the safe operations of their plants, improving the reliability and efficiency, and reducing their emissions by minimizing their environmental impact. Our purpose, keeping the world flowing for future generations, is important to everyone at Rotork. Our products are critical to the everyday things we take for granted, whether it be the fuels that provide warmth, light, and transport, the water that we drink to sustain us, or the semiconductors that have transformed our lifestyles over recent years. We're proud to be part of the journey in delivering a sustainable future. We're a global business with Europe, the Middle East, and Africa being our largest geography, followed by Asia Pacific, and then the Americas. We serve 170 companies with 17 principal manufacturing facilities, down from 31 just a few years ago. Group sales in 2021 were just under GBP 570 million, with adjusted operating profit at GBP 128 million and a return on sales of 22.5%, a margin reflecting our market position and the high value placed on our critical products and services by our customers. Product-wise, electric actuators contribute over half our sales, with fluid power actuators representing around a quarter and instruments and gears making up the remainder. Rotork Site Services contributed 21% of sales in 2021. Our service offering is an important part of the value we offer to our customers, and we see the scope to grow this over time. The final chart shows that our orders valued at 100K or less representing around 75% of the total in a typical year, with orders above GBP 1 million, typically around 5%. Having an engaged and committed workforce is key to the successful delivery of our strategy. To attract the best, it's important that we continue to make Rotork a truly great place to work. I'm convinced we're doing a good job, but of course, there's always more we can do. Safety at Rotork. Health and safety. The health and safety of all our employees is the highest priority at Rotork, and we strive for a zero-harm culture. We're continuing to develop our Safety First culture, and as you can see from the graph, the number of lost time incidents across the group has improved year-over-year since 2018, and we're on track to improve again in 2022. In addition to health and safety, we're working hard on other important initiatives such as sustainability, diversity, and inclusion. We're really proud to have recently received validation of our near-term emissions reductions target by the Science Based Targets initiative. There was a real sense of celebration internally, and I hope you saw our net zero video on our social media feeds. We're also doing all we can to drive greater diversity within the organization, starting at the top with our board and senior management policies, and on the first rung with our graduate and apprentice schemes. Rotork has always had a fantastic culture. We talk about customer loyalty in terms of our brand, but we also have this in terms of our people, as they're proud to be a part of a first-class engineering company. This is demonstrated in terms of Rotork having well above average share ownership, with considerably more than half our people being shareholders. This slide shows our global footprint, highlighting our sales offices, service centers, and manufacturing facilities. This map gives a real sense of how comprehensive our global service network is. There are very few customers in the world that we can't be with in just a few hours, which is a significant benefit to them. We also have a local for local approach to manufacturing, assembly, and test, with major manufacturing facilities in the UK, mainland Europe, China, India, and the USA. Through our assembly and test model, we're very asset light, and courtesy of the lean initiatives, capacity is generally not an issue. In fact, we could ramp up production materially without the requirements of significant investment. What is a Rotork flow control solution? Well, we're hoping that by the end of today, through our breakout, you'll be very familiar with the critical nature of Rotork's products and services and our value proposition. One application I wanted to share is shown on this slide. It's a great example of a Rotork actuator being relied upon in a mission-critical role. The application controls the flow of water through a dam. As you can see, dams can be enormous, with huge flow rates going through equally enormous valves. Therefore, the control of water flow is critical to the safe running of the dam. This spectacular picture here shows the Pueblo Dam in Colorado, as well as the five-foot valve that is controlled by our IQ3 electric actuator. Having shown an example of a mission-critical application, this slide demonstrates the breadth of the applications of Rotork's products. Our products are used in the extraction of basic materials such as natural gas, water, and metals. They are used in all kinds of material processing plants, from refineries to desalination through to semiconductor fabs. Rotork products are used in the transportation of fluids, be it via pipeline or vehicles such as trucks, trains, and ships, as well as in storage applications as well. They're also used in utilization. For example, in this picture, the electrolysis of water to produce hydrogen, as well as the heating and cooling of fluids in HVAC applications. Finally, our products play an important role in recovery. For example, in carbon capture and in the circular economy through recycling. A common theme across all these applications is the critical need for the processes to be made safe as well as highly productive and efficient, which is what Rotork products help to do. The flow control markets we serve are enormous and have great potential for growth. We're often asked, "What makes Rotork a market leader?" The strap line on this slide summarizes our competitive strengths well. Rotork's leadership is driven by our technical capabilities, the quality and reliability of our products, and the reputation that we have in the market. The barriers to entry into the markets are also high. Our products have to satisfy challenging and complex certification requirements, which differ from industry to industry and geography to geography. Customers typically award only a small number of suppliers a place on their approved vendor lists, and in many cases, customers have their own certification requirements too. With the cost of failure high, customers are very reluctant to include new suppliers onto their lists. A supplier with a market-leading product range has an advantage to being able to quote all the actuation work on a project. We're gonna be hearing from our MD shortly, so I won't steal their thunder. However, I would like to provide some key messages and Mike's perspectives on each. Oil & Gas is a leading supplier of electric actuators for use in critical applications. It has very substantial benefits with the largest installed base and the largest site services team in the industry. It's a high return franchise, which has exciting growth potential within our target markets for years to come. CPI is a supplier of specialist actuators and instruments used in niche applications across various sectors. It's a high return business and has significant growth opportunities, for example, in hydrogen and in carbon capture. Water & Power is a supplier of premium electric actuators as well as gearboxes for use in the water and power industries. It has attractive returns and good growth potential driven by the water markets. The power market is more mature, but still offers opportunities, for example, through maintenance, refurbishment, and life extension work. Rotork's route to market and how we manage it is critical to the success of us and therefore, I feel it's important to understand. It essentially allows us to pull business through the value chain, starting with the end users through to the valve makers or distributors, where the large proportion of our point of sales resides. Therefore, a good proportion of the sales activity will start with the end user, promoting our technical capabilities, demonstrating our track record for reliability and quality, and selling our capabilities in terms of our service coverage and speed of response. The aim is to become specified on their approved vendor lists, or AVLs, and specifications. Due to the criticality of the applications, end users typically only award a small number of suppliers a place on these AVLs, and having market-leading products is a key advantage. Once approved, the valve makers and EPCs are directed to purchase the solutions they've created for the end users from these lists. This therefore narrows down the field, and our selling concentrates on the valve makers or EPCs to use Rotork over and above others on that list. It's extremely difficult to sell to an OEM while not being on an AVL, hence the high barriers to entry for our markets. This channel represents around 60% of our total revenue, which we cover through our own sales force. 45% through the valve maker or OEM, and roughly 5% through the EPC. However, as mentioned, the selling starts with the end user. Within the 60%, there are occasions when Rotork has direct contractual relationships with the end user, which we estimate around 10%. You'll hear later about our key account management and project pursuit plans. These initiatives are critical to maximizing the selling through this pull route. The second sales channel, representing around 20% of the total sales, is through channel partners such as distributors and resellers. Due to our solutions being specific and needing specific configurations, we sell less through distributors than many other industrial companies. The third sales channel is, of course, Rotork Site Services, who you'll hear from shortly. Key to delivering our Growth+ strategy has been to understand the long-term external macro drivers and position ourselves to benefit from them. Our work has shown that we are already well-positioned. Automation, electrification, and digitalization are key industrial mega trends that are extremely important for our customers. In providing actuation solutions, we are already helping our customers to automate their systems, leading to improved safety and productivity. In delivering electrification, Rotork has major advantage versus our competitors, as electric actuators are at the heart of what we do. Digitalization is a great opportunity for Rotork. Some of the industries in which we play have been slow to adopt the use of data to provide intelligence needed to avoid unplanned downtime. This trend is now changing with many customers embracing the need to digitalize their systems. Environment and climate change are also of huge importance, meaning growth opportunities for us in areas such as emissions and energy reduction. Energy security has risen up the priority list following Russia's invasion of Ukraine, and has triggered an acceleration in infrastructure spend, including LNG capacity expansions, storage investments, and power station life extensions. Water scarcity and water quality challenges are creating opportunities in several areas. For example, in the additional investment in water treatment and desalination. New energies have a major part to play in the energy transition, and we see exciting opportunities in LNG as a bridge fuel, as well as biofuels, carbon capture, and hydrogen. As you can see, with these macro drivers, Rotork has significant opportunities for growth. I wanted to spend a few minutes talking about how actuator intensity is changing in the energy markets. Looking first at conventional oil, actuators are used in the production, transportation, refining, and storage, with electric actuator intensity low before refining and storage. In most applications, fluid power actuators are a common choice. Moving on to LNG. LNG is becoming more and more important due to its availability and clean burning. The location mismatch between energy demand and energy supply means that there's more stages in the value chain with actuator intensity increasing with a higher proportion of these being electric. The chart also shows carbon capture and storage, a new actuator-intensive application beyond fuel storage. Finally, hydrogen. Hydrogen is expected to play an important role in the future energy scenario. The hydrogen value chain has a similar number of stages to LNG, with transportation through to the conversion to ammonia. Electric actuator intensity is expected to be high in terms of safety and reliability reasons. There are also additional actuator applications beyond storage in distribution and in managing the water resulting from utilization. When we announced Rotork's Growth Acceleration Program a few years ago, we were well aware that we were setting ourselves a lot to do. I'm pleased to report that despite the disruption of COVID-19, we made great progress. GAP has delivered a leaner group with significantly strengthened foundations, one that is well-placed to deliver profitable growth. On this slide is a list of major work streams under the GAP. I won't cover them all, but just to comment on the ones I see are particularly relevant for this audience. One of the major GAP initiatives was salesforce realignment, a project I personally led. This pivot was completed in 2020, and we're pleased with the results. It's enabled us to target new and exciting markets, as well as be closer to our customers and end users. I'm really pleased with the results in terms of the work that we've done with Rotork Site Services. The central supervision we've put in place together with the resources we've made available has enabled Site Services to expand with more to come. Site Services is a great part of the business and clearly differentiates Rotork. Another major initiative was footprint optimization. This was essentially completed last year, and we now have 17 larger, more flexible factories, down from 31 at the start of the program. Finally, to mention our core business process improvement programs. This is an important program, and once rolled out, we will have a single modern architecture that will help us serve our customers more efficiently. We're looking at starting our first D365 ERP deployment in Bath early next year. Today, we are launching the next phase of our strategy, Growth+. This strategy builds on the great work that we've embedded into the foundations of the business through GAP, and moves us on to the next leg of the journey. We have profitable growth front and center, and how we achieve that will be delivered in multiple different ways. The Plus element covers key areas in addition to growth, items linked to delivering a sustainable future that benefit all our stakeholders. Therefore, we're not just going to be bigger, we're going to be better. The graphic you see on screen summarizes the key elements of our Growth Plus strategy. Its starting point is our purpose, followed by our vision. We've identified three pillars which we believe are key to driving our growth. These pillars are target segments, customer value, and innovative products and services. Our Enabling a Sustainable Future initiative underpins the pillars and captures our determination to achieve sustainability across the enterprise. The starting point of Growth Plus is our purpose: keeping the world flowing for future generations. Our purpose is not changing. It's a powerful motivator, and it drives everything we do. It recognizes the part we play in making our world a great place in which to live, by improving not only our environmental and social performances, but also those of our end users, customers, and suppliers. Our new vision for Rotork is to be the leader in intelligent flow control. This recognizes the ever-increasing importance of connectivity to our end users. Today's intelligent flow control systems not only ensure safety, they are also reliable, efficient, and easy to use. They have a vital part to play in ensuring the uptime of our customers' operations. Our first Growth Plus pillar is target segments. We've identified key segments within each of our divisions linked to the macro trends where we have the right to play and where there is significant opportunities for profitable growth. This doesn't mean we will stop playing in our non-target segments where we anticipate there will still be market growth. However, these are the markets where we would look to prioritize investment to grow faster than the base business. We've listed here four examples for each of our end markets, which our MDs will discuss shortly. In the breakouts later, we've also chosen a few where we'll dive into much more detail. For example, you'll hear about methane emissions reduction, which is a key target segment for oil and gas. The CPI team has selected decarbonization, and specifically, the hydrogen market. Water and power will cover wastewater treatment and desalination. Our target segments represent significant growth opportunities for Rotork, and on this slide we've summarized some of the key messages you'll hear from our divisional leaders today. Within oil and gas, the market size of our target market is around GBP 1.5 billion, which we estimate is growing at high single digits%. The estimate includes the benefit of electrification, i.e., the conversion from pneumatic or hydraulic actuators to electric actuators. For example, in the methane breakout you'll see later, 40% of the 1 million North American producing wells will switch to low or zero bleed actuators by 2040, hence the conversion from pneumatic to electric. CPI's target segment market is GBP 800 million and is estimated to be growing at low double digits. An example of CPI's target market is hydrogen, a rapidly growing market currently worth around GBP 80 million. Given the projected increase in energy demand, this could grow significantly over the next few years. Finally, our water and power target segment is GBP 1.4 billion, growing at mid- to high-single-digit. An example is the desalination market, where within the reverse osmosis applications, we believe this is expected to grow at low double digits over the next 5-10 years. In summary, our target markets represent around half of the group sales. The key takeaways from this slide are that we've chosen key markets where we have the right to play, where we have a strong value proposition, and where there is exciting growth potential that we can leverage. Our second Growth+ pillar is customer value. We want to put the value we provide to our customers at the forefront of everything we do. Initiatives in this pillar include go-to-market enhancement, global supply chain program, and improved customer experience. Go-to-market enhancement is about continuing to strengthen our relationships with customers, maximizing the pull-through model we discussed earlier. To do this, we'll build our key account management and global pursuit programs whilst leveraging our sales force realignment through increasing the target segment specialisms within our teams, including those of specialist hires. Our global supply chain program aims to enable us to respond even quicker to supply chain challenges and improve our delivery and lead times. It consists of three subprograms, lead time reduction, global transportation, and global shortages response. Lead time reduction means thinking differently about inventory levels. We will have the right level of inventories in the right places, recognizing the developing global supply chain situation. Our global transportation program is about having global networks providing visible, efficient, and reliable transportation of freight within the Rotork network. When this is in place, we'll significantly improve our service levels and reduce Scope 3 emissions. The global shortages program is about strengthening further our specialist sourcing team, broadening its remit, and making the company aware of any possible shortages in advance. The third pillar of customer value is customer experience. We'll look to broaden our lean journey to cover not just our factories, but all of our business processes between our factories and subsidiaries. Streamlining and re-engineering these processes will remove non-essential activities and allow us to quote quicker and be more responsive with our customers. I wanted to bring customer value to life by providing you a real example. Mogas is an important customer for Rotork. Historically, it was largely focused in oil and gas. However, today, their business spans multiple end markets, including nickel mining for battery production. They were looking for a reliable partner who could help deliver all their application needs across their business segments, one that could cope with complex applications, has the product range available, and who were quick, agile, and responsive to their demanding needs. We duly obliged and set up our key account management program for Mogas. This program allowed the collaboration of three Rotork sites located in two continents to respond to quick, complex quotes, usually taking four weeks to quote, and now being delivered within a week. This allows Mogas to quickly quote to their customers, helping them secure their own business. This approach allowed Rotork to improve our customer experience, and in this case, delivering the value that Mogas needed in terms of fast and agile quote response times. This approach also helped us to build customer intimacy, and I'm pleased to say that by providing value to Mogas as they expected, we've been able to treble the size of the business over the past 18 months. Innovation is the lifeblood of Rotork. Over the last several years, we've brought our teams together and streamlined how we deliver innovation and the development of new products and services. Our teams are focused on projects that are aligned to our chosen target segments and our Enabling a Sustainable Future principle. Key innovation drivers include electrification, connectivity, data analytics, and product efficiency. As well as this, our engineers remain focused on the affordability of our products and the ease of their manufacture. We will continue to innovate and develop new products whilst always weighing up make versus buy arguments. You'll see a little later in the breakouts evidence and examples of recent innovations in terms of our product launches as the team take you through the end market applications. However, this slide shows a great example of a highly innovative Rotork product. We launched the battery backup option for our IQT electric actuator in 2020. The BBU, as we call it, enables our IQT to be used in critical applications where the actuator has to return to a set position on loss of power. Within normal electric actuation, when you lose power, the actuator stays where it is. Many applications require on loss of power for the actuator to return the valve to either the open or closed position. Therefore, in the past, the only alternative was to use a pneumatic spring return actuator. The BBU can now perform this as we've integrated a lithium-ion battery, which takes over on loss of power to return the valve back to its position. Enclosing a lithium-ion battery into an explosion-proof product is very technically challenging, and our solution is unique to the market. The substitution of a spring return actuator by our BBUs offer the benefits of electrification and digitalization, while at the same time improving reliability and reducing Scope 1 and Scope 2 emissions, and in many cases, lowering the total life costs for our customers. The product has been well received and is a significant commercial success. Our Enabling a Sustainable Future initiative underpins the Growth+ pillars and captures our determination to achieve sustainability across the enterprise. An important first step is minimizing Rotork's own carbon footprint. As previously mentioned, Rotork has an assembly and test business model, meaning that its Scope 1 and Scope 2 emissions represent a small proportion of total emissions. Nevertheless, we're working hard to reduce these, including the sourcing of renewable electricity wherever we can. Our two main categories of Scope 3 emissions are those arising from energy used by our products during operation and upstream emissions relating to our purchase of goods and services. To address Scope 3 emissions, we're prioritizing a reduction in our own product emissions and engaging with our supply chain on their sustainability commitments. As mentioned, we were extremely pleased to receive validation of our interim emissions reductions targets from the Science-Based Targets Initiative last week. You'll recall that we introduced our eco-transition portfolio earlier this year. As a reminder, our eco-transition portfolio consists of three sub-portfolios, water and wastewater, methane emissions reductions, and new energies and technologies, totaling around 30% of sales. This could be higher. However, it's hard for us to measure all eco-transition applications. For example, water treatment applications within mining, semicon, and oil and gas. As the same products cover multiple applications within each of these segments, it's hard for us to know the exact numbers used in each specific application. Despite this, we look to increase our eco-transition portfolio over the coming years with many of our target segments housed within the three subcategories as we do our part in helping Enabling a Sustainable Future. To finish, these are the reasons we believe we will deliver on our stated financial ambitions over time. We have three strong end market-facing divisions that will benefit significantly from the global macro trends, specifically the industrial mega trends of automation, electrification, and digitalization. With the next phase of our strategy, Growth+ is designed to deliver our growth ambitions through targeting key segments, delivering value to our customers, and accelerating innovation for our products and services. The Growth Plus target segments we have chosen offer great opportunities with market growth rates at low double digits for CPI, high single digits for oil and gas, and mid to high single digits for water and power. There is significant overlap between our chosen target segments and our eco-transition applications. The sustainability mega trend is a great opportunity for Rotork and an important driver for profitable growth. Importantly, we believe we have significant opportunities to outgrow our target markets, including through our Growth Plus initiatives of customer value and innovation for our products and services. The key takeaway is that we are committed to growing our business. Our ambition remains to deliver mid to high single-digit revenue growth and mid-twenties adjusted operating margins over time. That concludes my introduction. I'm now gonna hand over to Neil Manning, who will tell you more about oil and gas. Well, thank you, Kiet. Good afternoon, everyone. My name is Neil Manning, and I'm Managing Director for Oil & Gas here at Rotork. A little bit about myself. I joined Rotork back in 2018 as Site Services Director, and in 2020, my role expanded to take on the Oil & Gas division, leading out of Houston, Texas in the USA. Let's kick off with a few key takeaways for today's discussion on oil and gas. Our division is the leading supplier of electric actuators with the largest installed base and site services team globally. Our return on sales is unmatched in the industry. Returns are driven by our highly differentiated product and service offerings. In particular, our unrivaled installed base gives us fantastic opportunities for service, including recurring maintenance agreements over time. We're very optimistic on our growth opportunities moving forward. The entire oil and gas industry is moving towards its Scope 1 and Scope 2 reduction targets. As the leading supplier of electric actuation globally, Rotork is playing an important role in helping our customers meet their reduction targets. We've seen all year, geopolitics has made energy security a key priority, which has also driven activity around the world. This backdrop gives Rotork a great position in the coming years. Our Growth+ target segments are methane emissions reduction, LNG, Asia infrastructure, and brownfield potential. We estimate that the total market size of our target segments to be in the neighborhood of GBP 1.5 billion, which will grow in high single digits in the coming years. Let's pivot now to look at the Rotork profile for oil and gas from a divisional perspective. We represent around 46% of overall revenue for the company. At the end of 2021, we also represent about 40% of group operating profit. As a global business, Europe and the Middle East represent our largest geographies, followed then by Asia Pacific. The Americas is currently our smallest division, but we're highly optimistic on growth opportunities there given emerging trends that play to our strengths, particularly for methane emission reduction. Now, electric actuators contribute to over half of our sales. While not as margin-rich, fluid power actuators allow us to offer a full portfolio to our customers and are particularly well-suited for critical use and emergency shutdown applications. Rotork Site Services contributes just under 25% of overall oil and gas sales today and growing. As part of that, our Lifetime Management solutions are an emerging part of our portfolio that help customers better manage their infrastructure and de-risk their operations. We classify our revenue into three segments for oil and gas, with more than half of our 2021 revenue coming from downstream, which includes refining and tank storage facilities. Midstream was second and consists of mainly pipeline and LNG activity. As you can see here in the final graphic, our customer base is quite broad in oil and gas. Our top five customers represent only 17% of overall sales, so our customer concentration risk is low, which is another attractive part of our business. Now pivoting to the overall market outlook in the coming years as we plan our strategy moving forward. Regional imbalances between supply and demand for oil and gas drive much of the investment dynamic around the world. The chart on the right is somewhat complex, but it clearly outlines who are the exporters and who are the importers in that dynamic. A few important things for us to note. Global demand is now largely back to 2019 levels, but supply is not, which has really driven a lot of the volatility over the past 18 months. Moving forward, we expect North America to remain a global leader in production, as can be seen on the chart with the bars on the far left. Increasingly, APAC demand for in energy is gonna drive infrastructure investment and greenfield projects attractive to Rotork. While Europe's demand decreases by as much as 20% in the coming years, the huge supply and balance will continue to drive imports and then resulting brownfield infrastructure spend again that are favorable to Rotork. The Russian supply gap will be filled primarily by the Middle East and United States. We've looked at the forecast infrastructure spend for growth from both a regional and from a sector standpoint, and those drivers have contributed to our focus areas, which we'll touch on here in a few moments. All in all, based on this demand and supply and balance, we expect to see sustained investment growth for oil and gas during our planning period. Now moving on to the sectors that we're targeting as part of the Growth Plus program for oil and gas. No surprise, given my comments so far, the first target sector is methane emissions reduction. Now, the majority of methane emissions are from the upstream segment. However, emissions across all sectors are a focus for us. Why is methane so important? Well, it's 28 times more impactful in global warming than just carbon dioxide. We'll share with you later today more on why that's impactful within the oil and gas space itself, but the essential point is, as the number one provider of electric actuators globally, we're very well prepared to be part of the solution in this space. Moving now to LNG. Natural gas has long been deemed the cleaner transition fuel and is bridging the gap between the legacy fossil fuels of the past and greener solutions moving forward. It's forecast to grow by as much as 50% by the year 2030. Now we're very optimistic here because we have a large embedded base, and site expansions most often carry forth legacy specifications. However, we're not resting just on that fact, and we're continuing to invest in our targeted resources in areas like project pursuit to maximize our opportunities for these very complex projects that are bid all around the world. The third target sector for us is Asia infrastructure growth. This will grow to support energy demand in region, and we are quite well-placed to capture our share of this through our local for local product portfolio with in-region manufacturing and our strong presence on national oil company vendor lists. Which now then brings us to our fourth key initiative, maximizing brownfield potential. For us, that's the revenue from existing oil and gas infrastructure, and that includes retrofits, repairs, lifetime maintenance, spare parts, and more. These gains are most concentrated in our mature markets, which is primarily in Europe and North America, and currently represent around half of oil and gas revenue today. Now shifting to some innovations. Rotork has a long history of innovation and technological success within the oil and gas sector. There are many examples we could highlight and you'll see some of those in our breakout later this afternoon. A great example for now is from our IQ platform, the highly efficient IQTF. It's our explosion-proof, full-turn electric actuator. It's an eco-friendly replacement for hydraulic or pneumatic actuators and supports our methane reduction strategy. Of the many important applications, it's particularly useful in choke valves in the upstream sector and has great traction in North American shale. Our customers are attracted to its flexibility as we compare it with a battery pack and solar panels for off-grid applications. Simply put, the IQTF is a testament to Rotork innovation and positions us well in a key growth market in the coming years. Now, what you'll see in the oil and gas breakout later today, our team has put together a great assembly that we look forward to seeing or sharing with you. Some more on methane emissions reductions, along with the addressable market and where Rotork will win as part of the demonstration for methane. We'll also talk and demonstrate about how LNG is an important bridge in the energy transition. Again, we'll share applications and products from Rotork and why we'll win and be effective here as well. To wrap up, Rotork is the leading provider of electric actuators in the oil and gas space with the largest installed base and site services team. We have unmatched margins. We're well-positioned to take advantage of the emerging market drivers and continue our growth in the coming years. In particular, methane and LNG will be a big part of our focus in the coming years. We estimate the total market size of these segments to be in the neighborhood of GBP 1.5 billion, and these will grow in aggregate in the high single digits per annum. With that, thank you for your time, and now I'll pass you over to Lindsay. Thank you, Neil, and good afternoon, everybody. My name is Lyndsey Norris, and I'm the managing director for the Chemical Process and Industrial division. I joined Rotork four years ago, originally as the divisional finance director for the Instruments division, and then in June last year, became the MD of the CPI division. Prior to that, I have 21 years experience in IMI Precision Engineering. The first slide is a summary of the key takeaways that I would like you to take for today. We are a supplier of specialist actuators and instruments for niche applications across the chemical process industries and industrial sectors. The CPI market is extremely diverse, and we estimate the serviceable addressable market at around GBP 2 billion. We contribute a little under 1/3 today of Rotork's global operating profits. CPI enjoys high returns on sales and capital. These industry-leading returns are driven by our ability to identify and solve our customers' critical flow control challenges to improve reliability, efficiency, and safety. We see significant opportunities for growth driven by decarbonization, particularly in hydrogen and carbon capture, as well as in automation, electrification, and digitalization megatrends. Our Growth+ strategic segments are decarbonization, chemical, HVAC, and mining. We estimate the market size of these target segments is around GBP 0.8 billion and will grow at low double digits per annum. In summary, CPI is a high-return niche business with significant opportunities to grow driven by megatrends. This slide is CPI at a glance. CPI is a supplier of specialist actuators and instruments for niche applications across the chemical, process industries, and industrial sectors. Rotork's purpose, keeping the world flowing for future generations, is important to all of us at CPI. We are proud of the part that we play on the journey towards a sustainable future, for example, in the hydrogen and battery technology sectors. The criticality of our product and our service offering is evidenced by our operating margins that were above the group's target in 2021. We also contributed to a little under a third of Rotork's group operating profits last year. We are a global business, with Asia-Pacific being our largest geography, followed by Europe and the Middle East, and then the Americas. While America is our smallest contribution to date, we are now seeing significant opportunities such as mining, one of our chosen target segments. Product-wise, electric actuators and instruments contribute to most of our sales. I recognize that our instruments portfolio is probably not as well known as Rotork's actuation portfolio, so a couple of words on instruments. Instruments are field devices and sit in close adjacency to the product with our actuation portfolio. Our instruments products include valve actuation accessories such as filter regulators, volume boosters, solenoid valves, positioners, position sensors, and limit switch boxes, enabling us to provide a full solution package to the customer. You will see several examples of instruments in action in our breakout session later. Rotork Site Services contributes to a little over 10% of our sales today. Our service offering is part of the value that we offer to customers, and we see scope to grow this over time as we put service right at the front of our value proposition. We classify our revenues into three segments, the largest of which is process, and represents around three-quarters of our revenues today. Process revenues include revenues generated from some of our key strategic segments such as HVAC, mining, and decarbonization. CPI has the shortest lead time of the three Rotork divisions, hence the fastest cycling order book. This is not necessarily seen as short cycle in the link to the global industrial production, since it's weighting towards the process and chemical markets. As well as there's opportunity to enter new markets and capitalize on those external trends such as decarbonization. This slide shows CPI in action in the hydrogen and carbon capture usage and storage markets. Our business development teams identified hydrogen and carbon capture as high potential segments soon after the creation of CPI three years ago. Our products have proven experience in these markets through earlier references in fertilizer and refining industries. We have recently expanded our business development team, bringing in colleagues with industry knowledge, expertise, and contacts. The number of active opportunities that we are targeting is growing fast. We were chasing just 53 projects in June 2021, and then a year later, that number is now 177. We see similar rapid growth in carbon capture. In both of these segments, growth is driven by EMEA and the APAC region. Although we anticipate some catch-up through the Americas following the passing of the Inflation Reduction Act in August this year. Within the value chain, we are dealing directly with the OEM manufacturers producing the electrolyzer equipment to produce the hydrogen, as well as monitoring and tracking hydrogen and carbon capture infrastructure projects to get in right at the beginning of the projects. The slide also shows Northern Lights, a joint venture between the Norwegian government, Total, Shell, and Equinor. Northern Lights is a carbon capture project to which CPI will supply electric quarter turn and emergency fail-safe actuators. Moving on now to the sectors that we have chosen to target as part of the Growth+ program. No surprise perhaps given my earlier comments that my first target segment is decarbonization. Hydrogen and carbon capture have important roles to play in keeping the one and a half degrees alive through achieving carbon emissions reduction goals. This segment is already a revenue contributor for us, and we anticipate good growth in the future. Our second target segment is chemical. It is already important for this division and all geographies offer good growth opportunities, particularly driven by the electrification mega trend. There is also potential for a market share gain, including through the strength leveraging of the site service. Our third target segment is HVAC, specifically critical air quality, ventilation and cooling. We are specifically targeting high growth end markets such as semiconductors, data centers and rechargeable batteries in this sector. Finally, the metals and mining sector. This benefits from the electrification mega trend as well, and increased demand for rechargeable batteries is expected to grow at above trend for many years. We have good positions in all of these sectors and are looking to leverage our positions through new product development efforts and working closely with key partners. What excites me is that these key four target strategic segments represent a serviceable addressable market of GBP 800 million, one that we estimate will grow at low double digits% per annum for the foreseeable future. We have lots to go for. The CPI team has put together a breakout area downstairs, which aims to bring to life for you the target segments that we've just highlighted. We will share more with you on the hydrogen market opportunity, including how the high levels of safety certification required in this market play to CPI's strengths. Finally, we'll provide you with a deep dive into the specialist HVAC market, specifically in the semiconductor space, and how Rotork's products provide an important role in protecting $100 million of work in progress in a semiconductor facility. I'll leave you with the key takeaway slide that I started with. We are a supplier of specialist actuators and instruments for niche applications across the chemical, process industries and industrial sectors. CPI produces industry-leading returns driven by our ability to identify and solve our customers' critical reliability, efficiency and safety challenges. We see significant opportunity for growth and our Growth+ strategic segments are decarbonization as well as chemical, HVAC and mining. These four segments represent a serviceable addressable market of GBP 800 million, which we anticipate will grow at low double digits% per annum for the foreseeable future. In short, CPI is a high return niche business with significant growth opportunities driven by mega trends. I look forward to seeing all of you later in the breakout session and to your questions. With that, I'll pass over to Metin, who will talk you through Water and Power. I think I don't need actually this one. Metin, we've got a field that you need. I have this one. I hope this works. We hear you. Thank you. Thank you. Thank you, Lindsay. Good afternoon, everyone. My name is Metin Gerceker, and I am the managing director responsible for Rotork's Water & Power division. I joined Rotork as Water & Power managing director earlier this year. Before Rotork, I was employed by Pfeiffer Vacuum, and before that, I spent 10 years at IMI Critical Engineering in senior and executive positions role. It is my great pleasure today to give an overview about our Water & Power division. The first slide is a summary of the key takeaways from today. We are supplier of premium actuators, predominantly electric and gearboxes for applications in water and power generation sectors. Water & Power enjoys high return on sales capital. These attractive returns are secured through our strong customer relationship, portfolio breadth and successful value selling, as well as aftermarket support. Water segment has stable growth in past associated with population growth. However, this segment shows significant opportunity for growth in future, driven by water quality and scarcity challenges, which also influenced from macro trends like automation, electrification, and digitalization. Our Growth+ target segments include water infrastructure, water and wastewater treatment, desalination and alternative energy. The estimated market size of our target segments to be around GBP 1.4 billion, and this will grow mid-to-high single-digit% per annum. In summary, Water & Power is a business with attractive returns and good growth potential driven by water opportunities. This slide is at a glance of the Water & Power division. Water & Power is a supplier of premium electric actuators, as well as gearboxes for applications in water & power industry. Rotork's purpose, keeping the world flowing for the future generation, is close to our heart at Water and Power, as evidenced by around half of the division sales being included in Rotork's eco-transition portfolio. The strength of our market position and our portfolio of products and services is evidenced by our operating profit margin, which was above the group's ambition of mid-20s in 2021. Product-wise, electric actuators and gears contribute most of our sales, in part explaining why we have the highest operating margin of any Rotork divisions. Water and Power is a global business with Asia Pacific and Americas region of similar size, slightly larger than MEA. Water has been growing faster than Power for some years, and the water segment now represents around two-thirds of revenues. Rotork Site Services contributes a little lower than 20% of the division sale. There is opportunity to grow this, for example, through focusing on the installed bases. Water represents a huge challenge for the world. While over 70% of the earth surface is water-covered, very, very little of this potable. Demand for the important resource is growing, driven by scarcity challenges, global population growth, and increased industrial demand. At the same time, the industry is striving to raise product quality while battling climate change. Floods and droughts are becoming increasingly frequent, requiring investment in adaptation in infrastructure. Another mega trend tailwind is automation. The world's water utilities are seeking to raise their productivity every year. They do this by automating their processes and increasingly electrifying them. The successes highlighted here demonstrate how Rotork helps customer to create value for all stakeholders. In all cases, Rotork was chosen as trusted actuation supplier because of the significant value to avoid cost of failure, which are supply interruption and infrastructure damages. As part of supplying electric actuators, Rotork has also supplied actuator control stations into these projects. We are working with the city of San Diego on its Pure Water project. Pure Water is a multi-year program that eventually will provide nearly half of the city's water consumption. Pure Water uses proven water purification technology to produce safe drinking water from reused water. Water reuse like this is increasingly common. The Al Jubail 3B water desalination plant owned by Saline Water Conversion Corporation in Saudi Arabia will be the largest desalination plant in the country. It's undergoing commissioning as we speak. The Saudi Water Partnership Company is also planning extension for Al Jubail 3B, which will be partly powered by a major solar facility. The Tauhara Geothermal Project is currently under construction in New Zealand. Geothermal plants, such as Tauhara, already supply close to 10% of the country's electricity, and they will be a major part in the country's zero carbon 2050 ambition. On automation, electrification, and digitalization, we supplied to Severn Trent a solar-powered actuator with 4G connectivity, allowing remote operation. Moving now on the sectors we have chosen to target as a part of Growth+ program. These are water infrastructure, water and wastewater treatment, desalination, and alternative energy. It shouldn't come as a major surprise that the strategic successes just discussed largely sit within our target sectors. The water infrastructure sector offers significant growth potential for Rotork. The drivers include global population growth, water quality, scarcity challenges, and climate change adaptation. Infrastructure needs to be resilient and adaptive, meaning electrification and digitalization. Water and wastewater treatment represents the historical core of Water & Power division, and there is a significant scope to grow across all the regions, but especially in developing markets. Desalination has in the past been a smaller market. However, we expect it to become more important for us in the future. Like with the Al Jubail 3B example on the previous slide, the industry is electrifying, moving away from thermal power desalination process and switching entirely to reverse osmosis desalination because of its efficiency. The final sector is alternative energy. While our products have limited access to wind and solar photovoltaic projects, we see significant opportunities in waste to energy, geothermal, solar thermal, and hydropower. We estimate the market size of our target markets to be around GBP 1.4 billion, and this will grow mid- to high-single-digit% per annum. During the breakout session, we will present our added value that we are providing for desalination and on water infrastructure as well as on wastewater treatment plants. Finally, we'll also demonstrate one of the solution which we provided to Severn Trent in terms of automation, electrification, and digitalization. I will leave you right now with the key takeaway slide I started with. We are supplier of premium actuator, predominantly electric and gearboxes for applications in water and power industries. Water and power enjoys high returns courtesy of strong customer intimacy, portfolio breadth, value selling, and aftermarket support. We see significant opportunity for growth driven by solving water quality and scarcity challenges as well as the automation and electrification trends. The Growth+ target segments are water infrastructure, water and wastewater treatment, desalination, and alternative energy. We estimate the market size of our target segments to be around GBP 1.4 billion, and this will grow mid- to high-single-digit% per annum. In short, water and power offers attractive returns and has good growth potential driven by water opportunities. I look forward seeing you a little later in our breakout session and to your questions. With that, I will pass to Mike to talk to you about site services. Mike. All right. Last but not least. Thank you, Metin, and good afternoon, everyone. I'm Mike Pelezo, Rotork's Director for our global Site Services team. I joined Rotork this past year. I'm based in Houston, Texas. Prior to joining Rotork, I held global service leadership positions for Team Industrial Services and Cameron, a Schlumberger company. Last 10 years of my career have been primarily focused on supporting the valve service industry. I wanted to start today with the key takeaways from our presentation. Firstly, what is Rotork Site Services? It's important to note that Site Services is not a separate division within Rotork. It operates across the group's three divisions. Now, we're presenting Site Services separately today because we believe it to be an important part of the Rotork story that could be better understood. Now, Rotork has a long-established reputation for our products. We believe it's our Site Services team that provides another level of differentiation in the marketplace. Our competitors primarily depend on channel partners to support their products, meaning, at best, a varied aftermarket experience. Site Services aims to deliver product support safely while exceeding our client expectations for both service and responsiveness. Financially, Site Services is an extremely attractive business, generating high returns on both sales and capital, and these are largely recurring revenue streams. Our products are highly specified with low third-party serviceability, often controlling critical applications in tough environments. These factors provide the recipe for a great aftermarket business. Site Services has significant growth potential by capturing the service opportunity with each new product sale and through harvesting the service opportunities from our extensive installed base. Now we can capitalize on this with Lifetime Management service contracts and our Intelligent Asset Management program to increase uptime and reliability. Our Growth+ strategic segments, our footprint expansion in high-growth markets, service partnerships to increase our response time to clients, and improving the customer experience through our aftermarket programs that provide value to the clients beyond parts and labor. In summary, Site Services is a business with attractive returns which are largely recurring and strong growth prospects for the future. Now, for the last two years, Site Services has contributed just over 20% of the group revenue with better-than-group margins. From an end market split perspective, Oil & Gas delivers a little over half of the Site Services revenue, followed by Water & Power at roughly a third. CP&I has traditionally the smallest serviceable product mix, but we have several strategies in place to actively grow our service revenue in that end market. Site Services is a global business with our EMEA and Asia Pacific regions being of roughly the same size, slightly larger than the Americas. What does Site Services do? We maintain responsibility for the products from the point of sale on through the full life cycle of the product. We can do this by focusing on three key areas. The first is supporting new product sales. This includes valve automation, commissioning services, technical support, even warranty support if it's required. Once that equipment is put into service, we can support our clients with service, repairs, spare parts, and upgrades. Finally, when it's time to replace that product, our goal is to ensure that Rotork products always replace Rotork products. All of this is what I would consider our core business. What makes RSS unique is that we didn't stop with the build-out of a traditional service program. Through our aftermarket programs, we're raising the bar on service. Our Lifetime Management program is a series of campaigns designed to increase our engagement with the clients through contracted services, preventative maintenance programs, and proactive obsolescence campaigns. Our spares program is a very profitable part of our business, and by having the right parts on the shelf in the right locations, we can increase our response time to clients and help them reduce costly downtime. Our Intelligent Asset Management program takes the data stored in client actuator data logs and translates that into health and performance reports that they can use to identify potential failures before they happen. Our training program defines the skill levels and competencies required to work on our products and leverages technology to ensure that training is both portable and accessible to a global service team. Now, in addition to supporting our products, our goal is to capitalize on the lifetime value. This is where we tap into the ongoing revenue potential of each new product sale through the full life cycle of that product. When considering the services that we can provide through our traditional and aftermarket programs, we believe we can capture up to 400% of the initial purchase value over the life of some products. By providing a high level of support for our products, we're creating customer value and brand loyalty. At the point when it's time for a replacement, we will have positioned Rotork as the obvious choice for our clients. Now, there are many opportunities for Site Services, and unfortunately, we don't have time to review all of them. Big picture, we're looking to support our products across all three end markets. To do this, we've aligned with their strategies and with their big bets. Wherever we can, we follow our products. One example is helping our Oil and Gas customers to have maximum plant uptime by ensuring our products and the valves they control operate reliably. Our Lifetime Management and Intelligent Asset Management programs are perfectly positioned to support this initiative. With our CP&I customers, we're supporting their clean fuel transition by providing electric actuator solutions with zero emissions. In the Water and Power industry, we can provide solar powered battery backup electric actuator solutions for automating remotely installed valves. This is an exciting innovation which has applications across the irrigation, flood defense, and reservoir sectors. I'll leave you with the key takeaway slide I started with. Rotork Site Services delivers products safely while exceeding our client expectations for service and responsiveness, not operating as a separate division, but aligned with the three divisions with their strategies and with their big bets. Site Services is an extremely attractive business with high returns on sales and capital, which are largely recurring, and our products are highly specified with low third-party serviceability. This is a business with significant growth potential by capturing that service opportunity of each new product sale and through harvesting the opportunities from our extensive installed base. Our Growth+ strategic segments, footprint expansion in high growth markets, service partnerships, and improving the customer experience through our aftermarket programs. From my perspective, this is a business with attractive returns and a very bright future. Now, Site Services does not have a breakout today. However, I will be representing the oil and gas division with a breakout which focuses on the opportunities for the division in the LNG sector. Now, according to the schedule, we now have a short break to stretch our legs and split into our groups for the breakouts. Please could we meet again downstairs in 10 minutes time? Before we open up questions and answers, first, finance update. While you've heard a lot about growth today, you've heard a little less so far regarding margins. We want to be clear that our ambition to achieve mid-20s adjusted operating margins remains unchanged under the Growth+ strategy and will be achieved by drop-through from higher revenue combined with continuous improvement actions. I'll also talk about capital allocation, including M&A and the Rotork investment proposition. This slide talks about our delivery of the mid-20s margins. Rotork margins rose over 300 basis points over the first 3 years of the growth acceleration program and were 23.5% in 2020. This improvement was the result of a number of initiatives. Footprint optimization, continuous improvement in lean, strategic sourcing and process simplification to mention just a handful. This margin improvement came despite sales growth proving difficult to achieve. While we were pleased with the 23.5% margin reported in 2020, it should be remembered that not many years ago, Rotork consistently achieved margins above 25%. Also consider what we could have achieved had we grown, given the drop through on incremental sales of a business with high 40% gross margins. In 2021, we saw supply chain challenges and the cost inflation like many others. Rotork has good pricing power, and we were able to put through price increases, three in 2021 and another two in 2022, while continuing our focus on efficiency initiatives. However, lower revenue meant lower margins in 2021. The good news is, as we reported at the interims, our program to replace end of life and hard to source chips has good momentum, and we've replatformed 29 chipsets. This work, together with buying forward of critical semiconductors, helped stabilize key parts of our supply chain. As you've heard today, our Growth Plus strategy recognizes that Rotork has significant potential to grow. Growth Plus identifies our target segments and together with our customer value and innovation initiatives, focuses the whole organization on working to deliver our growth ambition. Importantly, if we secure the orders and have the required materials, our facilities have the capacity to deliver substantially higher volumes than they have been doing without the need for significant capital investment. Group margins beyond 2022, as well as clearly benefiting from the drop through from any increase in revenue, will additionally benefit from further process simplification, continuous improvement, strategic sourcing, and other initiatives. Turning to capital allocation. In terms of our priorities for capital, we've been clear and disciplined in our capital allocation framework. Our first priority, as you'd expect in a business with our returns profile, is organic investments. We regularly challenge our teams to think big. What would they do if we allocated more capital to them? Our next priority is our ordinary dividend, which we've raised every year for over 20 years. Next is strategic investments. We believe that strategically, M&A can improve the quality of our portfolio. We believe that M&A could be used to accelerate access to target segments or through buy being a better choice than make in delivering innovative products and services. As well as supporting the strategy, we will be looking for M&A to contribute to shareholder returns. The typical businesses we are targeting are niche market leaders that share the characteristics of all Rotork Group businesses. They're used in applications that are considered by customers to be mission-critical and have strong environmental credentials. In addition, we're looking for businesses with an attractive aftermarket revenue stream, ideally of a recurring nature. The opportunity to leverage the Rotork site services network under Rotork's ownership would be an advantage. Our M&A efforts focus on two highly adjacent areas, products that measure flow, such as sensors and analytical instruments, and products that manage flow, such as actuators or small process control valves. We will continue to be highly disciplined as regards price. Our return hurdle is for Return on Invested Capital to be ahead of Weighted Average Cost of Capital by year three at the latest. Finally, return of cash. If at any time we consider ourselves to have more cash than we need to fund our priorities, then we'll return the surplus. Last year, we returned GBP 50 million via a share buyback, which was our shareholders' preferred return method at that time. Our purpose is keeping the world flowing for future generations. This clearly encapsulates the roles that our products and services play in safely and sustainably managing the flow of the fluids that are required for modern life now, but also in the future, be that water, hydrocarbon, or hydrogen. We're committed to sustainability across our enterprise. We were pleased to receive validation from the SBTI recently for our near term emissions reduction targets and to be one of the first UK-based companies in our sector to receive this for the more challenging 1.5 degree C aligned targets. We believe that we serve attractive growth markets and offer innovative, differentiated products, and our Growth Plus strategy is designed to focus on these areas. We believe we have a great culture, strong values, and the right people to drive and deliver sustainable growth, and we're all committed to our ambition of mid- to high-single-digit growth. The growth will generate attractive returns for our shareholders. Rotork benefits from among the highest return on sales of any of its peers, and the highest sales boost both profits and cash generation significantly and quickly. Our asset-light or outsourced manufacturing business model, combined with the high return on sales, also mean our return on capital employed is among the highest in our sector. We've always run a conservative balance sheet. This not only provides certainty in uncertain times, but also the flexibility to move quickly and to take opportunities as they arise. In summary, Rotork is an attractive and differentiated investment. Thank you all, and I'll now hand back to Kiet to sum up before we move to Q&A. Right. Thank you, Jonathan, and welcome back everyone. Firstly, to sum up, I'd like to thank my team who have done a fantastic job today. Thank you very much team for all your hard work in making today a successful event. Thank you. Secondly, I hope you agree with me that for me, the breakouts today were the standout portion. I think not only were they informative, they demonstrate how exciting some of our opportunities can really be. It's also been great to have sufficient time today to be able to take you through all of this material and to go through the breakouts. Thank you very much for your time in attending today. We highly appreciate that. To summarize the key messages that we've heard today, Rotork is an outstanding company with great people, products, and service offering. We launched today the next phase of our strategy, Growth Plus. Growth Plus is designed to deliver on our growth ambitions, and you've heard from Neil, Lindsay, Mike, and Metin, and we're all convinced that we can deliver growth through our focus in terms of target markets, customer value, and innovation. The Plus element under Growth Plus will also deliver on the various elements we described under our Enabling a Sustainable Future pillar, building on our fantastic culture and ensuring our ESG ambitions are embedded into the strategy. You've heard from Jonathan why we believe we can improve our already high margins and how we will allocate capital to help us grow. We have an enviable return on capital employed and a highly successful cash generative business. In short, Rotork is an exceptional business and has significant growth potential. We're determined to grasp the opportunities that we've shared with you today to deliver on our growth ambitions. With that, myself and my team will welcome any questions that you have. Thank you. Should we start with the front? Okay. No. Yeah. Thank you. A couple, please. You've given us some numbers around the market size of your targeted segments, which is all very helpful. Can you give us any indication of what that is in terms of current Rotork revenue? What share of revenue currently sits in those targeted areas? Yeah. As I mentioned in my initial introduction, the share represents around half of group sales. You know, that's a little bit bigger in oil and gas, a little bit smaller in CPI, and thereabouts in water and power. That makes up the proportion. Okay. Thank you. In terms of accelerating growth, in the short term, what's the risk of a headwind on pricing? We've had multiple price rises. Some of them are surcharges and temporary in nature. What's the risk that price comes down next year and offsets any volume acceleration? Yeah, I mean, what you heard today was our long-term strategic plans, and these are our visions for the future and our building blocks to deliver on our ambitions. In terms of pricing for next year, probably that should wait for our trading statement later in the month. Fair enough. Okay, thanks. Yeah. Good afternoon. It's Andy from Jefferies. I guess three questions, but one might have a few elements to it. Can you talk about CPI cyclicality? Lyndsey said in her presentation that it's not cyclical because we're exposed to process industries. Well, process industries are cyclical as well. Can you give us any comfort that we're not gonna see a downturn as we see a kind of rollover of IP into next year? Secondly, also for Lyndsey, on the hydrogen side in CPI, you talked about in the presentations GBP 80 million market now going to three hundred going to six hundred on green. What are your sales now? Who's got the dominant market share in that space? Just trying to figure out how you guys compete. Last but not least, we talked about digitalization as one of your key enablers. It's going back a long time, 'cause I'm quite old, but one of the things that you are a bit behind your peers, I felt, was on the digitalization side. Have you caught up now? Do you need to do more work there? Kind of where are you on that journey? Okay. I'll come back with my follow-up question. Do you want to email them or? I've got two, so I might email a few of them. Let me try and remember all of them. Cyclicality of CPI. Look, within CPI, when I took over in 2020, the CPI division, we sat down together with the team, together with Lindsay, together with Andy, and we picked key niche markets where we thought could grow over time. Yes, of course, we would love our markets to grow linearly, but they don't. They, you know, they do meander with the economy, but over time, they're still good in terms of the growth potential. Some of the examples that you've heard today in terms of Mogas in mining, the application of HVAC in semiconductor, you know, hydrogen. We wouldn't have delivered any sales this year in them if we hadn't picked them two years ago. It's really clear that our strategy in picking target segments and those segments with good growth potential over the long term will come through and deliver, and that's part of our target segments. That's how we see it. We see it over the long term and potential to grow over the long term. I guess that's the first one. I think using the word niche multiple times in the CPI piece really Hopefully, you know, we're focused on particular elements, not the broad process or the broad industrial. What percentage of CPI sales fall into that long-term structural growth bit, and what percentage falls into the cyclical bit? I'm not sure we're gonna break numbers down into that level of detail, Andy. Okay. So, uh- Yeah. I think we'll park that one. Okay. In terms of hydrogen, I'll maybe answer first and I'll hand over to Lyndsey to give a bit more color onto it. The hydrogen market is very new, you know, and we are targeting two elements of the hydrogen market. You've got the electrolyzer element, and then you've got the transportation and storage element. The transportation and storage element fall exactly into the range, which is really akin to oil and gas now, where it's storage, and it uses our electric actuators. The electrolysis part of it, again, we have product for, it's not that we have to develop new products for them. However, the electrolyzer companies themselves are new in that space, and actually, there hasn't been a formalization of competitive kind of companies. Maybe at this point I'll hand over to Lyndsey, who can give you a lot more detail. One of the things that Andy mentioned in our breakout session is that actually the move from the pneumatic to the electric, there's actually not one sole supplier today that can provide all of those products within that electrolyzer unit that we looked at. Exactly as Kiet Huynh described, the competition at the moment is not one person dominating the market. When we're talking to these companies, you know, it's very open in terms of the field, and it's now all about signing NDAs and actually understanding those partnerships to be able to grow with them. Yeah, I think. Hopefully that helps. Yeah. I mean, I don't know whether you said it in your breakout. We've spoken to over, well, let's say around 65% of the electrolyzer companies out there, you know. We're working with them to develop solutions. We are one of the few companies that can provide all of their solutions. Digital? Digital. The markets we work in, I think we are there where we need to be in terms of our digital footprint. We haven't mentioned IM today, but that still forms a key part of our engineering innovation. There was so much to go through today, we couldn't include everything. We have digital absolutely front and center. I believe that in providing electric actuation, we provide the ability to record data on our actuators, and I think this predates me. We've been able to record data on our actuators since 1990. Really we are there as much as our customers need us to be able to record and give that digital space. Do you wanna add anything else onto that? No, I guess digital's a fairly broad term, isn't it? Mm-hmm. In terms of electric actuators, the data and analytics and capability of those, then absolutely, I don't think we've ever said we're behind on that piece of it. I think running that through into preventative maintenance and predictive maintenance is where IAM fits and that is, as Kiet Huynh said, still an active program and still gaining traction. Digital probably has other elements to the journey still to go. Thank you. Jonathan, at the back. Jonathan. Could do with being a fraction lighter in here maybe. I don't know whether that's feasible though. Hi, it's Jonathan Barras. I just have 3 questions as well, please. Firstly, just on electric actuators and looking at the mix, obviously you've put the chart up that you've just got over 50% going to electric now. Obviously, we've heard a lot about electric today. On a sort of 5-year view, what percentage of group sales do you think can ultimately become electric and used? That's the first one. I mean, we haven't put a number on that and obviously we're going into our target segments, and we'll deliver what our customers need. Intuitively, as we go and as we enter our target segments, we expect the proportion of electric actuators to increase. The second one was just coming back to those target segments. Obviously, if you add those numbers together, it's a big total, especially compared to the revenue that the group does at the moment. But if we look at those targets, some are probably easier than others just in terms of market competition. Which ones are they? Ultimately, within those segments, you know, what kind of market share do you think you can gain from oil and gas, maybe CPI? Just trying to get a feel of what the actual revenue opportunity to use as a company. Yeah. Well, look, we haven't changed our ambition. Our ambition to grow mid- to high-single-digit%. What we've shown you today is the how, is the strategy of how we're gonna get there, and a key part of that is our three pillars. The first pillar, our target segments. We've chosen markets where we think there are good tailwinds that we can leverage, and we'll leverage them as well through our customer value and our innovation. I think there is good opportunity to grow within those markets. For example, you've seen in the methane breakout, there's 1 million producing wells in North America. 40% of those wells will be converted to electric by 2040, and there's roughly 6-8 actuators per well. That gives a significant, you know, opportunity for growth, and while the number of wells of 1 million won't increase, the proportion used in terms of pneumatic to electric will increase, and that gives us the potential to grow. You could view that as either that's a new market or you could view that as market share. Either way, that's how we intend to grow and expand over the coming years. Maybe just the final one, just in terms of site service. What's the biggest headwind to site service? Is it actually locating where the installed base is, or is it actually getting people on the ground to go out there and service those actuators? Yeah, maybe Mike, do you wanna take this one? Yeah. Absolutely. I think the last part of your question is probably relevant in today's environment, where manpower or womanpower is challenging to come by. We are doing a very good job, I think, of recruiting resources in the areas that we need them and getting them locally positioned. I wouldn't say it's a challenge to identify our installed base, but that is our opportunity and that is our primary goal, is getting more of our installed base cataloged and in our database so that we can position our resources appropriately. Aurelio, it's always the ones in the middle in there. We'll come to Tom at the front. Thank you. It's Aurelio from Morgan Stanley. The first question is a bit of a follow-up to one of Jonathan's questions. It's around the kind of capture rate that you have in electric actuators in services versus pneumatic or hydraulic. I'm asking this because obviously if you're shifting more towards electric, how does that change the growth profile of site services, if it does at all? Yeah. Sorry, I missed that one. What was it? I think as we grow through electric actuators, how would that benefit, I would say, site services? Okay. In terms of the product mix, electric actuation, I think, from a serviceability standpoint, represents a higher level of opportunity for us because of the low third-party serviceability aspect. In addition, when those actuators are operating in explosion-proof environments, as an example, there are certifications in place with that actuator. Having technicians work on those actuators that are not qualified, not trained, it presents an opportunity for that certification to be nullified, and it puts the client at risk if there's an incident that results in improper servicing that they now are liable for the, for the consequences. Electrification. Yeah. is a tailwind for RSS growth. Yes. Yes. Absolutely. Okay, great. Second question. In the last couple of market days and years ago, you put up a slide with the market share around 18%. I wonder if you could give us an update on if you feel that you've gained market share or you kind of are you stable in those markets? I can't remember that one, so I'm gonna. No. I think our conclusion is actually defining market share is massively challenging. We've deliberately steered away from trying to either refresh that or compare what the group is today versus 2015. You know, there's been a lot of changes in that time. Instruments has come from a very much smaller product set to where it is today. Not likely to be providing that one I think going forward. Okay. Great. Competitive landscape we talk about is broadly similar, so I think you're familiar with that one. Tom. Thank you. Tom Brame from Shore Capital. With regards to the target growth, or target segments growth rates, how much of this is dependent on market share gains, tying into the previous question? Is much of your growth sort of dependent on maintaining high share in niche growth markets across the board? Yeah. I just want to be clear then. The targeted market growth rates that we've shown today are the growth rates within the targeted markets. Mm-hmm. Within that, therefore, we look to exploit those and leverage those in terms of our own growth rates. Okay? Again, we have chosen targeted markets with really good building blocks. Building blocks such as electrification, automation. You've got the macro trends for water scarcity, water security. We've really picked the segments where we believe the market will grow based on the macro environment. Within that then, we look to take either market share, like, again, like the methane, for example. You could call that new markets because, you know, the market is now moving to electric. You can say that's market share gain because it's an electric. It's still an actuator, it's just a different kind of actuator. A lot of our markets like that, like hydrogen, that will rely on the electrification movement, hence that megatrend, as we call it, megatrend in electrification. That's why we're confident we'll grow, because the trend is going electric, and therefore we will take market share gain or enter new markets. Pretty similar kind of elements. I think it's really hard because I think a lot of what we've seen today is almost about identifying new markets. It's not about share gain. A lot of the CPI examples in extract and semicon, to some extent even hydrogen is a new market. Yeah. It's not about share gain, it's about identifying those new opportunities which are actuator intensive and offer those opportunities to grow. To some extent, do we care whether it's share gain or new market? As long as it's growth. Yeah. I think the key is we're not going head to head, you know, in a mature market with competition. It's new markets, good growth rates, underlying good key building blocks that we can then leverage. Perhaps not obviously relevant given what you've just said, but just as an observation, it sort of looks like it nets out to be the high single digit growth that you're looking to achieve across the group, which might indicate that overall on aggregate the market share would be flat, maybe. Is that fair to say? Again, I go back to market share or new markets. You know, increasing methane, for example, you could call that a new market or you could call that market share. Would that mean therefore that you might sort of lose share elsewhere, given that your range there is? No, 'cause otherwise you'll just stand still. Where we're targeting is we're still aiming to grow our base business or the non-target segments, and then the target segments are where we're looking to really focus and invest to accelerate the growth. Okay. Previously you talked about Chinese spending or government spending across stimulus on water. Is this still? I don't know if you mentioned it today. Is that still as it was previously anticipated to be, or has the projection for that maybe decreased slightly? No, I think I'll answer a little bit of that and then I'll hand over to Metin. I mean, water spend is a constant kind of growth because of water scarcity. In China you've got population growth moving to cities, so you've kind of got mega cities as well. You've got to put in the infrastructure to provide the water for the growing mega cities. It still provides over the long term real good significant opportunities for us. Metin, do you wanna expand on some of that? A couple of maybe sentence. In terms of our water in China, as Pete mentioned it, in megacities, but we also classified the cities like Tier 2, Tier 3, Tier 4 in terms of population. We are attacking these areas as well too. We started already with our actions on the Tier 2, and we are already successful with couple of projects. Okay. Just finally, would you be able to touch on any potential headwinds or risks at group level? I mean, I think previously you talked about the CapEx and organic as a significant other potential risk, and so I can see that. Are there any others that we should be wary of? Yeah, I think the headwinds for us are similar to every other company in you know whether it be from you know war on talent, recruitment of staff. I think every industry is seeing that. Supply chain issues still reside. So that's why, again, as part of the customer value pillar, we're putting in our global shortages program to be able to react faster to that. There are many other headwinds, but I would say they're general headwinds. I don't think they're specific to us or our end markets in most cases. Yeah. That's great. Thank you. Okay. Who was next? Sorry. Ed or... Ed. Well, Ed is next. Max, yeah. There's Max after that. Yeah. Ed Meredith from Liberum. Just had a question on the actual price points of the actuators. What would be the typical sort of differential between an electric actuator and a pneumatic? Well, I think one thing we should just start with is obviously you saw downstairs in the methane emissions reduction case study the spring diaphragm that was operating. So we have to remember that that's not a product that Rotork makes. So in the sense of price per unit differential between that and the CMA that you saw next to it, not really relevant in the sense of we don't do the spring diaphragms. Sure. I think in terms of more broadly, this is quite. It's a big range. It's a range. I mean, it depends on who you are and what you do. If you see the applications downstairs, we don't just sell pneumatic actuators, we provide solutions. Within an actuator we have the instrumentation, we have the control box. The actual solution itself is of a higher value than just the actuator in itself. We're not just pneumatic actuator suppliers. We supply the fluid power solution in that. That. When you do that, the differential is probably not that huge, but it will depend. You know, you saw in LNG, for example, you know, the huge emergency shutdown valve. And that would be obviously a lot of money versus an electric actuator. It really does depend. Sure. Max is now. Of course. Go on, Max. Thank you. It's Max from Morgan Stanley. I just wanted to ask about acquisitions and kind of really to get a better sense of how much kind of management time is actually being sort of spent on this. I mean, you've talked about kind of quite a lot going on with organic growth. How much of a priority is this for you? Are you building up a pipeline as we speak? Out of all of the kind of growth areas you've highlighted, are there any kind of significant white spaces that come to mind in terms of your portfolio? Yeah, I mean, just to be clear, we've always been active in terms of our pipeline, in terms of M&A. It isn't that we're just about to start or we're starting with. We've always had our pipeline. That work continues. What you see today is our holistic strategy, and wrapped around that will be our M&A strategy. Where we will look, as Jonathan said in his section, is, you know, for example, within our targeted markets, if there is an attractive proposition that is of the right value that can help us accelerate into a target market, obviously that would be a great opportunity. If there's a technology that it would be quicker for us to purchase rather than develop ourselves to be able to grow faster, then we'd obviously go after that. The M&A helps us to enable faster this strategy. It's more opportunistic than something you maybe need. I would say opportunistic is the wrong word. It's actually more cultivation. It's cultivation in terms of the right M&A potential that fits us. I would say opportunistic is more something comes on the market, do we buy it, don't we? It's not that. We have ideas, we have a pipeline, but what we're trying to say is that thinking in terms of what we're gonna buy revolves around the strategy rather than what comes up. That's kind of all in place, but clearly internal. Just a quick follow-up. I mean, in terms of sort of incremental investment to go with the growth plan, I mean, I'm surprised that this doesn't come with any investments at all. I mean, do you need to retrain salespeople? Do you need to step up R&D? I mean, does it really come with kind of no shorter term margin sort of impact when you- Yeah, I mean, look, we'll always need investment to grow. What we're trying to get across is, in a lot of cases, for example, in manufacturing, we're asset light. Let's just say we have a sudden demand. We can materially increase our production without any significant investments, for example. To enter new markets that you've seen, the hydrogen market, the methane market, we already pretty much have the products available to be able to do that. The investments we need, we will need investment, but they're not of the significant amounts that we would expect. You know, don't forget the second part of our ambition is to achieve the mid-20s, and so we will invest, but we'll invest when we deliver our growth as well. It. You know, one doesn't come without the other. Mm-hmm I would say. Do you wanna add anything else? It's a balancing act, isn't it? Yeah. Balancing act. Yes, we are constantly investing in a range of different areas within the business to underpin some of these strategies and some of these initiatives. Yeah. It may not be absolutely linear in terms of our journey. No. Over time, that's where we want to get to. Andy. Hi. Just two quick follow-ups on your questions there. On the 280 that's not in your targeted market, how do you incentivize your sales team or indeed encourage your sales team to not just go after the target markets, which are kind of quite sexy and high growth, when clearly there's a lot of residual left? I just wonder how you manage that tail. Secondly, you talked a lot about the oil and gas side and the replacement and the evolution from pneumatic to electric being a massive opportunity. You know, half the market's kind of going, but what gives you the right to win in a market that you haven't really operated in before because it's been pneumatic? I think when we were talking with Neil, there's a lot of, I don't want to use his word, but kind of throwaway actuators. So how do you guys get into a market really with a product that's clearly very good. Yeah Hasn't really been in that market? Last to Jonathan, in your margin bridge, you've got some self-help. If we think about 2022-2026, let's call it, how much comes from process simplification and continuous improvement, and how much comes from volume roughly? Thank you. I'll do the easy one first. Yeah. Yeah. Be apart from one, apart from the other. Yeah. We're not. It's Is it more volume, then? Volume has a very quick impact. Yeah In a business like Rotork, that is clearly a part of it, but it's not just about that. We haven't completed some of the initiatives started in growth acceleration program around process simplification. Kiet Huynh talked a bit about that earlier in terms of that connection between factories and sales entities and all of that side of things. There's more to do on that. I just wouldn't want people to get the impression we're sat back and not doing any more of that. Yeah. That was really the purpose of drawing that part out. Let me recall your questions. A, how do we incentivize, and why do we have to? How do we incentivize or make sure that? Yeah. the sales team don't just say, "Well, actually there's 280 that's growing at 2%. Yeah. It's really boring. I just wanna go after the double-digit growth. Yeah, look, our incentive programs are on the sales as a whole, okay? It isn't just dropping one and going after the other. It's a holistic approach to sales, and we also have dedicated sales people and sales initiatives to the higher growth. You know, Lindsay and Andy mentioned we have a dedicated business development division for our hydrogen. They actually. If you go back to that pull model that I talked to, okay? They're the people that go to the end users that get us specified onto the specifications, onto the AVLs. What then happens is the sales force then go in and actually do the selling. It's a balanced approach. We've got quite a different route to market for each market. We've always, in the past, managed to incentivize our sales team in terms of going to business in terms of different routes to market, and that's something we manage quite well internally and something that we'll carry on doing. In terms of the right to play, you're right, we haven't been in upstream oil and gas. If I was sitting here saying to you, "Right, our new target segment is upstream oil and gas, and we're gonna attack the pneumatic market," I think you'd think I'm crazy. What we're saying is that market is changing, and it's changing to where we're very good at. That does give us the right because it's moving from something we don't have to something that is very good and right within our sweet spot. That's why we have the permit to play. Does the install base on the pneumatic side have the electric offering that you kind of have to compete with? Is it an open door for you? I wouldn't say it's an open door, but the pneumatics in there currently, those companies don't have the, let's say, the quality of brand. If they do have, some don't have at all, and the ones that do not have the quality of brand that we have. I'll add onto that a little bit as well. From the U.S. perspective, in many cases, we're actually being pulled through into that market. A major choke valve manufacturer is pulling through our IQ product line for choke valve applications, and they're growing significantly, pulling us with them. Also, distribution and channels are a big path to market in the United States. It's kind of the dynamic in that country. Overall, our customers we spend a lot of time working on downstream are also now pulling us through into upstream applications as well. To Kiet's point, you know, the market is moving to an area of strength for us. Our partners who we've worked with from a legacy perspective, in many cases are pulling us through based on how the market's emerging and evolving. Tom? Thank you. Two questions I've made, just one specifically around the North American well head opportunity. I think that was one of the more interesting anecdotes. Just given there's been multiple price increases over the last couple of years and accept the point earlier about the range of price points for Rotork. Just can you give us a sense as to what the sticker price would be for perhaps that 6-8 actuator package on a wellhead just so we can do the sums? Neil, do you wanna? To the point earlier, there's a broad range, but also when you look at the 6-8 actuators, when you look at, you know, an IQ platform, for example, that could range in US dollars, in GBP, you know, between $3,000-$6,000 per actuator, depending on the specific size, application, does it come with a gear, et cetera, et cetera. You extrapolate that, you know, that range across 6-8 per wellhead, and then extrapolate from there, you can get an idea of what the monetary extrapolation looks like overall. Okay. Thank you. Just a broader question. I think Kiet said growth has been the missing piece of the jigsaw in the last 2-3 years. If we were to critically look through the deck today, a lot of the growth drivers and the end markets and also the mega trends, we would probably think existed 2-3 years ago. I just want. What's genuinely new now as to what you may have presented three years ago, and why do you feel more confident that we're closer to that critical inflection point? Yeah. I mean, if I give you some examples, you're right. If you look on the top line, you know, that top line hasn't grown. If you look underneath, you look at CPI, and you look at Water & Power, those divisions have grown. You know, CPI has grown very well. We're above 2019, so we're above pre-COVID levels. Really, the CPI strategy is largely based on what you hear today, targeting niche markets, picking the right segments, and then attacking those segments, leveraging our value proposition. We've proven that we can grow in that way. Water & Power, exactly the same. You know, water, wastewater, desalination, you've seen that water has also grown. You know, with those examples, I'm confident that this strategy can deliver the growth. We obviously have had the headwinds in oil and gas. However, what's changing is the energy, you know, energy security, and also the move towards energy transition. Three or four years ago, we didn't have our methane market. LNG, due to energy security, that's really gonna come back to the fore. You've got some good market dynamics in oil and gas now, which is different to two or three years ago. Do you wanna add anything to that? I could say internally, I suppose we are further down the journey in terms of the change of divisional structure to that end market focus. Yeah. That continues to deliver benefits, kind of lessons learned in one part of the world gradually, you know, rapidly being spread across the other parts of that division in the rest of the world. I guess we've also seen benefits from some of the initial work we've done on value selling is still positive, and obviously the piece of work to come and further develop on around customer value is one of the key focus areas, and the Mogas example is an early win in terms of what that might yield. Any other last questions? It's Mark at Loomis Sayles. Can you just give us an idea then on gas when we might see that new book? I mean, is it 2 years hence, 3 years hence, growth of the target markets that we're talking about around wellhead? Okay. Is that new order book in terms of new business coming through for? I mean, I'll answer that a little bit, and then I'll hand over to Neil to kinda again, give you a bit more detail. It's already in our order book, you know. You know, as time goes on, we see that ramping up. Do you wanna answer? Yeah, I was gonna say exactly the same. We're seeing the signs of it already in our order book and then growing from there. You know, when you look at oil and gas spend, obviously it's been all over the place over the last five years, right? We don't anticipate that on a total global basis, oil and gas CapEx will reach prior highs, but we do think the niche sectors we've chosen, particularly methane and LNG, will grow disproportionately faster than the overall market. Second to that, we do think that the market will grow at a sustained level over the coming years you know, the last five years of underspend. Combination of the overall growth of the underlying market at, you know, kind of a low- to mid-single-digit level, and then ultimately our target sectors going above and beyond that in a more meaningful way, give us great confidence that we'll achieve this strategy over the coming years. We're already seeing great success with it. To Kiet's point, you know, when you look at our orders that were reported in the first half of this year, I think we're seeing the signs of it there as well. Well, I think you also talked about some specific product-related successes as well in terms of the IQTF downstairs. Yeah the IQT battery backup, which Gig was showing as well. There's also some product-driven momentum as well. Okay. We've got Tom. Just to follow up on those questions there, would it be possible to quantify how much LNG and methane drive the Oil & Gas revenue or are expected to drive? Can I hand over that one? Well, I guess we've quantified the target markets in total. I'm not sure we're necessarily gonna break it down into the elements of that at this point in time. Okay. It's a big number, isn't it? It's on the oil and gas one. I think probably that's as much detail as we're gonna give on target markets. It's a fair chunk of it, is it? See, you can keep trying, but that's an over. Cheers. Okay. I think we'll conclude there. Thank you very much for coming. I think you'll all agree again, it was a great day. The breakouts were great. We're gonna be serving refreshments downstairs. For those of you who have time and can stay, we'll be happy to answer some more questions downstairs. Thank you very much for your time today.