Ladies and gentlemen, welcome to our half year results presentation for 2022. I'll start by showing you a very pretty picture of one of our floating LIDAR buoys, and I show it for a whole host of reasons. It's quite a pretty picture, but also this particular one is set off the Dutch coast. We are, of course, delighted to win one of these projects against Fugro in the Netherlands. Before I do anything else, I will address something that came in overnight, which was a GBP 2.06 cash offer from WSP. You'll appreciate this offer having come in, we now are somewhat restricted what we can say under the U.K. Takeover Code. Even though I suspect it will be a topic of some interest, I unfortunately won't be able to take questions on it this morning. Just returning to presentation, Judith and I are gonna do what we've done a number of times recently. I'll make some introductory comments. I'll steal Judith's thunder. She'll come back and do the heavy lifting, talk about the results themselves. I wanna make a few comments about the growth, resilience, and proven ESG credentials of the business. I'll get Judith to talk the outlook because we wanna do so in a very quantified way. The other thing I do wanna do up front is just remind people a little bit about what we do. First of all, let me steal Judith's thunder. This is a cracking set of results. It's a really good set of results. Headcount up, fee revenue up, order book up. 8%, 13%, 15% respectively, and we like to see it that way. We like to see revenue grow faster than people. We like to see order book grow faster than revenue. Really good set of results. We're starting to see real operational leverage. You can see the adjusted operating profit's up around 37%. Judith will show you some very disciplined collections. Balance sheet is under control. Interest rates are down a bit, our adjusted PBT is up around 58%. Everything you'd wanna be up is up. The one thing that's down is the leverage, which of course is a good thing. You can see we are down about 0.1 turns on this time last year. I won't spend a lot of time on this 'cause I've shown it to you before, but this is a company with very clear direction. We create shared value for shareholders, staff, and clients by solving problems that matter to a complex urbanizing and resource scarce world. Our market position, our strategic focus, our client focus, and our financial targets are all congruent with this purpose. I'm pleased to say we are experiencing really good tailwinds in all the things that we do. In urbanization, we're seeing high levels of public sector spend in all jurisdictions. The post-COVID recovery in the private sector is ongoing in the U.K. In the U.S., we are seeing money start to flow into infrastructure. I'm delighted to say that we're starting to see money spent, and we're starting to win projects around the Queensland Olympics. In natural resources, we'll show you ongoing growth in offshore wind and in other renewables. We'll show you increased interest in carbon capture use and storage, and I'm pleased to say we are starting to see that convert into orders. The AMP cycle, the U.K. water cycle, is moving into its peak spending years. There's significant demand for other water services, and we are, as you'd expect, seeing increased demand for energy security. Sustainability these days is incorporated in everything we do, in every design process, in every approval process. Some very specific and strong offerings in net zero carbon. We are seeing specific demand for sustainability services around things like due diligence, transaction support, and business improvement services. Just a couple of really good examples around urbanization. Some work we're doing for Yorkshire Water, where we're providing modeling expertise. If I move across the Atlantic to Texas Department of Transportation, TxDOT as we call it, we do a lot of work with TxDOT, but I'm particularly proud of this one because we're starting to move into project and program management roles as well as simply design. Much closer to where we stand at the moment, The Mercian up in Birmingham. This is one of their largest and most important residential projects. We're the PM and employer's agent on this project. Moving to natural resources, it wouldn't be an RPS presentation unless I showed you some an example of our offshore wind work. This is a really good example. This is a piece of work we've won with ScotWind. We are of course doing the environmental impact study, which is one of our big strengths in this area. I talk about expertise in renewables, particularly, but not exclusively, offshore wind. I'm showing an example here from Australia. This is a solar farm. Now solar farms are a good thing. They generate a lot of renewable energy, but they also do have environmental impact. This is an example of where we're using our LIDAR expertise to analyze the potential biodiversity impacts. This is Woolgoolga, where I know where it is, but many of you may not. Finally, an example in hydrocarbons, some work we're doing for INPEX. This is a floating facility. We're doing the met ocean work, measuring ocean states, wind states, current states that provide the design parameters for the work that's gonna be done. Finally, some examples from sustainability. Firstly, an example from Ireland. I'm particularly pleased with this one because it's an example of something I talked about earlier, our expertise in petroleum geology that is lending itself to carbon capture use and storage, and we are starting to see money spent on this now. If I move across to the Netherlands, an example of some water risk or flooding management work in the Netherlands. This particular project's interesting because we're focusing on how we provide the flood mitigation works, but minimizing the materials and hence carbon impact. Finally, an example from Papua New Guinea, where I grew up, so I have a little affection for this one. Kina Bank is one of PNG's largest banks, and we're preparing their ESG strategy. A very different piece of work. We do some really fascinating, some interesting things. Occasionally, people worry we may be a tad too complex. I'm very careful to say that everything we do is underpinned by a simple, robust business model. What do I mean by that? I mean, we hire really smart people to solve problems that matter. We charge them out on projects for twice what we pay them. We keep our overheads under control, and we target 10% margins and 5% organic growth. I'm pleased to say we're shooting the lights out on organic growth. As Judith will talk to you about, we're not quite at that 10% target yet, but we are showing steady and really significant progress towards that goal. That's probably a good point to hand over to Judith. Thank you, John. Good morning, everybody. I'm now gonna take you through our strong financial performance for the first half of 2022. A period where we've seen our results ahead of both board and market expectations, where we've seen really strong growth in fees, in head count, and in profits. Where our profit margins are improving and progressing towards that 10% target. Where our continued discipline focus on billings and collections means lockup remains low, which in turn means our leverage is low. We've got a good level of liquidity in the business and good long maturity on our core debt, meaning we're well-placed to continue to invest in growth. For the first half of 2022, we've seen a period of strong growth. Our fee revenue is up 13% at GBP 267.4 million. We've also seen our gross profit up 13%, which means we've maintained our gross profit margin. A real success which demonstrates our ability to ensure pricing is keeping pace with inflationary costs. With fees up, with gross profit up, with our costs under control and leverage in our overheads, our adjusted operating profit's up 37% at GBP 18.5 million. Our interest costs are a little bit lower than last year, partly due to IFRS 16 charges coming down a little, but also because the margin on our long-term debt is a little lower than our previous facility. That means our adjusted PBT is up 58% at GBP 16.1 million. Our tax rate is now normalizing at around 28% on adjusted PBT, and that gives an adjusted diluted EPS of GBP 4.17 a share. We're announcing today an interim dividend of GBP 0.45 per share. That's in line with the policy that I outlined at our Capital Markets Day last November. We're also making really good progress towards our target business model. As John outlined a few minutes ago, a model where we target 5% organic fee growth and 10% margins. With fee growth of 13%, we've absolutely outperformed that 5% target. If I unpick that a little bit for you, somewhere around 8% of that's true underlying organic growth, and the rest has come from those pricing increases. Whilst we've seen our adjusted operating profit margins up 120 basis points in the period to 7%, that is still 3% shy of our target. You can see there our overhead's absolutely under control, 39% in total compared to a 40% target. We're leveraging our fixed overheads well, down at 17%. We're investing in growth in the business, and that comes through on that variable overheads line. In the first six months, we've been investing in our people, in recruitment, in training, and also we've been investing in business development and investing in growing our offshore wind business. Our main area of focus remains on our gross profit percentage. We've maintained our margin at 46%, but need to get it to that 50%. We've been very successful, as I said, in ensuring pricing keeps pace with inflationary costs. In a few minutes, I'm gonna take you through this at a segment level, and you'll see three out of our six segments have delivered some really good improvements in the margin. That's been offset a little bit and diluted by some increased use of associates in two of our segments, where we tend to make a little bit of lower margin. I'll take you through that in a minute. Coming back to our fee revenue growth, 13% at the group level, and really good growth in five out of our six segments. The one exception is North America, where fees are down 4%. That's partly because in our infrastructure business there, we're still seeing government a little bit slow to initiate projects we've won. That has been improving, particularly through quarter two, and we should see more projects initiated in the second half. also because of wider macroeconomic factors, we've seen the private equity market a little bit more sluggish this year compared to a very buoyant year last year. that's just impacting our environmental risk business there. As John's already taken you through, we're seeing really good tailwinds in urbanization, natural resources, and sustainability, and that's driving good demand for all of our services. In urbanization, we're seeing government spend still on defense, on property, transport infrastructure. The first six months of the year, we saw private sector sentiment very positive and a buoyant property market. that's delivered good growth in Consulting U.K. and Ireland, in Norway, and also Australia or Asia Pacific, and underpinned our performance in our infrastructure business in North America. In natural resources, there's continued growing demand, and that's delivering growth in Energy, in Services U.K. and Netherlands, and also our ocean science business in North America. In Energy, we've seen fee revenue from renewables up over 30%. In the second quarter, we started to see some really good demand coming through for our traditional hydrocarbons activity. I expect to see that growth continue in both renewables and hydrocarbons as we go into the second half. In the U.K., the AMP cycle's ramping up, continuing to deliver good growth in our water divisions, particularly in the technical consultancy part. That's underpinning the growth in Services U.K. and Netherlands. Finally, trends in sustainability and ESG underpin just about everything we do, but driving really good demand in Consulting U.K. and Ireland, in Australia or Asia Pacific, and also the environmental risk business in North America. That growth in fees is underpinned by a growth in head count. Both absolute head count and full-time equivalents are up 8% at group level, with really good growth through just about all of our segments. One exception is North America, where our heads are down 2%, but as I've already demonstrated, our fees are down a little there anyway. I said I'd come back to our gross profit percentage by segment. As I said, overall gross profit at group level in line with last year at 46%. We're seeing really good improvements in three segments, Consulting U.K. and Ireland, North America, and Australia, Asia Pacific. In North America and Australia, both of those are now ahead of our 50% target. That improvement's partly driven by the fact that we're keeping prices in line with inflationary cost pressure, but also because we're focusing on right-sizing our consultancy pyramid, but also focusing on front-end, high-end activity, where we tend to make higher margins. You'll see two segments there have seen some reduction in their gross profit percentage, Norway and Energy, and both of those use associates more heavily in our model. On associates, we tend to find we have a lower gross profit margin, but as I'll show you in a few minutes, we tend to claw that back at the net profit margin because they tend to attract lower overheads than our traditional employees. That improvement in fee revenue, holding our gross profits in line with prior year and keeping control of our costs and leveraging our fixed overheads means we're seeing 21% growth in segment profit, with improvement in every single segment, even North America, where our fees were down. Our unallocated expenses are down GBP 1 million on last year, predominantly due to phasing of IT spend, so overall, our adjusted operating profit's up 37%. More importantly, our margins are improving, 120 basis points at the group level and good improvements in just about all of our segments. As I said a few minutes ago, in Norway and Energy, we are seeing that reduction in the gross profit percentage because of the use of those associates. You can see in Norway, we pretty much claw all of that back at net profit because of the reduced overheads on those individuals. Don't quite get back to flat in Energy, and that's because that's where we're investing in our offshore wind capability. We've incurred GBP 3.4 million of exceptional items in the first half of the year. We're continuing to spend on our ERP implementation with some successful rollouts in Australia. We've got one more rollout to go, which will take place early September, and we'll have then completed our Australian segment. We're also making really good progress in Energy, both in the U.K. and also in Australia, and started planning our main rollouts for U.K. and Ireland. We've incurred GBP 2.8 million of legal fees, where we're continuing to support investigations around potential administration issues on U.S. government contracts. You'll see those costs have gone up compared to 2021, and that's because we're coming towards the end of a period of statute of limitations. We've seen a few more questions from the government. With fees up, with profit up in our segments, we're seeing our statutory profit before tax up 48% at GBP 11.1 million. We've also maintained our real focus around disciplined billings and collections. Whilst we've seen our lock-up days increase from that very low level of 49 days at the end of the year to 58 days in June, that's what we would expect. It's two days down on June 2021, and the average for the first six months at 57 days absolutely in line with the average for the full year last year and compares really favorably to best-in-class levels of 60-65 days. With that strong focus on cash, it means our conversion of profit into cash for the last 12 months, very, very healthy at 77%. As we usually see in the first six months, we have seen an increase in working capital of GBP 18.4 million. Roughly GBP 15 million of that is due to the unwind of those lock-up days, and the rest is because we're growing our revenue. You'll see we've spent a little less on interest. That's because the margins are lower on our core debt, but we're paying a little more tax, partly phasing, but also because we've seen increased profits in 2021 and into 2022. We're also investing in CapEx to grow our business. We've spent GBP 8.6 million in the first six months of this year, compared to just over GBP 4 million last year. Of that GBP 8.6 million, just over 1 million of it's investing in IT rollouts, predominantly the ERP program. We've also spent around GBP 3 million on fit out of properties. We continue to rationalize our property portfolio. That leaves around about GBP 4 million, where we've been investing in equipment, particularly in our energy business, where we're building LIDAR buoys to grow our fee revenue in renewables. We've paid the final installment of deferred consideration on the Corview acquisition of GBP 2.3 million and paid our final 2021 dividend of GBP 1.2 million. We've had a cash outflow for the period of GBP 20.6 million. That's what I'd expect. We've had an outflow in the first six months of last year of GBP 15.2 million, a little bit higher because we're investing in growth. In the first six months of the year, we always see an outflow, partly as we see those lock-up days normalize, but also because in the first six months, we pay things like the final dividend, and we pay bonuses to all of our people. With our borrowings under control, although we've seen that outflow in the first six months, our closing net bank borrowings are up obviously on December 2021 and just a little bit on June 2021. Our deferred consideration's down now to just GBP 0.4 million. Total closing borrowings at GBP 34.8 million are up only GBP 3.8 million on June 2021 as we continue to invest in our business. With debt under control, with profits improving, our leverage remains low at 0.9x. That's below the bottom end of our target range of 1-2x and over 2x away from our bank covenant limit of 3. We've also got a really good level of liquidity in the business. Our GBP 100 million RCF facility completely undrawn at the end of June, and we've got nearly GBP 20 million of cash. We've also got a good level of maturity on our core debt, coupled with that liquidity, means we're really well placed to continue to invest in growth. With that, I'll hand back to you, John. Thank you. I'll just spend a few minutes talking a little bit about the growth we're seeing, the resilience in the business, and our really proven ESG credentials. I wanna talk a bit about how we sell. I want to talk about our people, about our technology-enabled consulting. I will talk again about the energy transition, as I always do. And finally, we are very proud of our people's social contribution. Let me first of all talk about how we sell. The first thing we do is we try and run a very really good website. We have strong, and I have to say, improving digital marketing. These are really good improvement H1 on H1, but of course, you will recall we did a very good job of digital marketing through COVID, so this is improvement on improvement. You can see website visits up, organic search traffic, website page views, Google position, social media, organic media web traffic, Google search impressions, all up. All up. Of course, the things we really care about are website get in touch, where somebody's made a really active effort to get involved with the company, and really, really importantly, tracked leads. Delighted to see both of those are up. A couple of people did express some concern that webinar registrations are down. I'm very careful to say, "Guys, you shouldn't sweat that." Webinar registrations are low, but in-person events are up dramatically. All this shows is some digital fatigue and the fact that H2 on H1, people are now getting out and mixing, as many of you are. Nonetheless, really good get in touch, really good tracked leads. That's the first part of the puzzle. The next thing we do is spend a lot of time and effort training our technical people to take those leads and convert them into sales. Because our technical people are excellent technical people, they're creative problem solvers. Many of those are not natural salespeople. We spend a lot of money helping people to understand, listen to, and convert leads into sales. We get around 400 participants globally. We're putting 100+ through every year. We use this as an opportunity to teach people a common language around marketing, BD, and sales, and also to help people understand the interaction between them. We get a very engaged level of participant. One of the things we do is train people from different divisions and different businesses so it drives our cross-sell, and it is a really sought-after bit of professional development. Just two legs of our selling effort. I'll come and talk about our people. We are about 5,000 talented people, and we are always looking for more, for the reasons I'll talk about in a moment. Let me start by talking about safety, because safety in my view is an absolutely fundamental component of ESG. You can see that we have had no lost time injuries this year or no RIDDOR or reportable injuries this year. Really delighted to see that. I did have some concerns that as people came back to work with their home head on, we might see an increase in injuries, but we have not. That's a really good ongoing improvement in safety, and as I said, a foundation of ESG. Employee turnover is something that gets a lot of attention. You can see our employee turnover sitting at about 15%. It's down a little on previous period last year. We know this is well within industry average because we have just been through some due diligence with WSP. We have talked to their people on this topic as well. It's interesting, five years ago, I think, our turnover was well above industry norms. We've brought ours down. The industry turnover's come up, and so we've now very much met them. Clearly, if you wanna grow at 5% in real terms and you've got circa 15% turnover and you've got 5,000 people, then you need to recruit a lot of talent every year. We've invested really heavily in this, starting with brand. Brand is an underpinning of recruitment. Moving on to really good internal recruitment teams. Moving on to a digitized process that is now demanded by the millennials we're trying to recruit. But it's working. We're seeing our number of applicants up, we're seeing referrals up, we're seeing recommendations up. That all sits behind the slide that Judith showed you earlier, where despite those industry-wide turnover pressures, we are actively growing the business. Whether you measure it by head count or whether you measure it by FTEs, we're growing the business, and particularly in our big profit engines, by which I mean consulting in Australia. In particular, we're seeing really healthy growth levels. Energy, of course, is also growing very strongly. Finally, I do wanna talk a little bit about technology-enabled consulting. We do run a development center. We have developed this in a number of places, but increasingly in Malaysia. It's a really good development center. We don't aspire to sell software, although we do on occasion. What we really aspire to do is develop tools that make our consultants more effective and more efficient, and also that make the client experience stickier. Let me just pick a couple of examples, one out of North America, where we're taking information and displaying it in such a way that the community can make sense of it and can become involved in this case, the Gulf of Maine, and the associated planning issues around that. If I take a very different journey across to Victoria, this is us building a digital twin. We often build digital twins of buildings, for example. This is, I think, the first time we've been asked to build a digital twin of a state, but we're able to do so because of our LIDAR technology. If I go across to U.K., Anglian Water, we're doing something interesting here and something really important here. We're using what I might call conventional hydraulic modeling together with some visualization tools to help them better manage something called flammable liquids in drainage systems, which you would immediately understand is a risk you need to manage. You know, very different projects, but I think one of the things I'd like you to see in all of this is one of the core skill sets is taking data and allowing it to be visualized and managed in a way that is useful. Of course, we are rural planning services. That was our genesis in helping communities understand what they need to do is one of our core strengths. Energy transition. I show you this slide every time. It's not the same slide. We update it every time, but the trends are very clear. We continue to grow our renewables business very strongly. We're showing very healthy double-digit plus plus growth rates. What we are showing this time is that the conventional business, the hydrocarbon business, is plateauing a bit as opposed to falling. That clearly reflects what's going on in the world, which is there is an increased focus on energy security, and at the moment, we are busy on both sides of the business. Very busy in renewables, but also seeing increasing demand come through the hydrocarbon business. That's really a segue into what we have on the right-hand side of this. We are committed to solving problems that matter to a complex, urbanizing, resource-scarce world. As I said earlier, that's our purpose. We think the linked challenge of decarbonization energy security is a serious problem that matters, and we contribute to solving this problem in a number of ways. We do work in renewables, particularly, but not exclusively, offshore wind, and I did show an example of a solar farm we're working on. We work in green and blue hydrogen, we work in carbon capture use and storage, and again, I showed you some examples of where we are seeing an idea turn into work. We work in nuclear, and we do work on replacing heavy hydrocarbons with light hydrocarbons. Finally, before I close and hand back to Judith, we are proud of our people's social contribution. I pick my words here carefully. This is things our people do. We encourage them. We'd love to see people do this, but this is our people. Two projects, very different ones, but one is delivering aid to the Ukrainian border, obviously very topical. The other is just some work at Elvaston Castle, but a lovely example of our people both doing something that is important, but also doing it as a team and building a bit of esprit de corps. Both really good examples of our people's social contribution. Judith, I'll hand back to you to talk about the cold, hard numbers. Great. Thanks, John. I'm just gonna take you through our positive outlook. At the end of June, we've seen our contracted order book up 15% compared to June last year at the group level, with some really, really good increases in many of our segments. Up 55% in Norway, 41% in Energy, 27% in Consulting U.K. and Ireland, 15% in Australia, and 4% in North America. In addition, in North America, we've also got a significant balance of contracts we've won that are not yet in contract, totaling around GBP 30 million. The one segment where we have seen our contracted order book come down is in Services U.K. and Netherlands, down 16%. As I've explained before, in that business, we operate under a number of framework agreements, which means we see a contracted order book increase at the time we win them and then reduce as we deliver those. As John and I have taken you through, we've seen our head count increase as well to enable us to deliver that growth in our order books. We had a really good momentum in 2021. That continued into 2022, and we're now a stronger, more resilient business, and the outlook remains positive for us. With that strong cash position I've taken you through and significant available debt facilities, we're really well placed to capitalize on growth opportunities that are clearly available to us. I've just shown you our contracted order books, up 15% on June. It's also up 8% on December. Both John and I have spoken about the positive market trends in urbanization, natural resources, and sustainability, and that continues to give significant growth opportunities for us. With that strong performance in H1, those growing contracted order books, we're expecting that momentum to continue into the second half, and we're confident that we've got a business that can deliver those mid-single digit rates of organic fee revenue growth and double-digit operating margins. With that, John, I'll hand back to you to wrap up. All right, guys, we will stop where we started. Really cracking set of results. Everything's up except the leverage. Strong financial performance. I won't reiterate what Judith said, but really strong across every dimension. A really good underlying business. You know, growth, resilience, improving ESG credentials. As you'd expect on the back of that, a really good order book and a positive outlook. That's probably a good place to stop and take questions. We will now take our first question from Christopher Bamberry from Peel Hunt. Please go ahead. Morning, John and Judith. A couple of questions, if I may. Firstly, looking at the target margin model, you obviously laid out some of the outlook for the gross margin. To get to that 50%, are there some parts of the business that still need rightsizing in terms of the consulting pyramid? With the strong growth in energy and that expected to continue, does that mean the 50% in the shorter term anyway is harder to hit? Secondly, looking further down, the fixed overheads are obviously below the 20%. Will those need to start increasing soon to support the growth? Unrelated question, if the macroeconomic backdrop concerns start to have an impact, where would you think it was most likely to impact, first of all, across the various parts of the business? Thank you. All right. Do you wanna pick them off or? I'll start with the margin one. In terms of the gross profit margin, yeah, there's probably still a little bit left to do just to right-size our consultancy pyramid in a few areas. You'll see we've done some really good things already in Consulting U.K. and Ireland, North America, and Australia, and in North America and Australia, we're already hitting those targets. It's still a little bit more to come. I think we could see a little bit of dilution just of that gross profit margin for a few months to come because of the use of those associates. That's the right model for us. I do keep a really tight eye on how much we pass to associates because as you've seen, we make a lower gross profit, but we still claw that back pretty much at the net profit line. We find the use of associates, particularly in our energy business, very helpful in managing peaks and troughs, which I think we'll continue to see in a sunset industry in hydrocarbons. I think, Chris, you asked about the fixed overhead, 17%, will those need to increase? I think we've done a really good job of keeping our fixed overheads under control. We've rationalized a lot of our property portfolio, so I think we'll be able to keep those fairly low. They may creep up a little bit to around the 18% mark, but I think we've got a few periods where we'll be able to keep them down below that 20% target, which will enable us to continue to invest in the growth because we can feed that into our variable overhead line. Did you want to pick up the macroeconomic question? Yes. Look, firstly, even though I'm increasingly talking to people who are worried about recession, I have to say we're not seeing a lot of signs in the business. I'm sort of on a daily basis dealing with this sort of slight dichotomy that we're pushing really hard to recruit people. We're dealing with an industry that's got quite high levels of turnover. We've got really solid order books. Yet clearly I turn around and talk to people who are worrying about recession, and it's not often that I have to balance those two sort of competing tensions. Having said that, if we do get a nasty recession, where does it manifest itself? Firstly, where it doesn't manifest itself typically is in the government work. We have very robust 50%, sometimes 55% of our business in the public sector, so that's pretty well protected. I'd also say that at the moment, almost regardless of what's happening to the overall economy, there is huge demand for renewables and there is huge demand for energy security. Again, I think the energy business is very robust. I also think a lot of our sort of flooding pollution drainage work, again, is quite robust across cycles. In the U.K., there's this odd beast called the AMP cycle. Again, we're coming into peak spending years. There's a lot of stuff in our business that is not exposed to sort of recessionary impact. You know, I use the phrase resilience quite carefully. You know, there are parts of the business that are probably a little bit more exposed, and you would particularly think of the private sector in the U.K., and perhaps a relatively small exposure to housing in Australia. I suppose the other bit of the business you might pick out is our more PE exposed environmental risk business in North America. Even there, guys, I would say one of the things I hope this leadership team has demonstrated is a capacity to manage through cycles to keep capability while matching capacity to markets. Chris, I think the short term answer is a lot of our business is pretty robust, pretty independent of the sort of property cycle, for want of a better phrase. The bit that is exposed, we have a good track record of managing. Thank you very much. Chris, I would just amplify Judith's comment also around the gross margin. You know, we showed you really good margin improvement. That was largely operational leverage, which we haven't exhausted yet, right? If you come back to the gross profit margins, the bad news is we didn't grow them as we would have hoped. You can also see some really good news inside that, because Judith said, we had 8% revenue growth, of which roughly Sorry, 13%, of which roughly 8% was sort of organic growth, well above our 5% target, and 5% was fee growth. If you wanted to see the glass half full, you say, "Gee, guys, we're doing a really good job of recovering those inflationary pressures, as I said we would when I talked six months ago. That's clear. Thanks. As a reminder, to ask a telephone question, please signal by pressing star one on your telephone keypad. Pause for just a moment to allow everyone an opportunity to signal. We will now take a follow-up question from Christopher Bamberry from Peel Hunt. Please go ahead. I have just a quick one on the rising interest rates, making sure I'm right that something like most of your PP notes are fixed rates apart from a small element, something like GBP 12 million-GBP 13 million. Is that right? That's your only exposure to rising interest rates? Definitely, yeah. Yeah, Chris, most of those, the fixed term loans are on fixed rates. We've got GBP 12.5 million on a variable rate, and then our RCF facility obviously attracts variable rates, but at the moment that's not drawn. Yep. That's great. Thanks very much. Because I do suspect that most of the questions. We'll now take our next question from James Bayliss. People want to ask are on topics we won't talk to, but fire away. We'll now take our next question from James Bayliss from Berenberg. Please go ahead. Morning, all. James Bayliss from Berenberg here. I've got three questions on headcount, I guess. Number one being kind of utilization, how we should think about that over the first half, whether that's been skewed by the likes of COVID absences or catching up on holiday from the pandemic, and then kind of how you see that utilization kind of panning out going forward. Whether there are any kind of specific nuances between divisions or areas that's kind of worth pulling out and highlighting. Question, two is on, on churn, how does that 15% break out across the different levels of seniority? And you know, kind of within each of the kind of the seniority bands, are there any kind of concerns there? Are they kind of, you know, equally trending in line with the industry? Number three on recruitment, are there any specific markets or geographies where you're seeing greater challenges perhaps in attracting candidates versus the rest of the group? Overall, kind of what is that secret sauce per se, which ensures that you can capture the staff you need over your competitors? Is it simply a case of offering the best wages, or is that a case of, you know, other key attributes which candidates are looking for? Let me start with utilization. I think people are more fascinated by utilization than I am, right? By which I mean, we track it really carefully, and when I go into Judith's office, as I do annoyingly often and say, "Judith, what are the results like?" She will give me our month-to-month, week-to-week profit forecast based on utilization. What we really aspire to do is not drive utilization to super high levels. What we aspire to do is to have our people productively engaged every day of the week, right? By that I mean they're either working on client projects, and they're appearing in the gross profit line, or they're appearing in the variable overhead line, and they're doing the right thing in the variable overhead line, by which I mean hiring people, training people, writing business development proposals, developing new products. It's not actually in our interest to run the business absolutely flat chat. We want the business to grow, which means we have to hire people, we have to train people, we have to find new clients, we have to find new products to interest those new clients. We're also pretty mindful about balancing work with people. I talked earlier about the fact that we're delighted that our revenue is growing faster than our people numbers. We wanna keep it that way. You know, the quid pro quo for that is we don't often have pockets of grossly underutilized staff. I am never concerned about. Well, I am concerned about utilization, but not overly concerned about utilization. My main focus is when people are not billing on projects, are they using their time constructively? We do follow that very closely. That's the first question. You know, the second one is, does the turnover have a particular demographic breakdown? Yeah, you bet, right? Exactly where you would predict it to be. There's a bit of a peak at the top end where people get sick of working, retire, go do other things. There is quite a you know, the millennial group turns over quite fast. I think, particularly with new graduates, you know, when I was a graduate, I had a level of loyalty to the company I worked for that was certainly based on the company, but it was based on the fact I was in the office, I developed friends in the office, I developed mentors in the office. You know, in some cases that process has been significantly impacted by COVID. We are seeing turnover that's quite high at the more junior demographic. Again, I don't think there would be any surprise at all in that. I think it's a pattern that is uniform across industry and across peers. Finally, are we finding it hard to recruit? Yeah, you bet, everywhere. I say this all the time, but technical people are hard to find. Good technical people are even harder to find. Good technical people with a personality, by which I mean a consultant, are even harder to find, again. It is always a war for talent, but as I said earlier, we are winning that war. Perfect. Thank you. As another reminder, to ask a telephone question, please signal by pressing star one. There appears to be no further questions. I'd like to turn the call over to Scott now for web questions. Thanks very much, Tracy. We've had a question from the webcast from Alex O'Hanlon from Liberum. I think you may have covered this, but how does the 50% churn split across the segments? Interestingly, I was asked how it splits across demographics. I'll now answer how it splits across segments. Look, it's a little bit lower in Norway. Not a lot, but a little bit lower in Norway. It's surprisingly enough quite low in the Energy business. Yeah, we are seeing quite healthy levels of, well, quite healthy or unhealthy levels, of turnover, you know, throughout, the jurisdictions we operate. I think Australia has been a particular challenge in that it's quite a strong economy, but it's a strong economy where we closed the b. I say "we" 'cause I am Australian, where we closed the borders for a couple of years. That combination of a very strong economy plus closed borders clearly meant that there was more poaching from competitors than we'd see elsewhere. You know, I'll give you a bit of color on it, but the short answer is, you know, in a quite internationally mobile workforce, we are seeing those pressures pretty much across jurisdictions. Superb. Thank you, John and Judith. We've got no further questions from the webcast or the conference call, so I'll hand back to you, John, for closing remarks. All right, guys. Well, clearly, a set of results perhaps dominated by the news of the Whiskey bid this morning. Sorry, Whiskey being our code name, by the WSP bid this morning. That was a slip, but perhaps a very understandable one. Look, thanks for taking the time to listen to it, and thanks for your support for the company over the years. Thanks again, guys. Take care.