Good morning, everybody, and welcome to Restore's half-year results. Dan and I will give our presentations. Then we'll have questions from the room and some questions online. Looking at the highlights of this year, just to say, well, you'll see the last point. Somebody's pointed out to me this is probably my last analyst presentation, but I did say that over seven years ago. I am assuming, and I'm very glad that this will be my last presentation, given the strengths of the management team across the group. I think we're very pleased with these results. It's everything that the business is about. Recurring revenues, strong cash. Clearly, the box business, as part of the Information Management, continues to be quite a beast in terms of profitability and cash flow. We look at Datashred as really fitting into quite a similar model, where despite the movements in the paper price, actually, it is a very stable business. Working on this bedrock, that gives us the flexibility to look at other things, both in terms of bolt-on acquisitions, but also value-accretive acquisitions, which we've done, and looking at how we can achieve significant capital returns. If we think about it in terms of the Information Management with the box business, with Datashred, we've got very strong businesses. That's enabled us and what I think we're very pleased with from these results is that in the digital services space and the Outbound Communications space, which is our Synertec business, and also in a very strongly performing technology business. We've actually got some real organic growth coming through alongside the growth which we've been seeing from acquisitions. We feel really well set up. It's been quite a major project on the property consolidation, which has cost us slightly more than we were expecting. On the other hand, it's made sure that we remain incredibly competitive in the box business. I think I tend to forget about it, between it going on in the background, but actually, Dan will take us through the scale of what's been happening and moving four and a half million cardboard boxes is our people do it, and it's just been going on. It's quite a sort of stress-y major project, and it's been nice that that's the sort of thing which two or three years ago, we said, "We have to do this." We've got on with it, we've done it, and we're seeing the benefits of it. Clearly, in particular, the particular benefit is while rents and rates have been going up. It's enabled us to keep our costs pretty flat. So far this year, we've had some bolt-on acquisitions, three of those in Datashred, continuing the consolidation of that market. I think quite excitingly, beginning to the Synertec brand, which is becoming Restore Outbound Communications, that doing a bolt-on there suggests we can really move that one forward. The share buyback program is underway. I think we spent GBP 4.6 million in the first half, and I think things are in really good shape. All the divisions are pretty much where we want them to be and look very comfortable with the full-year market expectations. The other point is that I came back just about three years ago. It's been a really fun time, been really enjoyable. We've achieved everything that I wanted to achieve, really comfortable with the senior management team and the management across all of the businesses. It feels now that we're going to enter a new phase. It's about time that we had a changing of the guard. I'm delighted that, although slightly unconventional, the board has asked me to become non-executive chair, making room for Dan, who he and I have worked very closely together over the last three years. He's got excellent support in our divisional MDs. Nigel Dews is a force in our business. Natalie and Iain are very strong. I feel we've got a really good team. Dan will do a brilliant job. Jamie's held the reins as chairman for the last three years, and he will remain on the board. He's extremely valuable, particularly for his property knowledge. I feel that we've sort of rejigged things, and it's a really exciting time for the business to be in really good shape, looking at growth, looking at the next phase as to where we go. Very exciting around that. I think most of you know Dan, and he, in conjunction with our divisional MDs, will be a really powerful force. It's an exciting time to be involved in this business, and I'm sure that we will be recruiting a very strong CFO to replace Dan. I was talking about growth. Our digital services business, that used to be called Restore Digital, has been completely changed. Overhead completely different. We're now winning decent contracts in our bulk scanning. We had some very difficult contracts in there. We had big loss-making contracts, which we weren't on top of. We're in a really good space here now. A lot of big contracts, the DWP, HMLR, the HMRC, Corporate Protection. These aren't easy contracts, and I think if I look around the market and think who else could be doing these, it's a bit like the exam contracts. I can't really see anybody out there who has the scale or the capability that we've got. We're now really well set up for that, whereas if I look at where we were two or three years ago, after we'd bought EDM, failed to integrate it, costs all over the place, rubbish relationships, particularly with some of our big public sector. That has all changed. Although we haven't really seen the digital activity delivering on the scale that I'd like to see it, we're pretty well poised in a really good place. Clearly, we're benefiting from the fact that last year we only had a few months of the DWP contract. The DWP contract is of scale and generates a lot of organic growth. Also, I think where we're sitting in this digital space, there's a lot of talk about access to people. The sort of concept of a lot of stuff being scanned is very much out there, and we feel that we're the go-to in this space, which could be very exciting. We're not quite sure exactly how it's going to develop, but we're definitely in the right place at the right time with a really good offering. Again, we've been very pleased with the Synertec acquisition, which was put together by Dan. He and Nigel have been managing. They've been letting the business. It's a very good business. We're letting it go its own way. Actually, probably now we're beginning to say, "Let's go in a certain direction here." We want to see growth. We want to see the opportunities taken full advantage of. Clearly, the Synertec business is very reliant on the NHS. We still see a lot of opportunity, huge opportunity there, and also in related areas. As I said, we're pleased to have made this recent acquisition last week. Then the other area of growth is the technology business. That's the sort of IT asset lifecycle management, where we've built these stronger relationships with VARs. This is really satisfactory. It was a basket case two or three years ago, and now we've got a business making double-digit margins, high growth. As I say, the market is helpful. We've all seen people like Computacenter results. It's really about what we've achieved in that business in organizing it, and we feel really comfortable about the next phase of that business. Now it's making really good money. Well, it's making decent money. We think that can go a lot further. It's interesting that much as we love the box business, we also love the shredding business. I think we'll see that as the other businesses grow, they'll be much more in kilter than they have been historically in terms of our sort of cash cows versus our growth areas. Then I'll just touch on the sort of acquisitions we've made. Information management, couple of box businesses acquired. Digital services, we bought NEC Software, which has been a decent acquisition. I think we prefer looking at physical and outbound communications. Obviously, Synertec's been a really good deal. MPS will be encouraging and the consolidation within the Datashred, within the shredding business, which is as predicted. It's been helpful that we've done those. Dan will touch on the impact of the paper price, which we've hedged. It's been good that the additional acquisitions we've done there have covered off the significant shortfall related to the fall in the paper price. Which we'd hedged, means we know how much money we're going to make. When you're hedging at GBP 30 a ton lower than you were the previous year and you're doing 60,000 tons, there is an impact. That's been offset by the acquisitions. Let me hand over to the man who will be CEO at the end of the year. Dan. Thank you, Charles. That was all on script. Right. Another good set of results. Really pleased with the numbers, as Charles said. Really positive that revenue is growing and growing, thanks to both organic growth and from acquisition. Up 21%. Profit following. It's also really pleasing that the margin is following as well because if you remember, we did have a margin target of hitting 20%. We said medium-term, we did it a bit earlier than we thought we might do so last year, and we've held that now, and in fact, up a little bit. PBT and EPS all tracking as well, which is really pleasing. Good cash flow. We've talked lots about cash flow before. The business does just throw cash off, come rain or shine. That continues. Cash flow, free cash flow of just over GBP 21 million and cash conversion of 95%. Very pleasing. Despite us doing our share buyback and doing some bolt-ons, the leverage has dropped a little bit to 1.7x. That's all really, really pleasing. Just cantering through the divisions. Just a reminder, Information Management has three businesses in it. It's got the boxes business, which we're now calling physical. It's got the digital services, so scanning, and it's got Outbound Communications, otherwise known as Synertec, which we're rebranding, as Charles touched on. Property consolidation, we're now entering the last leg, and there's a slide or two on that later on, which I'll talk in a bit more detail. We completed two weeks ago, a first acquisition in Outbound Communications. We did trail this a little bit, hopefully not surprised. We're excited by this because we think there could be a really good market opportunity for more of these. It's similar in concept to the data acquisitions, where you're effectively buying the customer book, but able to reduce the cost through running on our facilities. The extra thing about this could be that we can sell in additional services because there are lots of printing companies out there, and they don't have the system that we have, Prism, which can manage the migration from physical to digital. That's really exciting. We're pleased we've got that one done. In Datashred, lower paper prices Charles touched on. I'll cover it a bit later. Really well-run business. Team are doing a fantastic job. Laura in the room is standing in as FD at the moment from my team. She's enjoying it, I think. Team's doing really well. We've talked about industry-leading KPIs before, collections per vehicle per day. It's 12, which we think is good, and we've got a pretty good view on the market, given we're buying lots of companies in that space. They're doing really well. Technology, absolutely fantastic first half. We talked about revenue growth previously and moving towards double-digit margins. They've hit double-digit margins and really good revenue growth, pleased about that. There are some market tailwinds, no doubt. Chip prices are high, which means the secondary market is good for us. We're continuing to see people using VARs. Obviously, we've spent quite a long time to try and get that business in better shape. It was loss-making when Charles came back and I joined. Really pleased with technology. This is a slide that you're hopefully familiar with now, just walking through how the profit before tax has moved, and this is half on half, last half versus this half. Getting from GBP 18 million -GBP 22.3 million. First box, the biggest one on there is growth in Information Management. A chunk of that is pricing in boxes. We've talked about this before. We've index-linked almost all the storage to RPI or CPI, that just comes through 1st of January for the commercial customers, and they've started a tax year for the public sector customers. That's doing well. We've got good growth in digitization, helped by the annualization of the DWP contract. We've got growth in Outbound Communications, Synertec, that's really pleasing. Acquisitions, the next bar, that's essentially Synertec. That's the year-on-year acquisition impact on the growth. We've got cost inflation. A chunk of this is people costs. People obviously have very simple costs for us. Another chunk is property. Net property we are saving, but we've obviously got business rates coming against us and some rent increases. On Datashred, talked about the paper price, and I'll cover that in a bit more detail. Effectively, the paper price has offset the benefit from the acquisition, so broadly the same profit. Technology doing really well. Head office and interest broadly flat. Just walking through division by division, starting with Information Management, the biggest one. Stable number of boxes, 22 million boxes last year and at the end of the year and now, and that's just inflation in pricing coming through. Digital business, we've obviously done quite a lot of work there over the last couple of years, taking out a lot of cost. It's benefiting from that. We're starting to win decent-sized contracts. One of them in the year was the MOD scanning. The interesting thing about that business is we've got so many boxes, and people are increasingly looking to digitize them. Just having the boxes in our estate places us well for if the customer wants them digitizing. Synertec or Outbound Communications doing well. NHS Notify, the NHS body, is providing some revenue there. There's lots of opportunities still to go for. We hope that the small acquisition we did brings us into-- That has 16 councils, so it does annual council tax billings and bin collection, garden bins, that sort of thing. That's a nice sticky revenue and gets us into an adjacent market. Just a couple of slides just on the property consolidation, and that's because it's coming to an end, and I'm conscious we've been talking about it since I joined. I thought we'd just cover through what's happened. We're in the final phase. It's the second biggest cost after people. We filled Markham Vale. Some of you in the room have been to Markham Vale, so that's just over 100,000 sq ft, about one million boxes up beyond one near Sheffield. We have pretty much filled up the second big warehouse, which is up near Durham. Last year, or maybe it's the beginning of this year, we entered into new leases for Stroud and Rainham. The Rainham one is around the corner from our large site in Rainham. That means we've now got a plan to complete the program. Cost to store each box, so that's a really key metric for us, has fallen despite the increase in business rates. I'm really glad we started this. The last bullet, this will be the end of the program when we've finished the things that we know about. As and when smaller properties come up at the end of the lease, we'll obviously keep looking at opportunities to improve the property portfolio. Just on a page, I'm sorry, it's quite a lot of detail, but as Charles alluded to, a lot has happened. I just wanted to set out what we've done over time. You can see it's a little bit over four million boxes, how many have been moved each year. 2026 and 2027, that's a bit of an estimate, but broadly, that would be about right. We've got which properties we've come out of Mark and Vale from the southeast exits in 2024, that was met largely there. The second lot in 2025, that's largely going into Durham. You can see the costs, just under GBP 12 million we think it will end up being, and the annualized savings, GBP 6 million. About a two-year payback. I think we said at the beginning it'd be 18 months, so it has maybe taken us a bit longer and cost us a bit more. A two-year payback, we're still really, really pleased with that. Really pleased and grateful for the team for doing all of that work. Datashred. As I said, well-run business, but they have had a tough time with the paper. The paper is about GBP 40 less this half versus last half. GBP 40 less on 30,000 tons, that's a GBP 1.2 million headwind. If you look at what the market prices are, our average is about GBP 140 for the first half. The market average is between GBP 100-GBP 130. We're doing better than the market, and that is largely thanks to both the quality of our paper and the hedging. Very glad we did the hedging, and we anticipate that will get better during the second half of the year. We've had lots of acquisitions in that space, three so far this year. That's offset the paper, broadly flat profits. It's had a tough half, but even in a tough half, it's had double-digit operating margins. That shows how resilient and how dependable that business is. Technology, as I said, really pleased. I hope Iain isn't listening to this too much, otherwise he'll be asking for a bonus. Doing really well. The business is exactly where we want it to be. More growth to do, but double-digit this half, margin into double digits, and that should continue for the rest of the year. Really pleased with that. That was loss-making not that long ago. Done a fantastic job, that team. Adjusting items, again, a familiar slide. It's the usual suspects in here. Just a couple of things to point out. We've obviously got amortization coming through, which is a little bit bigger as a result of the acquisitions we've done. The Synertec earn-out still frustrates me, as an accountant, the way this is accounted for. That comes through as a charge each year. It's classified as remuneration. We've got the property cost coming through as I just covered. Cash. Really strong business. Throws off cash no matter what. Again, despite the acquisitions, despite the buyback, de-leveraged, and I think we said we'd spend about GBP 5 million a quarter. This buyback started towards the end of March. We're tracking there or thereabouts. It might well drag on to possibly March, April next year. That broadly going as planned. We've got lots of headroom in the facilities, and we've got some of our friends from the banks in the room. I'm sure they'll be pleased about the acquisitions we've been doing. My last slide, a familiar slide. This hasn't changed. I wanted to put it up because it dictates how we allocate our capital. I think it's important we're grounded by this. First off, we'll invest for growth, and that's either in our business or value-accretive acquisitions. All the acquisitions we've done are accretive from day one. We obviously try to make them even more accretive, but they're all accretive from day one. Second priority, we'll deliver shareholder returns, keep going on the dividend with consistent cover, and then the buyback with surplus capital. Underpinning all of that, maintain the strong balance sheet with a target range of leveraged net debt to EBITDA of 1.5x-2x. That's my last slide. Before I pass to Charles, I will just digress a second. It was me that said to Charles this is going to be his last presentation. And He said, I asked him if he might be emotional about it. I won't do my impression because I might go all Hugh Grant. He said, "No, no, I've done 20 of these." You've actually done 26, Charles. This is your 26th, if I've got my math right, which I hope. On behalf of me, the advisors in the room, shareholders listening, I would like to thank you very much for all your contributions to Restore. Thanks, Dan. Wholly unnecessary. It's been a lot of fun the last three years. I think our job, in this context, is to tell everybody what we're going to do it, and then tell them we've done it. I think that's been achieved, so that's really good. Now it's Dan's job to tell us what he and the team are going to do it, and tell us he's done it. All good. This is really just a pretty quick summary. As a business, we're very keen on operating margins. All of our people think in terms of how we're going to drive the operating margin. I think that's a really key thing. Working with operating margins of 20% makes everything an awful lot easier, particularly as one can grow the business. Although it'll be difficult to maintain it up there because the mix, we'll be growing lower margin activities, that will very much be a key driver of our business. As mentioned, the information in what was the records management division. That's just had its day in terms of growth, but that's just a wonderful bedrock from which to spring everything else in so many different ways. It's not just the cash flow, it's actually having the boxes that's been plugged into the Information Management market. We see increasingly the boundaries blurring between those sort of boxes and the digital, et cetera. It's just such a good base from which to work, and the customer list is pretty extraordinary, and the opportunity to leverage it is wonderful. We're excited about the growth areas and Datashred. Nobody's ever seen the paper price as low as it is. The idea that we can continue to make double-digit margins in this environment is testimony to the team there. The sort of slogan for this year, it's about growth and it's also about the opportunity which is available to us. We're very comfortable with how our businesses are being managed. We think they're a really good platform for moving things forward. It's a useful time to be generating cash, debt coming down. We think that there will be opportunities over the next year or two, and we're really well-placed, both in terms of balance sheet, but just operationally to grab these things. All the key metrics are where we want them to be. Strong financial operational performance. Operating margins, it won't be easy. We're not expecting the operating margins overall to go much further up just because of the mix of where we see growth. It will always remain a sort of key driver of this business to ensure that operating margins are there. Once you've got those in place, it's about doing more business and pushing more through a successful model. Recurring revenues, strong operating margins, predictable cash generation. We hope that we've got a really good platform here to go forward, and it's all about shareholder value. We're conscious of we need to drive the share price. We've got to create more shareholder value. We do think we're in the right place to be able to do that. On the back of that, we're very comfortable with where we are in terms of sort of market expectations for the full year. There's been pretty rapid growth in EPS over the last three years, and we can see more of that happening in the current year. Brilliant. That's that, we'll take Appendices, we don't really want that, do we? All right. Very good. Thanks, everybody. Questions. Tom, let's start at the front. Cheers. Tom Callan from Investec. I've got two. Just on that shred performance, I just wondered, is there anything structural here that we need to think about that's impacting the space? If so, what could that potentially mean for multiples and pricing of further bolt-ons moving forward? Just within technology, I just wondered if you could expand further on what you believe your current market share is within the VAR space specifically, and therefore, what that means in terms of future opportunities for growth, inorganic or organic? Thanks. Okay. Dan can pick up the technology point. I think what we're seeing, it's marginally depressing given the rating of our shares, which obviously impacts on what we can afford to pay for acquisitions. Having said that, there is a lot of realism out there in terms of pricing expectations, not just in the shredding space. There are a lot of half-decent businesses who are sort of going, "Do I really want to compete with the likes of Restore?" I think, yeah, I wish we had a sort of bigger bag of money. We've been selective in terms of what we've done, but I think there is realism. U.K. vendors are pretty realistic about their opportunities and their valuations now, which should make for a very interesting market in terms of bolt-ons over the next few years. As I say, it would be nice to think that our multiple would go up, which would make those deals more earnings enhancing. Clearly, how historically we built the business was on the back of issuing shares to move things forward. Clearly, issuing shares at the moment is we're buying them in rather than putting them out. It's where we are. On the technology question, Tom, the VARs, value-added resellers, we've done some mapping in this space, and our largest customer is CDW. We know that CDW is by far and away the largest global VAR. It's not surprising that that's our largest customer. In terms of market share, we're pretty confident we are number one in the U.K. It's a nascent market, though. There's a surprisingly long tail of small operators. What we can be confident of is that people are continuing to outsource to VARs, and that we are in the mix with the tenders, both with CDW and the other VARs. There certainly has been and continues to be a market shift towards moving away from in-housing your IT function to using a VAR. Cool. Thanks. Great. Sorry. Yes. Sorry, Chris. Dashed from his lips. Sam Miller from Stifel. Two questions from me, please. Firstly, on M&A, with the acquisition of MPS in the outbound communication space, can you give us a sense of how fragmented that market is, and are there other opportunities to add customer sets through there that'd be interesting? Secondly, obviously a very good organic growth in the first half. Could you give a sense of what organic growth this business in Restore overall could do over the medium term? What sort of a sensible level? Thank you very much. Dan, I think there's a place for you. Okay. Thank you, Sam. On MPS. MPS is a business, it's based in Bristol. Its customers are effectively 16 local authorities. There's 400, 500 local authorities across the U.K. We asked Tom, the MD of the outbound communications business, about a year ago, said to him, relatively new into acquiring them, "We're interested in M&A in this space. Can you get us some potential targets?" He gave us quite a long list quite quickly. We know there's a lot of operators out there. They tend to be localized. The customers that this company has are all relatively close by geographically. We've taken this one as a trial, because we wanted to make sure we can do it. There are lots and lots of other operators out there that have got a very similar customer base. The opportunity for future bolt-ons, we think could be quite large. In terms of organic growth, this half, 10% or just over 10% organic growth, half the group growth was organic. It's flattered a little bit by the DWP annualization of that contract. Even if you strip that out, you've obviously got the bedrock that is the boxes coming through at inflation. On top of that, you've got additional growth from technology and outbound communications and scanning. Mid to high single digits is a longer-term possibility. Morning, Chris Bamberry, Peel Hunt. I've got three questions. Obviously a very strong performance in terms of profit from technology, improving gross margin, maintaining overheads where they were before flat. How should we think about both the gross margin and the overhead going forward in that business? Secondly, once the property consolidation program's complete, are there any other further actions you can take to help to deliver efficiencies to partially offset inflation? Finally, I think Stephen said you've got a healthy M&A pipeline. Could you just give us a bit more flavor on the depth, the pricing, the competition, what you think you might spend this year, and has there been anything you've looked at and ended up walking away from? Thank you. Why don't I take the profit in technology, including the gross margin? Dan, are you happy to do the property consolidation and the M&A pipeline? Yep. Yes. We've clearly benefited in technology from the increase in the value of the equipment which we're selling. It's a very curious business to look at to try and find the gross margin. In fact, Iain, who runs it, said to me, "You know the pass-through in terms of the postal charges, why don't you do that for us? Because you should really be judging us on the margin we make on the kit which we resell." Anyway, he didn't get very far with that one, but he still mutters about it. How you look at the gross margin in that business is difficult. What we've done a lot of work on is on the pricing model. What has been remarkable is that I think we might be the only people in the industry who know how much money we make on individual slugs of, we've got hundreds of these, how much money did we make on it? We've done a lot of work on working that out. One of the upsides from that has been to go to certain customers and saying, "We've been doing this for you for a very long time. We're now putting up our rates." The price elasticity in that market is very, very high. Pricing is very opaque. If I said to you, "If you give me 500 old laptops, who pays who?" All those sort of questions, you wouldn't really have a clue. It hasn't been a market, which the IT hardware industry has been very slow at really understanding what the recycling stuff is worth. We think there might be a shift. We think that there may be a shift in people's behaviors that rather than, in the old days, it breaks, you replace it, then you move to, it's going to break, so I'll replace it. Now we're probably getting more diagnostic tools in this industry where people will be saying, which I think is that's how engineering's always worked. You get to the point where people go, "How much life is there left in this?" Et cetera. I think we're really ahead of the curve on this. We've been incredibly successful in saying to our customers, "No, sorry, that doesn't work, mate. We're going to charge you to collect this stuff. We're going to charge you to process it. That's the deal." People have gone, "Oh, all right then." That's been a real driver of where this is. Coupled with the fact that generally, the SLAs in this industry haven't really been met. People will say, "Right, I'm giving you my kit, and it's got to be off your floor within a month. It's got to be fully repaired and out." Actually, it just wasn't happening. I know it wasn't happening for us, and I'm pretty sure it wasn't happening for anybody else. Whereas I think now we've set up our production, et cetera, in such a way that when somebody says, we want this off the floor in a month or whatever, we're doing all of that. I think we're in a really good space. That's where the margin's going to come through. Just understanding that we don't get out of bed for gross margins of less than 45%. If people are on 15%, given the choice, you know it's all sorted. Sorry, that's what it's going to be. That's been a real help. Whilst there's clearly a following wind in terms of what we're selling the kit for, and quite often we share that with the customer, but it's higher. Really, I think the real driver is being really good at what we do and understanding where we're making our money and not being afraid to say to the customer, "Sorry, we were mugs a few years ago. We're not anymore. That's what it is." People sort of go, "Okay, fine." Sorry, Dan, has that given you enough time to- Absolutely. On the property, Chris, there's still about maybe just under one million boxes to move of the program that we've got. In that business, we try to match people costs to the cost of servicing the client. You've got storage revenue and service revenue, and people broadly matches the service revenue. If a lease comes up, we'll still look to do something about it. Once we've done that property consolidation, that's the big bang stuff done, hopefully structurally, we've got that business in such a position that you've got revenues that are inflation-linked, costs matched to your service, your people cost matched to your service, and then property also tends to be inflation-linked, but obviously proportionally lower. We should protect the margins in that way. In terms of the third question on M&A pricing. Have we walked away? I wouldn't say we'd walked away. We are on hold with some people. That's because we're very rigid about the returns that we have to have. We have done some post-acquisition reviews, quite a lot of post acquisitions of other things we've done, and I'm happy to say that they all meet our return criteria. Where the seller's expectations and our expectations differ, we're just on hold. We've obviously done quite a lot. We're determined not to overpay, sometimes it might be a bit of a waiting game, and that's true certainly in the boxes business and in shredding. Outbound Communications, we're still on a bit of a discovery, but kind of I'm happy with the MPS structure. Let's see how that goes. Yeah, hi. I just wanted to unpack the organic growth in Outbound Comms, please. The volume growth in that business looks like it's kind of up 13%, 14%, half- on- half, if I've got my maths right. You kind of flagged NHS Notify as being a big driver of volume in that business this year. I just kind of wondered what percentage of the organic growth is coming through from Notify and how much is left to come through in the second half. In terms of just the broader pipeline in Outbound Comms, what is that looking like in the existing Synertec business outside of the NHS? Do you want me to do that one, Charles? Yep. In terms of unpacking that growth, a decent chunk is coming from NHS Notify. There was an NHS Notify program in March, April this year that wasn't done last year. Probably about half of the growth is coming from that. Just as a reminder, we work with 75% of the NHS trusts, but in terms of NHS volume, they've only outsourced 25%. You've got a lot of our customers are a department within a trust. The easiest win for us there, and where we're getting the most traction is you're already in Trust A, but you're only in departments one and two, can we sell into departments three, four and five? There's lots to go after. They're doing well there. What we're not doing as well as is overlaying our physical customers to the outbound communications customers, that's one of the reasons why we've accelerated the rebranding to get us going to market as one more. We're doing well, but we want to do even better. More to come. Pipeline outside of NHS? That's why we're excited about MPS, because that's in public sector, but a different part of public sector. We think there's more opportunity for this sort of thing in public sector than corporates, because public sector still likes sending a lot of letters. Let's see how MPS goes. That gets us into a space that we're not really in at the moment. There may be M&A, there may be organic there. Perhaps a bit of both. Great. Greg, thanks. Thanks. Greg Poulton from Singer Capital Markets. Could you just talk a bit about the Datashred hedging dynamics? Obviously, the base market price now is a bit lower than it was at the start of the year. Just thinking about next year, and how you're hedging the price, when is that hedge set, and would you hedge at the current price or would you hold off on that? Yes. How it works is last year we hedged 50% of our sales with a couple of mills, and we got about throughout the course of the We were hedged at, I think it was GBP 185 or GBP 180. GBP 185, I think. GBP 185. The market price throughout the year, the average market price was GBP 165, GBP 160. That was very helpful, and the mill knew that we had top quality bales, so they were happy to pay that. This year we've hedged at GBP 145. How we hedge more of it, we hedged about 70% of our output. The market price has been as low as GBP 100. I won't go into the detail as to why it is, whether it's freight rates, whether there are a couple of mills which have been closed, et cetera. It's very curious because the price always used to be between GBP 160 and GBP 190 a ton, and those are meaningful movements. The bottom fell out of the market. It was a bit painful for us. For our competitors, it's been a killer. They've had a terrible time. There's a part of me which doesn't mind the price being low because it drives competition out of the market and should lead to higher rates. The position now is the price is beginning to move up again. We're not quite at our hedge price, but we're within GBP 15 of it. One would expect we'll start the negotiations in the next two or three months, I would guess that the price will be above this year's price at which we've hedged. Hopefully, that'll be helpful. You think, "Oh, God, the bad news is the paper price is really low. The good news is it's going to be higher next year." You get the switchback ride, which will be favorable. I would expect everything suggests that one or two mills are coming back on stream. The Far East market is open, it depends on crazy things like what the Houthis are doing and things like that. Generally, I think we will see a period of paper prices stabilizing and being back where they were historically. Thanks. Great. James. James Tetley, Equity Development. Three from me, please. Just to follow up on MPS and local authorities. Dan, you talked about an M&A opportunity there if this works. There might be other add-ons you can buy. Could you also comment on the in-house versus outsourced opportunity in local authorities? Presumably, they're doing most of this themselves still. Secondly, on Synertec, has that introduced any additional seasonality into the group? Obviously, you've got a strong first half. It'd be interesting to hear about seasonality. Finally, there's a comment in the RNS about Ultratec doing well in the period. What's driving that? How big are those businesses? Is there more you can do with those two? Thank you. Do you want me to take the first two? Yes. MPS and local authorities in-house versus out-house. What MPS do is they do the physical printing. What they don't do is the electronic communications. We don't know this for certain, but we think is the case. Most authorities are doing the triaging between electronic comms and physical themselves, but are getting a printer to do, usually a local printer to do the printing. Our basic MO is we take that printing but do it in our own facilities, and we get close to those local authorities, and we talk to them about how we can help them on the move to digitalization, which we are really well-placed to do. In the NHS, there's a lot of in-house production, and you'll, alarmingly, in my mind anyway, get a number of trusts that have a small printing facility in the hospital, in a city center, in the basement somewhere. They'll have their own people printing, stuffing envelopes, and their own team doing managing the email triage. Weirdly, you've got within trusts a mix of that going on and also some outsourcing to us. There is more to do there, and there's lots of foibles around the NHS. That is one of them. In terms of the seasonality, yes, there is a little bit depending on the Notify campaigns. That's broadly the drive of seasonality Notify. If you look at the other NHS work, that tends to be appointment-based or screening, which is pretty stable throughout the year. Clearly, NHS sometimes have campaigns where they're going after this or that indication. Broadly, other than Notify, it's not that seasonal. Great, James. Yes. The Ultratec business, the primary function is really trading hard drives and repairing them. We buy second-hand hard drives which have got something wrong with them. We repair them, and we sell them out. Clearly, in this world of increasing data centers, the recycled hard drives is quite a good space. The values are up, and there is more interest in what happens to these hard drives. Ultratec is very well established in that market. The market is strong, and we're doing well within it. It's a good business to be in. We've also got an Ultratec. It's predominantly an IP offering, whereby we have the Genesis machine. The Genesis machine in particular, I'll talk about that. These machines take knackered drives and makes them viable again. A bit like IT recycling, the drives, they get graded according to where things are. What our piece of kit in Ultratec can do is actually repair. You put the hard drives in, and they come out refreshed. They're not completely new. You've just rewritten over the stuff which had gone wrong in them. That's quite an interesting space. We've actually put another couple of salespeople into that space. It ties in with our IT recycling. As I say, with this sort of market, with the data centers booming, it's going to get more and more. It's quite a nice sector to be involved in. I think that's all the sort of analyst questions in the room. Do you think we've got any questions online at all? No? Okay. Well, thanks everyone for coming. We're a very well-covered business in terms of the analysts, which we're very grateful for. We're really pleased and excited about the future. That's probably the key message. Okay. Anyway, thanks, everybody. Thank you. Bye