Good morning, everyone, a really warm welcome to The Restaurant Group's 2022 full year results presentation. I'll take you through a short introduction covering the key highlights from FY 2022, and an update on current trading. Kirk will then take you through the financials, and I'll then return to give you a more detailed business review. We'll then wrap up as usual with a Q&A. Slide three provides a simple overview of the key operational and the financial highlights from the FY 2022 year-end, and an update on our outlook for FY 2023. We delivered a robust trading performance across our wagamama, Pubs, and Concessions divisions in what was a very challenging market. We acted proactively to face into the inflationary cost pressures facing the whole sector by hedging our utilities and purchasing interest rate caps. We amended our debt facilities, securing extended tenor and an improved covenant package. Kirk will provide more details on the financials in his section, but we're pleased we to announce we achieved EBITDA of GBP 83 million and PBT of GBP 20 million, with leverage remaining broadly flat at 2.2 times. Given the difficult market backdrop, I think all our team members can be justifiably proud of these results. As we look ahead, the cost outlook hasn't changed from our previous guidance, and we've had a very encouraging start to the trading year. Our expectations for FY 2023 remain unchanged at this very early stage of the year. Turning now to an update of our current trading performance. This slide shows both our headline like-for-like sales and VAT-adjusted like-for-like sales versus 2022, covering the 8 weeks to the 26th of February. It's been a very encouraging start to the year, with all our divisions delivering positive like-for-like sales growth when adjusting for the VAT impact, as you can see on the far right table. wagamama and pubs have continued their traditionally strong trading numbers. wagamama have delivered like-for-like sales of 2% or 9% VAT adjusted, whilst pubs have delivered like-for-likes of 9% or 14% on a VAT-adjusted basis. Leisure sales are down 4% or up 2% on a VAT-adjusted basis. The exceptionally strong concessions like-for-like sales figure is obviously helped by the soft comparative in 2022 when passenger volumes were impacted by Omicron. Really encouragingly, as well as being approximately 50% up on 2022, our like-for-like sales have now recovered back above 2019 levels. Perhaps the most interesting trend in our strong trading trends has been the particularly strong movement in dine-in sales. Slide five sets out the split of total like-for-like sales between delivery and takeaway and dine-in for the 8-week period. Of course, this is the only relevant for wagamama and Leisure. As you can see from the second column on the slide, delivery and takeaway sales for both wagamama and Leisure are down 17% in the period so far, in line with reduced demand across the delivery market. We would expect these comps to start to normalize in the second half of 2023. It's important to stress that despite this correction, delivery sales remain well above 2019 levels. The table on the far right shows dine-in like-for-like sales performance, with wagamama performing in line with Brunning & Price with like-for-like sales of 9%, illustrating the continued strength of both propositions. Indeed, on a VAT-adjusted basis, wagamama and Brunning & Price are delivering impressive dine-in like-for-like sales of 16% and 14% respectively. Our leisure like-for-like performance is almost flat from a dine-in perspective or +5% on a VAT-adjusted basis. In summary, whilst it's very early days, we have had a very encouraging start to trading this year. Taking a step back, Slide six provides an overview of the impact that sector-wide cost inflation has had on TRG's EBITDA margin since 2019. The chart at extreme left-hand side shows an illustration of our pro forma 2019 margin of around 14%. To be clear, the pro forma numbers represent the 2019 EBITDA margin created by the sites in our current trading estate that were open back in 2019. It therefore provides a meaningful like-for-like comparison versus 2022. In summary, EBITDA margins have fallen by approximately 5%. Food input inflation, utilities inflation, and a shift to delivery have each contributed approximately 1.5% reduction to EBITDA margins. Three successive, well above inflation increases in the National Living Wage has been the core driver of the 3% impact from restaurant labor. In contrast, we've made significant reductions in central costs and other site overheads, including rent. It's worth bearing in mind that TRG has delivered one of the strongest like-for-like sales performances in the industry through this period. Yet even we are not immune from the inflationary impacts, having suffered a 5% reduction in EBITDA margin. It is therefore essential that we have a clear plan to improve EBITDA margins over the next 3 years. Slide seven sets out a framework on how we plan to increase our EBITDA margin over the next three years. Please note that our base for this recovery profile is the VAT-adjusted EBITDA margin of 8.3% in FY 2022, we've got the ambition to improve this figure by 250 to 350 basis points over the next three years. After Kirk has taken you through the financials, I'll return to take you through the key actions that we'll be taking to deliver this improvement in medium-term EBITDA margins. For now, over to Kirk. Thank you, Andy. Good morning all. Before I talk you through the results, a few words of context. 2022 was a challenging year for the casual dining sector as an industry recovering following COVID-19. The travel industry started to rebuild, and the war in Ukraine significantly impacted both utility and supply chain costs, resulting in increasing cost of living pressures for our customers. Against that background, our team made further improvements to our customer offer, and we took decisive management actions to provide certainty on our cost base. As a result, we delivered a robust trading performance in FY 2022. In the next few slides, I will provide commentary on three topics. Firstly, our FY 2022 profit and leverage performance. Secondly, our ongoing cost base. Thirdly, our disciplined approach to CapEx. Starting with the financial summary. The slide shows both pre-IFRS 16, i.e., on an IAS 17 accounting standard and IFRS 16 data. My commentary will, as in past years, focus on IAS 17 data as this drives our business decisions internally. Group total revenue was up 39% to GBP 883 million. In the main, this was due to the reduction in restrictions experienced in 2022, the travel industry rebuilding, and our divisions again outperforming the market, as Andy covered earlier. Despite good cost control, the well-documented inflationary environment I mentioned earlier resulted in a reduction in our operating margins. Given the overall background, an adjusted EBITDA profit of GBP 83 million compared to GBP 81 million a year ago was a robust trading performance. Profit before tax and exceptionals was GBP 20 million under IAS 17. In the appendices, we provide further detail on the deep joys of IFRS 16 reconciliations, which I know you'll want to rush to at the end of this presentation. On to exceptional costs. In total, there are GBP 117.5 million of exceptional charges. In the year, the cash element of exceptional costs was GBP 8.6 million, with the full impact being a cash inflow of GBP 1.7 million due to the interest rate caps benefit over the next three years. Firstly, there were impairment charges of GBP 114 million, of which GBP 60 million relates to the IFRS 16 right-of-use asset. The impairment charges primarily relate to sites in our leisure business, which form part of our further restructuring program that Andy will cover in more detail later in the presentation. There were estate restructuring charges of GBP 6.8 million, which again primarily relate to the disposal of sites in our leisure business. There was a gain on interest caps of GBP 11.9 million due to an increase in SONIA bank rates. Finally, the other key item of GBP 7 million relates to both the write-off of previously capitalized loan fees and new fees incurred on our amend and extend bank deal. The significant inflation expected in 2023 and the cost of living pressures mentioned earlier are key drivers of both the impairment and estate restructuring charges, which are predominantly within our leisure business. On to an overview of our debt. The cash flow bridge explains the key movements in the year. Group net debt on an IAS 17 basis increased marginally to GBP 186 million from GBP 172 million, with net debt to EBITDA broadly flat at 2.2 times. In December, as you're aware, we completed an amend and extend of our existing debt facilities, which now comprise of a GBP 220 million term loan available through till April 2028 and a GBP 120 million revolving credit facility available until March 2027, with an option to extend for a further year. The amended facilities provide the following benefits. Firstly, at least 2 years additional tenor on our facilities, a revised covenant package providing additional covenant headroom until March 2025, and we've maintained the flexibility to make further debt repayments as appropriate. Our cash headroom at the year-end was in excess of GBP 139 million, giving us significant flexibility to navigate the ongoing trading environment. The usual detailed cash flow statement is in the appendices for your information. The next slide summarizes the key inflationary themes for this year. In summary, FY 2023 inflation trends are expected to be in line with our previous guidance. Firstly, labor. As widely reported, the economy remains at near full employment. There remains upward pressure on wage rates in addition to the inflationary increases in both the National Living Wage. Our key focus here remains on both labor deployment and also improving team retention. Secondly, on food and drink supplies. We expect inflation to be higher in the first half of the year and then moderate through the second half. On this basis, we are working with our suppliers on more short-term focused contracts to allow us to benefit as inflation moderates in the market. On utilities. In line with our policy for certainty over our cost base, we hedged 100% of our volume on electricity and gas for 2023. Having hedged our utilities, we have an incremental cost of between GBP 7 million-GBP 8 million compared to 2022. As outlined on the next slide, this compares to a current spot market which is at GBP 3.5 million above the 2022 cost base. As part of our ongoing ESG agenda, we're also targeting a further 5% reduction in our consumption of both electricity and gas to reduce, firstly, emissions, but also to save cost. On to Slide 13. As previously announced, TRG has hedged both its utilities and interest rate costs to provide certainty over the cost base in what has been and remains a volatile market. With regard to utilities, we are hedged broadly in line with spot prices over the next three years. In the footnotes on this slide, we have provided for you the impact in each of the years. Our interest rate caps on 125 million of gross debt through to November 2025 provide TRG with a cash interest saving of GBP 4 million per annum based on a SONIA bank rate of 4%. In summary, our proactive approach to hedging has given us both certainty and significant cost savings over the next three years. On to Slide 14. This slide steps you through what we anticipate will be an improving medium-term cost outlook. We expect labor market pressures and the increases experienced in National Living Wage to moderate to more normal historic levels of between 5%-7% for our workforce in 2024 and 2025. Cost of goods sold inflation through 2024 and 2025 should moderate back to low single-digit levels experienced pre-COVID. Given our utilities hedging, we have certainty of the future cost deflation in 2024 and 2025. In 2025, we have only effectively hedged 60% of our volume, so there may be more benefit to come if markets soften further. Well, finally, we expect the cost of our floating rate debt to fall as SONIA rates moderate over the next three years, and we repay further debt as appropriate. On to Slide 15. This slide outlines the key cash items in both 2022 and our budget for 2023. Key points to note are: we plan to invest between GBP 40 million and GBP 45 million in the year ahead. Up to GBP 20 million will be on maintenance and IT CapEx across the group. Up to GBP 10 million will be on refurbishment spend focused on our wagamama and Pubs businesses. The remaining spend will be on new sites opening predominantly within wagamama and also major concessions refurbishments linked with lease renewals at key airports. Cash interest costs will be broadly flat year-over-year, with the increase in SONIA rate on our floating debt offset by savings achieved on repaying GBP 20 million of debt in December 2022. Slide 16 steps you through what we anticipate being the key cash flow items from 2023 through to 2025, when we expect to gradually delever. As the economic environment improves, we would increase CapEx to open more sites in both our wagamama and Pubs businesses, as well as support the renewal of key contracts in our concessions business. Cash interest costs should reduce due to the expected fall in SONIA rates over the three-year period and our ability to repay debt as appropriate. Finally, given the flexibility in our leisure leases, we expect the cash impact of onerous leases to reduce materially over the next three years. These disciplined actions on cash management and our plan to significantly improve adjusted EBITDA margins over the next three years will ensure that we achieve our target of net debt to EBITDA of below one and a half times. Finally, in summary, we delivered a robust trading performance in FY 2022, given the backdrop in the casual dining sector. Regarding FY 2023, and as Andy has already mentioned, we have made a very encouraging start to the trading year. Our cost outlook is in line with previous expectations, and therefore management's expectations for the year ahead remain unchanged. Finally, the medium-term cost outlook is expected to improve. We will remain disciplined on our capital allocation, and we do expect to achieve our target to reduce net debt to EBITDA to below 1.5 times within three years. There are some further guidance items in the appendices for you. I will now hand back to Andy, who will update you on the business. Thank you very much, Kirk. As we move forwards from COVID and the cost of living crisis, the key challenge for TRG now is to deliver consistent and high-quality earnings growth by extracting the maximum value from each of our core businesses. Today, I'll take you through our plans for each of the four divisions, starting with wagamama. Wagamama has had a consistent and strong track record of market like-for-like sales outperformance pre-COVID, as shown on the top left-hand side of Slide 20. This continued in FY 2022, with wagamama achieving like-for-like sales growth of 8%, representing a 3% outperformance versus the market, as on the top right hand of the chart. Customer ratings remained excellent. To be clear, these customer ratings are hard, external measures using the well-respected BrandVue Net Promoter industry data. The bottom left chart shows that wagamama has improved its Net Promoter scores over the last four years since the business was acquired by TRG. The bottom right chart shows that wagamama is ranked as the number one brand amongst casual dining chains in the U.K. Although our friendly battle for number one spot with Nando's remains very intense. This continued strong performance has been driven by an obsessional focus on a whole range of activities, including wagamama's focus on menu innovation in anticipation of future food trends, a unique colleague culture and ethos, and a focus on purpose-led marketing designed to appeal particularly to the Millennial and Gen Z generations. In summary, wagamama's performance remains very encouraging, and this strong operating performance gives us the confidence to invest further in the brand going forwards. Despite the interruptions of COVID, our newly opened wagamama restaurants have performed exceptionally well. With the exception of our two central London openings, our new sites have delivered a return on invested capital of 35%-40%. These really are strong returns given the industry backdrop. We're confident in our ability to continue delivering strong returns on capital, as we're genuinely now opening new sites at rental levels approximately 25%-30% lower than pre-COVID. We're therefore planning a minimum of five new site openings per year over the next three years, and we remain confident in the long-range potential to build from our 156 sites today to approximately 200 sites. We're also cautiously optimistic on the prospects for our U.S. joint venture. We're concentrating on new openings in major metropolitan conurbations outside of New York and Boston. Our two recent openings in Atlanta and Tampa will be supplemented by openings later this year in Dallas and Arlington. The 20/80 JV structure provides TRG with a highly capital efficient way of growing our U.S. operations. We're targeting an estate of 25-35 sites by the time we get the chance to exercise our option to repurchase the remaining equity stake in 2027. Finally, our franchised operations in Europe and the Middle East also provide us with a route for low-risk international growth. We're now trading from 58 franchise sites. We expect to open 5-8 sites per year over the next three years. In summary, we see significant potential for profitable wagamama expansion in both the U.K. and overseas. Turning now to our pubs business. Our Brunning & Price business really does have a phenomenal track record of strongly outperforming the market, as shown on the top left-hand side of the slide. Our outperformance versus the market accelerated further in FY 2022, with like-for-like sales of 10% being a full 11% ahead of the Coffer Peach Business Tracker group for pub restaurants, as shown on the top right-hand of the slide, illustrating the massive strength of the Brunning & Price proposition. The bottom left chart shows the customer sentiment remains strong with social media scores, a consolidation of Google, Facebook, and TripAdvisor, averaging 4.5 out of five, maintaining our consistently strong rating over the past five years. Our focus for the year ahead will be primarily to continue to drive like-for-like sales with the core B&P model proving extremely resilient and exploring opportunities on top to increase our accommodation offering. We will resume our site expansion plan when capital costs of quality pub assets start to moderate. The exceptional performance of the Brunning & Price concept is underpinned by a number of factors. To mention a few, good customer demographics with limited competition nearby, expansive buildings and grounds providing multiple ancillary trading opportunities, continuous evolution of food and drink menu with local flexibility, and last, but by no means least, our pubs business benefits from secure asset backing with a freehold asset estate valued at approximately GBP 160 million. It is worth highlighting that the performance of the pubs business has been genuinely exceptional in 2022, and the consistently strong track record of Brunning & Price over many years underlines the long-term potential of our pubs business. Moving on to Slide 25 and the leisure division. Our leisure division has traded broadly flat versus 2019, representing a 5% gap below the market. We always expected our leisure division to have lower sales growth than wagamama or Brunning & Price, as the core family customer base at Frankie & Benny's has been more impacted by the cost of living crisis. Given the intense pressures facing the value-conscious family segment of the market, I think our leisure teams can take credit from the operating performance. We continue to make good progress in improving our customer ratings, and we successfully integrated our Barburrito operations. We would expect to open approximately 2-3 new Barburrito sites in the year ahead. We are, of course, very aware that the most important attribute for our leisure division is to ensure that it remains cash generative in the medium term. We therefore developed a further two-year estate rationalization plan. We're planning a further rationalization program aiming to reduce our footprint from our current estate of 116 sites to reach between 75 and 85 sites by the end of 2024. This follows the significant restructuring program which we previously undertook during COVID. We're very aware that this further restructuring will have a significant impact on our hardworking team members and, of course, we'll do everything we can to offer redeployment options within the group whenever possible. We will downsize the estate through a combination of activities. Conversions, 1 to 3 sites will be converted to wagamama. Lease events, at least 13 sites will be exited at break or expiry. Freeholds, 7 freeholds are expected to be sold where the EBITDA multiple delivers the required shareholder return. Lastly, accelerated disposals. Clearly, the pace of disposal will depend on the success of our negotiations with landlords. Given the historic run rate of disposals over the last two years, we expect to dispose of an additional 10 to 20 sites. In short, we are really confident we're taking decisive action to ensure the leisure division remains cash generative in the medium term. Our concessions operations have recovered exceptionally well post-COVID. Around 70% of our revenues are derived from Heathrow, Gatwick, Manchester and Luton, and this concentration in high footfall airports has helped our sales recover more quickly than many of our competitors. Around 45% of our sales are derived from our own bespoke brands, which we create to satisfy the requirement of the airport, while another 20% of sales are from our standard TRG brands. Only 35% of our sales are subject to the payment of franchise fees where we operate franchised operations for high-quality brands. Our concessions business has a strong track record of outperforming the market pre-COVID, as shown on the top left-hand chart. It's our recovery since COVID, which gives this particular cause for satisfaction. The chart on the bottom of the page shows that like-for-like sales gradually recovered through the course of 2022. Despite a minor correction during the summer, when you will all remember that many airports experienced significant capacity issues, our like-for-like sales recovery continued, and by December 2022, we had recovered to 2019 levels. You've already seen from our current trading update that the first two months of 2023 have continued to show these strong recovery trends for our concessions business, with like-for-like sales continuing to trend in line with 2019 levels and approximately 50% up on 2022. All in all, the recovery in our airport concessions business has been really pleasing. As airport passenger volumes continue to recover in 2023 and 2024, as shown on the top right of the slide, we would expect to see our concession sales trends continues to strengthen further. Moving now to the combined impact of the various initiatives I've just described in our four businesses. Let's return to the EBITDA margin improvement plan, which I outlined earlier. Using the starting point of our 2022 VAT-adjusted EBITDA margin of 8.3%, we have set ourselves the clear objective of improving EBITDA margins by between 250 and 350 basis points by the end of 2025. The margin improvement falls into three distinct blocks. Firstly, cost savings, ranging from central cost reductions, leveraging our procurement scale, and the simple mathematical impact of falling utilities costs. Secondly, volume growth and pricing. TRG has proven over the last three years that we can deliver consistently strong like-for-like sales growth, and we'll continue to ensure that our combination of operational rigor and pricing discipline can lead to continued top-line growth. Thirdly, from a shift in portfolio mix as we expand the wagamama estate, continue to grow our pubs business, benefit from the continued recovery of our concessions business, and drive further cash flow improvements from the further rationalization of our leisure estate. It would be naive to put too precise the quantum on each of these building blocks, we are confident that we put in place the necessary set of actions to deliver on these margin improvement targets over the next three years. In summary, we've delivered a robust trading and operating performance in FY20 22. We're only two months into 2023, we've made a very encouraging start to trading this year. The medium-term cost outlook is improving. We've a proactive plan in place to deliver significant EBITDA margin improvements. We're on track to deliver leverage below 1.5 times within three years. Finally, the board is continually reviewing our long-term strategic options, and we'll update our shareholders as appropriate. Many thanks for listening, now let's hand it over to the Q&A. What would be really helpful if we try to take the questions in the room first, and then we will then move on to questions online. It'd be great if you could, when you handle the mic, just say who you are so people, particularly online, know who's asking the questions. Thank you very much. I think Ali was first here, and then we can go to Doug. Good morning. Ali Naqvi from HSBC. Thanks for taking the questions. Just regarding current trading, could you just talk about how each division is performing against the market? Cause it seems like wagamama seems to be softening. It used to be stronger versus the market, now it's either in line or slightly softer. Could you just expand on that, please? I appreciate you don't wanna build out on the weighting of your different initiatives, but within part C of those initiatives, you know, consolidating the leisure estate versus recovery and concessions, which part of those are the biggest drivers? Mm-hmm. Could you give us a view on what volume and pricing trends you're expecting over the next two years to deliver that margin improvement? Right. Let me just take the wagamama point first. I think you've just got to look at the mix movement that's going on. I think we've given you a very clear breakout of delivery sales are down approximately 17% on last year. Dine-in growth is strong. I would expect that trend. I mean, we're very realistic that both wagamama and leisure clearly benefited hugely from delivery mix when we initially came out of COVID. All our budgeted plan is for this correction in delivery to continue broadly this level. It will normalize as we get through the second half. Equally, I'd be really disappointed if our strong dine-in performance doesn't continue. Just to take the volume and pricing, next, like, 'cause it's linked to the trading performance. What you are, what you see, which is why we show you the dine-in VAT adjusted like for like, I can't tell you the precise amount of pricing element that's in those figures of around +14%, but you can see that there is significant actual volume cover growth in the year to date so far, as well as some impact from pricing. That is possibly the most encouraging change that has happened in 2023 over 2022. In terms of our assumptions over the next 2-3 years, I'm not gonna give you a precise breakout of our price versus volume assumptions. What I think you will have seen with the way that we have handled things post-COVID, we've been very careful not to pass on the entire inflationary impact that we've been getting from food input inflation onto our customers. Hopefully, if Kirk's forecast for food input inflation, which you saw for for the next two years, is broadly accurate, it would be disappointing if you weren't getting to a stage where pricing input through to customers is again covering food input inflation. Lastly, in terms of the mix adjustment between the consolidation of the leisure estate, recovery concessions, et cetera, I'm not gonna give you a precise breakout. I think we've given you a good guidance though, that if you look at the fact our concessions business has now fully recovered back to 2019 levels, and we've given you passenger forecasts for the next two years, I think you can do your own sort of consideration of how that part of the mix would be. Would be great. Doug? Yeah. Thanks. Doug at Peel Hunt. Just on the delivery of wagamama, where do you think delivery will flatten out at as a% of sales for there? Also in terms of expansion, building costs, are you seeing much inflation coming through there? Are you getting much in the way of landlord contributions? I will pass the second to third question to Kirk on building costs. Doug, I really don't know. I genuinely would like to claim that we're really confident on exactly where delivery sales will... It does feel that around 20, 21% is beginning to stabilize. What is really quite hard to predict is... You do have to stand that is still well above 2019 levels, clearly. It is really interesting that the dine-in volume has recovered quicker over the last 4 to 5 months. Not only in wagamama, to be fair, in the whole market, and you've seen it in the Coffer Peach data. If that continues, it is possible the delivery mix might end up slightly lower than the type of number I've just given. I don't think though, that you will see another significant like-for-like decline in 24 on 23. I do think this is the sort of end of the post-COVID correction. Yeah, and I think in terms of wagamama new sites, I think, again, just worth pointing out, we plan to open five sites this year and then at least five sites a year thereafter, and building that portfolio out to 200, 'cause that's clearly an important driver of future EBITDA growth. In terms of kind of new wagamama sites, there's probably three key things for you to have in mind. One is build costs have risen, which I think everyone in the marketplace would talk to. Well, no, actually three good pieces of news is capital contributions from landlords are certainly higher than I've seen in the last dozen plus years in this industry, which is helping counter some of that build cost inflation. We're getting better lease flexibility, so typically it will be a 15-year lease with a 10-year break, and sometimes even with a 5-year break. Most importantly, rental levels are running at about 20%-30% lower than pre-COVID. When you put all of those elements together, that's why we're still seeing quite strong returns at 35%-40% in what is clearly a far more difficult cost environment than three years ago. Next question. I think Leo over there. Hi, Leo. Good morning. It's Leo Carrington from Citi. First of all, if I might ask follow-ups on the margin accretion plan, the target's obviously run rate 2025, but can you give an indication on what we might begin to see in 2024 P&L and maybe 2025 P&L to the extent that you can comment now? A quick follow-up on the leisure review, can you give an indication of the current revenue and EBITDA contribution from those sites that we can expect to drop out? Separately, again, to the extent you're able to expand on the contents of your letter to Oasis Management and to the point on the slide that the board continues to review longer term strategic options. Can you... In terms of the structure, I think you've said this before, but to what extent, you know, do you see divisions of the group as inherently synergistic and what the board discussions might sort of... the avenues those discussions are going down? Let me take the last question first, and then I'll take the 2024 and 2025 P&L point and those one. No CEO of a listed company is ever gonna say a division or a set of assets is not for sale. What we have outlined very clearly today is a margin improvement plan wherein from all four of our businesses, we are putting in place considerable improvement in EBITDA margin, and we believe that that will lay out a good three-year plan for value accretion. Clearly, alongside that, the board, as it will always do, is continuing to review long-term strategic options. If we take any change from those reviews, we'd update the market as appropriate. Our priority today is to show you the clear plans for the next three years. Moving to 2024 and 2025, Leo, I think Kirk has given you a lot of detail, if I'm honest, on the breakout. That's why we deliberately did that cost guidance slide. Split out 2024 and 2025. I think you can use that as a rough guide as to how much of the margin improvement target plan would expect to come through in 2024 and 2025. Clearly, the big shift on timing, in my personal view, is the precise timing that food input inflation really starts to come down, 'cause you could get a better 2024 leverage if it really does start to come down quicker, or it could be more gradual as we've shown in our forecast. I think that, for me, would be the big shift. Finally, I'm afraid we're not gonna give you precise site EBITDA level for the leisure closures. I'm afraid I'm totally unapologetic about this. We talk to teams first. We've been very clear that there is quite a range of potential precise number of closures over the two-year period. What I can assure you, this plan ensures that the leisure division will remain cash positive, which is the core goal. Thank you, Andy. Morning, Mark. Hi. Morning. I'm Mark Irvine-Fortescue from Stifel. Two things please, one on pubs and one on just the sort of consumer outlook. I think at the first half you were still talking about adding two pubs a year, so a bit of a row back on that expansion. Is that really around capital values and the returns on those acquisitions or do you just feel a bit more capital constrained and focused on de-leveraging? The second one around the consumer is just another way of asking that sort of margin targets question, what are your assumptions for consumer confidence? Do you think we skirt around a recession? Do you think it's tough for one year and then gradually improves? Just your sort of macro thoughts on that, please. I'll let Kirk take the first and I'll take the second. I think as you'll be aware, asset values in the pub industry have remained quite hot or frothy or any other word along those lines you'd like to use, and particularly when you take into account the inflation we've also seen on build costs. It's been harder over the last 18 months to get the returns we'd like to see with the current cost P&L that we have. I think it is a combination of asset values moderating, a pairing back of inflation on the key items as we described over the next couple of years, then gets us back to a place where we believe we can get good returns on future openings. We have one pub opening this year, which will be the Mytton & Mermaid near Shrewsbury at some point in quarter two. Outside of that, we'll just keep our powder dry. Um... Just to be clear, as you've seen, the trading performance has been quite exceptional from Brunning & Price. There will come a time when it is appropriate to find sites. It is very, very difficult at the moment when you're comparing the relative return that we get from investment in a new wagamama opening at 35%-40%. That is the simple trade-off that it makes sense for us to make. The consumer outlook. Gosh, I'm not Nostradamus. I don't think any of us are. What appears to be happening at the moment in our little world of restaurants and pubs is there is definitely like for like volume growth. Standing back from all the detail, people are going out more than they were certainly in the first quarter of 2022. I mean, even taking out the short-term Omicron impact on that, you can see there is definite footfall improvements. Secondly, the spend per head, when you take out pricing, the spend per head is pretty resilient. I say pretty resilient because there is definite signs that, let's say there's a group of 60 of you going out in wagamama, you may order one or two less sides, or you may order one or two less drinks. There's certainly no sign that people are consciously spending more when they go out. That would be my caution. I don't think that has gone away in terms of consumers will carry on being careful. Having said that, if the utilities and inflationary outlook continues to improve, and therefore the likelihood of the base rate cycle now being closer to a peak, you do have to say that the outlook for particularly 2024 feels more positive than we would have been saying if we'd been sat in this room three months ago. Yes, at the back. Hello. It's Anna Barnfather from Liberum. Thank you very much for giving the sort of three buckets of ABC on your margin drivers. I just wondered if you could expand just a little bit more on the cost opportunities. You talk about just the moderation of food inflation and utilities, but what you can just a little bit more background on the cost outs outside of the leisure portfolio restructuring. Any initiatives kind of in the head office or specific cost out would be very useful. Secondly, you know, we still are in a bit of a difficult period, aren't we, for the comps changing in January, February. Perhaps a little bit of breakdown on the January, which I think we have the industry figures. We don't yet have the February, so just the sort of trend there. The third question may be a bit more controversial, but, you know, the portfolio mix is quite a big driver, I suspect, of your margin recovery. I just wondered, you know, from a level of disclosure, we get a lot of depth of analysis on like for likes, but I still can't really get my head around why there isn't divisional reporting. Just an updated view on that would be wonderful. Thank you. I'll take the cost, the first part of the cost thing and pass to Kirk second, 'cause I do think it's important to say that the procurement part is, I think, a very, very important part of our cost lever. I'll hand to Kirk to talk you through the procurement side. Basically, Anna, there is some I think you saw in our chart, we have made very significant reductions in central costs from pre-COVID-19. You saw the positive EBITDA impact from central costs made from pre-COVID-19, and from largely rental savings as being the other core element there. We certainly are planning more cost reduction wherever possible. I stress that is both within the group and within our businesses, where we just continue to refine and make sure we're operating with the minimum amount of central overhead that you would require. A far bigger impact is on buying and on buying where you get the double whammy, both hopefully of slowing food input inflation and on the way that we extract procurement savings. I'll let Kirk add a bit more color to that. Sure. I'm hoping that Rob Beale, our Group Procurement Director, is listening in, as he normally will do, so I don't mind sharing his challenge with you all as well. For the five years I've worked with Rob, he's always been able to buy at a group level below the prevailing rates of food inflation in the market, partly because of the economies of scale we have as a group with the four businesses that we operate. Also, I think Rob and the team do a fantastic job for us. The challenge he's clearly got is as the market softens, we need to be on short-term contracts, so we're not hedging long on food and drink. As those prices start to moderate, we're benefiting from those through the course of this year and next year, as well as they have a constant pipeline of commercial initiatives. They're working with both our trading divisions and our suppliers to improve both quality while we're innovating at a better price. He's done that with the team very well over the last five years, but one of the key elements, as Andy says, for our margin improvement is to buy better than the marketplace, allowing us to price appropriately and offering good value for our consumers. On the subject of disclosure, I'm not at all defensive about this, I think one thing we will definitely make sure when we speak to you all one-to-one, is we totally clarify for you how much of the cost central element is what I call group costs, and that for clarity is just under GBP 15 million, and that is the genuine group costs. The rest of the We are giving you exceptionally good disclosure on like for likes. Again, I'm completely on the defensive. If you go back to 2019, we didn't even break out like for likes. TRG never had. If we make sure that you have absolute transparency on the group, genuine group central costs, then you are very got easy run through to the EBITDA margins. I'll just add one bit to say, Uma, 12 conversations in the course of the next 48 hours. On the front of our income statement, we state that our administration costs are GBP 47 million. Within that GBP 47 million, about GBP 4 million of it is depreciation within kind of head offices, et cetera. The remaining GBP 43 million is what we regard as our divisional business teams, plus the genuine central office. As Andy's just described, it's about GBP 15 million for effectively the group functions and some of the associated costs like this building and our board. The remaining costs, which are around GBP 29 million, are the divisional teams running our four businesses. Any further questions? On the January and February. Oh, yes. Sorry. The January and February trends seem pretty consistent actually, with one obvious caveat. Very clear, because obviously the concessions numbers are almost over plus 50% like for like. Clearly, the concessions numbers on a year-on-year basis were particularly strong in January versus February. I'm not going to give you a breakout for the others between January and February, the trends have been consistent. Any further questions from within the room? Maybe we can also see, because I know they're, I know both Richard Taylor and Tim Barrett were online, and if they wish to try and put in a question from the phones, that would be fine. Thank you. If you would like to ask a question over the phone, please press star one. We'll take the first question from Tim Barrett from Numis on the phone. Please go ahead. Hi, all. Thanks for the opportunity to ask. Mine are mainly follow-ups, actually, smaller things. On the leisure closures, can you say what the expected cash exit is? Will the freehold sales potentially offset any lease exits? Secondly, on that 250-350 basis point margin range, obviously, you've sensibly given yourself a range. In terms of where you end up, is it fair to say that it's the like-for-like volume and price piece which is the main unknown? If so, how material might you have to be to shoot for the top end? Lastly, just wondering about concessions. Back past the revenues, peak like-for-like sales, do you think you can get to peak profits again before the aviation market recovers in full? Thanks very much. If I cover off leisure costs and freehold sales, you'll have seen that we have a increase in our restructuring exceptionals of about GBP 6.8 million that relates to some onerous lease costs and for those sites. We've also given some guidance that for the year ahead, the exceptional cost relating to onerous leases will be a cash outflow of about GBP 10 million-GBP 12 million, which is higher than the GBP 8 million we've incurred in the year just gone. We do believe that's going to materially drop over the next three years, and there is some guidance in the presentation to that cash outflow. With regard to the freehold sales, I mean, subject to finding willing buyers for those seven freeholds, the valuation on those assets is somewhere between GBP 6 million-GBP 7 million. It may be, as you suggest, Tim, that the inflow from one part of the restructuring covers a large element of the cost relating to the other. In terms of the 250-350 basis points, I think Andy's already covered that quite a lot. The one item I would draw to, which is really easiest for you to model, is that our utility hedges over the next three years build in deflation through 2024 and 2025. As we've outlined on the slide, that would be between GBP 8 million-GBP 9 million in 2025. Depending on your revenue forecast for that year, that alone will drive something in the region of 80-90 basis points over that timeframe. Actually, when you then look at the other big chunks of cost, portfolio mix, and also price and volume, I don't think any one of those three buckets need to play a significant part, but they will all make a healthy contribution to the remaining balance, if that is helpful in any way. Yeah, sure. Tim, on concessions, clearly we are very pleased to be back at 2019 levels, we appear to have got back quicker than many of our competitors. I think that has been, as I outlined earlier, the biggest driver of that has been the fact that we are very strong in a number of the airports that have recovered footfall quicker than. There is no reason why that will not very gradually and continuously transfer into a reversal to standard EBITDA returns. Clearly, the thing that always drives the long-term returns for concessions is the rental deals that you do with airports as and when leases become appropriate, leases come up for renewal, that's what we will need to make sure that we drive really well in order to make sure the overall returns are satisfactory. Thanks, Tim. Thanks, both. Thank you. The next question comes from Richard Taylor from Barclays. Yeah. Morning, all. Morning. Just one question really on the depreciation charge. I think you're guiding GBP 35 million-GBP 37 million now. Just wondering what that would've been if you didn't do the impairments, 'cause I think the charge for last year came down to GBP 37 million versus your GBP 41 million-GBP 42 million guide at the interim. Basically, if you didn't impair, what would that depreciation charge be, please? Thank you. Thank you. I now feel like Mike Gatting having just faced Shane Warne. I'll clarify later. I don't have that number in my head to hand. Richard, I'll drop you an email later, 'cause some of the impairment was obviously taken in the first half of the year, which we did update in our guidance at the half year. I just can't remember what the delta is, but I'll update later. Very good. Thanks very much. We are definitely, fully up on time. That's been, really helpful, and thank you very much for a very wide range of questions. Kirk and I will be around for a while afterwards if you, if you wanna grab us face-to-face. Thanks very much indeed, everybody.