Good morning, everyone, and a really warm welcome to The Restaurant Group's 2023 interim results presentation. I'll take you through the key highlights for the first eight months of FY 2023, and an update on current trading. Kirk will then take you through the financials for the half year, and then I'll come back to give you a more detailed business review. Then, of course, we'll wrap up as usual with the Q&A. Turning to slide three. We're delighted with the progress we've made so far this year, which has resulted in our upgraded outlook for FY 2023. We've delivered consistently strong trading across our Wagamama, pubs, and concessions divisions, despite the challenging consumer backdrop, demonstrating the quality offerings and brand strength of all three propositions. As outlined in our main trading statement, we have made excellent progress on executing our medium-term plans, delivering GBP 5 million of annualized cost savings. And finally, we've accelerated new Wagamama UK openings and the rationalization of our leisure estate. Kirk will provide the details on the financials in his section, but we're pleased to announce we achieved adjusted EBITDA of GBP 36 million and PBT of GBP 7 million in the first half, delivering significant growth on both metrics on a VAT-adjusted basis. Given the difficult market backdrop, I think all our team members should be justifiably proud of these results. As we look ahead, given the strong trading in the first eight months of the year, we now expect a moderate increase in management expectations for adjusted EBITDA for FY 2023. Slide four sets out the trading performance of all our brands, including showing a split between delivery sales and dine-in sales. The right-hand column on the slide is the most instructive. On a VAT-adjusted basis, both Wagamama and Brunning & Price are delivering very impressive dine-in like-for-like sales growth of 14% and 10% respectively. Our leisure like-for-like performance is broadly flat from a dine-in perspective. While our concessions business has delivered outstanding like-for-like sales figures of over 30% growth, emphasizing the continued recovery in airport passenger volumes and strong operational delivery from our teams. In summary, we've delivered genuinely strong trading numbers throughout the first eight months of the year. Turning to slide five, which shows our like-for-like sales by quarter. As you can see from the 3 columns on the right of the page, trading has strengthened further as the year has progressed. Wagamama traded strongly through the year and with trading strengthening further in Q3 to an exceptional 16%, helped in part by the cooler summer weather in July and August. Pubs has maintained a consistently strong performance from Q1 right through to Q3. Leisure has also traded more resiliently in Q3, with a strong cinema slate helping like-for-like sales to, to 6% in Q3. This is the first results presentation I've ever done in my career, where I have a chance to thank both Cillian Murphy and Margot Robbie. Finally, concessions like-for-like sales have gathered further momentum as the years progressed, and frankly, heroic efforts from the airport teams in serving huge volumes of customers have allowed us to deliver 33% like-for-like sales growth through the busy summer months. Turning now to an update on our margin accretion plans. Slide six provides a reminder of the three-year margin accretion plan that we laid out to the market back in March. Our VAT-adjusted EBITDA margin in 2022 was 8.3%, and we have clear plans to improve this by between 250 and 350 basis points by December 2025 exit run rates. Progress for the first eight months of the year has been excellent. We identified an incremental GBP 5 million of cost savings above the initial plan that in part benefit FY 2023 adjusted EBITDA and will fully flow through in FY 2024. We've seen continued strong like-for-like trading performances across Wagamama, pubs, and concessions. All three businesses have outperformed their markets and have delivered dine-in cover growth year-to-date. And finally, we've accelerated our plans to expand the U.K. Wagamama business and ahead of schedule with our leisure estate rationalization. The progress made this year shows we're well on track to increase EBITDA margins by 250-350 basis points by December 2025. Kirk will now run you through the financials before I come back with a more detailed review. Over to Kirk. Thank you, Andy, and good morning, all. In the next few slides, I will provide commentary on three key topics. First, our 2023 half year EBITDA, including the new segmental analysis. Secondly, our net debt and leverage outlook. And finally, our medium-term outlook on both cost inflation and our disciplined approach to capital allocation. Starting with the financial summary. The slide shows pre IFRS 16, i.e., on an IAS 17 accounting standard basis. We are showing this information both on a VAT-adjusted and a non-VAT-adjusted basis. As you will remember, half one 2022 EBITDA benefited from a low rate of VAT worth around GBP 10 million. So we believe the half one 2022 VAT-adjusted EBITDA basis, in the middle column on this slide, provides a more appropriate comparative when reviewing the H1 2023 performance. Group total revenue was up 10% to GBP 467 million. As outlined by Andy, this is due to the strong trading that the teams have delivered across our Wagamama pubs and concessions businesses. This was supplemented with tight cost control, with the focus of delivering our three-year margin accretion plans. These two factors meant that on a VAT-adjusted basis, we saw a 15% increase in underlying EBITDA, to GBP 36 million from GBP 31 million a year ago. Profit before tax and exceptional items was a little over GBP 7 million pound under IAS 17, and this compares to an adjusted loss of 0.1 million in the prior year. In the appendices, we provide further detail on the IFRS 16 EBITDA and PBT performance for half one, should you need something to help you get to sleep tonight? Now on to segmental analysis. Slide nine outlines the segmental sales and EBITDA analysis we promised earlier in the year. The analysis, again, provided is on a VAT-adjusted basis, so that stakeholders can understand the underlying performance of each business in the first half of 2023. As this is the first time we've reported this information, I will take you through this step-by-step. First, Wagamama delivered EBITDA of GBP 28.8 million, compared to GBP 23.1 million on a VAT-adjusted basis in the prior year, an increase of 25%. Secondly, pubs delivered EBITDA of GBP 9 million, compared to GBP 8.2 million on a VAT-adjusted basis in the prior year, an increase of 10%. Thirdly, concessions delivered EBITDA of GBP 6.8 million, compared to GBP 2.7 million on a VAT-adjusted basis in the prior year, an increase of 150%, based on a strong recovery of passenger volumes across U.K. airports and an exceptional operational delivery. And finally, leisure, including Barburrito, delivered a VAT-adjusted EBITDA loss of GBP 0.8 million, compared to a VAT-adjusted EBITDA profit of GBP 5.1 million in the prior year. The decline in EBITDA is due to the year-on-year sales decline, which is partially due to the reduced size of the trading estate, alongside significant inflation impacting both cost of goods sold, labor, and utilities. In the period, divisional overhead costs were GBP 15.4 million, down from GBP 15.7 million in the prior year, despite the high inflationary environment. Divisional overheads relate to operational resource, HR, marketing, and commercial finance team within the division supporting the trading activity, and equate to around 3%-4% of sales. Central overheads were also marginally lower, at GBP 7.5 million, compared to GBP 7.7 million in the prior year. Around 40% of our central overheads relate to shared service functions supporting the trading divisions, so for example, our property teams, procurement, and IT. Around 60% relates to corporate functions, including our PLC board requirements, central finance, and head office property costs. Full year 2022 segmental analysis is also provided in the appendices for you. Now on to an overview of our net debt position. The cash flow bridge explains the key movements in the first half. Group net debt on a pre-IFRS 16 basis increased to GBP 196 million from GBP 186 million at year-end, as we expected, and the group had cash headroom of over GBP 130 million. The slight increase in net debt at the half year was due to two key items. Firstly, the acceleration of our capital expenditure on both new site openings and transformational refurbs, and secondly, exceptional costs associated with the accelerated rationalization of the leisure business, as outlined by Andy. On a full year basis, we expect pre-IFRS 16 net debt to be between GBP 180 million-GBP 190 million. The reduction in net debt by year-end will be driven by several factors, as outlined on the slide in front of you, but to mention a couple would be higher management expectations for EBITDA in half two, and also the expected proceeds from the sale of five leisure freehold sites for around GBP 5 million. Now on to our medium-term cost outlook. The next slide summarizes the key inflationary themes for this year and our outlook for the next two years. In summary, the inflation outlook for 2023 is unchanged across labor, cost of goods sold, and utilities. The one change to our previous guidance relates to the outlook for SONIA rates, which are now slightly higher than they would have been six months ago, and no doubt, no surprise to you today. Our guidance today is based on the SONIA yield curve available at the end of August and is our best guide.... Pleasingly, our medium-term cost outlook continues to improve. Now on to an overview of our capital investment plans. Given the excellent early progress in our medium-term margin accretion plan and our strong trading performances in our Wagamama pubs and concessions businesses, we are adapting our capital investment plans going forward. The table lays out the number of targeted planned openings from 2024 onwards, compared to 2023, along with the average capital investment per site. In summary, we are accelerating our Wagamama expansion plans to at least eight new Wagamama restaurants going forward, capitalizing on the favorable property market dynamics. Our pubs business continues to trade very well, and we will target one to three high-quality new openings a year going forward. Well, finally, we are actively working with our airport partners on agreeing extensions on a number of existing contracts within that business. This activity ensures that we maximize our future earnings stream from the concessions business. Slide 13 steps you through what we anticipate being the key cash flow items from 2023 through to 2025, as we continue to deliver and target leverage below 1.5 times before the end of 2025. In summary, the key cash flow items for 2023 remain broadly unchanged. The future years have increased slightly on capital expenditure to around GBP 50-55 million, supporting the accelerated openings of Wagamama, while we will benefit from lower cash interest costs and lower onerous lease costs. So finally, from me, in summary, given the strong trading performance year to date, we now expect a moderate increase in management expectations for this year's EBITDA. Net debt is forecast to be between GBP 180 million-GBP 190 million at year-end. To reiterate, the medium-term cost outlook continues to improve, and we continue to target net debt to EBITDA on a pre-IFRS 16 basis below 1.5 times before the end of 2025. I will now hand back to Andy, who will update you on the business. Thanks very much, Kirk. Turning to slide 16, which provides an overview of the group, group's key priorities to both increase our EBITDA margins and reduce leverage. I don't think it's an exaggeration to say that after a strong first eight months in FY 2023, we're currently ahead of schedule on all five of these strategic priorities. And alongside this action plan, we're of course, continuing to actively explore wider strategic options to further accelerate margin accretion and deleveraging. Let me now turn to the divisional updates, starting with Wagamama. Wagamama has continued its strong track record of market like-for-like sales outperformance, as shown on the top left-hand chart. Wagamama's sales run rate in Q2 and Q3 represent an outperformance versus the market of approximately 2%. The top right-hand chart shows that our dine-in sales outperformance was even greater, at 5% in the same period. Customer ratings have remained excellent. To be absolutely clear, these scores are externally generated customer ratings, benchmarked against the well-respected BrandVue Net Promoter data. The bottom right chart shows that Wagamama has maintained its position as the number one ranked brand amongst casual dining chains in the UK. Turning to slide 18, our newly opened Wagamama restaurants have performed exceptionally well. Between 2016 and 2021, we've opened 38 full-service restaurants, with 33 being regional openings outside of central London. Our regional openings have delivered a return on invested capital in excess of 35% over the last 12 months, which are exceptional returns. In effect, we're getting our cash back within three years. We're therefore confident in our ability to continue delivering strong returns on capital with our new site openings, at rental levels approximately 25%-30% lower than pre-COVID. We're therefore increasing our rollout plans to between eight to 10 new openings per year going forward, and we remain confident in the long-term potential to build from our 160 sites today to approximately 200-220 sites long term. We would expect nearly all of our new openings over the next five years to be outside of central London. We're also remaining cautiously optimistic on the prospects for our U.S. joint venture. As previously announced, we're concentrating on new openings in major metropolitan conurbations outside of New York and Boston. Our already open sites in Atlanta and Tampa will be supplemented by openings in Q4 this year in Dallas and Arlington. In FY 2024, we expect the U.S. JV to deliver positive EBITDA, a significant milestone for our U.S. JV. 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 59 franchise sites, from which we deliver around GBP 2.5 million of EBITDA post-overheads. We're in the final stages of securing a new franchise agreement to open 7 sites in airport locations in India, of course, a new territory for us, with the first site expected to open in 2024. In addition, we're exploring opportunities to further accelerate our international footprint in other countries. In summary, we see significant potential for profitable Wagamama expansion in both the UK and overseas. Turning now to our pubs business. Our Brunning & Price pubs business continues to outperform the market, as shown on the top left-hand of the slide, with a like-for-like performance of 10% and an outperformance to the market of 1%. The top right chart shows that customer sentiment has strengthened further to record levels, with social media scores, a consolidation of Google, Facebook, and TripAdvisor, averaging 4.6 out of five, further enhancing our consistently strong ratings over the past five years. The exceptional operating performance of the Brunning & Price concept is underpinned by a number of factors. To name a few, good customer demographics with limited competition nearby, a high-quality property estate in defensible, well-invested locations. The Brunning & Price team have consistently demonstrated outstanding operational capabilities with well-established recruitment team and management practices. Last, and by no means least, our pubs business benefits from secure asset backing with a freehold estate last valued at approximately GBP 160 million. Turning to Slide 20. It's the oldest cliché in business that a top-quality business always outperforms the market year in, year out. The underlying strength of the unique Brunning & Price business over the years is illustrated by the top chart on Slide 20. This shows a consistently strong market outperformance over the last nine years, averaging 4% per annum. I'm not sure you'll find many or perhaps any hospitality businesses producing this consistent level of outperformance. Between the period outlined in the chart above, i.e., over the last nine years, we opened 29 high-quality pubs that have delivered a return on invested capital in excess of 20%. In the long term, we believe the estate can be developed to between 120 to 140 sites, assuming we're able to find a suitable site in every catchment that would support a B&P pub. In the medium term, we expect to open between one to three new pubs a year, while also focusing on continuing to drive organic EBITDA growth through our margin accretion plan. Turning to Slide 21 and concessions. We're particularly pleased with the strong recovery of our concessions business in 2023. You can see from the top chart that like-for-like sales grew 27% in Q2 and Q3 to date versus 2022, which is an outperformance to the market of 12%. If you look at the bottom half of the slide, the strength of the concessions performance is best illustrated by comparing the trading run rate against pre-COVID levels, with like-for-like sales versus 2019 up 3% in Q1, accelerating to 10% in Q2, and accelerating further to 13% in Q3. We now expect the passenger volumes will fully recover to 2019 levels in 2024, which is a year earlier than we originally expected. This will be a significant milestone for the industry as a whole and will represent an excellent recovery for the TRG concessions business. Turning to leisure. Whilst the trading backdrop for our leisure business has remained very challenging, we have made good progress in optimizing cash flow from the division. We've accelerated the rationalization of the trading estate from 116 at the end of FY 2022 to an expected 76 sites at the end of 2023, delivering our planned two-year rationalization program in 12 months. This accelerated site closure program is being achieved through a number of initiatives: exercising the lease expiry or break clauses on 14 sites, which are due within the first 18 months, selling eight freehold sites, of which we expect five to complete in FY 2023, generating approximately GBP 5 million of cash proceeds, converting three more sites to Wagamama by the end of FY 2024, and accelerating the disposal of between 12-17 further sites through mutual agreement with landlords and alternative tenants. In summary-... The TRG property team has made good progress in efficiently managing the disposal program and protecting net cash, and we expect to exit the vast majority of the lease obligations to 40 closed sites by the end of FY 2024. Moving now to the combined impact, the various initiatives I've just described in our four businesses. Slide 23 shows how we've made excellent early progress against our three-year margin accretion plan. We've delivered an incremental GBP 5 million of annualized cost savings, with further benefit to come from central cost initiatives next year. We've delivered strong like-for-like trading performances across Wagamama, pubs, and concessions, with all divisions delivering real like-for-like volume growth. We've accelerated our plans to expand the Wagamama business, and we're ahead of schedule with our leisure estate rationalization. We also continue to benefit from strong returns from our recent Wagamama and pubs openings. These combined actions in the first eight months of the year means we're well on track to increase EBITDA margins by 250-350 basis points by December 2025. In summary, we've delivered strong like-for-like sales and EBITDA growth, driven by Wagamama, pubs, and concessions. This trading performance supports a moderate increase to management's FY 2023 adjusted EBITDA expectations. We've made excellent progress in executing our medium-term plan. Our brand's propositions continue to resonate with customers, and we're well positioned to deliver further growth and continued outperformance. And finally, the board continues to actively explore strategic options to further accelerate margin accretion and deleveraging. Thanks very much for listening. Now, let's turn to the Q&A. If you could raise hands, and we'll make sure everyone's got the microphone. If you could just say briefly who you are and ask the questions, that'd be great for anyone listening, online. Many thanks. Okay, yes. Douglas Jack of Peel Hunt. A couple of questions to start, please. The first one is if you could talk about your pricing over the last few months. And the second one would be in terms of like-for-like sales, what level do you need, do you think, at this stage in 2024 to offset your cost inflation? I'll take the first bit, and I think the second bit, Kirk can comment, but we have given very, very clear guidance on our cost inflation forecast for 2024, which I think does, I think, you know, allow analysts to extrapolate quite, quite, quite quickly as to what would be the required like-for-like. In terms of pricing over the last nine to 12 months, we followed a very, very simple process, which I hope has been rewarded in the like-for-like volume growth. Clearly, along with all concessions and restaurant and pub operators, we've had strong input in inflation, and we have passed on a portion of that to customers. But at every stage, I think it is true to say that what we have passed on to customers has been considerably less than the underlying cost input inflation, certainly in the course of the first half of this year. What you are now seeing, hopefully going forward, is that, as cost inflation continues to moderate, and Kirk's slide there gives very clear guidance of what we're assuming for input inflation in 2024, I would hope that pressure to have eased to the extent that we are no longer, in effect, having to have price increases below input inflation. My last point is very simple: you saw the like-for-like dine-in growth in both Wagamama and pubs, which are double-digit. I'm not gonna tell you exactly how much of that is price and how much of that is volume, but I can assure you a decent amount of it is volume. Should we go to the... Should we go to Tim first, and then- Thanks. Morning, Tim Barrett from Numis. The Numis. The obvious one first, if that's all right, in terms of the review. Strategic options, can you say what timetable you'd expect and when you might have some feedback from that? Secondly, just wanted to ask about concessions. If I'm right, in the first half, you beat your full year performance from last year. Can you talk a bit around seasonality for the second half and where that might take us? And then, lastly, on leisure, do you think you can now hold that to neutral EBITDA? Obviously, there was quite a big decline in the first half for obvious reasons. Thank you. Very good questions. I'll pass the concessions one to Kirk. Really straightforwardly, exactly what we put in the RNS. We're very actively examining our strategic options. We've made good progress in that work, and we will update the market absolutely when we have announcements to make of any sort. I think the important thing is we've been able to do this work alongside very strong underlying trading, which has meant we can really assess the value of all of our businesses and look forwards to value generation and make sure we come to the right conclusions. In terms of leisure, I'll take that one and then pass to Kirk. Our goal would be to be holding leisure to slightly positive EBITDA going forward. You know, we're not going to give a forecast for any division as we do going forward, but having made the kind of changes that we have made, having rationalized the estate down to 76, I do need to stress that, despite the toughness of the closure program, the teams have done an excellent job in keeping up customer ratings, food development programs. So not making myself hostage to fortune, but targeting broadly break even is a reasonable target for 2024 onwards. Kirk? Yeah, I mean, concessions is a very seasonal business, as you all know. So clearly, Easter is a great flyaway post-ski season. Clearly, July and August are a great summer trading period for concessions, but then also you find a bit of dwell time after the October half term through to the Christmas flyaway. So long story short, it's broadly slightly H2 weighted from a trading perspective, and therefore there may be a bit more benefit on EBITDA in the second half of the year. Yes, over back, back here, then we'll come here. Thank you. It's Leo Carrington from Citi. Yeah. Hi, Leo. Just on the divisional detail, probably for Kirk, how to view a couple of points, concession overheads, restaurant overheads- Yeah ... a little bit lower, why that would be? And also Wagamama margins seems to have held up really impressively. If you could give some color as to the outperformance. Yeah. Yeah. Well, I guess there's two things. When you look at generally with the central overhead, so within the divisions, it was GBP 15.4 million versus GBP 15.7 million. All of the businesses have looked quite hard as part of last year's budgeting process, given the backdrop coming into this year, of how did they need to tighten their belt. So concessions team looked at what was the right structure for an estate of 38 sites going forward to drive profitability beyond the restaurant EBITDA. So I think there's been a good cost focus throughout the divisional overheads, but also central. If you think about the general inflationary environment's been running at 6%, 7%, 8%, and yet our central costs are down year-on-year. Then I think with Wagamama, you've got A, the strength of the 9% sales growth, which obviously helps to recover quite a bit by way of cost inflation. But the Wagamama team, as the other divisional teams have done, have also looked at their cost base quite carefully within Restaurant as well. There's been one or two cost initiatives within Wagamama that have borne good fruit to date. Thank you. If I could also ask on, on Wagamama, the increase in the projected openings. Yes ... mid-term, just if you could. I know you mentioned, but elaborate on the sort of what's changed since last guidance in terms of, you obviously mentioned the landlords, but also, perhaps if it has any implication of your sort of deleveraging pathway and confidence in that as well. Yeah. I- You go first. Yeah, I'll go first. Yeah. So yeah, I, I think obviously back in March, we set out a clear deleveraging plan, both from a margin accretion perspective, but also a net debt quantum on a BAU basis. I think what Andy's clearly articulated is that we've made excellent progress on that in the first eight months. So that's given us clear confidence in the trajectory of both EBITDA and net debt for the next two years. And in reality, when we wrote our budget back in 2022, we knew that we would have liked to have opened more Wagamamas this year, but sensibly said, "Well, we don't know what the 2023 environment holds for us." So some of what we had lined up for 2023 was naturally deferred to 2024. So in some respects, the property directors had an easy start for the first half of next year, and I can say that 'cause he doesn't mind me pulling his leg. But there is good rationale for we project lower net debt going forward, EBITDA recovery, leverage is on track to be below 1.5x, and clearly, Wagamama is the asset that we would look to invest in first. I think the other generic point we'd make, which is really encouraging, you mustn't get carried away with it, but it's encouraging. The most successful new openings we've done in the last two years have been in towns where getting a Wagamama is genuinely transformational for the town. So for example, Stoke, Southend, openings like this in areas where landlords are very keen on a development to get the Wagamama brand in there. So it's not only been that rental levels are typically 25%-30% lower than pre-COVID in those kind of locations. It's also been, and Kirk and the property team have worked very well on this, the kind of upfront incentives that landlords are prepared to offer to Wagamama to come in has been very encouraging, and that's obviously all part of the fully adjusted returns calculations that we do on our returns. It's a combination of that, that's given us the confidence to go for eight to 10 new openings for the next two to three years. Can we go to the front row? I'd like to... Yes, wait, wait, actually. Hi, good morning. It's Kate Calvert from Investec. So I have two questions, one for Andy and one for Kirk. For Andy, compared to March, which was when you laid out the strategic plan until 2025, how do you feel the competitive environment has changed, especially for Wagamama and for pubs, so in the past few months? And how do you see it going forward? For Kirk, I know you've talked at length about cost inflation, et cetera, et cetera, but I was just wondering, for 2023, specifically, I guess in the first part of the year, food and drink inflation must have been around, still around 20%, if I'm correct? So what gives you confidence it has to really go down significantly in the second part of the year? I wanted to understand if this is the case, and what gives you confidence that this is going to happen? Sure. That's it. Change in competitive environment, that is a really good question as to what's changed in the last six months. I'll do the negative bit first. Although we have traded very, very strongly, and our customers are clearly coming to us more frequently, or we are getting more customers, but whichever way, and that has been a stronger consumer backdrop than we expected. However, you have to say that with interest rates having gone up and inflation still running relatively high, I know it has come off, the real outlook for the next 12-18 months, you have to at least accept it's still uncertain. Having said that, the two economic issues that have improved versus what we're expecting is... Kirk can comment on specifics, but I think a very good, clear slide he gave on the cost outlook for next year and the year after. I do think we've got more confidence in that than because we can already see, particularly food input inflation curves starting to come down. If the trading team was saying to me, "We're not able to put forward buy at lower rates," I would be giving you a different answer on that. So I do think, although we are still forecasting further moderate cost inflation next year, we can do that with a lot more confidence than anyone can meaningfully have done, certainly six months ago. The other thing that has improved in the competitive environment, and I have to say all credit to our teams for delivering this, is the labor backdrop. That not only have we got massively fewer vacancies than I can remember at any stage since COVID, but also, all of our brands have delivered good improvements in labor retention rates over the last six to nine months, and that is really encouraging. And that includes really tough environments like airport concessions, where people are working, you know, huge hours under huge volume strain. I think that's very encouraging for the sector, actually, the labor side does feel to be a lot more resilient. Yeah, and in terms of inflation, I mean, the procurement team here and the finance team work very closely together. We've got a clear read on where the input inflation is by food category, and I could bore you ad nauseam, which I won't this morning. But essentially, second half of last year, we saw inflation peak to over 15% as we went through H2. That circa 15% or more on food inflation flowed through the first half of this year. We've seen that moderate, as we expected, through kind of May, June and July. And our best forecast today is that on a basket of goods that we buy today, food inflation will be in the region of kind of 7%-9% as we exit Q4. So that's obviously your entry point for Q1 2024. The forward view is that that then starts to come off quite quickly, which is why today we think 3%-5% next year on average is our best view today. Yes. Can we come to the front here? Thank you. Morning, Ali. Morning, Ali, from HSBC. Two questions from me. Just with respect to your CapEx investments and maintenance CapEx, how appropriate is it to, how appropriate is that level of investment to maintain the level of like-for-like outperformance versus the rest of the market? And is that something that you think will need to catch up over the course of your plan to 2025? And secondly, what is the renewal environment on concessions? And you helpfully mentioned what was going on in restaurants, but is there any headline levels you can say on what the renewal environment is there? Is it more expensive, more tenders, more, competitive environment there, please? Thank you. Yeah, no, look, in terms of maintenance CapEx, it's around GBP 16 million-GBP 20 million, including IT, across the group, and it will vary by division, depending on how busy the unit is, 'cause clearly, a Wagamama unit will trade more heavily than a leisure unit, but a big concession site will trade more heavily than a Wagamama site. So it's very division specific, but certainly the ongoing maintenance CapEx ensures that there is a good quality and environment to trade like-for-like. And then, there is a well-trodden path, particularly within Wagamama and concessions, around that refurbishment cycle. So I think if you're working on, like, kind of GBP 16 million-GBP 20 million for an estate of circa 400 pubs and restaurants, that's about the right level, but it will depend by division. On the renewal environment and concessions, I think you see both sides here. On the one hand, of course, airports post-COVID are looking to recover revenue. You would understand that. And so, negotiations can be, you know, robust. Equally, I think our numbers show it, there are very few people capable of operating really intensive scale, casual dining operations in volume outlets, like Heathrow, Gatwick, Luton, et cetera. And therefore, that does put us in good space for those discussions. And And I think the team have done a very good job in the renewals discussions since COVID, and I see no reason why that shouldn't hold us in good stead. Any final questions from anyone with? I believe we have one question from the phone. We'll just see if Thank you. If you'd like to ask a question over the phone, please press star one. Star one to ask a question over the phone. If we don't have any on the phone, then is there any last question from the room? Which I'll be very happy to take one more to... Or, or we-- Well, it's great to see the room absolutely packed, and it does feel like the world is genuinely back to where we started. So, thanks very much for listening. Before we conclude proceedings, I would genuinely like to extend my sincere thanks on behalf of everyone at TRG to Kirk for the last five years. And I think probably any CFO that can look back and say they've been instrumental in helping a very scale hospitality business through the choppy waters of the pandemic, that is a very good legacy to take forward, and we wish you very well in whatever new endeavors. Thank you, Andy. Those of you who follow football know that Kirk is an absolute avid Liverpool fan, and he assures me he hasn't yet landed a contract out in the Middle East, but he's still working on it. No. And I'm not on the bench to replace Salah or Andy, so Kirk hands over this week to Mark, who many of you will have already met and is absolutely already on top of everything in the business. And Mark will be accompanying me on the Investor Roadshow over the next five days. So for investors listening on the line, I look forward to seeing them. Many thanks for listening and see you soon. Thank you.