The first thing I really wanted to point out, just at the bottom of your screen, at the bottom right-hand side, you've got a Q&A button there. Any questions that you might have, if you pop them in there, Chris will be able to see those, and we will pick them up at the end of the presentation as such. Just to kick straight on, we've got a fair few slides. Chris, if I could ask you maybe just to push on to the first slide, please. Next slide. We've got four key items on the agenda today. Highlights and review of the year by myself, then Chris will do the financials. I've been here about 9 months now, so I've had a good opportunity to understand the business. And in fact, I see the attendees. We've got previous CEO, David Knight, joining us today, and I'd just like to publicly thank David for the fantastic handover that he gave me to help us get to where we are today. I've got the refresh strategy to go through, and then I'll finish up with the outlook and current trading. Next slide, please, Chris. Again. I guess, as I think about the year, it's been a really strong year of recovery and a year of significant peaks and troughs and challenges, I think, for the country, for our customers and our colleagues. One where we were closed for 17 weeks of the year, nearly a third of the year. I think the colleagues have done a wonderful job over the course of the year to deliver the results that you've got in front of you. You'll see the first table there, it's not quite split into three, but you'll see the first 21 weeks from the start of the financial year in July through to December. We had a good lift, 12.4% up as we benefited from a bounce from Lockdown 1. December through to April, the 14 weeks there, we had stores closed, so down 73.6%. We then got stores starting with Scotland reopening in April. Huge pent-up demand and a really fantastic 54.8% order uplift. On a one-year, like-for-like basis, intake was down only 1.5%, and on a two-year, down only 6.5%, as I say, despite being closed for those 17 weeks. Really pleased with our profits. Underlying profit before tax increased to GBP 18.4 million, up from GBP 0.9 million the previous year. I think we've made good progress this year on ESG, and I've got a couple of slides in a minute on those. Clearly, with stores closed for those 17 weeks, online really benefited. Online sales surged 146% to just under GBP 47 million. When we look at our customers, we continue to do an excellent job with the Trustpilot and circa 300,000 reviews now. Our closing order book, GBP 103.5 million, GBP 60 million higher than at the same point in FY 2019. We had a GBP 3 million furlough grant, and we repaid that following the positive reopening of the stores. Finally, we got the opportunity, and I'm really pleased today to talk you through our refreshed strategy. Next slide if I could please, Chris. What I wanted to try to do here was to bring to life the peaks and troughs that we had to contend with really across the balance of the year. You'll see the red line there is order intake, and the chart is chronological. We start with the start of the new financial year on the left-hand side in August when we launched the new website. You'll see the first lift, the first bounce there, where we benefited with reopening following the first lockdown. In September, with some localized lockdowns, followed in October with Wales with a two-week lockdown. In November, England entered a national lockdown. You'll see another uptick in December when stores across England reopened. Boxing Day, another announcement from the government, we saw stores closed in Scotland, Wales, East of England, Southeast and London. The big peak as we get to our winter sale. All of that ended abruptly with further store closures. You'll then see that we were closed from there in December right the way through to the April 5th when our Scottish stores reopened. The following week, on the 12th, English and Welsh stores reopened. The business is 127 years old, and that was our peak week. Also in May, we repaid the CJRS, GBP 3 million grant that I mentioned. In June, business starts stabilizing, but above pre-pandemic levels. In July, you'll see that we reintroduced the dividend, the GBP 0.03 dividend. I guess I just wanted to demonstrate the complexity of the year and the level of teamwork that's gone in, not just with our colleagues, but with our suppliers, with our landlords and third parties too, to deal with all those peaks and troughs. Thanks, Chris. In terms of COVID response, first and foremost, it was about ensuring our customers were safe and that they felt comfortable and confident to come into our stores and order with us. We really prioritized our colleagues' safety and wellbeing. We trained a number of our colleagues in mental health first aid to support colleagues where necessary. On top of that, we topped up furlough to 100% to support our colleagues. Digital was clearly super important to us. We continued to be able to deliver in lockdown, unlike FY 2020, and again, our logistics team done a super job in difficult situations over that period of time. We had a really successful reopening with strong advertising, as evidenced by the numbers, and we also used that time to help develop our refreshed strategy. Next slide, please, Chris. Just as I said, a couple of slides in ESG, and I think we've made good progress this year. Given the importance of ESG, we've also recruited a sustainability manager. Just to pick a couple key points out on each of them. Firstly, we've been externally audited, and we're now part of FISP, so the Furniture Industry Sustainability Programme. I'm also delighted that we've joined the Leather Working Group. We have switched our electricity supplies to 100% renewable sources. The final point on here really is that we've added our first fully electric vehicle to the company car fleet. In social, I mentioned the first point already about our mental health first aiders. I'm incredibly proud of the work that we've done in our communities. Just a few examples here, where we donated 10,000 free school meals. We raised almost GBP 30,000 in association with ITV for the No Butts campaign for bowel cancer, and we continue to support the Foundation of Light in our founding city of Sunderland. The last point on there, topping the furlough colleagues pay up to 100%, we've already talked about. In terms of governance, we trained a number of our colleagues across the business in IOSH, health and safety training. We also engaged a third-party specialist to review the group's risk management framework, and then we took some of the learnings from that to our risk management practices. They've been enhanced and improved our functional risk registers on the back of those recommendations. Good progress this year with ESG and more to do. Next slide, Chris. This really is some of the things that we're going to look at and get after this year. We're going to review our waste packaging. We're going to report in line with TCFD recommendations. We're going to look at the sustainability of product sourcing. You'll be very well aware of BEIS, and we're going to look at the required control environment there. I guess, the final point I wanted to make this year is that we are going to formalize our ESG roadmap, and we're going to set ourselves targets and timelines. As I say, good progress with ESG, much more to do, and we'll come back to you with our formalized roadmap when we're ready. I think, Chris, over to you now with the financials. Thanks, Steve. Good morning, everybody. I'm going to run through for the next 10 minutes the financial highlights of the business. These are for the 53 weeks ending July 31st, 2021. What we're going to talk about here is under IFRS 16. 2021 and 2020, as you see on these charts, are now under the new accounting standard, IFRS 16. We are not talking about EBITDA anymore because what's happened is rent charge has been replaced with depreciation interest. We feel it's more important to talk about the profit before tax number. Just to summarize, we actually had a slight beat to the market consensus that we announced this morning, positive there. As you can see from the table, a lot of positive progress against our main KPIs. I will touch on, in the next couple of slides, a number of these in a little bit more detail. The ones that we don't have any further information on is earnings per share has been driven by that increase we've seen in profit before tax, and we've seen an improvement in the gross margin to 45.3%, which I'll touch on in a slide or two. The final thing that we did this year, which obviously, hopefully people have seen already, is we reintroduced a dividend. We introduced an interim dividend of GBP 0.03 that was paid in July of this year, and the board are recommending a final dividend of GBP 0.07. It'll take you to a full-year dividend of GBP 10 if approved by shareholders, which at the moment, based on the current share price, will give a yield of around 4%. Great gross sales. If you remember last year in the first lockdown, when we were shut for nine weeks, we weren't allowed to deliver goods, so our manufacturers had to stop producing them, and we couldn't deliver them. That hasn't been the case this year, so it has driven strong sales in FY21 versus 2020. That is despite the fact that Steve mentioned earlier we were closed for 17 weeks of this year. Obviously, if we hadn't been shut, that number would have been much larger. What we did see is obviously when we came out of lockdown last year, we had very strong pent-up demand, whilst the manufacturers produced as much as they could, it meant we start the year with a very strong and large order book. We continue to see that strong order growth in Q1, that set us up well for the year ahead. What you can see in what Steve talked about earlier is that online has grown significantly, which probably isn't a massive surprise. We've definitely saw customers moving towards shopping online, especially in those periods of closure. In the past, if you look at 2019, online represented around 5% of our delivered sales, and into FY 2020, that was around 7%. In FY 2021, that has increased to more like 14.5%. It's interesting if you look at, the question we have internally is where do we think that number will grow to or where do we think it'll settle? What we definitely have seen since we've reopened the stores, probably slightly different to after the first national lockdown, is that customers are more comfortable coming back into the stores and do the whole kind of sit test. They're very important to them. We do feel that whilst online will grow, this is where it was in 2019 and 2020, it's probably sitting around that, we think, around that high single digits or low double-digit% as a total. We did see a reduction in flooring compared to furniture in store, and that's predominantly driven by the fact if you think about on furniture has a much longer lead time. While we're shut, we can continue to manufacture and deliver goods, whereas flooring has a shorter lead time, so it is impacted more by the closures we've seen across the year. If you look at the makeup of that GBP 46.9 million of delivered online sales, the majority of that is furniture. When you add the in-store furniture to the online furniture, we actually grew versus 2020 and versus 2019. Just moving on to the underlying profit before tax. Historically, we've shown a EBITDA bridge, but as I said earlier, because of the move to IFRS 16, we are now showing a PBT bridge. We saw an increase overall of GBP 17.6 million. Last year, for the 12 months, we made a profit before tax of GBP 0.9 million. This excludes any exceptionals. Last year we had an impairment, and this year we had a reversal of an impairment. These results are excluding those exceptional items. Gross profit increased to GBP 27.4 million. That was driven by the 21% increase we saw in sales. The actual gross margin improved to 45.3%. The two main reasons for that, one was that we have seen customers who historically have taken around 50% have taken credit, interest-free credit that we provide for the business, and that costs us money. That has fallen to the early 40s. The other element is because the stores were shut for 17 weeks, what we normally do is we normally bring in a number of new showroom models, which will stay on the shop floor for up to seven months, and then we sell those models off. Because they've been sat on and obviously been used as a demonstrator, we generally don't make a big margin on those. That does normally dilute our gross margin. Because we were shut, we didn't sell at the same level of stock as we had in historics. If you look at what the analysts have done going forward, they've assumed that we return to the 44%-45%, which is where the group has sat in the past few years. Distribution costs, they increased. They increased 10% versus an increase in delivered sales of 21%. As a percentage of sales, they've fallen. They're sitting at around 5.8%, so 6%. Last year, they were at 6.3%. We have seen some property and some wage inflation in that number. Marketing, we saved GBP 3.2 million versus the prior year. Now, the plan wasn't to save that. Because we were shut and because of the timing of some of those closures, especially around that key winter sales period, we saw marketing cost reduce. As a percentage of delivered sales, they are about five and a bit percent. If you look at where we have historically spent, it's been closer to 7%, and going forward, that is the plan, to spend around 7%. We shouldn't expect that 4.5.3% to continue. We saw a large increase in payroll costs, but we saw a large reduction in payroll costs last year. That's made up of two elements. One is the basic salaries, and the other is performance-related pay. If you look at the increase that's being predominantly driven by performance-related pay which is up GBP 8.6 million year on year, it's increased to GBP 16.8. That number was up 15% in 2019, which gives a bit of a context of last year in 2020 because we only made GBP 0.9 million and plus because we couldn't deliver so our sales were lower, we saw a large reduction. The largest number in the makeup of that GBP 16.8 million is commission. As you can imagine with the 20%+ increase in sales, that commission has grown and we've also seen some bonus increase with regards to management across the business. If you look at the other element of the increase in payroll costs of GBP 3.5 million in our what we class as our basic pay, we have on average about 110 more employees in the last 12 months than we did in the same period in 2020. They are split around 90 in store where we employed what we called a meet and greet roles. As part of our response to the COVID pandemic and to ensure customers and staff were safe, we brought in front of house meet and greet roles that ensure that customers followed our one way systems, they were comfortable coming to shop. We did the whole PPE kind of explanation. That's something we invested in in the last 12 months. On top of the increase of about 90 in the stores, we also employed an extra 20 people who worked in the center and they were very much customer focused. We increased communications across the business over the last 12 months to talk to customers and we did unfortunately have some delays but that communication was critically important to us. If you look at government support, as Steve said before we did claim furlough of GBP 3 million but we repaid that. There's no furlough money in that number. The benefit this year was we had the full year rates benefit which totaled GBP 10.2 million. Last year we had GBP 3.4 million of rates benefit and we had GBP 5 million of furlough. That is in the year ending July 2020, so we saw a slight increase in that. Just looking at a couple of other moving parts, we saw a slight increase in our other costs. We saw a reduction in our depreciation, amortization, heating and lighting. Part of that was driven by the fact that in the year ending July 2020 we impaired some of our store assets. That meant this year our depreciation charge was lower because those assets were, the value was written down. What we'll see going forward is that will go up again because if anyone's read the full prelim you'll see that we've reversed a lot of that impairment that we booked last year. The final thing there was interest. It went up year-on-year. Historically as you'll know we carry a large cash balance which has in the past earned us something in the bank on deposit rates. However, in the last 12 months those rates have obviously fallen, so that isn't an increase in interest paid, it's a reduction in interest that we've received. I'm not going to go too much into it on this flexible cost side. It's something we've always prepared and always shared the detail from the previous slide what you can see is versus prior year we were at 72% of cost base was variable sales last year and it's increased this year to 73%. Not a significant change with regards to the makeup of that slide. Just having a quick look at cash flow which is probably slightly different the shape than what we initially thought at the start of the year and that was based on the fact we didn't think we would see further lockdowns which obviously turned out not to be the case. Just to remind people we have what we call a negative working capital model. We take either cash, credit card or debit card or people take it on finance. We take deposits up front. We then take a final balance from people who have paid by credit card or on debit card before we deliver the goods and when we deliver those goods we get the money from the finance house if they put it on interest free credit two or three days after we've delivered it. We then pay our suppliers on average 45 days after that. For all the goods that we deliver we have received the full monies up front before paying our suppliers. We call that a negative working capital model although it is obviously positive to the group's cash flow. In the year we saw a cash balance increase of GBP 5.4 million. With regards to capital expenditure we spent GBP 4.5. Now we actually spent a little bit more money this year than we have historically in distribution. We actually opened a new store in a new distribution center in Liverpool which added 50% of our capacity in that area of the U.K. We also spent some money on stores more in line with what we do like a maintenance level and also some in technology. Steve's going to talk about the new strategy going forward and the analysts have assumed we spend around GBP 9 million next year. In the past we've spent between GBP 4 million and GBP 6 million and obviously with the increased investment in line with the new refresh strategy we'll see that increase next year. We saw GBP 8.4 million working capital outflow so if you think about what I talked about before this is a 53-week year so the year end was July 31st. The year end last year was July 25th, 2020. What happens in that final week is we get the month-end supplier payment run plus the payroll leaving the business, so it was expected the GBP 8.4 and the analysts had that kind of built into their numbers, but that's just with regards to timing of the year-end we saw that. The new one is probably the next one, capital and interest element. This is probably new compared to what you've seen before, but this is in effect our rent that we pay to our landlords. Our rent and our lease costs equates to about 25% and a little bit with regards to annual payments. It was slightly higher than that this year because we started to repay some of the deferred rents that we'd carried forward from the prior year. What we'll see in this line next year will be closer to GBP 30 million, and that will mean all of the rent that we deferred will unwind, and then going forward that'll be at that GBP 25 million plus mark. We touched a little bit before about interest. Obviously, we purchased some shares for the share bonus plan. We've paid tax in line with our estimated profit before tax, and that final GBP 1.1 million is that GBP 0.03 dividend that was paid in July. We finished the year just under GBP 88 million. We still have, as a reminder, a GBP 20 million revolving credit facility, which is in place August 2023, which we haven't obviously drawn upon given the cash levels, but that's still in place if we ever need it. Just moving to dividend. Probably first of all to say that we haven't paid a dividend for a period. We obviously brought the interim back, but the board does recognize, especially to our shareholder base, how important that income is. Following the reopening of the stores, and as we saw decent sales, we were keen to reintroduce the dividend. Today, we're reiterating and reinstating the original progressive dividend policy with the same earnings cover levels and the same cash cover. We are proposing a final dividend of GBP 0.07, which will give a full-year dividend of GBP 0.10. The cash cost of that GBP 0.10 is around GBP 3.8 million, so more than covered by our cash generation. As I say, we do appreciate the importance of this income is to our shareholders. That was it from me. I'm just going to pass back over to Steve. Thanks, Chris. Just in terms of the refresh strategy, I guess I've had the opportunity over the months to get around many of our stores, our distribution centers. I've been to all of our key suppliers, and I've worked with the teams up and down across the business and the organization, the senior management team, and the trading board, to look at the strengths and the opportunities within the business to come up with the refreshed strategy. Next slide if I may, Chris. This slide will be a slide that is very familiar to you. It's a slide that we've used many times, the key ingredients of the business. I still think, as I stand here today, they still are the key ingredients of the business. We've got a range of products from GBP 299. We've got super easy ways for our customers to pay, and they enjoy that interest-free credit facility. In terms of brands, we've got great relationships, long-standing relationships with our suppliers. Our customers, as I said at the beginning, rate us as excellent on Trustpilot. We've got some great stores in prime locations up and down the country, and online has been key and will continue to be key moving forward. Next slide, Chris. Just as I sort of done a diagnostic and got my head around the business, we're clearly a differentiated value-focused position within the market. We do have these market leading entry to mid-price points, 299, 399, 499, and I believe nobody else in the market is able to match our value in those product range. Our marketing, we're really clear who we are, and we shout value, and therefore, our customers are very clear what we stand for. I think we've got a really strong reputation out in the industry and with our customers as a furniture specialist and I think we've got a wonderful set of colleagues that really do make the difference for us. I'd also say we've got a well-managed and a lean operating model, so a resilient financial foundation. Chris has just been talking through balance sheet and cash generative and GBP 87 million sat in the bank at year-end. A lean operating model with excellent cost control and I think all credit to Chris for the work that he's done on that over the years. The next point is about active management of the property estate, and I think we've walked a really fine line really well this year as we've worked with our landlords during the pandemic, but we've also pushed hard with the landlords as lease renewals have come up. Finally, we definitely have support functions and colleagues that really do understand the industry and really do understand our customer and the customer journey. Next slide, please, Chris. This one's pretty much hot off the press. We got Experian to take a few years' worth of data and really help us understand who our customers are. You'll see along the bottom here, Experian break it into 15 Mosaic groups, starting on the left there with City Prosperity. The black line is the percentage households in each of those 15 Mosaic groups. You'll see the bar chart with your reds and grays. The red, we have nine Mosaic groups where we touch the average of the U.K. population. You'll see that there are four groups that are significantly penetrated above the U.K. I guess the key thing I'd want you to take from this slide here is that we do have a broad appeal, in line or above penetration in nearly two-thirds of all household outcomes as for U.K. households. The four demographic groups, they're in the pack that you'll get at the end. You'll see them there on the slide. I think there'll be no surprise to you. For example, Family Basics, Modest Traditions, they absolutely talk about our core customer. We're going to use the data here, and we've got much more of it to really understand at a macro level, direction of travel with our customer. Next slide, please, Chris. I wanted to talk you through our purpose and mission. We've done focus groups up and down the country, and our new purpose is helping create the home you love. Helping create, whether you're in store or you're online, and then home you love. I guess there's a couple of things I'd want you to take from that. Firstly, home. It doesn't say sofa, and it doesn't say flooring. Home allows us to think about over time, whether there are other products or other categories that we might want to go into. Secondly, customers talked to us about the real pride that they have when they purchase a product and when they get it into their home, and it's not a house, it's not four walls, it's the home, and it's this special place for them. The photographs that you see on the slide there, they are photographs that we've lifted from our website. We have a customer gallery on the website, where customers can post the product once it arrives in their home. You'll see there, top left, for example, is one of our 299 products, our Spark. I think there's some wonderful imagery there. I think it really demonstrates, A, how great our product is, but B, the pride that it gives our customers. Our new purpose, helping create the home that you love. Our mission, to be the U.K.'s, so in the U.K. there, we're therefore not talking about going internationally, best value for money home retailer. Delivering outstanding value, quality, and choice with a seamless customer experience. That seamless customer experience for me is really just about this whole omni-channel piece, not caring whether a customer shops in store or online, or online and then in store, or back and forth. This seamless customer experience. Next slide, please, Chris. To our growth plan, our wheel, and you will see in the middle of it is our purpose, helping create the home you love. You'll then see an inner ring, strengthen the core. Strengthening the core is all about continuing to do the things that have made the business successful to date brilliantly well. Then we've got five further rings around the outside, which I shall talk you through in a little second. As I say, this was developed with the support of colleagues up and down the country. We've launched it to our store managers, and I'm really pleased to say, a huge amount of engagement and buy-in with it. The final thing I'd want to leave you with on this slide is that this is about evolution, not revolution. Thank you, Chris. To get into the six elements, and I'm going to start with outstanding team, because I think our business is all about people. No doubt, you'll be very aware of labor shortages up and down the country. The first element on here is about making sure we've got the right employee proposition to attract great people, but also really, really importantly, to retain the great people that currently work with us. I then talk about building capability and capacity across key functions. Firstly, I'd just like to say that we've brought in a new people director to really help us drive this agenda. I'm also really proud that we internally promoted one of our team, been with us a number of years, Gavin, into our logistics director role. The two key functions really that we're going to focus on here are digital and commercial. The next point's about the culture within the organization. Our recent staff survey would tell you that we are above industry average already. We take this from a strong foundation and look to see what more we can do to build on that. We're going to continue to champion diversity and inclusion across the business. We're really going to help our colleagues make a real difference in their local community, and I talked through some of those elements earlier on, but there are many things that we do across the business, including Chris and the team, litter picking up in the local beaches. Many things that we do. The next one, please, Chris. Moving from our people to our customers, we're going to use customer data to really help us understand and focus on how we grow the business. From a macro level, we'll use the Experian data that we have, and then at a micro level, we're going to look to really understand our customers and think about how we personalize our communications to them, personalize our website to them, et cetera. We move on to focusing on quality across our ranges. I think an example I might give you there is that over this year, we've introduced quality checkers in each of our distribution centers and upholsterers so that we can double-check what we're getting in from the suppliers, and if there's any small issues, deal with them there and then before we send them out to our customers' homes. The next point's about making sure that we really do the best job that we can on every touch point that a customer would experience. We spent a number of months mapping every possible customer journey that the customer could go on. We've really tried to understand what each of those pain points are, and we've got a plan now to work through to try to make that experience the best that we can to keep on top of this market-leading, excellent Trustpilot score that we have. Finally on here, we're going to look to continue to refresh the brand to make sure that it really resonates with those four key blocks of Mosaic data. Also what more we can do to build our business in the five other segments in Mosaic where we already are at the U.K. minimum. Next slide if I may, Chris. Moving on to the products we sell. Firstly, we're going to continue to do what we've been doing really well. Having a broad choice of outstanding value for money for our customers. We're also going to look to innovate the range to make sure that we stay relevant and modern for our customer, and look at what else we can do with new brands. You'll know that we already have some great brands with La-Z-Boy, with Endurance, SiSi Italia, Inspire, and so forth. Recently we started our collaboration with Laurence Llewelyn-Bowen, so we will look are there other things like Laurence that we can do in partnership or brands that we can add to the portfolio. We're also going to refine the flooring range and optimize our service proposition there. We're going to look about how do we maximize the opportunity across that broad customer base of those nine key segments. We think there's an opportunity to do even more in dining, so to expand our dining range to gain share. Whether that's in store, I'm not quite sure about yet, but absolutely it's a product that we can put online. I guess in this ever-changing world where self sort of gratification, and everybody looking for everything sort of in the next hour, you can get a muffin delivered to your desk in a few minutes these days, how do we look at what are the fastest options that we can for our customers? We will explore new supply options for faster delivery. Next slide if I may, Chris. We move on to our two channels. Digitally optimized, and I guess just, over the last number of years, customers have become much more digitally savvy. I believe over the pandemic, the customers that maybe didn't shop online maybe were forced to think about it. I think that's even accelerated further in terms of customers' confidence to shop online. We're going to really look about what we do to push the business on digitally. To help us do that, we're looking to strengthen our digital leadership. I've already brought a couple of senior colleagues that I personally worked with before that I know and trust. They've come in as heads of. We're looking to grow that team further. We're in the very final stages of appointing a digital director. I would expect them with notice period, et cetera, to be with us spring of next year. We're going to strengthen our digital team. We're also then going to use that team to optimize our website so that we improve our conversion levels. We're going to do A/B testing, for example. We're going to have some new tools on there to help with maybe things like augmented reality, and we're certainly going to look at personalization to help drive conversion. The next point is about breadth and depth of range and dining might be an example that I just mentioned a few minutes ago to think about in that space. We talk about balanced marketing investments. For here, this for me is about how do we get as big a customer reach as possible, and that we use data tools to help us really understand that. We use econometric models to be really clear that we're getting the return on investment that we would want. As Chris said earlier, we will continue to look at our marketing spends sort of at 7%. The final point really on here is about this seamless omnichannel experience. Whether a customer shops, browses online and purchases in the store or vice versa. For me, we should just allow the customer shop the way they want to. Next slide, please, Chris. On to stores. To be absolutely clear, in an omnichannel world, for us, stores remain the backbone of the business. There's a phrase out there I'm sure you're aware of, ROPO, research online, purchase offline. For us, 75%-80% of our customers still research online and then go and get into a store. They want to see, touch, feel their product, test its comfort, interact with the colleague. Also the reverse of that. We see about 30% of customers that have done that in store, for whatever reason, aren't quite sure at that moment they want to buy. We then see they go onto the website and purchase later. Stores remain the backbone of the business. I believe there's an opportunity to refresh the showrooms, to simplify them, declutter them a bit, and to really let the product shine. We're going to have a go with that in a few trial stores so we can see whether that works. In terms of reviewing white space across the country, so you'll know we've got 100 stores. We've had 100 stores for a number of years. We also know that there are a number of locations up and down the country where we've got a population of over 100,000, and we're not yet served by a store in that location. This is something I'm going to step into really, really carefully. We will do a network analysis first and foremost, but finding you want to be in a location and then finding the right park in that location, the right store in that right park, and then getting the rent at a price that's right, and then getting the right teams who deliver the ROI that we'd all find acceptable. Whilst I believe there is opportunity in white space, this is not something that you'll see us race at. It's something we will do carefully and thoughtfully. Finally on here, we will continue to manage rent costs and relocate where necessary from less profitable locations. Next slide, please, Chris. The final element on here was that inner circle, strengthening the core. As I said, these are the elements that have made the business successful to date that we want to make sure that we hold tight and absolutely stay focused on. We will continue to drive sales by offering customers outstanding value for money and great service. We're going to use data and analytics to help drive performance. We use Microsoft BI. We've got it in stores, we've got it in DCs, we've got it in the office, and we can look at store performance, we can look at range performance, we can look at product performance. We can even look at individual colleague performance. We're going to use the data to really drive the performance of the business. The next one talks about optimizing processes and core operational disciplines. What does that mean? This is about protecting the margin. This is about making sure that we've got great stock control, that we think about our pricing, and that we think about price elasticity. It's about protecting that margin that Chris talked about earlier. We're going to continue to focus on cost efficiencies, and Chris talked about our variable costs earlier, so we're going to stay absolutely focused on that. Finally, we're going to continue to invest in technology to make sure we've got the right tech stack to grow the business for the future. That's the six key elements, and I would summarize the opportunity as, we're going to strengthen the team, particularly in digital and commercial. We're going to understand and improve our brand perception, awareness, and consideration for this wide customer base that we've got. We're going to expand and modernize our ranges. We're going to increase our digital investment to improve our omnichannel offering. We're going to refresh the look and feel of our stores, and we're going to continue to do the basics brilliantly well. That is the strategy. Chris, could I ask you just to pop onto the next slide for me? I really just wanted to bring it to life that these aren't just words and something that we've been working on many elements for the last number of weeks and months. I mentioned Laurence Llewelyn-Bowen. It's a new collaboration that we've just done with him. We launched it just a few weeks ago at the National Television Awards. We're really pleased how it's doing. Chris, maybe if you play the video. I love the idea that actually when you see something that I've created, you know that it is going to work for you. I'm incredibly proud of absolutely every piece that I've created for ScS, because it's something that can be part of your life for as long as it gives you pleasure. It's about comfort, it's about statement, it's about elegance, it's about glamour, but it's also about ensuring that you create the home that you love. This is absolutely one of the most extraordinary experiences, even when you've got your eyes shut. There you go. I think it takes a certain sort of confidence to wear a suit like that. We had Laurence at our store managers conference just a few weeks ago. He was an absolute hit with the team. The product was an absolute hit with the team, and we're super pleased with the early progress that we've made on that. If I may, Chris, the last couple of slides. To current trading. We're pleased with the strong start of the new financial year. You've maybe already seen the two-year like-for-like order intake is up just under 12%, 11.9% for the first nine weeks of the year. No doubt you expected, as we had talked about the significant growth that we'd had at the start of last year, you would have very much expected to see us down on a like-for-like basis year-on-year. Year- to -date, we're trading in line with board expectations. Last slide, if I may, Chris. The outlook. I guess, the business has demonstrated throughout the pandemic that we really do have a flexible and resilient business model, and a great team to help deal with all of that. We've got cost inflation, supply chain disruption, and staffing challenges that are presented to us today. No different than other businesses up and down the country. We feel very confident that we expect to be able to adapt to those changes and any other macro environment changes that might happen while still delivering for our customers. I really look forward to embedding our new purpose and mission and delivering on our refreshed strategy. That's it from Chris and I for now. Thank you very much for listening. We'll now take any questions. Chris, I'm hoping you've had a chance to have a look at what's come in. I'm just going to stop sharing the screen. I've got first question. I've got many questions. I've got a question from Alan, asking around, we've got a huge cash balance of GBP 87 million. What is the low point in the monthly cycle having paid suppliers, payrolls in the final week? I suppose, Alan, just to kind of respond to that, because we run to the end of the month end, the July 31st, that actually gives you an idea of the month-end low point in that particular month. If you look at during the year, the cash was lower than that at the end of April before we reopened. As I say, that GBP 87 million gives you an idea of the kind of the month-end position at the end of the financial year. There's a quick follow-up question asking around why we've not paid a special dividend or announced a buyback. One of the things we did was when you look at the dividend we're proposing, we are conscious that in that GBP 18.4 million PBT, there's GBP 10.2 million of government support and rates relief. We didn't think it was appropriate at this point to pay more than the proposed final 7p or to do a special dividend. With regards to the use of our cash going forward around a buyback or special dividend, that's something the board have discussed and will continue to discuss. There may be other opportunities to do something with some of that cash. At this point, we have decided not to do a special or a buyback. I don't know. There's no other questions at the moment. Oh, here we go. Got a couple more coming in. We've got loads coming in now all of a sudden, so bear with me. We've had a question around CapEx. Early in the presentation, I talked around CapEx in FY 2022 being around GBP 9 million. The second question asks, how should we think about CapEx going forward? Historically we spent around GBP 4 million-GBP 5 million, which is probably best to think of that as almost a steady state CapEx with regards to a bit of technology, a bit of spend in our DCs and also a bit of spend on the stores with regards to refurbishment. If you look at the spend next year, we have earmarked probably GBP 2 million with regards to some improvements in technology, whether that be online or in the core network. We've also built in, we are going to try a slightly different trial store format. Depending on the success of that store, we would look to roll that out as a couple of relocations also in that GBP 9 million. If you look at going forward, would we return to that steady state of GBP 4 million-GBP 5 million? I think that really depends on how successful that trial store is. If we see that that does give us the right return, we'd look to increase that and roll that out across the network. A question from Kate asking around, is dining gross margin enhancing or dilutive? Well, Kate, at the moment, given the size of what we do in dining, it doesn't really have much of an impact. Obviously, if we grow that area, that margin, we wouldn't look for it to be dilutive across the portfolio. We'd have to look to get it into that 40% plus mark that we are with regards to our online furniture, flooring, and our in-store furniture. What proportion of our store portfolio is rack-rented? Our average lease length is five years now. It has come down slightly from last year, and we are working through all of the leases that come up probably in the next two to three years to ensure we're in line with what the rent is on those parks. There's a handful of stores that we would probably exit if we could, unless we get a sensible reduction in the rent. Maybe one for you, Steve. We've got a question that says, "Do you see the development of adjacent product categories over time to be more organic led, or could it involve acquisitions? Yeah, good question. I guess it could be both, quite frankly. We've clearly previously looked at an acquisition in Sofa.com as everybody would be aware of. We continue to be open to potential opportunities there. Also, we will look at what we do organically and are there obvious product groups or ranges that would fit within the mix. Anything that we would do in that space will be tested and trialed. One of the things that's great about digital, you can try something and you're not moving the whole store around, you're not impacting 100 stores. You can try it and see what the impact is, and then if that works well, you can put it in a handful of stores and so on and so forth. We talked earlier about percentage of customers who buy online after visiting a store. The question is, how does that look and what does the new normal look like? What's the implication for store numbers? I think I touched on it slightly earlier about obviously this year, we've seen 14.5% of people who bought online. I think that was partly driven by the fact that obviously stores were shut. We do think that will increase going forward, the percentage of people buying online. I think I've talked about earlier, we expect that to be more early double digits or late single digit in the next 12 months. With regards to the second part of the question is implications for store numbers. I think as Steve's touched on earlier, we still feel that 100 is about the right number. There may be a couple more we'd look to go into if the financials work, there might be a couple we come out. As we touched on, that store network is the real backbone of the business, customers do, we see, especially or even more so in flooring, they like to come and see and touch the product before make that purchase. A question around distribution costs, percent of gross sales. It fell to 5.8% in FY 2021. What is the target going forward? We as a business don't staff up to our peak months. We bring in third parties. If you think about December is a big month post the winter sale the kind of March, April time is a big period, you have another kind of peak in July. We do have our own delivery trucks. We pair those up with third party carriers in the peak periods. As we increase sales, we'd expect to see some efficiencies like we've seen this year. What's the target going forward? We aim to keep that below 6%. We are seeing some cost inflation as we touched on earlier. Steve, maybe one for you. A question, has current operating difficulties in the market led to a reappraisal of your supply base? Maybe more onshoring. Yeah. Thanks, Chris. I guess I'd start by saying that about 60% of our product comes from the U.K. and Europe, 50 odd from the U.K. with the remainder, the 40% from the Far East. Right now, we're in October and we're still able to allow customers get product for Christmas. There's still a broad range of product available. To the wider question about the Far East, et cetera, yes, it is something that we are looking at. Poland is a fairly large center for furniture, so we're looking at the potential of that. We're also looking at the potential of South Africa. Sail times from South Africa are 18 or 19 days, so about half that from the Far East and therefore clearly more cost efficient. Yes, it is absolutely something we're looking at right now. Another question, Steve, can you characterize the current competitive environment and has capacity reduction helped ScS prospects? The current competitive environment, I guess it's always tough out there. We've clearly benefited, as have our peers, from a pent-up demand for a period of weeks, months. We've clearly lost Harveys out of the market, and Oak with a number of stores reduced there. That clearly puts capacity in. I would say that I've hopefully got across that we're a super strong business and we're fit and ready, whether it's online or in store, to be able to hoover up and be as competitive as anybody else in the market, particularly down at our value end. Okay, a couple more. One is, how do you see your ability to further enhance the sales of floor coverings going forward? Yeah. Floor coverings is one of those products that we're trying to get our head into. We've got a lower market share than Carpetright or Tapi, but we have a fantastic offering. For example, we've just brought a new underlay product in, which is completely recyclable, made from plastic bottles. We're the only flooring supplier in the U.K. that has it on top of our Sedna carpet which is made from fishing nets, recycled fishing nets. We are looking about how do we set ourselves apart from the competitor and continue to grow that business. Question, another question on the scaling opportunity in terms of growing the store portfolio over the longer term. I'll take that if you want, Steve. Historically, when we've looked to open a store, it's cost us, including the stock, around GBP 1 million with regards to the store refit, and we look for a payback, a cash payback in around three years. On average, we're looking over just over GBP 300,000 EBITDA from every store we open. As Steve talked about before, it's easy on a model. We just need to make sure, obviously, we do the whole judicious review piece before we start to open them. If we did find 10 good opportunities, that could be an EBITDA opportunity of up to GBP 3 million. Another question, have you seen any tightening in credit assessment with our finance providers and then therefore impact on sales conversion? We haven't actually seen if you look at our acceptance rates. We have three finance houses who work with us, two in store and one online. We haven't really seen any reduction in their credit acceptance rates. What we've always had as a business, because we have a mature demographic, is they are very highly rated with regards to credit. We haven't seen any reduction or any impact with regards to default rates. It's been very, apart from people taking less finance, it's been fairly steady across the last 12 - 18 months. Another question around labor, potential labor shortages. Is automation in store a possible route to greater labor productivity? How would I answer that, Chris? I would probably say that we would use technology where we can. With finance, that's now all online. We will look online with WISMO, Where's My Order, which will take out thousands of calls into our call center as such. We will look at where we've got technology to make it easier for the customer and therefore take out an interaction potentially with our team. However, I think one of the unique things that we've got is our fantastic people that do secure a sale. I think in terms of colleagues in stores, they're super important today and will be in the future. One third question on supply chain issues, are we seeing, is this leading to extended lead times between order and delivery customers? We've probably been living with this for probably 12 months now. We obviously saw the large pent-up demand post first lockdown, whilst our suppliers are producing as much as they can, we have seen those lead times extend. That has been obviously compounded by the issues we've seen in the Far East, including the localized COVID lockdowns in parts of the Far East. Interesting for everyone seeing the same issues with regards to longer lead times, as you've seen from the results today, that hasn't, to this point, put the customer off continuing to shop with us. We got a question around an estimate of unencumbered average cash balance throughout the financial year. We finished the year at GBP 87.7. Our average cash throughout the year was about GBP 93. It was pretty close to the year-end position. People often ask how much of that final balance is customer deposits. You'll see from the announcement that our customer deposit balance at the end of the financial year was GBP 37 million. That is part of our normal working capital cycle. That is how the business always operates. Although it's higher than normally it would be at the year-end, it would more be closer to GBP 20. There was a mention made around a more simple and decluttered store. Does that mean a reduction in products in store, Steve? I don't know if you want to cover that one. I would say that we're very early days with that. For me, we'll do two trial stores. We'll remove some things which might be point of sale, it might be product. As I say, we'll step into it really carefully. We'll use the Power BI and the analytics tools to really deeply measure the impact of it. If we think that there's something in it, we'll trial it in a few more stores. Clearly, if there's more in it, we'll roll it out across the state. This is a three-year strategy that we've talked about, and we're a few weeks into it, very early days to really understand yet what does that mean. Another question with regards, are you still looking at vertical integration? Historically, for people who have followed the business for a while, we did look at vertical integration when we tried to acquire Sofa.com. That had a manufacturing plant in Poland, which we thought we could produce ScS product as well as the Sofa.com product out of that. It's something that we would look at with regards to that supply chain, but obviously it needs to be at the right value and the right partner for us. Yes, certainly something we would still look at, but it needs to be the right fit for the business. I think if my system's working, I think they are all the questions. If we haven't answered the exact question, I think we've covered them during the presentation or with other people's questions. I think that's all. Okay. Can I just finish off by thanking you for your time and clearly any more questions, please shoot them through to Buchanan, who will get them onto us, and we'll get back to you. Thanks very much, and catch you all soon.