Morning all. Welcome to the ScS prelim results for year ending the thirtieth of July. I'm delighted to be here with you all this morning. You'll see from the agenda there that I'll just quickly cover off the highlights for the year. Chris will get into the meat and bones of the financials. I'll take us through the rest of the presentation in terms of the strategy that we launched last year, how we're doing with that, and finally, summary and outlook. In terms of highlights, I guess, you know, on the back of all the challenges that we had last year, whether that's container costs, inflation, Ukraine, cost of living, and I think that we're really pleased that, you know, our underlying profit before tax, excluding the business rates relief increased by GBP 5.6 million to GBP 13.8 million. Good underlying PBT with a one-year like-for-like growth of 3.9%. You'll know that the order book was pretty large following COVID and closure and so forth. The order book we reduced that by GBP 31 million, nearly GBP 32 million, to GBP 71 million. That's still GBP 29 million higher than we closed in FY2019, and we'll clearly look to push that through in the coming weeks and months. Delighted, as you know, that the business has no debt and a strong balance sheet with cash of over GBP 70 million. Therefore, we're really pleased to be proposing a 35% increase in the ordinary dividend to GBP 0.135 for the full year. You'll also be aware that during the course of the year, we commenced the buyback program in terms of GBP 7 million. So they're the financials. As I say, Chris will go through them in much greater detail in a minute. I'm also really delighted in terms of market share growth. We've had the figures just very recently, and we grew by 0.7 points. No competitor grew more than us. I'm delighted that we were able to take share across the piece. Finally, you know, I'll spend good time on this as we go through the presentation, but this time last year we launched the strategy, made really good progress on it. Pleased with what we've done in terms of the leadership team and how we strengthened that. Really delighted in terms of focusing on customer. We are now at the maximum five stars for Trustpilot with over 370,000 reviews. We've also implemented our new concept store with three of them up and running, and I'll cover that again in more detail. Digital, as you know, for me, as we talked about this omni-channel journey, big focus last year getting the team and partners and tools in place, and sales are circa double what they were pre-pandemic. I think all in all, you know, a strong set of results, good strategic progress and a resilient and strong balance sheet. With that, I will hand over to Chris for the financial review. Thank you, Steve, and good morning, everyone. I'm gonna spend the next few minutes going through our financial slides. These are pretty similar to what you've seen before. We've kind of kept it fairly consistent. I think we get reasonable feedback that it's helpful for people to model and understand. Those of you who followed the story, you'll remember we did an upgrade in August, and we've again slightly ahead of the results we've announced today. We had a record year on growth sales, and we'll go into a little bit more detail about the moving parts in there, which probably won't be a surprise for anyone when you see what's kind of gone up and what's gone down. Our profit before tax, there's a separate bridge on that. As Steve mentioned, there's a big impact on that 'cause of the reduction in the business rates relief. We'll spend a bit of time on that. Earnings per share, we ended at GBP 0.362. Again, slightly ahead of market expectations. We're not quite a third of the share price, but that's kind of where we're heading towards. Gross margin was probably one of the challenges. You know, we're pretty much in line with prior year and the pre-pandemic levels. That was a challenge, probably the best way to put it, where there was a lot of effort and time went into managing that. As you can imagine, we've had a fair bit of cost inflation from suppliers, both raw materials, transport, labor. We are fortunate to some extent because we are a non-stock model. We kinda can see those price rises coming, and we can adjust for those. We have a pretty sophisticated Power BI solution in place that allows us to forecast things like markup and allows us to adjust pricing appropriately to ensure we protect that gross margin, which is something we have done and will continue to do. Cash fell, but it was in line with what we expected with regards to some working capital movements, and we'll touch on that later in the presentation. As Steve's just talked about, we saw a proposed increase in final dividend, gives a full year of GBP 0.135. That dividend is pretty well covered on earnings. It's about GBP 2.68 covered based on our current EPS. Kind of a strong position to kind of finish the year in. If you look at growth sales, and as Steve mentioned, we start the year with a very large order book. Our lead times are longer than we probably wished they would be. We still finished the year probably slightly behind where we'd want to be with regards to lead times. We start this new financial year with, again, a very strong order book, which will be delivered in the next kind of two to three months. If you look at the moving parts, in-store furniture was up just under 15%. In-store flooring was up nearly 14%. The area we did see a decline, which we expected, was we saw that online sales come down by just over 30%. Interestingly, you know, we're not the only people to report. Once the stores are back open, we do see customers coming back in store, where we are seeing that, and it's always been our belief that while there's a lot of research done online, and it is important part of the business, that investment that Steve will touch on later, we do feel that omni-channel, especially when you're talking about our average order price on furniture's nearly GBP 1,800. The customer just does wanna come and sit on it. Having that bricks and mortar, and we have 98 stores across the U.K., definitely supports the whole kind of customer journey. I think for me, that kind of omni-channel element is critical. I think it's an area which we have invested in this year and will continue to invest in. Ultimately, if you look at online sales pre-pandemic, so the last normal period before the kind of stores were shut, we've nearly doubled our sales in that area, so still strong progress. If I move into underlying profit to our taxes, our usual bridge. While if you look at the statutory numbers have gone from GBP 18.4 million-GBP 16.4 million, there's been a GBP 7.6 million reduction in rates relief. So actually, when you strip that out, we've moved forward year-on-year by GBP 5.6 million, which is certainly encouraging. We've talked a little bit about the gross margin, so increased sales at that 45.3% gross margin meant we saw our gross margin absolute terms go up GBP 9.3 million. Distribution costs, an area where we won't be the first people who are talking about that. We have seen some cost inflation in that area. If you look at a percentage of gross sales, last year it was at 5.9%. This year it's at 6.2%. What we've seen in that sector is we initially at the start of the year, we had a little bit of pressure around the wages for our 7.5-ton vehicle drivers, which was obviously widely publicized across the U.K. We then saw that kind of feed into operatives, warehouse operatives. There was a number of companies who started to compete above the minimum wage. We've seen a bit of inflation there. The other thing we saw in the year is obviously fuel costs have gone up significantly. Our 7-ton vehicles drive on the diesel. They're not electric. We did see an increase in fuel costs, and we also relocated one of our sites, and we have seen a little bit of rent inflation in that area. While we haven't seen much rent inflation, if anything, a reduction in our retail space rents, we've definitely seen that in the distribution piece. Slightly higher percentage than we would have envisioned at the start of the year, but for widely publicized reasons. Marketing looks like a big increase, GBP 6.1 million. If you remember last year, we were closed during our winter sale and for a period afterwards. Actually we're back to the sort of level of investment as a percentage of gross sales as we've always been. Always sat between 6.5% and 7%. This year we're at 6.8%. Whilst that's a big increase, it's in line with what we've done historically. No real kind of big change there. Payroll costs, we saw the payroll costs reduced, which I suppose may be a surprise to some people when you think about the impact of we gave a 2% pay rise at the start of the year. We then had the minimum wage increase. We then had the NI increase from the government. The big reduction there is there's a GBP 3.9 million reduction in performance-related pay. In there, we delivered more goods. That means commission went up by about GBP 500,000. When we set off at the start of the year, we set ourselves fairly stretching targets around gross profit, sales and EBITDA. Compared to the prior year, we saw a reduction of around GBP 4 million in those kind of performance-related pay awards, which is something we've talked about historically when the business does well, the kind of management team do well, but it didn't quite get to where we wanted to this year, so we saw a reduction year on year. There is an increase in the kind of basics, let's say, but we'll touch on that on the next slide, the moving parts. We talked about government support, so that's business rates relief. That effectively ran out at the end of March 2022, so a big reduction year on year. Then some movements in other costs and a little bit in property and interest. Ultimately, where we got to in the year, you know, to GBP 16.4 million, as I say, decent beat to the numbers pre the August update and a slight beat as of the numbers there that were in the market yesterday. Something we all share, our flexible cost base. We're at 74% we would, we would say are variable with sales. You know, we're, as I mentioned before, we're a non-stock business. We don't buy a load of stock. A lot of our business is special order. Even the short term, we've got some stuff we deliver in two weeks or direct home delivery that again, we don't hold the stock. We don't kind of carry that risk. It is the supplier's stock. If you look at the kind of moving parts of that, as you'd expect, cost of goods sold and that variable distribution costs, marketing costs, which have always been fairly disciplined around adjusting that with regards to our best view on bookings and on delivered sales. We've talked about performance related costs. Payroll is probably the one that you'll note it's only gone up GBP 0.3 million. If you think about the inflation, also the kind of national minimum wage, and, say, the NI, you'd expect to go up by more than that. This year, we've reduced the average headcount by 3% year-on-year. Part of that is, you know, we're seeing less volume through the business. We have seen some price inflation, but ultimately an area of kind of focus with regards to how efficient we can become. Probably the final thing which people have asked and is probably worth kind of being aware of, in that property-related cost and interest, there's GBP 3.5 million worth of heat and light costs in there in this year, the year ending July 2022. We are 85% hedged, which sounds like we shouldn't see much of an increase next year, but given where the spot rate is currently, that we think that could go up by GBP 1 million. Even though we're 85% hedged, that's high, that kind of spot rate. The government, we understand the government support because our blend rate will be below the cap they've put in. We don't think we'll get anything from that, but we'll get more clarity to that as time progresses. Yeah, overall, I think we're pretty pleased where we've got to, and we're maintaining that flexible cost base is key for us kind of going forward, especially with the potential economic headwinds that we face. Cash flow. Again, this one probably ended slightly higher than we thought it would. We thought it would be kind of high sixties. We didn't quite get as much unwind of the working capital as we thought we would with regards to the order book. As I mentioned earlier, we still carry an order book that's nearly GBP 29 million higher than it was in 2019. We have no debt, important to point out. The current closing cash as of this morning is GBP 37 million higher than the current market cap, which we'll no doubt get questioned on in the next few days. Customer deposits, we always get asked about that number. At the year-end, out of our GBP 70.8, there was GBP 25.5 million of customer deposits. Even when you take that out, which are a normal part of our working capital, still significant amount of cash and still in excess of our market cap. The main movements in the year, the cash flows from operating activities, that's the new style EBITDA, which doesn't have heavy rent and costs in it, which you see in the kind of green one at GBP 28.6 in a couple of slides' time, a couple of columns' time. CapEx, probably less than we originally estimated. At GBP 4.7 million, we invested a little bit in IT. We relocated two stores, we relocated one of our DCs, and we ended up. Well, we completed one of our concept stores and we'd started the other two. In line with what we've done in the past, I think the view is going forward, that could be higher than that number, and certainly that's what's in the consensus out there. Working capital, two big things in there. One is the unwind of customer deposits, which were at GBP 37 at the end of July 2021, and just over GBP 25 at the end of July 2022, and VAT. The government allowed people to defer VAT. All of that has now cleaned its way through, so there'll be no more kind of deferred payments in that. Our capital and interest element of leases or rent, as people would call it in the old days, that is, 28.6 million. Now that's has some element of deferred rent. When we went into the pandemic, we talked to our rent, our landlords, and we deferred some of those payments. Going forward, that'll be more like 25.5%. That, again, those deferred payments all kind of wash their way through. Look at the share buyback, the GBP 3.6 million. GBP 2.2 million of that is the share buyback we've done, as of the end of the year, and the GBP 1.4 million was shares bought for the long-term incentive plans. Tax, we pay our normal element of tax. Our tax rate is pretty much in line with the statutory rate. That dividend is the final from last year and the interim we paid in May. Probably worth noting, we've just renewed our revolving credit facility. We've just signed that off last week. GBP 12 million, and that's in place till October 2025 at better terms than we had historically. Just move on to the final slide, this return of capital to shareholders. We have ongoing debates with our shareholders. We have a number of holders who would like a more aggressive buyback and a number who would like an increase in our dividends. We're trying to keep both happy. We've proposed an increase to the final dividend of GBP 0.09 Versus last year's GBP 0.07. As I say, well covered. It'll give a full year dividend of GBP 0.135 if approved at the AGM, so a 35% increase. We obviously launched this share buyback in March. We have so far, as of close of play last week, we've bought GBP 3.3 million worth of shares, so just over 5% of the share capital of the business has been canceled. It is the board's intention to continue to that program until we get to the seven, and then obviously we'll make a decision at that point whether or not we extend that. Our dividend yield, as we sit currently is about 11%. And for interest, over the last, on average, we've bought those shares back at about GBP 1.62, so higher than the current rate, but coming down a bit with each day that we buy. Ultimately, if you look at our balance sheet, you know, we do feel we can support that dividend and we continue to do that buyback i n a good strong financial position for the kind of next two to three years. I'll hand it back to yourself, Steve. Thank you, Chris. Just in terms of updating on our strategy. Key ingredients, this slide you'll have seen each time we present, so just to shoot through it quickly. Range of price points, you maybe note there that we've always been at GBP 299. We've increased our starting to GBP 329. Had the confidence to do that. We now go up to over GBP 6,000. We've got a real price range there for our customers to choose from. Easy ways to pay, in terms of interest-free credit, there are few competitors that offer the interest-free credit, so that's a point of differentiation for us. Key brands that we have long-term relationships with. I mentioned about how important the customer experience is. Prime locations, Chris mentioned, 98 in the right retail parts. Finally, an area that we've had good focus on this year, digital, in terms of creating that real omni-channel experience and journey. Just to remind you of our strategy and our sort of circle of success. You'll see in the middle there our purpose, helping create the home you love. The inner ring then strengthening the core about the business as was, making sure we stay focused on that. We then at the bottom, both teams and customer, and I'll get into detail on that. The product that they come in to buy at the top there, the inspiring ranges, and then either side of it, digital and showrooms in terms of the channels that customers choose to buy from us. Importantly, outstanding teams, and as it says there in the red box, our colleagues remain at the heart of our business. You know, I personally really deeply believe that people make a business. Throughout the course of this year, we've strengthened our teams. We've brought in a number of really top-notch players to strengthen the team. We've also done a number of cross-functional moves, as well as a number of internal promotions. You know, I honestly believe that we now have the foundational team with the real strength to continue to push the business forward. I talk about developing colleagues. This is about helping the team be the best that they can be. We've initiated a number of programs throughout the year, you know, called Couple Out there. The Moving Up program is for those colleagues that we believe have got more potential, so we're investing in those. Particularly in the concept stores, we've done a different sales training piece, which has gone down fantastically well. Chris mentioned about investing in our colleagues in terms of total reward, particularly around drivers and distribution, where we needed to make sure that we've got best in class because it's the last point that the customer sees and experiences the brand. We've rewarded the drivers and operatives. I'm also really proud that we give every colleague below senior management level a GBP 400 one-off cash payment to support the cost of living crisis. We've matched what the government have done. For you know, our colleagues, that's sort of a week's pay, and they got that on the thirtieth of September with the energy kicking off from the first of October. We've also tried to do a number of things in terms of engagement of colleagues and really get their feedback so that we act on that. Then the final point I've put up there, we've supported our customer experience team with City & Guilds accredited training. You know, we've done lots, I think, this year with our team. I'm really proud of the team. Really proud of what the team have delivered this year for us, and the results clearly. Moving on to customer driven. I guess the focus has been on delivering outstanding value, quality, and choice. As I said in the highlights, I'm really proud that, for the first time we've got this maximum five-star Trustpilot rating, so an excellent rating, 370,000 reviews. On top of that, we have enabled local store-level reviews. Every week, I can see how each store is doing. Every store is at a minimum of four and a half stars, which is also an excellent rating and over half of the business on the full maximum five stars. On the top right, was where we talk about investing in new technology. You know, every day, every week, a number of customers are wondering, you know, "How close am I getting to my order now?" They'd have traditionally picked the phone up. We've invested in new technology so they can go onto the website and basically look where's my order. Much better for the customer and clearly it's more efficient for the teams in the contact center. Obviously it's really important that we know who our customers are, and also for those that haven't bought from us and why not. We've engaged in independent sort of research in terms of brand awareness, consideration, segmentation, and we've used that to help build some of the new ranges that we've got in this year, and we'll continue to do that in FY2023. We've also used Experian to help us really get into granular level of the customer data so that we can continue to improve clearly what we're doing there. Finally, I think it's important that we get it right first time for our customer. This year we've spent a chunk of time looking at product quality, working closely with our suppliers. We've introduced new pre-delivery checks, and we've also put upholsterers in each of the DCs so if we find something, we're able to deal with it before it gets to the customer's home. I think we've made a good step forward this year in knowing who our customers are and how we serve them. Clearly, you know, the reason they come for us is because the product we sell. Inspiring ranges is super important, and I think when we think about some of the challenges that we've faced over the last 18 months, particularly from the Far East, with COVID, with port closures, with container costs, with lead times. We spent the last year looking at the supplier base and looking to nearshore more. We've brought on a number of new suppliers, both in the U.K. and Europe. About 2/3 of the business is now U.K. and Europe sourced, and I think that gives us some optionality. We've also launched a number of sort of new and exciting products. Ideal Home, you know, the magazine has 98%-99% brand recognition. We're delighted with the partnership that we've just started there. Maybe a couple of new ranges. Botanicals is our colorful range, and Laurence Llewelyn-Bowen, you know, the stylish product there. We can see from that Experian data that I mentioned in the last slide that that's bringing in a younger demographic to us. Really pleased with the new products that we've brought in. Also to meet a customer need and demand, we've also added a range of quick delivery sofas, and also direct to home suppliers in terms of things like dining and occasional furniture. Just mentioning dining in the stores, we've trialed putting dining together. That's worked for us. We've seen an uplift having, you know, customers recognizing that we do dining where they may not have done before, and it's easier to compare and contrast. Throughout the course of this year, we're gonna look across all the stores to put dining together. The final point on here is this time last year, I called out that there was more for us to do on flooring. We've looked at the team that's leading and managing flooring. We've strengthened that. We've looked at the customer journey from end to end. We've been out into every store on a number of occasions and increased the colleague training. I'm delighted that, you know, we've seen a sort of 13.6% uplift in flooring on the back of all of that. I should maybe say the photograph that you see there, that's one of the Laurence Llewelyn-Bowen products there. I think really good progress with the supply base, new partnerships and new product. That was inspiring ranges. Moving on to the two channels and just starting with the digital channel and being digitally optimized. I talked about ensuring we had the right people, right tools, right partners. You know, I'm delighted that we've got a new chief marketing and digital officer, the first time the business has had one. We've got the key players in place now for digital. On top of that, we've housed that team in a store. Why have I done that? Well, I believe the team are now close to customers, so they can walk and talk directly to customers on the shop floor, and they're close to the colleagues. That helps us with, you know, our agility to make adjustments to the website and so forth. We've got the team in place now, and we will continue driving digital forward now. Over the course of the year, because the team are in place, we've done a root and branch review of all the partners that we've used. We've tendered a number of the contracts over digital media, search, and analytics. I also talked to you before about needing an econometric model to really help us understand the marketing pounds that we spend in each of the channels and where are we getting the bang for our buck as such. We've built that econometric model during the course of the year, and therefore, we're able to optimize the effectiveness of our marketing. The website, if you go and have a look at it, I believe that it's much more enhanced in terms of the look, the feel, the functionality. Importantly, we've added product reviews. I think, you know, myself, all of you, I'm sure anything you buy of any significance these days or if you're going out to a restaurant, you will go and have a look at the reviews. Again, I think this helps in terms of customer confidence for the products that we have. Finally, on digital, you know, we've really gone after social media this year and a number of influencer campaigns. Really pleased, as I said at the beginning, digital sales have doubled in FY2019, but also, you know, really importantly, it is part of this omni-channel experience. We see something like 75%-80% of customers start their journey online, and therefore, the website and everything around the website will encourage the customers to go into a store and touch and feel the product. We sometimes see, you know, customers in the store just wanna think about it, and then we can, you know, track them back to the website and them buying on the website. They definitely are using both channels. The second channel and clearly the super important one because 90% of the business still goes through the showrooms and therefore we continue to invest in the showrooms. The shape of the network has changed a little bit over the course of the year. We have relocated two stores, so Doncaster and Rotherham. They have moved to better parks on better terms, so we're pleased with those and pleased with the performance there. We have closed two stores where they didn't meet our financial objectives in terms of Southampton, where we had two stores. We've closed one of the Southamptons and we've closed Greenock up in Scotland. We've also implemented three new concept stores as Chris mentioned earlier. Coventry was the first one about three and a bit months ago. Then we've done Metro and Uddingston both last month. I think colleague and customer feedback have been absolutely fantastic. Just actually this week, the customer research is continuing on both of those. In terms of performance, very early days, clearly for the latter two. We are pleased with performance out of those three stores, and they are outperforming the rest of the estate. Actually the precursor to the concept stores was we trialed a declutter program, where basically we re-removed a number of point-of-sale and occasional furniture to try to sort of clean the stores up and give them a more modern look and feel. We've run that out across the estate, and as I say, that was successful and we've taken some of that, the learnings from that into the concept stores. Those concept stores, we've really looked at how we blend digital with the stores. There are a number of digital stations in there with an extended online range. There's product QR codes on all the products, so you can zap it and it'll bring you through to the product and so forth. As I say, you know, for me, customers start online, finish in a store, start in store, finish online, and it's just joining both of those elements together. Then finally on here, we are looking at the size of the estate and whether there are any white space opportunities. I would like to think maybe by the end of the year that we might get two or three new stores opened, clearly only in the right location. We're using Experian data as well as clearly our data models are from financial models to make sure that we open in the right locations. That's engaging showrooms and then over to strengthening the core. For me, strengthening the core is really about the importance of data and using data to really support and help us with our decision-making. As we said, the margin, you know, with all the inflationary pressures and everything else that we had last year, you know, we delivered on the margin number. To support with that, we've built our own product level margin analysis tool that's really helped us on a daily, weekly basis understand each of the component parts to make sure that we're giving fantastic value to the customer as well as delivering on that margin line. We've also been using Power BI where we can drill right down to a colleague level in store to ensure that conversion. We're tracking footfall and therefore tracking conversion as well as quality of sales. We can see who's doing well. We can see who needs some support. Therefore we're sharing best practice but again, using data to help us with that. We've also expanded that out to the distribution centers and the colleagues there. We're looking at things like the efficiency of routing, driving style we're monitoring and helping the guys think about, particularly with fuel price, the importance of that. Maybe lastly to call out just in terms of customer satisfaction, and the whole Trustpilot piece there in the DCs as well as. As I say, it's the last touch point that a customer has for the brand. We've also looked in terms of managing costs. As I say, I think the team have done a fantastic job with cost this year. We've used a number of data points to help us with, you know, compensation, allowances, stock write-offs and so on and so forth. The final point I'd call out maybe on this slide, you'll know the importance of interest-free credit across the business. We've been out and retendered our finance house partners during the course of the year. That's strengthening the core. This time last year, I had a slide up on ESG and said that I felt that there was much more we needed to do with it and that we would really get after it. This year, I believe we've made significant progress with the ESG strategy this year. Just to call a few points out, in terms of environmental, you know, the whole operating board and the SMT have been through Carbon Literacy training. It was actually really very interesting and, you know, surprising how much I can only speak for myself, but how much I didn't know. That's really helped focus our minds and think about what we need to do. Clearly a big proportion of our product is leather. Now 70% of our leather is all sourced from approved Leather Working Group suppliers. I'm proud to say that in terms of electricity, you know, it's 100% from renewable sources, and we've put our first company vehicles are fully electric. A number of things on environmental, including much more in the annual report. In terms of social, we continue to support a number of charities. We've recently partnered with Shelter. We're taking some of our product that we are supporting Shelter with to help homeless and so on and so forth. We support prostate cancer. We've been supporting Ukraine via the British Red Cross and a number of other charities, but just to call out a few. We've also introduced volunteering days across the business. Again, I think that's been very sobering, and we've noticed that once colleagues have done it, they're wanting to go out and support again. You know the business is based up in Sunderland, so we continue to support the charity Foundation of Light up in Sunderland. Finally on this slide, in terms of governance, we have now established an ESG working group. We've got a proper roadmap with targets set for this year, next year, and so on and so forth. We've also published our first report in line with TCFD disclosures. Again, you'll see that in the annual report. Finally, sustainability is a standing agenda on our exec board meetings. Yeah, real progress with ESG, but with all of these things, you know, at the start of a journey, and we will continue to focus in the years to come. That's the strategy piece, and I think overall, I feel that we've made really good progress on it. In terms of summary and outlook, we've clearly delivered, you know, positive results as we've talked through. Really pleased with the market share gains that I've mentioned, despite all the inflationary pressures, supply chain disruptions, uncertainty, and everything else that you're very aware of. I laid out this time last year our strategy, and I'm really pleased with the progress that we've made over the course of the year, particularly the strength of the team that we've got around us that will help us deal with the uncertainty and the challenges that we have in these coming months and year. As I say, you know, for me, a business is about colleagues serving our customers brilliantly well. I'm delighted that we are at our maximum five-star Trustpilot. Times, I guess, are going to be challenging, but you know, we have a strong and resilient balance sheet with over GBP 70 million of cash. You know, delighted that as Chris says, proposing at the AGM a 35% increase in the divvy to GBP 0.135, and Chris has talked about where we're at with the share buyback. Finally, outlook. Having spoken to a number of journalists this morning, they've each asked about the crystal ball. I guess, you know, we all know we're facing a challenging economic environment with you know, the general population and therefore our customer facing inflationary pressure, reduced consumer confidence. We're seeing that in terms of footfall into our stores, and we're seeing that in terms of visitors to the website. Therefore, over the first 10 weeks of the year, our order intake's down 7.8%, although that's been quite lumpy for us. You know, with the sad passing of Her Majesty, you know, we had a quieter period there. We were clearly closed for the funeral. We've had some good weeks, some more challenging weeks. But as I say, overall, we're down 7.8% over the 10 weeks. I guess we have confidence in what we've delivered over the last year. We will continue focusing on the margin. We will continue with strong cost control. We will continue focusing on cash. As at the weekend there, we're just under GBP 77 million of cash. We're confident in the longer term outlook and growth prospects for the business. As a consequence of the strategic plan, I really believe that the six key elements that I've talked you through are the right key elements, and we will continue to stay agile, but focus on those six key elements. I guess we also believe that with the you know, the tightening economy, with our size in the market, it will provide even more opportunities for us to take market share. Finally, our housebroker expectations remain unchanged. That's the end of the presentation. You know, as I say, I think a really good year for us. Good progress. Uncertain times ahead. Subdued first 10 weeks, but think we're well set for the year ahead. Happy to open it for questions. Just in terms of, as you'll be aware, we're recording, if you wouldn't mind just mentioning your name and where you're from. Thank you. Use your microphone. Yeah, Clive Black from Shore Capital. Well, firstly, very well done on your delivery given all the choppy waters. I've got a few questions, but I'll just ask two to start with, and then other people if they want. Firstly, do you have any line of sight when you think input cost inflation to your business will peak? And secondly, in terms of the executive changes you've made, what are they bringing to the business that it didn't have before? Let's start with that. I think with cost inflation, we're seeing inflation at circa 15%. We have tried super hard throughout the course of the year not to pass that all on to our customer. We haven't passed the full 15% on, and that's so that we can ensure we've got value for the customer, but at the same time trying to balance margin. I've mentioned about the percentage from Far East and U.K. You'll be very aware of container prices and the challenges that everybody's faced over the last year. Over $20,000, I think, at peak. A number of our suppliers have taken a one-, two-, three-year fixed contract. 8, 10, 12 thousand fees is about where a number of those suppliers have been at. I think in terms of container price, we expect that to drop at the beginning of next year to GBP 4,000. Sorry, clearly, you know, as that comes off, we've got the dollar/sterling exchange rate piece that's come on. We've got energy that, you know, Chris mentioned, even though we're 85% hedged, will be circa an additional GBP 1 million for us. I think it's hard to call, Clive, all the puts and takes. We will continue to remain as a value-focused retailer so that we're driving that top line, managing margin and cost to deliver the bottom line. In terms of new people into the team, I think, particularly if I look at the exec board, the exec board had huge experience of this business. You know, some of them with plus 20 years, and you know, a huge strength in that. There was also an opportunity. For example, our Chief Marketing and Digital Officer, you know, has been in a number of businesses where, you know, has significantly grown digital, and that was just not an expertise that was in the business. You know, in terms of that channel, we've a new chap in that's focusing on stores and sales and is a big ticket through and through, whether that's kitchens, flooring, et cetera. In terms of really energizing the store teams and understanding how to incentivize and drive that top line. I also think in terms of us as a senior team, you know, we gel, and I look at the team, and it's a team that I want around me that I really believe in to drive the business forward. Yes. Morning. Kate Calvert from Investec. Couple from me. First, when do you think the U.K. order lead times might return to usual? 'Cause they're still elevated. The second question is, can you talk about the competitive environment out there? Do you think this will throw up any acquisition opportunities, and what sort of areas might you look at if it did? Just taking the lead time question first. For the room, the lead times were clearly elevated as we came out of COVID and everybody's order book expanded, so every supplier struggled. The Far East and Europe, their lead times are back to pre-pandemic levels with the sort of caveat, if I might, that you know, we've got 50% of our product goes through Felixstowe, for example, and they're on strike this week. You know, things like that will impact lead time. The U.K. lead time has got much better than it was last year, but is still two or three weeks behind where it would have been pre-pandemic levels. That's really driven by colleague shortages, so they're struggling to you know retain you know recruit and retain colleagues. I think you know that will be a period of time, but once we get through the order book, you know, there should be no reason that they are back at the circa six weeks that we were at pre-pandemic. The second question was about opportunities. I think what I would say is you know we've already had some things come our way. You know but I would also say that we have our strategy and a level of clarity. If something fits into our strategic direction of travel we will look at it. Looking at it and agreeing a number might be two different things clearly. You know, if it supports us with, you know, our inspiring range piece, or if it supports us with, our digital, direction of travel or whatever, we will absolutely look at them. There are other things in categories that we don't play in, that we are not planning to play in at this minute, that have come our way, that we've just looked at and said, "Thanks. No, thanks. Hi there. David Cheese from Stifel. Just wanna talk about the credit offer. Have you seen any uptake from customers? Are you seeing more people leaning to this credit offer? What's the view from your side of things in terms of the increased cost of credit going forward, and if there's gonna be any changes to the offer to reflect that? Yeah. If you look at pre-pandemic, about 48% of the business was done on credit, which is, it had been that level probably 10+ years, at an average tenure of about 36 months. That was what people took as an average. During the pandemic, that fell to early 40s%. We saw less people taking finance. I think historically, that's been a view of, well, are they less certain about the future, or actually have they got a bit more cash in their pocket, so they were taking less finance? What we've seen in the last sort of 12 months is it's upticked slightly, so it's kind of 43%, but the average finance taken has gone up to about 38. The people who are taking it are taking it for a slightly longer period. With regards to the cost of, Steve touched on the fact we've retendered it, so there's a small underlying saving there. But ultimately, the things like that that is linked to SONIA 12-Month or SONIA Base. So we have seen that. We will see that cost increase. It doesn't hit us immediately. We are looking at, you know, at the moment, we offer interest-free credit on everything. We have looked as a board at, you know, do we do it over a certain value like some competitors do? Do you have a larger deposit? We haven't yet got to the point where we think we need to pull that lever, but that's something we'll continue to review. It's a bit hard to estimate where the interest rate is going at the moment. It's been very volatile. Every day we look at it's a different number. It's something we are cognizant of in the group. As I say, we've probably presented to the exec board three or four times on options. What I would say is the value of the profit on a finance order still exceeds the value of profit on a cash order, 'cause people generally add more to the basket and order more goods. We aren't at the point yet where we'd think of kind of trimming that offer. I think it's important for our customers and that affordability piece that we offer, that interest-free credit option throughout the range. Now, whether or not we don't offer 48 months on certain price points, that's a discussion we're having. Morning. Mark Photiades from Canaccord Genuity. Can I just ask on the current trading? I appreciate you've said it's sort of been a bit lumpy, but I guess in the sort of days and weeks since the mini budget, as it were, have you seen any noticeable deterioration from that average number that you've seen? Well, you'd kinda think that to some extent. If you look at the last couple of weeks have been pretty decent. We then had some weather at the start of the year which didn't help. We had then Her Majesty's kind of passing away. It is very difficult to try and spot a trend at the moment. It's not easy. It's not like it started at two or three and has become 12 or 13. It is, each week, seems to be fairly unpredictable at present. It's not like we've changed the marketing campaign. We haven't changed I think we're not changing stuff particularly internally. Just, it appears the customer's that week's either out and shopping or is not. It's only 10 weeks into the year. We're going into a, you know, very important period. The August trading we'll get. By the time we get to the AGM, we'll have a much clearer view, I think, on where that trend is. Nothing obvious. As Steve said earlier, it's very lumpy. It's difficult, particularly each week. I'll have a last go. Clive Black again. With rising base rates, does interest received actually emerge on the P&L again? It does. As people know, historically, we didn't get anything for our cash, which we did pre-pandemic. We now have agreed a rate. We're obviously currently talking to the bank about agreeing a better rate, as you'd imagine. Yes. You'll see in the kind of consensus that we expect, rather than being a cost of about GBP 400,000 a year, we expect that to be an income of GBP 600,000-GBP 800,000 going forward. In part, that's the refinance. We have got a better deal on that. We've taken a slightly lower commitment, but we are getting a lower non-utilization fee as well, so there are two things that are helping that element of charge. Thank you. Lastly, Steve, you mentioned about opening a cohort of new stores. How are you finding the rental environment now in general? Thank you. Yeah. We are looking at opening two, three stores, as you say, Clive. I think a good example would be the two stores that we've relocated, where we were able to relocate into better parks at a lower rental. We occasionally are seeing landlords looking to push rents up. But holding or managing to get a reduction. But we're definitely not seeing increases, which, you know, was one of the things we were concerned about as we came out of COVID. You see footfall on the high street significantly down and it moving to retail parks. You know, I was expecting landlords to be more challenging about it. You know, we're able to negotiate hard and therefore, you know, we're able to hold or, often as is the case, get a reduction. Sorry, can I also just ask a sort of factual question? In terms of in-store footfall and conversion, where is that versus pre-COVID levels? The conversion's fairly flat, and I think the best way to think about it is if you think our average order price is about GBP 15 and orders are down by GBP 7 or GBP 8 you're looking at a footfall decline of around 20%. Now, if you look at what happened from 2015, 2016, 2017, 2018, it was falling by about 5% a year. It appeared people were researching more online, therefore they weren't physically shopping as much. If they didn't see something they liked online, which is kind of back to omni-channel piece, they weren't going to that store. They were kind of selecting stores. I think the customer habit has changed. If you roll that forward to 2023, you would expect us to be down, say, 15% anyway. It's that piece around maintaining and improving that conversion is key for us now. Yeah, because you've often seen a customer come in, go out, walk into one of our competitors, and then maybe come back into, you know. Whereas now, as Chris says, they've researched online. They're pretty clear that this is the thing I think I want to buy. I just wanna sit on it, touch it, and feel it before I pass the card over. I think that's us by the looks of it. Thank you all very, very much for your time this morning. Interesting times ahead, and look forward to catching and seeing you soon. Take care. Thank you. Thank you.