Good afternoon, and welcome to the SDI Group plc final results investor presentation. Throughout this recorded presentation, investors will be in listen only mode. Questions are encouraged, and they can be submitted at any time using the Q&A tab situated on the right-hand corner of your screen. Simply type in your questions and press send. Before we begin, I would like to submit the following poll, and I would now like to hand you over to CEO Stephen Brown. Good afternoon. Good afternoon, and a warm welcome to today's final results for the year end of 30th of April 2026. I'm Stephen Brown, CEO of SDI Group, and joining me is our CFO, Ami Sharma, and Group Head of Corporate Development, James Dimitriou. Today, we'll walk you through our group summary, provide an operational review, present the financial results for FY 2026, and discuss the outlook for next year. At the end, we will answer any questions you may have. First, let me introduce you to the SDI Group. We are a buy and build group with, at the year-end, 18 established businesses with over 550 employees operating from 19 locations worldwide. We operate a decentralized model that fosters autonomy, independence, and agility, with our focus being on high-growth scientific niche markets. We have a proven strategy of combining organic growth with earnings-enhancing acquisitions, having made 21 since 2014. In FY 2026, we achieved a total group revenue of circa GBP 75 million, and this came from growth from all three of our divisions. This is, in fact, the highest level in SDI's history. Also, with our operations being geographically diverse, we export more than 70% of our highly specialized products to international markets. Our buy-and-build model relies on a compounding cycle of growth. This cycle focuses on two key pillars: organic and inorganic growth. Organic growth strategies include driving operational excellence and promoting synergies to foster group culture. Our model works as cash flow generated from organic activities feeds it inorganic growth, where we seek to acquire complementary, profitable business in niche markets. This all feeds back to create a compounding effect. I'll provide a bit more detail on what we delivered during the year. This financial year has been one of real momentum for the SDI Group, moving beyond simply proving our resilience to actively delivering growth. This year demonstrates the success of our unwavering focus of the strategy we deployed previously. We delivered solid financial performance with circa 13% increase in group revenues, driven by robust demand and an 8% increase in second-half organic growth. We are proud to report that we expanded our group level management team and intend to strengthen our capacity for portfolio management and supporting our growth strategy. Our growth was further driven by two acquisitions that perfectly align with our strict criteria. We are proud to welcome Severn Thermal Solutions and PRP Optoelectronics. I would now like to provide a bit more color on some of our key organic growth initiatives undertaken during the year. We focused on extracting tangible value from our group network, identifying opportunities to improve efficiencies and market access, as well as potential cross-selling opportunities across the portfolio. We invested in modern ERP systems at Fraser, LT and Peak to build a more resilient and scalable infrastructure. We've seen great cross-divisional collaboration, such as Monmouth Scientific partnering with Fraser Anti-Static to develop a market-leading product leveraging individual products from each business. We also saw a second appearance as a collective at the Lab Innovations Expo, bringing five of our businesses together under a single banner to showcase an integrated product offering at the U.K.'s leading industry event. To foster internal talent, we've invested strategically in our people, sponsoring five colleagues into level 6 CMI senior management apprenticeships, ultimately lead to top-tier recognized qualifications. This strong initiative will continue to grow into FY 2027 and beyond and will include a cross-section of levels. We do this as part of our goal of continually building a robust and sustainable business. I would now like to give an operational overview of the business at divisional level. It's worth reiterating that all three of our divisions delivered growth in FY 2026. Our Industrial & Scientific Sensors segment delivered excellent revenue growth of 23% to GBP 21 million. Depicting a few businesses within the segment, Chell Instruments enjoyed a phenomenal year, expanding in Formula 1 to supply 10 of the 11 teams and securing aerospace contracts for Tempest and HALO Space. Sentek successfully secured a multimillion contract with a multinational healthcare client for custom electrochemical blood gas sensors. Peak Sensors had a phenomenal year driven by thermocouple projects in the glass industry. As per usual, we have continued product development across the group. One example of new products launched in the period is MPB's new Long Series 1200 flow meter, which is designed for gas and liquid measurement, typically used in laboratory, industrial, as well as process control environments. The division was further boosted by the addition of PRP Optoelectronics. More to follow with PRP. To our laboratory equipment segment, where revenues increased more than 12% to GBP 27 million. I'd like to highlight a few of the successes within the division. Safelab secured a major GBP 1.3 million government contract to supply over 100 Air-1 XP4 fume cupboards in the defense industry. Monmouth expanded its capabilities by forming a lucrative exclusive partnership for modular clean rooms. LT received a bulk order for flexible bespoke drying cabinets from a major client. Severn Thermal Solutions, acquired in June 2025, proved their technological capabilities by finishing their pilot program for a new vacuum furnace alongside the UKAEA. Among new product launches in this segment was Safelab's new Air-1 C700 ductless recirculating fume cabinet designed for industrial labs, universities, research facilities, and higher education environments. The Industrial & Scientific Products Division seen solid performance across the division, with revenues up 6% to GBP 27 million. Atik Cameras performed very strongly, securing a $4 million professional astronomy contract and winning a pivotal integration into the prestigious Deep Space Observation Telescope project, the world's largest all-lens telescope. InspecVision continued to gain traction in North America, completing installations for key multinational companies across the aerospace, e-commerce, and industrial manufacturing sectors, and receiving the Best Award 2025 for Innovation at the leading industry conference. Fraser saw increased activity from South Korea. Scientific Vacuum Systems demonstrated strong customer stickiness, securing a GBP 2.2 million contract with a leading global consumer brand. Applied Thermal Control releasing new portfolio products to address regulatory changes relating to phase-downs and bans on F-gases, as well as chillers able to survive in increasingly more common temperature extremes. I would now like to hand over to James to provide some more detail on the acquisitions undertaken during the period. Thanks, Stephen. Yes, moving on to our inorganic strategic development. In FY 2026, we made two earnings-enhancing acquisitions, both of which in line with our key criteria. Firstly, Severn Thermal Solutions, which we acquired in June 2025 for GBP 4.8 million. They've got 11 employees and are based in Dursley, Gloucestershire, and have been positioned into our lab equipment division. Severn are expert designers and manufacturers of specialist furnace systems and environmental chambers. These systems are capable of going from almost absolute zero to over 3,000 degrees C. Their focus is on advanced material testing and processing applications, specifically within highly technical and high-value markets such as aerospace, semiconductors, and most recently in the nuclear space, as Stephen mentioned earlier. They will remain autonomous as part of our decentralized model. Our second and most recent acquisition, PRP Optoelectronics, was completed in February 2026 for a total consideration of GBP 9.3 million. They're based in Swindon with 33 employees, and they're sitting within our Industrial & Scientific Sensors division. PRP are specialists in the design and manufacture of custom high-performance microLED systems. Whilst they make LED components for optics, industrial printing, and purification systems, their core focus is the supply of mission-critical components such as instrumentation, warnings panels, and switches for civil and military avionic platforms, including the Eurofighter Typhoon, F-16, F-22, and the Airbus A320. PRP will also be kept autonomous as part of our structure. Since joining the group, the integration of both companies has already gone very well, with the leaders of each business settling in and already exploring synergies across all divisions within the group. I shall now hand you over to Ami for our financial overview of the year. Thank you, James. Afternoon, everyone. Looking at the financial highlights. SDI has had a good year. It was second half weighted as we expected at the interims. This was due to the timing of deliveries on some large contracts. I'll talk about this in more detail later on. This drove this particularly strong organic revenue growth over the second half of the year. We saw over 7% growth due to acquisitions, and the strategy that we have implemented over the last couple of years has driven organic revenue growth of above 5% for the full year. Adjusted EBITDA improved to GBP 14.1 million, and adjusted operating profit grew to GBP 11.6 million, whilst net operating margins improved from 15%-15.5%. We saw strong growth in adjusted profit before tax, and hence adjusted diluted earnings per share. Cash generated by operations exceeded GBP 10 million once again. The acquisition of PRP was made in the last quarter of the year. This increased net debt to GBP 24 million at the period end. Turning to the income statement. The GBP 4.7 million acquisition growth includes PRP and Severn Thermal, which were new acquisitions this year. InspecVision revenues for the first half of this financial year, and Collins Walker for the first 11 months, represent the balance of the acquisition growth. Organic revenue growth was therefore 5.3% on a constant currency basis for the year, 6.7% in the second half alone, again, on a constant currency basis. Organic revenue growth was 7.6% in the second half if you include currency effects. Gross profit margins increased to 66%. This is on materials only. On a like-for-like basis, gross margins improved from 64.9% to 65.7%. Pricing continues to be a key focus for the group. Our cost base increased this year for a number of reasons. We saw the impact of increased employers NI, minimum wage, and apprenticeship levy, which increased operating costs. SDI also invested in additional management resources to support its organic strategy. Average net debt was higher this year. Interest rates were lower. This meant that finance charges increased by GBP 100,000 compared to last year. The tax rate on adjusted PBT was unchanged at 22.7%, which meant that the adjusted diluted EPS grew at a similar level to adjusted PBT. The next three slides provide a bit more detail on the financial performance of the three segments. We start with the Sensors division. PRP added GBP 1.3 million in revenues post-acquisition. Excluding PRP, organic growth was an excellent 15.4%. This was driven by strong performances at Chell, Astles, and Sentek. Chell delivered most of a million-pound smart meter system project in Q4. Sentek saw strong demand from its OEM customers for pH sensors and pH electrodes over the year. Astles saw growth from chemical dosing system revenues as well as spare sales. Peak had an excellent year, as Stephen mentioned, driven by demand from the glass industry. This segment increased its EBIT by 17% to GBP 5.3 million, operating margins of 25.1% compared to 26.4% last year. The reduced margins reflect contract mix. Next, the Lab Equipment division. Better year for this segment. Severn Thermal joined the division early in the financial year and added GBP 1.8 million in revenues. Organically, segment grew by 4.8%. Safelab, Monmouth, and LT all had good years from a revenue perspective. The large government contract Stephen referred to was largely delivered in Q4. Monmouth saw growth in clean room sales. LT's product range showed year-on-year improvement, while Synoptics continued to see a slower market. The segment increased its EBIT by 30% to GBP 3.5 million. Net operating margins improved to 13% with Severn Thermal providing a positive mix impact. Next, the Product division. Acquisition revenues become organic 12 months from the date of acquisition. InspecVision and Collins Walker contributed GBP 1.5 million in non-organic revenues. The division saw largely flat revenues this financial year on an organic basis. Overall, there was a small organic decline of half a percent. Atik had a very strong year delivering the large professional astronomy contract Stephen referred to. Both Fraser and Graticules were largely flat revenue-wise. Scientific Vacuum Systems saw a slower period of trading as it worked on one large program compared with two in the comparative period. As Stephen mentioned, the second largest contract worth GBP 2.2 million was won late in the financial year. The segment increased its EBIT by 23% to GBP 6.1 million. Net operating margins increased to 23% due to the excellent performance from Atik and improved margin and overhead management at Fraser. Turning to cash. SDI generated a cash of GBP 10.2 million in FY 2026, which compares to GBP 12.9 million last year. FY 2025 was a very strong year for cash, with the working capital at the end of that year at a very low level. For this year, working capital has increased by GBP 3 million. Of this, trade debt has increased by GBP 1.5 million, with a lot of activity in the last 2 months of the period. Debtor days remain low at 44, similar to last year-end. Inventories increased by GBP 1 million. These were across most businesses, with the largest increases at Atik and Monmouth. Other debtors direct credit has increased by a net GBP 1.1 million. The largest component was 0.5 million relating to SVS. Final cash flows on an ongoing long-term contract with a U.K. government customer will not be received until this financial year. This slide shows graphically the movements in net debt. GBP 10.2 million in cash generated by operations is on the left-hand side of the graph. Utilization of that cash is illustrated on the right. We ended the year with GBP 24 million of debt, excluding leases, and this compares to GBP 13.8 million at the beginning of the financial year. We renegotiated our bank facility over the autumn for some improved terms. This provides GBP 25 million in committed funding for another 3 years to November 2028, with a further two option years available. A further GBP 15 million accordion option was available to SDI at HSBC's discretion. GBP 6 million of the GBP 15 million accordion was exercised in February to fund the acquisition of PRP, leaving GBP 9 million in the accordion available at the end of the period. There was headroom of GBP 4 million on the RCF at the year-end. Our leverage at year-end was 1.7x net debt to EBITDA, driven by the acquisition of PRP late in the financial year. By the end of June 2026, gross borrowings had reduced to GBP 26 million, meaning the RCF headroom had increased to GBP 5 million. There was GBP 0.7 million in outstanding deferred consideration at the year-end relating to PRP, and this was paid in May. I'd like to hand back to Stephen, who will take you through the outlook. Thank you, Ami. Looking forward to our next year. For the future, our strategy remains consistent and focused on delivering growth both organically and inorganically. We will continue to leverage our expanded management bandwidth to drive operational excellence, promote cross-selling synergies, and of course, invest in R&D. We enter the new financial year with strong momentum following our 8% H2 organic growth and our acquisition pipeline remaining robust and actively managed. With our renewed credit facility, we have significant firepower and the capacity to execute on future opportunities. Finally, we expect to deliver FY 2027 performance in line with market expectations and remain confident that we will deliver sustainable compounding and long-term value to all of our stakeholders. Thank you. That's great. Thank you very much indeed for your presentation. I will now bring your cameras back up for the Q&A. Ladies and gentlemen, please do continue to submit your questions using the Q&A tab situated on the top right corner of your screen. While the company take a few moments to review those questions submitted today, I would like to remind you that a recording of this presentation, along with a copy of the slides and the published Q&A, can be accessed via our investor dashboard. Ami, at this point, if I may hand over to you to chair the Q&A. Read out the questions where appropriate to do so, and I'll pick up from you at the end. Thank you. Great. Thank you. The first question that I've got is, what do you know about this new shareholder in your register who's built up a 13% stake, and what do you know of his intentions? I'll hand that one to you, Stephen. Yeah, sure. Okay. Whilst we can't control who buys our shares, of course, we're a public company, we can confirm that we do have active engagement with Mikhail. Of course, along with our major other shareholders. The good news is that he really understands our business model and he's confirmed that he is supportive of the direction and strategy of the business. He has given us some really valuable feedback, and he does add quite a lot of value to the business. His background as well also brings value. He does seem to be a very supportive shareholder. Okay. Next one. Will you be looking for bigger companies to buy going forwards? Okay, I'll give that to you, James. Okay. The intention long term in the foreseeable future is not to go bigger in terms of acquisition sizes. We are likely to do more quantities of the range that we have been focused on already, which is the one to GBP 1 million-GBP 1.5 million EBIT range. What you are likely to see in the coming years is that we will do less of the smaller sizes, which historically we have been looking at about GBP 0.5 m illion or so EBIT. We suspect that they will become a bit less frequent, and they will be focused on bolt-ons rather than the autonomous ones, which is the GBP 1 million plus EBIT. Okay. Now there are two questions on AI. First question is, what is your view on AI and its potential impact to SDI? There is a second question on the same theme, which is, how much of a threat to SDI is AI? The key add to industrial businesses from AI is cost reduction and more output with less people. SDI's small operating units mean there is no scaling to be had. Does this advantage larger competitors? Stephen, do you want to take this one? Yeah, of course. AI is a very exciting topic and we could probably talk all day about that one. How does AI relate to SDI? There are a couple of factors here to consider. First of all, in terms of a threat as AI to SDI, that is something which we do review on a very regular basis. The good news is that our model, being a largely manufacturing model, we do not see AI being a particular threat to us. Where what we do is not easily replaceable by AI in any stretch. We also operate in very niche industries, and we also supply very niche equipment as well, which again is not replaceable by AI. We also feed that into our M&A strategy as well. Whenever we are looking at a business, it is actually one of our selection criteria is there a possibility of this being taken out or at least reduced by AI? Really, if the question is yes, then we typically would factor that into the deal. The other side really from an operational standpoint, is something that, again, we are very hot on. I think we can clearly report that our portfolio of companies is well ahead in terms of AI adoption, especially where it provides a key technological advancement in their fields. A couple of businesses, InspecVision and Synoptics, are integrated as a vital business tool into the products themselves, particularly InspecVision, where it uses AI for various code generation, which is really good, and it has improved efficiency there quite quickly. For example, time to market of software updates has been really powerful and really advantageous to us going forward. At group level, we do leverage AI tools, probably more extensively than what we did, and that's improving. We're looking at more formal AI integration possibilities as well, identifying areas where we can improve efficiencies going forward. We do need to be ahead of the curve. Are we quite there yet? No, but we're very aware of it. Okay, the next few are for me. Is the jump in receivable days due to acquisitions rather than existing customers paying slower? The trade debtor days were 44 at the period end. In terms of absolute debtors, yes, the debtors' level increased due to acquisitions. In terms of debtor days, it was 44, which was the same at last year-end. Existing customers are not paying us slower. We are collecting in line with what we've done before. If you look at it in terms of other debtors, as I mentioned on the presentation, there is some working capital tied up with Scientific Vacuum Systems, which will be recovered in the first half of this year. It's just a routine cash flow at the end of a contract. It's just moved to the right. That's the other factor within receivables jump. Okay, next one's for me as well. Do you pay for all your acquisitions by debt? Well, at the moment, yes, we do. That's how we do. The way we do things is we pay down the debt through our cash flows, then leverage up again to buy another business, I guess that will be the business model going forward for now. I think we said that before, that will continue. Neil, a question from the next one. Can you provide some more color on the FY guidance? Did I understand it correctly that Q1 started with 8% growth? I think the full year guidance you can find on the press release, for FY 2026 and for FY 2027, as it was coming into today. I'll point you towards there instead of trying to quote the numbers now. In terms of the last question, or last part of the question, which was, did Q1 start with 8% growth? No, no, that's not what the presentation said. We haven't finished Q1 yet. Q1 finishes at the end of this week. It was the second half of FY 2026, which showed, in absolute terms, 8% organic growth. Yes, we did have organic growth, but it was in the second half of the last financial year, not Q1. We can confirm that the start of FY 2027 has started strongly. As Ami said, we haven't closed Q1 yet, it is looking pretty strong at the moment, both from an order book standpoint as well as output. Look, we are quite optimistic about the year going forward. Do we have any concern over our new debt levels against our cash levels? I think what that means is that in terms of our leverage. We're at 1.7 x net debt to adjusted EBITDA. The limit's 2.5 x. We've got plenty of headroom. That's started to come down and indeed has come down since year-end, and will continue to come down as we generate more cash. There's no concern here. We're cash generative, and we will continue to reduce our debt as the year goes on. As we said when we made the acquisition for PRP, which is where the additional debt came from. It sounds as though H2 benefited from certain large contracts at certain businesses. How confident are you that the recent momentum can be sustained? Okay. Those contracts we knew about right at the beginning of the financial year, we knew they would be second half weighted. Obviously, we have a budget for the current financial year. We don't quite have that profile this year. For the first half, we're looking at a slightly better first half, second half split than last year. We ought to see some more organic growth again at the first half. We are confident. I think that's what we said in terms of, Stephen? The good news as well that the first half of this year is not necessarily supported or prompted by significantly large contracts. That's right, yeah. We've got a much smoother profile going into this half, which is why the confidence and which is why the more even H1, H2 split that we didn't have last year. That's great. Stephen, Ami, James, if I may just jump back in there as you have addressed all those questions from investors today, thank you very much indeed. Stephen, before I redirect investors to provide you with their feedback, which I know is particularly important to yourself and the company, could I please just ask you for a few closing comments? Yes, of course. I'd just like to thank everyone for joining and taking the time to listen to us and to the presentation and all the good questions. The questions were good and very relevant. I'd also like to thank all of our stakeholders for their continued support and look forward to keeping you fully communicated to and in the loop as we continue our journey. Thank you very much. Fantastic. Well, look, guys, thank you for updating investors today. Could I please ask investors not to close this session as you'll now be automatically redirected to provide your feedback which will help the company better understand your views and expectations. On behalf of the management team, we would like to thank you for attending today's presentation and good afternoon to-