Good morning, everyone, and thanks for joining us. I'm here with our CFO, Shaun Wills, to take you through our FY 2022 interim results and give an update on our peak trading. In a moment, Shaun will take you through the numbers, and then I will talk about the progress we have made against each of our strategic pillars. Firstly, though, I'd like to give you a few headlines on what we've achieved over the last few months. I'm really pleased with our performance in the first half, and we're now showing clear signs of brand and financial recovery, even despite the ongoing impact of COVID-19. You'll see this in the strong financial performance delivered, but particularly in gross margin, which has benefited significantly from our accelerated return to a full price trading stance. The launch of Autumn Winter 21 was the first true opportunity to showcase our product, and not only did our core jacket range perform strongly, but we also saw improvements across a number of other categories such as skirts and shirts. Importantly, the product is really resonating with our female consumers. Women's wear mix is up four percentage points compared to two years ago, and sales are up 10% year-on-year. Illustrating our long-term commitment to the high street, our new Oxford Street flagship store opened in November. This reflects the modern face of Superdry and how we engage with our customers, wholesale partners, and the influencer community. Early trading has also been really encouraging and is ahead of pre-pandemic levels we saw at our previous flagship store on Regent Street. We also continued to make progress on our digital strategy with the number of influencers we are engaging with increasing to over 2,000 from only 270 last year. We saw the largest growth in online traffic over the Black Friday weekend among the U.K.'s busiest retail websites as we reignite the consumer interest in the brand. This has been supported by our increasing investment in social marketing activities and ever improving product. We will continue to build on this as we migrate to our microservices platform later this year. Finally, I was delighted to see our Carbon Disclosure Project rating increase once again to A minus, having consistently improved our grade over the last three years. While there's still a lot left to do, I'm proud of the team's efforts as we strive to be the leading listed sustainable fashion brand. I'll give some more color against each of these pillars shortly, but first, I'll hand over to Shaun to take you through the first half performance. Thanks, Julian, and good morning, everyone. I'll walk you through our first half numbers now and give an update on our latest trading with a view to clarifying what is clearly quite a difficult period to unpick. Not only have we got the COVID impact, which with our European presence is a little more complex than some of our peers, but there's the additional effect of our move away from discounting and towards the full price model that we've outlined as a core element of our strategy on several previous occasions. Let's start with the headlines. The sales numbers won't really be new news to anyone, having already been announced in our pre-close back in the autumn, and I will go into a little more detail on those in a moment. I think what's clear from this slide is that today's story, as has been the case in our last couple of trading statements, is very much about margin growth and the success we've had with our full price offer in what has been quite difficult trading circumstances. That margin movement and the ongoing disciplines and efficiencies from the cost base have helped us to almost get back to break even in the first half. That's despite our stores being closed in Europe for at least part of the time and the well-publicized ongoing impacts of footfall across each of our global markets. The resultant GBP 2.8 million adjusted loss is a GBP 7.8 million improvement on last year and broadly in line with the last clear pre-COVID-19 comparative period in 2019. The other elements on this page I'll discuss in a little more detail throughout this morning's presentation. I'll use this graph to walk through the P&L and focus on the key movements in adjusted profit year-over-year. The first two blocks shown here demonstrate in fairly simple terms that the impact of sales year-over-year is not particularly material, while the margin improvement is very much the majority of the story. Behind those headlines, the sales story is perhaps a little more complex than it appears. Our store sales are up 18.5% on last year as stores started to reopen and consumer confidence started to return, albeit not reaching anywhere near historic levels and disrupted sporadically by government intervention in various markets. It was, however, a steady improvement throughout the half and only really impacted by the sale timings after we made the decision to stop in-store and end of season sales a bit earlier than planned back in the late summer. Our e-commerce operation was up against some significant comps in the first half and of course, was affected by this, but also the return of demand to the high street and the material impact of a significantly smaller summer sale year- on- year. As we stated back in October, the wholesale numbers were suppressed in the first half by late intake, which was as a result of the highly publicized supply chain pressures globally. I think you'll see a little later on in our current trading that we've recovered nearly all of this in the first 11 weeks of the second half. While our margin contains numerous moving parts, as ever, the story of the gain is very much down to the shift to full price trading. The graph on the left shows the improvement in full price sales that we experienced during the half and the material impact of the reduction in discounted sales. Now, these numbers are just a subset of our total revenue, being only the owned store and owned e-commerce sales. That's why the -7% total shown here is a little lower than the -4.8% total reported for retail overall. The difference being that the third-party sites didn't experience the same shift to full price. On the right, you can see in the table the margin improvement that was seen in the early months of e-commerce has also been delivered in stores and has remained consistent through to the end of the half. We're delighted to be able to say we delivered 7.4% improvement year-on-year for the half as a whole. There is a wholesale margin reduction shown here, but that's really a combination of product and partner mix rather than anything in terms of a longer term underlying trend to be concerned about. Just coming back to the bridge now, let's have a quick look at the major cost movements. Look, while very profitable, e-commerce sales do carry a significant amount of variable cost, and the 28% year-on-year sales decline that I mentioned earlier has been at least partly mitigated by GBP 10.4 million of distribution cost savings. Now, that saving's been reinvested into our marketing strategy, and that goes mainly across performance marketing to support e-commerce, but also our social marketing and our overall brand marketing. The sum of all those parts is an increase year-on-year of about GBP 6 million in spend, and that's a trend we see continuing through the second half of this year and beyond as part of our brand recovery and the drive to engage younger customers. Finally, we have got year-on-year increases of a net GBP 3.6 million in our remaining cost base, which is a result of the business returning to normal activity as we exit the pandemic, and most significantly the end of the business rates holiday, and that being offset by the store payroll savings from the restructure made earlier last year. Now, clearly, there are lots of other moving parts within our P&L, but I think this outlines the major activities that's driven the main movements. I am conscious that there's not very much reference to property costs on this slide. I think given the way we account for rent now under IFRS 16, it doesn't really play a large part of the story year-on-year and will definitely be more obviously seen in the cash flow. It is worth just saying that negotiations through the first half have delivered a further GBP 1.7 million of annual cash rent benefits, which will flow through the P&L going forwards. Right, I'd like to touch on the main headlines from the balance sheet. Top of the chart here, fixed assets are down 21% and 57% respectively on the past two years, and that really just reflects asset impairments taken during the pandemic, coupled with the slowdown of new store openings. Our program of stock reduction remains on track, and inventory was down 4% at year-end and significantly 17% on two years ago. Now, 4% might not sound much, but that's affected by the average cost per unit having increased significantly given how much our jacket mix has gone up over well versus last year and two years ago. The underlying unit reduction in our stock is around 9%. On this graph, you can see the impact of that. The light orange line at the top shows the weekly phasing from two years ago pre-pandemic, and that's relatively typical of our stock holding pattern. The dark orange line beneath is last year's line, and I think you can see it deviates quite dramatically from the norm as the business dealt with COVID by rephasing and liquidating stocks throughout the year. It did come back to a slightly more normal ending. Then moving into this year, the black line shows a pattern a bit more like two years ago. At each point along that line, I think you can see we're between 2 and 3 million units down on the same point the prior year. I think that's a combination of having cleared out the really aged stock from the business and Julian stated strategy of moving the business to a more efficient working capital model. What I hope this does is give some comfort that COVID permitting, we very much remain on track to hit our year-end stock reduction target of 2 million units. Just going back to the balance sheet. Our receivables on here correlate really with our wholesale revenues year- on- year and also across two years, where wholesale revenues have fallen a bit more dramatically. That is augmented by an improvement in our debt collections and aging despite the economic backdrop we're operating in. Payables also largely in line with last year, but on two years ago, the deferred rent creditor is delivering a significant increase. There's a big other number on this slide, but that largely reflects the increase in deferred tax assets across the two years of around GBP 21 million. Now, despite those working capital improvements I've just referenced and the improvement in adjusted profit, we have seen a significant but planned cash outflow during the first half. We closed the year with cash of just under GBP 39 million, as we stated back in September, and our capital investment has roughly offset the cash generated from operations before rental payments. However, this year we have seen a significant cash outflow from paying off some of the deferred rent from last year. Now, some of that was pure catch up that just became due, but the majority was paid as part of deals to improve lease terms going forwards, which will reduce our overall rent liability. Now, we're only partway through this program, and there are a lot of negotiations underway right now, so we'll be in a position to give a fuller update on progress later in the year. Since the half year end, we've generated significant net cash inflows through our peak trading period, as one might expect, and therefore, we currently have around GBP 20 million in net cash available, having paid down some more of that deferred rent creditor in the meantime. Right, let's turn our attention to trading more recently and how we've performed through the Christmas period. You've probably seen from our statement this morning that our trading has been incredibly encouraging, with overall sales for the past 11 weeks up 19.6% on last year and only down 11.7% on two years ago. The graph on the left here shows how this represents a further improvement on a trend we saw through the first half, and where we've ended up is with an almost 20 percentage point improvement in underlying run rate as we've moved through this trading period. Now, some of that improvement is undoubtedly down to the varied patterns of recovery and consumer confidence, which has been experienced in each of our retail markets in slightly different ways. There's no doubt that our improving product, and in particular our jacket range, along with our marketing campaign, have played a really crucial part in delivering this performance. It's really difficult to get market comparatives at the moment, but from what we can see, mainly from the U.K.'s BRC footfall data, in shopping centers and high streets where the bulk of our stores are located, we do appear to be attracting more customers than our competitor group. I think it's worth remembering that this trend is against a backdrop of a much smaller clearance sale online and no sale at all in stores. Online had over 50% of its stock at full price on December the 23rd, which was the first day of sale this year, and that 50% compares to only 20% two years ago. That, to show the significance of this impact, the graph on the right shows the performance we've seen online in full price periods against full price periods two years ago, compared to promotional periods. In those full price periods, we've seen performance over 50% up on two years ago, and in the periods affected by promotion, we've been down by over 20%, so over 70% swing between the two. That gives us real encouragement going forward as we become more full price-focused. Clearly, we're really encouraged by the appetite of the consumer to buy into our full price offering and the margin improvements that clearly delivers for the business. Let me try and summarize all of that. I think that the key messages of today, the shift to full price is really working despite the pressures we face from COVID and the emergence of Omicron over Christmas, the outcome of which is a significant improvement in full price mix, up 12%, and therefore in margin, which we expect to continue through the rest of this year and into next year. We're really pleased that our adjusted profit before tax is in line with the pre-pandemic period of a couple of years ago. Clearly, we continue to focus on cash. We are carefully managing the inventory position, and we're using our deferred rent liability to negotiate improvements in our property deals. The outcome of all of this is much further increased confidence in our ability to achieve our profit projections for both this financial year and next. Okay. Thank you for your attention this morning, and let me just pass you back to Julian, who will talk about some of the strategic initiatives behind these numbers. Julian. Thanks, Shaun. Style and sustainability continue to be the overarching focus in everything we do. Reflecting this, we have simplified our mission further to be the number one sustainable style destination. We think this is a far clearer message and one that should resonate with all our stakeholders. As I said in my introduction, we will continue to make progress against each of our four strategic objectives, which make up what we call The House, and I'll step you through each of these in more detail, starting with products and style. I'm incredibly proud of the new product we've created, which has been well received by our customers and partners. Autumn/Winter 2021 was the first true opportunity for consumers to fully engage with our new design philosophy and segmentation, despite markets still being subdued due to the pandemic. Having our stores open allowed us to showcase the best expression of the brand and really bring this to life through our visual merchandising. Performance through the Autumn/Winter 2021 full price season has been really encouraging as we start to deliver on what we said we would. Firstly, from a category perspective, jackets continue to be at our core, and we fully leveraged that in Autumn/Winter 2021, with sales up 40% year-over-year. Our long line range has led this performance as we capitalized on identifying a trend before it hit the market. It isn't just jackets. We've seen strong improvements across other key categories such as shirts, knits, skirts, and denim. Secondly, the new product is resonating well with female customers. Women's wear mix has grown 4 percentage points from two years ago, with women's wear sales up 10% versus Autumn/Winter 2020. In particular, our Studios offering has been over-indexing, and we are now able to make a clear distinction of this style choice. Finally, our product segmentation is allowing us to use style choices to appeal to new and returning customers. This has been supported by our short order product, which has seen encouraging traction with teen consumers. I've already mentioned the impact of women's wear product on our Studios collection, which has grown significantly as a share of our sales mix. Moving on to the social pillar, we continue to focus on building engagement with a younger target demographic, which is key to the turnaround of the brand. To achieve this, we're accelerating our use of influencers and are now working with over 2,000, a more than six-fold increase since last year. Additionally, we've been prioritizing our Instagram channel, growing followers by 23% year-on-year. Our focus on digital and brand marketing has also started to reignite consumer interest in the brand. According to Retail Week, Superdry saw the largest increase in Black Friday weekend traffic out of 50 of the U.K.'s busiest websites and was one of only three with positive growth. Behind the scenes, our migration to a microservices platform continues at pace, and we're on track to complete this before the end of the financial year, and we'll see the benefits in FY 2023 and beyond. As you all know, sustainability is very close to my heart and also in the DNA of the brand as it makes up the third strategic pillar in The House. Nearly half of our Autumn/Winter 2021 buy was either organic, recycled, or made from low impact materials, and we continue to increase this each season. Our share of sales from sustainable product continues to grow with all of our padded jackets in the Autumn 2021 range being sustainable. As expected, we've improved our CDP rating once again to A-. We are the only brand amongst our peers to have improved our grade consistently for the last three years, reaffirming our market leading ambitions. As I have said before, we are committed to the high street and continue to believe stores will form an important part of our multi-channel brand experience. In November, I highlighted the importance of our Oxford Street flagship and how this embodies our strategy to reset the brand. For those of you who haven't been able to visit the store yet, I highly recommend that you do, but you can see on screen what the customer experience is like and how we have laid out distinct style choice areas, making the store a truly best expression of the brand. Prior to the onset of Omicron in December, the store was trading ahead of Regent Street over the same period two years ago before the pandemic began. However, it isn't just the revenue numbers that are important, but the dynamics behind this that are particularly pleasing. Oxford Street is delivering the highest average basket value in the estate and is ahead of the U.K. average on all other key basket metrics. Within this, we are seeing customers shop across a far broader range of options than in a typical store, with Studios performing particularly well. We're able to track the customer demographics, and there are more women and a younger demographic shopping in the store, helped by the vintage product offering, which draws people into the shop. This store strategy isn't just about flagships. In December, we opened our first Studios and Performance Sport concept store in our hometown of Cheltenham, delivering the clearest physical segmentation of style choices yet. This product segmentation will be mirrored online with the launch of our new platform later this year. That concludes the formal presentation, and I'd like to open up for questions. To ask a question, please press star followed by one on your telephone keypad. If you change your mind and wish to remove your question, please press star followed by two. When preparing to ask your question, please ensure that your phone is unmuted locally. To confirm, that's star followed by one to ask a question. One moment for the first question, please. The first question is from the line of Manjari Dhar from RBC. Please go ahead. Hi. Morning, guys. Thanks so much for taking my questions. I just had a couple. Are you seeing much in the way of labor tightness in stores or and in terms of the inventory reduction, is there still more to be done here next year after you reach that year-end GBP 2 million stock reduction target? Where would you see that getting to longer term? Thank you. In terms of staffing, there's nothing really to worry about. Although we're not immune, it's nothing significant, so no worries. In terms of stock reduction, yes, we will continue. There is more to go, probably about another year's worth, I would say. Then we will be pretty much done. We, you know, we're sticking to our GBP 2 million number for this year. Next year's, I suspect that, yeah, probably another GBP 1 million I would have thought. Okay, great. Thank you. Thanks, Manjari. The next question is from the line of Georgios Pilakoutas from Numis. Please go ahead. Thanks very much. Morning, team. I've got four- Morning ... if that's okay. First one is on regional performance. It looks like the U.K. is kind of bouncing back slightly quicker. I wonder if you could pick apart how much of that is the market in the U.K. has been slightly stronger, or how much of that is to do with the fact that your initiatives are kind of rolled out in the U.K. first and then roll out across Europe and rest of world. And also if you could kind of just touch on wholesale, where we're at both for the U.K. and some of those international markets. Retail sales down 12% on a two-year basis across the most recent period. Could you just clarify what gross margins are doing on a two-year basis for that retail business? The last one was just on rent. Could you give a sense for what kind of the normalized annual cash cost of rent will be going forward if you're kind of able to give us an update on that figure? Okay. Just taking the first one there. The regional performance, I mean, there's not a huge amount to learn other than our patterns are recovering in line with local lockdowns closing and consumer confidence returning in each of the markets. Clearly over the Christmas period where, you know, there was nervousness in Germany, Austria had restricted trading hours and the Netherlands had lockdowns, that's had a big impact on our store performance particularly. In the U.K., we don't have much of a presence in out of town retail parks, and that's where footfall has hardly been affected. Given that we're predominantly in high streets and shopping centers, we're quite pleased actually, 'cause the general footfall numbers for those are quite weak. Our performance in those areas seems to be outperforming that footfall data that we've seen from the BRC, so we're quite pleased with that. The other encouraging thing is that the recovery curves we've seen in overseas territories has very much mirrored the U.K., albeit at slightly different paces and different time periods. We are expecting that what we've seen in the U.K. as Europe comes out, particularly the Omicron variant again, will start to happen overseas as well, which gives us some further confidence for the rest of this year and the early part of next. The gross margin on a two-year basis, I think it was 2.7 percentage points up. That's the equivalent number. Not too dissimilar on a one and two year basis there. The normalized rent, there's It's quite difficult to call where we're gonna land on this because there are currently 72 negotiations going on, and as I said in the presentation, we are using that sort of rent credit that we have to negotiate those things down. Most of last year we were delivering savings in the region of 50% on the bills, and for the first half of this year, although there haven't been that many, most of them are back weighted this year, it's been around 40%. We're expecting our sort of historic rent bill to end up down by at least a third, going forward. Great. Thanks very much. Thanks, George. Hope that answers everything. The next question is from a line of Adam Tomlinson from Liberum. Please go ahead. Morning, all. Morning, Adam. Three questions if I can please. First of all, on the Oxford Street store. I guess the question is the learnings from that. How quickly, and to what extent you feel that those can be rolled out across the rest of the estate? Perhaps if you look three to five years ahead, what the shape of that store estate might look like, with you know, perhaps some of the individual stores focusing on the style choices, how those might grow in number. That was the first question. The second question is just around any thoughts you can give on how you've planned for stock buy for the year ahead. I think the third question just around marketing, what's worked particularly well for you this year and what we can expect for the year ahead? Probably in terms of, I know the marketing strategy is, I guess, relatively early stage, just on a scale of sort of one to five, where you are versus where you'd like to be. Thanks very much. Thanks, Adam. Shall I do the Oxford Street learning? Yeah. The Oxford Street learnings are sort of multiple. This is really the first time we really laid style choices out in the new store format. What we've seen is an uplift in each style choice. Studios has particularly resonated in that store. It's also given us a chance to bring in a younger demographic with our vintage section, which is very exciting, and an ability to communicate our sustainable messaging, which we've not done effectively before within a store environment. There are all sorts of advantages to the retail aspect of the experience. Not least, we can also test new products in a physical space because it's the largest store. What can we learn from that? I mean, it obviously resonated with the consumers really well. They loved the whole brand reset. That allows us to roll out gently a program of resetting all the regional stores. Shaun will give you details of how many per annum. It will also potentially give us the ability to set up an equivalent site in possibly New York and Germany, because the combination of physical retail, a sort of marketing stroke influencer department and influencer showroom and a wholesale showroom in one building really does resonate. It really works. Very exciting. You've got multiple benefits from this. It has allowed us to spin out already an experimental store in Cheltenham, which again could, as the style choices become stronger in their own right, become a rollout program. It's too early to say whether that's gonna happen, but we're really delighted with the feedback from the Cheltenham store as well. Planned buy for this year, how we've affected it. I think 'cause we've got carryover stock, we've probably got lower intake now. Yeah. We've got lower intake for spring, and a more balanced, selective input for autumn. It's a far more intelligent buy going forward. You know, the merchandising department has really come on leaps and bounds as it's embraced our new thought processes. We have a leaner buy as a result of not buying for sale. We have a more defined buy in terms of we are going to make sure that we don't lose a sale on jackets if humanly possible. You know, we had 40% up year-on-year with our jacket sales. Obviously, we miss sales in a lot of moments there. You know, there were big gaps where we could have sold a lot more. It's very interesting how the design process and how it's now looking forward is creating these opportunities to now refine the buy, and obviously taking out the sale process makes it a much more pinpointed process. It's less flabby, if you like. It's much more ac... Much more accurate in terms of the true needs, going forward. We will continue our stock reduction, but fully expect to improve next autumn on our clear wins this autumn. Finally, it was marketing. What's worked? Yeah. What's really worked with marketing is bringing in new young customers, so I'm particularly excited by our TikTok campaigns, which have started in the last few months. Already we're up to 100,000 followers. Beard of Dublin is a particular standout for me personally, really resonating with young people. Teenagers are coming back to the brand as a result of our social activity. Very exciting. Women very much resonating with the influencers. So we've got- ...2,000 influencers as opposed to 200 odd a year ago. Although early days, you know, really exciting progress and we will continue. Really, you know, our influencers have mainly come from the U.K. We're now setting up sort of points for them in Germany and France. Europe, we will see a massive increase in 12 months, and then it'll be in the U.S. as well. You know, incrementally getting better. We will fully extend our influencer affiliates or yeah, humans. Great. Thank you. That's all very helpful, so thank you for that. It allows miniskirts and flares to take off. It's 'cause we can communicate that we have them. It's very exciting. Next one. The next question is from the line of John Stevenson from Peel Hunt. Please go ahead. Hi. Morning, guys. Couple of questions- Hi ... from me as well. Yeah. Can you talk a little bit more on the working capital efficiency in terms of how much more there is to go? Maybe, you know, how significant the short order product is now in your planning for sort of the seasons ahead. I don't know if sort of as we're coming out of COVID, you've got any sort of further thoughts in terms of what the supply chain should ultimately look like, in terms of how much can be short order and how much more efficiency you can deliver overall. Quite a lot in there, but I've got a second one as well actually, just if you can comment on wholesale, sort of the different components, 'cause I guess you've seen pretty strong growth in the digital platforms and how that compares against sort of traditional wholesale and the franchise stores. I'll start with short order and really the significance of it and how much of an impact it's gonna have on the general business. When we look at short order, what do we actually mean? What we mean is a 12-month design and test process, which then as you create successes, you then move those products over to the longer, the mainline range, if you like. If we take denim, for example, denim has looked very samey for several years in terms of skinny jeans, straight jeans, and really no movement because when you're designing a year and a half ahead of time, you know, you can't really gamble on changes. When I talk about a design team that was looking backwards, they were hidebound by the process. By allowing a short order testing process, it allows you to try flares. Flares for women represented 8 out of the top 10 jeans sold to women this season. That means that the mainline range has now adjusted to accommodate that consumer. What we end up with is a far more sophisticated, up-to-date mainline range as a result of the testing process. It's absolutely key that we maintain and build this short order process, and that's exactly what we're going to do. The next product area that I'm unpicking and putting back together are dresses and graphics, and that means a sophisticated process of taking graphics through the decades and through the different applications, if you like, whether it's chain stitch or puff print or whichever processes are available to us and putting them through the filter of decades and the brand. It comes up with a much more sophisticated, excited range construct, if you like, which then moves over to the mainline range once it's been tried and tested in store or online. It gives genuine newness to the online space and the mainline range, which hasn't happened historically. It's a brilliant move forward and really key to our brand strength going forward. In terms of what that means for working capital efficiency, clearly there are some benefits from that. There are also a number of headwinds against us, as I'm sure you're aware, in terms of cost-price inflation and shipping costs that will sort of push the other way. I think going back to the sort of further million units target that we talked about just now, that's still in there to be eked out. Then your other question was on wholesale, where I think, as I said before, we had a timing issue over the half-year end, which has all caught up. There is definitely a lag going on in wholesale in terms of sort of recovery and consumer confidence given that most of those businesses are based in Europe and they're of smaller scale. It's also getting more difficult. I mean, wholesale historically has been quite a good barometer of where the season might go, but I think as we move towards more drop ship models and people having access to our own stock file and importantly, more in-season ordering, it becomes a little bit more convoluted to give an order book number on that. Our spring/summer order book is down on the year, but we're expecting to catch that up through in-season ordering and the autumn/winter one going forward is too early to call at the moment. Excellent. Very clear. How strong have the digital platforms been, you know, viewed compared to where you are now sort of to pre-COVID? Well, the Next one we think is around 100% up on sales through their platform of our brand, and it's put us in the top three in terms of brands. Anecdotally, that's what we're being told. I think that's sort of replicated across a number of the other platforms, including John Lewis and La Redoute and those types of people. We're really encouraged by that. That's brilliant. Okay, great. Thanks, Julian. Thanks, John. The next question is on the line of Michael Benedict from Berenberg. Please go ahead. Morning, all. Thanks very much for taking my question. Just one, a couple of others been asked already. You mentioned in the statement, quite specific, that you're comfortable with PBT expectations. I wondered if you could give a bit of color on your thoughts on the outlook for revenue, I guess perhaps against market expectations there. Yeah, just a bit of color around the different channels over perhaps this year and next would be really helpful. Thank you. Hi, Michael, Adding there. I think, you know, following what we've seen through the year so far, we'd expect revenues to maybe come down a little bit but be offset by margin gains that we're seeing in the retail channel. That's the offset that delivers the same level of profitability. Yeah. Brilliant. Thanks very much. I think, as I've said, increasing confidence in where we're going to land this year, which has been the case all through this year. We've just become more and more confident as time's gone on with the results we've delivered, and also that's true of next year at the moment as well. Yeah. Thanks, Michael. Great. Thanks. The next question is from the line of Andy Wade from Jefferies. Please go ahead. Morning, all. Morning, Andy. Morning. Couple of questions from me. First one, just looking at the OpEx base versus two years ago, obviously, this is bridging gross profit to adjusted PBT, so sort of takes in various strands. GBP 55 million broadly lower than two years ago. Can you bridge that, first of all, the major elements of it, and what is the underlying cash comparison, first of all? That's a very good question. Can I bridge it live off the top of my head? No. I'll come back to you. I mean, we've got some quite significant payroll savings in there through stores. We've got already achieving some of our rent reductions. There is some complications in there in terms of IFRS 16- Yeah ...logistics costs. Logistics is way down because- Logistics are way down. ...less units. Let me take that one offline with you, and we'll give you a detailed breakdown of that- Closure of warehouses. Yeah. It's, I mean, they just don't have it top of mind. Okay, cool. Yeah. Okay, the second one is sort of a bit related to that, but and related to the question George asked earlier as well. Regarding sort of looking at cash outflows in relation to rent versus P&L charges in relation to rent. You sort of talked on the in answer to George's question, saying that you think you'd save about a third off the historical bill on a going forward. You know, you were at GBP 70, a third of that gets you down to GBP 55. Based on your first half, it looks like annual depreciation is gonna be about of the right-of-use asset, is gonna be about 25, and interest of about 5%. Does that mean the underlying ongoing cash drag versus the P&L from rent is about GBP 25 million, being GBP 30 million from depreciation and interest in the P&L versus GBP 55 million of actual rent? Is that- Yeah ...math about right? Yeah, I think slightly less than that, but yes, principle is absolutely right. You know, because we've taken impairments on our stores through the pandemic, the depreciation charge on the right-of-use asset will decrease. We will get the cash in more in line with that, as we said. It's that target we set of a third is in due course, so it won't all come immediately. That will be as some of our leases come to sort of their terminal date, a lot of which are in the second half of this year. But ultimately, there will always be a cash difference now between our rent bills both from the P&L and cash flow. The quantum of that, you know, GBP 55 million on the one hand, GBP 30 million through the P&L, is broadly there or thereabouts once you get to that level of renegotiations. Yes, with the caveat that as we renegotiate between IFRS 16 and turnover leases, and as there's modifications going through, there's a bit of noise. So yes, broadly, yeah. Yeah. Cool. Okay, very helpful, thanks. Then onto the current trading side of things. If you do your sort of, and I know we touched on this earlier, Shaun, but asking it slightly differently. If we look at the eleven-week cash gross profit, i.e. your revenue multiplied by your gross margin move, your revenue, retail revenue -12, your gross margin up 270 basis points according to what you said to George earlier, that would put you at sort of -8% cash gross profit. From what you said before, you were running in October sort of positive on that measure, sales up, gross margin up. Does that mean November, December running sort of 10% or a bit worse at the cash gross profit level? Is that right? It means, yes, the cash gross profit has stepped back slightly over that time period. That is the investment cost in getting our brand back to full price trading for the longer term. I mean, those two weeks were, or those few weeks at the end of October were quite a specific period where we were trading online, but sorry, full price versus full price, and it gave us a very strong number online. I think as I showed in those slides, in the full price period over that 11 weeks, we've still been doing 55% growth on two years ago. It's in those reduced periods where it's been -25%. That's probably been a bit more painful than we thought, coming off that drag, but what we're encouraged by, both coming out of the autumn, of the summer sale, out of Black Friday, and seeing coming out of here, is the bounce back's really quick. As we have fewer of those periods to anniversary, we should revert back to where we were in terms of that gross profit number. Yeah, you're absolutely right. Yeah, a l right. That was all I wanted to know. Thank you very much. Very helpful, guys. Thanks, Andy. Ladies and gentlemen, as a reminder, if you would like to ask a question, please press star followed by one on your telephone. The next question is from the line of Matthew McEachran from Singer Capital Markets. Please go ahead. Morning, guys. Morning, Matthew. I've got a question on rent, I'm afraid, and also on price rises and ski. Just going back to the rent negotiations then. I'm really just trying to get a picture of the absolute quantum of savings that you've locked in to date cumulatively, rather than looking at it on the third, which may still take quite a while for it to flow through. What's the amount that you've actually delivered to date on an annualized basis? Roughly. Well, the H1 of this year has been quite a small number, so GBP 2 million. I'm trying to remember where we were at the end of the last year end. Have you got that to hand anywhere? Get it. We can bring it up. Yeah, it's complicated by the one-off COVID waivers that we're booking as well. I did see it. I mean, look, we have actually a decent number on that, just going back to that year-end number, but it was reasonably light in the first half. We're expecting a fair chunk more to come through in the second half. I think that where we are in negotiating, and it would just be a simple case of multiplying the stores we've done by the 40% and 50%. That is what we're landing. Yeah. Okay, if you could come back, that'd be useful. Thank you. Yeah. The actual second part of that question is around the deferred rent and the catching up versus the waivers. You've got GBP 15 million carried forward, right? You're obviously counterbalancing some of the previous catch up on that with the negotiations. If we look at the GBP 15 million, how much of that should we really expect to flow through? Will most of that be in the second half? No, it will roll over into next year. If you look at what we've done this year, we've probably paid around GBP 10 million in rent catch-up- Yeah In the first half from where we were at the beginning of the half, and that leaves us. As of today, given we've done a bit more in the H2 so far, probably is in the high teens in terms of the amount left to pay. It's either been rent catch-up or we've had some waivers that are permanent. But yeah, that's essentially where we are. We'd expect to agree some further waivers against that. Oh, yeah, absolutely. That, the third balance that we've got at the moment, Matty. Yeah. Yeah. It'd be a modest number that we expect to be carrying over into 2023. That's worth remembering in that question Andy pitched us earlier or I can't remember who it was actually who pitched about the cash rent difference. There is that GBP 10 million catch-up in the first half. Okay, thank you for that. Just coming on to price, I mean, obviously there's a lot of peers pushing through quite hefty price increases. You know, they don't have quite as much of a you know, moving part in terms of the full price mix benefit that you're gaining. Could you just walk us through roughly what you'd expect your average prices to be moving up by? 'Cause I think in some areas you've got some you know, some substantial price increases, but that's not true of the whole collection. Yeah, it's hard. I mean, we're thinking in terms of about 2%. On average, yeah. On average, yeah. Would that be similar through spring, summer, and also autumn, winter? Or would it be slightly more weighted to autumn, winter? Slightly more weighted to Autumn, Winter. Yeah. Okay. What would you consider to be a high level of pricing, you know, price point realignment? You know, are you into double digits or is it more single digit type stuff? It's for the most part, it's single. Like single. Yeah. I think single price. What we've done is, you know, go for very high volume products. It's less the whole range, but very targeted products- Mm-hmm ...where it's easier to absorb. Yeah. Okay. I think one of the things the success of jackets has shown us through this season is that when you look at our value for money equation against some of the competitors out there, we're very keen, so there is definitely some headroom in those types of products. You have to remember, we haven't put our prices up in this business for- 25 years ...ever, yeah. This will be the first time in a long time. Yeah. Yeah. No, that's a good point. Okay. Thank you very much. The last question just around ski. I mean, you know, it's been very hard for the skiing population to know when they can and can't go skiing. The rules and restrictions have changed pretty rapidly. Could you just talk a little bit about the effects on your business and particularly reference maybe some of the, you know, winter stock that some of your wholesale partners might have been carrying through to this season? In terms of ski, actually women's ski in the last couple of weeks has really jumped quite dramatically. I think there's been a bit of a delay, but it's starting to sell now, particularly women's. Women's is a lot up actually. Is that a large part of the mix? Presumably you're skewed more towards men's ski. How about men's ski? No, no. It's fairly. I mean, it's not. I don't think it's out of any kind of normal proportionality. Mm-hmm. you know, to your other point, there's bound to be a little bit of hangover from some of the resort stores going into autumn, winter next year, but I mean, it's nothing really big enough to move the dial on anything on the wholesale order book. No. It's a tiny mix. No, but they would've bought less for this year anyway. Yeah. Yeah. Okay. I guess if you summarize, would you say there's still hope for the ski business to clear through and get a bit of momentum or not? Look, I mean, actually women's was a lot up this week. A lot. You know. Mm-hmm. Yeah. All part of the European markets from what I can see. So, so- Travel You know, it looks like it's coming back now. Yeah. Okay. That's where our- Let's see if figures grow out. ...query is at this point what we're saying. We bought less, you got to remember, because we had some carry over stock anyway. Yeah. Understood. Brilliant. Thank you very much, guys. Thank you. There are no further questions at this time, and I would like to hand back to Julian Dunkerton for closing comments. Thank you. Just wanna say thank you very much. I hope you all appreciate how much progress we've made in this quarter and, you know, how excited we are about the future. Thank you. This presentation has now ended.